Aj Bell Plc · LSE:AJB
Aj Bell — HY26 Earnings Presentation
40 slides from Aj Bell's earnings presentation, May 21, 2026
Slide 1: Interim results for the six months ended 31 March 2026
Interim results For the six months ended 31 March 2026 Issued on 21 May 2026
Slide 2: Contents
Contents Key messages 3 Financial update 23 Performance overview 5 Outlook 29 Market and customer insights 9 Appendices 33 Business update 15 Glossary 38 2 AJ Bell plc - Interim results for the six months ended 31 March 2026
Slide 3: Delivering against our strategy
Delivering against our strategy A significant addressable market Investing in the growth opportunity Resulting in excellent returns Fast growing market: ~11% CAGR since IPO, Our scale and operational gearing enable Consistent business reinvestment has accelerating in 2025 us to reinvest in key growt
Slide 4: HY26 key messages
HY26 key messages Our increased Our dual-channel Revenue increased by High cash generation investment in brand platform added a 19% to £183.0 million and healthy capital and propositions record 79,000 net and underlying PBT position supports helped to drive a new customers in the increased by 15% to
Slide 5: Performance overview
Performance overview 5 AJ Bell plc - Interim results for the six months ended 31 March 2026
Slide 6: Achieving market share gains in a fast-growing market
Performance overview Achieving market share gains in a fast-growing market The UK platform market has grown at a ~11% CAGR since IPO Dual-channel model maximises the growth opportunity Leading UK platform in the Advised and D2C markets 5.7% AJ Bell is increasing its market share 8.3% UK #3 platform
Slide 7: Investment in brand, marketing and propositions delivered record growth
Performance overview Investment in our brand, marketing and propositions delivered record growth A fast-growing platform business Low-cost investment solutions • We delivered record platform gross inflows, net inflows and new customers in HY26 • Customers and advisers value our • Increased investmen
Slide 8: Financial highlights
Performance overview Financial highlights HY26 HY25 +/- • Revenue up 19% to £183.0 million, primarily due to: Revenue £183.0m £153.2m 19% o Increased custody fees driven by higher average platform AUA following record inflows Revenue margin 33.4bps 32.4bps 1.0bps o Increased net interest income driv
Slide 9: Market and customer insights
Market and customer insights 9 AJ Bell plc - Interim results for the six months ended 31 March 2026
Slide 10: Our market
Our market Significant growth opportunity from existing customers and off-platform assets High-quality customer base Robust structural drivers of market growth Ageing UK population £3.7 trillion TAM (1) Strong customer loyalty Increased need to take responsibility for their long-term savings Loyal c
Slide 11: Advised customer insights
Our customers Advised customer insights Customer profile Market trends Average age Average portfolio Retention rate Elevated pre-budget pension withdrawals 56 £340k 93.5% • We have a strong pensions SIPP benefit withdrawals reputation, with 76% of (HY25: 56) (HY25: £322k) (HY25: 93.0%) Advised platf
Slide 12: D2C customer insights
Our customers D2C customer insights Customer profile Attracting new customers across all age profiles D2C new customers by age segment Average age Average portfolio Retention rate 43 £83k 95.0% FY25 31% (HY25: 44) (HY25: £80k) (HY25: 94.6%) 26% 28% 29% 25% HY26 22% 12% 11% 9% 7% Gross inflows from n
Slide 13: D2C dealing activity trends and cash balances
Our customers D2C customer insights Dealing activity trends Cash balances Customer cash % of AUA US election ‘Liberation Day’ Iran War Annualised deals per customer 11.7% 12.1% Deals per customer (1) FX Deals per customer (2) Deals per customer historical average FX Deal historical average 16 MSCI w
Slide 14: Engaging with policymakers to support retail investing
Our market Engaging with policymakers to support retail investing and customer outcomes Government focus on boosting retail participation is positive. Delivering simplification and policy stability is critical ISAs Pensions ISA simplification Non-advised pension transfers • Cutting the Cash ISA allo
Slide 15: Business update
Business update 15 AJ Bell plc - Interim results for the six months ended 31 March 2026
Slide 16: Evolving our easy-to-use investment propositions
Our propositions Evolving our easy-to-use investment propositions in the Advised and D2C market Market leading propositions Advised D2C aligned with adviser and customer needs Platform propositions • Our dual-channel approach maximises Full-service, open architecture platform the growth opportunity,
Slide 17: Strong product velocity
Our propositions Strong product velocity, delivering easy-to-use features for our customers and advisers Changes delivered in H1 Key developments in progress • New D2C mobile app is in New trust New client range for Removal of progress that will make investing models IHT regular more intuitive and a
Slide 18: Investment in brand and marketing is delivering excellent results
Our propositions Investment in our brand and marketing is delivering excellent results Accelerating new customer growth Investing is for everyone • Excellent results show a significant opportunity remains We have launched a new multi-channel advertising campaign, further building resonance for our f
Slide 19: Our operating model
Our operating model Scale is key to our success - enabling us to keep prices low, reinvest in the business and deliver strong financial returns A highly-scalable operating model HY26 update Dual-channel, single operating model Our business is scaling effectively to meet Serving both our advised and
Slide 20: Our platform is scaling to meet increased demand
Our operating model Our platform is scaling to meet increased demand Our platform is scaling effectively Delivering market-leading customer service at scale • We are a digital-first platform, but there are moments in the • Our scalable platform has the capacity to manage growing investment journey w
Slide 21: Our hybrid technology stack delivers a secure and scalable platform
Our technology model Our hybrid technology stack delivers a secure and scalable platform Proprietary user interfaces provide full control of development and product Evolution of our hybrid model roadmap, focused on simplicity and ease of use • Our hybrid technology approach User continues to combine
Slide 22: Harnessing AI as a tool for key opportunities
Our technology model Harnessing AI as a tool for key opportunities - driving efficiency and enhancing customer and adviser experience Responsible AI Advantages of our hybrid model Across key focus areas Delivering early results deployment Simple, intuitive • GEO optimisation: leading experiences rel
Slide 23: Financial update
Financial update 23 AJ Bell plc - Interim results for the six months ended 31 March 2026
Slide 24: Revenue analysis
Revenue analysis Revenue by proposition, nature of revenue streams and revenue margins A well-diversified revenue model HY25 HY26 (£m) (£m) • Mix of fixed, ad valorem and transactional revenues enables us to deliver sustainable profits across different market 76.0 +11% conditions 68.2 4.1 3.2 • 81%
Slide 25: Cost analysis
Cost analysis Administrative expenses increased by 21% as we delivered our Distribution planned investments in our brand and propositions +41% 0.1 • Staff costs were up 14% to £53.0 million due to enhancements to the overall pay and benefits package, investment in key capabilities and 0.9 6.2 higher
Slide 26: Cost and PBT analysis
Cost and PBT analysis Operational and support Operational and support (average FTE -2% to 903) • Business-as-usual growth of 7% primarily driven by higher staff costs, reflecting increases to our pay and benefits package 1.1 1.5 +12% 3.0 • Performance-related variable costs drove 3% of the increase,
Slide 27: Capital position and shareholder returns
Capital position and shareholder returns Our highly cash generative and capital light model supports progressive shareholder returns Regulatory capital position Shareholder returns • Returned a total of £77.3 million to shareholders in the period £ million HY26 FY25 • HY26 net cash flows from operat
Slide 28: Capital allocation
Capital allocation A holistic approach that strikes a balance between capital returns and long-term value creation AJ Bell capital allocation framework HY26 outcomes Financial strength Significant capital surplus and cash balances Maintain an appropriate level of regulatory capital and liquidity of
Slide 29: Outlook
Outlook 29 AJ Bell plc - Interim results for the six months ended 31 March 2026
Slide 30: Financial outlook - guidance
Financial outlook - guidance We now expect full year revenue margin, PBT and PBT margin to be higher than previously guided. The basis of this guidance reflects realised positive market movements in April 2026 following a strong market recovery (£2.9bn Advised; £2.4bn D2C) FY26 previous guidance Upd
Slide 31: Financial outlook – guidance: impact of interest rate cuts
Financial outlook – guidance Impact of interest rate cuts Commentary Estimated revenue margin impact Impact of any future rate cuts will be gradual Base rate of: FY26 FY27 • Treasury management capability gives us No material No material time to react to interest rate changes and 3.0% or above adver
Slide 32: Outlook
Outlook Significant long-term growth opportunity in the UK platform market • UK platform market continues to offer significant structural growth opportunities • £3.7 trillion addressable market, with two-thirds currently held off-platform We are in a strong position to continue winning market share
Slide 33: Appendices
Appendices 33 AJ Bell plc - Interim results for the six months ended 31 March 2026
Slide 34: The seven pillars of AJ Bell's investment case
Appendix I The seven pillars of AJ Bell’s investment case Key investment highlight Description HY26 update • The UK platform market has grown at 11% CAGR since 2018, with an estimated £2.4 trillion of the TAM still held off platform Our market A growing market within the UK retail • Our dual channel
Slide 35: Wind down of non-platform business
Appendix II Wind down of non-platform business Cessation of non-platform business Wind down of non-platform AUA in progress, simplifying our business model and enabling management to focus on the core platform business. Platinum SIPP & SSAS business • The sale of our Platinum SIPP & SSAS business to
Slide 36: Platform Customers, AUA and AUM
Appendix III Platform Customers, AUA and AUM HY26 HY25 Advised D2C Total Advised D2C Total Customers platform Platform Platform platform Platform Platform Opening customers 182,000 462,000 644,000 171,000 371,000 542,000 Net new customers 7,000 72,000 79,000 6,000 45,000 51,000 Closing customers 189
Slide 37: Reconciliation of cost reclassification
Appendix IV Reconciliation of cost reclassification HY25 Ops & Support Ops & Support Distribution Technology (underlying) (exceptional) Total Costs prior to reclassification 17,460 27,106 43,165 - 87,731 Reclassification 145 (1,344) 1,199 - - Reclassified HY25 costs 17,605 25,762 44,364 - 87,731 Var
Slide 38: Glossary
Glossary 38 AJ Bell plc - Interim results for the six months ended 31 March 2026
Slide 39: Glossary
Glossary AI Artificial Intelligence IHT Inheritance Tax AUA Assets Under Administration IPO Initial Public Offering Key investment highlight AUM Assets Under Management ISA Individual Savings Account BAU Business as usual LLM Large Language Model BPS Basis Points LTM Last Twelve Month CAGR Compound
Slide 40: Disclaimer
Disclaimer The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in it.