Slide 1: Investor Presentation
Rathbones Group Plc Invest well. Live well. Investor Presentation March 2026
Slide 2: In the last year we have…
Rathbones Group Plc Investor presentation In the last year we have… 2 Strengthened the business for the next phase of growth Completed Managed Renewed Launched Defined a the client the CEO the first ever new integration transition Executive share strategy of IW&I team buyback for 2026 and beyond Inv
Slide 3: Renewed executive team
Rathbones Group Plc Investor presentation Renewed executive team 3 Energised by our mission to be the best wealth manager in the UK, by far Brad Novak Camilla Stowell Cassandra Gillian van Iain Hooley Chief Technology Wealth CEO Williams Maaren Chief Financial Officer Chief Risk Officer Chief People
Slide 4: Financial update
2025 Preliminary Results Financial update
Slide 5: Growth in earnings as synergy delivery exceeds target
Rathbones Group Plc 2025 Preliminary Results Growth in earnings as synergy delivery exceeds target 5 FUMA (£bn) Operating income (£m) Underlying PBT (£m) and margin (%) +5.9% +3.1% +0.4pts 22.3% 25.4% 25.8% +4.6% 115.6 895.9 923.3 109.2 105.3 227.6 238.1 571.1 127.1 FY23 FY24 FY25 FY23 FY24 FY25 FY2
Slide 6: Dividend progression underpinned by profit growth
Rathbones Group Plc 2025 Preliminary Results Dividend progression underpinned by profit growth 6 Statutory PBT (£m) Underlying basic EPS (pence) Dividend per share (pence) +5.5% +53.5% +6.5% 152.9 161.6 170.5 99.0 135.8 93.0 87.0 99.6 57.6 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Statutory PBT b
Slide 7: 2025 profit growth driven by synergy delivery
Rathbones Group Plc 2025 Preliminary Results 2025 profit growth driven by synergy delivery 7 Underlying PBT and margin 1.4% (1.7%) 3.1% £13.4m (1.2%) (£15.0m) (£9.7m) (1.0%) (0.2%) 25.8% 25.4% £31.1m (£8.7m) — Synergies are biggest contributor to 2025 profit growth - (£0.6m) in-year benefit £31.1 mi
Slide 8: Gross inflows remained resilient through integration
Rathbones Group Plc 2025 Preliminary Results Gross inflows remained resilient through integration 8 FUMA flows by segment – year ended 31 December 2025 Transfers and Market and Annual Growth £bn Opening FUMA Inflows Outflows Net Flows migrated Closing FUMA performance Rate (%) assets Discretionary &
Slide 9: Income growth across principal income streams
Rathbones Group Plc 2025 Preliminary Results Income growth across principal income streams 9 Operating income – year ended 31 December 2025 — Fees affected by Q1 market volatility but higher average FUMA for year overall £m FY25 FY24 Change Change % — Investment Management fees billed based on quart
Slide 10: Income margins remain resilient
Rathbones Group Plc 2025 Preliminary Results Income margins remain resilient 10 Income margins - year ended 31 December 2025 Fee & Commission Income Margin1 Treasury Income Margin (% of FUMA) (% of Liquidity) 58.6bps (58.5bps) — FUMA-driven margins calculated on the gross FUMA of segment (pre intrag
Slide 11: Synergy delivery exceeds target at £76 million
Rathbones Group Plc 2025 Preliminary Results Synergy delivery exceeds target at £76 million 11 Actual synergy realisation – run rate at 31 December 2025 Synergies Synergy £m Over Delivery Delivered Target Technology and operations 23.1 18.0 5.1 — Total synergy delivery £76.0 million (annualised run
Slide 12: Non-underlying costs - year ended 31 December 2025
Rathbones Group Plc 2025 Preliminary Results Non-underlying costs - year ended 31 December 2025 12 £m FY25 FY24 Change Underlying operating profit 238.1 227.6 10.5 Amortisation of intangible assets (45.3) (44.6) (0.7) — Intangibles amortisation represents ongoing run rate IW&I integration costs (39.
Slide 13: Our disciplined approach to capital allocation
Rathbones Group Plc 2025 Preliminary Results 13 Our disciplined approach to capital allocation Balancing growth and returns Capital allocation framework Invest for organic growth Invest for growth inorganically Targeted investments to drive long-term Currently a high bar for further inorganic busine
Slide 14: Guidance
Looking ahead Guidance RATHBONES
Slide 15: 2026 Guidance – Underlying Operating Margin
Rathbones Group Plc 2025 Preliminary Results 2026 Guidance – Underlying Operating Margin 15 — Path from 2024 margin of 25.4% to 30% Q4 2026 target predicated on: — Synergy delivery — Organic growth in FUMA — Impact of inflation offset by market growth — 2025 developments have influenced the path: 30
Slide 16: 2026 Guidance – Income
Rathbones Group Plc 2025 Preliminary Results 2026 Guidance – Income 16 Fees — 2026 opening FUMA £115.6 billion - 4.7% higher than 2025 average quarterly billing points for IM fees Commission — Normalisation of volumes expected to lead to 5% reduction in income relative to 2025 — Expected to be broad
Slide 17: 2026 Guidance – Costs
Rathbones Group Plc 2025 Preliminary Results 2026 Guidance – Costs 17 Synergies — In-year synergy benefits £16 million higher in 2026 due to full year of the final run rate — Specific spend will be incurred in pursuit of strategic objectives of c£11 million: Strategic Investment — Includes £7 millio
Slide 18: Appendix
Appendix RATHBONES
Slide 19: FUMA and Flows by Service level
Rathbones Group Plc 2025 Preliminary Results FUMA and Flows by Service level 19 FUMA flows by service level – year ended 31 December 2025 Transfers and Market and Annual Growth £bn Opening FUMA Inflows Outflows Net Flows migrated Closing FUMA performance Rate (%) assets Bespoke Portfolios 47.8 6.7 (
Slide 20: Wealth management client base
Rathbones Group Plc 2025 Preliminary Results Wealth management client base 20 Analysis of FUMA1 FUMA by service FUMA by fund type 4% Private clients 7% Discretionary & Managed 14% ISAs 32% MPS & Select Services 8% Charities Pensions Execution Only 16% Trusts 89% Other 9% 21% Size of client relations
Slide 21: Where our clients’ assets are invested
Rathbones Group Plc 2025 Preliminary Results Where our clients’ assets are invested1 21 4.4% 5.2% 3.7% 3.2% 3.0% 9.5% 7.9% 7.3% 10.5% 11.9% 48.8% 52.2% 44.6% 43.4% 41.5% 24.9% 29.4% 28.6% 21.0% 18.1% 18.5% 19.1% 19.4% 11.1% 12.8% FY21 FY22 FY23 FY24 FY25 Fixed income UK equities Overseas equities Al
Slide 22: Analysing the balance sheet
Rathbones Group Plc 2025 Preliminary Results Analysing the balance sheet 22 31 December 31 December 31 December 31 December Assets 2025 2024 Liabilities 2025 2024 £m £m £m £m Cash and balances with central banks 1,504.0 1,166.0 Deposits by banks 8.4 3.8 Loans and advances to banks 264.7 293.2 Due to
Slide 23: Strategy Update
Rathbones Group Plc Invest well. Live well. Strategy Update March 2026
Slide 24: Introduction
Strategy update Introduction
Slide 25: Where we have come from and where we are now
Rathbones Group Plc Strategy Update 25 Where we have come from and where we are now Building the UK’s leading discretionary wealth manager 115.6 Leadership in Wealth £115.6 bn FUMA for our clients 12x growth in FUMA over 20 years 109.2 105.3 10+ acquisitions culminating in the IW&I combination IW&I
Slide 26: An industry offering attractive secular growth
Rathbones Group Plc Strategy Update An industry offering attractive secular growth 26 Our target market offers structured growth and is under-served £3.5tn Demographic Regulatory shifts Our clients are UK household trends are driving are unlocking aligned to the wealth 2029 (1) sustained demand move
Slide 27: A targeted and segmented approach to growth
Rathbones Group Plc Strategy Update A targeted and segmented approach to growth 27 We understand where the market and the key opportunity segments are Nearly 3m individuals in our target market (1) Target market is split into 6 segments by age (2) 25 30 35 40 45 50 55 60 65 70 75 80 85 Young Highfly
Slide 28: Our right to win a client
Rathbones Group Plc Strategy Update Our right to win a client 28 A compelling offering built to attract and retain clients Comprehensive Superior service Targeted segments proposition standards Intermediated offering Investment management and Highly personal, relationship-led Private Office for VHNW
Slide 29: How we think about our business
Our business How we think about our business
Slide 30: How we think about our business
Rathbones Group Plc Strategy Update How we think about our business 30 Wealth Management and Asset Management Rathbones Group £115.6bn £7.2bn Wealth Management Asset Management Wealth FUMA £106.2bn invested in Asset £9.4bn Management Investment Management Financial Planning and Advice Single Strateg
Slide 31: Wealth Management
Rathbones Group Plc Strategy Update Wealth Management 31 A range of wealth management services tailored to client needs Financial Planning Bespoke Managed Select MPS AUM The business 14% of FUM £99.2bn £2.9bn £3.2bn £0.9bn Our core business with £106.2bn in FUM A personalised Overview Flagship servi
Slide 32: Asset Management
Rathbones Group Plc Strategy Update Asset Management 32 Broad investment capabilities and flagship strategies Equities Fixed Income Multi-asset Sustainable Range AUM The business £4.7bn £2.3bn £9.6bn 17% of AUM Established in 1989. £16.6bn in AUM Group centre of A focus on long term active managemen
Slide 33: How Asset Management enhances the Wealth proposition
Rathbones Group Plc Strategy Update How Asset Management enhances the Wealth proposition 33 The strategic advantage of an asset manager within the Group How RAM’s investment platform enhances Wealth propositions Value for stakeholders RAM solutions used only where they provide performance and cost b
Slide 34: Our vision: To be the best wealth manager in the UK, by far
Our vision To be the best wealth manager in the UK, by far.
Slide 35: What this means
Rathbones Group Plc Strategy Update What this means 35 Turning our vision into action requires Rathbones to be... World class investment capability 1 The first choice for clients Advice and solutions honed for the entire client lifecycle Proactive, personalised and effortless service experience A gr
Slide 36: The first choice for clients
World class investment 1 capability The first choice Advice and solutions honed for for clients the entire client lifecycle Proactive, personalised and effortless service experience
Slide 37: World class investment capability – Wealth
1 The first choice for clients 37 World class investment capability – Wealth Long-term compounding of capital to grow and preserve wealth Differentiator Benefits Total portfolio approach Focus on superior client outcomes and risk control Think long-term, with ownership mentality Harness compounding,
Slide 38: World class investment capability – Asset Management
1 The first choice for clients 38 World class investment capability – Asset Management Empowered to perform Differentiator Benefits True active management High alpha strategies with conviction decision making Investment autonomy fosters accountability and No central house view entrepreneurial approa
Slide 39: Advice and solutions honed for the entire client lifecycle
1 The first choice for clients 39 Advice and solutions honed for the entire client lifecycle In-house financial planning driving a substantial growth opportunity How planning drives net organic growth 11% Financial Planning penetration across Opportunity to provide more financial planning services t
Slide 40: Proactive, personalised and effortless service experience
1 The first choice for clients 40 Proactive, personalised and effortless service experience People first, complemented by technology giving a wider range of choice of delivery for clients People Technology Experienced team Accessible 24/7 With long-tenure IMs and FPs who Across desktop, tablet and m
Slide 41: How should we be measured?
1 The first choice for clients 41 How should we be measured? Turning our vision into action The first choice for clients Measured by Where we are today Wealth Management: Weighted annualised 3 years: +0.1% investment performance vs reference ARC benchmark over 3 and 5 years 5 years: +0.3% World clas
Slide 42: The first choice for talent
A great culture 2 The first choice Motivating incentives for talent AI-powered tools and processes to make doing business easy
Slide 43: A great culture
2 The first choice for talent 43 A great culture Building on our strengths while evolving for the future What we cherish Risk What we want more of Absolute commitment to clients Can over-bespoke services Clarity and simplification Playing the long game Slow to act Pace and intent Consensus driven Le
Slide 44: A great culture – introducing the Rathbones Institute
2 The first choice for talent 44 A great culture – introducing the Rathbones Institute Empowering our people with world-class skills, knowledge and confidence Launch in 2027 Key pillar Strategic benefit Increased efficiency and productivity Building expertise Unified professional development Struct
Slide 45: Motivating incentives
2 The first choice for talent 45 Motivating incentives Everyone is client-facing, so everyone is incentivised to grow by helping our clients New remuneration scheme New Rathbones Growth Unit scheme for colleagues in front office teams for colleagues in enablement functions Formula-driven by team On
Slide 46: AI-powered tools and processes to make doing business easy
2 The first choice for talent 46 AI-powered tools and processes to make doing business easy Systematically embedding AI into the fabric of how we work Where we are today What we are doing Where we aim to be Pragmatic, governed, value-led Extending AI into core workflows Reinvent processes and servic
Slide 47: How should we be measured?
2 The first choice for talent 47 How should we be measured? Turning our vision into action The first choice for talent Measured by Where we are today A great culture Improved employee engagement score (1) 6.8/10 Maintained strong retention of high potential Motivating incentives and high performing
Slide 48: The most effective operator
3 Data-led commercial excellence The most effective Simplified operations operator Capital efficiency
Slide 49: Data-led commercial excellence – inflows
3 The most effective operator 49 Data-led commercial excellence – inflows Levers to optimise inflows Key levers to optimise Sources of inflow potential Reshape client-facing teams to optimise growth and efficiency Existing Talent acquisition Advisor productivity: increasing clients Targeted support
Slide 50: Data-led commercial excellence – outflows
3 The most effective operator 50 Data-led commercial excellence – outflows Initiatives to mitigate outflows Key initiatives to reduce outflows What this delivers Predictive approach to assets at risk Identifies early warning signs and triggers intervention Standardises the “save” process for advisor
Slide 51: Simplified operations
3 The most effective operator 51 Simplified operations Examples Less siloed Greenbank expertise integrated Operating into RAM and central research, structure Better integration creating unified operating model Streamlined Reduction in committee numbers Governance and members planned for 2026 More ef
Slide 52: Capital efficiency
3 The most effective operator 52 Capital efficiency Ensuring a developed approach to decision making Component Our approach Impact Ensuring all projects are in service to our core ambition Strategic alignment Reviewing new and existing projects with our ambition in mind Renewed focus on our core bus
Slide 53: How should we be measured?
3 The most effective operator 53 How should we be measured? Turning our vision into action The most effective operator Measured by Where we are today Return to consistent net inflows Data-led commercial excellence Net outflows of £0.8bn in Wealth Increased client facing hours per Baseline measuremen
Slide 54: The most reputable brand
Relevant and distinctive identity 4 Demonstrating leadership and The most purpose reputable brand Efficient amplification to our core audiences
Slide 55: Relevant and distinctive identity
4 The most reputable brand 55 Relevant and distinctive identity We are building a brand known for consistent, unconflicted delivery of client outcomes Driven by ‘Invest well. Live well.’ a strong To help more people invest their money well, so they can live well. purpose Client feedback: and clear “
Slide 56: Demonstrating leadership and purpose
4 The most reputable brand 56 Demonstrating leadership and purpose Building trust with our stakeholders through outreach and thought leadership Clients Shareholders Colleagues Stakeholders Society and Media, Tips for improving financial communities LLMs literacy in young people with Money Ready and
Slide 57: Efficient amplification to our core audiences
4 The most reputable brand 57 Efficient amplification to our core audiences An integrated channel ecosystem to build visibility and engage with all our audiences SEO visibility Website SEO / GEO Peer 1 MyRathbones Owned Client care and referrals Peer 2 Peer 4 Events and email comms Peer 3 Peer 5 Cli
Slide 58: How should we be measured?
4 The most reputable brand 58 How should we be measured? Turning our vision into action The most reputable brand Measured by Where we are today Client Net Promoter Score gains and 63 (1) Relevant and distinctive identity advocacy top 3 ranking in peer group (1) top 2 in peer group of 9 Demonstrating
Slide 59: Entering a new chapter
Rathbones Group Plc Strategy Update Entering a new chapter 59 Uniquely positioned to be the best wealth manager in the UK, by far A leading An attractive A right A clear A new player market to win strategy executive team A trusted wealth A £2.8tn+ and Breadth, service Four priorities Ready to delive
Slide 60: Additional information
Additional information Rathbones Group Plc is independently owned, is the sole Rathbones Investment Management International Limited is shareholder in each of its subsidiary businesses and is listed on regulated by the Jersey Financial Services Commission and the London Stock Exchange. licensed by t