Quilter Plc · LSE:QLT
Quilter — H1 2025 Earnings Presentation
42 slides from Quilter's earnings presentation, Aug 6, 2025
Slide 1: Interim Results
Interim Results 6 August 2025 2025
Slide 2: Disclaimer
Disclaimer This presentation should be read in conjunction with the announcement published by Quilter plc on 6 August 2025. This presentation may contain forward-looking statements with respect to certain Quilter plc’s plans and its current goals and expectations relating to its future financial con
Slide 3: Our three key areas of focus: Steven Levin, CEO
Our three key areas of focus Steven Levin Chief Executive Officer Introduction Building Distribution Building Distribution Driving efficiency Increase the number of advisers Be more responsive to customers Modernise our process by investing driving flows into our investment and the market, continue
Slide 4: Key figures H1 2025: solid profits, strong flows
Key figures H1 2025: solid profits, strong flows Highlights H1 2025: Adjusted Interim Core net inflows Operating margin Adjusted PBT diluted EPS Dividend £4.5bn 30% £100m 5.4p 2.0p +160% y-o-y +1 ppt +3% y-o-y +4% y-o-y +18% y-o-y 4
Slide 5: Flows: maintaining strong momentum
Flows: maintaining strong momentum Core gross inflows1 Core gross outflows1 Core net inflows1 £bn £bn £bn 10 9.4 10 10 9 8.6 9 9 Annualised net 7.4 2.5 3% 6% 8% inflows/ 8 8 8 opening AuMA2 2.4 7 7 7 2.4 5.7 160% 6 6 6 5.1 4.9 5 5 1.1 5 4.5 0.9 0.8 4 4 4 3.5 7.1 1.6 3 6.4 3 3 5.2 1.5 4.7 4.3 1.7 2 2
Slide 6: Quilter: Outperforming High Net Worth and Platform peers for H1 flows
Quilter: Outperforming High Net Worth and Platform peers for H1 flows H1 2025 Quilter core net flows vs peers by channel Annualised net High Net Worth (£m)1 Platform (£m)2 inflows/ +10% opening Assets 5,000 +4% +4% +9% 4,000 3,000 +7% Annualised net inflows/ +3% opening AuMA 2,000 500 1,000 0 0 -1,0
Slide 7: Trends driving structural growth
Trends driving structural growth Intergenerational wealth transfer supports demand for personalised advice. Personal responsibility for funding retirement. Building a UK investment culture. 7
Slide 8: Strong growth opportunities across UK Wealth
Strong growth opportunities across UK Wealth Industry growth trend Quilter positioning H1 2025 Current market Future market £1.7tn £2.7tn Affluent1 Affluent Net inflows £4.1bn3 +132% £1.2tn A market leading highly £0.7tn scalable advice led Revenue £218m +6% Platform wealth manager Platform Adjusted
Slide 9: Affluent – delivering growth, scale and market leadership
Our three key areas of focus Affluent – delivering growth, scale and market leadership Building Distribution Building Distribution Driving efficiency Increase the number of advisers Be more responsive to customers Modernise our process by investing driving flows into our investment and the market, c
Slide 10: Material increase in Platform net inflows over the last 18 months
Material increase in Platform net inflows over the last 18 months Initiatives driving year-on-year improvement: • Adding new IFA firms to the Platform. • Deepening relationships with existing advisers on Platform. • Taking increased IFA new business market share in a larger market. • Reduced outflow
Slide 11: Platform external perspectives
Platform external perspectives Why the Quilter Platform Quilter demonstrates highest market With a sharply improving trend among Adviser satisfaction measured by NPS from wins market share: penetration by number of adviser relationships financial advisers over the last two years1,2 1 primary users h
Slide 12: MPS on Platform: Quilter an industry leader
MPS on Platform: Quilter an industry leader MPS AuMA1 Quilter WealthSelect was the fastest growing DFM by net £bn assets [in the year to September 2024]. 22 +28% Q1 2024 Q1 2025 The firm has benefited from strong performance, a continued shift to outsourcing as a result of Consumer Duty 20 19.4 19.5
Slide 13: Platform drives flows into Quilter solutions
Platform drives flows into Quilter solutions Platform new business flows drive Quilter Investor flows £bn New business flows here… Around a third of Platform Gross inflows into Quilter Solutions 92.0 (1.0) (2.4) 2.4 85.4 1.9 5.7 …drive new business flows here £7.6bn +36% YoY 25.2 27.8 1.6 0.9 (0.8)
Slide 14: Strategic priorities and next steps
Our three key areas of focus Strategic priorities and next steps Building Distribution Building Distribution Driving efficiency Increase the number of advisers Be more responsive to customers Modernise our process by investing driving flows into our investment and the market, continue to in new tech
Slide 15: Strategic priorities
Strategic priorities Flows Efficiency Grow distribution Enhancing propositions Be future fit Gaining market share. WealthSelect on third party platforms. Simplification and Transformation programmes on track. Outperforming 4-5% net inflow target. Quilter portfolio funds and advice referral
Slide 16: Next steps
Next steps What has been achieved Future priorities: Building the advice business of tomorrow: Advice Transformation Programme, Quilter Partners, Quilter Academy Optimisation: £50m savings. Sustainable Broadening distribution: growth. Simplification 1: Targeted Support and guidance to support clie
Slide 17: Mark Satchel, Chief Financial Officer
Our three key areas of focus Mark Satchel Chief Financial Officer Introduction Building Distribution Building Distribution Driving efficiency Increase the number of advisers Be more responsive to customers Modernise our process by investing driving flows into our investment and the market, continue
Slide 18: H1 2025 results: solid delivery off a strong base
H1 2025 results: solid delivery off a strong base Continued cost Adjusted profit Operating margin Remain well Revenue growth discipline before tax progress capitalised 214%² £337m¹ £237m £100m 30% Solvency II +2% y-o-y +2% y-o-y +3% y-o-y +1 ppt (5ppts) 1. 42bps revenue margin, 2. After payment of I
Slide 19: Solid delivery off a strong base
Solid delivery off a strong base Core net inflows Average AuMA Revenue¹ £bn £bn – Reported basis £m +160% 45 42 Revenue margin (bps) 4.5 +11% +2% 122.1 337 329 110.0 37 32 Investment revenue: (14)% 48 Other revenue: +2% 47 1.7 245 257 Net management fee: +5% H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H
Slide 20: Revenue margins tracking in line with expectations
Revenue margins tracking in line with expectations High Net Worth Affluent Managed Managed Administered Revenue margin progression Revenue margin progression Revenue margin progression bps bps bps 71 70 FY revenue margin 70 71 69 67 FY revenue 41 36 margin FY revenue 27 25 41 margin 37 36 35 26 25 2
Slide 21: Segment revenues: revenue momentum offsetting lower interest rates
Segment revenues: revenue momentum offsetting lower interest rates High Net Worth Affluent H1 2025 H1 2025 revenues revenues1 £113m +1% £218m +6% Y-o-Y Y-o-Y 67bps IM fee 23bps Platform fee £102m £99m £30bn £88bn 35bps management fee £56m Share of fees2,3 £32bn £30bn £38m c.65bps advice fee £10m Inv
Slide 22: Simplification: efficiency supporting capacity to invest and grow
Simplification: efficiency supporting capacity to invest and grow As a Cost analysis (£m) percentage of H1 2025 expense progression revenues £m H1 H1 H1 H1 2025 2024 2025 2024 232 3 6 (9) 237 8 (3) Head 9 Support staff costs 50 51 11 Office Operations 6 6 High Net Worth Technology 12 10 89 87 +2% Pr
Slide 23: Segment financials: year-on-year growth driven by Affluent segment
Segment financials: year-on-year growth driven by Affluent segment High Net Worth Affluent Group Adjusted profit Total net revenues before tax Total net revenues £113m £218m (4)% £24m Y-o-Y Operating expenses Operating expenses £100m1 £89m £139m +10% Y-o-Y £79m Adjusted profit before tax Adjusted pr
Slide 24: Strong solvency ratio and robust cash position
Strong solvency ratio and robust cash position Solvency II ratio (5)% 4% (4)% Strong Solvency II ratio. Positive contribution from IFRS 219% 214% Profit. Regulatory solvency Acquisition, transformation IFRS Profit, market Interim Dividend Solvency at 30 Jun 2025 at 31 Dec 2024 and financing cost
Slide 25: Dividend in line with FY 2024 payout ratio
Dividend in line with FY 2024 payout ratio Dividend 2025 Interim dividend of a third of last years final dividend, equivalent to 2.0p, an increase of 18% (H1 2024: 1.7p). Dividend pay-out ratio of 59% (H1 2024: 52%, FY 2024: 59%). Adjusted diluted Earnings Per Share (‘EPS’) of 5.4p, an increas
Slide 26: Consistent improvement and delivery
Consistent improvement and delivery Average AuMA Adjusted profit before tax Operating expenses £bn £m £m (1)% CAGR +5% CAGR +16% CAGR 122.1 97 100 248 242 237 236 232 105.3 110.0 101.7 101.8 76 61 56 H1 21 H1 22 H1 23 H1 24 H1 25 H1 21 H1 22 H1 23 H1 24 H1 25 H1 21 H1 22 H1 23 H1 24 H1 25 Operating
Slide 27: Guidance
Guidance March 2025 guidance Changes Net flows Net flows of 4-5% of opening AuMA on average, through the cycle. Unchanged. Mix shift reducing High Net Worth margin by c.1bp per annum. Revenue Affluent managed assets – low to mid 30 bps, mix dependent. Unchanged. margins Affluent administ
Slide 28: Conclusion
Our three key areas of focus Conclusion Building Distribution Building Distribution Driving efficiency Increase the number of advisers Be more responsive to customers Modernise our process by investing driving flows into our investment and the market, continue to in new technology and removing solut
Slide 29: Regulatory changes support structural industry growth
Regulatory changes support structural industry growth Quilter well positioned for the evolving regulatory landscape: Quilter impact: Supporting individuals’ taking responsibility for funding their retirement Underpins structural market Intergenerational wealth transfer supports demand for person
Slide 30: Quilter: delivering today and tomorrow
Quilter: delivering today and tomorrow Large fragmented market with structural growth Quilter generates growth through: Powerful distribution Powerful propositions, scalable businesses Quilter Channel Largest and fastest growing scaled UK platform IFA Channel UK’s leading MPS provider New distributi
Slide 31: Q&A
Q&A Our three key areas of focus Building Distribution Building Distribution Driving efficiency Increase the number of advisers Be more responsive to customers Modernise our process by investing driving flows into our investment and the market, continue to in new technology and removing solutions an
Slide 32: Appendix
Appendix Quilter
Slide 33: Flows: maintaining strong momentum
Flows: maintaining strong momentum Core gross inflows1 Core gross outflows1 Core net inflows1 £bn £bn £bn Annualised net 5.0 4.9 5.0 5.0 8% 8% inflows/ 4.5 opening AuMA2 4.5 4.5 4.5 4.0 3.8 4.0 4.0 3.6 3.5 3.5 3.5 3.0 3.0 2.8 2.9 3.0 2.6 2.5 2.5 2.3 2.5 2.3 2.2 2.0 2.0 2.0 1.5 1.5 1.5 1.0 1.0 1.0 0.
Slide 34: Material increase in IFA Platform net inflows in 2025
Material increase in IFA Platform net inflows in 2025 Initiatives driving year-on-year improvement: • Adding new IFA firms to the Platform. • Deepening relationships with existing advisers on Platform. • Taking increased IFA new business market share in a larger market. • Reduced outflow pressure fr
Slide 35: Grow distribution: Quilter channel
Grow distribution: Quilter channel RFP numbers1 £3.2m £3.3m Adviser productivity2 1,454 1,440 14 Building a next generation advice business 1 Building the network of tomorrow Advice Transformation Programme on track. Adviser productivity improved by 3% to £3.3m (H1 2024: £3.2m). 2 Recruiting the
Slide 36: Grow distribution: IFA channel
Grow distribution: IFA channel Platform net flow transfers £m Quilter Platform market share1: gross inflows and assets % 20 18 16 14 12 10 8 Consolidators 6 Total share of Gross flows Total share of stock 4 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4
Slide 37: Principal Platform solutions: now rebased towards MPS and Blend/Passive
Principal Platform solutions: now rebased towards MPS and Blend/Passive Fund of funds solutions Managed portfolio solutions AuMA £m AuMA £m 20,000 25,000 20,000 CAGR 15,000 -4% CAGR +25% CAGR +44% CAGR 15,000 10,000 -20% 10,000 5,000 5,000 +10% +16% 0 0 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 H1 202
Slide 38: Quilter Investors: investment performance
Quilter Investors: investment performance As at 30 June 2025 Since Fund Range Fund vs IA Sector Comparator 1Y 3Y 5Y 10Y inception1 WealthSelect Managed Active 3 1 1 1 1 1 WealthSelect Managed Active 4 1 1 2 2 1 Investment performance WealthSelect Managed Active 5 1 1 1 1 1 WealthSelect managed por
Slide 39: High Net Worth: investment performance
High Net Worth: investment performance Investment Performance Highlights 31 March 2025 Cumulative Return 1 Year 3 Year 5 Year ARC PCI High Net Worth investment performance has been strong. Steady Quilter Cheviot PCI 2.49% 6.89% 39.32% Discretionary client portfolios have outperformed the ARC PCI
Slide 40: Client pricing: open, unbundled, with choice at the heart
Client pricing: open, unbundled, with choice at the heart Average fees example, reflecting current predominant choice by clients & their advisers % of investment Total Upfront Ongoing p.a. Equivalent p.a. Total Financial p.a/ Wrapper / Investment Total Advice Total Advice A+B Advice 10 Years Admin M
Slide 41: Guidance
Guidance The Quilter financial medium-term model in ‘normal’ markets Net flows/opening AuMA c.+5% Market movements c.+5% Average AuMA c.+10% ‘Expected’ margin attrition Revenues Mid to high single digit % Costs Positive jaws Steady compounding of earnings at a high single digit to mid-teens rate ove
Slide 42: Efficient capital and balance sheet management
Efficient capital and balance sheet management 1 Group capital requirements (regulatory capital and stress buffers). On-going Current year dividend. cash needs Working capital and interest. Solvency II Ratio 2 214% Investing Growth investment. organically Simplification programme. Capital