Slide 1: 2026 Interim Results
Rathbones Group Plc Invest well. Live well. 2026 Interim Results July 2026
Slide 2: Financial update
2026 Interim Results Financial update
Slide 3: Growth in income and profit accelerates
Rathbones Group Plc 2026 Interim Results Growth in income and profit accelerates 3 FUMA (£bn) Operating income (£m) Underlying PBT (£m) and margin (%) +10.7% +8.6% +1.3pts 25.1% 24.0% 25.3% +14.4% 120.7 487.5 108.9 109.0 447.4 449.1 123.2 112.1 107.7 HY24 HY25 HY26 HY24 HY25 HY26 HY24 HY25 HY26 FUMA
Slide 4: Improved performance underpins dividend progression
Rathbones Group Plc 2026 Interim Results Improved performance underpins dividend progression 4 Statutory PBT (£m) Underlying basic EPS (pence) Dividend per share (pence) +15.7% +17.1% +3.2% 72.1 88.5 32.0 31.0 80.4 30.0 65.3 75.6 62.3 HY24 HY25 HY26 HY24 HY25 HY26 HY24 HY25 HY26 Growth in HY26 under
Slide 5: 2026 performance reflects full benefit of synergy delivery
Rathbones Group Plc 2026 Interim Results 2026 performance reflects full benefit of synergy delivery 5 Underlying PBT and margin — H1 2026 is first period to see full benefit of £76 million of 0.3% synergy delivery (0.4%) 0.7% £2.1m (1.4%) 2.4% (2.4%) — Fees benefitted from higher FUMA £4.5m (£2.6m)
Slide 6: Wealth Management net flows improve in Q2
Rathbones Group Plc 2026 Interim Results Wealth Management net flows improve in Q2 6 FUMA flows by quarter (£m) £m Q1 net flows Q2 net flows H1 net flows Discretionary & Managed (229) 479 250 — Wealth Management segment returned to net inflows in Q2 MPS & Select Services 24 20 44 — Driven by improvi
Slide 7: Underlying net inflows for Wealth Management
Rathbones Group Plc 2026 Interim Results Underlying net inflows for Wealth Management 7 FUMA flows by segment – six months ended 30 June 2026 Market and Annual Growth £bn Opening FUMA Inflows Outflows Net Flows Closing FUMA performance Rate (%) Discretionary & Managed 94.7 5.0 (4.8) 0.2 5.3 100.2 0.
Slide 8: Growth across principal income streams
Rathbones Group Plc 2026 Interim Results Growth across principal income streams 8 Operating income – six months ended 30 June 2026 — Wealth Management fees reflect market decline at end of Q1 and £m HY26 HY25 Change Change % recovery in Q2, with higher average FUMA overall vs H1 2025 Wealth Mgt Fees
Slide 9: Income margins reflect market conditions
Rathbones Group Plc 2026 Interim Results Income margins reflect market conditions 9 Wealth Management Fees basis point return 1 Wealth Management Commission basis point return 1 9.7 10.1 58.8 59.0 57.3 9.4 HY24 HY25 HY26 HY24 HY25 HY26 Reduction in fee margin mostly reflects effect of tiered chargin
Slide 10: Non-underlying costs
Rathbones Group Plc 2026 Interim Results Non-underlying costs 10 £m HY26 HY25 Change Underlying operating profit 123.2 107.7 15.5 — Intangibles amortisation represents continuing run rate — IW&I integration costs largely relate to share awards – Amortisation of intangible assets (22.6) (22.2) (0.4)
Slide 11: Our disciplined approach to capital allocation continues
Rathbones Group Plc 2026 Interim Results 11 Our disciplined approach to capital allocation continues 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 inorganic activity
Slide 12: Profit headroom continues to grow
Rathbones Group Plc 2026 Interim Results Profit headroom continues to grow 12 Underlying Profit Before Tax and Non-Underlying Costs (£m) 300.0 238.1 250.3 - Costs of Skilled Person Review will be 250.0 227.6 absorbed by growth in underlying PBT as integration costs reduce 200.0 99.6 - Statutory PBT
Slide 13: Guidance
Looking ahead Guidance RATHBONES
Slide 14: H2 2026 Guidance
Rathbones Group Plc 2026 Interim Results H2 2026 Guidance 14 - WM fee income £9m lower in H2 due to cessation of fees charged on cash – no remuneration offset Income - WM fee income margin expected to remain consistent with H1 2026 at current market level - Net inflows from clients requiring enhance
Slide 15: Executing our strategy
2026 Interim Results Executing our strategy
Slide 16: Regulatory update
Rathbones Group Plc 2026 Interim Results Regulatory update 16 Programme fully mobilised with no near-term impact on flows No material outflows attributable to the announcement Clients Impact on pipeline to date limited Voluntary attrition in H1 in line with normal experience Colleagues Mindful of re
Slide 17: Becoming the best wealth manager in the UK, by far
Rathbones Group Plc 2026 Interim Results Becoming the best wealth manager in the UK, by far 17 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, personalise
Slide 18: Progress update: The first choice for clients
Rathbones Group Plc 2026 Interim Results 18 Progress update: 1 The first choice for clients H1 DELIVERED WHAT’S NEXT Appointed Robert Sears as CIO Investment grade credit fund World class Reviewed investment proposition and operating model Private markets strategic partnership investment Strong Q2 r
Slide 19: Progress update: The first choice for clients
Rathbones Group Plc 2026 Interim Results Progress update: The first choice for clients 19 1 MEASURED BY WHERE WE WERE WHERE WE ARE NOW Wealth Management: 3 years: +0.1% 3 years: +0.3% Weighted annualised investment performance vs reference ARC benchmark over 3 and 5 years 5 years: +0.3% 5 years: +0.
Slide 20: Progress update: The first choice for talent
Rathbones Group Plc 2026 Interim Results Progress update: 2 The first choice for talent 20 H1 DELIVERED WHAT’S NEXT Leverage forums for employee insights and 75 leaders completed Hult Ashridge leadership programme career development A great culture Three new forums — Advisory, Experience, Next Gen B
Slide 21: Progress update: The first choice for talent
Rathbones Group Plc 2026 Interim Results Progress update: 2 The first choice for talent 21 MEASURED BY WHERE WE WERE WHERE WE ARE NOW Improved employee engagement score based on the question: A great culture 6.8 / 10 7.0 / 10 ‘How likely is it you would recommend Rathbones as a place to work?’ Maint
Slide 22: Progress update: The most effective operator
Rathbones Group Plc 2026 Interim Results Progress update: 3 The most effective operator 22 H1 DELIVERED WHAT’S NEXT Single Wealth pipeline established (including assets at risk), Embed “Cubs” practices more systematically improving visibility and forecasting Pilot a targeted client referral programm
Slide 23: Progress update: The most effective operator
Rathbones Group Plc 2026 Interim Results Progress update: 3 The most effective operator 23 MEASURED BY WHERE WE WERE WHERE WE ARE NOW HY26: Neutral Data-led commercial Return to consistent net inflows in Net outflows of flows of £0.0bn excellence Wealth £0.8bn (FY25) (HY25: net outflows of £0.5bn) A
Slide 24: Progress update: The most reputable brand
Rathbones Group Plc 2026 Interim Results Progress update: 4 The most reputable brand 24 H1 DELIVERED WHAT’S NEXT Client advocacy tracking extended to legacy IW&I clients Expand client advocacy tracking to more Refreshed Rathbones branding extended across more Relevant and touchpoints client segments
Slide 25: Progress update: The most reputable brand
Rathbones Group Plc 2026 Interim Results Progress update: 4 The most reputable brand 25 MEASURED BY WHERE WE WERE WHERE WE ARE NOW Relevant and Client advocacy: 56 1 Net Promoter Score gains and top 3 63 1 distinctive identity top 2 in peer group of 9 (client NPS score ranking in peer group 1 YTD 20
Slide 26: Progress on execution and improving momentum
Rathbones Group Plc 2026 Interim Results Progress on execution and improving momentum 26 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
Slide 27: Appendix
Appendix RATHBONES
Slide 28: Wealth management client base
Rathbones Group Plc 2026 Interim Results Wealth management client base 28 Analysis of FUMA1 FUMA by service FUMA by fund type 1% Private clients 10% Discretionary & Managed 13% ISAs 8% 32% MPS & Select Services Charities Pensions Execution Only 16% Trusts 89% Other 9% 22% Size of client relationship
Slide 29: Where our clients' assets are invested
Rathbones Group Plc 2026 Interim Results Where our clients’ assets are invested1 29 5.2% 3.7% 3.2% 3.0% 2.9% 7.9% 7.3% 6.5% 9.5% 11.9% 48.8% 52.2% 54.8% 43.4% 41.5% 24.9% 28.6% 21.0% 18.1% 16.8% 18.5% 19.1% 19.4% 19.0% 12.8% FY22 FY23 FY24 FY25 HY26 Fixed income UK equities Overseas equities Alterna
Slide 30: Analysing the balance sheet
Rathbones Group Plc 2025 Preliminary Results Analysing the balance sheet 30 30 June 30 June 30 June 30 June Assets 2026 2025 Liabilities 2026 2025 £m £m £m £m Cash and balances with central banks 1,483.0 1,811.0 Deposits by banks 16.3 17.5 Loans and advances to banks 329.9 277.0 Due to customers 3,3
Slide 31: 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