Ninety One Group (N91) Q4 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Welcome to the 91 interim results presentation for the half year to 30 September 2025. I will highlight the key numbers before moving to the business review. Kim McFarland, our finance director, will then present the financial review. I will then update you on recent developments and conclude before we take questions. Those of you participating through the webcast can submit questions during the presentations via the chat function at the bottom of your screen. Assets under management rose more than 19% over the past year. Flows turned around strongly. We recorded net inflows of 4.3 billion for this half year, resulting in adjusted earnings per share growing by 15%. This net inflow number consists of 2.4 billion of organic inflows and 1.9 billion that came from the Sunlum UK transaction. The dividend per share increased to 6p per share, and operating margins expanded to 32.1%. Staff shareholding grew to 32.7%. The people of 91 are fully aligned with all our other shareholders. I'm delighted to report that our business is growing again in terms of revenues, earnings, and assets under management. This is supported by investment returns and a significant turnaround in net inflows. We are sticking to our core strategy and investing in our existing growth drivers while selectively backing new growth initiatives across our ecosystem. Investment performance remains competitive. The Sunlom relationship is delivering. and 91 is poised for further growth. We always show the long-term track record of 91 to remind everyone that we are about growth over time and not growth all the time. The business has been built over many years in a patient and predominantly organic way. Markets have been supportive of late, but we are clear that sustaining gr...