Quilter plc (QLT) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to our 2026 interim results. And if you haven't already seen it in the wild, I hope you enjoyed the intro with our new TV ad for Money Needs a Plan. Right, on to business. I'll start with a review of the first half highlights and our flow performance. Then Mark will take us through the financials. I'll conclude with a growth outlook for our business and why we are very well placed. Then I'll take questions. I'm very pleased with our performance in the first half of 2026. Core net flows were up to a record £6 billion. That's up over 30% on last year, and 2025 was a record too, so we've accelerated further from a strong base. Net flows were 9% of opening assets, up a percentage point on last year, despite the sharp increase in assets from market growth. Our operating margin was stable at 30% despite elevated business investment and lower interest rates reducing the income we generated on shareholder capital. Adjusted profit increased 12% to £112 million. Good momentum and a strong result. Earnings per share increased 13%. Board has declared an interim dividend of 2.1 pence, a third of last year's total dividend, in line with our revised distribution policy. And we're progressing well with our share buyback program. We're just under 70% done, with the remainder to be completed before the end of the year. Let's turn to the detail of flows, starting with a group picture. This slide shows the trend in gross new business outflows and net inflows for the first half over the last four years. Gross flows of 11.9 billion in 2026 on the left continue to demonstrate the strong business momentum with compound growth of 29% over the last three years. 2026 gross flows were more than double 2023. The strength of our dual channel model is clear. Outfl...