Quilter plc (QLT) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

All right. Good morning, everyone, and welcome to our 2025 results presentation. Before I start, we are all conscious with the very uncertain global political environment that we see, geopolitical environment. Across culture, our thoughts are with our colleagues and our clients in the Middle East right now. Let me get on to the results. I'll start with a review of the year. Then I will cover our business highlights and talk to our flow performance. Mark will take us through the financials, and then I want to spend some time today talking about the growth outlook and the exciting opportunities that we see ahead. After that, we'll finish with Q&A as usual. I'm very pleased with our strategic and financial performance in 2025. We've delivered another good year of strong profit growth from a very strong base in 2024. We saw excellent momentum in flows, taking market share in growing markets. Let me run through the highlights. Core net flows were up to a record £9 billion, that's 75% higher than 2024. Our operating margin is at 30%, in line with our medium-term goal. Adjusted profit increased 6% to £207 million. That reflects higher revenues and good cost management combined with increased investments. Earnings per share increased 4% to 11 pence. And the board has declared a dividend for the year of 6.3 pence, an increase of 7%. We've also announced a share buyback and a change in distribution policy, which Mark will cover later. Let's now drill down into the flows. This slide shows gross new business outflows and net inflows for the last two years. New business flows on the left have continued to build momentum with sequential period-on-period improvement across both channels. Our flows in the middle temporarily picked up with the protracted speculation and uncertainty a...