Aberdeen : Annual report and accounts 2025

About this update from Aberdeen Group Plc

Building the UK's leading Wealth & Investments group Aberdeen Group plc Annual report and accounts 2025 1 Strategic report Governance Financial information Other information Highlights Our ambition is to be the UK's leading Wealth & Investments group with Adjusted operating profit £264m Full year dividend per share 14.6p fast growing direct and advised wealth platforms, and a specialist asset manager that has strengths in areas of market growth. £9m - 2024: £255m 2024: 14.6p IFRS profit before tax £442m Net flows (excluding liquidity) £1.7bn outflow £191m £4.4bn 2024: £251m 2024: £6.1bn outflow Investment performance 1 (% of AUM performing) 1 year 84% 3 years 80% 7ppts 20ppts 2024: 77% 2024: 60% 1. Details about the calculation of investment performance are included in Supplementary information. Aberdeen Group plc Annual report and accounts 2025 2 Strategic report Governance Financial information Other information Our business at a glance We are a Wealth & Investments group focused on enabling our clients to be better investors. Specialist asset manager Investments Our capabilities in our investments business are built on the strength of our insight - generated from wide-ranging research, worldwide investment expertise and local market knowledge. Adjusted Investment operating profit performance 5 £64m 80% 2024: £61m 2024: 60% AUM £390.4bn 2024: £369.7bn FY26 targets 3-year investment performance >70% Adjusted operating profit c.£100m Read more on page 29 5. % of AUM performing over 3 years. Wealth platforms interactive investor (ii) Adviser As the UK's second-largest direct-to-consumer investment platform by AUA and number one by net flows 1 , ii offers a self-directed investing and trading platform that enables individuals in the UK to plan, save and invest in the way that works for them. Our Adviser business, the UK's third-largest advised platform by AUA 3 , provides financial planning solutions and technology for UK financial advisers which enables them to create value for their businesses and their clients. Adjusted operating profit £155m 2024: £116m Cost/ AUMA ratio 2 18bps 2024: 19bps AUMA £97.5bn 2024: £77.5bn Adjusted operating profit £86m 2024: £126m Net promoter score +45 2024: +34 AUMA £80.4bn 2024: £75.2bn FY26 targets FY26 target FY27 target Customer growth 8% p.a. Cost/ AUMA ratio 2 <18bps Net promoter score (Average for FY26) >+40 Net inflows 4 >£1bn Read more on page 19 Read more on page 24 Source: Fundscape, Direct Matters Q4 2025 report. Excludes the financial planning business (sale completed Jan 2026). Aberdeen Group plc Annual report and accounts 2025 Source: Fundscape, The Platform Report Q3 2025, and latest available peer company information. Excludes Curtis Banks AUA. Now targeting return to net inflows in FY26 and >£1bn in FY27. 3 Strategic report Governance Financial information Other information From novice to expert, individual to institution, every day we work to help millions of people turn their financial goals into reality. In the following pages, we highlight how, in 2025, each of our businesses has worked to enable our clients to be better investors. Enabling more people to access the power of investing Read more on page 4 Providing the tools and insight to navigate an ever-changing world Read more on page 5 Investing constructively in real assets Read more on page 6 Aberdeen Group plc Annual report and accounts 2025 4 Strategic report Governance Financial information Other information In 2025, each of our businesses launched new products, services, and training to broaden accessibility and provide investing confidence: At interactive investor , we built on the success of our 2024 Managed ISA by launching our Managed Pension in November. Our managed products match customers with portfolios aligned to a risk-level they are comfortable with, helping time-poor or lower-confidence investors save towards their long-term goals, without needing to spend hours researching investments themselves. More on page 22. Enabling more people to access the power of investing At Adviser , we are ensuring that vulnerable customers suffering from disability, bereavement, or simply a lack of financial education, can get the help and support they need to receive better financial outcomes. Throughout 2025, we delivered dedicated training across our Engagement Team enabling them to better support vulnerable customers. Of the over 25,000 monthly customer interactions handled by our Engagement Team in 2025, we routinely identified and engaged with over 200 vulnerable customers and ensured they received a more personalised service. A common barrier to entry for investors is the belief that a large initial savings pot is needed. In February, Investments took on the challenge of helping to make investing more accessible in Singapore. Working in partnership with leading digital bank, Trust Bank, we helped to launch TrustInvest, a retail investing solution offering five risk-weighted funds, created and managed by Aberdeen. With no platform or sales fees, and a minimum investment of 100 Singapore dollars (less than £60), TrustInvest aims to make investing 'radically simple' for Trust Bank's over one million customers. More on page 31. Aberdeen Group plc Annual report and accounts 2025 5 Strategic report Governance Financial information Other information Aberdeen Group plc Annual report and accounts 2025 Providing the tools and insight to navigate an ever-changing world Markets move quickly, and so does the world around us. Aberdeen works to cut through short-term noise, and brings the solutions and perspectives needed to help investors focus on what truly matters for the long term: Having worked to broaden its product range for lower-confidence investors through its managed products and ii Community, interactive investor has developed an advanced tool for sophisticated investors. Soft launched in 2025, with full roll-out to approved users expected in the first half of 2026, ii 360 provides users with access to a wider range of instruments and enhanced market data capabilities to deliver a state-of-the-art trading experience. More on page 21. Against the backdrop of an increasingly complex tax landscape, and ahead of the UK's Autumn Budget, our Adviser business delivered IFA-focused research through its Techzone knowledge hub, which was visited over one million times in 2025. Prior to the Budget our technical consultancy team released a comprehensive guide to 'Estate Planning with Trusts' on Techzone, with the associated webinar watched live by over 1,000 IFAs. Our Investments business has been a long-term investor in private markets since 1973, predominately working with institutional clients. Our scale and heritage in the market has given us the insight that retail investors may be underserved by investing in public markets alone. In October, we set out a detailed white paper on how to better democratise private markets and make them work for public good. More at https://www.aberdeenplc.com/annualreport 6 Strategic report Governance Financial information Other information I . nvesting is about much more than numbers on a screen. When done well, investing doesn't just build wealth; it builds infrastructure, businesses, and homes. Across the Group, we are working to deliver and democratise private market opportunities: One of the most accessible ways for retail investors to gain exposure to private companies is through investment trusts. interactive investor's customers increased their holdings in investment trusts to a record £15bn by the end of 2025, compared to £13.5bn at the end of 2024. This includes holdings in the 12 UK investment trusts managed by Aberdeen Investments. ii's customers also benefit from in-app voting tools, and, with over 80% of investors opted-in to voting through the app, we have made it easier than ever for retail investors to have their say on the direction of these trusts. In April 2025, the Silvertown Tunnel opened, connecting Silvertown in East London to the Greenwich Peninsula. A fund managed by Aberdeen Investments is the largest shareholder in the consortium which is expected to operate the tunnel until at least 2050. This project is a strong example of how private finance can support infrastructure development that benefits both investors and local communities. The project was also historically significant, with Silvertown being the first road tunnel drilled under the Thames in 60 years. In December 2025, Aberdeen announced a landmark deal to take on Stagecoach Group's Defined Benefit (DB) pension scheme. Following the agreement, Investments now manages the scheme and, as with Aberdeen Group's own DB scheme, will allocate a portion to private markets. These investments into infrastructure and real estate will align with Aberdeen's significant real assets capabilities, and the UK Government's goal of making pension capital work harder for the economy. Investing constructively in real assets Aberdeen Group plc Annual report and accounts 2025 7 Strategic report Governance Financial information Other information Chairman's statement Sir Douglas Flint, Chair Building on stronger foundations We're helping our customers and clients to meet their objectives in uncertain times. We made good progress in 2025 in building on the evident strengths within all three of our Wealth and Investment businesses. There was a standout performance from interactive investor, which delivered record annual growth in both customer numbers and fund inflows, leading its market segment in terms of net flows. Four years after we announced the acquisition of ii, it has surpassed comfortably the financial return metrics contained within our acquisition business case. The investments we made last year to improve price competitiveness and customer experience in our Adviser business attracted external recognition in the business's ratings and contributed to improved flows performance. Most important to future flows, we successfully launched the Aberdeen SIPP in December 2025, which has attracted strong interest from our customer base and reflects many months of complex technology upgrades to make the launch possible. These are welcome steps forward although more work remains to restore Adviser to growth. Within our Investments business, while steps to achieve further progress continue, we delivered some notable award-winning fund performances within our Asian focused funds range and in global emerging markets income funds, as investor appetite returned to these investment markets and rebalanced away somewhat from US equity markets, with the exception of AI-related stocks. Investment performance improved although there continues to be more to do. Finally, we completed the second phase of business transformation, focused on strengthening and streamlining the Group's operations, and in so doing, exceeded the £150 million of savings we targeted. Jason covers business performance in greater detail in his Chief Executive's review. Investment environment and trends Economically, it has been a turbulent year in many respects. Against a backdrop of continued military conflicts and geopolitical uncertainties, with both established rivalries and traditional alliances facing punitive and erratic trade tariffs and export restrictions, financial markets were surprisingly resilient. Equity markets performed strongly and importantly for Aberdeen, Emerging Markets, Asia Pacific, the UK and Europe ex UK all outperformed the US market for the first time in many years 1 . This change in investor appetite supported revenue generation in our Investments business. Atypically, with equity markets performing strongly, gold hit all-time highs, significantly outperforming global stocks as central banks diversified their reserve holdings and retail investors, nervous of US equity market levels and dollar weakness, sought a defensive counterweight. Aberdeen's Gold ETF, launched in 2009 with total assets of US$10m, closed 2025 with total assets in excess of US$7bn. Aberdeen Group plc Annual report and accounts 2025 Measured in GBP. 8 Strategic report Governance Financial information Other information Chairman's statement continued This divergence between defensive and bullish sentiment in retail markets drove exceptional trading volumes into our retail platform business, interactive investor, which contributed to another record year in terms both of customer growth and profitability as noted above. Positive flow trends in both interactive investor and our Adviser business were impacted by customers extracting a portion of their funds in the months running up to the UK Budget in November, due to uncertainties around possible tax changes. We welcomed the clarifications made ahead of the Budget that slowed these outflows, in large part as we have been warning consistently of the looming retirement difficulties likely to be faced by retirees with modest savings pots who do not benefit from the protection of defined benefit pension arrangements. We welcomed the many statements made by the Government throughout 2025 around supporting the development of a more active retail investment culture in the UK and, specifically, encouraging more retail investment into savings and investment products, ideally focused on UK activities. We contributed extensively to our regulator's several consultations aimed at boosting UK investment culture safely, while expanding qualifying consumers' access into investments with higher risk-adjusted return characteristics. We believe this can be done safely, in part due to the planned opening up of what can be delivered in terms of 'targeted support'. This is an overdue regulatory change designed to enable retail investors to make important decisions around their savings and retirement planning with much greater confidence. In the meantime, interactive investor is taking forward the roll out of a simplified digital advice service focused initially on pensions and retirement. Capital strength provides opportunities to reshape our businesses for the future Our capital generation and balance sheet strength underpin our ability both to support dividend flows and enable inorganic investment to enhance future growth prospects and reshape our businesses to be fit for the future. Our clear strategy, together with effective business and process transformation, have reduced regulatory capital requirements, giving us further capacity to invest in our businesses. One of the Board's core responsibilities is around capital allocation and importantly to ensure a proper balance between near-term opportunities and those with exciting potential further in the future. Let me draw out two decisions in 2025 to illustrate the point. For the near term we allocated funds to support a more data-centric organisation, enhancing security and data protection while at the same time supporting the roll out of AI tools that will support productivity and revenue generation. In terms of new activity, we allocated capital to take on responsibility, as sponsoring employer, for the defined benefit pension scheme of the Stagecoach Group, described as a 'landmark transaction' in actuarial communities. We also refined the breadth of our service propositions, releasing capital to invest in areas with better growth prospects and synergy with our core platforms. Notable was the sale of our face-to-face financial planning business, which was followed by the launch of ii's digital retirement planning service noted above. Board matters We were deeply saddened by the sudden and untimely passing of Mike O'Brien on May 24 th last year. Mike, who joined the Board in June 2022, brought extensive and detailed industry knowledge, contributed with passion and intellect to Board discussions and whose collegiality, warmth of personality and good humour are sorely missed. Our thoughts go out to his family for whom the loss is much greater. As set out in last year's annual report, we formally welcomed Siobhan Boylan as our Chief Financial Officer in July 2025. Siobhan has made an excellent start within the Group and is also representing Aberdeen on the Board of Standard Life plc (formerly Phoenix). As part of our continuous review of Board performance and governance, we took steps during 2025 to simplify Board oversight of financial matters by combining the Audit Committee and the Risk and Capital Committee under the chairmanship of Vivek Ahuja. This change took place in October and is working well; given its expanded agenda, Jonathan Asquith was added to the committee, which is greatly benefiting from his experience. The details of our 2025 external Board performance review are set out in the corporate governance statement on page 101. For my own part, I will step down as Chairman and as a director at the conclusion of our Board meeting in April, ahead of the AGM the following day. This is in line with the statement made at last year's AGM. It has been an enormous privilege to serve as Chairman of Aberdeen for over seven years, and I will leave with extraordinarily fond memories and pride at what very talented management teams, together with their colleagues, have achieved to reshape this group for the future. The process to appoint my successor is ongoing. Finally, in line with previous guidance, the Board is recommending a final dividend of 7.3p per share taking the total for the year to 14.6p per share, in line with the prior year. The proposed final dividend will be put to shareholders at the upcoming AGM. The full-year dividend was 1.24x covered by adjusted capital generation in the year (2024: 1.18x). Aberdeen Group plc Annual report and accounts 2025 9 Strategic report Governance Financial information Other information Chairman's statement continued Looking forward 2026 opened with continuing geopolitical events of potentially huge significance, many unprecedented. As a backdrop to investing, this may be about as complex as it could be and combined with concern over elements of private credit, possible asset bubbles in technology stocks, particularly AI, and continuing tariff imposition unpredictability, there is a great deal to factor into investment decision-making. Markets, however, have remained resilient and as an active manager we have the ability to take distinctive positions outside of consensus. There is more interest in investing in non-US markets, which is good for Aberdeen and our distinctive history and expertise in Asian and emerging markets offers clients important insights as they chart their future investment strategies. The unpredictability of further geopolitical events prompts trading activity from which ii benefits as it also does from growing flows into its self-directed investment platform as individuals take more personal responsibility for their retirement planning and seek to reduce the costs of management of their money. We have started 2026 positively and, while uncertainty is a given, we have the capabilities within the organisation to navigate the uncertainties well for the benefit of those who entrust their funds to us for management or administration. I want to close by thanking all my colleagues for their efforts in 2025, for their support and for their commitment to continue building Aberdeen's success in 2026 and beyond. Our distinctive history and expertise in Asian and emerging markets offers clients important insights as they chart their future investment strategies. In 2025, we celebrated key partnerships and milestones across Asia, including celebrating 20 years in Malaysia, the grand re-opening of our Hong Kong office, and our annual APAC Investment Forum. Sir Douglas Flint Chair 10 Strategic report Governance Financial information Other information Chief Executive Officer's review Jason Windsor, Chief Executive Officer Growing in Wealth, repositioning Investments We established good momentum in 2025, creating a simpler, more efficient business. We are now looking ahead with clear opportunities to drive sustainable, profitable growth. Looking back, I am encouraged by the progress we are making against our strategy. Our efforts over the last 12 months mean that the business is now in much better shape as we pursue our ambition to be the UK's leading Wealth & Investments group. In 2025, we delivered increased adjusted operating profit of £264m (2024: £255m) supported by a very strong performance by interactive investor (ii). We surpassed our transformation target, delivering £180m of annualised cost savings since the programme was launched in early 2024, and we continue to embed a culture of efficiency across the business. We have two leading businesses in the fast-growing UK wealth sector, and a more efficient Investments business that is focused on areas of real strength. Through a year of transition, we have taken critical steps toward improved profitability and growth. Aberdeen has the privilege of working every day to help millions of people turn their financial goals into reality. I would like to thank my colleagues for their commitment, and our customers, clients and wider stakeholders for their ongoing support and partnership. Progress on our strategy As part of our strategy update last March, I highlighted transforming performance, improving client experience, and strengthening talent and culture as our Group priorities. I also laid out strategic objectives for each of our businesses. We have seen progress since then, although we still have more to do. In interactive investor we have delivered strong customer and profit growth while expanding our differentiated proposition and investing in the ii brand. Adviser has made progress towards a return to net inflows. We are not yet where we want to be, but we have seen an improvement in client service and launched the Aberdeen SIPP. In Investments, we have delivered greater efficiency and focus, and better investment performance in most asset classes, which is laying the pathway to growth. We have taken steps to simplify the business and reduce drags on profitability, Aberdeen Group plc Annual report and accounts 2025 "Our efforts over the last 12 months mean the business is now in much better shape, as we pursue our ambition to be the UK's leading Wealth & Investments group." 11 Strategic report Governance Financial information Other information Chief Executive Officer's review continued with the sales of Aberdeen Financial Planning and Finimize. We also announced a further acquisition for our US closed end fund (CEF) business, acquired the retail investor book from Jarvis, announced the pathway to full ownership of Tritax and, in a first-of-its-kind transaction, we became the sponsoring employer of the Stagecoach Group Pension Scheme. In 2025, we took key steps in our transition to growth. We enter 2026 with gathering momentum in some areas, whilst recognising we still have more work to do in others. Aberdeen is now a simpler, more efficient group with three businesses that all have clear headroom for growth. Combined with the sustained strength of our capital position, which has been further improved from the end of 2025 with our capital requirement now based on the Group's internal assessment, we see exciting opportunities to build on the growing value of the Group over the long term. People and Culture A strong culture is an essential ingredient for success. I am proud of the way colleagues across the Group have united behind our plan, helping to drive a 10ppt uplift in employee engagement. With the arrival of Siobhan Boylan as Group CFO in the summer, I am confident that we have a strong team in place to accelerate progress against our strategic priorities. The streamlined Group Operating Committee has improved the pace of decision making. Our Executive Leadership Team is ensuring we bring more commercial and client focus, embracing the opportunity from AI and deepening our leadership capability. In January 2026 it was announced that Aberdeen Group plc Chairman, Sir Douglas Flint, will be stepping down in April. On behalf of the Board and the whole company, I would like to thank Douglas for his leadership and commitment to Aberdeen over the last seven years. He has overseen a significant turnaround during a time of substantial change across the industry, and leaves with our best wishes. Update on 2026 Group targets Last March we announced new Group targets for FY 2026: to increase adjusted operating profit to at least £300m; and to increase net capital generation to c.£300m. We are committed to delivering our Group targets: interactive investor's performance in 2025 affirming that it will play a more substantial role this year, and the Stagecoach and US CEF transactions are also set to deliver a positive impact in 2026. Looking beyond 2026 We are focused on growth and delivering sustainable returns beyond 2026. We are targeting net capital generation to grow on average 5-10% per annum over the medium term, absent any major market irregularities, once we have met our 2026 target of c.£300m. Overview of 2025 performance A very strong performance from interactive investor and a continued focus on efficiency helped to deliver a 4% increase in adjusted operating profit to £264m. Adviser had lower profits, as we had expected, as it implemented its strategic repricing. Adjusted operating profit in Investments increased 5%, as a reduction in revenue was offset by lower expenses. IFRS profit before tax of £442m (2024: £251m) represents a substantial increase. This includes a gain of £236m from favourable market movements in our stake in Standard Life plc (formerly Phoenix). AUMA is up 9% on last year to £556.0bn (2024: £511.4bn), with growth largely driven by positive markets. In January 2024, we launched our transformation programme to deliver annualised savings of at least £150m. Strong execution means we have surpassed the target, with £84m of cost savings in 2025 and £180m of annualised savings. I want to underline that this programme has been about more than cost savings - we have taken the opportunity to reinvest in the business, particularly in technology, and embed a culture of efficiency for the long term. interactive investor Another very strong performance as impressive growth trajectory continues. interactive investor delivered another year of impressive growth with customer numbers, AUMA and profits all rising strongly. In a highly competitive market, further organic growth, supplemented by the Jarvis acquisition, saw customer numbers reach 500k (2024: 439k). SIPP customers rose 30% to 105k and ii became a Which? recommended SIPP provider for the fourth year in a row. Trading activity was strong throughout the year, with a number of records broken, and overall trading revenue was up 44%. This activity helped drive adjusted operating profit in interactive investor to £155m (2024: £116m), a 34% increase on last year. Profitability benefited from the scalability and efficiency of the ii operating model and platform with the cost/AUMA ratio improving by 1bp to 18bps. interactive investor's very strong growth was supported by our ongoing focus on building the ii brand, with our new 'Penny drop' brand campaign launched in Q4, and the further strengthening of our proposition. In November, we launched a new Managed SIPP, manufactured by Aberdeen Investments, which will help us to continue growing the number of SIPP customers we now have on the platform. ii Advice, our digital advice service, was soft launched in Q4, and ii Community - which offers a social platform for users to connect with and learn from other investors -reached 34,000 members. The new, simpler pricing went live in February 2026, and is aimed at further improving our competitiveness and driving growth by encouraging customers to use the platform for more of their wealth management needs. As we embed and promote ii Advice and ii 360 (our advanced 12 Strategic report Governance Financial information Other information Chief Executive Officer's review continued trading platform) in 2026, we expect our customer appeal to broaden further. With a broader proposition, enhanced, simple price plans, growing brand recognition, and excellent customer service, ii is well positioned for future growth. Adviser Progress on proposition and price competitiveness, with more to do. In 2025, Adviser took significant and necessary steps that provide the foundations for future growth. The implementation of our strategic repricing, alongside further improvements to service, helped to turn around outflows, which almost halved to £2.2bn (2024: £3.9bn). The strategic repricing, which took effect for new customers in 2024 and was applied to Adviser's back book in February 2025, had the expected impact on profitability. Alongside the reduced benefit from a temporary third party outsourcing discount, this resulted in adjusted operating profit reducing to £86m (2024: £126m). This was a necessary step to ensure our competitiveness. A focus on service improvement has seen service levels increase. With an average NPS score of +34 in 2024, rising to +45 in 2025, we have already achieved the target set for 2026. This is a welcome improvement but we know we have further to go to consistently deliver excellent service. We have also continued to enhance our proposition, launching the Aberdeen SIPP in Q4, which gives us a market-leading offer in this important category. We have already seen over 1,800 new SIPPs taken out on the platform since its launch in December. We were pleased to see our focus on service quality recognised, with Defaqto awarding both Wrap and Elevate a Gold Platform Service rating. We are now taking further actions to improve service and enhance the proposition. We are continuing to invest in improving our Adviser platform as we seek to deliver a market-leading experience for advisers. The work to return to net growth has not delivered as quickly as we want with the uncertainty around the UK Budget in November 2025 unsettling customer confidence. However, with service improving, keener pricing, and a strengthening proposition, our high level of market penetration offers real growth opportunities ahead. While we have made good progress in turning around our flows, we now expect to return to positive net flows in 2026, with £1bn net inflow target to be delivered in 2027. Investments Improving business performance, repositioning for profitable long-term growth. Favourable markets helped to drive an uplift in Investments AUM in 2025, which rose 6% to £390.4bn (2024: £369.7bn). Excluding liquidity flows, there was a significant improvement in net flows within our Institutional & Retail Wealth (I&RW) channel. This was underpinned by an increase in gross flows, which rose by 55%, although we also saw an increase in redemptions. Outflows persisted in the Insurance Partners segment due to heritage business in run-off. A key indicator of future flows is investment performance and, building on the progress made in 2024, 1-year, 3-year and 5-year investment performance are all now above 70%. This has been a particular area of focus for us, and while equities investment performance remains challenged, it is now on a positive trajectory. We are also delivering performance above benchmark in fixed income, multi-asset and quantitative strategies. Strong delivery on our transformation programme has been of particular benefit to Investments, with adjusted operating expenses down by £61m in 2025 to £675m (2024: £736m). This disciplined approach offset a reduction in revenue impacted by ongoing pressures on margin being experienced across the active asset management sector from asset mix, and meant adjusted operating profit increased marginally to £64m (2024: £61m). We are continuing to see a momentum shift in Investments, and can point to a range of innovative activity, both organic and inorganic, that will support the growth of the business in 2026. Our private markets expertise led to our partnership with Scottish Widows on its LTAF launch. In infrastructure, we agreed to extend our ownership of Tritax and we were the lead investor in London's new Silvertown tunnel. Our recently announced closed end fund acquisition from MFS in the US is expected to be revenue and adjusted operating profit accretive in year one. Our landmark deal to become the sponsor of the Stagecoach Group Pension Scheme brought £1.2bn of AUM and a share of surplus. Emerging markets moving back into favour also presents a welcome tailwind for the business. Overall, Investments has become a leaner business that is increasingly focused on our areas of strength: specialist equities, credit and real assets - all asset classes where we foresee market sentiment evolving in a supportive direction. Capital allocation and dividend Our commitment to disciplined capital management is paramount, and we have outlined clear principles that underpin our approach. Central to that is maintaining a strong balance sheet, while offering shareholders strong cash returns. We finished the year with CET1 of £1.4bn (2024: £1.5bn), and coverage of 163% (2024: 139%). This increase was primarily due to our capital requirement going forward reflecting the Group's internal capital assessment, which has reduced our capital requirement by c.£0.2bn. Total capital coverage, including the benefit of Additional Tier 1 and Tier 2 own funds, increased to 218% (2024: 198%). Over the medium term we plan to operate with total capital coverage within a range 13 Strategic report Governance Financial information Other information Chief Executive Officer's review continued of 140-180% as we reduce debt and continue to invest in the business. Future inorganic investment will continue to be disciplined, with sustainable earnings growth a cornerstone of our approach. 2025 transactions, including MFS's US CEFs, extending our ownership of Tritax and the Jarvis acquisition in ii, are good examples of this. We understand the importance of the dividend to our shareholders and our dividend policy is unchanged. The Board's intention is to pay a total annual dividend of 14.6p per share until it is covered at least 1.5x by adjusted capital generation. Sustainability 2025 saw meaningful progress on our sustainability agenda, which is focused on contributing to a credible environmental transition and enabling inclusive growth. While the public debate on sustainability and ESG is evolving, client demand in this area remains strong, with £2.8bn net inflows across our Sustainable Investing products and mandates in 2025. We remain ahead of schedule with our public markets decarbonisation pathway, which is to reduce the carbon intensity of in-scope assets by 50% by 2030, versus a 2019 baseline. We have also reported a near 80% reduction in operational emissions since 2018, ahead of our original target of achieving a 50% absolute emissions reduction by 2025. This year also marks an important milestone with the publication of our first Climate Transition Plan, setting out new interim operational emissions targets, and a strengthened approach to climate governance, data, stewardship and client support. We are also focused on growing our impact around financial capability and fair work. It is a source of great pride for our organisation that we are supporting tens of thousands of people across the UK and globally on these issues through the charities funded by the Aberdeen Group Foundation, which was recently merged into the Aberdeen Group Charitable Trust. Looking ahead Across our markets there are compelling long-term growth drivers which we are well placed to benefit from including consumers taking increasing responsibility for their own savings and investments, greater demand for personalised solutions, and a growing demand for private markets access. These trends are likely to continue for many years to come. Setting out our ambition to become the UK's leading Wealth & Investments group has created a clear direction, which the business has built upon throughout 2025. Although global markets can be turbulent due to current conflicts and ongoing geopolitical concerns, the fundamental dynamics continue to offer long-term attractive growth opportunities for our Wealth businesses. interactive investor is positioned for exceptional growth. The structural opportunities for growth in Adviser are expected to continue, and we are laser focused on getting our business into positive flows as soon as possible. In Investments, we have undertaken crucial repositioning work that will support future success. Lower costs, better investment performance and focus on specialist areas of strength are essential to achieving our ambition. A year into the delivery of our strategy, the business is now leaner and stronger but my team and I are impatient to go further in achieving our true potential. Jason Windsor Chief Executive Officer 14 Strategic report Governance Financial information Other information Our business model A Wealth & Investments group with strong foundations for growth Our strengths and resources UK's second-largest direct-to-consumer investment platform by AUMA and number one by net flows 1 . UK's third-largest advised platform by AUA 2 , powered by innovative technology. Specialist asset manager providing investment solutions to meet Positioned to benefit from key themes shaping our markets Long-term structural growth in UK savings and wealth, driven by: Increased personal responsibility for savings Ongoing wealth transfer Reducing the savings and advice gap An efficient, diversified model Strengthened, simplified business Strategic focus Robust governance Effective capital management Driving investment in long-term Creating long-term value Diversified business and a strong capital position support long-term value creation Investment in long-term growth Value shared with stakeholders Clients We focus on delivering outcomes that truly matter to our clients. We draw on our expertise and insight with the aim of delivering longterm investment performance. Colleagues We aim to attract and develop the best people for leadership roles, complex needs. Ongoing energy transition: growth People Product Payment of dividends to shareholders and to offer clear pathways for career advancement. International distribution and client base. Strong balance sheet to drive shareholder value and client confidence. Real assets growth Infrastructure spending Digital innovation Transforming investment platforms and asset allocations to support more complex client needs and outcomes. Technology Structured around three businesses How we make money We earn revenue mainly from: Asset management and platform fees based on AUMA. Subscription and trading fees. Interest margins on cash balances. Society We have important responsibilities to society and the environment. Through sustainable investment we increase the positive impact we can have through our operations. Shareholders We aim to create sustainable shareholder value over the long term. See pages 36 to 45 See pages 62 to 64 Delivered through strong operational processes Controlled processes Our control environment helps us manage risk effectively, provide business security and maintain operational resilience. Efficient operations We are enhancing our operations for agility, speed and efficiency, supported by technology which aims to deliver the best possible experience. Source: Fundscape, Direct Matters Q4 2025 report. Source: Fundscape, The Platform Report Q3 2025, and latest available peer company information. Excludes Curtis Banks AUA. 15 Strategic report Governance Financial information Other information Our strategic priorities A clear roadmap focusing on three key strategic priorities to drive improved performance Improving client experience We put our clients at the heart of everything we do. We aim to provide an exceptional client experience by delivering the outcomes they seek and exceeding their expectations. Ambitions Win in UK wealth and with UK & international investment clients through continued focus on meeting customer needs. Maintain focus on improving investment performance. Continue to innovate and simplify. "Being 'client first' is at the core of the Aberdeen culture. It defines and guides our behaviours and decisions. When our clients succeed, we succeed." Jason Windsor Chief Executive Officer Transforming performance We are driving transformation across the Group to improve efficiency and deliver valued outcomes for all of our stakeholders. Ambitions Drive sustainable, profitable growth. Deliver a significant uplift in efficiency and profitability in Investments. Improve net capital generation to support shareholder returns. "Through our transformation programme, we are constantly delivering, and seeking ways to become, a more efficient and profitable organisation." Richard Wilson Chief Operating Officer Strengthening talent and culture A strong culture with high-quality, engaged talent is fundamental to our long-term success. We continue to invest in our people to help build the foundations for sustainable growth. Ambitions Build colleague engagement and make Aberdeen a great place to work. Unlock leadership potential to build skills and drive improved performance. Attract and retain the best talent. "The strength of our talent and culture will define our success. We continue to invest in our people and improve development opportunities to drive an engaged workforce and performance culture." Tracey Hahn Chief People Officer Aberdeen Group plc Annual report and accounts 2025 16 Strategic report Governance Financial information Other information Our strategic priorities continued Progress against our strategic priorities Improving client experience Progress Improvements in ii customer experience, broadening the proposition and simplifying our pricing. Improvement in client service in our Adviser business with more to do, NPS +45 (2024: +34). Improvement in 3-year investment performance and increase in Morningstar rated funds. ii NPS +44 2024: +40 Investment performance (3 years) 80% 2024: 60% Adviser NPS +45 2024: +34 2026 priorities Invest in automation, AI, data, technology and security to improve client experience. Deliver improvements to service processes, e.g. enhancements to our contact centre in Adviser and improve timelines across client journeys. Improve investment performance through process enhancements and leveraging technology and AI. Transforming performance Progress Delivery of £180m of annualised cost savings, markedly improving profitability in Investments. Acquisition of Jarvis and increased Tritax ownership, while simplifying with divestments of Financial Planning and Finimize. Launched new propositions, such as Managed products, Adviser SIPP and a thematic ETF range. Net capital generation £239m 2024: £238m ii customer growth 14% 2024: 8% Adjusted operating profit £264m 2024: £255m 2026 priorities Launch and promote new propositions such as ii Advice, ii 360 and Onshore bond. Grow specialist capabilities to access higher value markets, accelerating Wholesale growth and expanding in private markets. Enhance our operating model and insource data and technology capabilities to regain control over customer facing technology and related IP. Strengthening talent and culture Progress Strengthened leadership team across the Group with appointments of new Group CFO, and Investments CCO, COO and CFO. Improved colleague engagement across the Group by 10ppts year-on-year. Colleague engagement score 67% 2024: 57% Female representation at senior leadership 40% 2024: 40% 2026 priorities Strengthen leadership and performance through unlocking leadership programme. Roll-out tailored development journeys for more than 500 leaders. Improve engagement and enhance collaboration through adoption of AI productivity tools. 17 Strategic report Governance Financial information Other information Performance overview Delivering improved financial performance in 2025 Cost discipline, better markets and a strong performance by ii have ensured improved profitability in the year. However, profitability remains well below the level that we aspire to. We see much more potential across the Group. Financial performance summary £1,276m Adjusted net operating revenue 3% lower at £1,276m(2024: £1,321m) reflectingtheimpact of net outflows, theexpectedlower margins in Investments and strategicrepricingin Adviser. This was partly offset by strongrevenue growth in ii. £1,012m Adjusted operating expenses reduced by 5% to £1,012m (2024: £1,066m) driven by the continued progress on delivering cost savings. £264m Adjusted operating profit increased by 4% to £264m (2024: £255m) reflecting higher profitability in ii, partly offset by impact of strategic repricing in Adviser. £442m IFRS profit before tax 76% higher at £442m (2024: £251m), including the benefit from the increase in value of our Standard Life plc stake. £1.7bn outflows Net outflows (excluding liquidity) improved to £1.7bn (2024: £6.1bn), primarily reflecting strong growth in ii, and reduced net outflows in Adviser and Investments. Read more about our financial performance on page 36 Capital position summary 218% Total capital coverage remained strong at 218% (2024: 198%) including the benefit from a reduction in the Own Funds Threshold Requirement and higher adjusted capital generation. Over the medium-term we plan to operate with total capital coverage within a range of 140-180% as we reduce debt and continue to invest in the business. £1.8bn Cash and liquid resources remained robust at £1.8bn (2024: £1.7bn). These resources are high quality and mainly invested in cash, money market instruments and short-term debt securities. £1.6bn Additional assets not in capital of £1.6bn (2024: £1.3bn). This consists of £0.8bn (2024: £0.8bn) from the IAS19 pension plan surplus and £0.8bn (2024: £0.5bn) for the value of the listed stake in Standard Life plc. These assets are excluded from the CET1 capital position. 14.6p Full year dividend per share was maintained at 14.6p (2024: 14.6p), with a dividend coverage on an adjusted capital generation basis of 1.24 times (2024: 1.18 times). It remains the Board's current intention to pay a total annual dividend of 14.6p until it is covered at least 1.5 times by adjusted capital generation. Read more about our capital position on page 38 Aberdeen Group plc Annual report and accounts 2025 18 Strategic report Governance Financial information Other information Our businesses In 2025, each of our businesses launched new products to support our clients' financial ambitions and enable them to be better investors Expanded Managed Products Range Read more on page 22 Aberdeen Group plc Annual report and accounts 2025 Building on the launch of its Managed ISA last year, interactive investor launched its new Managed Pension in collaboration with Aberdeen Investments to support less confident investors. Adviser's new SIPP Adviser launched its new SIPP to provide advisers with flexibility, intergenerational planning capabilities and our unique automatic drawdown feature. New Active ETF launches Investments' new Active Exchange Traded Funds offer exposure to themes driving profound changes in the global economy. Read more on page 32 Read more on page 27 19 Strategic report Governance Financial information Other information Our businesses continued ‌interactive investor "2025 was a record year for ii. We welcomed more customers, expanded our proposition, and strengthened our brand. Looking ahead, our purpose remains the same: we're working to help as many people as we can to take confident control of their financial futures." Richard Wilson CEO, interactive investor Who we are Our ambition To be the number one direct-to-consumer investment platform in the UK by AUMA Who we serve Lower-confidence investors Self-directed investors Sophisticated investors Key capabilities and offerings SIPPs, ISAs, GIAs Managed products Direct access to international markets Advanced trading platform (new) Digital advice (new) Our priorities Broadening ii's proposition Driving greater customer engagement Increasing automation and efficiency Strategic focus ii is working to deliver efficient, sustainable growth by building on its differentiated proposition while investing in brand and its technology ecosystem. We are building a leading position in the UK savings and wealth market £500bn D2C Platforms 1 AUMA £97.5bn 2025 £77.5bn 2024 £66.0bn 2023 £97.5bn interactive investor 2 Adjusted operating profit £155m 2025 £116m 2024 £114m 2023 Fundscape, Direct Matters Q4 2025 report, figures as at 31 December 2025. Includes £3.6bn of AUMA from the Financial Planning business sold in January 2026. Aberdeen Group plc Annual report and accounts 2025 Strategic report Governance Financial information Other information 20 Our businesses continued interactive investor Key highlights 20% self-directed retail investment platform market share of AUA 1 500k total customers 14% growth in total customers 30% growth in SIPP customers c.27k Daily average retail trades 1. Fundscape, Direct Matters Q4 2025 report, figures as at 31 December 2025. Excludes online discretionary investment managers. I think, therefore ii 2025 marked 30 years of interactive investor, and over that time our purpose has not changed. ii aims to help people to take confident control of their financial futures. Notwithstanding the UK direct-to-consumer market remaining highly competitive, the business delivered strong organic growth, with ii reaching half a million customers at the end of 2025. In total, we welcomed 61,000 net new customers in the year, up 14% year-on-year, and ahead of our 8% annual growth target. Daily average retail trades were up 32% year-on-year to c.27k. This was driven not only by increased customer numbers and engagement, but also by sustained geopolitical uncertainty. Trading levels were elevated throughout the year, but spiked in April, following President Trump's 'Liberation Day', and again in October ahead of the UK's Autumn Budget. Pre-budget trading combined with significant demand for commodity-related instruments, again driven by geopolitical uncertainty, resulted in October being our strongest month for trading in 2025. With our growing customer base, uptake of new products, and positive market movements, closing AUMA for 2025 was a record £97.5bn. Our average customer now holds over £188k in their account, up 12% year-on-year. Over 100,000 SIPP customers In 2025, we surpassed 100,000 SIPP customers as more people took personal responsibility for their retirement savings. ii is built as a long-term investing platform, and enabling people to retire on their terms through SIPPs remains a priority. As pension portfolios are typically larger than ISAs or general investment accounts, flat-fee pricing is particularly compelling for self-directed pensions. To further enhance our pension offering, in November 2025, we launched our Managed Pension. Welcoming customers from Jarvis In April 2025, we announced the acquisition of Jarvis Investment Management's execution-only brokerage business and welcomed approximately 21,000 customers to ii in 2025. While organic growth remains our priority, this transaction demonstrated our ability to complement organic growth with targeted acquisitions. As with prior transactions, we made no changes to our model, with Jarvis customers entering the same flat-fee pricing structure as existing customers. 21 Strategic report Governance Financial information Other information Our businesses continued interactive investor Our progress in 2025 Making investing accessible Our ambition is to be the UK's number one direct-to-consumer investment platform by AUMA. In order to achieve this, we have worked to broaden our proposition for investors at all stages of their investment journey, and at all confidence levels. In 2024, we launched our Managed ISA, our 'do it for me' portfolio managed by Aberdeen Investments, and ii Community, our investment idea-sharing community. Taken together, these helped us onboard less-confident investors, with many taking their first step into investing. In 2025, we enhanced our managed product range with the launch of our Personal Pension, a new SIPP, again managed by Aberdeen Investments. Like our Managed ISA, our Personal Pension is designed with simplicity and lower-confidence investors in mind. In December 2025, we launched the pilot of ii 360, our advanced, data-driven tool for sophisticated investors. We recognise that there is growing demand for enhanced trading tools. To meet this demand, ii 360 offers comprehensive, real-time market data, and a broader range of instruments. Once fully launched, ii 360 will be available to customers on our Premium price plan designed for our most active investors. Evolution of our advised offering In August 2025, we announced the sale of our Financial Planning business as we concluded that the holistic, in-person advice model is not the best fit for our digital-first strategy. However, we believe that there is a significant unmet demand for financial advice in the UK. To help bridge this gap, we will be bringing our disruptive low flat-fee approach to the advice market through ii Advice. This new digital-first offering will deliver a simple and accessible advice service, focusing initially on pensions and retirement. After soft launching in December 2025, we will be launching ii Advice in the first half of 2026. A new home in Leeds In August 2025, we opened our new office in Leeds' Aire Park (right); the c.23,000 square foot office is now home to over 300 colleagues. Leeds offers a strong talent pool, particularly for technology, and excellent connectivity making it a natural second home, complementing our Manchester head office. Investing in long-term talent is central to our ongoing success. In 2025, we promoted four colleagues to our Executive Committee, demonstrating our focus on promoting internal talent. We also continued to invest in our early careers, apprenticeship, and internship programmes to support our new talent pipeline. Market recognition Throughout 2025 we were proud to receive further market recognition for our proposition. We won numerous industry awards, including: 'Best Investment Platform' at the Online Money Awards. Which? 'Recommended SIPP Provider' for the fourth year in a row. Kepler's 'Best All Rounder SIPP Provider 2025'. Boring Money's 'Best Buy ISA' and 'Best Buy Pension' as well as 'Consumer Choice Winner' as voted for by investors. Investment in brand Through marketing campaigns, promotions, and the continued support of our customer base, we saw prompted brand awareness rise from 25% in December 2024 to 37% in December 2025. Our investment in brand, which was up c.60% year-on-year, culminated in the launch of our 'Penny Drop' campaign, which you can learn more about on page 23. Customer advocacy remains an important driver of brand recognition, and we are proud that 82% of our Trustpilot reviews are five-star. 22 Strategic report Governance Financial information Other information Our businesses continued interactive investor Our strategy in action Building on our differentiated offering ‌As the way we save and invest Making ISAs simple Managed Pensions powered by Aberdeen Investments evolves, more people than ever in the UK are taking responsibility for their own finances. For 30 years, ii has been working to make savings and investment as simple and efficient as possible, and we have grown primarily as a platform for investors who are comfortable taking their finances into their own hands. Making investing accessible In recent years, we have endeavoured to make the platform more accessible to lower-confidence investors and those just starting out in investing. This accelerated in 2023 with our Essentials (now Core) pricing model for smaller portfolios, which offers flat monthly fees of under £6 per month for those in the early stages of their investing journey. Price is not the only perceived barrier to entry for new or inexperienced investors. For many the pressure and time involved in selecting and managing their own investments is daunting. In 2024, we launched our Managed ISA, a simple, managed portfolio matched to customers preferred risk profile and sustainability preferences. Uptake of our Managed ISA has been encouraging with over 7,000 customers as at 31 December 2025. "With three kids and a full-time job, I wanted to take control of my family's financial future. So, I opened a Managed ISA and Junior ISAs for my children. Now I'm investing monthly, learning as I go, and using ii Community to build my confidence." Laura, ii customer In November 2025, we launched our Managed SIPP. Like our ISA, customers complete a short questionnaire helping them to identify which of five risk levels is most suitable. They then choose whether a low-cost indexed approach or a sustainability-weighted portfolio is right for them. As with the ISA, the SIPP aims to keep administrative fees low, allowing savers to keep more of their money and retire on their terms. Both our Managed SIPP and ISA products were developed in conjunction with Aberdeen Investments, meaning that ii customers benefit from the Group's capabilities and expertise. ii continues to work closely with teams from across the Group to deliver innovative and cost-effective solutions for our customers. 23 Strategic report Governance Financial information Other information Our businesses continued interactive investor Looking ahead: Enhancing our proposition I think, therefore ii Increasing awareness of our brand remained a key priority in 2025. Following the success of 'say hi to ii', our first ever TV campaign across 2023 and 2024, we retired our robot mascots and deployed a new approach to raise our profile with retail investors. Our new brand platform 'I think, therefore ii' launched in October 2025, and you can scan to watch the associated advert below. Brought to life through our multi-media 'Penny Drop' campaign. The advert dramatises the moment when investors see the value of flat-fee investing. Since launch, our average brand awareness and consideration scores are both four percentage points higher and we saw a 12% increase in website traffic in Q4 compared to Q3. In the final month of 2025, we announced a new pricing structure which went live in February this year. New plans and pricing Our new plans, Core, Plus, and Premium retain the flat-fee value that ii is known for while reducing trading and FX fees. Our revised pricing structure delivers a single flat platform fee covering all accounts, including ISAs and SIPPs, making it easier for customers to understand and compare. The biggest beneficiaries of the repricing are those with between £50k-£100k to invest as well as those using family accounts and Junior ISAs for their children. Our aim is to provide a straightforward pricing structure encouraging customers to consolidate their investment products under one roof. New products ii Advice was soft launched in December 2025, with a full rollout planned in H1 2026. ii Advice combines our experience in financial planning, Aberdeen Adviser's Wrap platform, and expertise from Aberdeen Investments to deliver a disruptive, digitally-led advice solution. ii 360 was piloted in December 2025 and was devised to give users access to a wider range of instruments, and enhanced market data to provide a state-of-the-art investing experience. The product will be available to Premium customers in H1 2026. Positive outlook We have entered 2026 with strong customer momentum, an enhanced proposition, and improved brand recognition. ii is therefore well positioned to meet its 2026 customer and efficiency targets. Opportunities for growth Continued structural growth of UK Market has grown c.25% a year for the direct-to-consumer market last three years, reaching £500bn for the first time in 2025. Customers taking increased personal BWC Benchmarking forecasts SIPP and responsibility for their savings and Stocks and Shares ISA markets to grow investments by 6% and 5% respectively by the start of 2030. Breadth of product offering including ii to cover full spectrum of retail investors, new advice solution driving increased engagement. Continued investment in brand and Prompted brand recognition up to 37%, growing market awareness with headroom for improvement. Scan the QR code to watch 24 Strategic report Governance Financial information Other information Our businesses continued ‌Adviser "Adviser has made encouraging progress in 2025, both through improved client service, and the delivery of our new SIPP. As we move into 2026, our core objective is to build on this progress to return to net inflows." Noel Butwell CEO, Adviser Who we are Our ambition To always be advisers' first choice by delivering solutions that make advice easier Who we serve c.3,000 financial advisers c.386,000 end customers Key capabilities and offerings Wealth management platform Wrappers and investment solutions End-to-end advisory support Our priorities Deliver an improved client experience Enhance our core product range Deliver leading efficiency through integrated digital journeys Strategic focus Return to net inflows by enhancing our proposition and delivering market-leading service. We are building a leading position in the UK Savings and Wealth market £756bn Adviser Platforms 1 £80bn Aberdeen Adviser 2 Fundscape, Platform Report, Q3 2025. AUMA £80.4bn 2025 £75.2bn 2024 £73.5bn 2023 Adjusted operating profit £86m 2025 £126m 2024 £118m 2023 As at 31 December 2025, includes platform AUA of £77.0bn, total AUMA is £80.4bn. Aberdeen Group plc Annual report and accounts 2025 25 Strategic report Governance Financial information Other information Our businesses continued Key highlights £80.4bn AUMA 11% AUA market share 1 >50% we have relationships with over half the UK's IFAs 386k total end customers +45 average service net promoter score (2024: +34) +70% third-party IFA net inflows into Aberdeen MPS 2 Fundscape, Platform Report, Q3 2025 and latest available peer company information. Excludes Curtis Banks AUA. Flows from IFAs not directly affiliated with our business. Adviser An encouraging year In March 2025, we set out two core targets for our Adviser business: to improve and maintain client service, measured by net promoter score; and the related target of returning to net inflows. We aim to achieve both of those targets by the end of 2026, with progress delivered against each in 2025. These targets, and our business, do not exist in a vacuum, and 2025 was a year of significant challenges and opportunities for the UK financial advice sector as a whole. Personal finances were of particular interest to the media and financial analysts in the run up to, and following, November's Autumn Budget. With a raft of new measures introduced across tax and pensions, the need for personalised and effective financial advice has rarely been as pressing. This growth in demand is evidenced by the size of the Adviser platform market, which has grown from c.£500bn in 2020 to over £750bn in 2025, and is projected to be worth over £1.4tn in 2030. 1 While the advice market remains compelling, it is becoming increasingly competitive, particularly in relation to price. Our strategic repricing, enacted to remain competitive in the market, was reflected in the reduction in adjusted operating profit in 2025. Meeting our service targets Improving and maintaining client service is essential to the success of our Adviser business. In 2024, we improved our service levels, and this progress has continued in 2025. Our average net promoter score for 2025 was +45, above the +34 achieved in 2024, and well above the score of +16 in 2023. All other core service indicators, such as speed to answer calls and customer satisfaction (CSAT) scores are ahead of 2024 levels. These service indicators are encouraging, but client service is not something that only exists in a monthly dashboard. Service scores are driven by conversations with our clients, and our work everyday to address their individual pain points. In 2025, this included launching a dedicated line for bereavement support, the acceleration of key client journeys on our Wrap platform, and the establishment of a client migration service. This service provides enhanced support to streamline the transfer process onto our platform, reducing the administrative burden for our clients. 26 Strategic report Governance Financial information Other information Our businesses continued Adviser Our progress in 2025 Improving flow trends The sustained improvements to service have contributed to an improvement in flows throughout the year. In 2025, net outflows reduced by 44% to £2.2bn. Around tax year end in Q2 2025, we delivered our best flows for over two years, and Q3 also saw improvement. However, Q4 flows were flat compared to 2024 due to the impact of withdrawals linked to uncertainty ahead of the Autumn budget. Despite this overall improvement, there is still work to be done to return to net inflows, including consistently delivering excellent service and enhancing our core proposition. Ongoing competitive pressure, particularly on price means that returning to net inflows is crucial to delivering revenue growth in future years. Enhancing our proposition Product enhancement is a key lever for our return to growth, and we continue to invest in our core proposition. In 2025, the most notable development to our offering was the launch of the Aberdeen SIPP in December. Our new SIPP is designed to deliver more value for advisers via automated drawdown price locking, and intergenerational planning through family linking and a Junior SIPP, all on our own Wrap platform. intelliflo partnership Throughout 2025, Adviser has worked to improve our integration capabilities, with a focus on data exchange between our platforms and our clients' customer management software. Advisers often cite re-entry of data and overly complicated processes as key pain points, so we are working to develop the most integrated and streamlined experience in the market. In September, we announced a new partnership between our Wrap platform and adviser software provider, intelliflo, to improve efficiency and data entry in the advice process. The partnership aims to remove the need for dual keying and manual data re-entry through the use of intelliflo's ZeroKey solution. Staying competitive on price Price is a key contributor in our actions to improve net flows. In 2024, we announced a significant repricing on our Wrap platform, lowering our fees and reducing the number of pricing tiers. This repricing was delivered for new customers in mid-2024, and to existing customers early in 2025. The repricing, while necessary, has resulted in a decrease in revenue margin with revenue 14% lower year-on-year. In 2025, we also repriced our Managed Portfolio Service (MPS). Demand for our six MPS solutions continues to grow, with £3.4bn under management at the end of the year, a new record high, and net inflows of £0.2bn. Our MPS is built with expertise from Aberdeen's Investments business, and the November reprice ensures our offering remains compelling in a competitive marketplace. In September 2025, we appointed Mark Hopcroft as our new Head of Investments Solutions to enhance our MPS proposition. Market recognition The improvements made to our service and proposition received industry recognition in 2025, and early 2026. In February 2026, Defaqto awarded both our Wrap and Elevate platforms 'Gold' service ratings for 2025, an upgrade from 2024's 'Silver' ratings, acknowledging the ongoing improvement in our service standards. In September 2025, both Wrap and Elevate retained their 'A, Superior' rating for overall financial strength by independent assessment specialist, AKG. Wrap and Elevate have now retained their ratings for eight and seven years, respectively. 27 Strategic report Governance Financial information Other information Our businesses continued Adviser Our strategy in action ‌Enhancing our core product range A SIPP for advisers, by advisers In December 2025, we launched the Aberdeen SIPP and Junior SIPP on our Wrap platform. At its core, the SIPP is designed to free up adviser time to allow them to focus on what matters most, supporting their customers. Cutting time, cutting bureaucracy Our fully integrated SIPP was made available to new clients first, with existing policies moving over this year. All journeys are fully digital across new business, drawdown and client charges, cutting processing times and improving accuracy along the way. Powered by collaboration As one of the longest-established adviser platforms in the market, we know the challenges and opportunities facing IFAs better than most. We built our SIPP in collaboration with advisers, listening to their feedback and working to deliver on their priorities. Intergenerational planning In an increasingly complex tax environment, intergenerational estate planning is more important than ever. This is why the SIPP includes family linking, so families can save on fees. In addition, our Junior SIPP charges no fees until the account holder turns 18, helping the next generation of savers start their pensions journey for free. Migration in 2026 We are advancing the migration of the Wrap SIPP onto the new Aberdeen SIPP for delivery in 2026, ensuring a controlled transition for advisers and their customers. We have a robust set of testing and readiness activities planned with clients to enable a successful launch. "Having the right SIPP can make a tangible difference to client outcomes in retirement. Our absolute focus has been to build a product that advisers tell us will deliver this positive difference." Verona Kenny, Chief Distribution Officer In 2026, Aberdeen's Wrap platform will celebrate 20 years since launch, marking it as one of the very first adviser platforms on the market. Taking this experience and combining it with adviser feedback, our new SIPP brings flexibility, intergenerational financial planning, and user experience front and centre. With Wrap SIPP clients migrating across in 2026, and over 1,500 new SIPP accounts already opened, response to our new solution has been encouraging. Unique to Aberdeen's SIPP is our automated drawdown price lock. This allows clients to lock annual platform charges for their customers as they enter drawdown, so even if their retirement pot declines, the charge won't automatically revert to a higher tier. Advisers also benefit from faster client payments, consolidated online reporting, and access to one of the most comprehensive investment ranges in the market. 28 Strategic report Governance Financial information Other information Our businesses continued Adviser Looking ahead: Improving service through integration Taking our new SIPP on the road With improved service levels and the launch of the new SIPP in December, the business is well-positioned to return to net In addition, we will use low- and no-code tools to update client journeys, allowing us to rapidly improve our time to market. Prior to launching our new SIPP in December 2025, Aberdeen hosted a series of webinars to educate advisers about its new features and to prepare existing SIPP clients for migration in 2026. These generated more than 3,500 engagements across nearly 400 adviser firms. Post-announcement, we launched a digital marketing campaign, focusing on social media and direct email, which by year end, had generated over 4,000 new visits to our dedicated SIPP landing pages. In January 2026, we launched paid media activity including adverts on key trade press websites, and targeted LinkedIn adverts. We have also taken our SIPP on the road with a series of targeted meetings and events, including six face-to-face proprietary roadshows across the UK. As we prepare for client migration, we will continue our conversations with the market on how our new SIPP gives advisers more of what truly matters. inflows over the course of the year. However, in order to achieve this return to growth, Adviser is working to deliver market-leading experience with improved client integration and a focus on automation. Integration and digitised service In 2026, we will continue to deliver more automated processes with the aim of reducing the administrative burden faced by advisers, providing them with more time to focus on their clients. We are investing in digital and data skills to accelerate in-house product development through modern software, automation and AI capabilities. Improving platform integration will remain a key focus in 2026. By improving the interface between our platforms and client software, we will create further capacity for advisers and reduce frustrating and time-consuming administrative tasks. Building momentum While there is work to be done, and net inflows are yet to recover, Adviser has entered 2026 with an enhanced proposition, a strengthened leadership team, and a clear strategy to return to growth. Opportunities for growth Intergenerational wealth By 2050 it is estimated that £5.5tn of assets will transfer transfer to younger consumers through inheritance and wealth generation. Growth of UK platform market The market has grown at a compound annual growth rate of 9% over the last five years and is predicted to grow at 12.5% over the next five. Savings and advice gap The UK has a savings and advice gap of over 20m people with >£430bn uninvested. Enhanced proposition We intend for our new SIPP to play a key role in including SIPP and MPS improving flows. We are also working to further scale our MPS business. Competitive pricing Following repricing activity in 2024 and 2025, Adviser is better positioned to compete on price. Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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