Liontrust Asset Management : Half Year Report & Financial Statements 2025 - 16/12/25

About this update from Liontrust Asset Management Plc

COURAGE · POWER · PRIDE HALF-YEAR REPOR T AND CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) TO 30 SEPTEMBER 2025 LIONTRUST ASSET MANAGEMENT PLC CHAIR'S STATEMENT Luke Savage Non-executive Chair As an organisation, we are feeling great frustration: frustration with the fact that all the hard work and progress which Liontrust is making across the business is not yet yielding visible results, in terms of flows, profits and the share price, as quickly as we all want. We are committed to the strategy of the business, UK and internationally. We are confident that the development and progress of the business, along with the talent and hard work across the company, should soon begin to show more tangible results. Results Gross Profit of £63.3 million (2024: £81.1 million), with a Revenue Margin 1 of 0.56% (2024: 0.60%) on Average AuMA of £22,421 million (2024: £26,862 million). Adjusted profit before tax 1 is £15.7 million (2024: £25.8 million), with an Adjusted Operating Margin 1 of 23.8% (2024: 30.5%). believing it will drive the successful growth of Liontrust in time. The strategy, implemented through the tireless dedication of everyone at Liontrust, is having an impact and we are already seeing signs that this will lead to a better shape of the business for the future. Liontrust has talented investment teams with strong processes. While there are always periods when even robust and repeatable processes underperform the market and the average of their sector, we have full confidence in them. The Liontrust teams review how they can enhance the execution of their processes, including through the appropriate application of AI, which is another demonstration of the commitment to delivering for clients at Liontrust. A number of Liontrust teams and funds are benefiting from client interest in diversifying away from US large caps, along with the strength of their processes and long-term performance. This is helping to broaden the client base, particularly internationally. We are positive about the potential pipeline of business, with two institutional mandates close to funding, which will lead to a more diversified and hence sustainable business. While we are optimistic about the outlook for organic growth, we have always believed that the right acquisitions are one way of accelerating the diversification of the business. This is still very much part of Liontrust's strategy but is, understandably, more challenging in the current environment. Despite the headwinds that Liontrust has faced, we are still well positioned to take advantage of the opportunities to grow in the Statutory Profit before tax of £7.3 million (2024: £12.5 million). This includes charges of £8.4 million (2024: £13.3 million) relating to non-recurring costs; the non-cash amortisation of the acquisition-related intangible assets and goodwill. Adjusted profit before tax 1 is disclosed in order to give shareholders an indication of the profitability of the Group excluding non-cash (intangible asset amortisation) expenses and non-recurring (professional fees relating to acquisition, cost reduction, restructuring and severance compensation related) expenses. See note 6 for a reconciliation of Adjusted profit before tax. First Interim Dividend In accordance with the Company's new Capital Allocation Policy as announced in the 2025 Annual Report and Accounts, the Board is declaring a first Interim dividend of 7.0 pence per share (2024: 22.0 pence). The first interim dividend will be payable on 7 January 2026 to shareholders who are on the register as at 28 November 2025, with the shares going ex-dividend on 27 November 2025. A Dividend Reinvestment Plan ("DRIP") is provided by Equiniti Financial Services Limited. The DRIP enables the Company's shareholders to elect to have their cash dividend payments used to purchase the Company's shares. More information can be found at https://www.shareview.co.uk/info/ drip. The last day for DRIP elections is 12 December 2025. 1 This is an Alternative Performance Measure, see note 2. 3 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 DIRECTORS AND ADVISERS DIRECTORS, REGISTERED OFFICE AND COMPANY NUMBER: Luke Savage (Non-executive Chair) Legal Advisers: Macfarlanes LLP 20 Cursitor Street London EC4A 1LT John Ions (Chief Executive Officer) Bankers: Vinay Abrol (Chief Financial Officer) Royal Bank of Scotland Plc 280 Bishopsgate Rebecca Shelley (Senior Independent Director) London EC2M 4RB Mandy Donald (Non-executive Director) Miriam Greenwood OBE DL (Non-executive Director) Financial Adviser and Corporate Broker: Singer Capital Markets 1 Bartholomew Lane London EC2N 2AX 2 Savoy Court London WC2R 0EZ Panmure Liberum Limited Registered in England with Company Number 02954692. Ropemaker Place, Level 12 25 Ropemaker Street Company Secretary: London EC2Y 9LY Sally Buckmaster Registrars: Independent Auditors: Equiniti Limited Deloitte LLP Aspect House 2 New Street Square Spencer Road London EC4A 3BZ Lancing West Sussex BN99 6DA 2 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 ASSETS UNDER MANAGEMENT AND ADVICE On 30 September 2025, our AuMA stood at £22,010 million and were broken down by type and investment process as follows: Process Total (£m) Institutional Accounts & Funds (£m) Investment Trusts (£m) UK Retail Funds & MPS (£m) Alternative Funds (£m) International Funds & Accounts (£m) Sustainable Investment 7,604 338 - 7,083 - 183 Economic Advantage 3,342 399 - 2,906 - 37 Multi-Asset 3,882 - - 3,697 64 121 Global Equities 1,164 - - 1,086 27 51 Global Innovation 957 - - 948 - 9 Cashflow Solution 3,273 568 - 2,093 224 388 Global Fundamental 1,788 209 1,162 417 - - Total 22,010 1,514 1,162 18,230 315 789 AuMA as at 12 November 2025 were £22,008 million. FLOWS The net outflows over the Period were £2,324 million (2024: £2,067 million). A reconciliation of fund flows and AuMA over the six-month period to 30 September 2025 is as follows: Total (£m) Institutional Accounts & Funds (£m) Investment Trusts (£m) UK Retail Funds & MPS (£m) Alternative Funds (£m) International Funds & Accounts (£m) Opening AuMA - 1 Apr 2025 22,590 1,416 1,126 19,129 342 577 Net flows (2,324) (3) (29) (2,400) (39) 147 Market and Investment performance 1,744 101 65 1,501 12 65 Closing AuMA - 30 Sep 2025 22,010 1,514 1,162 18,230 315 789 Luke Savage Non-executive Chair 19 November 2025 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) Six months ended 30 September 2025 Note Six months to 30-Sep-25 (unaudited) £'000 Six months to 30-Sep-24 (unaudited) £'000 Year ended 31-Mar-25 (audited) £'000 Revenue 4 69,142 87,039 169,790 Cost of sales 4 (5,865) (5,973) (12,088) Gross profit 63,277 81,066 157,702 Realised gain/(loss) on sale of financial assets 305 (6) 85 Unrealised (loss)/gain on financial assets (4) 174 58 Administration expenses 5 (56,964) (69,809) (137,633) Operating profit 6,614 11,425 20,212 Interest receivable 677 1,121 2,162 Interest payable (22) (42) (82) Profit before tax 7,269 12,504 22,292 Taxation charge 7 (2,571) (3,766) (5,596) Profit for the period 4,698 8,738 16,696 Other comprehensive income: Total comprehensive income 4,698 8,738 16,696 Pence Pence Pence Basic earnings per share 8 7.49 13.67 26.20 Diluted earnings per share 8 7.49 13.67 26.20 All of the results are derived from continuing operations. The accompanying notes on pages 11 to 20 form an integral part of these unaudited condensed interim financial statements. 4 5 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 CONSOLIDATED BALANCE SHEET (UNAUDITED) As at 30 September 2025 Note 30-Sep-25 (unaudited) £'000 30-Sep-24 (unaudited) £'000 31-Mar-25 (audited) £'000 Assets Non current assets Intangible assets 9 34,814 43,919 39,367 Goodwill 10 32,110 32,110 32,110 Property, plant and equipment 1,678 2,809 2,241 68,602 78,838 73,718 Current assets Trade and other receivables 11 152,101 172,716 200,993 Corporation tax receivable 11 771 - - Financial assets 12 2,088 5,752 3,866 Cash and cash equivalents 46,274 88,508 75,901 Total current assets 201,234 266,976 280,760 Liabilities Non current liabilities Deferred tax liability (7,808) (10,089) (8,946) Lease liability (845) (1,517) (1,514) Total non current liabilities (8,653) (11,606) (10,460) Current liabilities Trade and other payables (148,886) (181,282) (205,856) Corporation tax payable (404) (4,468) - Total current liabilities (149,290) (185,750) (205,856) Net current assets 51,944 81,226 74,904 Net assets 111,893 148,458 138,162 Shareholders' equity Ordinary shares 637 648 637 Capital redemption reserve 19 19 19 Retained earnings 124,609 160,763 150,445 Own shares held (13,372) (12,972) (12,939) Total equity 111,893 148,458 138,162 The accompanying notes on pages 11 to 20 form an integral part of these unaudited condensed interim financial statements. The unaudited condensed interim financial statements were approved by the Board of Directors on 19 November 2025 and signed on their behalf by Vinay Abrol. CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED) Six months ended 30 September 2025 Six months to 30-Sep-25 (unaudited) £'000 Six months to 30-Sep-24 (unaudited) £'000 Year ended 31-Mar-25 (audited) £'000 Cash flows from operating activities Profit after taxation 4,698 8,738 16,696 Adjustments for income statement non-cash: Depreciation of PPE including ROU assets 591 997 1,648 Amortisation of intangible assets 4,553 4,553 9,555 Interest receivable (677) (1,121) (2,162) Interest paid 669 998 2,162 Share based payment charges 1,046 1,091 1,871 Disposal of mLTIP* shares (197) (528) (606) Tax expense 2,571 3,766 5,596 Foreign exchange (gains)/ losses (65) 67 - Fair value gains on investments (305) (193) (58) Adjustment for statement of financial position movements: Decrease in trade and other receivables 47,672 56,871 29,534 Decrease in trade and other payables (57,750) (60,879) (35,209) Cash generated from operations 2,806 14,360 29,027 Tax paid (2,600) - (8,400) Net cash generated from operating activities 206 14,360 20,627 Investing Activities Purchase of property, plant and equipment (23) (86) (592) Purchase of financial assets (40) (599) (599) Sale of financial assets 2,002 3,121 3,121 Purchase of seeding investments (19) (170) (783) Sale of seeding investments 154 246 2,174 Net cash from investing activities 2,074 2,512 3,321 Financing Activities Payment of lease liability (535) (726) (1,293) Share buy-back - - (5,055) Dividends paid (31,372) (31,956) (46,017) Net cash used in financing activities (31,907) (32,682) (52,365) Net decrease in cash and cash equivalents (29,627) (15,810) (28,417) Opening cash and cash equivalents 75,901 104,318 104,318 Closing cash and cash equivalents 46,274 88,508 75,901 *mLTIP stands for members long term incentive plan. Cash and cash equivalents consist only of cash balances. The accompanying notes on pages 11 to 20 form an integral part of these unaudited condensed interim financial statements. 6 7 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 CONSOLIDATED STATEMENT OF CHANGE IN EQUITY (UNAUDITED) Six months ended 30 September 2025 Share capital £ '000 Capital redemption £ '000 Retained earnings £ '000 Own shares held £ '000 Total Equity £ '000 Balance at 1 April 2025 brought forward 637 19 150,445 (12,939) 138,162 Profit for the period - - 4,698 - 4,698 Total comprehensive income for the period - - 4,698 - 4,698 Dividends paid - - (31,372) - (31,372) Purchase of own shares - - - (433) (433) Equity share options issued - - 1,045 - 1,045 Sale of own shares - - (207) - (207) Balance at 30 September 2024 637 19 124,609 (13,372) 111,893 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 9 CONSOLIDATED STATEMENT OF CHANGE IN EQUITY (AUDITED) Six months ended 30 September 2024 Share capital £ '000 Capital redemption £ '000 Retained earnings £ '000 Own shares held £ '000 Total Equity £ '000 Balance at 1 April 2024 brought forward 648 19 183,461 (12,894) 171,234 Profit for the period - - 8,738 - 8,738 Total comprehensive income for the period - - 8,738 - 8,738 Dividends paid - - (31,956) - (31,956) Purchase of own shares - - - (277) (277) Equity share options issued - - 1,090 - 1,090 LTIP dividends settled through equity - - (42) - (42) Sale of own shares - - (528) 199 (329) Balance at 30 September 2024 648 19 160,763 (12,972) 148,458 8 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 CONSOLIDATED STATEMENT OF CHANGE IN EQUITY (AUDITED) Year ended 31 March 2025 Share capital £ '000 Capital Redemption reserve £ '000 Retained earnings £ '000 Own shares held £ '000 Total Equity £ '000 Balance at 1 April 2024 brought forward 648 19 183,461 (12,894) 171,234 Profit for the period - - 16,696 - 16,696 Total comprehensive income for the Period - - 16,696 - 16,696 Dividends paid - - (46,017) - (46,017) Share buyback (11) - (4,999) - (5,010) Purchase of own shares - - - (279) (279) Equity share options issued - - 1,910 - 1,910 LTIP dividends settled through equity - - (43) - (43) Sale of own shares - - (563) 234 (329) Balance at 31 March 2025 637 19 150,445 (12,939) 138,162 The accompanying notes on pages 11 to 20 form an integral part of these unaudited condensed interim financial statements. PRINCIPAL ACCOUNTING POLICIES Basis of preparation The Group financial information for the six months ended 30 September 2025 has been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and with IAS 34 Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the Group's annual financial statements for the year ended 31 March 2025, which were prepared in accordance with UK-adopted international financial reporting standards (IFRS) and with the requirements of the Companies Act as applicable to companies reporting under those standards. The condensed financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement undersection 498(2) or (3) of the Companies Act 2006. The preparation of financial statements in conformity with IFRS requires the Directors of the Company to make significant estimates and judgements that affect the reported amounts of assets and liabilities, the disclosure of contingencies at the reporting date, and the reported income and expenses during the reporting periods. These estimates and judgements are periodically evaluated and are based on historical experience and other relevant factors, including expectations of future events that are believed to be reasonable. Although these judgements and assumptions reflect the Directors' best knowledge of current circumstances, actual results may differ from these estimates. The accounting policies and methods of computation applied in this financial information are consistent with those applied in the annual financial statements for the year ended 31 March 2025, and all accounting policies have been consistently applied. While there are no significant judgements, the Directors make a number of estimates, including those related to leases (see note 1k in the financial statements for the year ended 31 March 2025) and share-based payments (see note 1p the financial statements for the year ended 31 March 2025), neither of which are considered significant. In addition, estimates are made to support the carrying value of goodwill and intangible assets arising from acquisitions. Going concern The financial information presented within these financial statements has been prepared on a going concern basis under the historical cost convention (except for the measurement of financial assets at fair value through profit and loss and Deferred Bonus and Variable Allocation Plan ('DBVAP') liability which are held at their fair value). The Group is reliant on cash generated by the business to fund its working capital. The Directors have assessed the prospects of the Group and parent company over the forthcoming 12 months, including an assessment of current trading; budgets, plans and forecasts; the adequacy of current financing arrangements; liquidity, cash reserves and regulatory capital; and potential material risks to these forecasts and the Group strategy. This assessment includes consideration of a severe but plausible downside scenario in which AuMA falls by 20%. The Directors confirm that as a result of this assessment they have a reasonable expectation that the Group and parent company will continue to operate and meet its liabilities as they fall due for at least 12 months from the date of signing these accounts. Accounting estimates and judgements Goodwill and Intangible assets Goodwill arising on acquisitions is capitalised in the consolidated balance sheet. Goodwill is carried at cost less provision for impairment. The carrying value of goodwill is not amortised but is tested annually for impairment or more frequently if any indicators of impairment arise. Goodwill is allocated to a cash generating unit (CGU) for the purpose of impairment testing, with the allocation to those CGUs that are expected to benefit from the business combination in which the goodwill arose (see note 13 of the Financial Statements to 31 March 2025). Impairment losses on goodwill, where these are identified, are n 1 o 1 t reversed. Impairment is tested through measuring the recoverable amount against the carrying value of the related goodwill. The recoverable amount is the higher of the fair value less costs to sell the CGU and its value in use. Value in use is assessed using a multi-period excess earnings model which requires a number of inputs requiring management estimates and judgements, the most significant of which are: AuMA growth and discount rate. The costs of acquiring intangible assets such as fund management contracts are capitalised where it is probable that future economic benefits that are attributable to the assets will flow to the Group and the cost of the assets can be measured reliably. The assets are held at cost less accumulated amortisation and impairment. An assessment is made at each reporting date, on a standalone basis for each intangible asset, as to whether there is any indication that the asset in use may be impaired. If any such indication exists and the carrying value exceeds the estimated recoverable amount at the time, the assets are written down to their recoverable amount. The recoverable amount is measured as the greater of fair value less costs to sell and value in use. Further information on the impairment testing and estimates used are contained in note 10. 11 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 NOTES TO THE FINANCIAL STATEMENTS 10 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 The fund management contracts and segregated clients' contracts relating to the assets acquired as part of the acquisitions of Alliance Trust Investments Limited; Neptune Investment Management Limited; Architas Multi-Manager Limited and Architas Advisory Services Limited (together "Architas") and Majedie Investment Management Limited are recorded initially at fair value and recorded in the consolidated financial statements as intangible assets, they are then amortised over their useful lives on a straight-line basis. Management have determined that the useful life of these assets is between 5 and 10 years owing to the nature of the acquired products. Impairment is tested through measuring the recoverable amount against the carrying value of the related intangible asset. The recoverable amount is the higher of the fair value less costs to sell and its value in use. The Directors assess the value in use using a multi-period excess earnings model which requires a number of inputs requiring management estimates, the most significant of which include: future AuMA growth and discount rate. In the current period, there were no impairment triggers for all CGUs (see notes 9 and 10 for further detail). Regulatory capital position (unaudited) Following the approval of the Group's Internal Capital and Risk Assessment ("ICARA") process in September 2024, the updated capital position for the Group is shown below: ADJUSTED PERFORMANCE MEASURES ("APMS") ADJUSTED PROFIT BEFORE TAX Definition: Profit before taxation, amortisation, impairment, and non-recurring items (which include: IT restructuring costs; severance compensation related costs and other one-off costs including lease payments and share based payments). Reconciliation: Note 6. Reason for use: This is used to present a measure of profitability of the Group which is aligned to the requirements of shareholders, potential shareholders and financial analysts, and which removes the effects of non-cash and non-recurring items, which eases the comparison with the Group's competitors who may use different accounting policies and financing methods. Specifically, calculation of Adjusted profit before tax excludes amortisation and impairment expenses, and costs associated with acquisitions, restructuring and severance compensation related costs. It provides shareholders, potential shareholders and financial analysts a consistent year on year basis of comparison of a "profit before tax number", when comparing the current year to the previous year and also when comparing multiple historical years to the current year, of how the underlying ongoing business is performing. ADJUSTED OPERATING MARGIN Definition: Adjusted operating profit divided by Gross profit. Reconciliation: Note 6. Reason for use: This is used to present a consistent year on year measure of Adjusted Operating Profit compared to Gross Profits, identifying the operating gearing within the business. ADJUSTED DILUTED EARNINGS PER SHARE Definition: Adjusted profit before tax divided by the diluted weighted average number of shares in issue. Reconciliation: Note 6. Reason for use: This is used to present a measure of profitability per share in line with the adjusted profit as detailed above. PERFORMANCE FEE REVENUES Definition: Revenue attributable to performance related fees. Reconciliation: Note 4. Reason for use: This is used to identify distinguish management fee revenues from performance related fees from other revenues. 30-Sep-25 £m 31-Mar-25 £m Capital after regulatory deductions 1 52.8 75.6 Regulatory capital requirement 2 18.1 18.1 Surplus capital 34.7 57.5 Foreseeable dividends 3, 4 (4.4) (31.4) Surplus capital after foreseeable dividends 30.3 26.1 1 Group Capital minus own shares, intangibles and goodwill adjusted for deferred tax liabilities. 2 Group Capital requirement calculated per MiFIDPRU as part of the Internal Capital and Risk Assessment (ICARA) process. 3 For 30 September 2025, first interim dividend of 7.0. pence per share paid in January following the half year end. 4 For 31 March 2025, second interim dividend of 50.0 pence per share paid in August 2025. ADJUSTED OPERATING PROFIT Definition: Operating profit before: Interest received/paid; Taxation; Amortisation of acquisition related intangible assets; Impairment of acquisition related intangible assets and goodwill; Expenses, including professional and other fees relating to acquisitions and potential acquisitions; All employee and member severance compensation related costs; Significant reorganisation expenses related to systems and outsourced services that enhance our target operating model; and Other cash, and non-cash expenses which are non-recurring in nature. Reconciliation: Note 6. Reason for use: This is used to present a measure of operating profitability of the Group which is aligned to the requirements of shareholders, potential shareholders and financial analysts, and which removes the effects of significant acquisitions, financing and capital investment, which eases the comparison with the Group's competitors who may use different accounting policies and financing methods. GROSS PROFIT EXCLUDING PERFORMANCE FEES Definition: Gross Profit less any revenue attributable to performance related fees. Reconciliation: Note 4. Reason for use: This is used to present a consistent year on year measure of gross profits within the business, removing the element of revenue that may fluctuate significantly year-on-year. REVENUE MARGIN Definition: Gross Profit excluding performance fees, less cost of sales divided by the average AuMA. Reconciliation: Note 4. Reason for use: This is used to present a measure of profitability over average AuMA. SEGMENTAL REPORTING The Group operates only in one business segment - Investment management. The Group offers different fund products through different distribution channels. All financial, business and strategic decisions are made centrally by the Board, which determines the key performance indicators of the Group. The Board reviews financial information presented at a Group level. The Board, is therefore, the chief operating decision-maker for the Group. The information used to allocate resources and assess performance is reviewed for the Group as a whole. On this basis, the Group considers itself to be a single-segment investment management business. 13 12 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 REVENUE Six months to 30-Sep-25 (unaudited) £'000 Six months to 30-Sep-24 (unaudited) £'000 Year ended 31-Mar-25 (audited) £'000 Revenue - Management fee and other revenue 68,943 86,961 166,148 - Performance fee revenue 199 78 3,642 Total Revenue 69,142 87,039 169,790 Cost of sales (5,865) (5,973) (12,088) Gross Profit 63,277 81,066 157,702 Gross Profit excluding Performance Fees 63,078 80,988 154,060 Average AuMA (£m) 22,421 26,860 25,671 Revenue Margin (%) 0.563% 0.603% 0.600% Revenue from customers includes: Investment management on unit trusts, open-ended investment companies sub-funds, portfolios and segregated accounts. Performance fees on unit trusts, open-ended investment companies sub-funds, portfolios and segregated accounts. Fixed administration fees on unit trusts and open-ended investment companies sub-funds. Net value of sales and repurchases of units in unit trusts and shares in open-ended investment companies (net of discounts). Net value of liquidations and creations of units in unit trusts and shares in open-ended investment companies sub-fund. Box profits on unit trusts - the "at risk" trading profit or loss arising from changes in the valuation of holdings of units in Group Unit Trusts to help manage client sales into, and redemptions from the trust. Less contractual rebates paid to customers. Cost of sales includes: Operating expenses including (but not limited to) keeping a record of investor holdings, paying income, sending annual and interim reports, valuing fund assets and calculating prices, maintaining fund accounting records, depositary and trustee oversight and auditors fees. Sales commission paid or payable. External investment advisory fees paid or payable. Performance fee revenue Performance fee revenue include fees that are subject to arrangements whereby fees are deferred from prior periods but are only recognised and received following another period of outperformance. During the half year £0.2 million of performance fees are recognised. In future periods another £3.6 million may be received. As there is no certainty that such deferred fees will be collectable in future years, the Group's accounting policy is to include performance fee revenue in income only when it is sufficiently certain that they become due and collectable and therefore the element (if any) deferred beyond 30 September 2025 has not been recognised in the results for the period. ADMINISTRATION EXPENSES Six months to 30-Sep-25 (unaudited) £'000 Six months to 30-Sep-24 (unaudited) £'000 Year ended 31-Mar-25 (audited) £'000 Employee related expenses Wages and salaries 9,161 11,271 26,178 Social security costs 1,363 1,556 3,616 Pension costs 939 1,134 2,191 Share incentivisation expense 799 892 1,860 DBVAP expense 709 940 1,855 Severance compensation 72 2,245 2,615 13,043 18,038 38,315 Member related expenses Members' drawings charged as an expense 14,767 19,717 33,157 Members' share incentivisation expense 149 135 229 Members' severance - 142 141 14,916 19,994 33,527 Total Employee and Member related expenses 27,959 38,032 71,842 Non-staff related expenses Professional and other services 3,791 6,393 13,663 Intangible asset amortisation 4,553 4,553 9,555 Depreciation 591 997 1,64 1 8 5 Other administration expenses 20,071 19,834 40,925 29,005 31,777 65,791 Total administration expenses 56,964 69,809 137,633 Six months to 30-Sep-25 (unaudited) £'000 Six months to 30-Sep-24 (unaudited) £'000 Year ended 31-Mar-25 (audited) £'000 Direct Employment and Member related Wages, Salaries, Social Security and Pensions Fund Managers 15,693 20,362 40,397 Other Employees and Members 10,537 13,316 24,745 26,230 33,678 65,142 Incentivisation (Share & DBVAP) - Other Employees & Members 1,657 1,967 3,944 Employee and Member severance compensation 72 2,387 2,756 27,959 38,032 71,842 Analysis of staff costs is set out below: 14 15 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 Analysis of Professional and other services is set out below: Six months to 30-Sep-25 (unaudited) £'000 Six months to 30-Sep-24 (unaudited) £'000 Year ended 31-Mar-25 (audited) £'000 Professional and other services Neptune/Architas/Majedie acquisition related costs 1 - 396 578 Business Transformation Programme 2 3,346 5,457 12,174 International Distribution and Product expansion 3 446 540 911 3,791 6,393 13,663 1 Other acquisition related costs includes one-off cost of £396k in the prior period relating to disposal of lease. 2 Cost related to the implementation of the Business Transformation Programme as set out above in the Chair's statement. 3 Costs related to the broadening of our international distribution and product range (recruitment of the Global Equity team from GAM Holding AG) which relates to £3m share based payment charge spread across three years in line with service conditions. ADJUSTED PROFIT BEFORE TAX Adjusted profit before tax is reconciled in the table below: Six months to 30-Sep-25 (unaudited) £'000 Six months to 30-Sep-24 (unaudited restated) £'000 Year ended 31-Mar-25 (audited) £'000 Profit before tax for the period 7,269 12,504 22,292 Severance compensation and staff reorganisation costs 72 2,387 2,756 Professional and other services 1 3,791 6,393 13,663 Intangible asset amortisation 4,553 4,553 9,555 Adjustments 8,416 13,333 25,974 Adjusted profit before tax 15,685 25,837 48,266 Interest receivable (677) (1,121) (2,162) Interest payable 22 42 - Adjusted operating profit 15,030 24,758 46,104 Adjusted operating margin 23.8% 30.5% 29.2% Adjusted diluted earnings per share (excluding performance fees) 18.68 30.28 55.56 Adjusted diluted earnings per share 18.74 30.31 56.81 1 for further details see note 5 above. TAXATION The half yearly tax charge has been calculated at the estimated full year effective UK corporation tax rate of 25% (30 September 2024: 25%). EARNINGS PER SHARE The calculation of basic earnings per share is based on profit after taxation and the weighted average number of Ordinary Shares in issue for each period as shown in the table below. Shares held by the Liontrust Asset Management Employee Trust are not eligible for dividends and are treated as cancelled for the purposes of calculating earnings per share. Diluted earnings per share is calculated on the same bases as set out above, after adjusting the weighted average number of Ordinary Shares for the effect of options to subscribe for new Ordinary Shares that were in existence during the six months ended 30 September 2025 as shown in the table below. This is reconciled to the actual weighted number of Ordinary Shares as follows: 30-Sep-25 30-Sep-24 31-Mar-25 Weighted average number of Ordinary Shares 62,732,860 63,907,475 63,717,195 Weighted average number of dilutive Ordinary shares under option: - to Liontrust Long Term Incentive Plan 34,395 2,067 - - to the Liontrust SAYE - 19,274 1,384 Adjusted weighted average number of Ordinary Shares 62,767,255 63,928,816 63,718,579 INTANGIBLE ASSETS Intangible assets represent investment management contracts that have been capitalised upon acquisition and are amortised on a straight-line basis over their useful economic lives. The intangible assets on the balance sheet represent investment management contracts and segregated client contracts as follows: 30-Sep-24 £'000 30-Sep-23 £'000 31-Mar-2 1 5 7 £'000 Investment management contracts acquired from ATI 1,800 3,000 2,400 Investment management contracts acquired from Neptune 12,498 15,622 14,060 Investment management contracts acquired from Architas 16,736 20,028 18,382 Investment management contracts acquired from Majedie 2,012 2,321 2,167 Segregated client contracts acquired from Majedie 1,768 2,948 2,358 34,814 43,919 39,367 The Group recognises five intangible assets relating to investment management contracts and segregated clients arising on business acquisitions. An assessment is made at each reporting date, on a standalone basis for each intangible asset, as to whether there is any indication that an asset in use may be impaired. If any such indication exists and the carrying value exceeds the estimated recoverable amount at the time, the assets are written down to their recoverable amount. The recoverable amount is measured as the greater of fair value less costs to sell and value in use. With the exception of new business AuMA and the terminal growth rate, the standalone intangible asset models use the same assumptions as those in the goodwill impairment review detailed in note 10. The assessment made at 30 September 2025 did not indicate any indicators of impairment in the value of the ATI, Neptune, Architas or Majedie intangible assets based on the AuMA and flow of funds being in line with management expectations (31 Mar 2025: no impairment for all CGUs but for Architas and Majedie there were indicators of impairment due to higher than expected fund outflows leading to forecast revenues being lower than originally forecast ). The impairment trigger was based on net outflows of 10% or greater than prior reporting period AuMA. 16 17 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 GOODWILL Goodwill is allocated to the CGU to which it relates as the underlying funds acquired in each business acquisition are clearly identifiable to the ongoing investment team that is managing them. For all four CGUs, there were no indicators of impairment therefore the next assessment will be performed at year ended 31 March 2026. The impairment trigger was based on net outflows of 10% or greater than prior reporting period AuMA. Goodwill 30-Sep-25 £'000 Goodwill 30-Sep-24 £'000 Goodwill 31-Mar-25 £'000 ATI 11,873 11,873 11,873 Neptune 7,668 7,668 7,668 Architas 7,951 7,951 7,951 Majedie 4,618 4,618 4,618 Total 32,110 32,110 32,110 For all four CGUs at year ended 31 March 2025, an assessment was made in relation to impairment of the goodwill where the recoverable amount, based on a value in use, was calculated using an earnings model which used key assumptions such as discount rate and net AuMA growth rate. The projected cash flows used within the goodwill model is based on a 5-year period where the terminal growth is used for years beyond that, and forecasts have been approved by senior management. The discount rate was derived from the Group's weighted average cost of capital and takes into account the weighted average cost of capital of other market participants. The net AuMA growth rate is a combination of three variables: AuMA market growth rate, fund flows and fund attrition. The net AuMA growth rate is determined by using external sources to estimate future growth based on historic equities/ bonds performances. In addition, the terminal growth rate is also based on external sources too and based on long term inflation expectations. See table below for details. Discount Rate 31-Mar-25 Terminal Growth Rate 31-Mar-2025 Net AuMA Growth Rate 31-Mar-25 ATI 12.50% 2% 4% Neptune 12.50% 2% 7% Architas 12.50% 2% 3% Majedie 12.50% 2% 7% TRADE AND OTHER RECEIVABLES 30-Sep-25 £'000 30-Sep-24 £'000 31-Mar-25 £'000 Trade receivables - Fees receivable 12,641 14,854 13,451 - Unit Trust sales and cancellations 128,576 147,571 177,965 Prepayments and accrued income 10,884 10,291 8,359 Corporation tax receivable 771 - 1,218 152,872 172,716 200,993 All financial assets listed above are non-interest bearing. The carrying amount of these non-interest bearing trade and other receivables approximates their fair value and their credit risk is considered low. FINANCIAL ASSETS The Group holds financial assets that have been categorised within one of three levels using a fair value hierarchy that reflects the significance of the inputs into measuring the fair value. These levels are based on the degree to which the fair value is observable and are defined as follows: Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets and liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data. As at the balance sheet date all financial assets are categorised as Level 1. Under IFRS9 all financial assets are categorised as Assets held at fair value through profit and loss. The financial assets consist of units held in the Group's collective investment schemes as part of a 'manager's box, assets held by the EBT in respect of the Liontrust DBVAP and assets held in Liontrust Global Funds plc to assist administration. The holdings are valued on a mid or bid basis. RELATED PARTY TRANSACTIONS By virtue of the investment management agreements in place between the Group and the investment vehicles it manages, such funds may be considered to be related parties of the Group. Directors and management can invest in funds managed by the Group on commercial terms that are no more favourable than those available to staff in general. During the six months to 30 September 2025 the Group received fees from unit trusts and ICVCs under management of £60,382,000 (2024: £76,834,000). Transactions with these funds comprised creations of £4,925,700,000 (2024: £5,602,230,000) and liquidations of £3,450,050,000 (2024: £3,357,784,000). As at 30 September 2025 the Group owed the unit trusts £126,847,000 (2024: £147,579,000) in respect of unit trust creations and was owed £139,026,000 (2024: £160,781,000) in respect of unit trust cancellations and fees. During the six months to 30 September 2025 the Group received fees from offshore funds under management of £7,810,000 (2024: £8,287,000). Transactions with these funds comprised purchases of £nil (2024: £nil) and sales of £nil (2024: £nil). As at 30 September 2025 the Group was owed £849,000 (2024: £55,000) in respect of management fees. 18 19 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 POST BALANCE SHEET DATE EVENT There were no post balance sheet events. KEY RISKS The Directors have assessed the risks and uncertainties affecting the Group's business during the first half of the year and confirm that these were consistent with those identified in the 2025 Annual Report. Furthermore, the Directors believe that the principal risks and uncertainties for the second half of the year will remain substantially the same as those previously disclosed. Risks that are within management's influence include areas such as the expansion of the business, prolonged periods of under-performance, loss of key personnel, human error, poor communication and service leading to reputational damage and fraud. Risks outside the management's influence include falling markets, terrorism, a deteriorating UK economy, investment industry price competition and hostile takeovers. Management monitor all risks to the business, they record how each risk is mitigated and have warning flags to identify increased risk levels. Management recognise the importance of risk management and view it as an integral part of the management process which is tied into the business model and is described further in the Principal Risks and Mitigations section on page 40 of the 2025 Annual Report and Note 2 "Financial risk management" on page 150 of the 2025 Annual Report. DIRECTORS' RESPONSIBILITIES The Directors confirm that this condensed set of interim financial statements has been prepared in accordance with UK-adopted IFRS, and that the Half Year Report herein includes a fair review of the information required by DTR 4.2.7, being an indication of important events that have occurred during the first six months of the current financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and DTR 4.2.8, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period; and any changes in the related party transactions described in the last Annual Report and Accounts that could have a material effect on the financial position or performance of the Group in the past six months of the current financial year. By Order of the Board John S. Ions Vinay K. Abrol Chief Executive Officer Chief Financial Officer 19 November 2025 21 FOR WARD LOOKING STATEMENTS This Half Year Results announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses and plans of the Group. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that have not yet occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. As a result, the Group's actual future financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements. Liontrust undertakes no obligation publicly to update or revise forward-looking statements, except as may be required by applicable law and regulation (including the Listing Rules of the Financial Conduct Authority). Nothing in this announcement should be construed as a profit forecast or be relied upon as a guide to future performance. The release, publication, transmission or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, transmitted or distributed should inform themselves about and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction. SHAREHOLDER SERVICES Equiniti Limited, our registrar, may be able to provide you with a range of services relating to your shareholding. If you have questions about your shareholding or dividend payments, please contact Equiniti Limited by calling +44 (0) 371 384 2030 or visit https://www.shareview.co.uk . Telephone lines are open between 08:30 - 17:30, Monday to Friday excluding public holidays in England and Wales. 20 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 21 INDEPENDENT REVIEW REPORT TO LIONTRUST ASSET MANAGEMENT PLC Conclusion We have been engaged by the company to review the Half Year Report and Condensed Interim Financial Statements for the six months ended 30 September 2025 which comprises the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity and the consolidated cash flow statement and related notes 1 to 17. Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2025 is not prepared, in all material respects, in accordance with United Kingdom adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. Basis for Conclusion We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. As disclosed in note 1, the annual financial statements of the group are prepared in accordance with United Kingdom adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with United Kingdom adopted International Accounting Standard 34, "Interim Financial Reporting". Conclusion Relating to Going Concern Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This Conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410; however future events or conditions may cause the entity to cease to continue as a going concern. Responsibilities of the directors The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. In preparing the half-yearly financial report, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor's Responsibilities for the review of the financial information 23 In reviewing the half-yearly financial report, we are responsible for expressing to the company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our Conclusion, including our Conclusion Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report. Use of our report This report is made solely to the company in accordance with ISRE (UK) 2410. Our work has been undertaken so that we might state to the company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed. Deloitte LLP Statutory Auditor London, United Kingdom 19 November 2025 22 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 LIONTRUST ASSET MANAGEMENT PLC HALF YEAR REPORT 2025 23 CBP031111 LiontrustusesCarbonBalancedPapertoreducethecarbon impacts of all our printed communications. This reduces Liontrust's carbon footprint and has a positive impact on carbon change. https://www.carbonbalancedpaper.com

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