Investor and Analyst Presentation (Interim FY26 Results Presentation Final Updated)

INVESTOR AND ANALYST PRESENTATION

For the six months ended

30 September 2025

Our Team 04 Key Highlights 07 Financial Performance 12 Strategic Update 20 Investment Management Update 28

AGENDA

INTRODUCTION TO THE TEAM



INTRODUCTION TO THE TEAM

Paul Hogarth

CEO

Over 40 years' experience at Board level in the financial services sector

Founder of Tatton Asset Management Group. He also created Paradigm Consulting and was the founder of Perspective Financial Group Limited in 2007

Paul Edwards

CFO

Joined Tatton Asset Management plc as Group CFO in May 2018

Previously Group Finance Director of Scapa Group plc and NCC Group plc. He also holds a Non-Exec role at SysGroup plc

Lothar Mentel

CIO

Co-founder of Tatton Capital Limited in 2012

Has held senior investment positions with NM Rothschild, Threadneedle, Barclays Wealth, and Commerzbank AG

5

Tatton Asset Management plc

("TAM" or "Group")

Investment Management Division

("Tatton")

• Tatton Investment Management offers on-platform model DFM MPS, the fastest-growing segment of the wealth management market

• Aligned with Consumer Duty principles

  IFA Support Services Division

  ("Paradigm")

  Paradigm Consulting Paradigm Mortgage Services

• Competitively priced at 15bps

• Intermediated only - not in competition with IFAs

• Complementary, low-cost multi-manager fund range

• Compliance services

• Technical support

• Business consultancy

• Mortgage aggregation

• Protection

• Other insurance aggregation

6

DIVISIONAL STRUCTURE

KEY HIGHLIGHTS

GROUP FINANCIAL & OPERATIONAL HIGHLIGHTS

Operational Highlights

AUM/I3

£25.8bn

up 29.6%

Tatton IFA Firms

1,170

up 12.7%

Tatton Client Accounts

167,150

up 20.0%

Organic Net Inflows

£1.7bn

16.1% of

opening AUM4

November 2025 (YTD)

AUM/I3: £27.1bn

Net inflows: £2.1bn

Financial Highlights

Revenue

£25.7m

up 18.6%

Adjusted Operating Profit1

£13.1m

up 20.4%

Adjusted Operating Profit Margin1

51.0%

2024: 50.3%

Fully Adjusted Diluted EPS2

16.02p

up 17.2%

Interim Dividend

12.0p

2024: 9.5p

up 26.3%

All comparisons are H1 FY26 v H1 FY25

1. Adjusted for share-based payment costs, amortisation, and operating loss relating to NCI

2. Adjusted for share-based payment costs, amortisation, operating loss relating to NCI, unwinding of the discount, and potentially dilutive shares

   8

   
   
   

3. "AUM/I" is Assets under management and influence including 100% of 8AM Global Limited AUM

4. Annualised growth calculated by compounding six-month growth over a full year

27.5

1

AUM/AUI

US Tariffs

Fight on inflation

Russia invades

Ukraine

Mar-2020

Market Crash

Global Pandemic

2013 Tatton Incorporated

25.0

22.5

£ billion

20.0

17.5

15.0

12.5

10.0

7.5

5.0

2.5

0.0

9

1. "AUM/I" is Assets under management and influence including 100% of 8AM Global Limited AUM

ASSETS UNDER MANAGEMENT / INFLUENCE

Total Shareholder Return

10

Source: Morningstar 11th November 2025

TAM plc investment performance comparison

£265m

£196m

£106m

£129m

£115m

Market Cap (£m)

£270m

£344m

£371m

£424m

156p

1

Adj Dil EPS (interim)

1

Adj Dil EPS

Share price

206p 231p

190p

12.0p

350p

14.7p

450p 450p

20.6p

18.6p

568p

22.9p

612p

28.7p

13.7p

696p

16.0p

725p

17/11/25

FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

1. Adjusted for share-based payment costs, amortisation, operating loss relating to NCI, unwinding of the discount, and potentially dilutive shares

MAXIMISING SHAREHOLDER VALUE

FINANCIAL PERFORMANCE

GROUP PROFIT & LOSS

• Group revenue increased 18.6% to £25.7m

  Revenue 18.6% Adjusted operating profit1 20.4% Margin1%	25,691 13,111 51.0%	21,660 10,894 50.3%
  Adjusting items Operating profit Net finance income	(1,923) 11,188 486	(1,254) 9,640 462
  Adjusted profit before tax1 19.7%	13,597	11,356
  Profit before tax Corporation tax Profit for the financial year Basic earnings per share	11,674 (3,044) 8,630 14.34p	10,102 (2,382) 7,720 13.03p
  Adjusted F.Dil EPS2 17.2% Interim dividend 26.3%	16.02p 12.0p	13.67p 9.5p

• Group adj operating profit1 increased 20.4% to £13.1m

• Adj operating profit margin1 increase of 0.7% to 51.0%

• Adjusting items:

  • Share-based payments & amortisation of intangibles

• Net finance income

  • Interest income on Group cash of £0.5m

• Adjusted F.Dil EPS2 increased 17.2% to 16.02p

• Interim dividend increased 26.3% to 12.0p (2024: 9.5p)

13

1. Adjusted for share-based payment costs, amortisation, and operating loss relating to NCI

2. Adjusted for share-based payment costs, amortisation, operating loss relating to NCI, unwinding of the discount, and potentially dilutive shares

Performance

Commentary

14

1. Adjusted for share-based payment costs, amortisation, and operating loss relating to NCI

2. "AUM/I" is Assets under management and influence including 100% of 8AM Global Limited AUM

DIVISIONAL FINANCIAL PERFORMANCE

EVOLUTION

Group Revenue Split Group Adjusted Operating Profit1 Split

Mar-18

68.1%

31.6%

Sep-25

13.0%

Paradigm Tatton

87.0%

Paradigm Tatton

Paradigm Margin 31.4%

Mar-18 Sep-25

Paradigm

Paradigm Margin 29.0%

15

1. Adjusted for share-based payment costs, amortisation and operating loss relating to NCI

   
   
   

   Sep25 (Annualised)1

   Increase1 £

   Employee costs (Incl bonuses)		(£15.5m)	(£1.8m)
   Marketing & Distribution Legal & Professional Other Operating Expenses		(£5.4m) (£2.3m) (£1.9m)	(£0.5m) (£0.3m) (£0.1m)

   (£25.1m) (£2.7m)

   Inflationary £	Growth Investment £	One off / Stepped costs £
   (£0.7m)	(£0.5m)	(£0.6m)
   -	(£0.5m)	-
   (£0.1m)	-	(£0.2m)
   (£0.1m)	-	-
   (£0.9m)	(£1.0m)	(£0.8m)
   +4.1% +4.2% Underlying cost increase +8.3%		+3.7%

   Operating Expenses2

   % growth +12.0%

   • Underlying costs have increased 8.3% (Guidance 10% - 12%)

   • Employee costs remain at c.60% of total costs

   • Variable pay is c.£4.3m or 28% of total employee costs and payable against targets & performance

   • Growth - 4 New starters in H1 plus annualisation of PY

   • Cost increase guidance remains 10% - 12%

   • Stable cost trajectory with no major one-off items or substantial increases on the horizon

     
     
     

     16

     1. H1 FY26 annualised (does not represent a forecast)

     2. Administrative expenses excluding share-based payments, amortisation and operating loss relating to NCI

OVERHEAD ANALYSIS & DIRECTION

GROUP FINANCIAL STRENGTH

Regulatory capital requirement

£5.455m

Total Shareholder funds £55.916m

Less: Foreseeable dividend (£7.300m)

Less: Non-Qualifying assets (£20.712m)

Total qualifying capital resources £27.904m

% Capital resource requirement held 512%

Return on capital employed1 50% 48%

1. Adjusted operating profit divided by average total asset of FY25 and H1 FY26, less current liabilities 3. Includes the impact of the FY26 interim dividend

2. Capital resources held post interim review & profit verification

Capital resources held2

£27.9m3 or 512%

of requirement

Capital Adequacy Headroom

£22.4m3 or 412%

17

£32.1m

(£3.5m)

(£0.5m)

Mar 2025

Sep

2025

Capex & lease

liabilities

Dividends paid relates to FY25 final dividend of 9.5p

Proceeds from the exercise of options

H1 FY26

Corporation tax

Cash from operations

Interest received on TAM plc own balance sheet cash

£10.3m £0.8m £0.6m

(£5.7m)

£34.1m

Cash Mar-25

Cash from operations¹

Proceeds from the exercise of options

Interest received

Dividends Corporation tax

Capex & lease liabilities

Cash Sep-25

18

1. Adjusted for share-based payment costs, amortisation, and operating loss relating to NCI

GROUP CASH FLOW BRIDGE

On track to deliver full year results in line with the Board expectations

Net inflows have continued strong momentum in H1, anticipated to normalise to

£200m - £250m per month in H2

AUM/I¹ to grow in line with net inflows, with neutral markets assumed (including Perspective impact minus £3.5bn)

H2

FY26

Tatton revenue margin 20bps - 21bps, Paradigm revenue growth +/-5%

1. "AUM/I" is Assets under management and influence including 100% of 8AM Global Limited AUM

Annual cost increase c.12%, including inflationary impacts and investment in new personnel and a new trading system

Operational Project Mar/Apr 26

"One off Project cost" £0.5m

Annual costs saving of

+£0.5m

19

FY26 FINANCIAL OUTLOOK

STRATEGIC UPDATE

Tatton AUM/I

MARKET GROWTH

ON-PLATFORM FUNDS UNDER MANAGEMENT

2021

2022

£11.3bn

2023

£13.9bn

13%

2024

£17.6bn

13%

2025

£21.8bn

12%

20259

Sep 2025

£25.8bn

14%

% of on-platform DFM FUM

20171

2018

£4.9bn

12%

20182

2019

£6.1bn

13%

20193

Size:

2020

£6.7bn

12%

20204

Size:

£9.0bn

13%

20215

Size:

£594bn

14%

20226

Size:

£680bn

20237

Size:

£647bn

20248

Size:

£722bn

Size:

£872bn

Our Market

Total On-platform Funds Under Management ("FUM")

On-platform DFM FUM as

a % of Total

Size:

£450bn

6%

Size: £25bn

Size:

£491bn

9%

Size: £42bn

£496bn

10%

Size: £48bn

£541bn

10%

Size: £55bn

11%

Size: £67bn

12%

Size: £81bn

16%

Size: £103bn

18%

Size: £131bn

21%

Size: £183bn

On-platform

FUM

2017

2018

2019

2020

2021

2022

2023

2024

2025 2026

2027

1. Source: Platforum, 2017

2. Source: Platforum, July 2018

3. Source: Platforum, July 2019

4. Source: Platforum, November 2020

5. Source: Platforum, July 2021

6. Source: Platforum, August 2022

7. Source: Platforum, June 2023

8. Source: Platforum/NextWealth, May 2024

   21

   
   
   

9. Source: Platforum, May 2025

LARGEST PARTICIPANT IN THE FASTEST GROWING SEGMENT OF THE MARKET

ROADMAP FOR GROWTH - 5 YEAR PLAN

Assets under management / influence

5 Year Target - £12.4bn of AUM/I1 between FY24 - FY29 to reach £30bn

• Year 1 = £4.2bn of AUM/I growth

• Year 2 H1 we have delivered a further £4.0bn increase in assets

  • Net flows accounting for +£1.7bn of the growth, representing 16.1% of opening AUM on an annualised basis

• Tatton's relationship with Perspective will conclude in January 2026, with associated AUM of

£3.5bn as of September 2025

£17.6bn £21.8bn

£25.8bn

Sep25

FY29

5-year Target

£30bn

£9.0bn

2021

£11.3bn

2022

£13.9bn

2023

2024

Start of 5-year target

2025

Any future M&A activity represents potential upside

22

1. "AUM/I" is Assets under management and influence including 100% of 8AM Global Limited AUM

CO-BRANDED

TATTON MPS

38 arrangements

£2,152m AUM (Sep-25)

• Offering jointly branded client

  facing literature

• Typically, larger firms with back book assets >£50m AUM

Sep-25

Mar-25

WHITE LABELLED

TATTON MPS

19 arrangements

£2,080m AUM (Sep-25)

• Offering IFA firm branded portal, portfolios on platform, and all client facing literature

• Typically, larger firms with back book assets >£100m AUM

Sep-25

Mar-25

EVOLVED MPS OFFERING

23

APPOINTED INVESTMENT

ADVISER (AIA) MPS

4 arrangements

£782m AUM (Sep-25)

• Offering a joint investment committee approach providing IFAs bespoke asset allocation & fund selection

• Typically, larger firms with back book assets >£150m AUM

Sep-25

Mar-25

Defaqto's Top 10 recommended MPS investments from whole of market data which includes more than 18,000 funds, 3,000 discretionary fund manager MPS portfolios, platforms and products.

Defaqto described the top ten as the

"The top 10 for the first half of 2025, has very much become the Tatton show, as they dominate with six of their propositions occupying positions in the top 10. As a percentage share of new business recommendations across the top 10, Tatton achieved 62.12% compared to 37.88% for the other four propositions."

They added:

"Having sat top of the table at the end of 2024 and again for Q1 2025, the Tatton Core Active has finally been de-throned by its sister proposition, the Tatton Core

Balanced" with "the combined share for the top 2… 29.88%"

24

DEFAQTO: TOP 10 RECOMMENDED MPS INVESTMENTS

Average performance of peers across MPS offering

1.9

0.5

0.5

0.3

0.0

-0.1

-0.3

-0.4

-0.5

-1.1

1 Year 3 Years

Tatton Timeline Quilter Schroders

W1M

RBC Brewin Dophin

Omnis LGT Wealth Management

Parmenion Brooks Macdonald

Tatton Quilter Timeline

W1M

Schroders RBC Brewin Dophin

LGT Wealth Management

Omnis Brooks Macdonald

Parmenion

-2.4

-0.5

-0.5

-1.1

0.5

1.3

1.2

2.0

4.0

4.6

11.1

9.5

5.9

5.2

4.5

1.1

0.3

-1.5

-1.6

-2.6

Quilter Tatton W1M

Timeline RBC Brewin Dophin

Schroders

Omnis LGT Wealth Management Brooks Macdonald

Parmenion

5 Years

Quilter

Schroders

Tatton W1M

RBC Brewin Dophin Brooks Macdonald

LGT Wealth Management

Parmenion

-7.6

-9.2

10 Years

-2.4

1.5

21.3

18.3

15.1

13.2

25

Sources: Citywire, Morningstar, MPS providers. Net returns to 31 August 2025. Average performance of peers across MPS offering

TATTON'S LONG-TERM CONSISTENCY OF PERFORMANCE

26

Source: Citywire, Morningstar. Net returns to 31 August 2025

TATTON CLASSIC CORE BENCHMARKING

2000

Mortgage firms

1750

1500

1250

Sep-17

1000

Membership growth 2017 - 2025

•

•

Current Market

Activity

•

The UK Government is prioritising housebuilding and creating a more supportive regulatory environment, particularly for affordable mortgages.

Despite at times witnessing fragile consumer confidence, resulting from poor economic performance of the UK plc, first time buyer activity remains strong, fueled by high rental costs and increased landlord taxation leading to higher rents.

Falling interest rates (three cuts since February 2025) has encouraged lender innovation, allowing the market to grow, resulting in record Paradigm mortgage applications (£11.1bn in H1 FY26, up 44% year-on-year).

• The 2025 mortgage market outlook is positive, with UK Finance forecasting £260bn in gross lending, up 11% on 2024, and £320bn in maturities and refinancing opportunities.

• Brokers continue to report healthy activity, especially in remortgages, supported by stable rates and improving affordability criteria from lenders.

• Advised mortgages now account for over 90% of lending, with both mainstream and specialist lenders responding to the FCA's call for simplified responsible lending, enhancing market stability and accessibility.

Mortgage Protection Compliance

Protection & consulting firms

1250

1050

850

650

450

Sep-25

250

27

•

Areas of focus

•

Paradigm remains focused on delivering value to members by providing high-quality competitive support in Compliance, Lending and Insurance solutions.

Ongoing investment is made in strengthening the proposition, enhancing adviser engagement, and expanding consulting capabilities to seize evolving market opportunities.

• Regulatory changes significantly affect IFAs, with Paradigm well positioned to support and attract both new and existing firms, especially in Consumer Duty compliance.

• Cross-selling opportunities are actively pursued, with a strengthened "Later Life" offering

  supporting the increasing use of property wealth in retirement.

• Insurer research indicates a rise in adviser Protection enquiries across all firm types, driven by Consumer Duty signposting requirements. The breadth and quality of Paradigm's proposition positions the firm to capitalise on the growing demand for adviser Protection solutions.

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24

Sep-24

Mar-25

Mortgages: 1,960

(Mar-2025: 1,915)

Protect: 1,144

(Mar-2025: 1,089)

Consulting: 426

(Mar-2025: 425)

PARADIGM

INVESTMENT MANAGEMENT UPDATE

DRIVERS FOR PORTFOLIO RETURNS 2025

MARKET DYNAMICS

• Q2 - Post 'Liberation Day' market crash. As Trump retreats from his maximalist tariff positions the 'TACO' trade has markets recover. USD/DXY remains 10% lower.

• Q3 - Tariff driven inflation pressures remain elusive, while AI/Tech earnings catalyst drives earnings to new highs.

  Loose central bank policy counters general tightening of liquidity. Together with fiscal ease globally, and substantial AI related capital investment plans, the medium-term earnings and market outlook remains positive into 2026.

  The activity re-acceleration together with tightening labour markets will push up inflation and bring rate rises - likely before the end of 2026. In the meantime, excessive valuations in some sectors, raises probability of large sell-offs.

  TATTON MPS POSITIONING

• Reversed equity underweight from the

  start of Q2 back to neutral position soon after Trump backed down on tariffs

• US underweight, Neutral Mag7/AI

• Fund selection (Europe, Japan)

• Overweight Japan vs Europe and UK

• Political uncertainty and market concentration advised against risk overweight

• US underweight from July

29

12 month returns before platform and adviser charges; Money Market MPS in solid dark blue, Source: TattonIM and Morningstar, 31/10/2025

30

VOLATILE 1 YEAR RETURNS PICTURE (TATTON CORE MPS)