Wrap Text
Quilter plc interim results for the period ended 30 June 2026 and Interim dividend declaration
QUILTER PLC
Incorporated under the Companies Act 1985 (UK) with registered number 06404270
and re-registered as a public limited company under the Companies Act 2006) (UK)
ISIN CODE: GB00BDCXV269
JSE SHARE CODE: QLT
Quilter plc (the "Company")
News release
6 August 2026
Quilter plc interim results for the period ended 30 June 2026 and Interim dividend declaration
Quilter reports record core net flows of £6.0 billion (+32%) representing 9% of opening AuMA (annualised) and adjusted pre-tax profit of
£112 million (+12%)
Steven Levin, Chief Executive Officer, said:
"Our strong momentum has continued in H1 2026 as we delivered good profit growth and sustained excellent flows. Our business continues
to outperform our market peers, with greater absolute inflows and higher growth as a percentage of opening assets. This clearly
demonstrates the strength of our dual-distribution model and the progress we have made against our strategic priorities. Our business
continued to build on the momentum of the last two years, is in great shape, and is well positioned to deliver on the significant long-term
growth opportunity in the UK wealth market."
Highlights:
• Total Assets under Management and Administration ("AuMA") increased by 11% to £157.4 billion since 31 December 2025 reflecting reported
net inflows of £5.8 billion and positive markets. Core net inflows of £6.0 billion represented 9% annualised (H1 2025: 8%) of opening AuMA.
• Platform Assets under Administration ("AuA") increased by 13% to £117.9 billion since 31 December 2025. First half net inflows of £5.4 billion (H1
2025: £4.2 billion) increased 28% on the first half of 2025 and represented 10% (annualised) of opening AuA. Total assets under management
by WealthSelect, the UK's largest Managed Portfolio Service ("MPS") reached £29.3 billion, an increase of 15% from 31 December 2025.
• Our discretionary portfolios in Quilter Cheviot delivered net inflows of £522 million (+13%) representing 3% (annualised) of opening assets (H1
2025: £464 million, 3%).
• Revenues grew by 12% to £379 million (H1 2025: £337 million), reflecting strong growth in management fee revenue partially offset by lower
investment revenue generated on shareholder funds. Planned strategic investment led to cost growth of 13%, taking the expense base to £267
million (H1 2025: £237 million), in line with guidance.
• Adjusted profit before tax increased by 12% to £112 million (H1 2025: £100 million) with a stable operating margin of 30% (H1 2025: 30%).
• Adjusted diluted earnings per share of 6.1p increased by 13% (H1 2025: 5.4p), broadly in line with the increase in adjusted profit.
• Headline basic earnings per share of 3.3p (H1 2025: 3.4p).
• Headline diluted earnings per share of 3.2p (H1 2025: 3.3p).
• Quilter Restricted Financial Planners ("RFPs") increased by nine over the period to 1,462 and Investment Managers increased by seven to 189
since December 2025, with this largely reflecting the GillenMarkets (ILTB Limited) acquisition.
• IFRS profit after tax of £45 million (H1 2025: £46 million).
• Interim Dividend of 2.1 pence per share representing one third of the previous year's total dividend, in line with our revised distribution policy (H1
2025: 2.0 pence per share), representing an increase of 5%. £68.4 million of planned £100 million share buyback completed by 31 July 2026.
• Solvency II ratio (pro forma) of 202% after payment of the Interim Dividend (31 December 2025: 200%).
Financial review
Review of financial performance
Overview
The Group delivered an adjusted profit before tax of £112 million for the first half of the year, an increase of 12% on the prior period (H1 2025: £100
million). Growth was driven by higher net management fees, supported by reported average AuMA of £148.2 billion (H1 2025: £122.1 billion), and
strong core net inflows of £6.0 billion (H1 2025: £4.5 billion). This was partially offset by expected revenue margin attrition and continued investment
in the business.
The Group's IFRS profit after tax was £45 million, compared with £46 million in the prior period. The result reflected a higher policyholder tax expense
due to the change in the policyholder tax rate in March 2026 and growth in Platform AUA. These impacts were offset by higher adjusted profit, a £5
million release from the customer remediation exercise provision (excluded from adjusted profit), and lower Business Transformation costs following
completion of the Simplification programme.
Following the announcement of the Share Buyback Programme (the "Programme") at the FY 2025 results, the Group is returning up to £100 million to
shareholders with this expected to be completed by the end of 2026. Tranche 1 of the Programme, representing £40 million of the Programme, was
completed in June 2026 with the cancellation of 22.1 million shares. Tranche 2 of the Programme commenced on 22 June 2026 for the purchase of
up to a further £30 million of shares under the Programme. As at 30 June 2026, a further 10.0 million shares had been cancelled.
The Group's IFRS net assets decreased to £1.4 billion (FY 2025: £1.5 billion) primarily due to the Share Buyback Programme during the first half of
the year. Total IFRS assets for the Group, which includes the policyholder assets of the Group's life company, increased by 15% during the period due
to favourable market movements and net inflows. Due to the unit-linked nature of the Group's business there is a corresponding increase in the
Group's IFRS total liabilities which also increased by 15% in the period.
Key financial highlights
Quilter highlights H1 2026 H1 2025
Assets and flows – core business
AuMA* (£bn) 154.5 123.4
Gross flows* (£bn) 11.9 9.4
Net inflows* (£bn) 6.0 4.5
Net inflows/opening AuMA* (annualised) 9% 8%
Productivity: Quilter channel gross sales per Quilter Adviser* (£m) 1 (annualised) 3.9 3.3
Asset retention* (annualised) 91% 92%
Assets and flows – reported
AuMA* (£bn) 157.4 126.3
Gross flows* (£bn) 11.9 9.5
Net inflows* (£bn) 5.8 4.3
Net inflows/opening AuMA* (annualised) 8% 7%
Profit and loss
IFRS profit before tax attributable to shareholder returns (£m) 60 62
IFRS profit after tax (£m) 45 46
Adjusted profit before tax* (£m) 112 100
Operating margin* 30% 30%
Revenue margin* (bps) 40 42
Return on equity* (annualised) 11.8% 10.5%
Adjusted diluted earnings per share* (pence) 6.1 5.4
Interim dividend per share (pence) 2.1 2.0
Basic earnings per share (pence) 3.3 3.4
Non-financial
Total Restricted Financial Planners ("RFPs") in both segments2 1,462 1,454
Discretionary Investment Managers in High Net Worth segment2 189 180
1 Quilter channel gross sales per Quilter Adviser is a measure of the value created by our Quilter distribution channel.
2 Closing headcount as at 30 June.
Flow performance
Core business gross flows increased by 26% to £11.9 billion (H1 2025: £9.4 billion), driven by strong IFA channel activity on the Platform, reflecting
both growth in the advised platform market and increased market share among IFA firms. Net inflows of £6.0 billion increased by 32% against the prior
period (H1 2025: £4.5 billion), reflecting the positive macro conditions, investor confidence, along with the increase in market share as a result of the
positive impact of our distribution strategies. Productivity, representing Quilter channel gross sales per Quilter Adviser, increased by 18% to £3.9 million
(H1 2025: £3.3 million) on an annualised basis.
Within the Affluent segment:
• Quilter channel: Gross flows increased by 24% to £2.6 billion, (H1 2025: £2.1 billion), with net inflows of £1.7 billion increasing 32% against the
prior period (H1 2025: £1.3 billion), underpinning the strength and distribution capabilities of our Advice business, and our continued ability to
attract customer assets. Annualised net inflows as a percentage of opening AuMA for the Quilter channel increased by 2 percentage points to
16% (H1 2025: 14%).
• IFA channel: Gross flows of £7.1 billion onto the Quilter Platform increased by 24% (H1 2025: £5.7 billion). Net inflows of £3.7 billion increased
27% against the prior period (H1 2025: £2.9 billion), reflecting the strength of our scaled proposition and increased market share of new business.
Based on the latest Fundscape data (Q1 2026), the platform continues to maintain the leading share of gross and net inflow against our retail
advised platform peers. Annualised net inflows as a percentage of opening AuMA for the IFA channel onto the Platform remain stable at 9% (H1
2025: 9%).
• Funds via third-party platforms reported net inflows of £58 million, compared to £88 million of net outflows in the previous period, with our
WealthSelect proposition now on six external platforms.
• Annualised asset retention for the Affluent segment remained stable at 91% (H1 2025: 91%).
High Net Worth segment gross flows of £1,806 million were 18% higher than the prior period (H1 2025: £1,533 million). Net inflows increased by 13%
to £522 million (H1 2025: £464 million), primarily as a result of strong net inflows in the IFA and direct channel. Asset retention of 92% for the High Net
Worth segment was 1 percentage point lower than the prior period (H1 2025: 93%).
AuMA*
The Group's core business closing AuMA of £154.5 billion, was 12% ahead of the opening position (FY 2025: £138.3 billion), reflecting positive
market movements of £10.2 billion and net inflows of £6.0 billion. The Affluent core segment AuMA increased by 13% to £121.2 billion (FY 2025:
£107.6 billion), of which £41.4 billion is managed by Quilter, versus the opening position of £36.9 billion. The High Net Worth segment AuM of £35.2
billion increased by 8% from the opening position of £32.5 billion, with all assets managed by Quilter.
In total, £76.2 billion, representing 49% of core business AuMA, is managed by Quilter across the Group (FY 2025: £69.0 billion, 50%).
Total net revenue, revenue margin and average AuMA*
H1 2026 H1 2025
Total net revenue (£m), revenue margin (bps) Net Revenue Average Net Revenue Average
and average AuMA (£bn) revenue* margin* AuMA*2 revenue* margin* AuMA*2
Affluent Administered 119 22 110.5 102 23 88.3
Affluent Managed 68 34 40.5 56 35 32.4
Quilter Cheviot 111 66 33.5 99 67 29.5
Net management fees*1 298 40 148.2(2)
257 42 122.1(2)
Other revenue* 51 48
Investment revenue* 30 32
Total net revenue* 379 337
1 Net management fee includes interest earned on customer holdings in Quilter Cheviot and Quilter Investment Platform.
2 Average AuMA for the Group includes the elimination of the intra-group assets. This is excluded from the total average AuMA to ensure no double count takes place.
Net management fee and revenue margin:
• Quilter plc total net management fees of £298 million increased by 16% (H1 2025: £257 million), primarily due to higher average AuMA of £148.2
billion, up £26.1 billion against the prior period (H1 2025: £122.1 billion). Interest margin included within net management fees, earned on customer
cash balances, was £16 million (H1 2025: £14 million). The Group's revenue margin of 40 bps was 2 bps lower than the prior period (H1 2025:
42 bps).
• Affluent Administered net management fees increased by 17% to £119 million (H1 2025: £102 million), reflecting higher average AuMA of 25%,
partially offset by lower revenue margin of 22 bps (H1 2025: 23 bps) consistent with our expectations from the impact from our tiered pricing
structure. Net management fees include interest margin earned on customer cash balances of £10 million (H1 2025: £9 million).
• Affluent Managed net management fees increased by 21% to £68 million (H1 2025: £56 million), primarily due to higher average AuMA of 25%.
This was partially offset by a 1 bp reduction in the revenue margin to 34 bps (H1 2025: 35 bps), as advisers continue to favour Managed Portfolio
Services ("MPS") for their customers, over our Fund of Fund ranges which remain in net outflow. WealthSelect continues to demonstrate strong
growth, with AuMA of £29.3 billion as of 30 June 2026 (FY 2025: £25.4 billion). Based on the latest NextWealth June 2026 report, Quilter remains
the largest MPS offering in the industry.
• Quilter Cheviot net management fees increased by 12% to £111 million (H1 2025: £99 million), reflecting higher average AuM of 14%, partially
offset by lower revenue margins due to changes in fee structures in 2025 and asset mix. The revenue margin reduced by 1 bp to 66 bps (H1
2025: 67 bps). Net management fees include £6 million of interest margin earned on customer cash balances (H1 2025: £5 million).
Other revenue:
• Other revenue of £51 million, which mainly comprises our share of income from providing advice within Quilter Financial Planning and Quilter
Cheviot, was 6% higher than the prior period (H1 2025: £48 million).
Investment revenue:
• Investment revenue, predominantly interest income generated on shareholder cash and capital resources of £30 million (H1 2025: £32 million)
reflects the reduction in interest rates experienced predominantly in the second half of 2025.
Operating expenses*
Operating expenses increased by 13% to £267 million (H1 2025: £237 million). This reflects the expected investment in our business to take advantage
of the growth opportunities in our markets and is in line with the guidance provided at the FY 2025 results for 2026 expenses to approximate the H2
2025 cost run rate of £257 million, adjusted for inflation (and annualised for the full year).
Base costs represent 28% of revenues in H1 2026 (H1 2025: 29%), and increased in absolute terms by 13% largely as a result of investment in our
Technology and Data capabilities.
Variable costs increased by 17% to £147 million (H1 2025: £126 million). This reflects the continued development of our brand following the success
of our brand campaign in the second half of 2025, broadening our distribution channels through continued growth in Quilter Invest and support to the
Adviser Academy, and our acquisitions of GillenMarkets and MediFintech.
We expect full year costs to be in line with our guidance for 2026, which implies a cost outcome of around £540 million.
Adjusted profit before tax*
Adjusted profit before tax of £112 million increased by 12% compared to the prior period (H1 2025: £100 million), reflecting the combined impacts of
the revenue and expense items outlined above. The Group's operating margin of 30% is in line with the previous period (H1 2025: 30%).
Adjusted diluted earnings per share increased 13% to 6.1 pence (H1 2025: 5.4 pence).
Share Buyback Programme
Quilter launched a Share Buyback Programme (the "Programme") on 4 March 2026 to purchase shares with a value of up to £100 million in order to
reduce the share capital of the Company, subject to remaining within certain pre-set parameters. It is expected that the Programme will be completed
by the end of 2026. Tranche 1 of the Programme (£40 million), was completed in June 2026 with the cancellation of 22.1 million shares. Tranche 2 of
the Programme (£30 million) commenced on 22 June 2026 and remains ongoing. As at 30 June 2026, a further 10.0 million shares purchased under
Tranche 2 had been cancelled. As at 31 July 2026, a total of 36.8 million Quilter shares have been acquired, and cancelled, at an average price of 186
pence representing a total cost of £68.4 million. The Board keeps the Programme under review to ensure it remains the most efficient and effective
means of returning capital to shareholders.
Summary
The Group delivered another strong financial performance in the first half of the year, with increased market share, and sustained excellent flow
momentum for the period. Growth in revenues and continued cost management, along with planned investment in the business, has delivered a 30%
operating margin. The balance sheet remains well capitalised, and we are currently returning up to £100 million to shareholders by the way of a Share
Buyback Programme.
Shareholder information – Interim Dividend
The Quilter Board has declared an Interim Dividend of 2.1 pence per share. The 2026 Interim Dividend will be paid on Monday 21 September 2026 to
shareholders on the UK and South African share registers on Friday 28 August 2026 (the "Record Date").
Dividend Timetable
Dividend announcement in pounds sterling with South Africa ZAR Thursday 6 August 2026
equivalent
Last day to trade cum dividend in South Africa Tuesday 25 August 2026
Shares trade ex-dividend in South Africa Wednesday 26 August 2026
Shares trade ex-dividend in the UK Thursday 27 August 2026
Record Date in the UK and South Africa Friday 28 August 2026
Interim Dividend Payment Date Monday 21 September 2026
From the opening of trading on Thursday 6 August 2026 until the close of business on Friday 28 August 2026, no transfers between the London and
Johannesburg registers will be permitted. Share certificates for shareholders on the South African register may not be dematerialised or rematerialised
between Wednesday 26 August 2026 and Friday 28 August 2026, both dates inclusive.
Additional information
For shareholders on our South African share register, an Interim Dividend of 46.24235 South African cents per share will be paid on Monday 21
September 2026, based on an exchange rate of 22.02017. Dividend Tax will be withheld at the rate of 20% from the amount of the gross dividend of
46.24235 South African cents per share paid to South African shareholders unless a shareholder qualifies for exemption. After the Dividend Tax has
been withheld, the net Interim Dividend will be 36.99388 South African cents per share. The Company had a total of 1,367,347,382 shares in issue as
at 31 July 2026.
If you are uncertain as to the tax treatment of any dividends, you should consult your own tax adviser.
Short-form statement
This short-form announcement is the responsibility of the directors and is only a summary of the information in the interim results announcement for
the period ended 30 June 2026 ("results announcement"). Any investment decisions by investors and/or shareholders should be based on consideration
of the full results announcement as a whole.
The results announcement can be found on the company's website at 2026 results and presentations | Quilter plc and on the JSE cloudlink:
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/QLTE/HY26Result.pdf
JSE Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
Date: 06-08-2026 08:00:00
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