**Summary of Ninety One PLCs Half-Year Report and Dividend Declaration (November 2025)**
**Financial Highlights (Six Months to September 2025):**
**Assets Under Management (AUM)** Increased by 19% to £152.1 billion (year-on-year), driven by net inflows and positive market/FX impacts.
**Net Inflows** £4.3 billion, including £1.9 billion from the Sanlam UK acquisition in June 2025.
**Adjusted Operating Profit** Up 12% to £98.8 million.
**Adjusted Earnings Per Share (EPS)** Rose 15% to 8.4p.
**Dividend Per Share** Increased 11% to 6.0p.
**Profit Before Tax** Grew 10% to £102.2 million.
**Strategic Developments**
**Sanlam Relationship** UK transaction completed in June 2025, contributing £1.9 billion AUM. South African transaction pending regulatory approval, expected later in the financial year.
**Growth Initiatives** Investments in technology, private markets (credit/infrastructure), and regional expansion (e.g., Saudi Arabia, Asia via Singapore JV).
**Ninety One Foundry** Established to accelerate innovation and business development.
**Staff Ownership** Increased to 32.7%, aligning long-term incentives.
**Operational Performance**
**AUM Breakdown:** Equities (+24%)Fixed Income (+7%)Multi-Asset (+10%)Alternatives (+12%)South African platform (+18%).
**Net Flows** Equities (+£2.085 billion), Fixed Income (+£237 million), Alternatives (+£313 million). Outflows in South African multi-asset strategies.
**Investment Performance** 74% one-year and 70% three-year outperformance
competitive long-term returns.
**Financial Metrics**
**Adjusted Operating Profit Margin** Improved to 32.1%.
**Management Fees** +3% to £290.7 million, with average fee rate declining to 41.5 bps due to portfolio mix shifts.
**Performance Fees** Increased 77% to £14.0 million.
**Employee Remuneration** +8% to £134.1 million, with variable pay at 43.6% of adjusted operating revenue.
**CEO Commentary (Hendrik du Toit)**
Highlighted improved business conditions, strong markets, and competitive investment returns.
Emphasized emerging markets demand recovery and the Sanlam partnerships strategic value.
Focus on core marketsgrowth initiativesand technology investments.
**Dividend Declaration**
Interim dividend of 6.0p per share, payable on December 19, 2025, to shareholders registered by December 5, 2025.
**Forward Outlook**
Positioned for growth in active management, particularly in emerging markets.
Continued focus on innovation, regional expansion, and client-centric technology enhancements.
**Key Risks**
Monitored risks include market volatility, geopolitical uncertainties, and climate change impacts.
**Conclusion**
Ninety One PLC demonstrated robust financial and operational growth, underpinned by strategic acquisitions, market recovery, and operational efficiency. The company remains focused on sustainable growth, innovation, and client value creation.
| Metric | 30 Sep 2025 | 30 Sep 2024 | Change |
|---|---|---|---|
| Assets under management (£ billion) | 152.1 | 127.4 | +19% |
| Net flows (£ billion) | 4.3 | (5.3) | n/a |
| Profit before tax (£ million) | 102.2 | 93.3 | +10% |
| Adjusted operating profit (£ million) | 98.8 | 88.6 | +12% |
| Adjusted operating profit margin | 32.1% | 30.5% | n/a |
| Basic earnings per share (pence) | 8.9 | 7.8 | +14% |
| Adjusted earnings per share (pence) | 8.4 | 7.3 | td>+15%|
| Interim dividend per share (pence) | 6.0 | 5.4 | +11% |
| Total assets (£ million) | 13,642.1 | 12,093.6 | +13% |
| Total liabilities (£ million) | 13,254.8 | 11,745.7 | +13% |
| Total equity (£ million) | 391.0 | 347.9 | +12% |