**Summary**
Schroders PLC released a trading update on January 15, 2026, announcing that its 2025 annual results are expected to exceed market expectations for adjusted operating profit. Key highlights include
1. **Financial Performance**
Adjusted operating profit of at least £745 million (FY24: £603.1 million).
Adjusted net operating income of at least £2,580 million (FY24: £2,437.1 million), driven by favorable AUM mix, higher performance fees, and positive market returns.
Adjusted operating expenses remained flat year-on-year, demonstrating cost discipline.
Expected adjusted operating costincome ratio of c. 71% (FY24: 75%).
2. **Assets Under Management (AUM)**
Group AUM increased to c. £825 billion (FY24: £778.7 billion), with c. £730 billion excluding joint ventures and associates (FY24: £661.8 billion).
Growth attributed to market performance, investment returns, and positive net new business (NNB) of c. £11 billion.
3. **Net New Business (NNB)**
Public Markets NNBc. £3.9 billion, with improved flows across intermediary and institutional channels.
Schroders Capital NNBc. £4.0 billion, plus £0.5 billion from Future Growth Capital, totaling c. £4.5 billion against a three-year target of £20 billion.
Wealth Management NNBc. £3.4 billion (NNB rate of c. 2.7%), with UK private client NNB within target (5-7%) but negative NNB from charities.
4. **Outlook**
Dry powder increased by c. £0.5 billion to c. £4.7 billion.
Annual results for 2025 will be announced on February 12, 2026.
The update emphasizes Schroders strong performance, cost management, and progress toward strategic targets, despite macroeconomic uncertainties. The information is unaudited and subject to change.