Half Year 2026 Ninety One PLC Earnings Call Transcript

Nov 17, 2025 / 09:00 AM GMT

Release Date Price: €2.36 (-0.84%)

Transcript

Key Points

Positve

Ninety One PLC (FRA:3XH) reported a strong set of financial results for the period ended 30 September 2025.
The core operating business produced a solid outcome with management fees and adjusted operating expenses both increasing by 3%.
The company's adjusted operating profit increased by 12% to 98.8 million pounds, driven by higher performance fees.
The effective tax rate decreased to 25%, contributing to a profit after tax increase of 11% to 76.7 million pounds.
Adjusted EPS showed a 15% increase, benefiting from lower effective tax rates and a reduced number of ordinary shares.

Negative

There was a decline in the average management fee rate to 41.5 BPS, which was overstated due to market movements.
The company experienced FX losses due to a stronger GDP to USD exchange rate during the period.
A significant increase in lower than average fee rate clients impacted the management fee rate negatively.
There was an AUM decrease for higher than average fee rate clients, negatively impacting the fee rate by an estimated 0.5 BPS.
Employee remuneration increased, partially offsetting the gains from increased management and performance fees.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

N91.L - Ninety One PLC
Half Year 2026 Ninety One PLC Earnings Call
Nov 17, 2025 / 09:00AM GMT

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Presentation
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Focus on the multi-asset part of our business.

The majority of our client groups were positive for the half year given the pipeline, and given the pipeline, I'm hopeful that UK will show positive results for the full year and that South Africa will return to positive net flows for the second half as well. As always, a few strategies have done outstandingly well while there are also laggards. Overall, we have a competitive offering which has the potential to generate ongoing net inflows and meet the high standards of our clients.

I now hand over to Kim McFarland, our Finance Director, to take you through the financial results. Thanks.

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