Full Year 2026 Ninety One PLC Earnings Call Transcript
Key Points
- Assets under management grew by 31% to GBP171.8 billion, driven by portfolio growth, the acquisition of Sanlam Investment Management, and a return to annual net inflows.
- The operating margin expanded from 31.2% to 32%, contributing to a 12% growth in adjusted earnings per share and a 10% year-on-year dividend growth.
- Ninety One PLC has established a strategic partnership for active ETFs with State Street Investment Management, enhancing its position in the ETF market.
- The company has accelerated AI adoption, moving from experimentation to business model adaptation, which is seen as a significant opportunity.
- The partnership with Sanlam has been formally established, and the integration is progressing well, expected to deliver long-term benefits.
- Fee pressure persists, with a decline in the average fee rate to 40.7 basis points, and is expected to continue declining to between 38 to 40 basis points.
- The UK business experienced unforeseen outflows and delayed inflows, impacting overall performance.
- South Africa faced structural outflows from institutional retirement funds and the unexpected loss of a long-standing mandate.
- The quality equity style underperformed mainstream benchmarks, affecting the equities book's performance.
- Net flows slowed in the second half of the year, with Asia Pacific contributing significantly, while Africa and the UK saw outflows.
Ladies and gentlemen, and welcome to the Ninety One results presentation for the full year to March 31, 2026. I will then explain the performance of our business over the reporting period. Kim McFarland, our Finance Director, who is in London today, while I'm in Cape Town, will then present the financial review. I will then conclude before we take questions. You can submit questions during the presentation via the chat function at the bottom of your screen.
Assets under management grew by 31% to GBP171.8 billion. This was driven by portfolio growth, the take-on of Sanlam Investment Management and a return to annual net inflows. Net inflows were GBP2.8 billion for the year. The operating margin expanded from 31.2% to 32%. This led to growth of 12% in our adjusted earnings per share, resulting in a 10% year-on-year dividend growth.
Most of you are familiar with this long-term chart of assets under management and adjusted operating profit. it is important to draw strength that the inspiration and inspiration from
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