Schroders PLC

Latest Results (02.04.2026):

Schroders PLC — Q4 2025 (year ended 31 December 2025): Schroders reported strong full‑year 2025 results with record Group AUM of £823.7bn (+6%), a return to organic net new business (£11.2bn excluding JVs/associates; £6.0bn including them), and a 25% rise in adjusted operating profit to £756.6m (statutory profit before tax £673.8m, +21%). Adjusted operating expenses were broadly stable (£1,833.2m), driving a four point improvement in the adjusted cost:income ratio to 71%. The Board proposed an unchanged final dividend of 15.0p (total dividend per share 21.5p) and agreed terms for a recommended all‑cash Combination proposal with Nuveen/Pantheon (up to 612p per share).

Key financials

Adjusted operating profit: £756.6m (+25%); adjusted basic operating EPS 36.6p (+29%). Statutory profit before tax: £673.8m (+21%); statutory basic EPS 34.1p (+29%). Adjusted net operating income up 6% to £2,589.8m.

AUM and flows

Record AUM £823.7bn (FY 2024: £778.7bn). Gross inflows £142.0bn; net new business excluding JVs/associates £11.2bn (vs net outflows £10.8bn in 2024), marking a return to organic growth. Public Markets returned to organic growth; Wealth Management and some Schroders Capital areas saw weaker NNB year‑on‑year.

Costs and efficiency

In‑year net transformation savings of £75m (annualised net savings £102m), with adjusted operating expenses stable at £1,833.2m. Adjusted cost:income improved to 71% (FY 2024: 75%).

Segment performance highlights

Asset Management adjusted operating profit £595.7m (up from £465.0m). Public Markets net inflows £3.7bn and revenues up; equities AUM increased to £225.1bn. Schroders Capital gross fundraising £10.9bn and NNB £4.6bn (FGC contributed £0.5bn). Wealth Management NNB £3.4bn but below prior year expectations; revenue and adjusted profit in Wealth increased.

One‑offs and disposals

Sale of Schroders Personal Wealth (SPW) generated a one‑off gain of £113.3m included in statutory results; disposals and portfolio restructuring incurred other costs totalling c.£152.5m.

Client outcomes

Investment performance strengthened: 70%+ of client assets outperformed comparators over one, three and five years (71% one year, 70% three years, 73% five years to 31 Dec 2025), described as the strongest since 2021.

Dividend and capital

Final dividend proposed at 15.0p per share (unchanged); full‑year dividend per share 21.5p (2024: 21.5p). Balance sheet remains strong with cash and financial assets supporting business and unit‑linked liabilities.

M&A — Combination with Nuveen/Pantheon

The Board agreed terms for a recommended all‑cash offer by Pantheon LLC (Nuveen) of up to 612p per Schroders share (590p cash + up to 22p permitted dividends). If completed, Schroders brand retained and London to be non‑US HQ.

Outlook

Management reiterates focus on embedding transformation, delivering £150m annualised net savings by end‑2027, prioritising sustained investment performance and selective reinvestment to accelerate growth in Wealth Management and Schroders Capital amid an uncertain market backdrop for 2026.