Schroders PLC

Latest Results (14.05.2026):

Schroders PLC — Annual (full‑year) results for the year ended 31 December 2025. The group delivered record AUM of £823.7bn, returned to organic net inflows, and reported strong operating leverage: adjusted operating profit rose 25% to £756.6m and statutory profit before tax increased 21% to £673.8m. The Board proposed an unchanged final dividend and announced a recommended all‑cash offer by Pantheon LLC / Nuveen for the combination with Schroders.

AUM and flows

Record Group AUM £823.7bn (up 6% vs FY 2024 £778.7bn). Net new business excluding JVs £11.2bn (FY 2024: net outflows £10.8bn); net new business including JVs £6.0bn. Gross inflows £142.0bn (up ~9%). Public Markets returned to organic growth with £3.7bn NNB; Schroders Capital and Wealth Management flows were mixed (Schroders Capital NNB £4.6bn, Wealth Management NNB £3.4bn).

Profitability and earnings

Adjusted operating profit £756.6m (up 25% from £603.1m). Statutory profit before tax £673.8m (up 21% from £558.1m). Adjusted basic operating EPS 36.6p (up 29%); statutory basic EPS 34.1p (up 29%). Adjusted net operating income £2,589.8m (up 6%).

Costs, transformation and operating leverage

Adjusted operating expenses broadly stable at £1,833.2m (FY 2024: £1,834.0m). In‑year net savings from the transformation programme £75m; annualised net savings delivered £102m towards a £150m target by end‑2027. Adjusted cost‑to‑income improved four percentage points to 71% (FY 2024: 75%).

Client investment performance

Strong investment outcomes: 70% or more of client assets outperformed their comparators over one, three and five years (71% one year, 70% three years, 73% five years to 31 Dec 2025), described as the strongest client investment performance since 2011.

Dividends and capital returns

The Board proposed an unchanged final dividend of 15.0 pence per share; total dividend per share for the year 21.5p (unchanged). Balance sheet and liquidity remain strong with cash and cash equivalents £4.58bn (group) and continued focus on capital discipline.

Segment performance

Asset Management adjusted operating profit £595.7m (up from £465.0m) with Public Markets AUM at £533.1bn. Schroders Capital AUM £72.6bn and net operating revenue rose to £438.7m. Wealth Management adjusted operating profit £198.3m with AUM (ex JVs) £123.9bn; Wealth net operating revenues increased 10%.

One‑off items and disposals

Statutory results included a one‑off gain of £113.3m from the disposal of Schroders Personal Wealth (SPW). The year also included portfolio restructuring and transformation costs totalling (reported items) that affected statutory profit before tax.

Corporate action — recommended offer

The Board announced agreed terms of a recommended all‑cash offer by Pantheon LLC (Nuveen) to acquire Schroders, valuing each Schroders share at up to 612p (590p cash + up to 22p permitted dividends). The Schroders brand and London HQ are expected to be retained if the Combination proceeds.

Outlook

Management notes a cautious 2026 outlook given market uncertainty but emphasises continued focus on delivering strong active investment performance, converting Schroders Capital distribution capability into sustained flows, supporting Wealth Management (notably UK Cazenove Capital), and completing the £150m annualised net cost savings target by end‑2027.