Aberdeen Group plc

Adjusted operating profit increased 21% to GBP 151 million. IFRS profit before tax was GBP 276 million. Net capital generation rose 47% to GBP 163 million, and adjusted capital generation increased 26% to GBP 182 million. Interactive Investor revenue increased 22% to GBP 173 million and adjusted operating profit increased 18% to GBP 84 million. Adviser revenue increased to GBP 103 million and adjusted operating profit was GBP 41 million, broadly flat. Investments revenue was 2% lower at GBP 363 million and adjusted operating profit increased 9% to GBP 38 million. Total capital coverage increased to 229% from 218%, and the interim dividend was maintained at 7.3p per share. For 2026, management reiterated targets of adjusted operating profit of more than GBP 300 million and net capital generation of around GBP 300 million. For Interactive Investor, revenue is expected to keep growing in line with customer growth and cost-to-AUMA is still expected to be below 18 basis points. Adviser profitability is expected to be broadly flat in H2, while Investments H2 profit should be stronger, helped by recent acquisitions, higher market levels and other fees.

Jason Windsor struck an optimistic but still candid tone, saying Aberdeen is on a positive trajectory and he is increasingly confident in delivering the 2026 targets. He highlighted stronger execution across the group, the scaling of Interactive Investor, better investment performance, and improved service levels in Adviser. At the same time, he stressed that the company is still not where he wants it to be and that the focus remains on better customer outcomes and lasting shareholder value.

Siobhan Boylan emphasized solid first-half execution across profitability, efficiency and capital discipline. She cited adjusted operating profit of GBP 151 million, net capital generation of GBP 163 million, adjusted capital generation of GBP 182 million, and total capital coverage of 229%, well above the 140% to 180% operating range. She also noted the interim dividend stayed at 7.3p, with coverage at 1.39x on adjusted capital generation and 1.24x on net capital generation, and said the company expects to redeem GBP 210 million of Tier 1 debt in December 2026 subject to approval.

Analysts focused on Adviser flow recovery, ii pricing and margins, and Investment fee margin/costs. Management said Adviser needs more targeted engagement with strategic firms, better handling of consolidation in the IFA market, and stronger back-book migration opportunities; they now expect the return to net inflows to take longer than 2026. On ii, management said pricing is now in the right place, though the business will keep competing, and long-term cash margin guidance of about 2.1% to 2.2% still stands. On Investments, Siobhan said the 18.5 basis point margin should still trend around 19 basis points for the year, helped in H2 by acquisitions and other fees.