Quilter (2FQ0) Q2 2026 Earnings Report

The call presented a strong operational and financial performance driven by record net flows, market share gains across the platform and solutions, double-digit revenue and profit growth, and continued investment in adviser productivity and AI. Key challenges are higher costs from investment and inflation, margin dilution from product/channel mix and tiering effects, regulatory reviews of client cash, and some adviser/IM restructuring in Quilter Cheviot. Management maintained constructive guidance, a healthy balance sheet and ongoing capital returns. Overall the positives (robust flows, market leadership, revenue/profit growth and balance sheet strength) outweigh the manageable headwinds.

Management guided that it expects to continue to deliver peer‑leading net flows above 4%–5% for the foreseeable future, with revenue margin guidance unchanged and full‑year costs still targeted at GBP 530–540m (likely toward the higher end); longer‑term cost growth is expected to be inflation plus a few percentage points. They said second‑half adjusted profit should be around a mid‑single‑digit percentage points above the first half (H1 adjusted profit GBP 112m), H1 operating margin was 30% and the ambition is to get to at least the mid‑30s (no timeline). Capital return and balance‑sheet metrics include an interim dividend of 2.1p (1/3 of last year’s total; +5% vs 2025 interim), a GBP 100m buyback with >GBP 68m completed as at 31 July (GBP 54m returned in the period), capital contributions of GBP 71m, c. GBP 360m of cash available before the interim dividend/buyback, and a marginally improved solvency ratio.