Aberdeen Group (T3V2) Q2 2026 Earnings Report

The call conveyed clear positive momentum: group profitability, capital generation and Interactive Investor’s strong operational performance were standout positives, alongside improving investment performance and a robust balance sheet. Key risks include persistent Adviser net outflows and some fee/mix pressures in Investments as well as portions of H1 income that reflect favorable short-term market/interest-rate conditions. Management has taken steps to address Adviser operational issues and expects a stronger H2 in Investments, but flow recovery timing is uncertain.

Aberdeen reiterated confidence in delivering its 2026 targets of adjusted operating profit of more than GBP 300m and net capital generation of around GBP 300m, after H1 results of AOP GBP 151m (up 21%) and net capital generation GBP 163m (up 47%) (adjusted capital generation GBP 182m); divisional H1 results included ii revenue GBP 173m (up 22%) and ii AUMA c. GBP 108bn with record net inflows GBP 6.8bn, 525,000 customers (SIPP 125,000), DARTs ~35,700 (up 42%) and cost-to-AUMA at 18bps (guidance: <18bps); Adviser AUMA GBP 85bn, H1 revenue GBP 103m and adjusted operating profit ~GBP 41m with flows expected to remain challenged and H2 profitability broadly flat; Investments AUM GBP 398bn, H1 revenue GBP 363m, adjusted operating profit GBP 38m with H2 expected materially stronger (targeting to be broadly in line with the original GBP 100m 2026 ambition based on annualised H2), and group guidance for an investments fee margin around 19bps; capital coverage stood at 229% (target medium-term 140–180%), interim dividend maintained at 7.3p (dividend covered 1.39x by adjusted capital generation and 1.24x by net capital generation), plans to redeem GBP 210m of Tier 1 debt in Dec 2026, cash margin ran at 234bps in H1 (long‑run guide ~2.1–2.2%) and management expects c.5–10% p.a. medium‑term growth in net capital generation on top of the ’26 targets.