REG - Aberdeen Group PLC - Half-year Report - Part 2 of 2
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RNS Number : 0823T Aberdeen Group PLC 30 July 2025
Aberdeen Group plc
Half Year Results 2025
Part 2 of 2
30 July 2025
4. Financial information
Condensed consolidated income statement
For the six months ended 30 June 2025
6 months 6 months Full Year
2025 2024 2024
Notes £m £m £m
Revenue from contracts with customers 4.4 657 697 1,370
Cost of sales 4.4 (29) (30) (65)
Net operating revenue 628 667 1,305
Restructuring and corporate transaction expenses 4.6 (41) (51) (100)
Impairment of intangibles acquired in business combinations and through the 4.6 (8) (5) (9)
purchase of customer contracts
Amortisation of intangibles acquired in business combinations and through the 4.6 (57) (59) (120)
purchase of customer contracts
Staff costs and other employee-related costs 4.6 (239) (263) (510)
Other administrative expenses 4.6 (259) (295) (574)
Total administrative and other expenses (604) (673) (1,313)
Net gains or losses on financial instruments and other income
Fair value movements and dividend income on significant listed investments 4.5 183 13 29
Other net gains or losses on financial instruments and other income 4.5 68 72 131
Total net gains or losses on financial instruments and other income 251 85 160
Finance costs (12) (12) (25)
Profit on disposal of subsidiaries and other operations 4.2 - 88 89
Profit on disposal of interests in associates and joint ventures 4.2 - 11 11
Share of profit or loss from associates and joint ventures 4.12 8 21 24
Profit before tax 271 187 251
Tax expense 4.7 (19) (16) (3)
Profit for the period 252 171 248
Attributable to:
Equity shareholders of Aberdeen Group plc 247 165 237
Other equity holders 6 6 11
Non-controlling interests - ordinary shares (1) - -
252 171 248
Earnings per share
Basic (pence per share) 4.8 13.8 9.2 13.2
Diluted (pence per share) 4.8 13.5 9.1 13.0
The Notes on pages 25 to 54 are an integral part of this condensed
consolidated financial information.
Condensed consolidated statement of comprehensive income
For the six months ended 30 June 2025
6 months 6 months Full Year
2025 2024 2024
Notes £m £m £m
Profit for the period 252 171 248
Items that will not be reclassified subsequently to profit or loss:
Remeasurement (losses)/gains on defined benefit pension plans 4.17 (10) 72 24
Share of other comprehensive income of associates and joint ventures 4.12 (17) 1 6
Total items that will not be reclassified subsequently to profit or loss (27) 73 30
Items that may be reclassified subsequently to profit or loss:
Fair value (losses)/gains on cash flow hedges (50) 9 20
Exchange differences on translating foreign operations (28) (7) (2)
Share of other comprehensive income of associates and joint ventures 4.12 (2) (50) (53)
Items transferred to the condensed consolidated income statement
Fair value losses/(gains) on cash flow hedges 49 (9) (18)
Total items that may be reclassified subsequently to profit or loss (31) (57) (53)
Other comprehensive income for the period (58) 16 (23)
Total comprehensive income for the period 194 187 225
Attributable to:
Attributable to:
Equity shareholders of Aberdeen Group plc 189 181 214
Other equity holders 6 6 11
Non-controlling interests - ordinary shares (1) - -
194 187 225
The Notes on pages 25 to 54 are an integral part of this condensed
consolidated financial information.
Condensed consolidated statement of financial position
As at 30 June 2025
30 Jun 30 Jun 31 Dec
2025 2024 2024
Notes £m £m £m
Assets
Intangible assets 4.11 1,380 1,514 1,474
Pension and other post-retirement benefit assets 4.17 794 821 786
Investments in associates and joint ventures accounted for using the equity 4.12 181 198 205
method
Property, plant and equipment 4.13 116 150 135
Deferred tax assets 185 202 197
Financial investments 4.19 1,637 1,919 1,818
Receivables and other financial assets 1,678 1,262 1,024
Current tax recoverable 8 7 23
Other assets 64 74 54
Assets held for sale 4.15 33 11 17
Cash and cash equivalents 1,604 1,397 1,321
7,680 7,555 7,054
Assets backing unit linked liabilities 4.14
Investment property 912 - -
Financial investments 2,433 655 649
Receivables and other unit linked assets 53 8 4
Assets held for sale 267 - -
Cash and cash equivalents 224 15 14
3,889 678 667
Total assets 11,569 8,233 7,721
30 Jun 30 Jun 31 Dec
2025 2024 2024
Notes £m £m £m
Liabilities
Third party interest in consolidated funds 4.19 237 206 184
Subordinated liabilities 546 604 597
Pension and other post-retirement benefit provisions 4.17 8 12 8
Deferred tax liabilities 87 120 101
Current tax liabilities 3 5 3
Derivative financial liabilities 4.19 9 4 3
Other financial liabilities 1,619 1,393 1,048
Provisions 4.18 61 62 64
Other liabilities 3 4 7
Liabilities of operations held for sale 4.15 7 2 -
2,580 2,412 2,015
Unit linked liabilities 4.14
Investment contract liabilities 3,600 670 665
Third party interest in consolidated funds 117 - -
Derivative financial liabilities 3 - -
Other unit linked financial liabilities 169 8 2
3,889 678 667
Total liabilities 6,469 3,090 2,682
Equity
Share capital 4.16 257 257 257
Shares held by trusts 4.16 (118) (132) (123)
Share premium reserve 4.16 640 640 640
Retained earnings 4.16 4,568 4,509 4,480
Other reserves (457) (343) (427)
Equity attributable to equity shareholders of Aberdeen Group plc 4,890 4,931 4,827
Other equity 207 207 207
Non-controlling interests - ordinary shares 3 5 5
Total equity 5,100 5,143 5,039
Total equity and liabilities 11,569 8,233 7,721
The Notes on pages 25 to 54 are an integral part of this condensed
consolidated financial information.
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2025
Share capital Shares held by trusts Share premium reserve Retained earnings Other reserves Total equity attributable to equity Other equity Non-controlling interests - ordinary shares Total equity
shareholders of Aberdeen Group plc
Notes £m £m £m £m £m £m £m £m £m
1 January 2025 257 (123) 640 4,480 (427) 4,827 207 5 5,039
Profit/(loss) for the period - - - 247 - 247 6 (1) 252
Other comprehensive income for the period - - - (29) (29) (58) - - (58)
Total comprehensive income for the period - - - 218 (29) 189 6 (1) 194
Issue of share capital 4.16 - - - - - - - - -
Dividends paid on ordinary shares 4.10 - - - (130) - (130) - - (130)
Interest paid on other equity - - - - - - (6) - (6)
Other movements in non-controlling interests in the period - - - - - - - (1) (1)
Reserves credit for employee share-based payments - - - - 14 14 - - 14
Transfer to retained earnings for vested employee share-based payments - - - 15 (15) - - - -
Shares acquired by employee trusts - (12) - - - (12) - - (12)
Shares distributed by employee and other trusts and related dividend - 17 - (18) - (1) - - (1)
equivalents
Other movements - - - 1 - 1 - - 1
Aggregate tax effect of items recognised directly in equity 4.7 - - - 2 - 2 - - 2
30 June 2025 257 (118) 640 4,568 (457) 4,890 207 3 5,100
Share capital Shares held by trusts Share premium reserve Retained earnings Other reserves Total equity attributable to equity Other equity Non-controlling interests - ordinary shares Total equity
shareholders of Aberdeen Group plc
Notes £m £m £m £m £m £m £m £m £m
1 January 2024 257 (141) 640 4,449 (327) 4,878 207 5 5,090
Profit for the period - - - 165 - 165 6 - 171
Other comprehensive income for the period - - - 23 (7) 16 - - 16
Total comprehensive income for the period - - - 188 (7) 181 6 - 187
Issue of share capital 4.16 - - - - - - - - -
Dividends paid on ordinary shares 4.10 - - - (130) - (130) - - (130)
Interest paid on other equity - - - - - - (6) - (6)
Reserves credit for employee share-based payments - - - - 15 15 - - 15
Transfer to retained earnings for vested employee share-based payments - - - 24 (24) - - - -
Shares acquired by employee trusts - (10) - - - (10) - - (10)
Shares distributed by employee and other trusts and related dividend - 19 - (21) - (2) - - (2)
equivalents
Aggregate tax effect of items recognised directly in equity 4.7 - - - (1) - (1) - - (1)
30 June 2024 257 (132) 640 4,509 (343) 4,931 207 5 5,143
Share capital Shares held by trusts Share premium reserve Retained earnings Other reserves Total equity attributable to equity Other equity Non-controlling interests - ordinary shares Total equity
shareholders of Aberdeen Group plc
Notes £m £m £m £m £m £m £m £m £m
1 January 2024 257 (141) 640 4,449 (327) 4,878 207 5 5,090
Profit for the year - - - 237 - 237 11 - 248
Other comprehensive income for the year - - - (23) - (23) - - (23)
Total comprehensive income for the year - - - 214 - 214 11 - 225
Issue of share capital 4.16 - - - - - - - - -
Dividends paid on ordinary shares 4.10 - - - (260) - (260) - - (260)
Interest paid on other equity - - - - - - (11) - (11)
Reserves credit for employee share-based payments - - - - 26 26 - - 26
Transfer to retained earnings for vested employee share-based payments - - - 32 (32) - - - -
Transfer between reserves on impairment of subsidiaries 4.16 - - - 94 (94) - - - -
Shares acquired by employee trusts - (26) - - - (26) - - (26)
Shares distributed by employee and other trusts and related dividend - 44 - (48) - (4) - - (4)
equivalents
Aggregate tax effect of items recognised directly in equity 4.7 - - - (1) - (1) - - (1)
31 December 2024 257 (123) 640 4,480 (427) 4,827 207 5 5,039
The Notes on pages 25 to 54 are an integral part of this condensed
consolidated financial information.
Condensed consolidated statement of cash flows
For the six months ended 30 June 2025
6 months 6 months Full Year
2025 2024 2024
Notes £m £m £m
Cash flows from operating activities
Profit before tax 271 187 251
Change in operating assets (1,072) (129) 112
Change in operating liabilities 975 147 (202)
Adjustment for non-cash movements in investment income (2) (5) -
Other non-cash and non-operating items 73 (21) 77
Taxation paid (4) (9) (25)
Net cash flows from operating activities 241 170 213
Cash flows from investing activities
Cash flows from investing activities
Purchase of property, plant and equipment (2) (7) (7)
Proceeds from sale of property, plant and equipment - 1 1
Disposal of subsidiaries net of cash disposed of - 44 49
Cash recognised on acquisition of customer contracts 4.14 150 - -
Proceeds in relation to contingent consideration 2 2 7
Payments in relation to contingent consideration (5) (4) (9)
Disposal of investments in associates and joint ventures - 20 20
Purchase of financial investments (139) (49) (138)
Proceeds from sale or redemption of financial investments 484 197 360
Prepayment in respect of potential acquisition of customer contracts 1 1 1
Acquisition of intangible assets (1) (3) (26)
Net cash flows from investing activities 490 202 258
Cash flows from financing activities
Payment of lease liabilities - principal (7) (12) (23)
Payment of lease liabilities - interest (3) (3) (6)
Shares acquired by trusts (12) (9) (26)
Interest paid on subordinated liabilities and other equity (15) (15) (38)
Other interest paid (1) (1) (3)
Cash (paid)/received relating to collateral held in respect of derivatives (54) 8 14
hedging subordinated liabilities
Ordinary dividends paid 4.10 (130) (130) (260)
Net cash flows from financing activities (222) (162) (342)
Net increase in cash and cash equivalents 509 210 129
Cash and cash equivalents at the beginning of the period 1,335 1,210 1,210
Effects of exchange rate changes on cash and cash equivalents (9) (5) (4)
Cash and cash equivalents at the end of the period(1) 1,835 1,415 1,335
Supplemental disclosures on cash flows from operating activities
Interest received 37 42 93
Dividends received 45 40 82
Rental income received on investment property 17 2 2
1. Comprises cash and cash equivalents, including cash and cash
equivalents backing unit linked liabilities, and overdrafts which are reported
in other financial liabilities in the condensed consolidated statement of
financial position. Cash and cash equivalents at 30 June 2025 were £1,835m
(30 June 2024: £1,415m, 31 December 2024: £1,335m) of which £7m (30 June
2024: £3m, 31 December 2024: £nil) is included in assets of operations held
for sale in the condensed consolidated statement of financial position (refer
Note 4.15). The Group had no overdrafts at 30 June 2025 (30 June 2024:
£nil, 31 December 2024: £nil).
The Notes on pages 25 to 54 are an integral part of this condensed
consolidated financial information.
Notes to the condensed consolidated financial statements
4.1. Presentation of the condensed consolidated financial statements
(a) Basis of preparation
The condensed consolidated half year financial information has been prepared
in accordance with IAS 34 Interim Financial Reporting as adopted for use in
the UK and the Disclosure Guidance and Transparency Rules of the UK's
Financial Conduct Authority.
The accounting policies for recognition, measurement, consolidation and
presentation as set out in the Annual report and accounts for the year ended
31 December 2024 have been applied in the preparation of the condensed
consolidated half year financial information except as noted below.
(a)(i) New standards, interpretations and amendments to existing standards
that have been adopted by the Group
The Group has adopted the following new International Financial Reporting
Standards (IFRSs), interpretations and amendments to existing standards, which
are effective for annual periods beginning on or after 1 January 2025.
Amendments to existing standards:
- Lack of exchangeability - Amendments to IAS 21.
The Group's accounting policies have been updated to reflect this amendment.
Management considers the implementation of the above amendment to have no
significant impact on the Group's financial statements.
(b) Going concern
The Group's business activities, together with the factors likely to affect
its future development, performance and financial position, are set out in the
Management report and in the Annual report and accounts 2024 Strategic report.
This includes details on our liquidity and capital positions and our principal
risks, including the impacts of the macroeconomic environment and global and
regional geopolitical events on these principal risks.
In preparing these half year results on a going concern basis, the Directors
have considered the following matters and have taken into account market
uncertainty:
- The Group has cash and liquid resources of £1.7bn at 30 June 2025. In
addition, the Company has a revolving credit facility of £400m as part of
contingency funding plans. This was refinanced on 5 February 2025 and is due
to mature in 2028, with the option to extend for a further two years. It
remains undrawn.
- The Group's indicative regulatory Common Equity Tier 1 (CET1) capital
surplus on an IFPR basis was £880m in excess of capital requirements at
30 June 2025. The regulatory CET1 capital surplus does not include the value
of the Group's significant listed investment in Phoenix Group Holdings
(Phoenix).
- The Group performs regular stress and scenario analysis as described in the
Annual report and accounts 2024 Viability statement. The diverse range of
management actions available meant the Group was able to withstand these
extreme stresses.
- The Group's operational resilience processes have operated effectively
during the period including the provision of services by key outsource
providers.
Based on a review of the above factors the Directors are satisfied that the
Group and Company have and will maintain sufficient resources to enable them
to continue operating for at least 12 months from the date of approval of the
condensed consolidated financial statements. Accordingly, the financial
statements have been prepared on a going concern basis. There were no material
uncertainties relating to this going concern conclusion.
(c) Condensed consolidated half year financial information
This condensed consolidated half year financial information does not comprise
statutory accounts within the meaning of Section 434 of the Companies Act
2006. Additionally, the comparative figures for the financial year ended
31 December 2024 are not the Company's statutory accounts for that financial
year. The statutory accounts have been reported on by the Company's auditor
and delivered to the Registrar of Companies. The report of the auditor was (i)
unqualified, (ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their report, and
(iii) did not contain a statement under Section 498 (2) or (3) of the
Companies Act 2006. The condensed consolidated half year financial information
has been reviewed, not audited.
4.2. Group Structure
(a) Disposals
(a)(i) Prior period disposal of subsidiaries and other operations
During 2024, the Group made three significant disposals of subsidiaries and
other operations:
- On 26 April 2024, the Group completed the sale of its European-headquartered
Private Equity business to Patria Investments.
- On 2 July 2024, the Group completed the sale of threesixty services, its
adviser support services business, to the Fintel group.
- On 13 December 2024, the Group completed the sale of 80% of the share
capital of Focus Business Solutions (FBS) to Focus Advice Technology Holdings
Limited. The sale included the operations of the Group's digital innovation
group.
The Group's European-headquartered Private Equity business and threesixty
services were reported in the Investments and Adviser segments respectively.
FBS was reported within Other business operations and corporate costs.
Profit or (loss) on disposal of subsidiaries and other operations have been
summarised below.
£m
Disposal of European-headquartered Private Equity business as reported at 88
30 June 2024(1)
Profit on disposal of subsidiaries and other operations for the six months 88
ended 30 June 2024
Adjustment to the provisional gain on the disposal of European-headquartered 4
Private Equity business(1)
Disposal of threesixty services 9
Disposal of FBS (12)
Profit on disposal of subsidiaries and other operations for the 12 months 89
ended 31 December 2024
1. A provisional gain on sale of £88m was reported in the Group's HY24
results. The Group subsequently agreed with Patria Investments an additional
£4m payment comprising of a £2m uplift in the additional upfront
consideration and a £2m payment of additional unsettled outstanding balances
which were previously intercompany balances. The profit on disposal on
subsidiaries and other operations for the six months ended 30 June 2024 has
not been updated as this adjustment to the gain was not considered material.
(a)(ii) Prior period disposal of joint ventures
Virgin Money Unit Trust Managers (Virgin Money UTM)
Profit on disposal of interests in associates and joint ventures for the six
months ended 30 June 2024 and the 12 months ended 31 December 2024 of £11m
relates to the sale of the Group's interest in Virgin Money UTM to its joint
venture partner, Clydesdale Bank, on 2 April 2024 for a cash consideration of
£20m. Prior to the sale, the Group's interest in Virgin Money UTM was
classified as held for sale and had a carrying value of £9m. The interest in
Virgin Money UTM did not form part of the Group's reportable segments.
4.3. Segmental analysis
The Group's reportable segments have been identified in accordance with the
way in which the Group is structured and managed. IFRS 8 Operating Segments
requires that the information presented in the financial statements is based
on information provided to the 'Chief Operating Decision Maker'.
(a) Basis of segmentation
Reportable segments
interactive investor (ii)
ii, our direct investing platform and our financial planning business, abrdn
Financial Planning and Advice Limited (aFPAL).
Adviser
Our UK financial adviser business which provides platform services to wealth
managers and advisers along with the Group's Managed Portfolio Service
business. It also included threesixty services until its sale on 2 July 2024.
Refer Note 4.2(a)(i) for further details.
Investments
Our global asset management business which provides investment solutions for
Institutional, Retail Wealth and Insurance Partners clients.
In addition to the Group's reportable segments above, the analysis of adjusted
profit in Section b(i) below also reports the following:
Other business operations and corporate costs (Other)
Other comprises Finimize along with certain corporate costs. It also included
the Group's digital innovation group until the partial sale of Focus Business
Solutions on 13 December 2024. Refer Note 4.2(a)(i) for further details.
These are all reported to the level of adjusted operating profit.
(b) Reportable segments - adjusted profit and revenue information
(b)(i) Analysis of adjusted profit
Adjusted operating profit is presented by reportable segment in the table
below.
ii Adviser Investments Other Total
6 months 2025 Notes £m £m £m £m £m
Adjusted net operating revenue 4.4 154 102 371 1 628
Adjusted operating expenses (85) (60) (336) (22) (503)
Adjusted operating profit 69 42 35 (21) 125
Adjusted net financing costs and investment return 56
Adjusted profit before tax 181
Tax on adjusted profit (40)
Adjusted profit after tax 141
Adjusted for the following items
Restructuring and corporate transaction expenses 4.6 (41)
Amortisation and impairment of intangible assets acquired in business 4.6 (65)
combinations
and through the purchase of customer contracts
Change in fair value of significant listed investments 4.5 155
Dividends from significant listed investments 4.5 28
Share of profit or loss from associates and joint ventures 4.12 8
Other 4.9 5
Total adjusting items 90
Tax on adjusting items 21
Profit attributable to other equity holders (6)
Loss attributable to non-controlling interests - ordinary shares 1
Profit for the period attributable to equity shareholders of Aberdeen Group 247
plc
Profit attributable to other equity holders 6
Loss attributable to non-controlling interests - ordinary shares (1)
Profit for the period 252
Adjusted net operating revenue is reported as the measure of revenue in the
analysis of adjusted operating profit and relates to revenues generated from
external customers.
ii Adviser Investments Other Total
6 months 2024 Notes £m £m £m £m £m
Adjusted net operating revenue(1) 4.4 137 119 406 5 667
Adjusted operating expenses (82) (54) (372) (31) (539)
Adjusted operating profit 55 65 34 (26) 128
Adjusted net financing costs and investment return 42
Adjusted profit before tax 170
Tax on adjusted profit (41)
Adjusted profit after tax 129
Adjusted for the following items
Restructuring and corporate transaction expenses 4.6 (51)
Amortisation and impairment of intangible assets acquired in business 4.6 (64)
combinations and through the purchase of customer contracts
Profit on disposal of subsidiaries and other operations 4.2 88
Profit on disposal of interests in associates and joint ventures 4.2 11
Change in fair value of significant listed investments 4.5 (15)
Dividends from significant listed investments 4.5 28
Share of profit or loss from associates and joint ventures 4.12 21
Other 4.9 (1)
Total adjusting items 17
Tax on adjusting items 25
Profit attributable to other equity holders (6)
Profit for the period attributable to equity shareholders of Aberdeen Group 165
plc
Profit attributable to other equity holders 6
Profit for the period 171
1. In 2024 the measure of segmental revenue was renamed from net
operating revenue to adjusted net operating revenue. See Note 4.4(c) for a
reconciliation of these revenue measures.
ii Adviser Investments Other Total
Full Year 2024 Notes £m £m £m £m £m
Adjusted net operating revenue(1) 4.4 278 237 797 9 1,321
Adjusted operating expenses (162) (111) (736) (57) (1,066)
Adjusted operating profit 116 126 61 (48) 255
Adjusted net financing costs and investment return 99
Adjusted profit before tax 354
Tax on adjusted profit (70)
Adjusted profit after tax 284
Adjusted for the following items
Restructuring and corporate transaction expenses 4.6 (100)
Amortisation and impairment of intangible assets acquired in business 4.6 (129)
combinations and through the purchase of customer contracts
Profit on disposal of subsidiaries and other operations 4.2 89
Profit on disposal of interests in associates and joint ventures 4.2 11
Change in fair value of significant listed investments 4.5 (27)
Dividends from significant listed investments 4.5 56
Share of profit or loss from associates and joint ventures 4.12 24
Other 4.9 (27)
Total adjusting items (103)
Tax on adjusting items 67
Profit attributable to other equity holders (11)
Profit for the year attributable to equity shareholders of Aberdeen Group plc 237
Profit attributable to other equity holders 11
Profit for the year 248
1. In 2024 the measure of segmental revenue was renamed from net
operating revenue to adjusted net operating revenue. See Note 4.4(c) for a
reconciliation of these revenue measures.
4.4. Net operating revenue
(a) Revenue from contracts with customers
The following table provides a breakdown of total revenue from contracts with
customers.
6 months 6 months Full Year
2025 2024 2024
£m £m £m
ii
Fee income - Advice 12 13 25
Account fees 26 26 52
Trading transactions 45 33 70
Treasury income 75 68 138
Revenue from contracts with customers for the ii segment 158 140 285
Adviser
Platform charges 84 97 196
Treasury income 15 17 33
Other revenue from contracts with customers 3 6 10
Revenue from contracts with customers for the Adviser segment 102 120 239
Investments
Management fee income - Institutional and Retail Wealth 318 344 679
Management fee income - Insurance Partners 57 70 116
Performance fees and carried interest 4 7 20
Other revenue from contracts with customers 17 11 22
Revenue from contracts with customers for the Investments segment 396 432 837
Revenue from contracts with customers for Other 1 5 9
Total revenue from contracts with customers 657 697 1,370
(b) Cost of sales
The following table provides a breakdown of total cost of sales.
6 months 6 months Full Year
2025 2024 2024
£m £m £m
Commission expenses 25 22 48
Other cost of sales 4 8 17
Total cost of sales 29 30 65
Other cost of sales includes amounts payable to employees and others relating
to carried interest and performance fee revenue. Cost of sales for each of the
Group's reportable segments is disclosed in Section (c).
(c) Reconciliation of revenue from contracts with customers to adjusted net
operating revenue as presented in the analysis of adjusted operating profit
The following table provides a reconciliation of revenue from contracts with
customers as presented in the condensed consolidated income statement to
adjusted net operating revenue as presented in the analysis of adjusted
operating profit (see Note 4.3(b) for each of the Group's reportable
segments).
ii Adviser Investments Other Total
6 months ended 30 June 2025 £m £m £m £m £m
Revenue from contracts with customers 158 102 396 1 657
Cost of sales (4) - (25) - (29)
Net operating revenue as presented in the condensed consolidated income 154 102 371 1 628
statement
Other differences - - - - -
Adjusted net operating revenue as presented in the analysis of adjusted 154 102 371 1 628
operating profit by segment
ii Adviser Investments Other Total
6 months ended 30 June 2024 £m £m £m £m £m
Revenue from contracts with customers 140 120 432 5 697
Cost of sales (3) (1) (26) - (30)
Net operating revenue as presented in the condensed consolidated income 137 119 406 5 667
statement
Other differences - - - - -
Adjusted net operating revenue as presented in the analysis of adjusted 137 119 406 5 667
operating profit by segment
ii Adviser Investments Other Total
12 months ended 31 December 2024 £m £m £m £m £m
Revenue from contracts with customers 285 239 837 9 1,370
Cost of sales (7) (2) (56) - (65)
Net operating revenue as presented in the condensed consolidated income 278 237 781 9 1,305
statement
Other differences - - 16 - 16
Adjusted net operating revenue as presented in the analysis of adjusted 278 237 797 9 1,321
operating profit by segment
There were no differences between net operating revenue and adjusted net
operating revenue for the six months ended 30 June 2025 and 30 June 2024.
Net operating revenue as presented in the condensed consolidated income
statement for the 12 months ended 31 December 2024 included a reduction
related to revenue recognised in previous years. As this was not material, it
was adjusted for prospectively rather than restating comparative amounts.
Other differences for the 12 months ended 31 December 2024 reflect the effect
of removing this adjustment as it did not relate to revenue recognised in this
period.
4.5. Net gains or losses on financial instruments and other income
6 months 6 months Full Year
2025 2024 2024
£m £m £m
Fair value movements and dividend income on significant listed investments
Fair value movements on significant listed investments (other than dividend 155 (15) (27)
income)
Dividend income from significant listed investments 28 28 56
Total fair value movements and dividend income on significant listed 183 13 29
investments
Non-unit linked business - excluding significant listed investments
Net gains or losses on financial instruments at fair value through profit or 24 23 26
loss
Interest and similar income from financial instruments at amortised cost 33 37 87
Foreign exchange gains or losses on financial instruments at amortised cost (5) (2) -
Other income 15 15 19
Net gains or losses on financial instruments and other income - non-unit 67 73 132
linked business - excluding significant listed investments
Unit linked business
Net gains or losses on financial instruments at fair value through profit or
loss
Net gains or losses on financial assets at fair value through profit or loss 65 43 56
Change in non-participating investment contract financial liabilities (75) (44) (58)
Change in liability for third party interests in consolidated funds (5) - -
Total net gains or losses on financial instruments at fair value through (15) (1) (2)
profit or loss
Net gains or losses on investment property at fair value through profit or 1 - -
loss
Rental income 16 - -
Interest and similar income from financial instruments at amortised cost 1 - 1
Interest expense on financial instruments at amortised cost (2) - -
Net gains or losses on financial instruments and other income - unit linked 1 (1) (1)
business
Total other net gains or losses on financial instruments and other income 68 72 131
Total net gains or losses on financial instruments and other income 251 85 160
4.6. Administrative and other expenses
6 months 6 months Full Year
2025 2024 2024
£m £m £m
Restructuring and corporate transaction expenses 41 51 100
Impairment of intangibles acquired in business combinations and through the
purchase of customer contracts
Impairment of intangibles acquired in business combinations 8 5 9
Amortisation of intangibles acquired in business combinations and through the
purchase of customer contracts
Amortisation of intangibles acquired in business combinations 51 54 109
Amortisation of intangibles acquired through the purchase of customer 6 5 11
contracts
Total amortisation of intangibles acquired in business combinations and 57 59 120
through the purchase of customer contracts
Staff costs and other employee-related costs 239 263 510
Other administrative expenses 259 295 574
Total administrative and other expenses(1) 604 673 1,313
1. Total administrative and other expenses includes £1m (six months
ended 30 June 2024: £nil, 12 months ended 31 December 2024: £nil) relating
to unit linked business.
There were restructuring expenses of £32m (six months ended 30 June 2024:
£45m, 12 months ended 31 December 2024: £88m), mainly consisting of costs
to effect our cost transformation programme, including related severance
expenses, and platform transformation expenses. Corporate transaction expenses
were £9m (six months ended 30 June 2024: £6m, 12 months ended 31 December
2024: £12m).
4.7. Tax expense
6 months 6 months Full Year
2025 2024 2024
£m £m £m
Current tax:
UK 11 10 11
Pillar Two Top-up tax 2 1 1
Overseas 3 3 7
Adjustment to tax expense in respect of prior periods 2 (1) (4)
Total current tax 18 13 15
Deferred tax:
Deferred tax (credit)/expense arising from the current period(1) (1) 2 (5)
Adjustment to deferred tax in respect of prior periods 2 1 (7)
Total deferred tax 1 3 (12)
Total tax expense(2) 19 16 3
1. The Group applies the exception to recognising and disclosing
information about deferred tax assets and liabilities related to Pillar Two
income taxes.
2. The tax expense of £19m (six months ended 30 June 2024: tax
expense of £16m, 12 months ended 31 December 2024: tax expense of £3m)
includes a tax expense of £nil (six months ended 30 June 2024: tax credit of
£1m, 12 months ended 31 December 2024: tax credit of £1m) relating to unit
linked business.
Tax relating to components of other comprehensive income is as follows:
6 months 6 months Full Year
2025 2024 2024
£m £m £m
Tax relating to fair value gains and losses recognised on cash flow hedges (12) 2 4
Tax relating to cash flow hedge gains and losses transferred to the condensed 12 (2) (4)
consolidated income statement
Equity holder tax effect relating to items that may be reclassified - - -
subsequently to profit or loss
Tax relating to other comprehensive income - - -
All of the amounts presented above are in respect of equity holders of
Aberdeen Group plc.
Tax relating to items taken directly to equity is as follows:
6 months 6 months Full Year
2025 2024 2024
£m £m £m
Tax relating to share-based payments (2) 1 1
Tax relating to items taken directly to equity (2) 1 1
4.8. Earnings per share
Basic earnings per share is calculated by dividing profit or loss attributable
to ordinary equity holders by the weighted average number of ordinary shares
in issue during the period excluding shares owned by the employee trusts that
have not vested unconditionally to employees.
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares in issue during the period to assume the conversion
of all dilutive potential ordinary shares, such as share options granted to
employees.
Adjusted earnings per share is calculated on adjusted profit after tax
attributable to ordinary equity holders of the Company.
The following table shows details of basic, diluted and adjusted earnings per
share.
6 months 6 months Full Year
2025 2024 2024
£m £m £m
Adjusted profit before tax 181 170 354
Tax on adjusted profit (40) (41) (70)
Adjusted profit after tax 141 129 284
Attributable to:
Other equity holders (6) (6) (11)
Non-controlling interests - ordinary shares 1 - -
Adjusted profit after tax attributable to equity shareholders of Aberdeen 136 123 273
Group plc
Total adjusting items 90 17 (103)
Tax on adjusting items 21 25 67
Profit attributable to equity shareholders of Aberdeen Group plc 247 165 237
6 months 6 months Full Year
2025 2024 2024
Millions Millions Millions
Weighted average number of ordinary shares outstanding 1,794 1,794 1,796
Dilutive effect of share options and awards 29 22 22
Weighted average number of diluted ordinary shares outstanding 1,823 1,816 1,818
6 months 6 months Full Year
2025 2024 2024
Pence Pence Pence
Basic earnings per share 13.8 9.2 13.2
Diluted earnings per share 13.5 9.1 13.0
Adjusted earnings per share 7.6 6.9 15.2
Adjusted diluted earnings per share 7.5 6.8 15.0
4.9. Adjusted profit and adjusting items
Adjusted profit excludes the impact of the following items:
- Restructuring and corporate transaction expenses. Restructuring includes the
impact of major regulatory change.
- Amortisation and impairment of intangible assets acquired in business
combinations and through the purchase of customer contracts.
- Profit or loss arising on the disposal of a subsidiary, joint venture or
equity accounted associate.
- Change in fair value of/dividends from significant listed investments.
- Share of profit or loss from associates and joint ventures.
- Impairment loss/reversal of impairment loss recognised on investments in
associates and joint ventures accounted for using the equity method.
- Fair value movements in contingent consideration.
- Items which are one-off and, due to their size or nature, are not indicative
of the long-term operating performance of the Group.
The tax expense or credit allocated to adjusting items is based on the tax
treatment of each adjusting item.
The operating, investing and financing cash flows presented in the condensed
consolidated statement of cash flows are for both adjusting and non-adjusting
items.
(a) Other
Other adjusting items for the six months ended 30 June 2025 include:
- A £14m gain (six months ended 30 June 2024: £12m gain, 12 months ended
31 December 2024: £11m gain) for net fair value movements in contingent
consideration.
- A £(1)m fair value loss (six months ended 30 June 2024: £2m gain, 12
months ended 31 December 2024: £nil) on a financial instrument liability
related to a prior period acquisition.
- £(7)m net expense (six months ended 30 June 2024: £(4)m net expense, 12
months ended 31 December 2024: £(10)m net expense) related to properties
which are not being used operationally.
Other adjusting items for the six months ended 30 June 2024 and the 12 months
ended 31 December 2024 included:
- A £(15)m negative release to Other administrative expenses of the
prepayment recognised in relation to the Group's purchase of Phoenix's trustee
investment plan business for UK pension scheme clients.
- A gain of £5m for the six months ended 30 June 2024 and a gain of £4m for
the 12 months ended 31 December 2024 in relation to market gains and losses
on the investments held by the Aberdeen Group Charitable Trust (previously
named abrdn Financial Fairness Trust) which is consolidated by the Group (six
months ended 30 June 2025: £nil). The assets of the Trust are restricted to
be used for charitable purposes.
Other adjusting items for the 12 months ended 31 December 2024 also included:
- £(16)m negative adjustment to Revenue from contracts with customers
recognised in prior periods which were not restated as the impact was not
considered material.
4.10. Dividends on ordinary shares
6 months 2025 6 months 2024 Full Year 2024
Pence per £m(1) Pence per share £m Pence per share £m
share
Dividends paid in reporting period
Current year interim dividend - - - - 7.30 130
Final dividend for prior year 7.30 130 7.30 130 7.30 130
Total dividends paid in reporting period 130 130 260
Dividends relating to reporting period
Interim dividend 7.30 131 7.30 130 7.30 130
Final dividend - - - - 7.30 130
Total dividends relating to reporting period 131 130 260
1. Estimated for current period interim recommended dividend.
Subsequent to 30 June 2025, the Board has declared an interim dividend for
2025 of 7.30 pence per ordinary share (interim 2024: 7.30 pence), estimated at
£131m (interim 2024: £130m). The dividend is expected to be paid on 23
September 2025 and will be recorded as an appropriation of retained earnings
in the financial statements for the year ended 31 December 2025.
4.11. Intangible assets
30 Jun 30 Jun 31 Dec
2025 2024 2024
£m £m £m
Acquired through business combinations
Goodwill 881 907 908
Brand 6 10 8
Customer relationships and investment management contracts 422 530 479
Technology and other 1 10 5
Internally developed software 15 14 15
Cost of obtaining customer contracts 55 43 59
Total intangible assets 1,380 1,514 1,474
Goodwill at 30 June 2025 comprises a gross carrying value of £4,641m
(30 June 2024: £4,704m, 31 December 2024: £4,705m) and accumulated
impairment of £3,760m (30 June 2024: £3,797m, 31 December 2024: £3,797m).
During the six months ended 30 June 2025, £15m of goodwill and £7m of
customer relationships intangible assets relating to abrdn Financial Planning
and Advice Limited (aFPAL) were reclassified as held for sale. Refer Note 4.15
for further details. These assets are included in the abrdn financial planning
business (aFP) cash-generating unit (CGU).
Prior to the reclassification, the Group recognised an impairment of £8m of
the goodwill in this CGU. The impairment was recognised in the six months
ended 30 June 2025. The impairment reflected that the net assets of the CGU
including the goodwill were higher than the fair value of the expected sale
consideration from the sale of aFPAL.
The recoverable amount of the aFP CGU at 30 June 2025 was £26m which was
based on the estimated fair value less costs of disposal (FVLCD) and was based
on a number of probability weighted outcomes. This is a level 3 measurement as
it is measured using inputs which are not based on observable market data.
During the six months ended 30 June 2024 and the 12 months ended 31 December
2024, the Group recognised a goodwill impairment of £5m relating to the
Finimize CGU which is reported within Other business operations and corporate
costs. The impairment was recognised at 30 June 2024. Following this
impairment, the goodwill allocated to the Finimize CGU was fully impaired.
4.12. Investments in associates and joint ventures accounted for using the
equity method
30 Jun 30 Jun 31 Dec
2025 2024 2024
£m £m £m
Associates
Other 14 15 14
Joint ventures
Heng An Standard Life (HASL) 166 183 190
Other 1 - 1
Total investments in associates and joint ventures accounted for using the 181 198 205
equity method
The share of profit or loss and other comprehensive income from associates and
joint ventures for the six months ended 30 June 2025 of £8m (six months
ended 30 June 2024: £21m, 12 months ended 31 December 2024: £24m) and
£(19)m (six months ended 30 June 2024: £(49)m, 12 months ended 31 December
2024: £(47)m) respectively primarily relates to HASL.
4.13. Property, plant and equipment
30 Jun 30 Jun 31 Dec
2025 2024 2024
£m £m £m
Equipment 31 44 37
Right of use assets - property 84 105 97
Right of use assets - equipment 1 1 1
Total property, plant and equipment 116 150 135
No impairments of or reversal of impairments for right-of-use assets for
property have been recognised in the six months ended 30 June 2025 (six
months ended 30 June 2024: none, 12 months ended 31 December 2024: none).
Right of use assets - property includes £8m (30 June 2024: £28m,
31 December 2024: £22m) which meets the definition of investment property.
Non-unit linked investment property is recognised at cost less depreciation
and impairment.
During the six months ended 30 June 2025, the Group disposed of £14m of
property right-of-use assets that met the definition of investment property.
The disposals relate to assignations of leases relating to a number of floors
within a property in the UK. The assignation also resulted in the
derecognition of related lease liabilities of £28m and a gain of £10m has
been recognised within restructuring and corporate transaction expenses as a
result of the assignations.
During the 12 months ended 31 December 2024, the Group also disposed of £5m
of property right-of-use assets which related to assignation of the lease for
another floor in the same property. The assignation resulted in the
derecognition of related lease liabilities of £10m and a gain of £3m. There
were no assignations of leases in the six months ended 30 June 2024.
4.14. Unit linked liabilities and assets backing unit linked liabilities
(a) Result for the period attributable to unit linked business
6 months 6 months Full Year
2025 2024 2024
Notes £m £m £m
Net gains or losses on financial instruments and other income 4.5 1 (1) (1)
Other administrative expenses 4.6 (1) - -
Loss before tax - (1) (1)
Tax credit attributable to unit linked business 4.7 - 1 1
Profit after tax - - -
(b) Transfer of Phoenix's TIP business
The transfer of Phoenix's TIP business completed on 28 March 2025. The
transfer was made under the terms of a scheme under Part VII of the Financial
Services and Market Act 2000 under which all the TIP contracts along with the
underlying assets and liabilities backing the contract were transferred to the
Group. The transfer of the TIP contracts did not meet the definition of a
business under UK adopted international accounting standards and the transfer
has not been accounted for as a business combination. The net upfront
consideration of £4m has been recognised within intangible assets.
At the date of the transfer the unit linked liabilities and assets backing
unit linked liabilities for the TIP contracts netted to £nil. The breakdown
of these at the date of the transfer is given below.
28 March 2025 £m
Investment property 1,097
Financial investments 1,627
Receivables and other financial assets 38
Cash and cash equivalents 150
Total assets backing unit linked liabilities 2,912
Investment contract liabilities 2,876
Other unit linked financial liabilities 36
Total unit linked financial liabilities 2,912
The unit linked liabilities and the assets backing the unit linked liabilities
were recognised at their fair value at the date of transfer.
(c) Assets held for sale backing unit linked liabilities
30 Jun 30 Jun 31 Dec
2025 2024 2024
£m £m £m
Investment property 147 - -
Debt securities 120 - -
Assets held for sale backing unit linked liabilities 267 - -
Assets held for sale comprises investment property and property related debt
securities, known as income strips, which were being actively marketed for
sale at 30 June 2025.
(d) Fair value measurement of unit linked liabilities and assets backing unit
linked liabilities
(d)(i) Fair value hierarchy for assets backing unit linked liabilities
measured at fair value in the condensed consolidated statement of financial
position
The table below presents the Group's assets backing unit linked liabilities
measured at fair value by level of the fair value hierarchy defined in Note
4.19. Refer Note 4.19 for details of valuation techniques used.
As recognised in the condensed consolidated statement of financial position Classified as held for sale Total
line item
30 Jun 2025 30 Jun 2024 31 Dec 2024 30 Jun 2025 30 Jun 2024 31 Dec 2024 30 Jun 2025 30 Jun 2024 31 Dec 2024
£m £m £m £m £m £m £m £m £m
Derivative financial assets 8 - - - - - 8 - -
Equity securities and interests in pooled investment vehicles 1,355 652 616 - - - 1,355 652 616
Debt securities 1,070 3 33 120 - - 1,190 3 33
Financial investments 2,433 655 649 120 - - 2,553 655 649
Investment property 912 - - 147 - - 1,059 - -
Total assets at fair value backing unit linked liabilities 3,345 655 649 267 - - 3,612 655 649
Fair value hierarchy
Total Level 1 Level 2 Level 3
30 Jun 2025 30 Jun 2024 31 Dec 2024 30 Jun 2025 30 Jun 2024 31 Dec 2024 30 Jun 2025 30 Jun 2024 31 Dec 2024 30 Jun 2025 30 Jun 2024 31 Dec 2024
£m £m £m £m £m £m £m £m £m £m £m £m
Derivative financial assets 8 - - - - - 8 - - - - -
Equity securities and interests in pooled investment vehicles 1,355 652 616 220 362 318 1,135 290 298 - - -
Debt securities 1,190 3 33 324 - 31 402 3 2 464 - -
Financial investments 2,553 655 649 544 362 349 1,545 293 300 464 - -
Investment property 1,059 - - - - - - - - 1,059 - -
Total assets at fair value backing unit linked liabilities 3,612 655 649 544 362 349 1,545 293 300 1,523 - -
There were no significant transfers between level 1 and level 2 during the six
months ended 30 June 2025 (six months ended 30 June 2024 and 12 months ended
31 December 2024: none). Transfers are deemed to have occurred at the end of
the calendar quarter in which they arose. Refer Section 4.14(d)(iii) below for
details of movements in level 3.
(d)(ii) Fair value hierarchy for unit linked liabilities measured at fair
value in the condensed consolidated statement of financial position
The table below presents the Group's unit linked liabilities measured at fair
value by level of the fair value hierarchy defined in Note 4.19. Refer Note
4.19 for details of valuation techniques used.
Fair value hierarchy
Total Level 1 Level 2 Level 3
30 Jun 2025 30 Jun 2024 31 Dec 2024 30 Jun 2025 30 Jun 2024 31 Dec 2024 30 Jun 2025 30 Jun 2024 31 Dec 2024 30 Jun 2025 30 Jun 2024 31 Dec 2024
£m £m £m £m £m £m £m £m £m £m £m £m
Investment contract liabilities 3,600 670 665 - - - 2,077 670 655 1,523 - -
Liabilities in respect of third party interest in consolidated funds 117 - - - - - 117 - - - - -
Derivative financial liabilities 3 - - - - - 3 - - - - -
Total unit linked liabilities at fair value 3,720 670 665 - - - 2,197 670 655 1,523 - -
There were no significant transfers between level 1 and level 2 during the six
months ended 30 June 2025 (six months ended 30 June 2024 and 12 months ended
31 December 2024: none). Refer Section 4.14(d)(iii) below for details of
movements in level 3.
(d)(iii) Reconciliation of movements in level 3 instruments
The movements during the period of level 3 assets backing unit linked
liabilities and unit linked liabilities held at fair value are analysed below.
Debt securities (income strips) Investment property Investment contract liabilities
30 Jun 2025 30 Jun 2024 31 Dec 2024 30 Jun 2025 30 Jun 2024 31 Dec 2024 30 Jun 2025 30 Jun 2024 31 Dec 2024
£m £m £m £m £m £m £m £m £m
At start of period - - - - - - - - -
Total (losses)/gains recognised in the condensed consolidated income statement (5) - - 1 - - 4 - -
Transfers in(1) 531 - - 1,097 - - (1,628) - -
Purchases 1 - - 2 - - (3) - -
Sales and other adjustments (63) - - (41) - - 104 - -
At end of period 464 - - 1,059 - - (1,523) - -
1. Relates to the Part VII TIP transfer as outlined in Section
4.14(b) above.
For the six months ended 30 June 2025, no net gains or losses were recognised
in the condensed consolidated income statement in respect of assets backing
unit linked liabilities and unit linked liabilities held at fair value
classified as level 3 at the period end (six months ended 30 June 2024:
£nil, 12 months ended 31 December 2024: £nil). All gains and losses were
recognised in Net gains or losses on financial instruments and other income.
The significant unobservable inputs for the valuation of unit linked
investment property and debt securities (income strips) are detailed below.
Fair value
30 Jun 2025 30 Jun 2024 31 Dec 2024
£m £m £m Valuation technique Unobservable input Weighted average
Debt securities (income strips) 464 - - Income capitalisation Initial yield 5.16%
Investment property 1,059 - - Income capitalisation Expected income per square metre £282
Estimated rental value per room £8,237
Estimated rental value per parking space £885
Initial yield 5.17%
The shareholder is not directly exposed to movements in the value of unit
linked level 3 instruments as any movement in the value of investment property
and debt securities (income strips) is offset by an equivalent movement in the
value of the related investment contract liabilities. On the basis of this, no
sensitivities have been provided.
4.15. Assets and liabilities held for sale
30 Jun 30 Jun 31 Dec
2025 2024 2024
£m £m £m
Assets of operations held for sale
abrdn Financial Planning and Advice Limited (aFPAL) 33 - -
threesixty services(1) - 6 -
Investment vehicles - 5 17
Assets held for sale 33 11 17
Liabilities of operations held for sale
abrdn Financial Planning and Advice Limited (aFPAL) 7 - -
threesixty services(1) - 2 -
Liabilities of operations held for sale 7 2 -
1. The sale of the Group's threesixty services business was
completed on 2 July 2024. Refer Note 4.2 for further details.
aFPAL, which is in the ii segment, has been classified as an operation held
for sale at 30 June 2025. The net assets at 30 June 2025 of £26m includes
intangible assets of £22m. The Group is currently undertaking an active
exercise to identify a buyer for this business and a sale is expected to be
completed within the next 12 months.
4.16. Issued share capital and share premium, shares held by trusts, retained
earnings and other reserves
(a) Issued share capital and share premium
The movement in the issued ordinary share capital and share premium of the
Company was:
6 months 2025 6 months 2024 Full Year 2024
Ordinary share capital Share premium Ordinary share capital Share premium Ordinary share capital Share premium
Issued shares fully paid 13 61/63p each £m £m 13 61/63p each £m £m 13 61/63p each £m £m
At start of period 1,840,742,629 257 640 1,840,740,364 257 640 1,840,740,364 257 640
Shares issued in respect of share incentive plans 872 - - 1,120 - - 2,265 - -
At end of period 1,840,743,501 257 640 1,840,741,484 257 640 1,840,742,629 257 640
All ordinary shares in issue in the Company rank pari passu and carry the same
voting rights and entitlement to receive dividends and other distributions
declared or paid by the Company.
The Company can issue shares to satisfy awards granted under employee
incentive plans which have been approved by shareholders.
(b) Shares held by trusts
Shares held by trusts relate to shares in the Company that are held by the
abrdn Employee Benefit Trust (abrdn EBT), abrdn Employee Trust (abrdn ET) and
the Aberdeen Asset Management Employee Benefit Trust 2003
(AAM EBT).
The abrdn EBT, abrdn ET and AAM EBT purchase shares in the Company for
delivery to employees under employee incentive plans. Purchased shares are
recognised as a deduction from equity at the price paid for them. Where new
shares are issued to the abrdn EBT, abrdn ET or AAM EBT the price paid is the
nominal value of the shares. When shares are distributed from the trust their
corresponding value is released to retained earnings.
The number of shares held by trusts was as follows:
30 Jun 30 Jun 31 Dec
2025 2024 2024
Number of shares held by trusts
abrdn Employee Benefit Trust 29,109,797 32,299,515 30,362,961
abrdn Employee Trust 21,715,815 22,032,503 21,888,159
Aberdeen Asset Management Employee Benefit Trust 2003 1,695,590 1,926,756 1,707,127
(c) Retained earnings and other reserves
Following the impairment of the Company's investment in abrdn Investments
(Holdings) Limited, £94m was transferred from the merger reserve to retained
earnings during the 12 months ended 31 December 2024.
There were no transfers from the merger reserve to retained earnings during
the six months ended 30 June 2025 and the six months ended 30 June 2024.
4.17. Pension and other post-retirement benefit provisions
The Group operates a number of defined benefit pension plans, the largest of
which is the Group principal UK plan, the Aberdeen Group Pension Scheme
(previously included as the abrdn UK Group (SLSPS) plan) which is closed to
future accrual. The Group also operates two other UK defined benefit plans,
which are closed to future accrual, the abrdn ROI plan, which has two
employees accruing future benefits, and a number of smaller funded and
unfunded defined benefit plans in other countries.
For the UK plans, the trustees set the plan investment strategies to protect
the ratio of plan assets to the trustees' measure of the value of assets
needed to meet the trustees' objectives. The investment strategies do not aim
to protect an IAS 19 surplus or ratio of plan assets to the IAS 19 measure of
liabilities.
(a) Analysis of amounts recognised in the condensed consolidated income
statement
The amounts recognised in the condensed consolidated income statement for
defined contribution and defined benefit plans are as follows:
6 months 6 months Full Year
2025 2024 2024
£m £m £m
Current service cost 24 24 48
Net interest income (22) (16) (33)
Administrative expenses 4 9 11
Expense recognised in the condensed consolidated income statement 6 17 26
In addition, for the six months ended 30 June 2025, losses of £10m (six
months ended 30 June 2024 gains of £72m, 12 months ended 31 December 2024:
gains of £24m) have been recognised in other comprehensive income in the
condensed consolidated statement of comprehensive income in relation to
remeasurement of the defined benefit plans.
(b) Analysis of amounts recognised in the condensed consolidated statement of
financial position
Pension and other post-retirement benefit assets at 30 June 2025 of £794m
(30 June 2024: £821m, 31 December 2024: £786m) includes the following
amounts in relation to the principal plan:
30 Jun 30 Jun 31 Dec
2025 2024 2024
£m £m £m
Present value of funded obligation (1,528) (1,650) (1,552)
Fair value of plan assets 2,561 2,736 2,591
Net asset before the limit on plan surplus 1,033 1,086 1,039
Effect of limit on plan surplus(1) (246) (271) (260)
Net asset 787 815 779
1. Except for amounts that it is agreed will be used to fund the cost of
providing defined contributions (see below), UK recoverable surpluses are
reduced to reflect an authorised surplus payments charge of 25% that would
arise on a refund.
A pension plan surplus is considered to be recoverable where an unconditional
right to a refund exists.
While the Group continues to work with the trustee on the long-term strategic
options for the plan, the Group has reached agreement with the trustee to
utilise part of the existing surplus to fund the cost of providing defined
contribution benefits to current employees with an annual review of other
options including an insurance buyout and with certain guardrails ensuring the
continued financial strength of the plan. In the first half of 2025, the Group
has completed the employee consultation and has agreed with the trustee the
defined contribution funding of
c.£48m for the period from 1 July 2025 to 30 June 2026. This will result in
an annual benefit of c.£35m to net capital generation from July 2025. The
agreement enables the Group to unlock value from the plan, while largely
maintaining the surplus and retaining future optionality. See Note 31 in the
Annual report and accounts 2024 for more information.
The Group has continued to consider the implications of the Virgin Media Ltd v
NTL Pension Trustees decision, delivered by the High Court on 16 June 2023 and
upheld by the Court of Appeal in July 2024 and has noted that the UK
government announced in June 2025 its intention to introduce legislation to
give affected pension schemes the ability to retrospectively obtain written
actuarial confirmation that historic benefit changes met the necessary
standards.
(c) Principal assumptions
Determination of the valuation of principal plan liabilities is a key estimate
as a result of the assumptions made relating to both economic and non-economic
factors.
The key economic assumptions for the principal plan, which are based in part
on current market conditions, are shown below:
30 Jun 30 Jun 31 Dec
2025 2024 2024
% % %
Discount rate 5.70 5.25 5.60
Rates of inflation
Consumer Price Index (CPI) 2.65 2.80 2.75
Retail Price Index (RPI) 3.00 3.15 3.10
The changes in economic assumptions over the period reflect changes in both
corporate bond prices and market implied inflation. The underlying methodology
used to set these key economic assumptions has not changed over the reporting
period. The population of corporate bond prices excludes bonds issued by UK
universities. The inflation assumption reflects the future reform of RPI
effective from 2030.
4.18. Provisions
30 Jun 30 Jun 31 Dec
2025 2024 2024
£m £m £m
Provisions
Tax related provisions 41 42 41
Other provisions 20 20 23
Total provisions 61 62 64
The provision for a potential liability of £41m (30 June 2024: £42m,
31 December 2024: £41m) relates to a disputed tax matter which is the
subject of an ongoing appeal. Any resolution is not expected to be until 2026
at the earliest. A reimbursement asset has been recognised within receivables
and other financial assets for £19m (30 June 2024: £18m, 31 December 2024:
£19m) which is an expected recovery in the event of any settlement.
4.19. Fair value of assets and liabilities
(a) Fair value hierarchy
In determining fair value, the following fair value hierarchy categorisation
has been used:
- Level 1: Fair values measured using quoted prices (unadjusted) in active
markets for identical assets or liabilities. An active market exists where
transactions take place with sufficient frequency and volume to provide
pricing information on an ongoing basis.
- Level 2: Fair values measured using inputs other than quoted prices included
within level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
- Level 3: Fair values measured using inputs that are not based on observable
market data (unobservable inputs).
Information on the methods and assumptions used to determine fair values for
equity securities and interests in pooled investment funds, debt securities
(excluding income strips) and derivatives measured at fair value is given
below:
Equities and interests in pooled investment funds(1,2) Debt securities (excluding income strips) Derivatives(3)
Level 1 Equity instruments listed on a recognised exchange valued using prices sourced Debt securities listed on a recognised exchange valued using prices sourced Exchange traded derivatives valued using prices sourced from the relevant
from their primary exchange. from their primary exchange. exchange.
Level 2 Pooled investment funds where daily unit prices are available and reference is Debt securities valued using prices received from external pricing providers Over-the-counter derivatives measured using a range of valuation models
made to observable market data. based on quotes received from a number of market participants. including discounting future cash flows and option valuation techniques.
Debt securities valued using models and standard valuation formulas based on
observable market data(4).
Level 3 These relate primarily to interests in private equity, real estate and Debt securities valued using prices received from external pricing providers N/A
infrastructure funds which are valued at net asset value. Underlying real based on a single broker indicative quote.
estate and private equity investments are generally valued in accordance with
independent professional valuation reports or International Private Equity and
Venture Capital Valuation Guidelines where relevant. The underlying
investments in infrastructure funds are generally valued based on the phase of Debt securities valued using models and standard valuation formulas based on
individual projects forming the overall investment and discounted cash flow unobservable market data(4).
techniques based on project earnings.
Where net asset values are not available at the same date as the reporting
date, the latest available valuations are reviewed and, where appropriate,
adjustments are made to reflect the estimated impact of changes in market
conditions between the date of the valuation and the end of the reporting
period.
Other unlisted equity securities are generally valued using a calibration to
the price of a recent investment.
1. Investments in associates at fair value through profit or loss
are valued in the same manner as the Group's equity securities and interests
in pooled investment funds.
2. Where pooled investment funds have been seeded and the investment
in the funds have been classified as held for sale, the costs to sell are
assumed to be negligible. The fair value of pooled investment funds held for
sale is calculated as equal to the observable unit price.
3. Non-performance risk arising from the credit risk of each
counterparty is also considered on a net exposure basis in line with the
Group's risk management policies. At 30 June 2025, 30 June 2024 and
31 December 2024, the residual credit risk is considered immaterial and no
credit risk adjustment has been made.
4. If prices are not available from the external pricing providers
or are considered to be stale, the Group has established procedures to arrive
at an internal assessment of the fair value.
Investment property
The fair value of unit linked investment property is based on valuations
provided by external property valuation experts. The fair value of investment
property is measured based on each property's highest and best use from a
market participant's perspective and considers the potential uses of the
property that are physically possible, legally permissible and financially
feasible.
Valuations are completed in accordance with the Royal Institution of Chartered
Surveyors (RICS) valuation standards. These are predominantly produced using
an income capitalisation approach. The income capitalisation approach is based
on capitalising an annual net income stream using an appropriate yield. The
annual net income is based on both current and estimated future net income.
The yield and future net income used is determined by considering recent
transactions involving property with similar characteristics to the property
being valued. Where appropriate, adjustments will be made by the valuer to
reflect differences between the characteristics of the property being valued
and the recent market transactions considered.
As income capitalisation valuations generally include significant unobservable
inputs including unobservable adjustments to recent market transactions, these
assets are categorised as level 3 within the fair value hierarchy.
Income strips
In addition to direct investment in investment property, the assets backing
unit linked liabilities includes debt securities known as income strips.
Income strips are transactions where an owner-occupier of a property has sold
a freehold or long leasehold interest to the Group, and has signed a long
lease (typically 30-45 years) or a ground lease (typically 45-175 years) and
retains the right to repurchase the property at the end of the lease for a
nominal sum (usually £1).
The valuation technique used by the Group to value these instruments is an
income capitalisation approach, where the annual rental income is capitalised
using an appropriate yield. The yield is determined by considering recent
transactions involving similar income strips. As the income capitalisation
valuations generally include significant unobservable inputs including
unobservable adjustments to the yield observed in other income strip
transactions, these assets are categorised as level 3 in the fair value
hierarchy.
Third party interest in consolidated funds and non-participating investment
contracts
The fair value of liabilities in respect of third party interest in
consolidated funds and non-participating investment contracts are calculated
equal to the fair value of the underlying assets and liabilities.
Thus, the value of these liabilities is dependent on the methods and
assumptions set out above in relation to the underlying assets and
liabilities:
- For third party interest in consolidated funds, when the underlying assets
and liabilities are valued using readily available market information, the
liabilities in respect of third party interest in consolidated funds are
treated as level 2. Where the underlying assets and liabilities are not valued
using readily available market information the liabilities in respect of third
party interest in consolidated funds are treated as level 3.
- For non-participating investment contracts, where the underlying assets and
liabilities are categorised as level 1 or 2 and as such, the inputs into the
valuation of the liabilities are observable, these liabilities are categorised
within level 2 of the fair value hierarchy. Where the underlying assets are
categorised as level 3, the liabilities are also categorised as level 3.
In addition, contingent consideration assets and contingent consideration
liabilities are also categorised as level 3 in the fair value hierarchy.
Contingent consideration assets and liabilities have been recognised in
respect of acquisitions and disposals. Generally valuations are based on
unobservable assumptions regarding the probability weighted cash flows and,
where relevant, discount rate.
(b) Fair value hierarchy for assets and liabilities measured at fair value
other than assets backing unit linked liabilities and unit linked liabilities
(b)(i) Fair value hierarchy for assets measured at fair value in the condensed
consolidated statement of financial position other than assets backing unit
linked liabilities
The table below presents the Group's non-unit linked assets measured at fair
value by level of the fair value hierarchy (refer Note 4.14(d)(i) for fair
value analysis in relation to assets backing unit linked liabilities).
As recognised in the condensed consolidated statement of financial position Classified as held for sale Total
line item
30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec
2025 2024 2024 2025 2024 2024 2025 2024 2024
£m £m £m £m £m £m £m £m £m
Derivative financial assets 2 46 54 - - - 2 46 54
Equity securities and interests in pooled investment vehicles(1) 1,284 1,138 1,105 - 6 17 1,284 1,144 1,122
Debt securities 351 735 659 - - - 351 735 659
Financial investments 1,637 1,919 1,818 - 6 17 1,637 1,925 1,835
Contingent consideration assets(2) 13 21 17 - - - 13 21 17
Total assets at fair value 1,650 1,940 1,835 - 6 17 1,650 1,946 1,852
Fair value hierarchy
Total Level 1 Level 2 Level 3
30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec
2025 2024 2024 2025 2024 2024 2025 2024 2024 2025 2024 2024
£m £m £m £m £m £m £m £m £m £m £m £m
Derivative financial assets 2 46 54 - - - 2 46 54 - - -
Equity securities and interests in pooled investment vehicles(1) 1,284 1,144 1,122 917 743 711 104 140 133 263 261 278
Debt securities 351 735 659 5 6 5 345 728 653 1 1 1
Financial investments 1,637 1,925 1,835 922 749 716 451 914 840 264 262 279
Contingent consideration assets(2) 13 21 17 - - - - - - 13 21 17
Total assets at fair value 1,650 1,946 1,852 922 749 716 451 914 840 277 283 296
1. Includes £685m (30 June 2024: £542m, 31 December 2024:
£530m) for the Group's listed equity investment in Phoenix which is
classified as a significant listed investment.
2. Presented in Receivables and other financial assets in the
condensed consolidated statement of financial position.
There were no significant transfers between level 1 and level 2 during the six
months ended 30 June 2025 (six months ended 30 June 2024 and 12 months ended
31 December 2024: none). Transfers are deemed to have occurred at the end of
the calendar quarter in which they arose. Refer Section 4.19(b)(iii) below for
details of movements in level 3.
(b)(ii) Fair value hierarchy for liabilities measured at fair value in the
condensed consolidated statement of financial position other than unit linked
liabilities
The table below presents the Group's non-unit linked liabilities measured at
fair value by level of the fair value hierarchy (refer Note 4.14(d)(ii) for
fair value analysis in relation to unit linked liabilities).
Fair value hierarchy
Total Level 1 Level 2 Level 3
30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec
2025 2024 2024 2025 2024 2024 2025 2024 2024 2025 2024 2024
£m £m £m £m £m £m £m £m £m £m £m £m
Liabilities in respect of third party interest in consolidated funds 237 206 184 - - - 181 137 115 56 69 69
Derivative financial liabilities 9 4 3 2 1 - 7 3 3 - - -
Contingent consideration liabilities(1) 76 100 96 - - - - - - 76 100 96
Other financial liabilities(2) 15 13 15 - - - - - - 15 13 15
Total liabilities at fair value 337 323 298 2 1 - 188 140 118 147 182 180
1. Presented in Other financial liabilities in the condensed
consolidated statement of financial position.
2. Excluding contingent consideration liabilities.
There were no significant transfers between level 1 and level 2 during the six
months ended 30 June 2025 (six months ended 30 June 2024 and 12 months ended
31 December 2024: none).
Refer Section 4.19(b)(iii) below for details of movements in level 3.
(b)(iii) Reconciliation of movements in level 3 instruments
The movements during the period of level 3 assets and liabilities held at fair
value, excluding unit linked assets and liabilities and assets and liabilities
held for sale, are analysed below (refer Note 4.14(d)(iii) for the
reconciliation in relation to assets backing unit linked liabilities and unit
linked liabilities).
Owner occupied property Equity securities and interests in pooled investment funds Debt securities Liabilities in respect of third party interest in consolidated funds
30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec
2025 2024 2024 2025 2024 2024 2025 2024 2024 2025 2024 2024
£m £m £m £m £m £m £m £m £m £m £m £m
At start of period - 1 1 278 233 233 1 1 1 (69) (70) (70)
Total (losses)/gains recognised in the condensed consolidated income statement - - - (2) 3 6 - - - - - -
Purchases - - - 19 28 45 - - - - - -
Sales and other adjustments - (1) (1) (27) (2) (6) - - - 13 1 1
Foreign exchange adjustments - - - (5) (1) - - - - - - -
At end of period - - - 263 261 278 1 1 1 (56) (69) (69)
Contingent consideration assets Contingent consideration liabilities Other financial liabilities(1)
30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec
2025 2024 2024 2025 2024 2024 2025 2024 2024
£m £m £m £m £m £m £m £m £m
At start of period 17 11 11 (96) (114) (114) (15) (15) (15)
Total amounts recognised in the condensed consolidated income statement (1) 2 2 15 10 9 (1) 2 -
Additions - 10 11 - - - - - -
Settlements (2) (2) (7) 5 4 9 - - -
Other movements (1) - - - - - 1 - -
At end of period 13 21 17 (76) (100) (96) (15) (13) (15)
1. Excluding contingent consideration liabilities.
For the six months ended 30 June 2025, gains of £11m (six months ended
30 June 2024: gains of £17m, 12 months ended 31 December 2024: gains of
£19m) were recognised in the condensed consolidated income statement in
respect of non-unit linked assets and liabilities held at fair value
classified as level 3 at the period end, excluding assets and liabilities held
for sale. All gains were recognised in net gains or losses on financial
instruments and other income.
Transfers of equity securities and interests in pooled investment funds and
debt securities into level 3 generally arise when external pricing providers
stop providing a price or where the price provided is considered stale.
Transfers of equity securities and interests in pooled investment funds and
debt securities out of level 3 arise when acceptable prices become available
from external pricing providers.
(b)(iv) Significant unobservable inputs in level 3 instrument valuations
The table below identifies the significant unobservable inputs in relation to
equity securities and interests in pooled investment funds categorised as
level 3 instruments at 30 June 2025 with a fair value of £263m (30 June
2024: £261m, 31 December 2024: £278m).
Fair value
30 Jun 30 Jun 31 Dec
2025 2024 2024
£m £m £m Valuation technique Unobservable input Range (weighted average)
Private equity, real estate, hedge and infrastructure funds 250 249 266 Net asset value Net asset value statements provided for a large number of funds including A range of unobservable inputs is not applicable as we have determined that
twelve significant funds (fair value >£5m). the reported NAV represents fair value at the end of the reporting period.
Other unlisted equity securities 13 12 12 Indicative share price Calibration to the price of a recent investment. A range of unobservable inputs is not applicable as we have determined that
the calibration to the price of a recent investment represents fair value at
the end of the reporting period.
The unobservable input for the Group's related liabilities in respect of third
party interest in consolidated funds categorised as level 3 instruments at
30 June 2025 with a fair value of £(56)m (30 June 2024: £(69)m,
31 December 2024: £(69)m) are the same as for the private equity, real
estate, hedge and infrastructure funds above. There are no single significant
funds in relation to liabilities in respect of third party interest in
consolidated funds.
The table below identifies the significant unobservable inputs in relation to
contingent consideration assets and liabilities and other financial instrument
liabilities categorised as level 3 instruments at 30 June 2025 with a fair
value of £(78)m (30 June 2024: £(92)m, 31 December 2024: £(94)m).
Fair value
30 Jun 30 Jun 31 Dec
2025 2024 2024
£m £m £m Valuation technique Unobservable input Input used
Contingent consideration assets and liabilities and other financial instrument (78) (92) (94) Probability weighted cash flow and where applicable, discount rates Unobservable inputs relate to probability weighted cash flows and, where
liabilities relevant, discount rates.
The most significant unobservable inputs relate to assumptions used to value
the contingent consideration liability related to the acquisition of Tritax of The earn-out valuation used EBITDAs reflecting a probability weighted revenue
£66m (30 June 2024: £82m, 31 December 2024: £85m). The liability annual growth rate from 31 March 2025 to 31 March 2026 of 10% and a
comprises an earn-out element, which will be settled on the exercise of put probability weighted cost/income ratio of c59%.
and call options based on the EBITDA of Tritax in 2025 or 2026, and a profit
share element based on the net profit of Tritax up to the exercise of the
options.
The risk adjusted contingent consideration cash flows have been discounted
using a discount rate of 4%.
As in prior periods, the valuation uses as its base, a forecast for Tritax's
core traditional business which includes the management of Tritax Big Box REIT
plc (Big Box). In addition to the base forecast, in 2025 the assumptions
continue to reflect the effect of a new Big Box strategy which will generate
new forms of revenues arising from the development, securing of power grid
connections and management of large data centres, some of which are not
recurring in nature.
The contingent consideration has been valued applying a probability weighting
reflecting a number of outcomes. In respect of the new strategy, the revenues
have been assigned a lower probability than the base business reflecting the
higher risk inherent in any new strategy.
The valuation also allows for the possibility of adjustments to the profit
used to determine the element of contingent consideration relating to the new
Big Box strategy under the sale purchase agreement.
The resulting valuation is discounted from the payment date to the balance
sheet date. It was assumed that the timing of the exercise of the earn out put
options between 2025 and 2026 would be that which is most beneficial to the
holders of the put options.
(b)(v) Sensitivity of the fair value of level 3 instruments to changes in key
assumptions
At 30 June 2025, the shareholder is directly exposed to movements in the value
of all non-unit linked level 3 instruments. Refer Note 4.14(d)(iii) for unit
linked level 3 instruments.
Sensitivities for material level 3 assets and liabilities are provided below.
Changing unobservable inputs in the measurement of the fair value of the other
level 3 financial assets and financial liabilities to reasonably possible
alternative assumptions would not have a material impact on profit
attributable to equity holders or on total assets.
(b)(v)(i) Equity securities and interests in pooled investment funds
As noted above, of the level 3 equity securities and interests in pooled
investment funds, £250m relates to private equity, real estate, hedge and
infrastructure funds (30 June 2024: £249m, 31 December 2024: £266m) which
are valued using net asset value statements. A 10% increase or decrease in the
net asset value of these investments would increase or decrease the fair value
of the investments by £25m.
(b)(v)(ii) Liabilities in respect of third party interest in consolidated
funds
As noted above, £56m of liabilities in respect of third party interest in
consolidated funds of the level 3 equity securities and interests in pooled
investment funds (30 June 2024: £69m, 31 December 2024: £69m) are also
valued using net asset value statements. A 10% increase or decrease in the net
asset value of these investments would increase or decrease the fair value of
the liability by £6m.
(b)(v)(iii) Contingent consideration assets and liabilities and other
financial instrument liabilities
As noted above, the most significant unobservable inputs for level 3
instruments relate to assumptions used to value the contingent consideration
related to the purchase of Tritax. Sensitivities for reasonably possible
changes to key assumptions are provided in the table below.
Assumption Change in assumption Consequential increase/(decrease) in contingent consideration liability
30 Jun
2025
£m
Revenue annual growth rate from 31 March 2025 to 31 March 2026 Decreased by 5% (7)
Increased by 10% 24
Cost/income ratio Decreased by 5% 11
Increased by 5% (8)
Discount rate Decreased by 2% 1
Increased by 2% (1)
(c) Assets and liabilities not carried at fair value
The table below presents estimated fair values of non-unit linked financial
liabilities whose carrying value does not approximate fair value. Fair values
of liabilities are based on observable market inputs where available or are
estimated using other valuation techniques.
As recognised in the condensed consolidated statement of financial position Fair value
line item
30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec
2025 2024 2024 2025 2024 2024
£m £m £m £m £m £m
Liabilities
Subordinated liabilities 546 604 597 530 555 572
The estimated fair values for subordinated liabilities are based on the quoted
market offer price.
The carrying value of all financial assets and all other financial liabilities
measured at amortised cost approximates their fair value.
4.20. Contingent liabilities and contingent assets
Legal proceedings, complaints and regulations
The Group is subject to regulation in all of the territories in which it
operates investment management, asset administration and insurance businesses.
In the UK, where the Group primarily operates, the FCA has broad powers,
including powers to investigate marketing and sales practices.
The Group, like other financial organisations, is subject to legal
proceedings, complaints and regulatory and tax authority discussions and
reviews in the normal course of its business. All such material matters are
periodically reassessed, with the assistance of external professional advisers
where appropriate, to determine the likelihood of the Group incurring a
liability. Where it is concluded that it is more likely than not that a
material outflow will be made a provision is established based on management's
best estimate of the amount that will be payable. A subsidiary of the Group
has received preliminary draft orders from the Indian Tax Authority
challenging the applicability of tax treaty reliefs claimed primarily in
respect of capital gains in its income tax returns for the years ended March
2022 and 2023. The subsidiary has also received information requests for the
year ended March 2024 of a similar nature. The subsidiary's interpretation of
the relevant treaty provisions remains unchanged and the matter is now with
the tax authority's dispute resolution process for consideration. The
subsidiary has provided further information to clarify facts and technical
positions as part of this process. Given that a final decision has not yet
been made by the tax authority and the resolution of differences in
interpretation of tax legislation is complex and generally prolonged in
nature, at this stage in the proceedings it is not possible to reliably
quantify the effect of an adverse outcome or timing of any resulting outflow.
Certain other Group entities have responded to information requests from an
investor in relation to the performance of a fund managed by a subsidiary of
the Group. The fund has reached the end of its term and the Group is currently
engaged in the management of processes related to the liquidation of the fund.
At this time, the Group has received no notification of a claim, and it is not
possible to reliably predict the outcome of any further engagements in respect
of the matter.
There are no other identified contingent liabilities that the Group
anticipates could result in a material exposure.
4.21. Commitments
(a) Unrecognised financial instruments
As at 30 June 2025, the Group has committed to investing an additional £65m
(30 June 2024: £52m, 31 December 2024: £66m) into funds in which it holds
a co-investment interest.
(b) Capital and other commitments
As at 30 June 2025, the Group has capital commitments other than in relation
to financial instruments of £1m (30 June 2024: £nil, 31 December 2024:
£nil). These commitments relate to the Group's unit linked investment
property.
In addition, the Group has commitments relating to future acquisitions.
- At 30 June 2025, the Group had other commitments for the cost of obtaining
customer contracts for up to £11m. This commitment which related to the
acquisition of the direct-to-consumer retail book from Jarvis Investment
Management Limited on 7 July 2025 was subject to the satisfaction of certain
conditions at 30 June 2025.
4.22. Related party transactions
In the normal course of business, the Group enters into transactions with
related parties that relate to investment management and insurance businesses.
There have been no changes in the nature of these transactions during the
period to those reported in the Annual report and accounts for the year ended
31 December 2024. There were no transactions with related parties during the
six months ended 30 June 2025 which had a material effect on the results or
financial position of the Group.
4.23. Events after the reporting period
There have been no material events occurring between the balance sheet date
and the date of signing this report.
5. Supplementary information
5.1. Alternative performance measures
We assess our performance using a variety of measures that are not defined
under IFRS and are therefore termed alternative performance measures (APMs).
The APMs that we use may not be directly comparable with similarly named
measures used by other companies. We have presented below reconciliations from
these APMs to the most appropriate measure prepared in accordance with IFRS.
All APMs should be read together with the condensed consolidated income
statement, condensed consolidated statement of financial position and
condensed consolidated statement of cash flows, which are presented in the
Financial information section of this report, and related metrics. Adjusted
operating profit excludes certain items which are likely to be recurring such
as restructuring costs, amortisation of certain intangibles, dividends from
significant listed investments and the share of profit or loss from associates
and joint ventures.
Definition Purpose
Adjusted operating profit APM
Adjusted operating profit is the Group's key APM, and is reported on a pre-tax Adjusted operating profit reporting provides further analysis of the results
basis. Adjusted operating profit includes the results of the Group's three reported under IFRS and the Directors believe it helps to give shareholders a
businesses: ii, Adviser and Investments, along with Other business operations fuller understanding of the performance of the business by identifying and
and corporate costs. analysing adjusting items.
It excludes the Group's adjusted net financing costs and investment return. Segment reporting used in management information is reported to the level of
adjusted operating profit.
Adjusted operating profit also excludes the impact of the following items:
- Restructuring and corporate transaction expenses. Restructuring includes
the impact of major regulatory change.
- Amortisation and impairment of intangible assets acquired in business
combinations and through the purchase of customer contracts.
- Profit or loss arising on the disposal of a subsidiary, joint venture or
equity accounted associate.
- Change in fair value of/dividends from significant listed investments.
- Share of profit or loss from associates and joint ventures.
- Impairment loss/reversal of impairment loss recognised on investments in
associates and joint ventures accounted for using the equity method.
- Fair value movements in contingent consideration.
- Items which are one-off and, due to their size or nature, are not
indicative of the long-term operating performance of the Group.
Further details are included in Note 4.9 of the Financial information section.
Adjusted net operating revenue APM
Adjusted net operating revenue is a component of adjusted operating profit and Adjusted net operating revenue is a component of adjusted operating profit and
includes revenue we generate from asset management charges (AMCs), platform provides the basis for reporting of the revenue yield financial ratio.
charges, treasury income and other transactional charges. AMCs are earned on Adjusted net operating revenue is also used to calculate the cost/income
products such as mutual funds, and are calculated as a percentage fee based on ratio.
the assets held. Investment risk on these products rests principally with the
client, with our major indirect exposure to rising or falling markets coming
from higher or lower AMCs. Treasury income is the interest earned on cash
balances less the interest paid to customers. It excludes items which are
one-off and, due to their size, or nature are not indicative of the long-term
operating performance of the Group. Adjusted net operating revenue is shown
net of fees, cost of sales, commissions and similar charges. Cost of sales
include revenue from fund platforms which is passed to the product provider.
Adjusted operating expenses APM
Adjusted operating expenses is a component of adjusted operating profit and Adjusted operating expenses is a component of adjusted operating profit and is
relates to the day-to-day expenses of managing our business. Adjusted used to calculate the cost/income ratio.
operating expenses excludes restructuring and corporate transaction expenses.
Adjusted operating expenses also excludes amortisation and impairment of
intangible assets acquired in business combinations and through the purchase
of customer contracts.
Adjusted profit before tax APM
In addition to the results included in adjusted operating profit above, Adjusted profit before tax is a key input to the adjusted earnings per share
adjusted profit before tax includes adjusted net financing costs and measure.
investment return.
Adjusted net financing costs and investment return APM
Adjusted net financing costs and investment return is a component of adjusted Adjusted net financing costs and investment return is a component of adjusted
profit and relates to the return from the net assets of the shareholder profit before tax.
business, net of costs of financing. This includes the net assets in defined
benefit staff pension plans and net assets relating to the financing of
subordinated liabilities.
Cost/income ratio APM
This is an efficiency measure that is calculated as adjusted operating This ratio is used by management to assess efficiency and reported to the
expenses divided by adjusted net operating revenue. Board and the 'Chief Operating Decision Maker'.
Adjusted net operating revenue yield (bps) APM
The adjusted net operating revenue yield is a measure that illustrates the The adjusted net operating revenue yield is a measure that illustrates the
average margin being earned on the assets that we manage or administer and average margin being earned on the assets that we manage or administer and
excludes the ii business. It is calculated as annualised adjusted net excludes the ii business.
operating revenue (excluding performance fees, ii and revenue for which there
are no attributable assets) divided by monthly average fee based assets. The
ii business is excluded from the calculation of adjusted net operating revenue
yield as fees charged for this business are primarily from subscriptions and
trading transactions.
Adjusted diluted earnings per share APM
Adjusted diluted earnings per share is calculated on adjusted profit after Earnings per share is a commonly used financial metric which can be used to
tax. The weighted average number of ordinary shares in issue is adjusted measure the profitability and capital efficiency of a company over time. We
during the period to assume the conversion of all dilutive potential ordinary also calculate adjusted diluted earnings per share to illustrate the impact of
shares, such as share options granted to employees. adjusting items on the metric.
Details on the calculation of adjusted diluted earnings per share are set out This ratio is used by management to assess performance and reported to the
in Note 4.8 of the Financial information section. Board and 'Chief Operating Decision Maker'.
Adjusted capital generation APM
Adjusted capital generation is part of the analysis of movements in IFPR These measures aim to show how adjusted profit contributes to regulatory
regulatory capital. Adjusted capital generation is calculated as adjusted capital, and therefore provides insight into our ability to generate capital
profit after tax less returns relating to pension schemes in surplus and that is deployed to support value for shareholders.
interest paid on other equity (Additional Tier 1 instruments). It also
includes dividends from associates, joint ventures and significant listed
investments.
Net capital generation APM
Net capital generation is calculated as adjusted capital generation less
restructuring and corporate transaction expenses (net of tax).
Adjusted diluted capital generation per share APM
Adjusted diluted capital generation per share is calculated as adjusted These ratios are measures used to assess performance for dividend paying
capital generation divided by the weighted average number of diluted ordinary capability.
shares outstanding.
Net diluted capital generation per share APM
Net diluted capital generation per share is calculated as net capital
generation divided by the weighted average number of diluted ordinary shares
outstanding.
Cash and liquid resources APM
Cash and liquid resources are IFRS cash and cash equivalents (netted down for The purpose of this measure is to demonstrate how much cash and invested
overdrafts), money market instruments and holdings in money market funds. It assets we hold and can be readily accessed.
also includes surplus cash that has been invested in liquid assets such as
high-quality corporate bonds, gilts and pooled investment funds. Seed capital
and co-investments are excluded. Cash collateral, cash held for charitable
funds and cash held in employee benefit trusts are excluded from cash and
liquid resources.
5.1.1. Adjusted operating profit and adjusted profit
Reconciliation of adjusted operating profit and adjusted profit to IFRS profit
by component
The components of adjusted operating profit are adjusted net operating revenue
and adjusted operating expenses. These components provide a meaningful
analysis of our adjusted results. The table below provides a reconciliation of
movements between adjusted operating profit component measures and relevant
IFRS terms. A reconciliation of net operating revenue to the IFRS item revenue
from contracts with customers is provided in Note 4.4 of the Financial
information section.
IFRS term IFRS Presentation differences Adjusting Adjusted Adjusted profit term
items profit
H1 2025 £m £m £m £m
Net operating revenue 628 - - 628 Adjusted net operating revenue
Total administrative and other expenses (604) (15) 116 (503) Adjusted operating expenses(1)
24 (15) 116 125 Adjusted operating profit
Total net gains or losses on financial instruments and other income 251 4 (199) 56 Adjusted net financing costs and investment return
Finance costs (12) 11 1 -
Share of profit or loss from associates and joint ventures 8 - (8) -
Profit before tax 271 - (90) 181 Adjusted profit before tax
Total tax expense (19) - (21) (40) Tax on adjusted profit
Profit for the period 252 - (111) 141 Adjusted profit after tax
1. Adjusted operating expenses includes staff and other related
costs of £265m compared with IFRS staff costs and other employee-related
costs of £239m. The difference primarily relates to the inclusion of
contractor, temporary agency staff and recruitment and training costs of £9m
(IFRS basis: Reported within other administrative expenses) and gains on funds
to hedge deferred bonus awards of £1m (IFRS basis: reported within other net
gains on financial instruments and other income) within staff and other
related costs. IFRS staff costs and other employee-related costs includes the
benefit from the net interest credit relating to the staff pension schemes of
£18m (adjusted profit basis: reported within adjusted net financing costs and
investment return and other adjusting items respectively).
IFRS term IFRS Presentation differences Adjusting Adjusted Adjusted profit term
items profit
H1 2024 £m £m £m £m
Net operating revenue 667 - - 667 Adjusted net operating revenue(1)
Total administrative and other expenses (673) (4) 138 (539) Adjusted operating expenses
(6) (4) 138 128 Adjusted operating profit
Total net gains or losses on financial instruments and other income 85 (8) (35) 42 Adjusted net financing costs and investment return
Finance costs (12) 12 - -
Profit on disposal of subsidiaries and other operations 88 - (88) -
Profit on disposal of interests in associates and joint ventures 11 - (11) -
Share of profit or loss from associates and joint ventures 21 - (21) -
Profit before tax 187 - (17) 170 Adjusted profit before tax
Total tax expense (16) - (25) (41) Tax on adjusted profit
Profit for the period 171 - (42) 129 Adjusted profit after tax
1. In 2024 the measure of segmental revenue was renamed from net
operating revenue to adjusted net operating revenue.
Presentation differences primarily relate to amounts presented in a different
line item of the condensed consolidated income statement.
5.1.2. Cost/income ratio
H1 2025 H1 2024
Adjusted operating expenses (£m) (503) (539)
Adjusted net operating revenue (£m) 628 667
Cost/income ratio (%) 80 81
5.1.3. Adjusted net operating revenue yield (bps)
Average AUMA (£bn) Adjusted net operating revenue (£m) Adjusted net operating revenue yield (bps)
H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024
Adviser(1) 75.1 74.1 102 119 27.4 31.4
Institutional and Retail Wealth(2) 208.9 211.0 307 332 29.0 31.7
Insurance Partners 157.9 156.3 61 71 7.8 9.1
Investments(2) 366.8 367.3 368 403 19.9 22.0
Eliminations (7.4) (7.4) N/A N/A N/A N/A
Adjusted net operating revenue yield(3) 434.5 434.0 470 522 21.5 24.0
ii(3) 154 137
Performance fees(4) 3 3
Other 1 5
Adjusted net operating revenue 628 667
Analysis of Institutional & Retail Wealth by asset class
Average AUM (£bn) Adjusted net operating revenue (£m) Adjusted net operating revenue yield (bps)
H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024
Equities 39.6 46.5 122 147 61.9 63.4
Fixed income 36.1 34.5 45 43 25.1 25.1
Multi-asset 24.4 24.8 18 26 14.7 21.5
Private equity - 4.1 - 10 - 50.3
Real assets(2) 36.5 37.8 87 79 44.9 41.9
Alternative investment solutions 27.9 25.8 21 17 15.0 12.9
including private credit
Quantitative 22.2 18.3 5 3 4.7 3.5
Liquidity 22.2 19.2 9 7 8.2 7.8
Institutional and Retail Wealth(2) 208.9 211.0 307 332 29.0 31.7
1. Adviser adjusted net operating revenue yield excludes revenue of
£nil (H1 2024: £4m) for which there are no attributable assets.
2. Institutional and Retail Wealth adjusted net operating revenue
yield excludes revenue of £6m (H1 2024: £nil) for which there are no
attributable assets.
3. ii is excluded from the calculation of adjusted net operating
revenue yield as fees charged for this business are primarily from
subscriptions and trading transactions.
4. Performance fees relate to Institutional & Retail Wealth £3m
(H1 2024: £3m).
5.1.4. Additional ii metrics
The tables below provide additional detail of ii metrics.
ii operational metrics(1) H1 2025 H1 2024
Total customers at period end 461k 422k
Customers holding a SIPP account 92.4k 73.0k
Customer cash balances £7.0bn £5.9bn
AUA per customer £176k £163k
New customers 30.0k 28.2k
Daily average retail trading volumes 25.2k 20.5k
1. Excludes our financial planning business.
H1 2025 H1 2024
Adjusted operating expenses (£m) (85) (82)
Average AUM (£bn) 80.2 69.0
Cost/AUMA ratio (bps) 21 24
5.1.5. Net capital generation
The table below provides a reconciliation of movements between adjusted profit
after tax and net capital generation. A reconciliation of adjusted profit
after tax to IFRS profit for the period is included earlier in this section.
H1 2025 H1 2024
£m £m
Adjusted profit after tax 141 129
Less net interest credit relating to the staff pension schemes (18) (7)
Less interest paid on other equity (6) (6)
Add dividends received from associates, joint ventures and significant listed 28 28
investments
Adjusted capital generation 145 144
Less restructuring and corporate transaction expenses (net of tax) (34) (40)
Net capital generation 111 104
Net interest credit relating to the staff pension schemes
The net interest credit relating to the staff pension schemes is the
contribution to adjusted profit before tax from defined benefit pension
schemes which are in surplus.
Dividends received from associates, joint ventures and significant listed
investments
An analysis is provided below:
H1 2025 H1 2024
£m £m
Phoenix 28 28
Dividends received from associates, joint ventures and significant listed 28 28
investments
The table below provides detail of dividend coverage on an adjusted capital
generation basis.
H1 2025 H1 2024
Adjusted capital generation (£m) 145 144
Interim dividend (£m) 131 130
Dividend cover on an adjusted capital generation basis (times) 1.11 1.11
5.1.6. Net diluted capital generation per share
A reconciliation of net capital generation to adjusted profit after tax is
included in 5.1.5 above.
H1 2025 H1 2024
Adjusted capital generation (£m) 145 144
Net capital generation (£m) 111 104
Weighted average number of diluted ordinary shares outstanding (millions) 1,823 1,816
Adjusted diluted capital generation per share (pence) 8.0 7.9
Net diluted capital generation per share (pence) 6.1 5.7
5.1.7. Cash and liquid resources
The table below provides a reconciliation between IFRS cash and cash
equivalents and cash and liquid resources. Seed capital and co-investments are
excluded.
H1 2025 FY 2024
£bn £bn
Cash and cash equivalents per the condensed consolidated statement of 1.6 1.3
financial position
Debt securities excluding third party interests(1) 0.2 0.5
Other(2) (0.1) (0.1)
Cash and liquid resources 1.7 1.7
1. Excludes £103m (FY 2024: £69m) relating to seeding.
2. Cash collateral, cash held for charitable funds and cash held in
employee benefit trusts are excluded from cash and liquid resources.
5.2. Investment performance
Definition Purpose
Investment performance
Investment performance is a measure of how investments are performing relative As an asset managing business this measure demonstrates our ability to
to a benchmark, target, or other comparator. The calculation covers funds that generate investment returns for our clients.
aim to outperform or track a benchmark/target, with certain assets excluded
where these measures of performance are not appropriate or expected, such as
certain private markets and execution only mandates. Benchmarks and targets
differ by fund and are defined in the relevant investment management agreement
or prospectus, as appropriate. The investment performance data is calculated
internally by Aberdeen to give users guidance on how we are delivering
positive investment outcomes for our clients. It is not intended for clients
or potential clients investing in our products as more specific information
and reporting is available for this purpose.
Investment performance has been aggregated using a money weighted average of
our assets under management. Calculations for investment performance are made
gross of fees except for those funds for which the stated comparator is net of
fees. The calculation uses a closing AUM weighting basis and is based on AUM
data available as at the relevant reporting date.
As at 30 June 2025, 73% of AUM is covered by this metric, performance is
calculated relative to the relevant comparator for each investment strategy on
the basis of:
- Assets ahead of the benchmark or target defined in the investment
management agreement or prospectus, as appropriate. This applies to 48% of the
AUM.
- Assets where the objective is to track an index are assessed based on
being within or above an applicable tolerance for the strategy. This applies
to 25% of the AUM.
1 year 3 years 5 years
% of AUM performing H1 2025 FY 2024 H1 2025 FY 2024 H1 2025 FY 2024
Equities 19 32 19 15 11 25
Fixed income 71 83 90 90 94 93
Multi-asset 64 85 50 36 77 71
Real assets 38 30 25 46 55 56
Alternatives 100 94 100 100 100 100
Quantitative 96 98 99 90 100 96
Liquidity 100 100 100 100 100 100
Total 70 77 71 60 72 71
H1 2025 FY 2024
% of AUM covered by metric 73 80
5.3. Assets under management and administration and flows
Definition Purpose
AUMA
AUMA is a measure of the total assets we manage, administer or advise on The amount of funds that we manage, administer or advise directly impacts the
behalf of our clients. It includes assets under management (AUM), assets under level of revenue that we receive.
administration (AUA) and assets under advice (AUAdv). AUMA does not include
assets for associates and joint ventures.
AUM is a measure of the total assets that we manage on behalf of individual
and institutional clients. AUM also includes assets managed for corporate
purposes.
AUA is a measure of the total assets we administer for clients through our
Platforms.
AUAdv is a measure of the total assets we advise our clients on, for which
there is an ongoing charge.
Net flows
Net flows represent gross inflows less gross outflows or redemptions. Gross The level of net flows that we generate directly impacts the level of revenue
inflows are new funds from clients. Redemptions is the money withdrawn by that we receive.
clients during the period. Cash dividends which are retained on the ii
platform are included in net flows for the ii business only. Cash dividends
are included in market movements for other parts of the Group including the
Investments and Adviser platform businesses. We consider that this different
approach is appropriate for the ii business as cash dividend payments which
are retained result in additional income for ii, but are largely revenue
neutral for the rest of the Group.
5.3.1. Analysis of AUMA
Opening AUMA at 1 Jan 2025 Gross inflows Redemptions Net flows Market and other movements Corporate actions(5) Closing AUMA at 30 Jun 2025
6 months ended 30 June 2025 £bn £bn £bn £bn £bn £bn £bn
Wealth
ii(1) 77.5 8.0 (4.0) 4.0 3.2 - 84.7
Adviser(2) 75.2 3.3 (4.2) (0.9) 1.4 - 75.7
Investments
Institutional & Retail Wealth 210.5 24.1 (23.7) 0.4 0.1 (1.2) 209.8
Insurance Partners(3) 159.2 8.7 (13.2) (4.5) 3.4 - 158.1
Investments total 369.7 32.8 (36.9) (4.1) 3.5 (1.2) 367.9
Eliminations(4) (11.0) (1.4) 1.5 0.1 0.2 - (10.7)
Total AUMA 511.4 42.7 (43.6) (0.9) 8.3 (1.2) 517.6
Opening AUMA at 1 Jan 2024 Gross inflows Redemptions Net flows Market and other movements Corporate actions(6) Closing AUMA at 30 Jun 2024
6 months ended 30 June 2024 £bn £bn £bn £bn £bn £bn £bn
Wealth
ii(1) 66.0 7.1 (4.0) 3.1 3.8 - 72.9
Adviser(2) 73.5 3.1 (5.1) (2.0) 3.5 - 75.0
Investments
Institutional & Retail Wealth 211.2 18.5 (18.1) 0.4 6.1 (7.0) 210.7
Insurance Partners(3) 155.5 12.8 (14.2) (1.4) 4.5 - 158.6
Investments total 366.7 31.3 (32.3) (1.0) 10.6 (7.0) 369.3
Eliminations(4) (11.3) (1.1) 1.8 0.7 (0.7) - (11.3)
Total AUMA 494.9 40.4 (39.6) 0.8 17.2 (7.0) 505.9
1. Includes financial planning business AUA at 30 June 2025 of
£3.7bn (31 December 2024: £3.7bn, 30 June 2024: £4.1bn).
2. Includes Platform AUA at 30 June 2025 of £72.8bn (31 December
2024: £72.4bn, 30 June 2024: £72.3bn).
3. Insurance Partners AUM at 30 June 2025 includes £157.1bn
(31 December 2024: £158.1bn, 30 June 2024: £157.5bn) relating to Phoenix
and £1.0bn (31 December 2024: £1.1bn, 30 June 2024: £1.1bn) of other AUM.
4. Eliminations remove the double count reflected in Investments,
Adviser and ii.
5. Corporate actions in H1 2025 relates to the takeover of Tritax
EuroBox.
6. Corporate actions in H1 2024 relates to the disposal of our
European-headquartered Private Equity business.
5.3.2. Quarterly net flows
3 months to 3 months to 3 months to 3 months to 3 months to
30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Sep 2024 30 June 2024
15 months ended 30 June 2025 £bn £bn £bn £bn £bn
Wealth
ii 2.4 1.6 1.4 1.2 1.9
Adviser (0.3) (0.6) (0.9) (1.0) (1.1)
Investments
Institutional & Retail Wealth 4.5 (4.1) 2.3 (2.4) (0.3)
Insurance Partners (2.2) (2.3) (1.8) (1.1) (0.9)
Investments total 2.3 (6.4) 0.5 (3.5) (1.2)
Eliminations (0.1) 0.2 0.2 0.2 0.4
Total net flows 4.3 (5.2) 1.2 (3.1) -
5.4. Public markets and Alternatives investment capability
We have simplified and focused our investment capabilities on areas where we
have both the skill and the scale to capitalise on the key themes shaping the
market, through either public markets or alternative asset classes. This
analysis includes Institutional, Retail Wealth and Insurance Partners.
Analysis of AUM and adjusted net operating revenue
AUM (£bn) Adjusted net operating revenue (£m)
H1 2025 H1 2024 H1 2025 H1 2024
Equities 51.2 66.8 135 158
Fixed income (including Liquidity)(1) 122.6 123.8 82 76
Multi-asset 25.3 33.0 19 40
Quantitative 100.0 76.2 13 13
Public markets 299.1 299.8 249 287
Real assets 39.8 41.3 95 85
Private credit 7.6 8.8 6 8
Alternative investment solutions 21.4 19.4 21 14
Private equity - - - 12
Alternatives 68.8 69.5 122 119
Total Investments 367.9 369.3 371 406
1. Total liquidity AUM at 30 June 2025 was £37.7bn (30 June 2024:
£37.0bn). Total liquidity adjusted net operating revenue was £13m (H1 2024:
£12m).
5.5. Institutional and Retail Wealth AUM
Detailed asset class split
Opening AUM at 1 Jan 2025 Gross inflows Redemptions Net flows Market and other movements Corporate actions(1) Closing AUM at 30 Jun 2025
6 months ended 30 June 2025 £bn £bn £bn £bn £bn £bn £bn
Developed markets equities 10.6 0.5 (1.0) (0.5) - - 10.1
Emerging markets equities 8.9 0.5 (1.6) (1.1) - - 7.8
Asia Pacific equities 15.0 0.7 (2.7) (2.0) (0.7) - 12.3
Global equities 8.5 0.6 (0.9) (0.3) (0.1) - 8.1
Total equities 43.0 2.3 (6.2) (3.9) (0.8) - 38.3
Developed markets credit 22.1 5.0 (2.7) 2.3 1.4 - 25.8
Developed markets rates 2.7 0.3 (0.5) (0.2) (0.3) - 2.2
Emerging markets fixed income 10.3 1.2 (2.0) (0.8) (0.3) - 9.2
Total fixed income 35.1 6.5 (5.2) 1.3 0.8 - 37.2
Diversified growth/income 0.9 - (0.1) (0.1) - - 0.8
MyFolio 16.2 0.7 (1.4) (0.7) 0.6 - 16.1
Other multi-asset 7.6 0.3 (0.8) (0.5) 0.2 - 7.3
Total multi-asset 24.7 1.0 (2.3) (1.3) 0.8 - 24.2
UK real estate 14.8 - (0.3) (0.3) (0.4) - 14.1
European real estate 12.7 0.1 - 0.1 - (1.2) 11.6
Global real estate 1.7 0.2 (0.3) (0.1) (0.1) - 1.5
Real estate multi-manager 1.4 - - - - - 1.4
Infrastructure equity 6.6 - (0.1) (0.1) 0.2 - 6.7
Total real assets 37.2 0.3 (0.7) (0.4) (0.3) (1.2) 35.3
Total alternative investment solutions (including private credit) 27.6 1.6 (0.9) 0.7 (0.4) - 27.9
Total quantitative 20.3 10.2 (4.8) 5.4 0.7 - 26.4
Total excluding liquidity 187.9 21.9 (20.1) 1.8 0.8 (1.2) 189.3
Total liquidity 22.6 2.2 (3.6) (1.4) (0.7) - 20.5
Total 210.5 24.1 (23.7) 0.4 0.1 (1.2) 209.8
1. Corporate actions in H1 2025 relates to the takeover of Tritax
EuroBox.
Opening AUM at 1 Jan 2024 Gross inflows Redemptions Net flows Market and other movements Corporate actions(1) Closing AUM at 30 Jun 2024
6 months ended 30 June 2024 £bn £bn £bn £bn £bn £bn £bn
Developed markets equities 11.8 0.6 (1.2) (0.6) 0.6 - 11.8
Emerging markets equities 11.1 0.5 (1.5) (1.0) 0.5 - 10.6
Asia Pacific equities 16.3 1.2 (3.2) (2.0) 1.1 - 15.4
Global equities 8.5 0.7 (1.1) (0.4) 0.4 - 8.5
Total equities 47.7 3.0 (7.0) (4.0) 2.6 - 46.3
Developed markets credit 21.4 2.9 (1.7) 1.2 (0.5) - 22.1
Developed markets rates 3.3 0.2 (0.4) (0.2) (0.1) - 3.0
Emerging markets fixed income 9.8 0.9 (0.7) 0.2 0.1 - 10.1
Total fixed income 34.5 4.0 (2.8) 1.2 (0.5) - 35.2
Diversified growth/income 0.2 - - - 0.7 - 0.9
MyFolio 16.2 0.7 (1.4) (0.7) 0.9 - 16.4
Other multi-asset 8.7 0.6 (0.7) (0.1) (0.9) - 7.7
Total multi-asset 25.1 1.3 (2.1) (0.8) 0.7 - 25.0
Total private equity 7.2 - - - (0.2) (7.0) -
UK real estate 15.9 0.3 (0.9) (0.6) 0.2 - 15.5
European real estate 13.6 0.2 - 0.2 (0.7) - 13.1
Global real estate 1.2 - (0.1) (0.1) (0.1) - 1.0
Real estate multi-manager 1.5 - (0.1) (0.1) - - 1.4
Infrastructure equity 6.1 0.1 (0.1) - (0.1) - 6.0
Total real assets 38.3 0.6 (1.2) (0.6) (0.7) - 37.0
Total alternative investment solutions (including private credit) 24.0 0.7 (0.6) 0.1 2.9 - 27.0
Total quantitative 17.1 3.0 (0.9) 2.1 0.7 - 19.9
Total excluding liquidity 193.9 12.6 (14.6) (2.0) 5.5 (7.0) 190.4
Total liquidity 17.3 5.9 (3.5) 2.4 0.6 - 20.3
Total 211.2 18.5 (18.1) 0.4 6.1 (7.0) 210.7
1. Corporate actions in H1 2024 relates to the transfer of the disposal
of our European-headquartered Private Equity business.
5.6. Investments AUM by geography
30 June 2025 31 December 2024
Institutional and Retail Wealth Insurance Partners Total Institutional and Retail Wealth Insurance Partners Total
£bn £bn £bn £bn £bn £bn
UK 98.6 158.1 256.7 97.2 159.2 256.4
Europe, Middle East and Africa (EMEA) 53.2 - 53.2 52.9 - 52.9
Asia Pacific (APAC) 16.4 - 16.4 17.3 - 17.3
Americas 41.6 - 41.6 43.1 - 43.1
Total AUM 209.8 158.1 367.9 210.5 159.2 369.7
5.7. Surplus regulatory capital
The £1,470m indicative CET1 own funds shown below includes a deduction to
allow for the declared interim dividend which will be paid in September 2025.
H1 2025 FY 2024
IFPR Group regulatory capital position £m £m
Common Equity Tier 1 own funds 1,470 1,465
Additional Tier 1 own funds 207 207
Tier 1 own funds 1,677 1,672
Tier 2 own funds 328 417
Total own funds 2,005 2,089
Total own funds threshold requirement 1,054 1,054
CET1 own funds threshold requirement(1) (590) (590)
Surplus CET1 own funds 880 875
Own Funds Requirement 274 296
CET1 ratio (CET1 as % of own funds requirement) 537% 495%
1. 56% of total regulatory capital requirement.
6. Glossary
Adjusted capital generation
Adjusted capital generation is part of the analysis of movements in IFPR
regulatory capital. Adjusted capital generation is calculated as adjusted
profit after tax less returns relating to pension schemes in surplus and
interest paid on other equity (Additional Tier 1 instruments). It also
includes dividends from associates, joint ventures and significant listed
investments.
Adjusted net financing costs and investment return
Adjusted net financing costs and investment return is a component of adjusted
profit and relates to the return from the net assets of the shareholder
business, net of costs of financing. This includes the net assets in defined
benefit staff pension plans and net assets relating to the financing of
subordinated liabilities.
Adjusted net operating revenue
Adjusted net operating revenue is a component of adjusted operating profit and
includes revenue we generate from asset management charges (AMCs), platform
charges, treasury income and other transactional charges. AMCs are earned on
products such as mutual funds, and are calculated as a percentage fee based on
the assets held. Investment risk on these products rests principally with the
client, with our major indirect exposure to rising or falling markets coming
from higher or lower AMCs. Treasury income is the interest earned on cash
balances less the interest paid to customers. It excludes items which are
one-off and, due to their size, or nature are not indicative of the long-term
operating performance of the Group. Adjusted net operating revenue is shown
net of fees, cost of sales, commissions and similar charges. Cost of sales
include revenue from fund platforms which is passed to the product provider.
Adjusted net operating revenue yield (bps)
The adjusted net operating revenue yield is a measure that illustrates the
average margin being earned on the assets that we manage or administer and
excludes the ii business. It is calculated as annualised adjusted net
operating revenue (excluding performance fees, ii and revenue for which there
are no attributable assets) divided by monthly average fee based assets. The
ii business is excluded from the calculation of adjusted net operating revenue
yield as fees charged for this business are primarily from subscriptions and
trading transactions.
Adjusted operating expenses
Adjusted operating expenses is a component of adjusted operating profit and
relates to the day-to-day expenses of managing our business. Adjusted
operating expenses excludes restructuring and corporate transaction expenses.
Adjusted operating expenses also excludes amortisation and impairment of
intangible assets acquired in business combinations and through the purchase
of customer contracts.
Adjusted operating profit
Adjusted operating profit is the Group's key APM, and is reported on a pre-tax
basis. Adjusted operating profit includes the results of the Group's three
businesses: ii, Adviser and Investments, along with Other business operations
and corporate costs.
It excludes the Group's adjusted net financing costs and investment return.
Adjusted operating profit also excludes the impact of the following items:
- Restructuring and corporate transaction expenses. Restructuring includes the
impact of major regulatory change.
- Amortisation and impairment of intangible assets acquired in business
combinations and through the purchase of customer contracts.
- Profit or loss arising on the disposal of a subsidiary, joint venture or
equity accounted associate.
- Change in fair value of/dividends from significant listed investments.
- Share of profit or loss from associates and joint ventures.
- Impairment loss/reversal of impairment loss recognised on investments in
associates and joint ventures accounted for using the equity method.
- Fair value movements in contingent consideration.
- Items which are one-off and, due to their size or nature, are not indicative
of the long-term operating performance of the Group.
Adjusted profit before tax
In addition to the results included in adjusted operating profit above,
adjusted profit before tax includes adjusted net financing costs and
investment return.
Assets under management and administration (AUMA)
AUMA is a measure of the total assets we manage, administer or advise on
behalf of our clients. It includes assets under management (AUM), assets under
administration (AUA) and assets under advice (AUAdv). AUMA does not include
assets for associates and joint ventures.
AUM is a measure of the total assets that we manage on behalf of individual
and institutional clients. AUM also includes assets managed for corporate
purposes.
AUA is a measure of the total assets we administer for clients through our
Platforms.
AUAdv is a measure of the total assets we advise our clients on, for which
there is an ongoing charge.
Board
The Board of Directors of the Company.
Common Equity Tier 1 (CET1) Capital Coverage
CET1 capital coverage is calculated as CET1 own funds as a percentage of the
total own funds threshold requirement.
Company
Aberdeen Group plc (previously named abrdn plc).
Cost/AUMA ratio
This is an efficiency measure used by the ii business. It is calculated as
annualised adjusted operating expenses divided by monthly average AUMA.
Cost/income ratio
This is an efficiency measure that is calculated as adjusted operating
expenses divided by adjusted net operating revenue.
Director
A Director of the Company.
Earnings per share (EPS)
EPS is a commonly used financial metric which can be used to measure the
profitability and strength of a company over time. EPS is calculated by
dividing profit by the number of ordinary shares. Basic EPS uses the weighted
average number of ordinary shares outstanding during the year. Diluted EPS
adjusts the weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares, such as share options
awarded to employees.
Effective tax rate
Tax expense/(credit) attributable to equity holders' profit divided by profit
before tax attributable to equity holders' profits expressed as a percentage.
Executive Leadership Team (ELT)
The ELT is responsible to the CEO for the execution of corporate objectives
and strategy, competitive analysis, sharing client insights, ensuring
communication and alignment across senior leadership, oversight of annual
budget and business plan proposals, review of performance against targets and
plan, idea generation, oversight and delivery of people-related matters,
oversight of sustainability and oversight of risk and controls.
Fair value through profit or loss (FVTPL)
FVTPL is an IFRS measurement basis permitted for assets and liabilities which
meet certain criteria. Gains or losses on assets or liabilities measured at
FVTPL are recognised directly in the income statement.
FCA
Financial Conduct Authority of the United Kingdom.
Group or Aberdeen
Relates to the Company and its subsidiaries.
Group Operating Committee (GOC)
The GOC is responsible to the CEO for the development of corporate objectives
and strategy, oversight of commercial operations, finalisation of the annual
budget and business plan, proposals for inorganic strategic activity,
commercial aspects of people-related matters and to support the effective
operation and cohesion of the ELT.
Internal Capital Adequacy and Risk Assessment (ICARA)
The ICARA is the means by which the Group assesses the levels of capital and
liquidity that adequately support all of the relevant current and future risks
in its business.
International Financial Reporting Standards (IFRS)
International Financial Reporting Standards are accounting standards issued by
the International Accounting Standards Board (IASB).
Investment Firms Prudential Regime (IFPR)
The Investment Firms Prudential Regime is the FCA's prudential regime for
MiFID investment firms.
Investment performance
Investment performance is a measure of how investments are performing relative
to a benchmark, target, or other comparator. The calculation covers funds that
aim to outperform or track a benchmark/target, with certain assets excluded
where these measures of performance are not appropriate or expected, such as
certain private markets and execution only mandates. Benchmarks and targets
differ by fund and are defined in the relevant investment management agreement
or prospectus, as appropriate. The investment performance data is calculated
internally by Aberdeen to give users guidance on how we are delivering
positive investment outcomes for our clients. It is not intended for clients
or potential clients investing in our products as more specific information
and reporting is available for this purpose.
Investment performance has been aggregated using a money weighted average of
our assets under management. Calculations for investment performance are made
gross of fees except for those funds for which the stated comparator is net of
fees. The calculation uses a closing AUM weighting basis and is based on AUM
data available as at the relevant reporting date.
As at 30 June 2025, 73% of AUM is covered by this metric, performance is
calculated relative to the relevant comparator for each investment strategy on
the basis of:
- Assets ahead of the benchmark or target defined in the investment management
agreement or prospectus, as appropriate. This applies to 48% of the AUM.
- Assets where the objective is to track an index are assessed based on being
within or above an applicable tolerance for the strategy. This applies to 25%
of the AUM.
Market Disclosure
This IFPR disclosure complements the Own funds requirement and Own funds
threshold requirement with the aim of improving market discipline by requiring
companies to publish certain details of their risks, capital and risk
management. Relevant disclosures are made in the Aberdeen Group plc
consolidated annual report and accounts and alongside the accounts of the
Group's individual IFPR-regulated entities, all of which can be found on the
Aberdeen Group plc Group's website.
Net capital generation
Net capital generation is calculated as adjusted capital generation less
restructuring and corporate transaction expenses (net of tax).
Net flows
Net flows represent gross inflows less gross outflows or redemptions. Gross
inflows are new funds from clients. Redemptions is the money withdrawn by
clients during the period. Cash dividends which are retained on the ii
platform are included in net flows for the ii business only. Cash dividends
are included in market movements for other parts of the group including the
Investments and Adviser platform businesses. We consider that this different
approach is appropriate for the ii business as cash dividend payments which
are retained result in additional income for ii, but are largely revenue
neutral for the rest of the Group.
Own Funds Requirement
Under IFPR, the Own Funds Requirement is the higher of the permanent minimum
capital requirement, the fixed overheads requirements, and the K-factor
requirement. The K-factor requirement is the sum of: Risk-to-Client,
Risk-to-Market, and Risk-to-Firm K-factors.
Own Funds Threshold Requirement
Under IFPR, the Own Funds Threshold Requirement is the higher of Own funds
required on an ongoing basis and Own funds required on a wind-down basis. The
firm identifies and measures risks of harm and determines the degree to which
systems and controls alone mitigate those risks of harm (or risks of
disorderly wind-down). Any additional own funds needed, over and above the Own
funds requirement, to cover this identified residual risk is held under the
Own Funds Threshold Requirement.
Phoenix or Phoenix Group
Phoenix Group Holdings plc or Phoenix Group Holdings plc and its subsidiaries.
Significant listed investments
At 30 June 2025, Phoenix is the only significant listed investment. Fair
value movements and dividend income are treated as adjusting items for the
purpose of determining the Group's adjusted profit.
Subordinated liabilities
Subordinated liabilities are debts of a company which, in the event of
liquidation, rank below its other debts but above share capital. The 5.25%
Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes issued by
the Company in December 2021 are classified as other equity as no contractual
obligation to deliver cash exists.
7. Shareholder information
Registered office
1 George Street
Edinburgh
EH2 2LL
Scotland
Company registration number: SC286832
Secretary: Iain Jones
Registrar: Equiniti
Auditors: KPMG LLP
Solicitors: Slaughter and May
Brokers: JP Morgan Cazenove, Goldman Sachs
Shareholder services
We offer a wide range of shareholder services. For more information, please:
- Contact our registrar, Equiniti, who manage this service for us. Their full
details can be found on the inside back cover.
- Visit our share portal at www.shareview.co.uk
- For shareholder services call: +44 (0)371 384 2464*
* Calls are monitored/recorded to meet regulatory obligations and
for training and quality purposes. Call charges will vary.
A Dividend Reinvestment Plan (DRIP) is provided by Equiniti Financial Services
Limited. The DRIP enables the Company's shareholders to elect to have their
cash dividend payments used to purchase the Company's shares.
Sign up for Ecommunications
Signing up means:
- You'll receive an email when documents like the annual report and accounts,
Half year results and AGM guide are available on our website.
- Voting instructions for the Annual General Meeting will be sent to you
electronically.
Set up a share portal account
Having a share portal account means you can:
- Manage your account at a time that suits you.
- Download your documents when you need them.
To find out how to sign up, visit www.shareview.co.uk
Preventing unsolicited mail
By law, the Company has to make certain details from its share register
publicly available. As a result it is possible that some registered
shareholders could receive unsolicited mail, emails or phone calls. You could
also be targeted by fraudulent 'investment specialists', clone firms or
scammers posing as government bodies e.g. HMRC, FCA. Frauds are becoming much
more sophisticated and may use real company branding, the names of real
employees or email addresses that appear to come from the company. If you get
a social or email message and you're unsure if it is from us, you can send it
to emailscams@aberdeenplc.com and we'll let you know.
You can also check the FCA warning list and warning from overseas regulators,
however, please note that this is not an exhaustive list and do not assume
that a firm is legitimate just because it does not appear on the list as
fraudsters frequently change their name and it may not have been reported yet.
www.fca.org.uk/consumers/unauthorised-firms-individuals
www.iosco.org/investor_protection/?subsection=investor_alerts_portal
You can find more information about share scams at the Financial Conduct
Authority website www.fca.org.uk/consumers/scams
If you are a certificated shareholder, your name and address may appear on a
public register. Using a nominee company to hold your shares can help protect
your privacy. You can transfer your shares into the Company-sponsored nominee
- the Aberdeen Share Account - by contacting Equiniti, or you could get in
touch with your broker to find out about their nominee services. If you want
to limit the amount of unsolicited mail you receive generally, please visit
www.mpsonline.org.uk
Financial calendar
Half year results 2025 30 July
Ex-dividend date for 2025 interim dividend 14 August
Record date for 2025 interim dividend 15 August
Last date for DRIP elections for 2025 1 September
Dividend payment date for 2025 interim dividend 23 September
Analysis of registered shareholdings
at 30 June 2025
Range of shares Number of holders % of total holders Number of shares % of total shares
1-1,000 52,398 65.84 20,278,057 1.10
1,001-5,000 22,903 28.78 48,174,154 2.62
5,001-10,000 2,659 3.34 18,153,496 0.99
10,001-100,000 1,346 1.69 29,468,293 1.60
#100,001+ 282 0.35 1,724,669,501 93.69
Total 79,588 100.00 1,840,743,501 100.00
# These figures include the Company-sponsored nominee - the Share
Account - which had 816,779 participants holding 604,992,286 shares.
8. Forward-looking statements
This document may contain certain 'forward-looking statements' with respect to
the financial condition, performance, results, strategies, targets (including
ESG targets), objectives, plans, goals and expectations of the Company and its
affiliates. These forward-looking statements can be identified by the fact
that they do not relate only to historical or current facts.
Forward-looking statements are prospective in nature and are not based on
historical or current facts, but rather on current expectations, assumptions
and projections of management of the Aberdeen Group about future events, and
are therefore subject to known and unknown risks and uncertainties which could
cause actual results to differ materially from the future results expressed or
implied by the forward-looking statements.
For example but without limitation, statements containing words such as 'may',
'will', 'should', 'could', 'continues', 'aims', 'estimates', 'projects',
'believes', 'intends', 'expects', 'hopes', 'plans', 'pursues', 'ensure',
'seeks', 'targets' and 'anticipates', and words of similar meaning (including
the negative of these terms), may be forward-looking. These statements are
based on assumptions and assessments made by the Company in light of its
experience and its perception of historical trends, current conditions, future
developments and other factors it believes appropriate.
By their nature, all forward-looking statements involve risk and uncertainty
because they are based on information available at the time they are made,
including current expectations and assumptions, and relate to future events
and/or depend on circumstances which may be or are beyond the Group's control,
including, among other things: UK domestic and global political, economic and
business conditions; market related risks such as fluctuations in interest
rates and exchange rates, and the performance of financial markets generally;
the impact of inflation and deflation; the impact of competition; the timing,
impact and other uncertainties associated with future acquisitions, disposals
or combinations undertaken by the Company or its affiliates and/or within
relevant industries; experience in particular with regard to mortality and
morbidity trends, lapse rates and policy renewal rates; the value of and
earnings from the Group's strategic investments and ongoing commercial
relationships; default by counterparties; information technology or data
security breaches (including the Group being subject to cyberattacks);
operational information technology risks, including the Group's operations
being highly dependent on its information technology systems (both internal
and outsourced) and the continued development and enhancement of said
technology systems (including the utilisation of artificial intelligence
(AI)); natural or man-made catastrophic events; the impact of pandemics;
climate change and a transition to a low-carbon economy (including the risk
that the Group may not achieve its relevant ESG targets); exposure to
third-party risks including as a result of outsourcing; the failure to attract
or retain necessary key personnel; the policies and actions of regulatory
authorities and the impact of changes in capital, solvency or accounting
standards, ESG disclosure and reporting requirements, and tax and other
legislation and regulations (including changes to the regulatory capital
requirements) that the Group is subject to in the jurisdictions in which the
Company and its affiliates operate. As a result, the Group's actual future
financial condition, performance and results may differ materially from the
plans, goals, objectives and expectations set forth in the forward-looking
statements.
Neither the Company, nor any of its associates, Directors, officers or
advisers, provides any representation, assurance or guarantee that the
occurrence of the events expressed or implied in any forward-looking
statements in this document will actually occur. Persons receiving this
document should not place reliance on forward-looking statements. All
forward-looking statements contained in this document are expressly qualified
in their entirety by the cautionary statements contained or referred to in
this section. Each forward-looking statement speaks only as at the date of the
particular statement. Neither the Company nor its affiliates assume any
obligation to update or correct any of the forward-looking statements
contained in this document or any other forward-looking statements it or they
may make (whether as a result of new information, future events or otherwise),
except as required by law. Past performance is not an indicator of future
results and the results of the Company and its affiliates in this document may
not be indicative of, and are not an estimate, forecast or projection of, the
Company's or its affiliates' future results.
Contact us
Got a shareholder question? Contact our shareholder services team.
UK and overseas
visit www.shareview.co.uk
email customer@equiniti.com
phone 44(0)371 384 2464*
mail Equiniti
Aspect House
Spencer Road
Lancing, West Sussex
BN99 6DA, United Kingdom
* Calls are monitored/recorded to meet regulatory obligations and
for training and quality purposes. Call charges will vary.
Please remember that the value of shares can go down as well as up and you may
not get back the full amount invested or any income from it. All figures and
share price information have been calculated as at 30 June 2025 (unless
otherwise indicated).
This document has been published by Aberdeen Group plc for information only.
It is based on our understanding as at July 2025 and does not provide
financial or legal advice.
Aberdeen Group plc is registered in Scotland (SC286832) at 1 George Street,
Edinburgh EH2 2LL.
www. (http://www.abrdn.com) aberdeenp (http://www.abrdn.com) lc
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