REG - Ninety One PLC - Final Results
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RNS Number : 7313G Ninety One PLC 03 June 2026
Ninety One plc
Ninety One Limited
Incorporated in England and Wales
Incorporated in the Republic of South Africa
Registration number 12245293
Registration number 2019/526481/06
Date of registration: 4 October 2019
Date of registration: 18 October 2019
LSE share code: N91
JSE share code: NY1
JSE share code: N91
ISIN: ZAE000282356
ISIN: GB00BJHPLV88
LEI:
549300G0TJCT3K15ZG14
3 June 2026
Results for the year ended 31 March 2026
Highlights
‒ Adjusted earnings per share up by 12%.
‒ Assets under management up by 31% to £171.8 billion.
‒ Return to positive annual net flows of £2.8 billion.
‒ Completion of Sanlam transaction with AUM take-on of £18.3
billion.
‒ Proposed full-year dividend of 13.4 pence per share.
Key financials((1)) 2026 2025 Change
%
AUM (£'bn) 171.8 130.8 31
Sanlam take on (£'bn) 18.3
Net flows (£'bn) 2.8 (4.9)
Average AUM (£'bn) 151.8 129.0 18
Profit before tax (£'m) 207.5 204.3 2
Adjusted operating profit (£'m) 211.3 187.9 12
Adjusted operating profit margin (%) 32.0 31.2
Basic earnings per share (p) 17.5 17.2 2
Adjusted earnings per share (p) 17.4 15.5 12
Dividend per share (p) 13.4 12.2 10
Note: (1) Please refer to explanations and definitions, including alternative
performance measures, on pages 12 to 13 and 160 to 161 of the Integrated
Annual Report.
Hendrik du Toit, Founder and Chief Executive Officer, commented:
"Ninety One is a resilient and robust business with positive momentum. The
demand recovery for emerging markets is visible and our offering competitive.
We are in a stronger position than a year ago. We are investing through the
cycle in talent and technology to be future fit. Over the past year we pursued
and established several significant partnerships. We are committed to cost and
operating discipline and our focus remains on investment performance and
client service. Over the past 35 years we have built strong foundations for an
exciting future."
Availability of the Integrated Annual Report and Notices of Annual General
Meetings ("AGMs")
The Ninety One Integrated Annual Report for the year ended 31 March 2026,
containing the audited annual financial statements, and the Notices of the
AGMs have been published today, 3 June 2026. Copies of the documents listed
below can be viewed on the Ninety One website:
https://ninetyone.com/full-year-results-202
(https://ninetyone.com/full-year-results-2026) 6. In accordance with
paragraphs 6.4.1R and 6.4.3R of the FCA Listing Rules and of the FCA
Disclosure Guidance and Transparency Rules ("DTC"), the documents will be
submitted to the National Storage Mechanism where they will be available for
inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
‒ Ninety One Integrated Annual Report 2026
‒ Ninety One Limited Annual Financial Statements
‒ Ninety One plc and Ninety One Limited Notice of the 2026 Annual
General Meeting
‒ Ninety One Limited Form of Proxy for the 2026 Annual General Meeting
This announcement is made in accordance with DTR 6.3.5R(1A).
For further information please contact:
Investor relations
Varuni
Dharma
varuni.dharma@ninetyone.com (mailto:varuni.dharma@ninetyone.com)
+44(0) 203 938 2486
Media
Media enquiries
Jeannie Dumas (for UK & International)
jeannie.dumas@ninetyone.com
(mailto:jeannie.dumas@ninetyone.com) +44 (0) 203 938
3084
Kotie Basson (for South Africa)
kotie.basson@ninetyone.com +27 (0) 82 375 1317
Investor presentation
A presentation to investors and financial analysts will be held by live
webcast at 9.00am BST on 3 June 2026. The webcast registration link is
available https://ninetyone.com/full-year-results.
A copy of the presentation will be made available on the Company's website
https://ninetyone.com/full-year-results-2026
(https://ninetyone.com/full-year-results-2026) at 9.00am BST.
Forward-looking statements
This announcement does not constitute or form part of any offer, advice,
recommendation, invitation or inducement to any person to underwrite,
subscribe for or otherwise acquire or dispose of securities in Ninety One plc
and its subsidiaries or Ninety One Limited and its subsidiaries (together,
"Ninety One"), nor should it be construed as legal, tax, financial, investment
or accounting advice.
This announcement may include statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements may be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "projects", "anticipates", "expects",
"intends", "may", "will" or "should" or, in each case, their negative or other
variations or comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. Forward-looking statements may
and often do differ materially from actual results. Any forward-looking
statements contained in the announcement reflect Ninety One's current view
with respect to future events and are subject to risks relating to future
events and other risks, uncertainties and assumptions relating to the Ninety
One's business, results of operations, financial position, liquidity,
prospects, growth and strategies. Forward-looking statements speak only as of
the date of this announcement.
Except as required by any applicable law or regulation, Ninety One expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained in this announcement or
any other forward-looking statements it may make whether as a result of new
information, future developments or otherwise.
About Ninety One
Ninety One is an active investment manager, investing capital on behalf of its
clients to help them achieve their long-term financial objectives. Ninety One
is listed on the London and Johannesburg Stock Exchanges.
OPERATING REVIEW
Assets under management ("AUM")
Closing AUM increased by 31% to £171.8 billion (31 March 2025: £130.8
billion). This increase was due to net inflows of £2.8 billion (2025: net
outflows £(4.9) billion) and the Sanlam take-on of £18.3 billion.
Furthermore, there was a positive market and foreign exchange impact of £19.9
billion (2025: positive £9.7 billion).
AUM by asset class
£ million 31 March 2026 31 March 2025 Change %
Equities 77,427 60,108 29
Fixed income 43,747 31,791 38
Multi-asset 26,988 20,464 32
Alternatives 6,153 5,207 18
South African fund platform 17,480 13,211 32
Total 171,795 130,781 31
Our AUM remained well diversified across asset classes, with the mix of AUM
broadly unchanged from the prior period. All asset classes experienced
positive markets.
AUM by client group
£ million 31 March 2026 31 March 2025 Change %
United Kingdom 23,705 21,132 12
Africa 80,359 55,682 44
Europe 17,883 14,956 20
Americas 18,020 15,396 17
Asia Pacific((1)) 31,828 23,615 35
Total 171,795 130,781 31
Note: (1) Asia Pacific includes Middle East.
AUM remains well diversified by client geography ("client groups") and the
split remained broadly in line with the prior period.
Net flows
Ninety One experienced net inflows of £2.8 billion in financial year 2026
(2025: net outflows of £(4.9) billion). In addition, there was the Sanlam
take-on of £18.3 billion from the transfers to Ninety One of the Sanlam
Investments UK Limited active asset management business and the Sanlam
Investment Management's active asset management business in South Africa. The
commentary below refers only to the net inflows of £2.8 billion.
Net flows by asset class
£ million 31 March 2026 31 March 2025
Equities 1,244 (2,390)
Fixed income 1,110 (1,754)
Multi-asset (1,079) (1,716)
Alternatives 440 637
South African fund platform 1,108 359
Total (excluding Sanlam) 2,823 (4,864)
Total (including Sanlam) 21,059 (4,864)
Equities were the main driver of net inflows, particularly into global
strategies in the first half and natural resources in the second half. This
was followed by fixed income net inflows, driven primarily by blended
strategies throughout the year though somewhat offset by net outflows from
emerging market corporate strategies. There were outflows from some South
African multi-asset strategies across the year. Alternatives generated net
inflows, particularly in developed market credit strategies. The South African
fund platform saw net inflows during the year.
Net flows by client group
£ million 31 March 2026 31 March 2025
United Kingdom (1,470) (3,896)
Africa (1,092) (289)
Europe 966 (716)
Americas 775 (701)
Asia Pacific((1)) 3,644 738
Total (excluding Sanlam) 2,823 (4,864)
Total (including Sanlam) 21,059 (4,864)
Note: (1) Asia Pacific includes Middle East.
Asia Pacific was the largest contributor to net inflows, mainly from global
equities in the first half and gold, natural resources and local currency
fixed income strategies in the second half. Europe's net inflows were driven
by natural resources and emerging market equities as well as hard currency and
blended fixed income strategies. The Americas' net inflows were driven by
global and Asian equities, as well as natural resources. In spite of strong
net inflows into the fund platform and fixed income, South African multi-asset
and equities strategies drove net outflows in Africa. The UK outflows
reflected some large new client wins during the year being outweighed by
clients rebalancing their portfolios, with almost all still remaining clients
in the UK.
Investment performance
Firm-wide investment performance((1))
Our short- and medium-term performance closed at 56% and 69% respectively (31
March 2025: 68% and 59% respectively) for one- and three-year outperformance.
Our long-term firm-wide investment performance remained competitive, with the
five- and ten-year outperformance closing at 63% and 75% respectively (31
March 2025: 72% and 81% respectively).
1 Year 3 Year 5 Year 10 Year Since inception
Outperformance 56% 69% 63% 75% 76%
Underperformance 44% 31% 37% 25% 24%
Note: (1) Firm-wide outperformance is calculated as the sum of the total
market values for individual portfolios that have positive active returns on a
gross basis expressed as a percentage of total AUM. Our percentage of firm
outperformance is reported on the basis of current AUM and therefore does not
include terminated funds. Total AUM excludes double-counting of pooled
products and third-party assets administered on our South African fund
platform. Benchmarks used for the above analysis include cash, peer group
averages, inflation and market indices as specified in client mandates or fund
prospectuses. For all periods shown, market values are as at the period end
date.
Alternative performance measures
Ninety One uses non-IFRS measures which include measures used by management to
monitor and assess the financial performance of Ninety One.
Items are included in or excluded from adjusted operating revenue and expenses
based on management's assessment of whether they contribute to the core
operations of the business. In particular:
- Share of profit from associates, as well as net gain or loss on
investments and other income, are included in adjusted operating revenue as
these items are directly attributable to operations;
- deferred employee benefit scheme movements are deducted from adjusted
operating revenue and adjusted operating expenses as the movements offset and
do not impact operating performance;
- subletting income is excluded from adjusted operating revenue and
deducted from adjusted operating expenses as it is a recovery of costs rather
than a core revenue item;
- corporate related items and the amortisation of intangible assets (an
adjustment arising from the Sanlam transactions, which would apply to similar
corporate transactions in the future) are excluded from adjusted operating
expenses as they are not operating in nature;
- the share scheme net credit/expense is excluded from adjusted
operating expenses and employee remuneration so that they reflect the position
as though all awards during the year were fully expensed in the same year; and
- interest expense on lease liabilities is excluded from adjusted net
interest income and included in adjusted operating expenses to reflect the
operating nature of this expense.
Adjusted EPS for the comparative year is calculated on the after tax adjusted
operating profit divided by the number of shares in issue at the end of the
year, as management's assessment is that this is a reliable measure of Ninety
One's operating performance.
Due to the significant number of shares issued in relation to the Sanlam
transaction, adjusted EPS for the current year has been amended by weighting
the shares issued to Sanlam. This should be a one-off calculation adjustment
for the Sanlam transaction.
These non-IFRS measures are considered additional disclosures and in no case
are intended to replace the financial information prepared in accordance with
the basis of preparation detailed in the consolidated financial statements.
Moreover, the manner in which Ninety One defines and calculates these measures
may differ from the way in which these or similar measures are calculated by
other entities. Accordingly, they may not be comparable to measures used by
other entities in Ninety One's industry.
The non-IFRS measures are considered to be pro forma financial information in
terms of the JSE listings requirements, have been compiled for illustrative
purposes only and are the responsibility of Ninety One's Board. Due to their
nature, they may not fairly present Ninety One's financial position, changes
in equity, results of operations or cash flows. The non-IFRS financial
information has been prepared with reference to JSE Guidance Letter:
Presentation of pro forma financial information dated 16 February 2026 and in
accordance with paragraphs 11.8 to 11.18 of the JSE Listings Requirements, the
Revised SAICA Guide on Pro forma Financial Information (issued September 2014)
and International Standard on Assurance Engagement ("ISAE") 3420 - Assurance
Engagements to Report on the Compilation of Pro Forma Financial Information
included in a Prospectus, to the extent applicable given the Non-IFRS
Financial Information's nature. This pro forma financial information has been
reported on by PwC in terms of ISAE 3420 and their unmodified report is
available for inspection on the Ninety One website (www.ninetyone.com
(http://www.ninetyone.com) ).
These non-IFRS measures, including reconciliations to their nearest
consolidated financial statements equivalents, are as follows:
£ million 2026 2025
Net revenue 650.2 594.6
Net gain on investments and other income 14.4 9.8
Adjustments:
Share of (loss)/profit from associates (0.6) 2.4
Deferred employee benefit scheme gain((1)) (5.4) (2.7)
Corporate related fx loss 2.6 -
Subletting income (1.9) (1.5)
Other income 9.1 8.0
Adjusted operating revenue 659.3 602.6
£ million 2026 2025
Operating expenses 468.5 418.5
Adjustments:
Share scheme net (expense)/credit (7.6) 0.8
Corporate related professional fees (4.8) (3.7)
Deferred employee benefit scheme gain((1)) (5.4) (2.7)
Subletting income (1.9) (1.5)
Interest expense on lease liabilities 3.4 3.3
Amortisation of intangible assets (4.2) -
Adjusted operating expenses 448.0 414.7
£ million 2026 2025
Staff expenses 297.5 260.5
Adjustments:
Share scheme net (expense)/credit (7.6) 0.8
Employee remuneration 289.9 261.3
£ million 2026 2025
Adjusted operating revenue 659.3 602.6
Adjusted operating expenses (448.0) (414.7)
Adjusted operating profit 211.3 187.9
Adjusted operating profit margin 32.0% 31.2%
£ million 2026 2025
Net interest income 12.0 16.0
Adjustments:
Interest expense on lease liabilities 3.4 3.3
Adjusted net interest income 15.4 19.3
£ million (unless stated otherwise) 2026 2025
Profit after tax 153.5 150.1
Adjusted net interest income (15.4) (19.3)
Share scheme net expense/(credit) 7.6 (0.8)
Corporate related professional fees and fx losses 7.4 3.7
Amortisation of intangible assets 4.2 -
Tax on adjusting items 1.0 5.2
Adjusted earnings attributable to ordinary shareholders 158.3 138.9
Number of ordinary shares in issue (m) 1,005.1 896.8
Number of ordinary shares for adjusted EPS (m)((2)) 908.4 896.8
Adjusted earnings per share (p) 17.4 15.5
(1) The deferred employee benefit scheme invests in pooled vehicles
managed by entities within the Group. Any gains or losses from these
investments result in corresponding increases or decreases in the liability to
employees, which are reflected as increases or decreases in operating
expenses.
(2) Weighted shares used for adjusted EPS calculation at 31 March 2026:
Shares in issue excluding shares issued for Sanlam: 879.4m
Weighting of shares issued for Sanlam UK: 13.7m x 289/365 = 10.9m
Weighting of shares issued for Sanlam SA: 112.0m x 59/365 = 18.1m
Shares in issue for adjusted EPS calculation: 908.4m
SHAREHOLDER INFORMATION AND DIVIDEND ANNOUNCEMENT
In terms of the DLC structure, Ninety One plc shareholders registered on the
United Kingdom share register may receive all or part of their dividend
entitlements through dividends declared and paid by Ninety One plc on their
ordinary shares and/or through dividends declared and paid on the SA DAN share
issued by Ninety One Limited.
Ninety One plc shareholders registered on the South African branch register
may receive all or part of their dividend entitlements through dividends
declared and paid by Ninety One plc on their ordinary shares and/or through
dividends declared and paid on the SA DAS share issued by Ninety One Limited.
Ninety One plc dividend announcement
Notice is hereby given that a gross final dividend of 7.4 pence per ordinary
share has been recommended by the Board from income reserves in respect of the
financial year ended 31 March 2026. The final dividend will be paid on 6
August 2026 to shareholders recorded in the shareholders' registers of the
company on close of business 17 July 2026.
Ninety One plc shareholders registered on the United Kingdom share register,
will receive their dividend payment by Ninety One plc of 7.4 pence per
ordinary share.
Ninety One plc shareholders registered on the South African branch register,
will receive their dividend payment by Ninety One plc equivalent to 7.4 pence
per ordinary share.
The relevant dates for the payment of the dividend are as follows:
Last day to trade cum-dividend
On the Johannesburg Stock Exchange ("JSE") Tuesday, 14 July 2026
On the London Stock Exchange ("LSE") Wednesday, 15 July 2026
Shares commence trading ex-dividend
On the JSE Wednesday, 15 July 2026
On the LSE Thursday, 16 July 2026
Record date (on the JSE and LSE) Friday, 17 July 2026
Payment date (on the JSE and LSE) Thursday, 6 August 2026
Share certificates on the South African branch register may not be
dematerialised or rematerialised between Wednesday, 15 July 2026 and Friday,
17 July 2026, both dates inclusive, nor may transfers between the United
Kingdom share register and the South African branch register take place
between Wednesday, 15 July 2026 and Friday, 17 July 2026, both dates
inclusive.
Additional information for Ninety One shareholders registered on the South
African branch register
- The final dividend paid by Ninety One plc to shareholders
registered on the South African branch register is a local payment derived
from funds sourced in South Africa.
- Shareholders registered on the South African branch register are
advised that the distribution of 7.40000 pence, equivalent to a gross dividend
of 161.41620 cents per share (rounded to 161.00000 cents per share), has been
arrived at using the rand/pound Sterling average buy/sell spot rate of
ZAR21.8130/GBP, as determined at 11:00 (SA time) on Tuesday, 2 June 2026.
Consequently, tax will be calculated on the gross dividend of 161.00000 cents
per share.
- Ninety One plc United Kingdom tax reference number: 623 59652
16053.
- The issued ordinary share capital of Ninety One plc is 668,672,400
ordinary shares.
- The dividend paid by Ninety One plc to South African resident
shareholders registered on the South African branch register are subject to
South African Dividend Tax ("Dividend Tax") of 20% (subject to any available
exemptions as legislated).
- Shareholders registered on the South African branch register who
are exempt from paying the Dividend Tax will receive a net dividend of
161.00000 cents per share.
- Shareholders registered on the South African branch register who
are not exempt from paying the Dividend Tax will receive a net dividend of
128.80000 cents per share (gross dividend of 161.00000 cents per share less
Dividend Tax of 32.20000 cents per share).
By order of the board
Amina Rasool
Company Secretary
3 June 2026
Ninety One Limited dividend announcement
Notice is hereby given that a gross final dividend of 161.00000 cents per
ordinary share has been recommended by the Board from income reserves in
respect of the financial year ended 31 March 2026. The final dividend will be
paid on 6 August 2026 to shareholders recorded in the shareholders' register
of the company on close of business 17 July 2026.
The relevant dates for the payment of the dividend are as follows:
Last day to trade cum-dividend Tuesday, 14 July 2026
Shares commence trading ex-dividend Wednesday, 15 July 2026
Record date Friday, 17 July 2026
Payment date Thursday, 6 August 2026
The final gross dividend of 161.41620 cents per ordinary share (rounded to
161.00000 cents per ordinary share) has been determined by converting the
Ninety One plc distribution of 7.40000 pence per ordinary share into rands
using the rand/pound sterling average buy/sell spot rate of ZAR21.8130 /GBP,
as determined at 11:00 (SA time) on 2 June 2026. Consequently, tax will be
calculated on the gross dividend of 161.00000 cents per share.
Share certificates may not be dematerialised or rematerialised between
Wednesday, 15 July 2026 and Friday, 17 July 2026, both dates inclusive.
Additional information to take note of:
- The final dividend paid by Ninety One Limited to shareholders
registered on the South African register is a local payment derived from funds
sourced in South Africa.
- Ninety One Limited South African tax reference number: 9661 9311
71.
- The issued ordinary share capital of Ninety One Limited is
332,961,027 ordinary shares.
- The dividend paid by Ninety One Limited is subject to South
African Dividend Tax ("Dividend Tax") of 20% (subject to any available
exemptions as legislated).
- Shareholders who are exempt from paying the Dividend Tax will
receive a net dividend of 161.00000 cents per ordinary share.
- Shareholders who are not exempt from paying the Dividend Tax will
receive a net dividend of 128.8000 cents per ordinary share (gross dividend of
161.00000 cents per ordinary share less Dividend Tax of 32.20000 cents per
ordinary share).
By order of the board
Ninety One Africa Proprietary Limited
Company Secretary
3 June 2026
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