Q4 2026 Brooks Macdonald Group PLC Earnings Call

September 3, 2026

Speaker #1: Good morning, and welcome to Brooks Macdonald's Q3 results for 2026. Two years ago, when I became CEO, I made a clear commitment to reignite growth and restore the ambition that defines this business.

Andrea Montague: Good morning, and welcome to Brooks Macdonald's full year results for 2026. Two years ago, when I became CEO, I made a clear commitment to reignite growth and restore the ambition that defines this business. Our strategy is working, and this success has been made possible because of our clients, our people, and our shareholders. We have fundamentally changed the business and have built a human-led, digitally enabled wealth manager. We are already known and chosen for our client service. We are in a trusted position in people's lives, providing them with peace of mind and financial security. Prioritizing our clients and their needs translates into business results. This year, we have returned to positive net flows. We have delivered record FUMA of GBP 21.7 billion and revenue growth across the business. Net flows are up GBP 600 million since last year, with three consecutive quarters of positive and expanding net flows.

Speaker #1: Our strategy is working, and this success has been made possible because of our clients, our people, and our shareholders. We've fundamentally changed the business and have built a human-led, digitally enabled wealth manager.

Speaker #1: We are already known and chosen for our client service. We're in a trusted position in people's lives, providing them with peace of mind and financial security.

Speaker #1: Prioritizing our clients and their needs translates into business results. This year, we've returned to positive net flows. We've delivered record FUMA of £21.7 billion.

Andrea Montague: This year, we have returned to positive net flows. We have delivered record FUMA of GBP 21.7 billion and revenue growth across the business. Net flows are up GBP 600 million since last year, with three consecutive quarters of positive and expanding net flows.

Speaker #1: And revenue growth across the business. Net flows are up £600 million since last year, with three consecutive quarters of positive and expanding net flows.

Speaker #1: Platform MPS FUM is up 35%, and BPS FUM is up 9%. What's made this possible? A laser focus on client service, client reach, and efficiency.

Andrea Montague: Platform PMPS FUM is up 35%, and BPS FUM is up 9%. What has made this possible? A laser focus on client service, client reach, and efficiency backed by investment in people, distribution, and AI, while continuing to deliver excellent investment performance. Two years ago, we were clear to the market that the business needed significant investment in order to grow. The bulk of that is now complete, and it is already driving flows, and it creates a powerful foundation to capture the significant market opportunity ahead. I am glad to say we are now in a much stronger business than we were before. We have changed our distribution strategy to enable our people to serve more clients across the UK. We have launched new products that clients need and want, and we have integrated six businesses into Brooks Financial, a firm recognized for high-quality financial advice. That transformation is real.

Speaker #1: Backed by investment in people, distribution, and AI, while continuing to deliver excellent investment performance. Two years ago, we were clear to the market that the business needed significant investment in order to grow.

Speaker #1: The bulk of that is now complete, and it is already driving flows. It creates a powerful foundation to capture the significant market opportunity ahead.

Speaker #1: I'm glad to say we're now in a much stronger business than we were before. We've changed our distribution strategy to enable our people to serve more clients across the UK.

Speaker #1: We've launched new products that clients need and want, and we've integrated six businesses into Brooks Financial, a firm recognized for high-quality financial advice.

Speaker #1: That transformation is real. The momentum is building, and the best is yet to come. I'll come back to strategy shortly. Firstly, though, Katherine will take us through the financial performance in more detail.

Andrea Montague: The momentum is building, and the best is yet to come. I will come back to strategy shortly. Firstly, though, Katherine will take us through the financial performance in more detail.

Speaker #2: Thank you, Andrea. And good morning, everyone. Let me start with the financial highlights. Q2 was a year of strong strategic and financial progress for the group.

Katherine Jones: Thank you, Andrea, and good morning, everyone. Let me start with the financial highlights. Full-year 2026 was a year of strong strategic and financial progress for the group. We delivered record FUMA, returned to positive net flows, and continued to grow our financial planning business while maintaining cost discipline and delivering efficiency benefits across the organization. Revenue increased by 6%, underlying costs reduced by 3% on a like-for-like basis. Underlying profit before tax was GBP 29 million, equivalent to earnings per share of 137.9 pence, up 6% versus full-year 2025. The board has recommended a final dividend of 52 pence per share, bringing the total dividend for the year to 83 pence per share, up 2.5%, in line with our progressive dividend policy. Now moving on to the detail and starting with funds under management and advice.

Speaker #2: We delivered record FUMA, returned to positive net flows, and continued to grow our financial planning business, while maintaining cost discipline and delivering efficiency benefits across the organization.

Speaker #2: Revenue increased by 6%. Underlying costs reduced by 3% on a like-for-like basis. Underlying profit before tax was £29 million, equivalent to earnings per share of 137.9 pence, up 6% versus Q2.

Speaker #2: And the Board has recommended a final dividend of 52 pence per share, bringing the total dividend for the year to 83 pence per share, up 2.5%, in line with our progressive dividend policy.

Speaker #2: Now, moving on to the detail and starting with funds under management and advice. Total FUMA increased 14% to £21.7 billion during the year, and within that, total FUM increased 17% to £19.3 billion.

Katherine Jones: Total FUMA increased 14% to GBP 21.7 billion during the year, and within that, total FUM increased 17% to GBP 19.3 billion. This growth includes market and investment performance, which contributed GBP 2.5 billion, outperforming the industry benchmark. BPS FUM increased 9%, and platform MPS FUM increased 35%. Assets under advice increased to GBP 5.7 billion, compared to GBP 5.3 billion a year ago, reflecting continued growth in our financial planning business. Now turning to flows. We generated net inflows of GBP 226 million during the year and more than GBP 600 million improvement versus full-year 2025, and our first positive net flow since 2023. Platform MPS growth remains strong with over GBP 900 million of net inflows and an annualized growth rate of 15%.

Speaker #2: This growth includes market and investment performance, which contributed £2.5 billion, outperforming the industry benchmark. BPS FUM increased 9%, and platform MPS FUM increased 35%.

Speaker #2: Assets under advice increased to £5.7 billion, compared to £5.3 billion a year ago, reflecting continued growth in our financial planning business. Now, turning to flows.

Speaker #2: We generated net inflows of £226 million during the year, and more than a £600 million improvement versus Q2, and our first positive net flows since 2023.

Speaker #2: Platform MPS growth remains strong, with over £900 million of net inflows and an annualized growth rate of 15%. It is particularly pleasing to see the improvement in BPS, where net outflows have improved by around 50% compared with Q2.

Katherine Jones: It is particularly pleasing to see the improvement in BPS, where net outflows have improved by around 50% compared with full-year 2025, reflecting the positive impact of our client engagement and distribution initiatives and the benefit from the investment we have made to strengthen our presence in the regions. Importantly, the trajectory of net flows improved consistently throughout the year, and that momentum provides a solid foundation as we move into full-year 2027. Now moving on to revenue. Total revenue increased 6%. The increase in fee income was primarily driven by higher average FUM during the year, and notably, MPS revenue increased by 16% year on year. Financial planning revenue benefited from a full year of the acquired businesses and increased 10% on a like-for-like basis.

Speaker #2: Reflecting the positive impact of our client engagement and distribution initiatives, and the benefit from the investment we have made to strengthen our presence in the regions.

Speaker #2: Importantly, the trajectory of net flows improved consistently throughout the year, and that momentum provides a solid foundation as we move into Q2. Now, moving on to revenue.

Speaker #2: Total revenue increased by 6%. The increase in fee income was primarily driven by higher average FUM during the year, and notably, MPS revenue increased by 16% year on year.

Speaker #2: Financial planning revenue benefited from a full year of the acquired businesses and increased 10% on a like-for-like basis. As expected, transaction and interest income were both lower than the prior year, reflecting lower levels of trading activity and lower average interest rates.

Katherine Jones: As expected, transaction and interest income were both lower than the prior year, reflecting lower levels of trading activity and lower average interest rates. However, our revenue streams are increasingly diversified, and the platform for future growth is clear, with almost 40% of the business now delivering double-digit revenue growth. Looking ahead, we have entered full-year 2027 with record FUMA, and I expect the revenue trends for fee income yields and financial planning that we have seen in full-year 2026 to continue into full-year 2027. Now turning to look at the individual business lines in more detail. BPS FUM increased 9%, supported by strong investment performance and the improvement in net outflows. Average BPS FUM increased only moderately due to the impact of market movements on and around quarterly billing dates, but the higher level of FUM at year-end provides momentum going into full-year 2027.

Speaker #2: However, our revenue streams are increasingly diversified, and the platform for future growth is clear, with almost 40% of the business now delivering double-digit revenue growth.

Speaker #2: Looking ahead, we have entered Q2 with record FUMA, and I expect the revenue trends for fee income yields and financial planning that we have seen in Q2 to continue into Q2.

Speaker #2: Now, turning to look at the individual business lines in more detail. BPS FUM increased 9%, supported by strong investment performance and the improvement in net outflows.

Speaker #2: Average bps FUM increased only moderately due to the impact of market movements on and around quarterly billing dates. But the higher level of FUM at year-end provides momentum going into Q2.

Speaker #2: Fee income yields remained resilient at around 60 basis points and, as a result, Q2 revenue before transaction income was in line with Q2. The lower transaction income I mentioned on the previous slide is the primary driver of the reduction in overall BPS revenue year-on-year that you can see on the right-hand chart here.

Katherine Jones: Fee income yields remained resilient at around 60 basis points, and as a result, full-year 2026 revenue before transaction income was in line with full-year 2025. The lower transaction income I mentioned on the previous slide is the primary driver of the reduction in overall BPS revenue year on year that you can see on the right-hand chart here. Now turning to MPS. Total MPS FUM increased by 30% to almost GBP 9 billion. Platform MPS was the standout performer, achieving FUM growth of 35% through a combination of strong net flows and investment performance. Revenue increased 16% to GBP 16.7 million, supported by substantially higher average assets under management. As expected, average yields moderated slightly due to the mix within the MPS portfolio.

Speaker #2: Now turning to MPS. Total MPS FUM increased by 30% to almost £9 billion. Platform MPS was the standout performer, achieving FUM growth of 35% through a combination of strong net flows and investment performance.

Speaker #2: Revenue increased 16% to £16.7 million, supported by substantially higher average assets under management. As expected, average yields moderated slightly due to the mix within the MPS portfolio.

Speaker #2: We delivered relatively stronger growth in the FUM of our passive MPS range and business-to-business relationships, both of which are typically slightly lower margin, but this was more than offset by the strong growth in assets.

Katherine Jones: We delivered relatively stronger growth in the form of our passive MPS range and business-to-business relationships, both of which are typically slightly lower margin, but this was more than offset by the strong growth in assets. Now moving on to financial planning. The success of our inorganic investment in Brooks Financial is clear. Through the acquisitions, we added GBP 17 million of revenue and GBP 3 million of profit before tax on an annualized basis. From there, we increased financial planning revenue by 10% on a like-for-like basis. We added over GBP 1 million of platform MPS revenue, which is booked separately in fee income and that you saw on the previous slide, and we delivered 1.3 million of cost synergies, outperforming our GBP 1 million target. Brooks Financial now represents 25% of group revenue.

Speaker #2: Now, moving on to financial planning. The success of our inorganic investment in Brooks Financial is clear. Through the acquisitions, we added £17 million of revenue and £3 million of profit before tax on an annualized basis, and from there, we increased financial planning revenue by 10% on a like-for-like basis.

Speaker #2: We added over £1 million of platform MPS revenue, which is booked separately in fee income, as you saw on the previous slide. We also delivered £1.3 million of cost synergies, outperforming our £1 million target.

Speaker #2: Brooks Financial now represents 25% of group revenue. The revenue margin has increased to 52.8 basis points, and 58% of assets are now advised and managed, compared to 51% a year ago—supporting the strategic rationale for the acquisitions we have made.

Katherine Jones: The revenue margin has increased to 52.8 basis points, and 58% of assets are now advised and managed, compared to 51% a year ago, supporting the strategic rationale for the acquisitions we have made. I am delighted with the progress and the opportunity going into full year 2027. Now moving on to underlying costs. Consistent with previous reporting periods, I have presented full year 2025, including the full year impact of the acquired businesses, to allow for a more meaningful comparison. On a like-for-like basis, underlying costs reduced by 3%.

Speaker #2: I'm delighted with the progress and the opportunity going into Q2. Now, moving on to underlying costs—consistent with previous reporting periods, I have presented Q2 including the full-year impact of the acquired businesses, to allow for a more meaningful comparison.

Speaker #2: On a like-for-like basis, underlying costs reduced by 3%. The movements in the period include salary inflation and variable pay increases of £1.6 million; cost savings delivered during the period of £8.3 million, which include £1.3 million of integration synergies; £3.3 million of savings through organizational restructuring throughout the year, equivalent to around £5 million on an annualized basis; and £1 million of non-staff cost savings, including renegotiating key contracts and consolidating our third-party supplier base.

Katherine Jones: The movements in the period include salary inflation and variable pay increases of 1.6 million, cost savings delivered during the period of 8.3 million, which include 1.3 million of integration synergies, 3.3 million of savings through organizational restructuring throughout the year, equivalent to around GBP 5 million on an annualized basis, and GBP 1 million of non-staff cost savings, including renegotiating key contracts and consolidating our third-party supplier base. Finally, costs increased by GBP 4 million to support business growth, primarily through increased capability and capacity, including senior investment and distribution hires, which also strengthened our presence in the regions. We enhanced our client engagement activity through nationwide events and grew our brand awareness through key sponsorship partnerships and marketing initiatives.

Speaker #2: Finally, costs increased by £4 million to support business growth, primarily through increased capability and capacity, including senior investment and distribution hires, which also strengthened our presence in the regions.

Speaker #2: We have enhanced our client engagement activity through nationwide events and grown our brand awareness through key sponsorship partnerships and marketing initiatives. We have reshaped the cost base to allow investment in revenue-focused areas within the business and have built a scalable platform, which has supported the return to net flows and positions us well for future revenue growth.

Katherine Jones: We have reshaped the cost base to allow investment in revenue-focused areas within the business and have built a scalable platform which has supported the return to net flows and positions us well for future revenue growth. Going into full year 2027, we remain committed to our medium-term target of BAU cost growth below 5%. Now turning to look at the cash position. We ended the year with cash and liquid assets of GBP 25 million, broadly in line with the half year position at 31 December. We generated 26.7 million of operating cash flow post-tax from underlying business performance in the year. In addition, we received 9.3 million of fees following the transition of our client fee payments from quarterly to monthly as part of our commitment to excellent client service.

Speaker #2: Going into Q2, we remain committed to our medium-term target of BAU cost growth below 5%. Now, turning to look at the cash position: we ended the year with cash and liquid assets of £25 million, broadly in line with the half-year position at 31 December.

Speaker #2: We generated £26.7 million of operating cash flow post-tax from underlying business performance in the year. In addition, we received £9.3 million of fees following the transition of our client fee payments from quarterly to monthly, as part of our commitment to excellent client service.

Speaker #2: This means our IFAs received their income more regularly, and it removes some of the impact that market volatility can have on their payments. We also benefited from this transition, with a one-off acceleration of the fee income for April and May, which would previously have been received post-year-end under the previous billing cadence.

Katherine Jones: This means our IFAs receive their income more regularly, and it removes some of the impact that market volatility can have on their payments. We also benefited from this transition with a one-off acceleration of the fee income for April and May, which would previously have been received post year-end under the previous billing cadence. We returned almost GBP 16 million to shareholders through dividends and share buybacks. You will remember that at the half year, I described the investments we were making in order to drive net flows, meet client needs with new products and services, expand our financial planning business through M&A, and deliver efficiency savings. It is pleasing to see that the investments we have made are already starting to deliver these results. In total, we invested GBP 9.1 million in developing our products and propositions, as well as digital and AI initiatives.

Speaker #2: We returned almost £16 million to shareholders through dividends and share buybacks. You'll remember that at the half-year, I described the investments we were making in order to drive net flows, meet client needs with new products and services, expand our financial planning business through M&A, and deliver efficiency savings.

Speaker #2: It is pleasing to see that the investments we have made are already starting to deliver these results. In total, we invested £9.1 million in developing our products and propositions, as well as digital and AI initiatives.

Speaker #2: In particular, we modernized our MPS structure with our new building blocks approach to broaden investment capability and better support client outcomes. We launched Brooks Macdonald Strategic Partnerships, which is giving real momentum in flows and tangible progress in building meaningful new client relationships.

Katherine Jones: In particular, we modernized our MPS structure with our new building blocks approach to broaden investment capability and better support client outcomes. We launched Brooks Macdonald Strategic Partnerships, which is giving real momentum in flows and tangible progress in building meaningful new client relationships. We have deployed AI and advanced technology solutions to improve productivity and increase operational effectiveness. We have continued to invest in digital capabilities to improve the experience for advisors and clients, including simpler onboarding journeys, enhanced self-service capability, and improved service accessibility. We incurred GBP 5.1 million of costs in relation to organizational restructuring, which has delivered annualized savings of GBP 5 million. We also capitalized GBP 12.6 million, the majority of which was incurred in H1 and included property relocation costs.

Speaker #2: We have deployed AI and advanced technology solutions to improve productivity and increase operational effectiveness. We have continued to invest in digital capabilities to enhance the experience for advisors and clients, including simpler onboarding journeys, enhanced self-service capabilities, and improved service accessibility.

Speaker #2: We incurred £5.1 million of costs in relation to organizational restructuring, which has delivered annualized savings of £5 million. We also capitalized £12.6 million, the majority of which was incurred in H1 and included property relocation costs.

Speaker #2: During H2, we have focused investment on the automation of manual processes and the development of enhanced MI and reporting capabilities, providing more timely insights and supporting stronger performance management.

Katherine Jones: During H2, we have focused investment on the automation of manual processes and the development of enhanced MI and reporting capabilities, providing more timely insights and supporting stronger performance management. We invested GBP 19.4 million in M&A and integration activity, which included the deferred consideration payments for Lucas Fettes Financial Planning and LIFT-Financial Group, as well as integration and other M&A related costs. We have made deliberate investments to transform the business and are pleased that this is already translating into real results. Looking ahead, we intend to continue to invest selectively in initiatives which will further develop our proposition and digital capabilities. I expect organic investment in full year 2027 to reduce materially versus full year 2026 to high single-digit millions, split across our three strategic priorities. We also expect to receive net deferred consideration in respect of the previous transaction of GBP 10 to 15 million.

Speaker #2: We invested £19.4 million in M&A and integration activity, which included the deferred consideration payments for Lucas, Vettus, and Lyft, as well as integration and other M&A-related costs.

Speaker #2: We have made deliberate investments to transform the business and are pleased that this is already translating into real results. Looking ahead, we intend to continue to invest selectively in initiatives which will further develop our proposition and digital capabilities.

Speaker #2: I expect organic investment in Q2 to reduce materially versus Q1, to high single-digit millions, split across our three strategic priorities. We also expect to receive net deferred consideration in respect of previous transactions of £10 to £15 million.

Speaker #2: Our capital position reflects similar movements, which I have included in the appendix. We ended the year with a healthy capital excess over regulatory requirements and internal buffers.

Katherine Jones: Our capital position reflects similar movements, which I have included in the appendix. We ended the year with a healthy capital excess over regulatory requirements and internal buffers. To conclude, full year 2026 was a year of significant progress. We delivered record FUMA, supported by strong market performance and a return to positive net flows. BPS FUM grew 9%, MPS FUM increased 30%, and revenues continued to grow strongly, and financial planning now represents around 25% of group revenues. We delivered meaningful efficiency benefits, captured integration synergies, and maintained strong cost discipline while continuing to invest in growth and capability. We have also deployed cash and capital deliberately to modernize the business, enhance client outcomes, and improve future efficiency.

Speaker #2: So, to conclude, Q2 was a year of significant progress. We delivered record FOMO, supported by strong market performance and a return to positive net flows.

Speaker #2: BPS grew 9%, MPS increased 30%, and revenues continued to grow strongly. Financial planning now represents around 25% of group revenues. We delivered meaningful efficiency benefits, captured integration synergies, and maintained strong cost discipline, while continuing to invest in growth and capability.

Speaker #2: We have also deployed cash and capital deliberately to modernize the business, enhance client outcomes, and improve future efficiency. Looking ahead, we remain confident in the opportunity before us and our ability to deliver against our strategic objectives.

Andrea Montague: Looking ahead, we remain confident in the opportunity before us and our ability to deliver against our strategic objectives. In particular, we remain focused on achieving our medium-term target of annualized net inflows of 5% and maintaining BAU cost growth below 5%. With that, I will hand you back to Andrea. Now let's look at our strategy, the progress we've made this year, and our priorities for 2027. The Reignite Growth strategy was necessary. When I took the role 2 years ago, our clients told me they valued the personal touch and the quality of our people, but there was a gap between that and the experience we delivered. We had systems and processes from a different era with no digital choice for our clients.

Katherine Jones: Looking ahead, we remain confident in the opportunity before us and our ability to deliver against our strategic objectives. In particular, we remain focused on achieving our medium-term target of annualized net inflows of 5% and maintaining BAU cost growth below 5%. With that, I will hand you back to Andrea.

Speaker #2: In particular, we remain focused on achieving our medium-term target of annualised net inflows of 5% and maintaining BAU cost growth below 5%. And with that, I will hand you back to Andrea.

Speaker #1: So now let's look at our strategy: the progress we've made this year and our priorities for 2027. The Reignite Growth Strategy was necessary when I took the role two years ago. Our clients told me they valued the personal touch and the quality of our people, but there was a gap between that and the experience we delivered.

Andrea Montague: Now let's look at our strategy, the progress we've made this year, and our priorities for 2027. The Reignite Growth strategy was necessary. When I took the role 2 years ago, our clients told me they valued the personal touch and the quality of our people, but there was a gap between that and the experience we delivered. We had systems and processes from a different era with no digital choice for our clients.

Speaker #1: We had systems and processes from a different era, with no digital choice for our clients. We've now refreshed our product range to ensure we're meeting the full breadth of our clients' needs.

Andrea Montague: We've now refreshed our product range to ensure we're meeting the full breadth of our clients' needs, not just for today, but for the future. We've meaningfully invested in our data and technology, giving our clients genuine digital choice and allowing us to serve them more efficiently, more effectively, and more personally than ever before. We're now increasingly seeing returns from that investment, and the heavy lifting is behind us. We sold our international business to increase focus on the UK and established a new business, Brooks Financial, with a commitment to independent financial advice. We have a clear emphasis on shareholder value, and we've returned around GBP 35 million over the last 2 years to shareholders as well as moving to the main market.

Speaker #1: Not just for today, but for the future. And we've meaningfully invested in our data and technology, giving our clients genuine digital choice and allowing us to serve them more efficiently, more effectively, and more personally than ever before.

Speaker #1: We're now increasingly seeing the returns from that investment, and the heavy lifting is behind us. We sold our international business to increase focus on the UK and establish a new business, Brooks Financial, with a commitment to independent financial advice.

Speaker #1: We have a clear emphasis on shareholder value, and we've returned around £35 million over the last two years to shareholders, as well as moving to the main market.

Speaker #1: The progress we've made against our strategic priorities has been substantial, and it's been made possible by investing in the right places at the right time.

Andrea Montague: The progress we've made against our strategic priorities has been substantial, and it's been made possible by investing in the right places at the right time. Over the last 12 months, AI and technology have already made a real difference. We're onboarding clients faster, cutting out unnecessary admin, and giving our people more time where it matters most with clients. Our clients now have genuine choice in how they engage with us. Our distribution and investment management teams are working as one with stronger regional teams, building deeper relationships with the clients we're here to serve. I'm excited about our new AI-enabled CRM, not just for today, but for what it makes possible tomorrow. Supporting families across generations and helping manage the transfer of wealth is a significant opportunity and an important element of our next phase of growth.

Speaker #1: Over the last 12 months, AI and technology have already made a real difference. We're onboarding clients faster, cutting out unnecessary admin, and giving our people more time where it matters most—with clients.

Speaker #1: And our clients now have genuine choice in how they engage with us. Our distribution and investment management teams are working as one, with stronger regional teams building deeper relationships with the clients we're here to serve.

Speaker #1: I'm excited about our new AI-enabled CRM—not just for today, but for what it makes possible tomorrow. Supporting families across generations and helping manage the transfer of wealth is a significant opportunity, and an important element of our next phase of growth.

Speaker #1: Our move to a building block investment approach for MPS gives greater flexibility, operational efficiencies for advisors, and more control for clients over their tax planning.

Andrea Montague: Our move to building block investment approach for MPS gives greater flexibility, operational efficiencies for advisors and more control for clients over their tax planning. We've now got the capabilities to further build scale and integrate more financial planning businesses. Here are the KPIs we measure against our 3 strategic pillars. You can already see the impact of the progress we've made. We've delivered material growth in FUMA with clients over GBP 1 million now representing 60% of the BPS portfolio. We maintained a disciplined approach to costs and have delivered above budget synergies from the Brooks Financial integration. I'm particularly pleased that as well as successfully integrating the businesses, Brooks Financial grew revenues by 10%. We've now integrated our distribution and investment management teams, and it's already making a difference.

Speaker #1: We've now got the capabilities to further build, scale, and integrate more financial planning businesses. Here are the KPIs we measure against our three strategic pillars.

Speaker #1: You can already see the impact of the progress we've made. We've delivered material growth in FIMA, with clients over £1 million now representing 60% of the BPS portfolio.

Speaker #1: We've maintained a disciplined approach to costs and have delivered above-budget synergies from the Brooks Financial integration. I'm particularly pleased that, as well as successfully integrating the businesses, Brooks Financial grew revenues by 10%.

Speaker #1: So, we've now integrated our distribution and investment management teams, and it's already making a difference. We've made a deliberate choice to concentrate on three key segments of the UK IFA market.

Andrea Montague: We've made a deliberate choice to concentrate on three key segments of the UK IFA market, and we're focused on where we can make the greatest impact. Nationals and networks is one of our priorities. This is a large and important part of the advice market, and we've shaped our approach to engage more meaningfully with the largest advice firms. They represent just 1% of the firms but hold 50% of the market by assets. That's a significant opportunity, and we're going after it with real conviction. We've also launched Brooks Macdonald Strategic Partnerships to help IFA firms scale for the future in technology, operations, and investment propositions while maintaining their independence. We're really pleased with the early momentum behind this offering. The feedback has been overwhelmingly positive and the pipeline of new partnerships is building. Finally, we're actively targeting the new model advisor segment.

Speaker #1: And we're focused on where we can make the greatest impact. Nationals and networks is one of our priorities. This is a large and important part of the advice market.

Speaker #1: And we've shaped our approach to engage more meaningfully with the largest advice firms. They represent just 1% of the firms, but hold 50% of the market by assets.

Speaker #1: That's the significant opportunity, and we're going after it with real conviction. We've also launched Brooks Strategic Partnerships to help IFA firms scale for the future in technology, operations, and investment propositions, while maintaining their independence.

Speaker #1: We're really pleased with the early momentum behind this offering. The feedback has been overwhelmingly positive, and the pipeline of new partnerships is building. Finally, we're actively targeting the new model advisor segment.

Speaker #1: These are smaller firms than the nationals and networks, but firms that deliver holistic advice at scale. These firms make up around 25% to 30% of the market and manage over £300 billion of assets.

Andrea Montague: These are smaller firms than the nationals and networks, but firms that deliver holistic advice at scale. These firms make up around 25% to 30% of the market and manage over GBP 300 billion of assets. This is a compelling opportunity. Our sharper distribution approach is delivering, and you can see it across both BPS and MPS. BPS FUM is up 9% with continued strong growth in portfolios over GBP 1 million, reflecting our pivot towards high net worth clients. It's pleasing to see that strategy translating into results. In just five years, we've grown MPS nearly six-fold as a result of our broad UK distribution network. This has been supported by strong investment performance, which for medium risk portfolios ranks first among our peers over 10 years. Our CIP has built a strong reputation and rightly so.

Speaker #1: This is a compelling opportunity. Our sharper distribution approach is delivering, and you can see it across both BPS and MPS. BPS FUM is up 9%, with continued strong growth in portfolios over £1 million.

Speaker #1: Reflecting our pivot towards high net worth clients, it's pleasing to see that strategy translating into results. In just five years, we've grown MPS nearly sixfold as a result of our broad UK distribution network.

Speaker #1: This has been supported by strong investment performance, which for medium-risk portfolios ranks first among our peers over 10 years. Our CIP has built a strong reputation, and rightly so.

Speaker #1: It delivers market-leading consistency, strong performance, and outcomes that are genuinely built around the needs of our clients. Brooks Financial has been a real highlight this year and a powerful example of the progress we've made.

Andrea Montague: It delivers market leading consistency, strong performance, and outcomes that are genuinely built around the needs of our clients. Brooks Financial has been a real highlight this year and a powerful example of the progress we've made. We've successfully integrated six businesses, a complex undertaking the team has executed with skill and dedication. This is now a substantial business representing 25% of the group revenue. In a year of integration, client satisfaction is at 93%, client retention at 98%, and financial planning revenue is up 10% on a like-for-like basis, all while delivering cost synergies ahead of plan. This is a solid achievement by any measure.

Speaker #1: We've successfully integrated six businesses—a complex undertaking that the team has executed with skill and dedication. This is now a substantial business, representing 25% of group revenue.

Speaker #1: In a year of integration, client satisfaction is at 93%, client retention at 98%, and financial planning revenues are up 10% on a like-for-like basis, all while delivering cost synergies ahead of plan.

Speaker #1: This is a solid achievement by any measure. We've built a model that works—one that, crucially, is committed to independent financial advice, which positions us well for future growth in an attractive market.

Andrea Montague: We've built a model that works, one that crucially is committed to independent financial advice, which positions us well for the future growth in an attractive market. We've now got the capabilities and capacity in place to take advantage of the significant opportunities in the market. We have the distribution reach, the investment performance, the products, and the client service to compete and win. We'll do this with discipline. We remain firmly committed to annual cost growth of less than 5%, and that discipline is now embedded across every part of our business. Critically, we have great people and are also attracting more talent to drive this forward. Our priorities for 2027 are clear. We'll continue our product innovation to meet client needs and continue to deploy AI, digital, and automation to enhance client service. We'll be focused on our four key distribution opportunities.

Speaker #1: We've now got the capabilities and capacity in place to take advantage of the significant opportunities in the market. We have the distribution reach, the investment performance, the products, and the client service to compete and win.

Speaker #1: And we'll do this with discipline. We remain firmly committed to annual cost growth of less than 5%. And that discipline is now embedded across every part of our business.

Speaker #1: Critically, we have great people and are also attracting more talent to drive this forward. Our priorities for 2027 are clear. We'll continue our product innovation to meet client needs and continue to deploy AI, digital, and automation to enhance client service.

Speaker #1: We'll be focused on our four key distribution opportunities. As I've mentioned, developing relationships with nationals and networks is one of our priorities. We're specifically targeting 10 of these firms, who collectively have £250 billion of AUM and around 3,500 financial advisors.

Andrea Montague: As I have mentioned, developing relationships with nationals and networks is one of our priorities. We are specifically targeting 10 of these firms, who collectively have GBP 250 billion of AUM and around 3,500 financial advisors. We are already the chosen partner for 2 of the 10 and are working closely with the others. With Brooks Macdonald Strategic Partnerships, we already have a pipeline of qualified prospects, and converting that pipeline will be our priority in 2027. The aging UK population and the FCA's requirement for IFAs to have a centralized and repeatable approach to retirement planning create real need for our retirement strategy propositions. This reality is already resonating strongly with our nationals and network partners. In Brooks Financial, we will be focused on retention and development of our people, as well as developing new financial planners through the Brooks Academy.

Speaker #1: We're already the chosen partner for two of the ten and are working closely with the others. With Brooks Macdonald's strategic partnerships, we already have a pipeline of qualified prospects, and converting that pipeline will be our priority in 2027.

Speaker #1: The aging UK population and the FCA's requirement for IFAs to have a centralized and repeatable approach to retirement planning create a real need for retirement strategy propositions.

Speaker #1: This reality is already resonating strongly with our nationals and network partners. At Brooks Financial, we'll be focused on retention and development of our people, as well as developing new financial planners through the Brooks Academy.

Speaker #1: We’ll further leverage our digital tools to increase productivity, allowing advisors more time to spend with clients. From the AI technology deployed in 2026, I see potential to unlock further insights from our CRM system to improve new business and retention.

Andrea Montague: We will further leverage our digital tools to increase productivity, allowing advisors more time to spend with clients. From the AI technology deployed in 2026, I see potential to unlock further insights from our CRM system to improve new business and retention. To bring this together, our strategy to reignite growth is working. FUMA is at a record level. Revenue is growing. Investment performance remains strong. Brooks Financial is established, growing, and ready to scale organically and through targeted inorganic opportunities. The deliberate investments we have made have materially strengthened our business for the future. All of that gives us confidence to anticipate that the full-year 2027 performance will be marginally ahead of current consensus. As I reflect on these results, I am pleased with how far we have come in the last few years. We have talked today about performance and progress. We are building something special, a human-led, digitally enabled wealth manager.

Speaker #1: So to bring this together, our strategy to reignite growth is working. FUMA is at a record level, revenue is growing, and investment performance remains strong.

Speaker #1: Brooks Financial is established, growing, and ready to scale organically and through targeted inorganic opportunities. The deliberate investments we've made have materially strengthened our business for the future.

Speaker #1: All of that gives us confidence to anticipate that the full-year 2027 performance will be marginally ahead of current consensus. As I reflect on these results, I'm pleased with how far we've come in the last few years.

Speaker #1: We've talked today about performance and progress. We're building something special: a human-led, digitally enabled wealth manager. The investments we've made in process, technology, and people are the foundations for our future success.

Andrea Montague: The investments we have made in process technology and people are the foundations for our future success. We operate in a structural growth market. The momentum in our business is real, and the direction is clear. We are in a strong position, and we will, I know, make the most of it.

Speaker #1: We operate in a structural growth market. The momentum in our business is real, and the direction is clear. We're in a strong position, and I know we will make the most of it.

Speaker #2: Thank you for watching the Brooks Macdonald full-year 2026 results presentation. Andrea Montague, CEO, and Katherine Jones, CFO, will now take your questions. If you have joined the Teams meeting, please turn your camera on now.

[Company Representative] (Brooks Macdonald): Thank you for watching the Brooks Macdonald full year 2026 results presentation. Andrea Montague, CEO, and Katherine Jones, CFO, will now take your questions. If you have joined the Teams meeting, please turn your camera on now. If you would like to ask a question, use the raise your hand function and ensure you are unmuted when you are introduced. If you are watching via the webcast platform and would like to ask a question, please click on the Questions button in the bottom toolbar and type it in. Our first question today comes from Andrew Shepherd of Singer Capital Markets. Please unmute and go ahead.

Operator: Thank you for watching the Brooks Macdonald full year 2026 results presentation. Andrea Montague, CEO, and Katherine Jones, CFO, will now take your questions. If you have joined the Teams meeting, please turn your camera on now. If you would like to ask a question, use the raise your hand function and ensure you are unmuted when you are introduced. If you are watching via the webcast platform and would like to ask a question, please click on the Questions button in the bottom toolbar and type it in. Our first question today comes from Andrew Shepherd of Singer Capital Markets. Please unmute and go ahead.

Speaker #2: And if you would like to ask a question, please use the 'raise your hand' function and ensure you are unmuted when you're introduced. If you're watching via the webcast platform and would like to ask a question, please click on the 'Questions' button in the bottom toolbar and type it in.

Speaker #2: Our first question today comes from Andrea Watson of Singer's Capital Markets. Please unmute and go ahead.

Speaker #3: Hi, thanks for that really comprehensive run-through. I mean, it's evident that a lot of the technology investment you've been putting in is already embedded in the front office and has been used in anger day to day.

Andrew Shepherd: Hi. Thanks for that really comprehensive run through. It is evident that a lot of the technology investment that you have been putting in is already embedded in the front office and is being used in day-to-day. Just wondering if you could give us some examples of where that has really worked, and you mentioned CRM and a little bit of sort of meeting prep type stuff. As well, other ideas you have got in the pipeline. I suppose the logical follow-up to that is the investment that you are going to be undertaking in the coming year. Are they enhancements that will be delivered in a matter of months rather than needing to be incubated for a longer period of time?

Speaker #3: I was just wondering if you could give us some examples of where that’s really worked. You mentioned CRM and a little bit of meeting prep type stuff, as well as other ideas you’ve got in the pipeline.

Speaker #3: And I suppose the logical follow-up to that is: the investments you're going to be undertaking in the coming year—are they enhancements that will be delivered in a matter of months, rather than needing to be incubated for a longer period of time?

Andrea Montague: Morning, Andrew, and thank you for the question, and thanks to all for joining. Great question. We are now-

Speaker #4: Morning, Andrea, and thank you for the question. Thanks to all for joining. Great question. So, we are now...

Speaker #3: I can't hear you, Andrea.

Andrew Shepherd: Can not hear you, Andrea.

Speaker #4: You can't hear us? Okay, someone will fix that. Excellent, there we go. Let's start again. Andrea, great question. As we outlined, we're at the peak.

Andrea Montague: Can not hear us. Okay. Someone will fix that.

Andrew Shepherd: Can now.

Andrea Montague: Excellent. There we go. Start again. Andrew, great question. As we outlined, we are at the peak. We have completed the peak of investment, and what I would say to you is we can bring some of that live and bring some color, too. If I think back two years ago, I think we all recognized that the business had under-invested, and that actually we needed to modernize it. I could not be prouder of the team because of what they have delivered. It has been heavy lifting for the last couple of years. You asked for a few examples of what we have done that gives you confidence in what we are about to do. Essentially, end-to-end systems, processes, and product range. If I put it in the three strategic categories for you to bring it alive a little bit.

Speaker #4: We've completed the peak of investment. And what I'd say to you is, we can bring some of that alive and bring some color to it.

Speaker #4: If I think back two years ago, I think we all recognize that the business had underinvested, and that actually we needed to modernize it.

Speaker #4: And I couldn't be prouder of the team because of what they've delivered. It's been heavy lifting for the last couple of years. You asked for a few examples of what we've done that give you confidence in what we're about to do.

Speaker #4: So, essentially, end-to-end systems, processes, and product range. If I put it in the three strategic categories to bring it alive a little bit: client service. If you wanted to become a client a couple of years ago, you had to get through 42 pages of documents.

Andrea Montague: Client service, if you wanted to become a client a couple of years ago, you had to get through 42 pages of documents. If you wanted to add an ISA, you had a very similar form. Even I would struggle completing that. Today, we can digitally onboard you. We have got an app, and essentially it is a much more digitally enabled choice for our clients as what you would expect in a modern wealth business. Client reach, we have done a huge amount. I am really pleased with what the team have brought to clients around the UK. We have completely modernized our product suite.

Speaker #4: If you wanted to add an ISA, you had a very similar form. Now, even I would struggle completing that. So today, we can digitally onboard you—we've got an app, and essentially it's a much more digitally enabled choice for our clients, which is what you'd expect in a modern wealth business.

Speaker #4: Client reach—we've done a huge amount. I'm really pleased with what the team have brought to clients around the UK, and we've completely modernized our product suite.

Speaker #4: I would point to global NPS and refer to the restructuring of NPS, and to three building blocks, which give us better opportunities in the future to keep that investment proposition alive and fresh, and also a better ability to manage CGT, but also BPS, retirement strategies—and we can talk about that. But ultimately, serving a $15 billion-a-year market of drawdown in the UK, that retirement strategies product is first to market on platforms.

Andrea Montague: I would point to Global MPS and report to the restructuring of MPS into three building blocks, which gives us better opportunities in the future to keep that investment proposition alive and fresh, and also better ability to manage CGT, but also BPS retirement strategies, and we can talk about that, but ultimately serving a GBP 15 billion a year market of drawdown in the UK. That retirement strategies product is first to market on platforms. It is already coming through the numbers, and reduced costs, increased flow, GBP 600 million turnaround, and importantly, client satisfaction is up. You asked about this year, and we have guided a significant decrease on that spend, high single digits, and we will put it to good use. We are fit for the future, but like any fitness program, you need to keep fit, and essentially this will be a year of thinking about largely AI.

Speaker #4: So it's already coming through in the numbers—reduced costs, increased flow, and a $600 million turnaround. And, importantly, client satisfaction is up. You asked about this year, and we've guided a significant decrease on that spend—high single digits—and we'll put it to good use.

Speaker #4: We are fit for the future, but like any fitness program, you need to keep fit. And essentially, this will be a year of thinking largely about AI.

Speaker #4: There is one regulatory project in there, Andrea—T+1—that's across the sector. Clearly, we need to do that. But I'm really excited.

Andrea Montague: There is one regulatory project in there, Andrew, T+1, that is across the sector. Clearly, we need to do that. I am really excited. I cannot give them all away because ultimately we will have nothing to talk about at the half year if we do that. If I choose one or two to bring it alive for you, in terms of AI, we will use that across the suite at Brooks Financial. Where you find increased productivity opportunities in paraplanning and admin, we will do end-to-end process with AI. Now that we have got the systems and the data in place, that will be able to produce material productivity gains, and ultimately then you will have an app at the end that allows you to see, much like Uber, the waiting time when we bring in your pension scheme, for instance, you will see that processing through.

Speaker #4: I can't give them all away because, ultimately, we have nothing to talk about at the half year if we do that. But if I choose one or two to bring it alive for you in terms of AI, we'll use that across the suite at Brooks Financial.

Speaker #4: So where you find increased productivity opportunities is in power planning and admin. We will do end-to-end process with AI now that we've got systems and the data in place.

Speaker #4: That will be able to produce material productivity gains, and ultimately, you'll have an app at the end that allows you to see—much like Uber—the waiting time. When we bring in your pension scheme, for instance, you'll see that processing through.

Speaker #4: So it's also a workflow for our own people and for our clients. And then there's a very clever ChatGPT piece on the website. We've got a great website now.

Andrea Montague: It is also workflow for our own people and for our clients. Then a very clever ChatGPT piece on the website. We have got a great website now. We have got increased engagement with that. What I would really like to see is more conversion of those leads, and we are 2 weeks into an 8-week sprint. Back to your point, Andrew, will these be boxed and much more able to bring to market more quickly? Yes, fundamentally, because AI, the great thing about AI, it is not the big waterfall tech programs, it is the small sprints, and this one is going really well. We are 2 weeks into an 8-week sprint. Andrew, best way to get to know us is become a client. Anytime you want to pop in, we are around the corner and would love to bring this all alive for you.

Speaker #4: We've got increased engagement with that. What I'd really like to see is more conversion of those leads. And we're two weeks into an eight-week sprint.

Speaker #4: So, back to your point, Andrea—will these be boxed and much more able to bring to market more quickly? Yes, fundamentally, because AI—the great thing about AI is it's not the big waterfall tech programs.

Speaker #4: It's the small sprints, and this one is going really well. We're two weeks into an eight-week sprint. Andrea, the best way to get to know us is to become a client.

Speaker #4: So, anytime you want to pop in, we're around the corner and would love to bring this all alive for you.

Speaker #3: That's great. Thank you very much.

Andrew Shepherd: That is great. Thank you very much.

Speaker #4: You're welcome.

Andrea Montague: You are welcome.

Speaker #3: She didn't mention a discount.

Andrew Shepherd: She didn't mention a discount.

Speaker #4: We are very competitive. We can definitely talk about that, maybe one-to-one—clearly not en masse.

Andrea Montague: We're very competitive. We can definitely talk about that, maybe one to one, clearly, not en masse.

Speaker #3: Drew’s fabulously tight. I think I’m number two. Can I ask a proper question? Just to bring it all together, when all of this is in place, what do you think it really does to the capacity of one of your financial planners?

Andrew Shepherd: Drew is fabulously tight. I think I'm number 2. Can I ask a proper question? Just to bring it all together, when all of this is in place, what do you think it really does to the capacity of one of your financial planners?

Speaker #4: So it has already materially increased our capacity. You'll have seen the 10% increase in organic revenue. That is really pleasing, but we see more potential for Brooks Financial now that we're through the year of integration.

Andrea Montague: It has already materially increased our capacity. You'll have seen the 10% increase in organic revenue. That is really pleasing, but we see more potential for Brooks Financial now that we're through the year of integration. Capacity and productivity we measure. What I'm really interested in is revenue per financial planner. Katherine very kindly gives me those stats on a regular basis. That's what we track. People talk about how many clients per financial planner, I'm much more interested in revenue per financial planner because ultimately we have higher net worth clients than most businesses, most average across the UK. As long as we continue to increase the revenue, which we will be able to do with these tools, that will help us grow that top line.

Speaker #4: Capacity and productivity, we measure. What I'm really interested in is revenue per financial planner. Katherine very kindly gives me those stats on a regular basis.

Speaker #4: That's what we track. But when people talk about how many clients per financial planner, I'm much more interested in revenue per financial planner.

Speaker #4: Because, ultimately, we have higher-net-worth clients than most businesses—most average across the UK. So, as long as we continue to increase the revenue, which we will be able to do with these tools, that will help us grow that top line.

Andrew Shepherd: Thank you.

Speaker #3: Thank you.

Andrea Montague: Importantly, keep the costs under control as well because now we can leverage it.

Speaker #4: And, importantly, keep the costs under control as well, because now we can leverage it.

Andrea Montague: Importantly, keep the costs under control as well because now we can leverage it.

Speaker #3: Cool. I'm done. Thank you very much for answering.

Andrew Shepherd: Cool. I am done. Thank you very much for answering.

Speaker #4: You're welcome.

Andrea Montague: You are welcome.

Speaker #1: Thank you. Next question comes from Ben Bathurst from RBC. Please unmute and go ahead.

[Company Representative] (Brooks Macdonald): Thank you. Next question comes from Ben Bathurst for RBC. Please unmute and go ahead.

Operator: Thank you. Next question comes from Ben Bathurst for RBC. Please unmute and go ahead.

Speaker #5: Thank you. Good morning, everyone, and thanks for the presentation. I'm going to ask a couple of questions in a couple of areas around financials, if I may.

Ben Bathurst: Thank you. Morning, everyone. Thanks for the presentation. I am going to ask a couple of questions in areas around financials, if I may.

Speaker #4: Sure.

Andrea Montague: Sure.

Speaker #5: So, probably more for Katherine. Starting on the excess capital, that's moved to £6 million at the year end. I just wondered how confident you are in your being able to sort of grow that excess capital.

Ben Bathurst: Probably more for Katherine. Starting on the excess capital, that has moved to GBP 6 million at the year-end. I just wondered how confident you are in your being able to grow that excess capital over 2027, absent any M&A, given the low investments you are talking about next year. Related to that, is your ability to carry out M&A in the financial planning space that you, I think, referenced in the release this morning, is that constrained by the level of surplus capital, or would you consider using other sources of funding for deals in the short term? Secondly, in terms of the revenue margin guidance, you guided to the 2026 trends continuing into FY27.

Speaker #5: Over 2027, sort of absent any M&A, given the lower investments you're talking about next year— and then related to that, is your ability to carry out M&A in the financial planning space, that you, I think, referenced in the release this morning, is that constrained by the level of surplus capital, or would you consider using other sources of funding for deals in the short term?

Speaker #5: And then secondly, in terms of the revenue margin guidance, you've guided to the '26 trends continuing into FY27. I just wondered, is that comment made inclusive of the impact of the changes to charges around client cash, or is it really the case that, after incorporating that, we should expect margins to decline more in '26?

Ben Bathurst: I just wondered, is that comment made inclusive of the impact of the changes to charges around client cash, or is it really the case that after incorporating that, we should really expect margins to decline more in 2027 than we saw in 2026? Thank you.

Speaker #5: Thank you.

Speaker #4: Okay, thanks, Ben. These are great questions, as always. So, I think in terms of the excess capital position, you would have seen £6 million at year-end.

Katherine Jones: Okay. Thanks, Ben. These are great questions as always. I think in terms of the excess capital position, you would have seen GBP 6 million at year-end. It is important to note that that is over and above our internal risk appetite, so very comfortable with the balance sheet in terms of where we are. We have talked about this lots before, I think. This is fundamentally a cash and capital generative business. We have gone through a period of significant investment and transformation over the last couple of years. We have guided to that level of investment stepping down as we move forward, so obviously that will then help in terms of supporting the capital and cash positions as we look ahead. In terms of M&A, obviously we are cash and capital generative, so that is helpful.

Speaker #4: It's important to note that that is over and above our internal risk appetite, so we're very comfortable with the balance sheet in terms of where we are.

Speaker #4: And we've talked about this lots before, I think. This is fundamentally a cash- and capital-generative business. We've gone through a period of significant investment and transformation over the last couple of years.

Speaker #4: We have guided to that level of investment, stepping down as we move forward. And so, obviously, that will then help in terms of supporting the capital and cash positions as we look ahead.

Speaker #4: In terms of M&A, obviously we are cash and capital generative, so that is helpful. We're a listed business, so there are other options. But we are being very disciplined in terms of the potential opportunities that we look at.

Katherine Jones: We are a listed business, so there are other options, but we are being very disciplined in terms of the potential opportunities that we look at, and we will only put something forward to shareholders if it is financially compelling. Just on your revenue margin guidance, you are absolutely right. We have guided to the trends that we have seen in full year 2026 continuing. At the time of the Q4 RNS, you will remember in July, we talked about the impact of no longer charging IM fees on cash. We said at the time that I would expect that to have a couple of million pound impact on the revenue, but it would not be material in the context of the overall financial performance of the business. So I would expect the margin to come down a little bit as a result of that IM fee change.

Speaker #4: And we'll only put something forward to shareholders if it is financially compelling. Just on your revenue margin guidance, you're absolutely right. We have guided to the trends that we have seen in full year '26 continuing.

Speaker #4: At the time of the Q4 RNS—you'll remember, in July—we talked about the impact of no longer charging IM fees on cash. We said at the time that I'd expect that to have a couple of million pound impact on revenue, but it wouldn't be material in the context of the overall financial performance of the business.

Speaker #4: So I would expect the margin to come down a little bit as a result of that IM fee change. And then, broadly across the business, we're not seeing pricing pressure.

Katherine Jones: Broadly, across the business, we are not seeing pricing pressure. We do not sell BPS on the basis of price. It is a valuable proposition, particularly for clients who have portfolios more than GBP 1 million. On the MPS side, we have established pricing. We are very comfortable with that. There is no race to the bottom, which is what people were fearing a couple of years ago. So, very comfortable with that.

Speaker #4: We don't sell BPS on the basis of price. It is a valuable proposition, particularly for clients who have portfolios of more than £1 million.

Speaker #4: And on the MPS side, we have established pricing. We're very comfortable with that. There is no race to the bottom, which is what people were fearing a couple of years ago.

Speaker #4: I'm very comfortable with that. Thanks, Ben.

Andrea Montague: Thanks, Ben.

Speaker #3: Thank you very much.

Ben Bathurst: Thank you very much.

Speaker #1: Thank you. Our next question comes from Vivek Rajah of Investech. Please unmute, and go ahead.

[Company Representative] (Brooks Macdonald): Thank you. Our next question comes from Vivek Raja of Investec. Please unmute and go ahead.

Operator: Thank you. Our next question comes from Vivek Raja of Investec. Please unmute and go ahead.

Speaker #6: Thank you. Good morning, ladies, and thanks for your presentation. I wanted to explore flows again to see what else you can say, I suppose.

Vivek Raja: Thank you. Good morning, ladies, and thanks for your presentation. I wanted to explore flows again. See what else you can say, I suppose. Andrea has already explored the subject, but great improvement in trajectory, as you both pointed out very clearly. I wondered, if you think about products and distribution as the driver of this, what would you point out as being the key part of that trajectory? I just wondered if you could comment on how sustainable you think the improvement is. Obviously, you have had three consecutive quarters of improvements. I was just wondering, in the near term, looking through to your medium-term guidance, how you would see that improvement playing out. The next thing I wanted to ask was, in terms of the acquisition pipeline, what is that about? Is that about geographic reach? Is that about new capabilities?

Speaker #6: I suppose that Andrew's already explored the subject, but great improvement in trajectory, as you both pointed out, very clearly. And I wondered, if you sort of think about products and distributions as the driver of this, what would you point out as being the key part of that trajectory?

Speaker #6: And just wondered if you could comment on how sustainable you think the improvement is? Obviously, you've had three consecutive quarters of improvements.

Speaker #6: I'm just wondering, in the near term, looking through to your medium-term guidance, how you see that improvement playing out. The next thing I wanted to ask was, in terms of the acquisition pipeline, what is that about?

Speaker #6: Is that about geographic reach? Is that about new capabilities? What are you specifically looking for there? I'll leave it at that.

Vivek Raja: What are you looking for in particular there? I will leave it there. Thanks.

Speaker #6: Thanks.

Speaker #4: Thanks, Vivek. Great question. So, in terms of flows, what gives me confidence that we're really at the beginning of this turnaround is all the hard work that we've put in over the last two years.

Andrea Montague: Thanks, Vivek. Great question. In terms of flows, what gives me confidence that we are really at the beginning of this turnaround is all the hard work that we have put in over the last few years is building towards an advice-led, distribution-led business. We have got great 35 years of investment and management expertise that drives the investment return for our clients, which is really pleasing. What we needed to do was get back out in front of those clients, and that is exactly what we are doing. Now we have got the right to win. I would point you to the change in strategy and the change in people and distribution. Increasingly now we are hearing that we are winning out in front of IFAs and that feedback loop is strong. We have got the product range that meets a very modern investment management product suite and need.

Speaker #4: We are building towards an advice-led, distribution-led business. We've got a great 35 years of investment management expertise that drives the investment return for our clients, which is really pleasing.

Speaker #4: What we needed to do was get back out in front of those clients, and that's exactly what we're doing. Now we've got the right to win, so I would point you to the change in strategy, and the change in people and distribution.

Speaker #4: Increasingly now, we are hearing that we're winning out in front of IFAs, and that feedback loop is strong. We've got the product range that meets a very modern investment management product suite and need.

Speaker #4: And also, the tools give us much more insight into who we're serving and the greater opportunity for wealth, the balance of wealth, and the transfer of wealth.

Andrea Montague: Also the tools give us much more insight into who we are serving and the greater opportunity for wealth and the balance of wealth and the transfer of wealth. Ultimately, it is the product, it is the distribution strength. I talked about in the video, Vivek, that obviously we have recommitted to the 5% target. In the video, importantly, talked about those nationals and networks, which we have not focused on before. 1% of the firms in the UK have 50% of the assets. We are very focused on those. So that is scale play in that space. Clearly, IFA, the regional network, has really continued to be important to us. That plus Brooks Macdonald Strategic Partnerships, again, new leadership and new energy in that space. I would say, Vivek, that in every business, you have to think about the market you work in, we are in a very strong structural growth market.

Speaker #4: So ultimately, it's the product, it's the distribution strength. I talked about in the video, Vivek, that we've—well, obviously, we've recommitted to the 5% target.

Speaker #4: But in the video, importantly, it talked about those nationals and networks, which we hadn't focused on before. One percent of the firms in the UK have 50% of the assets.

Speaker #4: We're very, very focused on those, so that's the scale play in that space. Clearly, IFA, the regional network, really continues to be important to us.

Speaker #4: But that, plus Brooks Macdonald's strategic partnerships—again, new leadership and new energy in that space. And I would say, Vivek, that in every business, you have to think about the market you work in. We're in a very strong, structural growth market. MPS is £200 billion now and is set to double by 2030 to £400 billion.

Andrea Montague: MPS, GBP 200 billion now set to double by 2030 to GBP 400 billion. We took 35% increase in FUM, and we are absolutely going to win our fair share of that going forward between now and 2030, GBP 400 billion marketplace. Also BPS is growing, and that is really pleasing. It is the 9% increase in FUM I see with the changes in tax coming potentially down the track that BPS increasingly for everyone over GBP 1 million, we should be asking why not BPS? Because the value of BPS is the investment, it is the service, but importantly, it is the tax planning that those higher net worth over GBP 1 million for us clients really need. So hugely confident about the potential and, again, we should get you in to meet the distribution team and the energy that they bring to the table.

Speaker #4: We took a 35% increase in sum. And we are absolutely going to win our fair share of that, going forward between now and 2030—a $400 billion marketplace.

Speaker #4: But also, BPS is growing, and that's really pleasing. It's the 9% increase in sum. I see with the changes in tax coming potentially down the track that, for BPS, increasingly for everyone over a million, we should be asking: why not BPS?

Speaker #4: Because the value of BPS is the investment. It's the service, but importantly, it's the tax planning that those higher net worth, over $1 million, U.S. clients really need.

Speaker #4: We're hugely confident about the potential, and again, we should get you in to meet the distribution team and experience the energy they bring to the table.

Speaker #4: In terms of acquisitions, to be clear, we're focused on organic growth first and foremost. We're demonstrating that in the results today. But ultimately, we will look at discrete opportunities.

Andrea Montague: In terms of acquisitions, to be clear, we are focused on organic growth first and foremost. We are demonstrating that in the results today. Ultimately, we will look at discrete opportunities. We are in a really fortunate position that IFA firms know us. They are coming to us, but these do not happen overnight. Looking out, we will only make acquisitions where we think it is the right cultural fit. Yes, geographic reach is important, but first and foremost, it has to be cultural fit for us because we have got something really special in Brooks Financial, and we want to be able to grow that through the talent we are attracting, but also through the academy first and foremost. We will look at other options at the right time as we are building cash and capital because it is fundamentally a cash generative business.

Speaker #4: We're in a really fortunate position that IFA firms know us—they're coming to us. But these things don't happen overnight. Looking ahead, we will only make acquisitions where we think it's the right cultural fit.

Speaker #4: So yes, geographic reach is important. But first and foremost, it has to be a cultural fit for us because we've got something really special in Brooks Financial.

Speaker #4: And we want to be able to grow that through the talent we're attracting, but also through the academy, first and foremost. And we'll look at other options at the right time as we're building cash and capital, because it is fundamentally a cash-generative business.

Vivek Raja: Thank you.

Speaker #4: Thanks, Vivek. Great to see you.

Andrea Montague: Thanks, Vivek. Great to see you.

Speaker #1: Thank you. We currently have no further questions, so I'll pass back to Andrew and wonder if you have any closing remarks.

[Company Representative] (Brooks Macdonald): Thank you. We currently have no further questions, so I will pass back to Andrea Montague for any closing remarks.

Operator: Thank you. We currently have no further questions, so I will pass back to Andrea Montague for any closing remarks.

Speaker #4: Someone?

Andrea Montague: Someone-

Andrea Montague: I think Lucy.

Andrea Montague: Yes, Lucy put her hand up.

Speaker #3: Yes, Lisa's got her hand up.

Speaker #1: Oh, sorry. Next question comes from Lucy Williams.

[Company Representative] (Brooks Macdonald): Sorry. Next question comes from Lucy Williams.

Operator: Sorry. Next question comes from Lucy Williams.

Speaker #4: There we go. I’d be disappointed—well, we had great questions, but we’re obviously looking for more. Lucy.

Andrea Montague: There we go. I would be disappointed. Well, we had great questions, but we are obviously looking for more. Lucy?

Speaker #5: Oh, firstly, well done and congratulations on a good set of results this morning. I just had a couple of questions. On the financial planning revenue, the growth—10% on a like-for-like basis—is encouraging.

Lucy Williams: Firstly, well done on a good set of results this morning.

[Analyst]: Firstly, well done on a good set of results this morning.

Andrea Montague: Thank you.

Lucy Williams: I just had a couple of questions. On the financial planning revenue, the growth 10% like-for-like basis is encouraging. I was wondering how much of this is price and how much is volume, and whether there is more benefit of the adoption of the rate card still to be annualized in FY2027, or whether that kind of full year benefit is already in the numbers. Then just a question on kind of the cost control in the era of AI. You mentioned a lot about the projects you have going, and just wondering how you are managing that whilst balancing the implementation, obviously maintaining that less than 5% cost growth.

[Analyst]: I just had a couple of questions. On the financial planning revenue, the growth 10% like-for-like basis is encouraging. I was wondering how much of this is price and how much is volume, and whether there is more benefit of the adoption of the rate card still to be annualized in FY2027, or whether that kind of full year benefit is already in the numbers. Then just a question on kind of the cost control in the era of AI. You mentioned a lot about the projects you have going, and just wondering how you are managing that whilst balancing the implementation, obviously maintaining that less than 5% cost growth.

Speaker #5: I was wondering how much of this is price and how much is volume, and whether there is more benefit from the adoption of the rate card still to be annualized in FY27, or whether that kind of full-year benefit is already in the numbers.

Speaker #5: And then, just a question on the cost control in the era of AI. You've mentioned a lot about the projects you've got going, and I'm just wondering how you are managing that wealth balance in the implementation, obviously maintaining that for the 5% cost growth.

Speaker #4: Thanks, Lucy. Great questions. If I take the first one—how can you help me to cover the cost? So, Brooks Financial, the 10% increase, Lucy—price or volume—we're absolutely not competing on price in Brooks Financial.

Andrea Montague: Thanks, Lucy. Great questions. If I take the first one, Katherine, you happy to cover the cost?

Andrea Montague: Brooks Financial, the 10% increase we see price or volume, we are absolutely not competing on price in Brooks Financial. In fact, we set the rate card, we centralize that rate card, and we are probably towards the bottom of that price range in the market. There are many firms that charge a lot more than us. What we want to do is, essentially, we went into that market in a competitive space, but we are competing with higher net worth clients in that space. It is, therefore, a result of increased number of clients in the year as well. It is about volume play coming through in the numbers this year, and we expect that to grow, particularly with the tools. We will be able to be much more productive now, Lucy. Back to it is competitive, but we are very competitive within that market.

Speaker #4: In fact, we set the rate card. We centralize that rate card, and we're probably towards the bottom of that price range in the market.

Speaker #4: There are many firms that charge a lot more than us, but what we want to do is—essentially, we went into that market in a competitive space, but we're competing with higher-net-worth clients in that space.

Speaker #4: So it is, therefore, a result of an increased number of clients in the year as well. So it's about volume play coming through in the numbers this year.

Speaker #4: And we expect that to grow, particularly with the tools. We'll be able to be much more productive now, Lucy. So, back to—it's competitive, but we're very competitive within that market.

Speaker #4: And I just have to add to that, Lucy. You will have seen in the numbers that the margin on the financial planning side was 52.8 basis points for the year.

Katherine Jones: I just have to add to that, Lucy, you will have seen in the numbers that the margin on the financial planning side was 52.8 basis points for the year. That was an improvement versus the prior year. I have said that actually a good rule of thumb is probably still around 50 basis points on that side. Just in terms of the cost control versus AI, look, we are absolutely focused on cost discipline. You would have seen the costs, on a like-for-like basis, coming down 3% versus prior year. That is a result of some conscious decisions that we have made in terms of organizational restructuring and also looking at all of our non-staff costs. The synergies also coming through on the Brooks Financial side. So really pleased to see the performance in full year 2026 coming through.

Speaker #4: That was an improvement versus the prior year, but I've said that actually a good rule of thumb is probably still around 50 basis points on that side.

Speaker #4: Just in terms of cost control versus AI, we are absolutely focused on cost discipline. You will have seen that costs, on a like-for-like basis, have come down 3% versus the prior year.

Speaker #4: That is a result of some conscious decisions that we have made in terms of organizational restructuring, and also looking at all of our non-staff costs.

Speaker #4: And the synergies are also coming through on the Brooks Financial side, so we're really pleased to see the performance in full year '26 coming through. Our focus on the AI side, as Andrea mentioned, is really about building capacity.

Katherine Jones: Our focus on the AI side, as Andrea mentioned, is really about building capacity. So we are looking to become more efficient. I would view that as increasing the capacity for revenue growth rather than necessarily resulting in reduced costs. Importantly, for the cost guidance, we reiterated the medium-term target, which says that we would expect to keep cost growth below 5%.

Speaker #4: So we're looking to become more efficient. I would view that as increasing the capacity for revenue growth, rather than necessarily resulting in reduced costs.

Speaker #4: Importantly for the cost guidance, we reiterated the medium-term target, which says that we'd expect to keep cost growth below 5%.

Speaker #5: Thank you. Oh, and just a follow-up—you mentioned the kind of restructuring savings. What is the plan, kind of, on the headcount direction in 2027?

Lucy Williams: Okay. Just to follow up on the, you mentioned the restructuring savings. What is the plan on the headcount direction in 2027? Is there still more to come out with the acquisitions being integrated or this be kind of reinvested into more hiring? Because I saw that the overall employee numbers going up.

[Analyst]: Okay. Just to follow up on the, you mentioned the restructuring savings. What is the plan on the headcount direction in 2027? Is there still more to come out with the acquisitions being integrated or this be kind of reinvested into more hiring? Because I saw that the overall employee numbers going up.

Speaker #5: Is there still more to come out with the acquisitions being integrated, or will this be kind of reinvested into more hiring? Because I saw that the overall employee numbers are going up.

Speaker #4: So I think as we're thinking about costs overall, we're looking at the 5% cost growth. Obviously, that will include salary inflation. What you've seen come through in the numbers in full year '26 is only £3.3 million of the savings.

Katherine Jones: So I think as we are thinking about costs overall, we are looking at the 5% cost growth. Obviously, that will include salary inflation. What you have seen come through in the numbers in full year 2026 is only GBP 3.3 million of the savings. We know that on an annualized basis, that is GBP 5 million. We have not given specific guidance on headcount numbers or anything like that. We will continue to be cost focused in order to keep within that medium-term target.

Speaker #4: We know that, on an annualized basis, that is £5 million. We haven't given specific guidance on headcount numbers or anything like that. We'll continue to be cost-focused in order to keep within that medium-term target.

Speaker #1: Thanks for your questions, Lucy.

Andrea Montague: Thanks for your questions, Lucy.

Speaker #5: Thank you.

Lucy Williams: Thank you.

[Analyst]: Thank you.

Katherine Jones: Our next question comes from Stuart Duncan at Berenberg. Please unmute and go ahead.

Speaker #1: Next question comes from Duncan at Berenberg. Please unmute and go ahead.

Speaker #3: Thank you. And this is a small question, but in the appendix, there's a slide about restating some of the NPS flows—the sort of gross in-and-out numbers.

Stuart Duncan: Thank you. This is just a small question, but in the appendix, there is a slide about restating some of the MPS flows, the sort of gross in and out numbers. Just could you explain what you have actually done there or what the change is?

Speaker #3: Could you just explain what you've actually done there, or what the change is?

Speaker #4: Yeah, cool. Yeah, so I wanted to give this to you now so that when we come out with the Q1 numbers, it's much easier for you in terms of your models.

Katherine Jones: Yeah.

Andrea Montague: Go for it.

Katherine Jones: Yeah. I wanted to give this to you now so that when we come out with the Q1 numbers, it is much easier for you in terms of your model. This is just really about making sure we are more accurately reflecting the nature of the flows. When we look at the gross flows in the last couple of years, the way we have tracked it is any move between even a risk portfolio, the kind of the risk profile within an MPS, which would be counted as a gross in and a gross out. We are effectively grossing up both sides of it. It does not make any difference to the net number, but actually for us, it is much more useful to be able to see when it is a kind of a true inflow versus an outflow.

Speaker #4: So this is just really about making sure we're more accurately reflecting the nature of the flows. So when we look at the gross flows, in the last couple of years, the way we've tracked it is any move between even a risk portfolio—the kind of the risk profile within an NPS—would be counted as a gross in and a gross out.

Speaker #4: So we're effectively grossing up both sides of it. It doesn't make any difference to the net number, but actually, for us, it's much more useful to be able to see when it's a true inflow versus an outflow.

Speaker #4: So it's just really to make it more useful in terms of managing the business performance.

Katherine Jones: It is just really to make it more useful in terms of managing the business performance.

Speaker #3: Okay. Thank you.

Stuart Duncan: Okay. Thank you.

Speaker #1: Improved MI through a summary

Andrea Montague: Improved the Meister summary.

Speaker #4: Of one of the many tech pieces. So genuinely, I think it's better if we get weekly flows. We're all over the flows, but as Katherine said, the net number is the same.

Andrea Montague: Yeah.

Andrea Montague: That is one of the many tech pieces. Genuinely, I think better we get weekly flows. We are all over the flows. Kat has said, the net number is the same, it is just more accurate.

Andrea Montague: Yeah.

Andrea Montague: That is one of the many tech pieces. Genuinely, I think better we get weekly flows. We are all over the flows. Kat has said, the net number is the same, it is just more accurate.

Speaker #4: It's just more accurate.

Speaker #3: Okay. Thanks.

Stuart Duncan: Okay. Thanks.

Speaker #4: Good to see you.

Andrea Montague: Good to see you.

Katherine Jones: Our next question comes from Ray Meyer from Peel Hunt. Please go ahead.

Katherine Jones: Our next question comes from Rae Maile from Peel Hunt. Please go ahead.

Speaker #1: Next question comes from Raymail from Peel Hunt. Please go ahead.

Speaker #2: So, written on the screen and everything. Just a quick one, coming back on NPS. I mean, obviously, you've talked about the growth opportunity, you've talked about the focus on bigger clients.

Ray Meyer: It is written on the screen and everything. Just a quick one coming back on MPS. I mean, obviously you have talked about the growth opportunity, you have talked about the focus on bigger clients. You also said you are quite confident in your rate card. Normally, a focus on bigger ticket sizes, bigger institutions, bigger counterparties would lead to a conclusion that rate cards are more flexible, shall we say. So how confident are you that the erosion we have seen in revenue margin on MPS has now played through?

Rae Maile: It is written on the screen and everything. Just a quick one coming back on MPS. I mean, obviously you have talked about the growth opportunity, you have talked about the focus on bigger clients. You also said you are quite confident in your rate card. Normally, a focus on bigger ticket sizes, bigger institutions, bigger counterparties would lead to a conclusion that rate cards are more flexible, shall we say. So how confident are you that the erosion we have seen in revenue margin on MPS has now played through?

Speaker #2: You also said you're quite confident in your rate card. Now, normally, a focus on bigger ticket sizes, bigger institutions, bigger counterparties would lead to a conclusion that rate cards are more flexible, shall we say?

Speaker #2: So how confident are you that the erosion we've seen in revenue margin on NPS has now played through?

Andrea Montague: Well, I will take us back a step and then, Katherine, you can talk about specifically what we have seen in-year. Ray, the competition in MPS, we all know there are 200 providers in the market. That competition in terms of price has stabilized, and I would say that we distinguish ourselves in investment performance and service. The S in MPS for us is about service. So we are competitive, but for us, it is about that rounded service to IFAs. You are quite right. You have watched the video, great. We have talked about the opportunity with the larger nationals and networks. That is volume coming in and clearly, we would be very thoughtful about the rate cards with them. But there are material business-to-business relationships there. But actually, the pricing pressure has absolutely stabilized in the market and the volume potential and the market growth is what is very exciting about it.

Speaker #4: I'll take us back a step, and then, Katherine, you can talk about this specifically—what we've seen in recent years. So Ray, the competition, NPS—we all know there are 200 providers in the market.

Speaker #4: That competition in terms of price has stabilized. And I would say that we distinguish ourselves in investment performance and service. The S in NPS for us is about service.

Speaker #4: So, we're not—we are competitive. But for us, it's about that rounded service to IFAs. So, you're quite right. You've watched the video—great.

Speaker #4: We've talked about the opportunity with the larger nationals and networks, but that's volume coming in. And clearly, we'd be very thoughtful about the rate cards with them.

Speaker #4: But there are material business-to-business relationships there. But actually, the pricing pressure has absolutely stabilized in the market, and the volume potential in the market growth is what's very exciting about it.

Speaker #4: But Katherine, you can talk to the in-year impact. Yes. Thanks for the question, Ray. So I think if we look at the full year '26, the yield compression that we've seen coming through is really coming through from mix.

Andrea Montague: But Katherine, you can talk to the in-year impact.

Katherine Jones: Yes. Thanks for the question, Ray. I think if we look at full year 2026, the yield compression that we have seen coming through is really coming through from mix. It is not a function of us having to cut prices. It is because we have launched Global MPS, for example, which is in the passive range, which has been very successful. So we are seeing a growth in terms of the passive flows, which are typically lower margin. On the business-to-business relationships, that has also been a good year, and that is typically at a lower margin. But it is established pricing, so it is not like we are making any changes to our prices. There is no fundamental cutting of prices. But we already have those established relationships, and actually what we are doing is adding to those relationships and also growing the flows through them. So, it is really a function of that mix change.

Katherine Jones: Yes. Thanks for the question, Rae. I think if we look at full year 2026, the yield compression that we have seen coming through is really coming through from mix. It is not a function of us having to cut prices. It is because we have launched Global MPS, for example, which is in the passive range, which has been very successful. So we are seeing a growth in terms of the passive flows, which are typically lower margin. On the business-to-business relationships, that has also been a good year, and that is typically at a lower margin. But it is established pricing, so it is not like we are making any changes to our prices. There is no fundamental cutting of prices. But we already have those established relationships, and actually what we are doing is adding to those relationships and also growing the flows through them. So, it is really a function of that mix change.

Speaker #4: So, it's not a function of us having to cut prices. It's because we've launched global NPS, for example, which is in the passive range, and which has been very successful.

Speaker #4: So we're seeing growth in terms of the passive flows, which are typically lower margin. On the business-to-business relationships, it has also been a good year.

Speaker #4: And that is typically at a lower margin, but it's established pricing. So it's not like we are making any changes to our prices; there's no fundamental cutting of prices.

Speaker #4: But we already have those established relationships, and actually, what we're doing is adding to those relationships and also growing the flows through them. So it's really a function of that mix change.

Speaker #4: And also, remember, there's no marginal incremental cost really in terms of NPS, so it's very cost-effective if we add higher volume. Good to see you.

Katherine Jones: Also remember, there is no marginal incremental cost really in terms of MPS. So it is very cost-effective if we add higher volume.

Andrea Montague: Thanks, Ray.

Andrea Montague: Thanks, Rae.

Ray Meyer: Okay, thanks.

Rae Maile: Okay, thanks.

Andrea Montague: Good to see you.

[Company Representative] (Brooks Macdonald): We currently have no more questions, so I will hand back to Andrea for any closing remarks.

Operator: We currently have no more questions, so I will hand back to Andrea for any closing remarks.

Speaker #1: We currently have no more questions, so I'll hand back to Andrea for any closing remarks.

Speaker #4: Thanks, Kelly, and thank you all for joining. It was actually great to see you on screen. So, look, over the last two years, we've had a period of heavy investment, heavy listing, and that is behind us.

Andrea Montague: Thanks, Tilly, and thank you all for joining. It was actually great to see you on screen. Look, over the last two years, we have had a period of heavy investment, heavy lifting, and that is behind us. I couldn't be prouder of the team today for everything that they have delivered for our clients. Ultimately, this gearing and leverage will drop through for our shareholders and to the bottom line. We are in a structural growth market. We are now fit for the future, and we are in a place where we will compete and win. We really look forward to talking to you in October, the update on flows, and obviously at the half year with some more detail. Thank you, and have a good day.

Speaker #4: And I couldn't be prouder of the team today for everything that they've delivered for our clients. And ultimately, this gearing and leverage will drop through for our shareholders and to the bottom line.

Speaker #4: We're in a structural growth market. We're now fit for the future, and we're in a place where we will compete and win. We really look forward to talking to you in October with the update on flows, and obviously at the half-year with some more detail.

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Q4 2026 Brooks Macdonald Group PLC Earnings Call

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