Interim Results 2026

Rathbones Group PLC

29 July 2026

 

Interim results for the 6 months
ended 30 June 2026

Executing our strategy

Wealth Management net flows positive in Q2
FUMA up 11% and underlying profit before tax up 14% YoY

Jonathan Sorrell, Group Chief Executive, said:

"The first half of 2026 has been demanding, but it has also demonstrated what Rathbones is capable of. FUMA grew by 11% year on year to £121 billion and underlying PBT increased by 14% year on year to £123 million. These results reflect continued healthy gross inflows and growing momentum across the business.

Since our announcement on 16 June, our regulatory programme to address the recommendations from the FCA Skilled Person Review has remained a key priority. We are approaching this work with rigour, urgency and transparency as we address the findings and deliver the agreed programme of work. Six weeks on, we have made good initial progress, client reaction has been supportive and resilient, and our focus remains firmly on our long-term ambition to become the best wealth manager in the UK, by far.

In late February, I set out our strategy to achieve that ambition, built on four priorities: being the first choice for clients, the first choice for talent, the most effective operator and the most reputable brand. We are making good progress across each of these."

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Year to
	30 June 2026	30 June 2025	31 December 2025
	£m (unless stated)	£m (unless stated)	£m (unless stated)
Operating income	487.5	449.1	923.3
Underlying operating expenses1	(364.3)	(341.4)	(685.2)
Underlying profit before tax1	123.2	107.7	238.1
Underlying operating margin1	25.3%	24.0%	25.8%
Profit before tax	72.1	62.3	152.9
Underlying earnings per share1	88.5p	75.6p	170.5p
Basic earnings per share	50.4p	42.6p	107.9p
Dividend per share	32.0p	31.0p	99.0p
1.  This measure is considered an alternative performance measure (APM). Please refer to Alternative Performance Measures section of the 2026 Interim Report for more detail on APMs

Financial highlights

-  Funds under management and administration (FUMA) increased by 10.7% year on year to £120.7 billion as at 30 June 2026 (30 June 2025: £109.0 billion).

-  Wealth Management recorded net inflows of £0.4 billion in Q2, with Discretionary & Managed net inflows of £0.5 billion, demonstrating stronger client asset retention and momentum in new business activity. This offset net outflows of £0.4 billion in Q1, resulting in broadly neutral net flows in Wealth for the first half overall.

-  Asset Management net outflows of £0.4 billion in Q2 were similar to the first quarter, reflecting continuing industry-wide pressure on active equity strategies.

-  Accordingly, Group net flows for Q2 were flat overall, whilst net outflows for H1 were £0.9 billion.

-  Operating income increased 8.6% to £487.5 million (HY 2025: £449.1 million), driven by higher investment management fees, increased commission income and growth in financial planning advice revenues. 

-  Underlying profit before tax increased by 14.4% to £123.2 million (HY 2025: £107.7 million), resulting in the underlying operating margin improving to 25.3% (HY 2025: 24.0%).

-  Profit before tax for the first half was £72.1 million, an increase of 15.7% on the prior period.

-  Acquisition and integration costs continued to decline as anticipated, falling to £9.5 million (HY 2025: £23.2 million), reflecting our progression beyond the integration phase of Investec Wealth & Investment, and supporting our expectation that integration costs will cease during 2027.

-  Costs of £19.0 million (HY 2025: £nil) were recognised in relation to the FCA Skilled Person Review.

Outlook and guidance

The second half of 2026 will be affected by the cost of the actions announced on 16 June 2026 in relation to the Skilled Person Review. These actions include the cessation of charging fees on the cash element of portfolios, which we continue to expect will reduce income and operating profit by c.£9m over the six month period. Lower technology costs, following the expected completion of the implementation of Salesforce by the end of the third quarter, along with the delivery of ongoing cost efficiencies, are expected to support second half performance.

The cessation of charging fees on the cash element of portfolios is expected to reduce the underlying operating margin for the second half of the year by 1.3 percentage points. The Q4 operating margin target has therefore been revised from 30.0% to 28.7%. The Group remains on track to achieve the revised target, subject to the conditions set out previously relating to FUMA growth, inflation and interest rates. The Group's progressive dividend policy remains unchanged.

Capital, share buyback and dividend

The Group successfully completed its £50 million share buyback programme, the first in its history, on 16 February 2026. We launched a further share buyback programme of up to £20 million, which concluded on 13 July 2026.

Alongside the buyback, we are increasing our interim dividend by 3.2% to 32.0p, reinforcing our progressive approach to shareholder distributions.

Interim results presentation

A presentation detailing Rathbonesʼ 2026 interim results is available on the investor relations website under the tab ʻResults Presentationsʼ (https://www.rathbones.com/investor-relations/results-and-presentations).

A presentation to analysts and investors will take place this morning at 10:00am at our offices at 30 Gresham Street, London, EC2V 7QN. Participants who wish to join the presentation virtually can do so by either joining the video webcast (https://www.investis-live.com/rathbones-group-plc/6a3110b02b12bb000f9cf9f3/aberm) or by dialling in using the conference call details below: 

United Kingdom (Local): [phone]
United Kingdom (Toll-Free): [phone]
Global dial in numbers
Participant access code: 680592 

A Q&A session will follow the presentation. Participants will be able to ask their questions either via the webcast by typing them in or via the conference call line. 

A recording of the presentation will be available later today on our website at: www.rathbones.com/en-gb/wealth-management/investor-relations/results-reports-and-presentations. 

Issued on 29 July 2026

Funds under management and administration:

(I) Segment FUMA

	Opening FUMA	Gross inflows	Gross outflows	Net flows	Transfers	Market & investment performance	Closing FUMA	Annualised Net Growth
Six months ended 30 June 2026	£m	£m	£m	£m	£m	£m	£m	(%)
Wealth Management	106,205	5,636	(5,648)	(12)	-	5,888	112,081	-
Asset Management
Gross segment FUMA inclusive of intra-group	16,600	1,698	(2,253)	(555)	-	291	16,336	(6.7)
Intra-group FUMA2	(7,188)	(920)	611	(309)	-	(185)	(7,682)	8.6
Asset Management excluding intra-group	9,412	778	(1,642)	(864)	-	106	8,654	(18.4)
Total Group	115,617	6,414	(7,290)	(876)	-	5,994	120,735	(1.5)
2. Intragroup FUMA comprises assets managed by the Asset Management segment which relates to propositions of the Wealth Management segment.

	Opening FUMA	Gross inflows	Gross outflows	Net flows	Transfers	Market & investment performance	Closing FUMA	Annualised Net Growth
Quarter ended 30 June 2026	£m	£m	£m	£m	£m	£m	£m	(%)
Wealth Management	105,194	2,868	(2,453)	415	-	6,472	112,081	1.6
Asset Management
Gross segment FUMA inclusive of intra-group	15,683	834	(1,139)	(305)	-	958	16,336	(7.8)
Intra-group FUMA2	(7,243)	(483)	342	(141)	-	(298)	(7,682)	7.8
Asset Management excluding intra-group	8,440	351	(797)	(446)	-	660	8,654	(21.1)
Total Group	113,634	3,219	(3,250)	(31)	-	7,132	120,735	(0.1)

(II) Breakdown of segmental FUMA and flows

Six months ended 30 June 2026	Opening FUMA £m	Gross inflow £m	Gross outflow £m	Net flows £m	Transfers £m	Market and investment performance £m	Closing FUMA £m	Annualised Net Growth %
Discretionary & Managed	94,707	5,061	(4,811)	250	(1)	5,249	100,205	0.5
MPS & Select services	4,073	162	(118)	44	3	107	4,227	2.2
Execution only	7,425	413	(719)	(306)	(2)	532	7,649	(8.2)
Wealth Management	106,205	5,636	(5,648)	(12)	-	5,888	112,081	-
Multi Asset funds	9,361	1,040	(973)	67	-	240	9,668	1.4
Single Strategy funds	7,239	658	(1,280)	(622)	-	51	6,668	(17.2)
Asset Management - gross segmental FUMA	16,600	1,698	(2,253)	(555)	-	291	16,336	(6.7)
Intra-group FUMA2	(7,188)	(920)	611	(309)	-	(185)	(7,682)	8.6
Asset Management excluding intra-group	9,412	778	(1,642)	(864)	-	106	8,654	(18.4)
Total Group	115,617	6,414	(7,290)	(876)	-	5,994	120,735	(1.5)

Quarter ended 30 June 2026	Opening FUMA £m	Gross inflow £m	Gross outflow £m	Net flows £m	Transfers £m	Market and investment performance £m	Closing FUMA £m	Annualised Net Growth %
Discretionary & Managed	93,827	2,563	(2,084)	479	29	5,870	100,205	2.0
MPS & Select services	4,028	81	(61)	20	3	176	4,227	2.0
Execution only	7,339	224	(308)	(84)	(32)	426	7,649	(4.6)
Wealth Management	105,194	2,868	(2,453)	415	-	6,472	112,081	1.6
Multi Asset funds	9,122	528	(518)	10	-	536	9,668	0.4
Single Strategy funds	6,561	306	(621)	(315)	-	422	6,668	(19.2)
Asset Management - gross segmental FUMA	15,683	834	(1,139)	(305)	-	958	16,336	(7.8)
Intra-group FUMA2	(7,243)	(483)	342	(141)	-	(298)	(7,682)	7.8
Asset Management excluding intra-group	8,440	351	(797)	(446)	-	660	8,654	(21.1)
Total Group	113,634	3,219	(3,250)	(31)	-	7,132	120,735	(0.1)

For further information contact: 

Investors
Shelly Patel, Head of Investor Relations
Tel: [phone]
Email:  [e-mail]

Nicolas Duperrier, Investor Relations
Tel: [phone]
Email: [e-mail]

Press
Tessa Curtis, Director of Corporate Communications & Affairs
Tel: [phone]
Email: [e-mail]

Rathbones Group Plc

Rathbones Group Plc (Rathbones), through its subsidiaries, is one of the UK's leading providers of investment and wealth management services for private clients, charities, trustees and professional partners. This includes discretionary investment management, fund management, tax planning, trust and company management, financial advice and banking services.

Rathbones manages £120.7 billion of client assets, of which £16.3 billion is managed by its asset management arm, Rathbones Asset Management Limited. A FTSE 250 company (LSE:RAT), Rathbones has over 3,300 employees, including over 700 investment managers and financial planners, in 21 offices across the UK and the Channel Islands, connecting its clients with high-quality, personalised wealth management services.

www.rathbones.com

Group Chief Executive Officer's Review

Executing our strategy

Introduction

The first half of 2026 has been demanding, but it has also demonstrated what Rathbones is capable of. Funds under management and administration grew by 10.7% year on year to £120.7 billion and underlying profit before tax increased by 14.4% year on year to £123.2 million. These results reflect continued healthy gross inflows and growing momentum across the business.

Since our announcement on 16 June, our regulatory programme to address the recommendations from the FCA Skilled Person Review has remained a key priority. We are approaching this work with rigour, urgency and transparency as we address the findings and deliver the agreed programme of work. Six weeks on, we have made good initial progress, client reaction has been supportive and resilient, and our focus remains firmly on our long-term ambition to become the best wealth manager in the UK, by far.

In late February, I set out our strategy to achieve that ambition, built on four priorities: being the first choice for clients, the first choice for talent, the most effective operator and the most reputable brand. We are making good progress across each of these.

Business performance and financial update

Against a challenging backdrop at the start of the year, business performance improved steadily as the half progressed. 

Wealth Management recorded net inflows of £0.4 billion in the second quarter, with Discretionary & Managed net inflows of £0.5 billion, demonstrating stronger client asset retention and momentum in new business activity. This offset first-quarter outflows, resulting in broadly neutral net flows for the first half overall. Asset Management net outflows of £0.4 billion in the second quarter were similar to the first quarter, reflecting continuing industry-wide pressure on active equity strategies. While this has weighed on flows across active managers, the business continues to see encouraging engagement across new distribution channels, including Discretionary Fund Managers, institutional and international markets, supporting future growth opportunities.

Operating income increased by 8.6% to £487.5 million, driven by higher investment management fees, stronger commission income and an increase in Financial Planning revenues. Revenue growth outpaced cost growth, resulting in underlying profit before tax increasing by 14.4% to £123.2 million and the underlying operating margin improving to 25.3%. 

Acquisition and integration costs of £9.5 million (30 June 2025: £23.2 million) continued to reduce as expected as we moved beyond the integration phase of Investec Wealth & Investment. During the period, we also recognised £19.0 million of costs relating to the FCA Skilled Person Review. After taking these non-underlying costs into account, profit before tax for the first half was £72.1 million, increasing 15.7% relative to the first half last year.  

The second half of 2026 will be affected by the cost of the actions announced on 16 June 2026 in relation to the Skilled Person Review. These actions include the cessation of charging fees on the cash element of portfolios, which we continue to expect will reduce income and operating profit by c.£9m over the six month period. Lower technology costs, following the expected completion of the implementation of Salesforce by the end of the third quarter, along with the delivery of ongoing cost efficiencies, are expected to support second half performance.

The cessation of charging fees on the cash element of portfolios is expected to reduce the underlying operating margin for the second half of the year by 1.3 percentage points. The Q4 operating margin target has therefore been revised from 30.0% to 28.7%. The Group remains on track to achieve the revised target, subject to conditions set out previously relating to FUMA growth, inflation and interest rates. The Group's progressive dividend policy remains unchanged.

Regulatory update 

As announced on 16 June, we are implementing a programme agreed with the FCA to address the findings of a Skilled Person Review. Since that announcement, our priority has been to mobilise this work while continuing to support clients and colleagues. We are approaching it with rigour, urgency and transparency, and have made good initial progress over the past six weeks.

Client reaction has been resilient. We have identified no material client outflows attributable to the programme, commercial activity remains stable, and colleague retention remains within normal historical experience. While we remain vigilant, these are encouraging early indicators. 

We have redeveloped our Customer Risk Rating (CRR) methodology, which underpins our Enhanced Due Diligence ("EDD") process.  We have commenced our file review pilot, which we  expect to be completed by the end of August.  Once complete, we will proceed with the remediation of the approximately 4,700 restricted EDD clients who will be released from restrictions on inflows as they are remediated.  We expect to have completed the review work for the restricted clients by the end of the year.

We have also agreed on the methodology for the targeted client review and will shortly commence an initial sample review of client outcomes. 

The programme reinforces our strategy. Many of the actions now underway, including streamlining governance, improving client data, simplifying processes and enhancing controls, are closely aligned with the priorities we set out in February and will help create a stronger, simpler and more effective Rathbones.

The expected financial impact of the programme remains in line with that announced on 16 June.

Progress against our strategic priorities 

Five months into our strategy, we are making tangible progress across all four priorities. The strength and depth of our refreshed leadership team provides a strong foundation for the continued delivery of our strategy.

The first choice for clients 

Our focus is on delivering a world class investment capability, advice and solutions honed for the entire client lifecycle, and delivering a more personalised and effortless service experience.

Following Robert Sears' appointment as Chief Investment Officer, we launched a review of our investment proposition and operating model to improve consistency, scalability and competitiveness. We have simplified our investment governance and continue to enhance our investment capabilities, with Investment Grade Credit and Private Markets strategies planned for launch later this year. 

In Wealth Management, our client portfolios continued to outperform the reference ARC benchmark on a weighted annualised basis over three and five years. In Asset Management, 71% of our AUM outperformed their benchmarks over one year and 62% over three years.  We have also continued to improve the value for clients. During the period, we progressed negotiations with third-party fund managers and continued switching client assets into cheaper share classes. As of 30 June 2026, we have negotiated an average reduction of one third of the cost in underlying OCF (Ongoing Charges Figure) of external managers' funds since the start of the process.

Financial Planning continues to represent a significant growth opportunity. Clients benefiting from both Investment Management and Financial Planning continue to demonstrate materially stronger growth characteristics, generating net inflows every month during the period and delivering c.4% annualised growth in assets compared with 0% across Wealth overall. We continued to progress a more integrated wealth management model during the first half. This enables us to provide more joined-up advice, make better use of specialist expertise and support more clients with their financial needs as they evolve at different points in their lives. We are planning to launch an on-demand advice service to complement our one-off and ongoing advice services, making financial planning support available to a broader range of clients, at the right time in their life circumstances.

Client advocacy remained strong, with a Trustpilot rating of 5/5 (2025: 4.9/5). We continued to enhance our digital capabilities and the resilience of the MyRathbones app, which now has more than 60,000 users, with average monthly usage up 6% and client satisfaction at 8.5 out of 10.

Looking ahead, we will continue to enhance MyRathbones with new ISA subscription tax allowance tracking, richer performance reporting and data visualisation, expanded self-service capabilities and greater consistency across web and mobile channels.

The first choice for talent

Exceptional client outcomes depend on exceptional people. We are committed to strengthening our culture, providing motivating incentives and creating an environment with AI-powered tools and processes that make doing business easy.

We continue to invest in colleague development and engagement, helping Rathbones remain an attractive place to build a long-term career. Retention of high-performing colleagues remained above 95% during the period while colleague advocacy continued to improve. We have strengthened leadership development, enhanced career pathways and introduced a new remuneration framework designed to better reward growth, collaboration and long-term value creation. 

We reached an important milestone in developing the Rathbones Institute, completing the design phase and appointing its Head. We also established a partnership with a leading learning and development provider to support a scalable digital learning platform. We expect to launch the first pilot cohort in the new year, creating a structured pathway for future talent development.

AI adoption has accelerated rapidly across the Group, with monthly usage of enterprise-approved tools increasing from 22,000 hours in February to more than 56,000 hours in June. The benefits are already becoming evident through faster marketing delivery, improvements in software development, suitability processes and analytics. Our focus is now shifting from adoption to measurable productivity improvements.

The most effective operator 

Building a simpler, more productive organisation remains central to our strategy. In February, we committed to better data-led commercial excellence, simplifying our operations and ensuring capital efficiency.

During the period, we completed a Time and Motion review across our Wealth business, which found that advisers currently spend approximately half their time on client-facing activity, thereby establishing a clear productivity baseline. There is an opportunity to reduce the administrative burden further, allowing advisers to spend more time with clients. 

Our Salesforce implementation remains on track for launch by the end of the third quarter and will further simplify client servicing across the business. Meanwhile our "Cubs" business development programme continues to build momentum, generating significant volumes of client and prospective client interactions, new assets under management and pipeline during the period.

At 30 June 2026, our capital surplus was £166.0 million (£178.4 million at 30 June 2025) and our CET1 ratio was 16.8% (17.4% at 30 June 2025), reflecting the continued strength of our balance sheet and capital generation. During the period, we launched a further share buyback programme of up to £20 million, which concluded on 13 July 2026. Alongside the buyback, the Board has announced an increased interim dividend of 32.0 pence per share, 3.2% higher than the prior year and consistent with our progressive dividend policy.

As previously announced, we expect to recognise approximately £60 million of costs over the next two years associated with the actions relating to the Skilled Person Review and FCA programme announced on 16 June, which are expected to be treated as a separately disclosed item within non-underlying costs.  While this represents a near-term headwind, acquisition and integration costs relating to the combination with Investec Wealth & Investment continue to reduce significantly as we move beyond the integration phase. As a result, the underlying earnings and capital generation profile of the Group continues to strengthen.

We will continue to maintain a strong balance sheet, invest selectively in long-term growth opportunities, maintain a progressive dividend policy and return surplus capital to shareholders where appropriate.

The most reputable brand 

Trust remains one of Rathbones' greatest competitive strengths. Our ambition is to build the most reputable brand in our sector through a relevant and distinctive identity, demonstrating leadership and purpose, and more efficient amplification to our core audiences.

Our reputation metrics remained strong during the first half. We achieved a Net Promoter Score (NPS) of 56 (2025: 63), which has stayed in the "great" 50-70 range. The NPS survey was expanded to include a much broader set of clients, providing a more representative measure of client feedback and engagement. Our reputation impact score remained above 60 ("good") and our share of voice across wealth management more than doubled to 23% across all media. This positioned Rathbones as the number one Wealth Management and Asset Management brand by share of voice in tier one media during the second quarter. Rathbones also remained the most cited wealth manager website across tracked large language model prompts, while engagement across our digital channels continued to grow. Employee advocacy also continued to strengthen, significantly extending the reach of the Rathbones brand.

Looking ahead

When we talk about becoming the best wealth manager in the UK, by far, we are intending to build a business that delivers better outcomes for clients, creates greater opportunities for talented colleagues, operates more effectively and earns its reputation through the quality of its performance, advice, personal service and client relationships.

The work currently underway in relation to the FCA review is demanding, but it is the right work. Strengthening governance, improving processes and simplifying the organisation will leave Rathbones a stronger business than before. Combined with the strategic initiatives already underway, it will create a more scalable business that is better positioned for long-term growth.

Above all, what gives me confidence is the continued trust our clients place in Rathbones. Their support through a demanding period reflects the strength of our relationships, the quality of our advice and the professionalism of our colleagues. It is the strongest endorsement of our strategy we could receive. 

We have a clear strategy, a strengthened leadership team and improving momentum across the business. I am confident Rathbones will emerge from this period a stronger company, better equipped to serve clients, support colleagues and create long-term value for our shareholders.

Jonathan Sorrell

Group Chief Executive Officer

28 July 2026

Consolidated Interim Statement of Comprehensive Income

For the six months ended 30 June 2026

		Unaudited	Unaudited	Audited
		Six months to	Six months to	Year to
		30 June 2026	30 June 2025	31 December 2025
	Note	£m	£m	£m
Interest and similar income		78.1	76.0	159.8
Interest expense and similar charges		(30.8)	(37.1)	(73.1)
Net interest income		47.3	38.9	86.7
Fee and commission income		458.0	418.0	858.9
Fee and commission expense		(20.1)	(18.8)	(38.2)
Net fee and commission income		437.9	399.2	820.7
Other operating income		2.3	11.0	15.9
Operating income		487.5	449.1	923.3
Charges in relation to client relationships and goodwill		(22.6)	(22.2)	(45.3)
Acquisition-related and integration costs	5	(9.5)	(23.2)	(39.9)
Skilled person review	6	(19.0)	-	-
Other operating expenses		(364.3)	(341.4)	(685.2)
Operating expenses		(415.4)	(386.8)	(770.4)
Profit before tax		72.1	62.3	152.9
Taxation	8	(20.4)	(17.9)	(40.6)
Profit after tax		51.7	44.4	112.3
Profit for the period attributable to equity holders of the company		51.7	44.4	112.3
Other comprehensive income
Items that will not be reclassified to profit or loss:
Net remeasurement of defined benefit asset or liability	17	-	-	0.1
Other comprehensive income net of tax		-	-	0.1
Total comprehensive income for the period net of tax attributable to equity holders of the company		51.7	44.4	112.4
Dividends paid and declared for the period per ordinary share	9	32.0p	31.0p	99.0p
Dividends paid and declared for the period		32.7	32.4	102.7
Earnings per share for the period attributable to equity holders of the company:	10
-  basic		50.4p	42.6p	107.9p
-  diluted		49.1p	41.5p	104.7p

The accompanying notes form an integral part of the condensed consolidated interim financial statements.

Consolidated Interim Statement of Changes in Equity

For the period ended 30 June 2026

		Share capital	Share premium	Merger reserve	Other reserve	Own shares	Retained earnings	Total equity
	Note	£m	£m	£m	£m	£m	£m	£m
At 1 January  2025		5.5	317.8	824.4	-	(68.1)	279.8	1,359.4
Profit for the period		-	-	-	-	-	44.4	44.4
Total comprehensive income for the period		-	-	-	-	-	44.4	44.4
Dividends paid	9	-	-	-	-	-	(65.8)	(65.8)
Issue of share capital	18	-	3.4	-	-	-	−	3.4
Cancellation of share premium	18	-	(317.8)	-	-	-	317.8	-
Share-based payments:
-  cost of share-based payment arrangements	19	-	-	-	-	-	13.4	13.4
-  cost of vested employee remuneration and share plans	19	-	-	-	-	-	1.9	1.9
-  cost of own shares vesting		-	-	-	-	15.9	(15.9)	-
-  cost of own shares acquired		-	-	-	-	(13.3)	-	(13.3)
-  tax on share-based payments		-	-	-	-	-	1.0	1.0
At 30 June 2025 (unaudited)		5.5	3.4	824.4	-	(65.5)	576.6	1,344.4
Profit for the period		-	-	-	-	-	67.9	67.9
Net remeasurement of defined benefit asset	17	-	-	-	-	-	0.1	0.1
Other comprehensive income net of tax		-	-	-	-	-	0.1	0.1
Total comprehensive income for the period		-	-	-	-	-	68.0	68.0
Dividends paid	9	-	-	-	-	-	(32.6)	(32.6)
Issue of share capital	18	-	3.5	-	-	-	-	3.5
Cancellation of share premium	18	-	-	-	-	-	-	-
Share buyback		(0.1)	-	-	0.1	-	(36.1)	(36.1)
Share-based payments:
-  cost of share-based payment arrangements	19	-	-	-	-	-	14.1	14.1
-  cost of vested employee remuneration and share plans	19	-	-	-	-	-	(3.9)	(3.9)
-  cost of own shares vesting		-	-	-	-	7.8	(7.8)	-
-  cost of own shares acquired		-	-	-	-	(5.6)	-	(5.6)
-  tax on share-based payments		-	-	-	-	-	1.5	1.5
Tax arising on consideration received		-	-	-	-	-	(1.3)	(1.3)
At 31 December 2025 (audited)		5.4	6.9	824.4	0.1	(63.3)	578.5	1,352.0
Profit for the period		-	-	-	-	-	51.7	51.7
Total comprehensive income for the period		-	-	-	-	-	51.7	51.7
Dividends paid	9	-	-	-	-	-	(70.0)	(70.0)
Issue of share capital	18	-	3.8	-	-	-	−	3.8
Cancellation of share premium	18	-	-	-	-	-	-	-
Share buyback		-	-	-	0.1	-	(21.5)	(21.4)
Share-based payments:
-  cost of share-based payment arrangements	19	-	-	-	-	-	11.5	11.5
-  cost of vested employee remuneration and share plans	19	-	-	-	-	-	(1.8)	(1.8)
-  cost of own shares vesting		-	-	-	-	2.7	(2.7)	-
-  cost of own shares acquired		-	-	-	-	(3.1)	-	(3.1)
-  tax on share-based payments		-	-	-	-	-	(1.9)	(1.9)
At 30 June 2026 (unaudited)		5.4	10.7	824.4	0.2	(63.7)	543.8	1,320.8

Consolidated Interim Statement of Financial Position

As at 30 June 2026

		Unaudited	Unaudited	Audited
		30 June 2026	30 June 2025	31 December 2025
	Note	£m	£m	£m
Assets
Cash and balances with central banks		1,483.0	1,811.0	1,504.0
Settlement balances		309.7	275.2	89.5
Loans and advances to banks		329.9	277.0	264.7
Loans and advances to customers	11	187.9	176.3	168.5
Investment securities at amortised cost		1,850.0	1,800.9	1,864.3
Accrued income, prepayments and other assets		274.0	248.2	247.6
Property, plant and equipment	12	47.1	50.6	49.5
Right-of-use assets	13	71.0	37.3	72.1
Current tax asset (UK)		17.6	7.2	9.4
Intangible assets	14	934.9	964.4	947.0
Net defined benefit asset	17	0.6	0.5	0.6
Total assets		5,505.7	5,648.6	5,217.2
Liabilities
Deposits by banks		16.3	17.5	8.4
Settlement balances		380.7	217.0	98.8
Due to customers		3,310.1	3,660.3	3,284.4
Accruals and other liabilities		229.2	233.7	251.2
Provisions	15	63.2	27.1	39.1
Lease liabilities		76.8	36.3	74.9
Current tax liabilities (overseas)		1.2	0.3	0.8
Net deferred tax liability		67.5	72.1	67.7
Subordinated loan notes	16	39.9	39.9	39.9
Total liabilities		4,184.9	4,304.2	3,865.2
Equity
Share capital	18	5.4	5.5	5.4
Share premium	18	10.7	3.4	6.9
Merger reserve	18	824.4	824.4	824.4
Other reserves		0.2	-	0.1
Own shares		(63.7)	(65.5)	(63.3)
Retained earnings	18	543.8	576.6	578.5
Total equity		1,320.8	1,344.4	1,352.0
Total liabilities and equity		5,505.7	5,648.6	5,217.2

The condensed consolidated interim financial statements were approved by the board of directors and authorised for issue on 28 July 2026 and were signed on its behalf by:

Jonathan Sorrell

Group Chief Executive Officer

Iain Hooley

Group Chief Financial Officer

Company registered number: 01000403

Consolidated Interim Statement of Cash Flows

For the six months ended 30 June 2026

		Unaudited	Unaudited	Audited
		Six months to	Six months to	Year to
		30 June 2026	30 June 2025	31 December 2025
	Note	£m	£m	£m
Cash flows from operating activities
Profit before tax		72.1	62.3	152.9
Net interest income		(47.3)	(38.9)	(86.7)
Impairment losses on financial instruments	20	-	(0.1)	(0.1)
Net charge for provisions	15	18.7	1.1	9.2
Depreciation, amortisation and impairment		33.2	33.7	67.2
Loss on modification of leases		-	0.5	0.5
Foreign exchange movements		(1.5)	4.7	3.0
Share-based payment charges		11.5	13.4	27.5
Interest paid		(28.6)	(36.6)	(69.5)
Interest received		82.2	71.8	154.6
		140.3	111.9	258.6
Changes in operating assets and liabilities:
Net increase  in loans and advances to banks and customers		(18.7)	(80.0)	(72.3)
Net (increase)/decrease in settlement balance debtors		(220.2)	(146.9)	38.8
Net (increase)/decrease  in prepayments, accrued income and other assets		(31.2)	(6.4)	0.6
Net increase in amounts due to customers and deposits by banks		33.6	1,321.9	937.0
Net increase/(decrease) in settlement balance creditors		281.9	83.4	(34.8)
Net decrease in accruals, provisions and other liabilities		(25.1)	(12.8)	(9.6)
Cash generated from operations		160.6	1,271.1	1,118.3
Tax paid		(30.2)	(23.4)	(52.1)
Net cash inflow from operating activities		130.4	1,247.7	1,066.2
Cash flows from investing activities
Purchase of property, plant, equipment and intangible assets		(7.4)	(5.3)	(8.8)
Purchase of investment securities		(1,287.4)	(1,376.3)	(2,689.2)
Proceeds from sale and redemption of investment securities		1,303.2	848.9	2,100.1
Net cash generated/(used in) investing activities		8.4	(532.7)	(597.9)
Cash flows from financing activities
Issue of ordinary shares		3.8	3.4	6.9
Repurchase of ordinary shares		(3.1)	(13.3)	(18.9)
Share buyback	9	(21.5)	-	(36.1)
Dividends paid	9	(70.0)	(65.8)	(98.4)
Payment of lease liabilities		(0.6)	(8.3)	(7.0)
Interest paid		(3.2)	(2.2)	(5.3)
Net cash used in financing activities		(94.6)	(86.2)	(158.8)
Net increase in cash and cash equivalents		44.2	628.8	309.5
Cash and cash equivalents at the beginning of the period		1,768.7	1,459.2	1,459.2
Cash and cash equivalents at the end of the period		1,812.9	2,088.0	1,768.7

Notes to the Condensed Consolidated Interim Financial Statements

1  Basis of preparation

Rathbones Group Plc ('the company') is the parent company of a group of companies ('the Group') that is a leading provider of individual wealth management, asset management and related services to private clients, charities, trustees and professional partners. This includes discretionary investment management, asset management, tax planning, trust services, financial planning advice and banking services. The products and services from which the Group derives its revenues are described on page 15 of the annual report and accounts for the year ended 31 December 2025 and have not materially changed since that date.

These condensed consolidated interim financial statements, on pages 6 to 26, are presented in accordance with United Kingdom adopted International Accounting Standard 34. The condensed consolidated interim financial statements have been prepared on a going concern basis, using the accounting policies, methods of computation and presentation set out in the Group's financial statements for the year ended 31 December 2025. The condensed consolidated interim financial statements should be read in conjunction with the Group's audited financial statements for the year ended 31 December 2025.

The information in these interim financial statements does not comprise statutory financial statements within the meaning of section 434 of the Companies Act 2006. The comparative figures for the financial year ended 31 December 2025 are not the Group's statutory accounts for that financial year. The Group's financial statements for the year ended 31 December 2025 have been reported on by its auditors and delivered to the Registrar of Companies. The report of the auditor on those financial statements was unqualified and did not draw attention to any matters by way of emphasis. It also did not contain a statement under section 498 of the Companies Act 2006.

Developments in reporting standards and interpretations

Standards and interpretations adopted during the current reporting period

The following amendments to standards have been adopted in the current period, but have not had a significant impact on the amounts reported in these financial statements:

-  Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7

-  Annual Improvements to IFRS Accounting Standards - Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7

-  Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7

Future new standards and interpretations

The standards set out in the tables that follow are effective for annual periods beginning after 1 January 2026 and earlier application is permitted; however, the Group has not early-adopted the amended standards in preparing these consolidated financial statements.

The following standard is expected to have a material impact on the Groupʼs financial statements.

	Effective date
IFRS 18 Presentation and Disclosure in Financial Statements	1 January 2027

The standards below are not expected to have a material impact on the Groupʼs financial statements.

	Effective date
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)	Optional
IFRS 19 Subsidiaries without Public Accountability: Disclosures (not yet endorsed in the UK)	1 January 2027
IFRS for SMES third edition	1 January 2027
IAS 21 The Effects of Changes in Foreign Exchange Rates	1 January 2027
IAS 28 Investments in Associates and Joint Ventures	1 January 2027
IFRS 20 Regulatory Assets and Regulatory Liabilities	1 January 2029
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Amendments to IFRS 10	To be determined

2  Changes in significant accounting policies

The accounting policies applied in these condensed consolidated interim financial statements are the same as those applied in the Group's consolidated financial statements as at, and for the year ended, 31 December 2025.

3  Critical accounting judgements and key sources of estimation and uncertainty

The Group has reviewed the judgements and estimates that affect its accounting policies and amounts reported in its financial statements.

During the period, the Group identified a new critical accounting judgement on the recognition of a provision associated with the Skilled Person Review. Judgement is required to determine how each of the cost elements associated with the review should be treated under IAS 37, specifically determining when certain amounts are considered to be a present obligation, arising from a past event and that can be reliably measured leading to recognition of a provision. There is also judgement required to assess whether the costs incurred align with the nature of those disclosed under the 'Skilled Person Review' heading within the statement of comprehensive income.

A total of £19.0 million has been recognised as an expense in the profit reported to 30 June 2026 (six months ended 30 June 2025: £nil; year ended 31 December 2025: £nil), with £15.9 million of this representing a provision. The Group is expected to incur up to £60 million over the next two years with regard to the Skilled Person Review. The Group will continually monitor the programme to assess whether new obligations arise leading to further provisions being recorded. Further details on the balance is provided in note 6, Skilled Person Review, and note 21, Contingencies and Commitments

There have been no other changes to the critical accounting judgements and estimates from those reported in the Group's financial statements for the year ended 31 December 2025.

4  Segmental information

IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision-maker, which takes the form of the Group Executive Committee, in order to allocate resources to the segment and to assess its performance.

For management purposes, the Group is organised into two operating segments: Wealth Management and Asset Management. In prior periods, the Group presented parent company expenses separately as "Shared Services". These costs primarily comprised share-based payment expenses and other centrally managed support function costs, which were allocated to the Wealth Management and Asset Management segments based on the underlying cost drivers. During the period, the Group reviewed its operating segment presentation and concluded that the presentation of separate Shared Services costs no longer reflects the way the Group is managed or reported internally. Accordingly, the prior period comparative information has been restated to reflect this change.

Wealth Management segmental assets relate to assets held within the Investment Management (which includes Financial Planning advice), Banking and Trust businesses. Asset Management segmental assets are assets held solely within the Asset Management business. Unallocated segmental assets relate to the net defined benefit asset held on the balance sheet.

		Wealth Management	Asset Management	Total
Six months ended 30 June 2026 (unaudited)	Note	£m	£m	£m
Net investment management fee income		310.4	41.4	351.8
Net commission income		54.7	-	54.7
Net interest income		46.4	0.9	47.3
Fees from advisory services		31.4	-	31.4
Other income		2.2	0.1	2.3
Operating income		445.1	42.4	487.5
Staff costs − fixed		(153.7)	(5.4)	(159.1)
Staff costs − variable		(83.5)	(6.8)	(90.3)
Total staff costs		(237.2)	(12.2)	(249.4)
Other operating expenses		(100.1)	(14.8)	(114.9)
Underlying operating expenses		(337.3)	(27.0)	(364.3)
Underlying profit before tax		107.8	15.4	123.2
Charges in relation to client relationships and goodwill	14	(22.6)	-	(22.6)
Acquisition-related and integration costs	5	(9.5)	-	(9.5)
Skilled person review	6	(19.0)	-	(19.0)
Segment profit before tax		56.7	15.4	72.1
Profit before tax attributable to equity holders of the company				72.1
Taxation	8			(20.4)
Profit for the period attributable to equity holders of the company				51.7

		Wealth Management	Asset Management	Unallocated Assets	Total
		£m	£m	£m	£m
Segment total assets		5,390.5	114.6	0.6	5,505.7

		Wealth Management	Asset Management	Total
Restated six months ended 30 June 2025 (unaudited)	Note	£m	£m	£m
Net investment management fee income		285.0	40.3	325.3
Net commission income		45.8	-	45.8
Net interest income		37.9	1.0	38.9
Fees from advisory services		28.1	-	28.1
Other income		10.7	0.3	11.0
Operating income		407.5	41.6	449.1
Staff costs - fixed		(147.9)	(4.9)	(152.8)
Staff costs - variable		(72.2)	(7.0)	(79.2)
Total staff costs		(220.1)	(11.9)	(232.0)
Other operating expenses		(93.5)	(15.9)	(109.4)
Underlying operating expenses		(313.6)	(27.8)	(341.4)
Underlying profit before tax		93.9	13.8	107.7
Charges in relation to client relationships and goodwill	14	(22.2)	-	(22.2)
Acquisition-related and integration costs	5	(23.2)	-	(23.2)
Skilled person review	6	-	-	-
Segment profit before tax		48.5	13.8	62.3
Profit before tax attributable to equity holders of the company				62.3
Taxation	8			(17.9)
Profit for the period attributable to equity holders of the company				44.4

		Wealth Management	Asset Management	Unallocated Assets	Total
		£m	£m	£m	£m
Segment total assets		5,560.5	87.6	0.5	5,648.6

		Wealth Management	Asset Management	Total
Restated year ended 31 December 2025 (audited)	Note	£m	£m	£m
Net investment management fee income		584.6	82.5	667.1
Net commission income		95.4	-	95.4
Net interest income		84.8	2.1	86.9
Fees from advisory services		58.2	-	58.2
Other income		14.9	0.8	15.7
Operating income		837.9	85.4	923.3
Staff costs − fixed		(294.8)	(9.9)	(304.7)
Staff costs − variable		(150.8)	(14.6)	(165.4)
Total staff costs		(445.6)	(24.5)	(470.1)
Other operating expenses		(182.2)	(32.9)	(215.1)
Underlying operating expenses		(627.8)	(57.4)	(685.2)
Underlying profit before tax		210.1	28.0	238.1
Charges in relation to client relationships and goodwill	14	(45.3)	-	(45.3)
Acquisition-related and integration costs	5	(39.9)	-	(39.9)
Skilled person review	6	-	-	-
Segment profit before tax		124.9	28.0	152.9
Profit before tax attributable to equity holders of the company				152.9
Taxation	8			(40.6)
Profit for the year attributable to equity holders of the company				112.3

		Wealth Management	Asset Management	Unallocated Assets	Total
		£m	£m	£m	£m
Segment total assets		5,108.3	108.3	0.6	5,217.2

Included within Wealth Management operating income is £0.3 million (six months ended 30 June 2025: £0.8 million; year ended 31 December 2025: £1.4 million) of fees and commissions receivable from the Asset Management segment. Inter-segment sales are charged on an arm's length basis.

The following table reconciles underlying operating expenses to operating expenses:

		Unaudited	Unaudited	Audited
		Six months to	Six months to	Year to
		30 June 2026	30 June 2025	31 December 2025
	Note	£m	£m	£m
Underlying operating expenses		364.3	341.4	685.2
Charges in relation to client relationships and goodwill	14	22.6	22.2	45.3
Acquisition-related costs	5	9.5	23.2	39.9
Skilled person review		19.0	-	-
Operating expenses		415.4	386.8	770.4

Geographic analysis

The following table presents operating income analysed by the geographical location of the Group entity providing the service:

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Year to
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
United Kingdom	473.7	438.1	899.3
Channel Islands	13.8	11.0	24.0
Operating income	487.5	449.1	923.3

The Group's non-current assets are substantially all located in the United Kingdom.

Timing of revenue recognition

The following table presents operating income analysed by the timing of revenue recognition of the operating segment providing the service:

	Unaudited		Unaudited		Audited
	Six months to		Six months to		Year to
	30 June 2026		30 June 2025		31 December 2025
	Wealth Management	Asset Management	Wealth Management	Asset Management	Wealth Management	Asset Management
	£m	£m	£m	£m	£m	£m
Products and services transferred at a point in time	56.7	-	50.7	-	98.1	-
Products and services transferred over time	388.4	42.4	356.8	41.6	739.8	85.4
Operating income	445.1	42.4	407.5	41.6	837.9	85.4

Clients

The Group is not reliant on any one client or group of connected clients for the generation of revenues. At 30 June 2026, the Group provided wealth management services to 118,950 clients (30 June 2025: 119,890; 31 December 2025: 119,100).

5  Acquisition-related and integration costs

In the six months to 30 June 2026, £9.5 million of acquisition-related and integration costs were incurred (six months ended 30 June 2025: £23.2 million; year ended 31 December 2025: £39.9 million).

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Year to
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
Acquisition of Investec Wealth & Investment	9.5	23.4	39.9
Acquisition of Saunderson House	-	(0.2)	-
Acquisition-related and Integration costs	9.5	23.2	39.9

During the period, acquisition-related staff costs of £8.7 million (six months ended 30 June 2025: £15.3 million; year ended 31 December 2025: £28.2 million) were incurred. These costs include equity-settled share-based payments of £2.2 million (six months ended 30 June 2025: £4.4 million; year ended 31 December 2025: £8.0 million) and cash settled awards of £0.9 million (six months ended 30 June 2025: £3.4 million; year ended 31 December 2025: £7.0 million).

Costs relating to the acquisition of Investec Wealth & Investment ('IW&I')

The Group has incurred the following costs in relation to the acquisition of IW&I, summarised by the following classification within the income statement:

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Year to
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
Integration related staff costs	8.7	15.3	28.2
Other Integration Costs	0.8	8.1	11.7
Integration costs	9.5	23.4	39.9

Integration-related staff costs of £8.7 million (six months ended 30 June 2025: £15.3 million; year ended 31 December 2025:£28.2 million) predominantly relate to the cost of deferred incentive awards.

Other integration costs of £0.8 million (six months ended 30 June 2025: £8.1 million; year ended 31 December 2025: £11.7 million) mainly relate to technology and consultancy costs.

Costs relating to the acquisition of Saunderson House

The Group has incurred the following costs in relation to the acquisition of Saunderson House:

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Year to
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
Acquisition costs:
Staff costs	-	(0.2)	-
Acquisition-related and Integration costs	-	(0.2)	-

6  Skilled person review

During the six months ended 30 June 2026, the Group incurred costs of £19.0 million (six months ended 30 June 2025: £nil; year ended 31 December 2025: £nil) in relation to the Skilled Person Review and resulting actions, which was announced on 16 June 2026. The expenditure, comprising of professional and advice fees and the amounts provided to undertake the targeted review, has either been incurred or the Group has a commitment to incur. This has been classified as non-underlying due to its exceptional and short-term nature, not forming part of the Group's continuing operating cost base.

Of the £19.0 million costs incurred, £15.9 million has been recognised as a provision on the Group's interim statement of financial position. Further information on the impact of the actions relating to the Skilled Person Review on the Group's financial position and potential contingent liabilities arising is explained further in note 21, Contingencies and Commitments.

7  Employee numbers

The average number of employees during the period, on a full time equivalent basis, is shown in the table below.

During the period, the Group reviewed its operating segment presentation and concluded that separate presentation of Shared Services employees no longer reflects the way the Group is managed or reported internally. Accordingly, the prior period comparative information has been restated to reflect this change.

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Year to
	30 June 2026	30 June 2025 Restated	31 December 2025 Restated
Wealth Management	3,201	3,452	3,338
Asset Management	74	63	68
	3,275	3,515	3,406

8  Taxation

The tax expense for the six months ended 30 June 2026 has been calculated based on the estimated average annual effective tax rate. The overall effective tax rate for this period was 28.3% (six months ended 30 June 2025: 28.7%; year ended 31 December 2025: 26.6%).

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Year to
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
United Kingdom taxation	22.0	22.9	48.6
Overseas taxation	0.8	0.1	-
Deferred taxation	(2.4)	(5.1)	(8.0)
	20.4	17.9	40.6

The statutory UK corporation tax rate for the year ending 31 December 2026 is 25.0% (year ended 31 December 2025: 25.0%).

Deferred income taxes are calculated on all temporary differences under the liability method using the rate expected to apply when the relevant temporary differences are forecast to unwind.

Management has performed an assessment of the Group's potential exposure to Pillar II income taxes. Based on the analysis undertaken, including consideration of transitional safe harbour provisions where applicable, the Group does not expect any Pillar II top-up tax liability to be material to the consolidated financial statements.

9  Dividends

An interim dividend of 32.0p per share is payable on 30 September 2026 to shareholders on the register at the close of business on 4 September 2026. The interim dividend has not been included as a liability in this interim statement. A final dividend for 2025 of 68.0p per share was paid on 13 May 2026.

10  Earnings per share

Earnings used to calculate earnings per share on the bases reported in these condensed consolidated interim financial statements were:

		Unaudited			Unaudited			Audited
		Six months to			Six months to			Year to
		30 June 2026			30 June 2025			31 December 2025
		Pre-tax	Post-tax		Pre-tax	Post-tax		Pre-tax	Post-tax
	Note	£m	£m		£m	£m		£m	£m
Underlying profit attributable to shareholders		123.2	90.8		107.7	78.7		238.1	177.4
Charges in relation to client relationships and goodwill	14	(22.6)	(17.7)		(22.2)	(16.9)		(45.3)	(35.2)
Acquisition-related costs	5	(9.5)	(7.0)		(23.2)	(17.4)		(39.9)	(29.9)
Skilled person review	6	(19.0)	(14.4)		-	-		-	-
Profit attributable to shareholders		72.1	51.7		62.3	44.4		152.9	112.3

Basic earnings per share has been calculated by dividing profit attributable to equity holders by the weighted average number of shares in issue throughout the period, excluding own shares, of 102,599,187 (six months ended 30 June 2025: 104,071,877; year ended 31 December 2025: 104,078,246).

Diluted earnings per share is the basic earnings per share, adjusted for the effect of contingently issuable shares and outstanding employee share options.

	Unaudited	Unaudited	Audited
	30 June 2026	30 June 2025	31 December 2025
Weighted average number of ordinary shares in issue during the period  - basic	102,599,187	104,071,877	104,078,246
Dilutive effect of share options and awards	2,593,892	2,865,978	3,243,302
Weighted average number of diluted ordinary shares outstanding	105,193,079	106,937,855	107,321,548

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Year to
	30 June 2026	30 June 2025	31 December 2025
Earnings per share for the year attributable to equity holders of the company:
-  basic	50.4p	42.6p	107.9p
-  diluted	49.1p	41.5p	104.7p
Underlying earnings per share for the year attributable to equity holders of the company:
-  basic	88.5p	75.6p	170.5p
-  diluted	86.3p	73.5p	165.3p

Underlying earnings per share is calculated in the same way as earnings per share, but by reference to underlying profit after tax attributable to shareholders. The tax rate applied has been adjusted for tax deductible non-underlying costs, resulting in an adjusted tax rate of 26.3% (30 June 2025: 26.9%; 31 December 2025: 25.5%).

11  Loans and advances to customers

	Unaudited	Unaudited	Audited
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
Overdrafts	37.5	21.6	18.1
Investment management loan book	146.5	152.2	146.8
Trust and financial planning debtors	2.3	2.2	2.4
Other debtors	1.7	0.4	1.3
Less impairment loss allowance	(0.1)	(0.1)	(0.1)
	187.9	176.3	168.5

12  Property, plant and equipment

During the six months ended 30 June 2026, the Group purchased assets with a cost of £2.0 million (six months ended 30 June 2025: £1.7 million; year ended 31 December 2025: £4.8 million), relating to office fit-out and refurbishment costs.

13  Right-of-use assets

	Property	Total
	£m	£m
Cost
At 1 January 2026	105.0	105.0
Additions	1.0	1.0
Disposals	(2.1)	(2.1)
Other movements	2.1	2.1
At 30 June 2026	106.0	106.0
Depreciation and impairment
At 1 January 2026	32.9	32.9
Charge for the year	4.0	4.0
Disposals	(1.9)	(1.9)
At 30 June 2026	35.0	35.0
Carrying amount at 30 June 2026 (unaudited)	71.0	71.0
Carrying amount at 30 June 2025 (unaudited)	37.3	37.3
Carrying amount at 31 December 2025 (audited)	72.1	72.1

14  Intangible assets

	Goodwill	Client relationships	Software development costs	Purchased software	Total intangible assets
	£m	£m	£m	£m	£m
Cost
At 1 January 2026	506.8	668.8	17.2	54.7	1,247.5
Purchased in the period	-	12.5	-	0.1	12.6
Disposals	-	(1.6)	-	-	(1.6)
At 30 June 2026	506.8	679.7	17.2	54.8	1,258.5
Amortisation and impairment
At 1 January 2026	1.9	231.9	15.6	51.1	300.5
Amortisation charge	-	22.6	0.6	1.5	24.7
Disposals	-	(1.6)	-	-	(1.6)
At 30 June 2026	1.9	252.9	16.2	52.6	323.6
Carrying amount at 30 June 2026 (unaudited)	504.9	426.8	1.0	2.2	934.9
Carrying amount at 30 June 2025 (unaudited)	504.9	452.3	2.4	4.8	964.4
Carrying amount at 31 December 2025 (audited)	504.9	436.9	1.6	3.6	947.0

The total amount charged to profit or loss in the period, in relation to goodwill and client relationship intangible assets, was £22.6 million (six months ended 30 June 2025: £22.2 million; year ended 31 December 2025: £45.3 million).

The recoverable amounts of the operating segments to which goodwill is allocated are assessed for impairment using value-in-use calculations. The Group prepares cash flow forecasts derived from the most recent financial budgets approved by the board, which cover the three year period from the end of the prior financial year. This is adjusted for significant historic fluctuations in industry growth rates where relevant, as well as the Group's expectation of future growth.

At 31 December 2025, the pre-tax rate used to discount the forecast cash flows was 15.9% for the Wealth Management CGU. This was based on a risk-adjusted weighted average cost of capital. The Group judges that these discount rates appropriately reflect the markets in which each CGU operates.

There was no indication of impairment of the goodwill allocated to the Wealth Management CGU during the period. The Group has considered any reasonably foreseeable changes to the assumptions used in the value-in-use calculations and the level of risk associated with the cash flow projections. Based on this assessment, no such change would result in an impairment of goodwill.

15  Provisions for liabilities and charges

	Deferred, variable costs to acquire client relationship intangible assets	Deferred consideration in business combinations	Legal & compensation	Property- related	Onerous Contract	Total
	£m	£m	£m	£m	£m	£m
At 1 January  2025	8.4	2.6	6.1	8.4	2.6	28.1
Charged to profit or loss	-	-	1.2	0.2	0.1	1.5
Unused amount credited to profit or loss	-	-	(0.4)	-	-	(0.4)
Net charge to profit or loss	-	-	0.8	0.2	0.1	1.1
Other movements	6.0	-	-	-	-	6.0
Utilised/paid during the period	(3.5)	(1.9)	(2.4)	(0.3)	-	(8.1)
At 30 June 2025 (unaudited)	10.9	0.7	4.5	8.3	2.7	27.1
Charged to profit or loss	-	-	9.1	0.8	0.1	10.0
Unused amount credited to profit or loss	-	-	(1.2)	(0.2)	(0.2)	(1.6)
Net charge to profit or loss	-	-	7.9	0.6	(0.1)	8.4
Other movements	7.5	-	-	(1.8)	-	5.7
Utilised/paid during the period	(0.3)	(0.2)	0.2	(1.0)	(0.8)	(2.1)
At 31 December 2025 (audited)	18.1	0.5	12.6	6.1	1.8	39.1
Charged to profit or loss	-	-	18.9	-	(0.2)	18.7
Unused amount credited to profit or loss	-	-	-	-	-	-
Net charge to profit or loss	-	-	18.9	-	(0.2)	18.7
Other movements	12.6	(0.5)	-	-	-	12.1
Utilised/paid during the period	(5.3)	-	(1.2)	(0.2)	-	(6.7)
At 30 June 2026 (unaudited)	25.4	-	30.3	5.9	1.6	63.2
Payable within 1 year	2.5	-	24.9	0.1	1.6	29.1
Payable after 1 year	22.9	-	5.4	5.8	-	34.1
At 30 June 2026 (unaudited)	25.4	-	30.3	5.9	1.6	63.2

Deferred, variable costs to acquire client relationship intangible assets

Other movements in provisions relate to deferred payments to investment managers and third parties for the introduction of client relationships, which have been previously capitalised.

Legal & compensation

During the ordinary course of business the Group may, from time to time, be subject to complaints, as well as threatened and actual legal proceedings (which may include lawsuits brought on behalf of clients or other third parties) both in the UK and overseas. Any such material matters are periodically reassessed, with the assistance of external professional advisors where appropriate, to determine the likelihood of the Group incurring a liability. In those instances where it is concluded that it is more likely than not that a payment will be made, a provision is established to the Group's best estimate of the amount required to settle the obligation at the relevant statement of financial position date. The Group's best estimate is based on legal advice and management's expectation of the most likely settlement outcome, which in some cases is calculated by external professional advisors. The timing of settlement of provisions for client compensation or litigation is dependent, in part, on the duration of negotiations with third parties.

Of the £18.9 million charged to profit or loss, £15.9 million relates to estimated costs in respect of the Skilled Person Review and related actions. Further information regarding the balance is within Note 6, Skilled person review. 

Property-related

Property-related provisions of £5.9 million relate to dilapidation provisions expected to arise on leasehold premises held by the Group (30 June 2025: £8.3 million; 31 December 2025: £6.1 million).

Onerous contract

The onerous contract provision of £1.6 million (30 June 2025: £2.7 million; 31 December 2025: £1.8 million) relates to the estimated cost to exit contracts that are no longer required as a result of the combination of IW&I with Rathbones, where the term of the contract exceeds the period over which IW&I, or the wider Rathbones Group, is expected to derive benefit from that contract.

Amounts payable after one year

Property-related provisions of £5.8 million are expected to be settled within 13 years of the statement of financial position date, which corresponds to the longest lease for which a dilapidations provision is being held. Remaining provisions payable after one year are expected to be settled within 11 years of the statement of financial position date.

16  Subordinated loan notes

	Unaudited	Unaudited	Audited
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
Subordinated loan notes
-  face value	40.0	40.0	40.0
-  carrying value	39.9	39.9	39.9

Rathbones Group Plc holds £39.9 million of 10-year tier 2 notes with a call option in October 2026 and annually thereafter. Interest is payable at a fixed rate of 5.6% per annum until the first call option date in October 2026, and at a fixed rate of 4.9% over Compounded Daily SONIA thereafter.

An interest expense of £1.1 million has been recognised in the period (six months ended 30 June 2025: £1.1 million; year ended 31 December 2025: £2.3 million).

17  Long-term benefits

The Group operates two defined benefit pension schemes providing benefits based on pensionable salary for staff employed by the company.

On 9 April 2024 both Schemes invested in a bulk annuity policy to match their liabilities as part of a 'buy-in' process. The Schemes' assets are now therefore almost entirely invested in bulk policies, with some residual funds in the Schemes' bank accounts or cash deposits. In accordance with IAS 19, the fair value of the bulk annuity policies has been calculated and assessed to be equal to the value of the liabilities the policies cover.

A High Court judgment in the case of Virgin Media Limited vs NTL Pension Trustees II Limited provided a ruling in June 2023 that may lead to additional pension obligations for some contracted-out defined benefit pension schemes. The Rathbone 1987 Scheme was never contracted out and so is not impacted by this ruling, however there could be a potential impact on the Lawrence Keen Scheme

Section 37 of the Pension Schemes Act 1993 broadly required that Scheme Rules relating to contracted out benefits could not be altered unless there was written actuarial confirmation from the Scheme Actuary that the scheme would continue to meet the "reference scheme test".  This applies to changes made between 6 April 1997 and 5 April 2016 for schemes contracted-out on a salary-related basis.  The High Court ruling (upheld on appeal) determined that changes made without a section 37 actuarial confirmation are void. 

The Pensions Schemes Act 2026 (which received royal assent on 29 April 2026) introduced legislation to facilitate retrospective actuarial confirmation for affected schemes.  The Financial Reporting Council has issued professional guidance to actuaries regarding the process involved in providing the retrospective confirmation and the Pensions Regulator has issued guidance to trustees on the issues to be considered. 

Based on initial advice and subsequent legislative developments, it is considered unlikely that the ruling will have a material impact. The matter will continue to be kept under review.

For the purposes of calculating the pension benefit obligations, the following assumptions have been used:

	Unaudited	Unaudited	Audited
	30 June 2026	30 June 2025	31 December 2025
	% p.a	% p.a	% p.a
Rate of increase of pensions in payment:
- Laurence Keen Scheme	3.7	3.6	3.6
- Rathbone 1987 Scheme	2.9	2.9	2.9
Rate of increase of deferred pensions	3.1	3.0	3.0
Discount rate	6.0	5.6	5.6
Inflation1	3.1	3.0	3.0
Percentage of members transferring out of the schemes per annum	-	-	-
Average age of members at date of transferring out (years)	n/a	n/a	n/a
Average duration of defined benefit obligation (years):
- Laurence Keen Scheme	12.0	11.0	12.0
- Rathbone 1987 Scheme	15.0	15.0	15.0

1.   Inflation assumptions are based on the Retail Price Index

The following assumptions regarding life expectancy at retirement have been used:

	Unaudited 30 June 2026		Unaudited 30 June 2025		Audited 31 December 2025
	Males	Females	Males	Females	Males	Females
Retiring today	23.0	24.4	22.7	24.3	23.0	24.4
Retiring in 20 years	24.6	26.1	24.3	26.0	24.4	26.1

The amount included in the statement of financial position arising from the Group's obligations in respect of the schemes is as follows:

	Unaudited 30 June 2026		Unaudited 30 June 2025		Audited 31 December 2025
	Rathbone	Laurence	Rathbone	Laurence	Rathbone	Laurence
	1987 Scheme	Keen Scheme	1987 Scheme	Keen Scheme	1987 Scheme	Keen Scheme
	£m	£m	£m	£m	£m	£m
Present value of defined benefit obligations	(78.0)	(5.8)	(78.7)	(6.0)	(82.5)	(6.1)
Fair value of scheme assets	78.3	6.1	78.9	6.3	82.8	6.4
Total surplus	0.3	0.3	0.2	0.3	0.3	0.3

18  Share capital, share premium and merger reserve

The following movements in share capital, share premium and the merger reserve occurred during the period:

	Share Capital - Voting shares	Convertible Share Capital - Non-voting shares1	Exercise/ issue price Pence	Share capital £m	Share premium £m	Merger reserve £m	Total £m
At 1 January  2025	91,925,520	17,481,868	-	5.5	317.8	824.4	1,147.7
Cancellation of Share Premium	-	-	-	-	(317.8)	-	(317.8)
Shares issued:
-  to Share Incentive Plan	207,209	-	1,562.0 - 1,718.0	-	3.4	-	3.4
-  to Save As You Earn scheme	3,484	-	1,394.0 - 1,394.0	-	-	-	-
-  to Employee Benefit Trust	245,600	-	5.0	-	-	-	-
At 30 June 2025 (unaudited)	92,381,813	17,481,868	-	5.5	3.4	824.4	833.3
Share buyback	(1,988,322)	-	1,737.9 - 1,938.7	(0.1)	-	-	(0.1)
Shares issued:
-  to Share Incentive Plan	196,275	-	1,562.0 - 1,920.0	-	3.5	-	3.5
-  to Save As You Earn scheme	541	-	1,394	-	-	-	-
-  to Employee Benefit Trust	693,100	-	5.0	-	-	-	-
At 31 December 2025 (audited)	91,283,407	17,481,868	-	5.4	6.9	824.4	836.7
Cancellation of Share Premium	-	-	-		-		-
Share buyback	(1,164,738)	-	1,586.5 - 2,231.6	-	-	-	-
Shares issued:
-  to Share Incentive Plan	186,835	-	1,910.0 - 2,200.0	-	3.8	-	3.8
-  to Save As You Earn scheme	1,394	-	1,394.0 - 1,524.0	-	-	-	-
-  to Employee Benefit Trust	574,600	-	5.0	-	-	-	-
At 30 June 2026 (unaudited)	90,881,498	17,481,868	-	5.4	10.7	824.4	840.5
1. On 21 September 2023, the company issued to Investec Bank plc 27,056,463 of ordinary shares at £17.22 per share, and 17,481,868 of convertible non-voting ordinary shares at £16.36 per share.

The Group completed the £50 million buyback programme on 16 February 2026, with 644,534 ordinary shares purchased and cancelled in 2026. On 17 June 2026, the Rathbones Group Plc Board authorised a further buyback of the Company's own shares of up to £20 million. Following this, the Group purchased and cancelled a further 520,204 shares during the period ended 30 June 2026. During the six month period, the shares were purchased at an average price of £19.99, with prices ranging from £15.87 to £22.32. The nominal value of the ordinary shares purchased amounting to £58,237 at 5p per share, was deducted from share capital, with the remaining consideration of £21.5 million deducted from retained earnings.

At 30 June 2026, the Group held 6,152,537 own shares (30 June 2025: 5,334,939; 31 December 2025: 5,740,565).

19  Share-based payments

The Group recognised total expenses of £11.5 million (six months ended 30 June 2025: £13.4 million; year ended 31 December 2025: £27.5 million) in relation to share-based payment transactions in the period. This includes the staff costs in relation to the acquisition of IW&I reported within acquisition-related costs (note 5).

20  Financial instruments

The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There have been no transfers between levels during the period (2025: none). 

The fair values of the Group's financial assets and liabilities not measured at fair value are not materially different from their carrying values with the exception of the following:

-  Debt securities that are classified and measured at amortised cost comprise bank and building society certificates of deposit, which have fixed coupons, and treasury bills. The fair value of debt securities at 30 June 2026 was £1,850.0 million (30 June 2025: £1,802.5 million; 31 December 2025: £1,865.7 million) and the carrying value was £1,850.0 million (30 June 2025: £1,800.9 million; 31 December 2025: £1,864.3 million). Fair value is based on market bid prices and hence would be categorised as level 1 within the fair value hierarchy.

-  Subordinated loan notes (note 16) represent Tier 2 capital for regulatory capital purposes.
The fair value of the loan notes at 30 June 2026 was £30.0 million (30 June 2025: £33.1 million; 31 December 2025: £31.7 million) and the carrying value was £39.9 million (30 June 2025: £39.9 million; 31 December 2025: £39.9 million). Fair value of the loan notes is based on discounted future cash flows using current market rates for debts with similar remaining maturity, and hence would be categorised as level 2 within the fair value hierarchy.

Expected credit loss provision

The expected credit loss provision is recalculated on a quarterly basis and recognised in the statement of financial position. The provision calculated is immaterial.

21  Contingencies and commitments

1. Capital expenditure authorised and contracted for at 30 June 2026 but not provided for in the condensed consolidated interim financial statements amounted to £0.4 million (30 June 2025: £1.8 million; 31 December 2025: £0.2 million).

2. The contractual amounts of the Group's commitments to extend credit to its clients are as follows:

	Unaudited	Unaudited	Audited
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
Undrawn commitments to lend of 1 year or less	19.1	13.4	10.0
Undrawn commitments to lend of more than 1 year	7.0	7.4	5.1
	26.1	20.8	15.1

3.  The arrangements put in place by the Financial Services Compensation Scheme (FSCS) to protect depositors and investors from loss in the event of failure of financial institutions may result in significant levies on the industry. The financial impact of unexpected FSCS levies is largely out of the Group's control as they result from failures in the wider industry.

4.  The Group operates in a legal and regulatory environment that exposes it to litigation and operational risks and other regulatory actions. Consequently, the Group will be subject to obligations to pay redress, legal claims or regulatory reviews and investigations from time to time which may result in, among other things, actions being taken by governmental or regulatory authorities. Material matters are reassessed periodically to determine the likelihood of the Group incurring a liability for costs resulting from legal claims, remedial actions or fines and associated costs.

Where it is concluded that no present obligation to provide redress exists, or where the work required to determine such an obligation has not yet been completed and a reliable estimate of any potential payment cannot be made, no provision is recognised.  Provisions that have been recognised by the Group at the balance sheet date are set out in note 15.

The Group announced on 16 June 2026 that it had undertaken a Skilled Person Review following engagement with the Financial Conduct Authority. A programme of work to address the recommendations of the Review is being undertaken over a two year period. In addition, a targeted review of a portion of the clients of the Wealth Management business, who have been identified as being at a higher potential risk of detriment, will be undertaken to assess whether they have received good outcomes.

The Group has estimated that the cost of these actions, net of insurance recoveries, will be £60 million. This estimate has been made taking into account the factors known at 16 June 2026 and the date of this report. New factors may become known during the course of the actions to address the recommendation of the Skilled Person Review which result in the total costs, net of insurance recoveries, exceeding the level currently estimated.

During the course of this work, instances may be identified where redress is payable to clients. Exposure to the costs of redress cannot currently be established or estimated reliably; consequently, no provision has been made at 30 June 2026 for the costs of any redress that may be incurred. The costs of redress, should it arise, and certain professional costs that will be incurred in undertaking the programme of work and targeted review, are expected to fall within the scope of the Group's insurance cover. The payment of any insurance claims made is subject to acceptance by the insurer, along with the overall value of the claims remaining within the limit of indemnity that applies to the insurance policies

The costs and insurance recoveries will be recognised as and when appropriate in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, and a total of £15.9 million has been provided at 30 June 2026 as set out in note 15. The criteria for recognition of assets relating to insurance recoveries differs from those which apply to the recognition of the corresponding liabilities. Consequently, the timing of recognition of liabilities may precede that of the corresponding asset relating to amounts recoverable under the Group's insurance policies; this may result in the total costs recognised relating to the Review exceeding £60 million until such time as any insurance assets can be recognised. 

22  Cash and cash equivalents

For the purpose of the consolidated interim statement of cash flows, cash and cash equivalents comprise the following balances with less than three months until maturity from the date of acquisition:

	Unaudited	Unaudited	Audited
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
Cash and balances at central banks	1,483.0	1,811.0	1,504.0
Loans and advances to banks	329.9	277.0	264.7
	1,812.9	2,088.0	1,768.7

Cash flows arising from issue of ordinary shares comprise:

		Unaudited	Unaudited	Audited
		Six months to	Six months to	Year to
		30 June 2026	30 June 2025	31 December 2025
	Note	£m	£m	£m
Share capital issued	18	-	-	-
Share premium on shares issued	18	3.8	3.4	6.9
Proceeds from issue of share capital		3.8	3.4	6.9
Share buyback		(21.5)	-	(36.1)
Shares repurchased or issued and placed into own shares		(3.1)	(13.3)	(18.9)
Net repurchase of ordinary shares		(20.8)	(9.9)	(48.1)

During the six months ended 30 June 2026, £3.1 million of shares were either repurchased or issued and placed into the Group employee benefit trust (six months ended 30 June 2025: £13.3 million; year ended 31 December 2025: £18.9 million).

23  Related party transactions

The key management personnel of the Group are defined as the company's directors and other members of senior management who are responsible for planning, directing and controlling the activities of the Group.

Dividends totalling £0.1 million were paid in the period (six months ended 30 June 2025: £0.2 million; year ended 31 December 2025: £0.3 million) in respect of ordinary shares held by key management personnel.

At 30 June 2026, key management personnel and their close family members had gross outstanding deposits of £0.9 million (30 June 2025: £1.2 million; 31 December 2025: £1.7 million). A number of the company's directors and their close family members make use of the services provided by companies within the Group. Charges for such services are made at various staff rates.

As a result of the IW&I transaction on 21 September 2023, Rathbones Group Plc is an associate of Investec Bank plc. Investec Bank plc currently provide services to Rathbones Group Plc under a Transitional Services Agreement (TSA), entered into on acquisition of IW&I. In April 2024 an Outsourced Service Agreement (OSA) was established.

As at 30 June 2026 there was a net receivable balance with Investec Bank plc of £1.4 million (net payable as at 30 June 2025: £1.1 million; net receivable as at 31 December 2025: £1.9 million). The balance outstanding as at the reporting date is predominantly related to outsourced costs incurred under the OSA.

The total expense recognised for TSA and OSA services in the period are as follows:

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Year to
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
Expense incurred under TSA	0.5	3.0	5.2
Expense incurred under OSA	9.5	7.4	16.6
Expenses incurred on behalf of clients	-	-	1.1
	10.0	10.4	22.9

The Group partially sublets certain office space to Investec Bank plc companies. Total fees receivable under these arrangements at 30 June 2026 are as follows:

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Year to
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
Property fees	0.1	0.2	0.5

One Group subsidiary, Rathbones Asset Management Limited, has authority to manage the investments within a number of unit trusts. During the first half of 2026, the Group managed 32 unit trusts, Sociétés d'Investissement à Capital Variable (SICAVs) and open-ended investment companies (OEICs) (together, 'collectives') (six months ended 30 June 2025: 27 collectives; year ended 31 December 2025: 27 collectives).

The Group charges each fund an annual management fee for these services, but does not earn any performance fees on the unit trusts. The management charges are calculated on the bases published in the individual fund prospectuses, which also state the terms and conditions of the management contract with the Group.

The following transactions and balances relate to the Group's interest in the unit trusts:

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Year to
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
Total management fees	42.1	41.9	85.4

Total management fees are included within 'fee and commission income' in the consolidated interim statement of comprehensive income.

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Year to
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
Management fees owed to the Group	7.1	7.1	7.5

Management fees owed to the Group are included within 'accrued income'. The maximum exposure to loss is limited to the carrying amount on the consolidated interim statement of financial position as disclosed above.

All amounts outstanding with related parties are unsecured and will be settled in cash. No guarantees have been given or received. No provisions have been made for doubtful debts in respect of the amounts owed by related parties.

24  Events after the balance sheet date

An interim dividend of 32.0p per share was declared on 28 July 2026 (note 9).

Subsequent to the interim period, the share buyback of up to £20 million was completed on 13 July 2026, with an additional 419,111 shares purchased and cancelled.

There have been no other material events occurring between the balance sheet date and 28 July 2026

Regulatory Capital

Summary of financial positions

As a banking group, Rathbones is required to operate in accordance with the requirements relating to capital resources and banking exposures prescribed by the Capital Requirements Regulation, as applied in the UK by the Prudential Regulation Authority (PRA). The Group is required to ensure it maintains adequate capital resources to meet its combined Pillar 1 and Pillar 2 requirements.

Table 1. Group's financial position
	Unaudited	Unaudited	Audited
	30 June 2026	30 June 2025	31 December 2025
	£m (unless stated)	£m (unless stated)	£m (unless stated)
Own funds1
-  Common Equity Tier 1 ratio2	16.8%	17.4%	18.0%
-  Total own funds ratio3	18.3%	18.8%	19.4%
-  Total retained earnings	543.8	576.6	578.5
-  Tier 2 subordinated loan notes4	39.9	39.9	39.9
-  Total risk exposure amount	2,761.9	2,735.9	2,778.3
-  Leverage ratio5	14.5%	15.9%	17.3%
Other resources:
-  Total assets	5,505.7	5,648.6	5,217.2
-  Treasury assets6	3,662.9	3,888.9	3,633.0
-  Investment Management loan book7	146.5	152.2	145.1
-  Intangible assets from acquired growth8	426.8	452.3	436.9
-  Tangible assets and software9	50.3	57.8	54.7
Liabilities:
-  Due to customers10	3,310.1	3,660.3	3,284.4
-  Net defined benefit pension asset	0.6	0.5	0.6
1.   Stated inclusive of the retained profit for the period ended 30 June 2026 2.  Common Equity Tier 1 capital as a proportion of total risk exposure amount 3.  Total own funds (see table 2) as a proportion of total risk exposure amount 4.  Represents the carrying value of the Tier 2 loan notes (see note 16) 5.  Tier 1 capital as a percentage of total assets, excluding intangible assets, plus certain off-balance-sheet exposures 6.  Balances with central banks, loans and advances to banks and investment securities 7.  See note 11 to the financial statements 8.  Net book value of acquired client relationships and goodwill (note 14) 9.  Net book value of property, plant and equipment and computer software (notes 12 and 14) 10.  Total amounts of cash in client portfolios held by Rathbones Investment Management as a bank

The Group's annual Pillar 3 disclosures and interim key metrics are published on our website (rathbones.com/investor-relations/results-and-presentations) and provide further details about regulatory capital resources and requirements. The Group's key financial positions are set out in table 1.

Capital resources

At 30 June 2026, the Group's regulatory own funds were £504.6 million (30 June 2025: £514.4 million). This figure is prior to taking into account the declared interim dividend for the six months to 2026. Own funds consisted of both Common Equity Tier 1 and Tier 2 capital (see table 2).

Table 2. Group's regulatory own funds1
	Unaudited	Unaudited	Audited
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
Share capital and share premium	16.1	8.9	12.3
Reserves	1,356.7	1,395.8	1,402.9
Less:
Own shares	(63.7)	(65.5)	(63.3)
Intangible assets2	(843.9)	(864.3)	(852.0)
Retirement benefit asset3	(0.6)	(0.5)	(0.6)
Common Equity Tier 1 own funds	464.6	474.4	499.3
Tier 2 own funds	40.0	40.0	40.0
Total own funds	504.6	514.4	539.3
1.    Stated inclusive of the retained profit for the period ended 30 June 2026. 2.   Net book value of goodwill, client relationship intangible assets and software is deducted directly from own funds, less any related  deferred tax 3.   The retirement benefit asset is deducted directly from own funds

The Tier 2 eligible own funds equate to £40.0 million of ten-year subordinated loan notes, which were issued in October 2021 and have a carrying value of £39.9 million. The notes introduced a small amount of gearing into the balance sheet as a way of financing future growth in a cost-effective and capital-efficient manner. They are repayable in October 2031, with a call option for the issuer annually from October 2026. Interest is payable at a fixed rate of 5.6% per annum until the first option call date, and at a rate of 4.9% over Compound Daily SONIA thereafter (note 16).

Capital requirement

The Group's own funds requirement (see table 3) is the combined total of both the Group's Pillar 1 and Pillar 2 requirement. The Pillar 2 requirement consists of both the Pillar 2A, set by the PRA, and the combined regulatory buffer requirement.

Table 3. Group's own funds requirements
	Unaudited	Unaudited	Audited
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
Credit risk requirement	87.8	91.8	89.2
Market risk requirement	-	-	-
Operational risk requirement	133.1	126.7	133.1
Pillar 1 own funds requirement	220.9	218.5	222.3
Pillar 2A own funds requirement	0.6	0.6	0.6
Total Capital Requirement (TCR)	221.5	219.1	222.9
Combined buffer:
Capital Conservation Buffer (CCB)	69.0	68.3	69.5
Countercyclical Capital Buffer (CCyB)	48.1	48.6	49.5
Total Capital Requirement (TCR) and Combined buffer	338.6	336.0	341.8

Alternative Performance Measures

Alternative Performance Measures (APM) are financial measures of historical or future financial performance, financial position, or cash flow, other than a financial measure prescribed by IFRS.

The following table provides a reconciliation of underlying performance measures to the closest equivalent IFRS measure:

	Unaudited	Unaudited	Audited
	Six months to	Six months to	Year to
	30 June 2026	30 June 2025	31 December 2025
	£m	£m	£m
Operating income	487.5	449.1	923.3
Underlying operating expenses	(364.3)	(341.4)	(685.2)
Underlying profit before tax1	123.2	107.7	238.1
Charges in relation to client relationships and goodwill	(22.6)	(22.2)	(45.3)
Acquisition-related and integration costs	(9.5)	(23.2)	(39.9)
Skilled person review	(19.0)	-	-
Profit before tax	72.1	62.3	152.9
Taxation	(20.4)	(17.9)	(40.6)
Profit after tax	51.7	44.4	112.3
Operating margin	14.8%	13.9%	16.6%
Underlying operating margin2	25.3%	24.0%	25.8%
Weighted average number of shares in issue	102.6m	104.1m	104.1m
Basic earnings per share (p)	50.4p	42.6p	107.9p
Underlying basic earnings per share (p)3	88.5p	75.6p	170.5p
1.   Operating income less underlying operating expenses 2.   Underlying profit before tax as a percentage of operating income 3.   Underlying profit after tax divided by the weighted average number of shares in issue

Charges in relation to client relationship intangible assets and goodwill (note 14)

As explained in notes 1.14 and 2.1 of the annual report and accounts for the year ended 31 December 2025, client relationship intangible assets are recognised when the Group acquires a business or investment management contract as a result of the recruitment of experienced investment managers who have the capability to attract significant FUMA to the Group.

Acquisition-related and integration costs (note 5)
Acquisition-related and integration related costs are significant non-recurring costs which arise from strategic investments to grow the business rather than from the business' operating activities and are therefore excluded from underlying results.

These costs primarily comprise professional fees directly related to the execution of the relevant transaction, certain elements of deferred consideration which are conditional upon continuing employment with the Group and the costs of integrating the acquired businesses with those of the existing Group.

During the six months ended 30 June 2026, £9.5 million of integration costs (six months ended 30 June 2025: £23.4 million; year ended 31 December 2025 £39.9 million) have been incurred in relation to the IW&I integration. This comprised £8.7 million of integration-related staff costs (six months ended 30 June 2025: £15.3 million; year ended 31 December 2025: £28.2 million) and £0.8 million of other integration costs (six months ended 30 June 2025: £8.1 million; year ended 31 December 2025: £11.7 million), which form part of the total expected costs to deliver the integration.

Skilled person review (note 6)

Skilled person review costs are significant non-recurring costs incurred in relation to actions resulting from the Skilled Person Review which was announced on 16 June 2026. The expenditure recognised during the period, comprising professional and advice fees, has been classified as non-underlying due to its exceptional and short-term nature, not forming part of the Group's continuing operating cost base. It is not therefore considered to reflect the Group's underlying operating performance.

Underlying basic earnings per share (note 10)

Basic earnings per share for the six months ended 30 June 2026 were 50.4p (six months ended 30 June 2025: 42.6p; year ended 31 December 2025: 107.9p). On an underlying basis, basic earnings per share were 88.5p for the six months ended 30 June 2026, compared to 75.6p for the six months ended  30 June 2025 (year ended 31 December 2025: 170.5p). The increase in the period was driven by the recovery in asset values and stronger net inflows, resulting in higher fee income, benefiting both underlying and statutory profit after tax.

Underlying earnings per share is calculated in the same way as earnings per share, but by reference to underlying profit after tax attributable to shareholders. The tax rate applied has been adjusted for tax deductible non-underlying costs, resulting in an adjusted tax rate of 26.3% (30 June 2025: 26.9%; 31 December 2025: 25.5%).

Statement of Directors' responsibilities in respect of the Interim Statement

Confirmations by the Board

We confirm to the best of our knowledge:

-  the condensed set of consolidated interim financial statements has been prepared in accordance with United Kingdom adopted International Accounting Standard 34 and give a true and fair view of the assets, liabilities, financial position and profit or loss of the entity, or the undertakings included in the consolidation as a whole;

-  the interim statement includes a fair view of the information required by:

1. DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

2. DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

Going concern basis of preparation

Details of the Group's results, cash flows and resources, together with an update on the risks it faces and other factors likely to affect its future development, performance and position, are set out in this interim statement.

Group companies are regulated by the PRA and FCA and perform internal capital adequacy and liquidity assessments, which include the modelling of certain severe but plausible stress scenarios. The Group publishes Pillar 3 disclosures bi-annually on its website, which provide further detail about the Group's regulatory capital resources and requirements.

The Group's financial projections and the capital adequacy and liquidity assessments provide comfort that the Group has adequate financial and regulatory resources to continue in operational existence for the foreseeable future. Accordingly, we continue to adopt the going concern basis of accounting in preparing the condensed consolidated interim financial statements. In forming our view, we have considered the Group's prospects for a period exceeding 12 months from the date the condensed consolidated interim financial statements are approved.

By order of the board.

Jonathan Sorrell

Group Chief Executive Officer

28 July 2026

Independent Review Report to Rathbones Group Plc ("the Company")

Conclusion

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprises the consolidated interim statement of comprehensive income, consolidated interim statement of changes in equity, consolidated statement of financial position and consolidated interim statement of cash flows and related notes 1 to 24.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with United Kingdom adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 1,the annual financial statements of the group are prepared in accordance with United Kingdom adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with United Kingdom adopted International Accounting Standard 34, "Interim Financial Reporting".

Conclusion relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410; however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of the Directors

The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

In preparing the half-yearly financial report, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the review of the financial information

In reviewing the half-yearly financial report, we are responsible for expressing to the company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our Conclusion, including our Conclusion Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

This report is made solely to the company in accordance with ISRE (UK) 2410. Our work has been undertaken so that we might state to the company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.

Deloitte LLP

Statutory Auditor

London, United Kingdom

28 July 2026

 

END