Core Viewpoint - Aberdeen has shown significant improvement over the past year, with all three business segments making progress towards becoming the UK's leading wealth and investments group [3]. Group AUMA and Performance - Group AUMA (Assets Under Management and Administration) has reached GBP 556 billion, marking a 9% year-on-year increase and the highest level since the COVID pandemic [3]. - The positive market conditions have contributed to this growth, indicating a favorable environment for the company's operations [3]. Interactive Investor Performance - Interactive Investor has experienced strong performance, ending the year with 0.5 million customers and achieving a record-breaking quarter for trading on the platform [3]. - The growth in customer base and trading activity positions the business well for sustained performance in the future [3].

Core Insights - The company reported strong performance with significant net inflows and customer growth, indicating a positive market position and strategic execution across its business lines [4][5][6]. Group Performance - Interactive Investor (II) achieved £1.4 billion in net inflows for the quarter, totaling £7.3 billion for the year, a 28% year-on-year increase, representing 9% of opening assets under management and administration (AUMA) [4]. - The platform ended the year with 500,000 customers, a 14% increase year-on-year, and daily average retail trades reached a record 29.2 thousand, up 40% from the previous year [5]. Cash Management - The company reported cash balances around £8 billion, expected to remain stable at approximately 8%–10% of overall assets, with increases attributed to tax-free cash releases and uninvested SIPs [1]. - The cash deposit margin is projected to be in the range of 210–220 basis points for 2026, with further guidance to be provided in March [2]. Pricing Strategy - Pricing changes announced in December are set to take effect in February, aimed at simplifying the proposition and enhancing competitive positioning, with expectations of increased trading volumes and customer growth [3]. Adviser Business - The Adviser business saw AUMA increase to over £80 billion, although net outflows in Q4 were elevated at £0.8 billion due to market uncertainty, resulting in increased tax-free cash withdrawals [7]. - Full-year net outflows improved by 44% to £2.2 billion, attributed to earlier repricing and a focus on service, with an average net promoter score of +45 [8]. Investment Performance - In Investments, AUM increased by 6% to £390 billion, supported by market performance, despite Q4 net outflows of £3 billion [11]. - Institutional and retail wealth gross inflows in Q4 rose 26% year-on-year, with positive net flows for the year at around £5 billion when excluding liquidity flows [12]. Future Outlook - The company expects the investment revenue margin to be around 19 basis points in 2026, with a focus on improving performance and managing outflows [14]. - Full-year 2025 adjusted operating profit is anticipated to align with current market expectations, with targets of at least £300 million for adjusted operating profit and net capital generation for 2026 [19].

Core Insights - The company reported a strong performance in Q3, with net flows and key operational metrics improving year-on-year, leading to a group AUMA of GBP 542 billion, which is a 6% increase year-to-date, driven by positive market conditions [1] Group Performance - Interactive investor has shown continued strong performance, with significant growth in customers and assets, supported by a pipeline of innovative new propositions and increasing brand awareness [2] - In the adviser segment, customer services have improved, and net flows were 50% better than in Q3 of the previous year, although the company is still experiencing outflows. The focus remains on returning to growth and achieving a net flows target of GBP 1 billion by 2026 [3] Investment Trends - In the investments sector, while equity flows remain challenging, there have been encouraging net inflows in fixed income, real assets, quants, and commodities, indicating growth potential across all investment areas [4]