Quilter : Investor Presentation – Autumn 2025

Investor introduction

Autumn 2025

2025

Business overview

2

Quilter: a c.£2.3bn market capitalisation UK Wealth manager

What differentiates Quilter?

Key competitors

High Net Worth

Affluent

Balanced business mix covering the entire UK wealth spectrum

• Brooks Macdonald

• Rathbones

• Brewin Dolphin

  Dual channel: strong market positions in IFA and restricted channels

Key competitors

• St James' Place

• Evelyn Partners

• True Potential

Open, unbundled business model

All products/services available to our advisers and IFAs - competitive and transparent

No client or adviser lock-ins

Scale and pace of growth

1. As at FY24 Results - excluding investment income.

   Chart indicative of share of c.£600m total revenues¹

   Key competitors

   • A J Bell

   • Transact

   • Aberdeen

3

Quilter: outperforming High Net Worth and Platform peers for H1 flows

H1 2025 Quilter core net flows vs peers by channel

High Net Worth (£m)1

Platform (£m)2

5,000

4,000

+4%

+4%

+9%

+10%

Annualised net inflows/ opening Assets

500

0

-500

(2)%

+3%

Annualised net inflows/ opening AuMA

3,000

2,000

1,000

0

-1,000

+7%

Peer 1 Peer 2 Peer 3 Peer 4 Quilter

-1,000

-1,500

(2)%

Peer 1 Peer 2 Quilter

D2C IFA

RFP

IFA/Direct

Quilter channel

4

1. Listed peers include Rathbones and Brooks MacDonald.

2. Listed peers include IntegraFin, St. James's Place, AJ Bell and Aberdeen.

Quilter: The UK's largest adviser Platform

H1 2025: Gross inflows (£bn)

										Quilter
								Transact
						Aviv	a
						AJ Fidelity	Nucleus Bell	Aberdeen
		Platform 7IM				Aegon
Morningstar Wealth		Hubwise	Advan	ce True Potential
		Parmenion M&G Wealth P	latform							H1 2025: AuMA (£bn)

9

8

7

6

5

4

3

2

1

0

0 10 20 30 40 50 60 70 80 90 100

Source: Fundscape, to 30 June 2025.

5

Strong growth opportunities across UK Wealth

Industry growth trend Quilter positioning H1 2025

Current market

£1.7tn

Future market

£2.7tn

Affluent1

Affluent

Platform

Platform

A market leading highly scalable advice led wealth manager

Net inflows		£4.1bn3		+132%
Revenue		£218m		+6%
Adjusted profit		£79m		+10%

£1.2tn

£0.7tn

2024 2029

High Net Worth2

High Net Worth

High Net Worth

High Net Worth

Building a differentiated High Net Worth integrated Wealth Manager

+334%

£0.5bn

Net inflows

£1.5tn

+1%

£113m

Revenue

£1.0tn

Adjusted profit

£24m

(4)%

2024 2029

1. Fundscape estimates.

2. Oliver Wyman analysis.

3. Affluent core net flows. 6

Flow trends

7

Flows: maintaining strong momentum

Core gross inflows1

£bn

Core gross outflows1

£bn

Core net inflows1

£bn

9.4

8.6

7.4

2.5

2.4

2.4

5.2

6.4

7.1

10 10

9 9

10

9

8%

6%

160%

3.5

4.5

1.6

1.7

1.4

0.5

1.5

2.1

3.0

Annualised net

8 8

8

inflows/

2

7

6

5

4

3

2

1

0

H1 24 H2 24 H1 25

Quilter channel

IFA channel3

7

5.7

1.1

5.1

0.9

4.9

0.8

4.7

4.2

4.3

6

5

4

3

2

1

0

H1 24 H2 24 H1 25

Quilter channel IFA channel3

3%

7

6

5

4

3

2

1

0

H1 24 H2 24 H1 25

Quilter channel IFA channel3

opening AuMA

1. Totals include Inter-segment dual assets that reflect funds managed by Quilter Cheviot and administered by Quilter Investors and the Quilter Cheviot managed portfolio service solutions available to advisers on the Quilter Investment Platform.

2. Discrete half year net/opening AuMA on an annualised basis. 8

3. Note IFA Channel includes Direct channel clients in High Net Worth.

Flows: maintaining strong momentum

Core gross inflows1

£bn

Core gross outflows1

£bn

Core net inflows1

£bn

4.9

4.5

3.6

3.8

8%

5.0

5.0

5.0

Annualised net

2.8

2.6

2.9

2.3

8%

2.3

2.2

0.8

0.9

inflows/

2

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

Q1 Q2

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

Q1 Q2

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

Q1 Q2

opening AuMA

2024 2025 2024 2025 2024 2025

1. Totals include Inter-segment dual assets that reflect funds managed by Quilter Cheviot and administered by Quilter Investors and the Quilter Cheviot managed portfolio service solutions available to advisers on the Quilter Investment Platform.

2. 2025 discrete quarter net inflows/opening AuMA on an annualised basis. 9

Continued improvement in Platform market share

Platform net flow transfers between Quilter and peers

(each bar represents a different platform competitor)

Quilter Platform market share1: gross inflows and assets %

Consolidators

H1 2024

H2 2024

H1 2025

Total share of Gross flows

Total share of stock

20

18

16

14

12

10

8

6

Q1 17

Q2 17

Q3 17

Q4 17

Q1 18

Q2 18

Q3 18

Q4 18

Q1 19

Q2 19

Q3 19

Q4 19

Q1 20

Q2 20

Q3 20

Q4 20

Q1 21

Q2 21

Q3 21

Q4 21

Q1 22

Q2 22

Q3 22

Q4 22

Q1 23

Q2 23

Q3 23

Q4 23

Q1 24

Q2 24

Q3 24

Q4 24

Q1 25

4

1. Source: Fundscape, market figures excludes the addition of Curtis Banks and Third Financial in order to maintain consistency of historical profile.

10

Material increase in IFA Platform net inflows in 2025

Initiatives driving year-on-year improvement:

• Adding new IFA firms to the Platform.

• Deepening relationships with existing advisers on Platform.

• Taking increased IFA new business market share in a larger market.

• Reduced outflow pressure from consolidators.

Cumulative monthly Platform net flows by channel1

H1 2024

£bn

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

H1 2025

£bn

4.5

£1.4bn

4.0

3.5

3.0

2.5

£1.3bn

2.0

£2.9bn

1.5

1.0

0.5

0.0

£1.0bn

-0.5

Jan Feb Mar Apr May Jun

Quilter channel IFA channel

-0.5

Jan Feb Mar Apr May Jun

Quilter channel IFA channel

1. Excludes Non-core platform flows.

11

Material increase in Platform net inflows over the last 18 months

Initiatives driving year-on-year improvement:

• Adding new IFA firms to the Platform.

• Deepening relationships with existing advisers on Platform.

• Taking increased IFA new business market share in a larger market.

• Reduced outflow pressure from consolidators.

Platform Gross flows by channel1

Y-o-Y

+36%

£bn

8

7

Platform net flows by channel1

£bn

8

7

Y-o-Y

+89%

Quilter's 2024 £12.4bn1 in gross sales is, unsurprisingly, the highest annual gross sales total of any platform on record. Quilter broke its own and our quarterly records repeatedly through the year and finished it with taking nearly 16p of every £1 put onto advised platforms in 2024.

The platform has put the pedal to the metal since 2023, helped by a price reduction and so removing one of the last bones of contention for IFAs. Since then, it has been able to flex the breadth of its proposition, enhanced through replatforming, with a pretty good track record for its mammoth MPS, WealthSelect. That's been backed up by strong service, something increasingly difficult to manage at scale.

Source: Lang Cat, State of the Platform Nation 2025.

Annualised net

6 6 6%

5 5

4 4

3 3

2 2

1 1

9% 10%

inflows/ opening AuMA2,3

0

H1 2024 H2 2024 H1 2025

0

H1 2024 H2 2024 H1 2025

Quilter channel IFA channel

1. Note: H1 2025 Platform gross sales annualise at c.£15bn.

2. Excludes Non-core platform flows.

3. Discrete half year net inflows/opening AuMA on an annualised basis. 12

Platform external perspectives

• Breadth of proposition.

• Rich functionality.

• Ease of use of platform.

• Consistently five star rated service.

• Size and strength of balance sheet and commitment to market.

• Committed supporter of advice.

Why the Quilter Platform wins market share:

Quilter demonstrates highest market penetration by number of adviser relationships1

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

Quilter Aviva Transact Fidelity AJ Bell Aberdeen

Primary 2025

Secondary 2025

Other 2025

With a sharply improving trend among financial advisers over the last two years1,2

45%

40%

35%

30%

25%

20%

15%

10%

5%

0% Quilter Aviva Transact Fidelity AJ Bell Aberdeen 2021 2022 2023

2024 2025

Adviser satisfaction measured by NPS from primary users has increased sharply 2,3

70

60

50

40

30

20

10

0

2021 2022 2023 2024 2025

Quilter

1. Source: 2025 UK Adviser Technology & Business Report. [Data for Aberdeen is for Aberdeen Wrap].

2. 2021 [n=1131] , 2022 [n=813], 2023 [n=829], 2024 [n=1000], 2025 [n=659].

3. Net Promoter Score (NPS) based on sample numbers: Quilter n=143. 13

MPS on Platform: Quilter an industry leader

£bn

Q1 2024

Q1 2025

+28%

19.4

19.5

15.3

15.3

8.9

9.0 9.5

8.0 7.8

7.1

7.9

4.2

3.9 4.2

4.7 4.7

4.8

5.6

5.2

4.2

2.7

2.8

Waverton Titan

Schroders Omin Brooks LGT Wealth RBC-BD Timeline Parmenion Tatton IM Quilter Mcdonald Wealth

Select2

Quilter WealthSelect was the fastest growing DFM by net assets [in the year to September 2024].

The firm has benefited from strong performance, a continued shift to outsourcing as a result of Consumer Duty and a strong proposition made up of a wide range of models.

Key strengths are:

• Long-track record of good performance

• Optionality: With 56 portfolios across seven ranges there are no real gaps.

• Price: The all-in fee is below average.

Another differentiator is use of sub-advised mandates in the portfolios. The enhanced control, greater transparency, and increased flexibility of this approach can offer many benefits to advisers and their clients.

Source: Next Wealth MPS Comparison Report December 2024.

"The Quilter WealthSelect range has clearly demonstrated consistent risk adjusted performance over the past 5 discrete years and the awards are a recognition of this achievement. And alongside these awards, the 5 Diamond Rating attainment for the Quilter WealthSelect Managed Active and Managed Blend portfolios in the Defaqto DFM MPS (Platform) Family Ratings in 2025, further qualifies the quality of these solutions."

Source: Andy Parsons, Head of Investment & Protection at Defaqto, March 2025.

MPS AuMA1

22

20

18

16

14

12

10

8

6

4

2

0

1. Next Wealth MPS Comparison Report June 2025.

2. Quilter Wealth Select MPS AuMA of £21.0bn as at 30 June 2025.

14

Platform drives flows into Quilter solutions

Platform new business flows drive Quilter Investor flows

1.9

£bn

0.9

1.6

25.2

New business flows here…

Around a third of Platform Gross inflows into Quilter Solutions

85.4

5.7

(1.0)

(2.4)

(0.8)

0.9

27.8

£2.5bn

+13% YoY

£7.6bn

+36% YoY

…drive new business flows here

92.0

2.4

31 Dec 24

Quilter channel

IFA channel

Regretted outflow

Non-regretted outflow

Market 30 Jun 25

31 Dec 24

Quilter

channel

IFA channel

Net outflows

Market 30 Jun 25

Platform

Quilter solutions

Note: Quilter solutions balances reflect balances managed on the Quilter Platform and exclude assets on third party platforms.

15

Principal Platform solutions: now rebased towards MPS and Blend/Passive

AuMA £m

20,000

15,000

10,000

5,000

0

Fund of funds solutions

-4% CAGR

CAGR

-20%

+16%

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 H1 2025

AuMA £m

25,000

20,000

15,000

10,000

5,000

0

Managed portfolio solutions

+25% CAGR

CAGR

+44%

+10%

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 H1 2025

Cirilium Active Cirilium Blend/Passive

Flows (H125):

• Gross inflow: £0.1bn

• Net flow : (£0.4)bn Revenue margin1: c.65bps Growth dynamic: Declining

Cirilium Active

Cirilium Blend/Passive

Flows (H125): Gross inflow: £0.8bn Net inflow: £0.02bn Revenue margin1 : c.25-45bps Growth dynamic: Growth

1. Revenue margins reflect Quilters retains revenue margin and depend on asset allocations and sub-mandates.

2. WealthSelect other portfolios include Passive, Responsible and Sustainable ranges.

   WealthSelect - other portfolios WealthSelect Blend Managed
   
   

   WealthSelect Active Managed

   Flows (H125):

   • Gross inflow: £0.7bn

   • Net inflow: £0.2bn Revenue margin1 : c.34bps Growth dynamic: Growth

   WealthSelect Active Managed
   
   

   Flows (H125):

   • Gross inflow: £1.6bn

   • Net inflow: £1.1bn Revenue margin1 : c.28bps Growth dynamic: Growth

   WealthSelect Blend Managed

16

Strategic priorities



Strategic priorities

Be future fit

• Simplification and Transformation programmes on track.

• Investing to grow, including accelerating brand investment in H2.

• Operating Margin +1 ppt to 30%.

• Building a high-performance culture.

Flows Efficiency

Grow distribution Enhancing propositions

• Gaining market share.

• Outperforming 4-5% net inflow target.

• Higher adviser productivity H1 £3.3m, +3%.

• RFPs +14 in H1, Investment Managers +4 in H1.

• 63 Adviser Academy graduates.

• HNW acquisition of GillenMarkets in Ireland.

• WealthSelect on third party platforms.

• Quilter portfolio funds and advice referrals via NuWealth app.

• Launched CashHub multibank in H1.

• Developing Smooth Managed solutions.

• AGBR/Targeted Support opportunity.

18

Next steps

What has been achieved

Optimisation:

£50m savings.

Simplification 1:

£45m savings.

Simplification 2:

£43m

of £50m target savings.

High Net Worth legal entity migration completed.

Future priorities:

Building the advice business of tomorrow:

Advice Transformation Programme, Quilter Partners, Quilter Academy

Broadening distribution:

Targeted Support and guidance to support clients earlier in their wealth journey

High Net Worth evolution:

Building a differentiated integrated wealth management business

Enhance brand recognition:

Quilter as a recognised and trusted consumer brand

Sustainable growth.

Deepen our competitive moats.

Drive operating leverage.

19

x

External recognition

Multiple awards for best Platform

Strong Trustpilot rating

Awards in other propositions

High Net Worth awards

20

How we make money

Independent Financial Adviser ('IFA')

IFA retains 100% revenue

Quilter Restricted Financial Planner ('RFP')

(Self-employed)

Quilter retains 15-20% revenue

£74m

c.25 bps margin retain by Quilter

(Low single digit fee paid to FNZ)

£196m

Quilter solutions:

Fund of Fund (Cirilium) and MPS (Wealth Select):

£108m

c.50% margin retained by Quilter, remainder to underlying fund managers

Affluent1,2

How we make money: across the UK Wealth value chain

Advice/Distribution

Platform/Administration

Investment Solutions

BPs charge to customers
QFP - WS Active RL5	0.70
QFP - WS Blend RL5	0.59
QFP - WS Passive RL5	0.22
QFP Cirilium Balanced Active	1.15
QFP Cirilium Balanced Blend	0.73
QFP Cirilium Balanced Passive	0.37

£19m

£198m

Quilter RFP (Employed)

Quilter retains 100% revenue

c.70 bps investment management fees, of which 100% retained by Quilter

Worth1,3

High Net

1. Revenue as at FY 2024.

2. FY 2024 Affluent revenue: £424m, of which £304m net management fees, £84m other revenue, £36m investment revenue.

3. FY 2024 High Net Worth revenue: £226m, of which £198m net management fees, £21m other revenue, £7m investment revenue. 22

How we make money: segments

High Net Worth Affluent

H1 2025

revenues

+1% Y-o-Y

£30bn

£3bn

£88bn

£32bn

£30bn

£99m

£10m

£113m

67bps IM fee

23bps Platform fee

H1 2025

revenues1

+6% Y-o-Y

£218m

c.65bps advice fee Investment revenue

£4m

35bps management fee

£102m

£56m

£38m

£22m

Share of fees2,3

Investment revenue

Managed assets4

Advised assets4

Administered assets4

Managed assets4

Advised assets4

Revenue margins in the above, represents the revenue margins Quilter retains.

1. Affluent Advised asset revenue of £38 million includes £2 million of 'other'.

2. Quilter retains 15-20% of all fees generated by Quilter Financial Planning advisers. 23

3. Includes initial and Mortgage and Protection.

4. 2025 YTD average assets.

Segment H1 2025 financials: year-on-year growth driven by Affluent segment

High Net Worth

Total net revenues

Operating expenses

Adjusted profit before tax

Operating margin

21% (1)ppt Y-o-Y

£24m

£89m

£113m

Affluent

Total net revenues

Operating expenses

Adjusted profit before tax

Operating margin

36% +1ppt Y-o-Y

£79m

£139m

£218m

Group

Adjusted profit before tax

(4)%

Y-o-Y

£24m

£100m1

+10% Y-o-Y

£79m

Operating margin

30% +1ppt Y-o-Y

1. Includes Head Office £6m net revenue and £9m operating expenses.

24

Consistent improvement and delivery

Average AuMA

Adjusted profit before tax

Operating expenses

£bn

+5% CAGR

£m

101.7

105.3

101.8

110.0

248

242

236

232

237

(1)% CAGR

122.1

£m

+16% CAGR

97

100

76

56

61

H1 21 H1 22 H1 23 H1 24 H1 25

H1 21 H1 22 H1 23 H1 24 H1 25

H1 21 H1 22 H1 23 H1 24 H1 25

%

+12 ppts

29%

30%

24%

18%

20%

Operating margin

Revenue margin

bps

(6bps)

(13bps)

Group Solutions

48 48

47 47

48

43

45

37

42

35

H1 21 H1 22 H1 23 H1 24 H1 25

H1 21 H1 22 H1 23 H1 24 H1 25

• Modest AuMA growth until recent flow improvement.

• Operating margin and profit improvement driven by cost discipline.

• Revenue margin changes driven by mix shift in Quilter Managed Solutions.

25

Quilter guidance

The Quilter financial medium-term model in 'normal' markets

Net flows/opening AuMA c.+5%

Market movements c.+5%

Average AuMA c.+10%

'Expected' margin attrition

Revenues

Costs

Mid to high single digit %

Positive jaws

Steady compounding of earnings at a high single digit to mid-teens rate over time

26

Capital priorities



Efficient capital and balance sheet management

2

Investing organically

3

Investing inorganically

4

Returning capital to shareholders

On-going cash needs

1

Capital investment priorities

Solvency II Ratio

214%

• Group capital requirements (regulatory capital and stress buffers).

• Current year dividend.

• Working capital and interest.

• Growth investment.

• Simplification programme.

  Cash at Head Office¹

  £354m

• Accelerate growth through bolt-on acquisitions.

• High Net Worth acquisitions.

• Development of distribution capabilities.

• Quilter Partners and other initiatives.

• On-going future regular dividend distributions, moving up the pay-out range.

• Consideration of special capital returns including share buybacks.

28

1. After payment of the 2025 Interim Dividend.

   
   
   Investment conclusion
   
   

   29

   
   
   Regulatory changes support structural industry growth
   
   

   Quilter well positioned for the evolving regulatory landscape:

   • Supporting individuals' taking responsibility for funding their retirement

   • Intergenerational wealth transfer supports demand for personalised advice

   • AGBR introduces targeted support to augment existing personalised advice

Quilter impact:

Underpins structural market growth

Supports demand for advice

30