Last Results before P&L Infection

Research evidence excerpt

Last Results before P&L Infection

UK | Brokers, Asset Mgrs & Exchanges

St. James’s Place EquityJulyResearch9, 2026

ESTIMATE CHANGELast Results before P&L Inflection

We have modified our FUM forecasts ahead of the half-year report on 29 RATING BUY

July, bringing net flows in 2Q26 down but raising our closing FUM due to PRICE 1,252.50p^

investment performance. We also present the new P&L figures and give PRICE TARGET | % TO PT 1,700.00p | +36%

some thoughts on adviser numbers - something of a bellwether for the 52W HIGH-LOW 1,575p - 1,114p

business at times. We are confident in the P&L inflection starting in 2H26 FLOAT (%) | ADV MM (USD) 91.0% | 2,618.89

but think we could see a little near-term price weakness due to flows: Buy. MARKET CAP £6.8B | $9.1B

TICKER STJ LN

Forecast changes: We have included an 8% market tailwind in 2Q26, which lifts our FUM & P&L ^Prior trading day's closing price unless otherwise noted.

forecasts meaningfully, adding double-digit % to the financial metric formerly known as the

Underlying Cash Result: Adjusted IFRS Profit After Tax. On the other hand, we have trimmed

our 2Q net flows a little in the Pension FUM. There are two reasons for this. First, we think FY (Dec) CHANGE TO JEFe JEF vs CONS

that the pension tax changes announced in November last year will have a negative impact on 2026 2027 2026 2027

flows expending well into this year. 4Q25 saw higher outflows, and these abated only partly in REV NA NA NA NA

1Q26. We have pension net flows of c. £740m in the quarter, and £1.15bn for the group. We EPS +10% +12% +4% +6%

expect closing FUM to top £234bn in June. Second, we think the slight fall in adviser numbers

indicates lower confidence in the partnership, which may stem from the price change last year 2026 (p) 1Half 2Half FY