Standard Life: 1H26 Results Preview: 1H26 unlikely to be a meaningful catalyst, CMD later this year more important

Research evidence excerpt

Standard Life: 1H26 Results Preview: 1H26 unlikely to be a meaningful catalyst, CMD later this year more important

C A Z E N O V E Europe Equity Research

15 July 2026

Standard Life Overweight

SDLF.L, SDLF LN

1H26 Results Preview: 1H26 unlikely to be a Price (15 Jul 26):895p

meaningful catalyst, CMD later this year more important Price Target (Dec-27):975p

Ahead of Standard Life’s 1H26 results on 7 September 2026, we are updating our European Insurance

ACearnings estimates to reflect several factors, including market movements and pre- Farooq Hanif

close statements from Standard Life’s investor relations team. We are lowering our (44 207) 742-8091

adjusted operating profit forecasts by ~1% and EPS by ~1.5%. This reflects, lower farooq.hanif@jpmorgan.com

estimates for Pensions & Savings, where we have lowered forecasts for the benefit Bingdi Fan, CFA

of the current expense savings programme, to bring this unit more in-line with (44-20) 7742-5336

profit guidance. We have also lowered our estimates for Retirement Solutions a bingdi.fan@jpmorgan.com

little to allow for a lower future positive experience variances and assumption Kamran M Hossain

changes as this cost reduction programme comes to a close this year. We summarise (44-20) 3493-3780

kamran.hossain@jpmorgan.com

key changes to our forecasts in Figure 1StandardLife-sumaryofkeychangestoourestimates.

Nadia Claressa

Figure 2StandardLife-key1H26Eforecasts shows our estimates for key profit, cash and solvency items for 1H26E. (44-20) 7134-7613

nadia.claressa@jpmorgan.com

We would add the following comments. J.P. Morgan Securities plc

• Our forecasts are consistent with FY26E operating profit guidance of Specialist Sales contact details:

£1.1bn. We are expecting very strong profit growth, particularly in the