Aberdeen Group PLC (ABDN.L): 1H26 – P&L Beat But Flows Disappoint

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Aberdeen Group PLC (ABDN.L): 1H26 – P&L Beat But Flows Disappoint

Aberdeen Group PLC (ABDN.L)

29 July 2026 Citi Research

1H26 Earnings: 13% Adj. PBT Beat Driven By Investments — £201m adjusted PBT

is +8% above £186m Company-collected consensus (in-line with Citi). The beat is

driven primarily by both lower costs and stronger net financing costs and investment

return (£50m vs £41m). By contrast, adjusted operating profit (AOP) is 4% better,

thanks to 2% lighter OpEx (£492m vs £500m) vs in-line revenues of £643m (weaker

Investments vs better ii). The 1H26 adjusted cost-income ratio of 76.5% is better

than consensus 77.5%. Operating segments broadly in-line, with small beat in ii vs

small miss in Investments (Adviser in-line). For ii specifically, customer numbers

continue to grow strongly and grew by 2.3% QoQ to 525k (+1% vs consensus), 2Q26

trading volumes were strong at 36k average daily trades (+3% vs consensus 35k),

treasury income was 12% beat, given cash margin 234bps vs c221bps expected.

AUMA: Wealth-Driven Beat — Group: AUMA £579nn is +1% vs consensus £576bn,

primarily due to better markets/FX while flows are weaker (-£0.1bn vs expected net

inflows +£3.7bn). Wealth: AUA is 3% above consensus, with ii and Adviser each 3%

better; ii was supported by slightly better net flows (£3.8bn vs £3.7bn) while Adviser

net outflows weaker (-£0.7bn vs -£0.4bn). Investments: AUM £398bn is in-line,

with weaker 2Q26 net outflows (-£3.0bn vs +£0.5bn), albeit low P/E mix (high

margin I&RW is 3% light vs Insurance 3% better).

Surplus Capital Grows; AT1 To Be Called — 1H26 adjusted capital generation of

£182m is better-than consensus £167m and Citi £179m, driven by higher adjusted

profits. IFPR surplus CET1 capital has grown to £886m vs £843m at end-FY25 (in-

line with Citi).