安本集团披露2026年上半年业绩，利润增长但顾问平台继续流出且股价已下跌

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Introduction & Market Context
Aberdeen Group plc presented its half-year 2026 results on July 29, 2026, reporting significantly stronger profitability and capital generation despite shares falling 6.4% to $232.80 following the announcement. The UK wealth and investments group delivered adjusted operating profit of £151 million, up 21% year-over-year, while net capital generation surged 47% to £163 million, now fully covering the company’s 7.3 pence dividend.
The market’s cautious reaction appears disconnected from the operational progress, with investors focusing on persistent outflows at the Adviser platform business and questions about sustainability of elevated trading volumes at Interactive Investor, the company’s flagship direct-to-consumer platform.
Executive Summary
Aberdeen’s H1 2026 performance showcased the company’s three-pillar business model executing at different speeds. Interactive Investor continued its market-leading growth trajectory with record net inflows of £6.8 billion and 14% customer growth. The Adviser platform improved service metrics but continued to experience net outflows of £1.3 billion. Meanwhile, the Investments division delivered improved profitability through operational efficiency despite modest revenue headwinds.
The company’s strategic framework centers on becoming the UK’s leading wealth and investments group through fast-growing direct and advised wealth platforms combined with a specialist asset manager. As illustrated in the following business structure overview, Aberdeen operates three interconnected segments serving different client needs.
Management reaffirmed full-year 2026 targets for adjusted operating profit exceeding £300 million and net capital generation of approximately £300 million, expressing increased confidence in delivery based on first-half momentum.
Interactive Investor: The Growth Engine
Interactive Investor emerged as the clear performance leader, demonstrating the scalability of its subscription-based direct-to-consumer model. The platform’s assets under management and administration reached £108 billion, representing 33% growth year-over-year, while maintaining the UK’s number-one position for net flows and number-two ranking by total assets.
The following chart illustrates the positive momentum across Interactive Investor’s key performance indicators, with particular strength in customer acquisition and net inflows.
Customer metrics showed broad-based strength, with total customers reaching 525,000, up 14% from the prior year. Notably, self-invested personal pension (SIPP) customers grew 35% to 125,000, reflecting the platform’s success in capturing retirement savings flows. Average assets per customer increased to £205,000 from £176,000, more than double the closest peer platforms.
Trading activity reached record levels with daily average retail trades of 35,700, up from 25,200 in the first half of 2025. The company noted this elevated activity has begun to normalize in recent months but remains above historical averages.
Brand recognition improved significantly to 40% from 31% a year earlier, supporting continued market share gains. Interactive Investor now commands 20% of the UK direct-to-consumer platform market by assets and 30% of UK retail trading volume.
As shown in the detailed financial breakdown, Interactive Investor’s profitability scaled efficiently with revenue growth outpacing expense increases.
Revenue increased 22% to £173 million, driven by subscription fees up 15% to £30 million, trading revenue up 9% to £49 million, and treasury income up 33% to £100 million at a 234 basis point margin. Adjusted operating profit rose 18% to £84 million (excluding the financial planning business), with the cost-to-AUMA ratio improving to approximately 18 basis points from 19 basis points.
Management expects revenue growth to continue tracking customer growth, while maintaining the cost-to-AUMA ratio below 18 basis points through ongoing operational leverage. Cash margins of 234 basis points in the first half ran slightly above the company’s long-term guidance range of 210-220 basis points and are expected to normalize.
Adviser: Stabilization Before Growth
The Adviser platform business presented a more challenging picture, with net outflows of £1.3 billion in the first half compared to £0.9 billion a year earlier. Despite improving service metrics and completing critical technology upgrades, the business has not yet returned to positive flows amid ongoing consolidation in the UK independent financial adviser market.
The following overview highlights the strategic initiatives underway to reposition the platform for long-term growth under new CEO Rich Wilson.
Assets under management and administration increased 5% to £85 billion, driven entirely by positive market movements that offset net outflows. The platform maintains the number-three position in the UK adviser market by assets with over 10% market share and coverage of more than 50% of UK independent financial advisers.
Service quality metrics showed meaningful improvement, with Net Promoter Score rising to +53 from +45 and customer satisfaction reaching 97% versus 95% previously. Management attributed these gains to taking direct control of the client experience through insourcing the Wrap back office from FNZ, improving straight-through processing, and delivering a 90% improvement in firm onboarding times.
The detailed financial performance shows the business navigating near-term headwinds while investing in capabilities.
Revenue edged 1% higher to £103 million despite net outflows, as growth in assets from markets was partially offset by strategic repricing and tiering adjustments. The total revenue margin of 25.3 basis points compared to 27.4 basis points a year earlier, in line with management guidance for the 25-26 basis point range.
Expenses increased to £62 million from £60 million, reflecting the end of a temporary third-party outsourcing discount worth £4 million in the prior year period. Adjusted operating profit declined 2% to £41 million.
Technology initiatives include expanding investment choice, leveraging AI to develop a customer app targeting second-half launch, and executing a £36 billion bulk transfer of Wrap SIPP accounts with initial migrations starting in the second half.
Management acknowledged that returning to net positive flows will take longer than previously expected as the business repositions around eight to nine market segments with more targeted commercial approaches. The focus is shifting from stabilization to converting stronger operational foundations into sustainable commercial performance.
Investments: Efficiency Driving Profitability
The Investments division, Aberdeen’s specialist asset management business with £398 billion in assets, delivered improved profitability despite revenue pressures through disciplined cost management and stronger investment performance.
The following chart illustrates the strategic focus areas generating momentum across wholesale, private markets, and strategic partners channels.
Investment performance continued its recovery trajectory, with 88% of assets outperforming benchmarks on a one-year basis (up from 84% at year-end 2025) and 86% outperforming on a three-year basis (up from 80%). Equities performance improved particularly sharply to 65%/44% on one-year and three-year measures from 41%/28% previously. The proportion of assets in four- and five-star Morningstar-rated funds increased to 49% from 42%.
Net flows presented a mixed picture with £5.6 billion of outflows in institutional and retail wealth (excluding liquidity products) compared to £1.8 billion of inflows a year earlier. Management noted that approximately £4 billion of the outflows represented lower-margin equities withdrawals, partially offset by inflows in real assets, quantitative strategies, and fixed income. A £1 billion credit mandate previously expected in the second quarter funded at the start of July.
Private markets showed strong momentum with the flagship rail vehicle infrastructure fund reaching approximately £800 million at first close and real assets generating £1.4 billion of net inflows in the half.
The financial performance breakdown demonstrates how operational efficiency offset revenue headwinds.
Revenue declined 2% to £363 million as management fees remained broadly stable at £362 million while other fees fell to £1 million from £10 million. The revenue margin compressed to 18.5 basis points from 19.9 basis points, reflecting business mix shifts toward lower-fee products.
Expenses decreased 3% to £325 million through continued efficiency initiatives, driving adjusted operating profit 9% higher to £38 million. Management expects the revenue margin to improve to approximately 19 basis points for the full year, benefiting from recent bolt-on acquisitions of MFS and Herald Investment Trust, higher market levels, and second-half weighted performance fees.
Strategic Innovation: AI Adoption
Aberdeen highlighted its enterprise-wide artificial intelligence adoption as a key enabler of productivity improvements and enhanced customer outcomes. The company’s approach emphasizes building, testing and learning with strong governance guardrails while engaging employees in skills development.
The following overview details AI applications already delivering measurable impact across customer service, operational processes, and functional capabilities.
Microsoft Copilot deployment showed particularly strong adoption, with usage doubling since November 2025 and 97% of initial pilot users classified as "active" and seeing value. The average user saves approximately one hour per day, with Copilot Premium now available to all colleagues across the organization.
Customer service applications include call summarization, contact sentiment analysis, and consistent query responses, delivering improved service quality, faster response times, and higher customer satisfaction. Operational process automation encompasses repetitive task automation, software code generation and review, and fund commentary generation, producing faster processes, better outputs, and third-party cost savings.
Functional applications span equities research and insights, tailored client meeting materials, and AI-generated video content and translations, yielding improved investment performance, higher conversion rates, and lower production costs.
Management emphasized the company will continue scaling AI responsibly to enhance customer outcomes, increase productivity, and support long-term value creation.
Financial Performance & Capital Strength
Aberdeen’s group-level financial performance reflected the combination of revenue growth at Interactive Investor, stability at Adviser, and efficiency gains at Investments, alongside significantly lower restructuring expenses.
The breakdown of adjusted operating profit by business segment shows the contribution from each division and the improvement trajectory.
Group adjusted operating profit of £151 million increased 21% from £125 million, with Interactive Investor contributing £38 million (up 9%), Adviser £41 million (down 2%), Investments £84 million (up 22%), and Other costs of £12 million (improved from £21 million). The Other category benefited from corporate efficiency initiatives and lower central costs.
Net capital generation surged 47% to £163 million from £111 million, driven by higher operating profit, a £19 million benefit from using defined benefit pension surplus to fund defined contribution contributions, and materially lower restructuring and corporate transaction expenses of £19 million compared to £34 million.
The detailed capital generation analysis demonstrates the strengthened financial foundation.
Adjusted capital generation reached £182 million, up 26% from £145 million, reflecting the £157 million adjusted profit after tax, the £19 million pension funding benefit, and a £29 million dividend from Standard Life plc. Dividend coverage improved to 1.39 times on an adjusted capital generation basis and 1.24 times on a net capital generation basis, compared to 1.11 times and 0.85 times respectively in the prior year.
The capital position strengthened considerably, with total capital coverage rising to 229% from 218% at year-end 2025, well above the company’s medium-term operating range of 140-180%. Total capital excess over the Own Funds Threshold Requirement increased to £1,075 million from £1,039 million.
Management noted that £210 million of Tier 1 debt is expected to be redeemed at the first call date in December 2026, subject to regulatory approval, which contributes approximately 25 percentage points to the current capital coverage ratio.
The comprehensive profit and earnings analysis shows the reconciliation between adjusted and IFRS metrics.
IFRS profit before tax of £276 million compared to £271 million a year earlier, benefiting from investment gains and interest income. IFRS profit for the period of £247 million was slightly lower than £252 million due to higher tax expenses. Basic earnings per share of 13.4 pence compared to 13.8 pence, while adjusted diluted earnings per share improved to 8.2 pence from 7.5 pence.
Forward-Looking Statements & 2026 Targets
Aberdeen reaffirmed its full-year 2026 financial targets and provided segment-specific guidance for the second half, expressing increased confidence in delivery based on first-half momentum and visibility into the remainder of the year.
The company’s strategic framework for sustainable growth beyond 2026 establishes clear financial objectives.
For full-year 2026, management confirmed targets for adjusted operating profit exceeding £300 million and net capital generation of approximately £300 million. The first-half delivery of £151 million and £163 million respectively puts the company on track for these goals.
Beyond 2026, Aberdeen aims for net capital generation growth of 5-10% per annum on average over the medium term, supporting a sustainable dividend policy. The company targets capital coverage of 140-180% with lower debt levels over the medium term, down from the current 229%.
Segment-specific guidance indicates Interactive Investor revenue growth should continue tracking customer growth while maintaining cost-to-AUMA ratios below 18 basis points. Adviser profitability in the second half is expected to be broadly flat, reflecting higher markets, inflation, and growth in AUMA-related expenses.
For Investments, management expects a step-up in second-half profitability driven by revenue benefiting from recent bolt-on acquisitions, higher markets, and expected other fees. Expenses are projected to increase modestly, reflecting factors benefiting revenue, investment in growth, and inflation.
Chief Executive Jason Windsor emphasized the company’s purpose of "enabling our clients to be better investors" and the ambition to be the UK’s leading wealth and investments group. He highlighted the strength of Interactive Investor as the UK’s number-one platform by net flows with more than £100 billion of customer assets generating record inflows.
On capital returns, Windsor noted the dividend is now covered by net capital generation and the company is focused on balancing debt reduction, investment, and shareholder payouts.
The stock’s 6.4% decline to $232.80 despite strong results suggests investors remain cautious about the pace of Adviser flow recovery, sustainability of elevated Interactive Investor trading volumes, and the broader competitive environment. However, with a price-to-earnings ratio of 11.12 and dividend yield of 5.87%, the valuation appears attractive for investors willing to look past near-term uncertainties toward the company’s medium-term growth trajectory.
Full presentation:
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