Ninety One Group (N91) Earnings Call Transcripts

Ninety One Group's Latest Earnings Call - June 3, 2026

In the earnings call for the fiscal year ending March 31, 2026, Ninety One Group reported a revenue increase driven by net inflows of GBP 2.8 billion and a total AUM growth to GBP 171.8 billion. Adjusted earnings per share rose by 12% to GBP 17.4p, and the operating margin expanded to 32%. Management maintained a cautious outlook, anticipating a slight decline in average fee rates to between 38 and 40 basis points, while expressing optimism about growth opportunities stemming from the Sanlam partnership and AI adoption.

Reported metrics

Guidance from management

Management anticipates average fee rates to decline to between 38 and 40 basis points, reflecting ongoing fee pressure. They remain optimistic about returning to positive net flows in the U.K. and South Africa in the upcoming year.

What management said

Thank you, Marnie. I will let Kim answer the fee question, but let me just add something to the previous. In South Africa, we obviously cover the domestic asset losses across the broad capital structure because here, we play a slightly different role than the specialist position we have in international markets. But these are very close adjacencies that 1 in any way has to understand if you operate in a small market ...

We look at the profitability of business rather than the fee rate when we take it on. And as Kim said, there is indeed a difference, and you can see that in the operating margin. Our industry remains extremely competitive, and that is something we've factored into our planning. .

What analysts pressed on

Analysts expressed concerns regarding the slowdown in net flows, particularly in the second half of the year, and the impact of fee pressure on profitability. There were also questions about the sustainability of recent inflows and the competitive landscape in the asset management industry.

Main topics on the call

• Revenue and AUM Growth — Ninety One reported a total AUM of GBP 171.8 billion, up from GBP 129 billion, driven by GBP 19.9 billion from portfolio growth and GBP 18.3 billion from the Sanlam acquisition. "All asset classes except multi-asset have...
• Operating Margin Expansion — The operating margin increased from 31.2% to 32%, attributed to effective cost management and growth in management fees, which rose by 9%. This margin expansion reflects Ninety One's ability to maintain profitability ami...
• AI and Technology Investments — Management emphasized the importance of AI, stating that "AI is a huge opportunity for us" and that they are transitioning from experimentation to integration into their business model. This strategic focus on technology...
• Fee Pressure and Guidance — Management guided for a decline in average fee rates to between 38 and 40 basis points, citing a mix shift towards lower fee portfolios, particularly due to the Sanlam acquisition. "The rate of decline in the fee rate ha...

Read the full Ninety One Group transcript (June 3, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 8 Ninety One Group earnings call transcripts on record, spanning May 18, 2022 to June 3, 2026. Based on this history, Ninety One Group reports semi-annually. The most recent call on file is dated June 3, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

N91

Exchange

LSE

Country

GB

Sector

Financials

Industry

Capital Markets

Calls on record

8

First call

May 18, 2022

Most recent

June 3, 2026

Reporting cadence

semi-annually