**Summary**
Schroders PLC released a trading update on January 15, 2026, announcing that its 2025 annual results are expected to exceed market expectations for adjusted operating profit. Key highlights include
1. **Financial Performance**
Adjusted operating profit of at least ยฃ745 million (FY24: ยฃ603.1 million).
Adjusted net operating income of at least ยฃ2,580 million (FY24: ยฃ2,437.1 million), driven by favorable AUM mix, higher performance fees, and positive market returns.
Adjusted operating expenses remained flat year-on-year, demonstrating cost discipline.
Expected adjusted operating costincome ratio of c. 71% (FY24: 75%).
2. **Assets Under Management (AUM)**
Group AUM increased to c. ยฃ825 billion (FY24: ยฃ778.7 billion), with c. ยฃ730 billion excluding joint ventures and associates (FY24: ยฃ661.8 billion).
Growth attributed to market performance, investment returns, and positive net new business (NNB) of c. ยฃ11 billion.
3. **Net New Business (NNB)**
Public Markets NNBc. ยฃ3.9 billion, with improved flows across intermediary and institutional channels.
Schroders Capital NNBc. ยฃ4.0 billion, plus ยฃ0.5 billion from Future Growth Capital, totaling c. ยฃ4.5 billion against a three-year target of ยฃ20 billion.
Wealth Management NNBc. ยฃ3.4 billion (NNB rate of c. 2.7%), with UK private client NNB within target (5-7%) but negative NNB from charities.
4. **Outlook**
Dry powder increased by c. ยฃ0.5 billion to c. ยฃ4.7 billion.
Annual results for 2025 will be announced on February 12, 2026.
The update emphasizes Schroders strong performance, cost management, and progress toward strategic targets, despite macroeconomic uncertainties. The information is unaudited and subject to change.
Below is the HTML table code comparing the financials and debt (where applicable) year-on-year based on the provided text:
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1. **Debt Information**: The provided text does not include debt-related figures, so the table focuses solely on financial metrics.
2. **NNB (Net New Business)**: Prior-year NNB figures were not specified for all categories, so those cells are marked as "Not specified".
3. **Formatting**: The table uses bold headers for clarity and includes all available year-on-year comparisons.
4. **Currency**: All values are in ยฃ (GBP) as per the original text. Let me know if you'd like to adjust or add anything!