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"12700000.0", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:PurchaseOfOwnSharesClassifiedAsFinancingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-373": { "value": "31000000.0", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:PurchaseOfOwnSharesClassifiedAsFinancingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-374": { "value": "27400000.0", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:ShareBuybackClassifiedAsFinancingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-375": { "value": "17100000.0", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:ShareBuybackClassifiedAsFinancingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": 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"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-384": { "value": "17400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-385": { "value": "-2600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-386": { "value": "634000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-387": { "value": "599700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-388": { "value": "434400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-389": { "value": "386600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-390": { "value": "199600000.0", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:CashAndCashEquivalentsPresentedWithinLinkedInvestmentsBackingPolicyholderFunds", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-391": { "value": "213100000.0", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:CashAndCashEquivalentsPresentedWithinLinkedInvestmentsBackingPolicyholderFunds", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-395": { "value": "Introduction Ninety One operates as a dual-listed company (\u201cDLC\u201d) under a DLC structure. The DLC structure comprises Ninety One plc, a public company incorporated in England and Wales under the UK Companies Act 2006 and Ninety One Limited, a public company incorporated in South Africa under the South African Companies Act 71 of 2008. Under the DLC structure, Ninety One plc and Ninety One Limited, together with their direct and indirect subsidiaries, effectively form a single economic enterprise (the \u201cGroup\u201d) in which the economic and voting rights of ordinary shareholders of the companies are maintained in equilibrium relative to each other. The Group is listed on the London and Johannesburg Stock Exchanges. 1. Basis of preparation and presentation of the consolidated financial statements 1(a) Basis of preparation The Group\u2019s financial statements are prepared in accordance with UK-adopted international accounting standards and with IFRS\u00ae Accounting Standards as issued by the International Accounting Standards Board (\u201cIASB\u201d) (collectively \u201cIFRS Accounting Standards\u201d) which, as they apply to the Group\u2019s financial statements, are identical in all material respects. They are also prepared in accordance with the IFRIC\u00ae Interpretations (\u201cIFRIC Interpretations\u201d as issued by the IFRS Interpretation Committee), or its predecessor body, the Standing Interpretations Committee (\u201cSIC\u00ae Interpretations\u201d), the South African Institute of Chartered Accountants\u2019 Financial Reporting Guides and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, and the requirements of the Companies Act 2006 in the UK and the Companies Act of 2008 in South Africa. The consolidated financial statements of the Group comprise the consolidated statement of financial position at 31 March 2026, the consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows for the year ended 31 March 2026 and the notes thereto. The accounting policies have been applied consistently throughout the periods presented in the consolidated financial statements. The consolidated financial statements have been prepared on the historical cost basis with the exception of linked investments backing policyholder funds and consolidated investment funds, policyholder investment contract liabilities and third party interest in consolidated investment funds, investments, money market funds within cash and cash equivalents, other liabilities and the pension fund asset which are measured at fair value through profit or loss. The presentation currency of the Group is Pound Sterling (\u201c\u00a3\u201d), being the functional currency of Ninety One plc. The functional currency of Ninety One Limited is South African Rand. All values are rounded to the nearest million (\u201c\u00a3\u2019m\u201d), unless otherwise indicated. The functional currencies of subsidiary undertakings are determined based on the primary economic environment in which the entity operates. Foreign currency transactions are translated into the functional currency of the entity in which the transactions arise, based on rates of exchange ruling at the date of the transactions. The separate financial statements of Ninety One plc are included in the Group\u2019s financial statements in accordance with the requirement of UK Listing Rules. The separate financial statements of Ninety One plc are prepared in accordance with the Group\u2019s accounting policies, other than for investments in subsidiary undertakings, which are stated at cost less impairments in accordance with IAS 27 Separate Financial Statements. The separate financial statements of Ninety One Limited are published on the Group\u2019s website as a separate document. Going concern The Board of Directors has considered the resilience of the Group and taken into account its current financial position and the principal and emerging risks facing the business, including the impacts that climate change, current events and market conditions have had on the Group\u2019s financial performance and outlook. The Board of Directors has performed a going concern assessment by applying various stressed scenarios, including plausible downside assumptions, about the impact on assets under management, profitability of the Group and known commitments. Details of stress and scenario analysis are described in the statement of viability within the financial review section in this Integrated Annual Report 2026. All scenarios show that the Group would maintain sufficient resources to enable it to continue operating profitably for a period of at least 12 months from the date of approval of the consolidated financial statements. The consolidated financial statements have therefore been prepared on a going concern basis. 1(b) Basis of consolidation Ninety One plc and Ninety One Limited operate under a DLC structure as a result of legally binding agreements. The effect of the DLC structure is that Ninety One plc and Ninety One Limited and their direct and indirect subsidiaries and associates operate together as a single economic entity, with neither assuming a dominant role. Accordingly, they are reported as a single reporting entity under IFRS Accounting Standards. IFRS Accounting Standards do not specifically provide guidance on how to account for such structures and therefore judgement is required in applying the consolidation principles set out in IFRS 10 Consolidated Financial Statements. The Board of Directors of Ninety One plc and Ninety One Limited, having assessed the legal agreements referred to above and the requirements of IFRS 10, have concluded that the Group\u2019s consolidated financial statements represent the consolidation of the assets, liabilities and the results of Ninety One plc and Ninety One Limited and their direct and indirect subsidiaries and associates. Subsidiaries are those entities controlled by the Group. The Group controls an entity if the Group has all of the following: \u027d Power over the investee; \u027d exposure or rights to variable returns from its involvement with the investee; and \u027d the ability to use its power over the investee to affect its returns. Subsidiaries are consolidated from the date the Group obtains control and are excluded from consolidation from the date which the Group loses control. Associates are those entities over which the Group has significant influence but not control or joint control, through participation in the financial and operating policy decisions. Such entities are not consolidated, but are accounted for using the equity method. The Group also uses judgement to determine whether its interests in investment funds and trusts constitute controlling interests. The Group has interests in funds through its role as fund manager and through its proprietary investments in funds. In conducting the assessment, the Group considers substantive contractual rights as well as de facto control. De facto control of an entity may arise from circumstances where the Group does not have more than 50% of the voting power, but has the practical ability to direct the relevant activities of the entity. If the Group has the ability to direct the relevant activities of the entity and is also exposed to variable returns of the entity, it is consolidated after considering the magnitude of, and variability associated with, the Group\u2019s economic interest relative to the returns expected from the activities of the entity. Economic interest includes management fees and performance fees received from the entity, rights to profits or distributions, as well as the obligation to absorb losses of the entity. The Group controls certain employees benefit trusts and investment funds, which are consolidated into the Group. Third party interests in these funds and trusts are reflected as liabilities until the Group no longer maintains control over them. On consolidation, the results and financial position of foreign operations are translated into the presentation currency of the Group, as follows: \u027d Assets and liabilities are translated at the closing rate at the reporting date within the consolidated statement of financial position; \u027d income and expense items are translated at average monthly exchange rates; \u027d all resulting exchange differences are recognised in other comprehensive income (foreign currency translation reserve), which is recognised in profit or loss within the consolidated statement of comprehensive income on disposal of the foreign operation; and \u027d cash flow items are translated at the exchange rates ruling at the dates of the transactions. Intercompany transactions and balances are eliminated on consolidation. The share capital of the Group is an aggregation of the share capitals of Ninety One plc and Ninety One Limited. 1(c) Accounting judgements and estimates The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and underlying assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Group has not identified any estimates or judgements which will have a significant risk of material adjustment to the reported results and financial position in the next financial year. However, the areas of the consolidated financial statements that include estimates are set out in: \u027d Note 12 Leases; \u027d Note 13 Intangible assets; and \u027d Note 27(f) Fair value measurements. The areas of the consolidated financial statements that involve judgements are set out in: \u027d Note 17 Other liabilities; \u027d Note 1(b) Basis of consolidation; \u027d Note 12 Leases; and \u027d Note 29 Sanlam transaction. Management does not expect changes in assumptions to lead to a material adjustment in future periods. 1(d) Forthcoming standards applicable to the Group Up to the date of issue of the consolidated financial statements, the IASB has issued a number of new standards, interpretations and amendments to existing standards in issue but are not effective for the year ended 31 March 2026 and have not been early adopted. Other than IFRS 18 Presentation and Disclosure in Financial Statements, the Group has concluded that the adoption of them is unlikely to have a significant impact on the consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements, which is effective for periods beginning on or after 1 January 2027, aims to replace IAS 1 Presentation of Financial Statements and introduces new presentation requirements in the income statement, including among
others, the classification of income and expense items by categories, specific totals and
subtotals. It also sets out new requirements on management-defined performance measures,
as well as aggregation and disaggregation of financial information. The standard is expected
to change some of the presentation and disclosures of the Group\u2019s consolidated financial
statements but is not expected to impact the financial position or net results of the Group.
2. Segmental reporting
As an integrated global investment manager, the Group operates a single-segment investment
management business. All financial, business and strategic decisions are made centrally by the
chief operating decision maker (the \u201cCODM\u201d) of the Group. The CODM is the Chief Executive
Officer of the Group. Reporting provided to the CODM is on an aggregated basis which is used
for evaluating the Group\u2019s performance and the allocation of resources. The CODM monitors
operating profit for the purpose of making decisions about resource allocation and performance
assessment. Given that only one segment exists, no additional information is presented in
relation to it, as it is disclosed throughout the consolidated financial statements.
Revenue is generated from a diversified customer base and the Group has no single customer
that it relies on. Revenue is disaggregated by the geographic location of contractual entities,
as this best depicts how the nature, amount, timing and uncertainty of the Group\u2019s revenue
and cash flows are affected by economic factors. Non-current assets other than financial
instruments and deferred tax assets are allocated based on where the assets are located.
3. Net revenue
Revenue
The Group recognises revenue when or as it satisfies a performance obligation by transferring
promised services to customers in an amount to which the Group expects to be entitled in
exchange for those services. The Group includes variable consideration in revenue when it is no
longer highly probable of significant reversal. Generally, the Group is deemed to be the principal
in the contracts because the Group controls the promised services before they are transferred
to customers, and accordingly, presents the revenue gross of related costs. The key revenue
components of the Group are accounted as follows:
i) Management fees are recognised as the services are performed over time and are primarily
based on agreed percentages of the net asset values of investment funds and segregated
mandates.
ii) Performance fees are recognised over time, however represent variable consideration
and are only recognised when the Group is unconditionally entitled to the revenue and
no contingency with respect to future performance exists, which is on the crystallisation
date. Performance fees are calculated on a percentage of the appreciation in the net asset
value of investment funds and segregated mandates above a defined hurdle, taking into
consideration the relevant basis of calculation for investment funds and segregated
mandates, and when it is highly probable that they will not be subject to significant reversal.
Management fees and performance fees are both forms of variable consideration. However,
there is no significant judgement or estimation involved, as transaction prices are equal to the
amount determined at the end of each measurement period for management fees, and on
the crystallisation date for performance fees, both of which are equal to the amounts billed
to clients as per contractual agreements. The performance obligation for both management
fees and performance fees is the provision of investment management services. Fees received
from customers are generally not subject to returns or refunds.
All components of the Group\u2019s revenue are revenue from contracts within the scope of IFRS 15
Revenue from Contracts with Customers. The Group uses the output method to recognise
revenue, applying the practical expedient that allows an entity to recognise revenue in the
amount to which the entity has a right to invoice if that consideration corresponds directly
with the value to customers of the entity\u2019s performance completed to date. The output method
is considered appropriate as the performance obligations are generally satisfied over time
when the Group provides services.
Commission expense
Commissions and similar expenses payable to intermediaries are generally based on agreed
percentages of the net asset values of the investment funds and segregated mandates and
recognised as expenses when services are provided.
6. Interest income/expense Interest income is principally generated from cash and cash equivalents. Interest income from cash and cash equivalents excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis using the effective interest method in accordance with the requirements of IFRS 9 Financial instruments. Interest income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount applied to lease liabilities in accordance with the requirements of IFRS 16 Leases. 7. Tax expense The Group\u2019s tax expense comprises both current and deferred tax expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the statement of financial position method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets are offset against deferred tax liabilities if they relate to income taxes levied by the same taxation authority on the same taxable entity. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes under IAS 12. Income taxes of the Group were determined based on the assumption that the individual entities were separate taxable entities. Therefore, the current and deferred income taxes of all subsidiaries of the Group are calculated separately and the recoverability of the deferred tax assets is also assessed accordingly.
8. Earnings per share
The Group calculates earnings per share (\u201cEPS\u201d) on a number of different bases in accordance
with IFRS Accounting Standards and prevailing South African requirements.
8(a) Basic and diluted earnings per share
The calculations of basic and diluted EPS are based on IAS 33 Earnings Per Share.
Basic EPS is calculated by dividing profit attributable to shareholders by the weighted average
number of ordinary shares outstanding during the year, excluding own shares held by the
Ninety One employee benefit trusts (\u201cEBTs\u201d).
Diluted EPS is calculated by dividing profit attributable to shareholders by the weighted average
number of ordinary shares outstanding during the year, plus the weighted average number of
ordinary shares that would be issued on the conversion of all the potentially dilutive shares into
ordinary shares.
9. Dividends
Dividends are distributions of profit to holders of the Group\u2019s share capital and as a result are
recognised as a deduction in equity. Dividends are recognised only when they are approved
by the shareholders of the Group. Dividend per share is calculated by dividing dividend paid
by the number of ordinary shares in issue.
10. Investments
The majority of the Group\u2019s investments relate to deferred compensation investments which are
made by the Group to economically hedge the liability the Group has to its employees (note 17).
Deferred compensation investments primarily consist of investments in pooled vehicles
managed by entities within the Group. These investments do not qualify as plan assets and are
presented separately in the consolidated statement of financial position. Other investments
mostly include an equity-linked security of which the fair value is directly linked to the Group\u2019s
share price. All investments held by the Group are measured at fair value through profit or loss.
Details of the Group\u2019s accounting policy on classification and measurement of financial
instruments are set out in note 26.
11. Property and equipment
Property and equipment are stated at cost less accumulated depreciation and accumulated
impairment losses. Depreciation is provided for on a straight-line basis over the estimated useful
lives of property and equipment as follows:
Computer equipment 3 \u2013 5 years
Fixtures and fittings 5 years
Leasehold improvements Shorter of term of lease or useful economic life
The residual values, depreciation methods and useful lives are reassessed annually.
12. Leases The Group leases various offices for business purposes. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset with a corresponding liability at the date which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of lease payments. The lease payments are discounted using the entity\u2019s incremental borrowing rate, being the rate that the entity would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments are allocated between the principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u027d The amount of the initial measurement of lease liabilities; \u027d any lease payment made at or before the commencement date less any lease incentives; \u027d any initial direct costs; and \u027d restoration costs.
The calculation of leased assets and liabilities requires the use of both estimation and judgement.
The determination of the lease term for each lease involves the Group\u2019s judgement on the
likelihood of any extension and termination options being exercised. The Group considers
all facts and circumstances around the extension and termination options, including the
enforceability of such options and the economic incentive created for the Group to exercise
such options. Several of the Group\u2019s leases contain such clauses. For each lease, a conclusion
was reached on the overall likelihood of the option being exercised. Such options are only
included in the lease term if the lease is reasonably certain to be extended or terminated by
the Group. The potential future cash outflows relating to extension options not included in
the measurement of lease liabilities approximate to \u00a392.4 million (2025: \u00a395.7 million).
In addition, the identification of an appropriate discount rate to use in the calculation of the
lease liabilities involves estimation. Where the lease\u2019s implicit rate is not readily determinable,
an incremental borrowing rate, being the rate that the individual lease would have to pay to
borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar
economic environment with similar terms and conditions, must be calculated by the Group.
Right-of-use assets are generally depreciated over the lease term on a straight-line basis.
13. Intangible assets
Intangible assets represent investment management contracts acquired through the Sanlam
transaction (refer to note 29 for detail). Intangible assets that are acquired by the Group and
have finite useful lives are measured at cost less accumulated amortisation and impairment
losses. The amortisation charge for the year is included in operating expenses in the consolidated
statement of comprehensive income, on a straight-line basis over their estimated useful life.
The amortisation method, useful lives and residual values are reviewed annually and adjusted if
appropriate. The estimated useful lives of the investment management contracts are 15 years.
Impairment assessment was performed at acquisition using a discounted cash flow model with
an appropriate discount rate and assumptions including market performance. Based on the
valuation results, no impairment was identified.
15. Policyholders\u2019 assets and liabilities and third party
interest in consolidated investment funds
The Group undertakes investment-linked insurance business through one of its South African
entities which issues linked policies to the policyholders. These policies are unit-linked investment
contracts, with measurement directly linked to the underlying investment assets which are
carried at fair value through profit or loss. As the underlying investment assets are beneficially
held by the Group, these assets together with the contract liabilities due to the policyholders
are included in the consolidated statement of financial position and labelled as linked investments
backing policyholder funds and policyholder investment contract liabilities respectively.
These policyholders\u2019 assets and liabilities are classified as current assets and liabilities as they
represent the amounts available to policyholders who can withdraw their funds on demand.
Policyholder investment contracts do not qualify as insurance contracts as defined in IFRS 17
Insurance Contracts as there is no transfer of insurance risk. Therefore, these contracts are
accounted for as financial liabilities under IFRS 9 and are also carried at fair value through profit
or loss so as to avoid a mismatch in profit or loss between the policyholder investments linked
to investment contracts and the policyholder investment contract liabilities. Gains and losses
from assets and liabilities of these contracts are attributable to third party investors in linked
investments backing policyholder funds. As a result, any gain or loss is offset by a change in
the obligation to investors and is not included in the Group\u2019s net gain/loss on investments.
Surplus transferred to shareholders represents deductions from policyholder funds to which
the Group is entitled in exchange for managing policyholder investments. These amounts are
included in net revenue.
16. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and money market funds that are readily
convertible to a known amount of cash and are subject to an insignificant risk of changes in
value. Cash balances within linked investments backing policyholder funds of \u00a3199.6 million
(2025: \u00a3213.1 million) as set out in note 15 are not included in cash and cash equivalents as
they are not available for use by the Group.
17. Other liabilities
Other liabilities mainly consist of the liabilities due to employees related to deferred
compensation. The obligation in respect of long-term employee benefits, other than retirement
benefits, is the amount of future benefit that employees have earned in return for their service
in the current and prior periods. This future benefit relates to deferred compensation provided
by the Group to its employees, which the Group invests in pooled vehicles managed by entities
within the Group. At the end of the specified period, employees are entitled to an amount equal
to the value of the investments held by the Group (note 10). It is management\u2019s view that the most
relevant measure of the employee benefit liabilities is therefore the fair value of the investments
held by the Group. As there are no material ongoing performance requirements following the
grant of the award, judgement has been applied in determining that the charge should be
booked in full in profit or loss in the year in which the award is earned. Deferred compensation
liabilities include applicable employer tax. Third party interests in employee benefits trusts
consist of employees\u2019 interests in EBTs which are reflected as a liability to the Group.
18. Trade and other receivables
Trade and other receivables consist of amounts expected to be received from third parties in
the ordinary course of business as well as prepayments and deposits. An analysis of the ageing
profile of trade receivables is disclosed in note 27(b).
19. Trade and other payables
Trade and other payables consist of amounts due to third parties arising in the ordinary course
of business. All trade and other payables are measured at amortised cost and are expected to
be settled within one year or are repayable on demand.
20. Share capital, share premium and reserves 20(a) Share capital and share premium Ordinary shares are classified as equity instruments when there is no contractual obligation to deliver cash or other assets to another entity. The value of the Group\u2019s share capital consists of the number of ordinary shares in issue in Ninety One plc and Ninety One Limited multiplied by their nominal value. During the year ended 31 March 2026, the Group issued shares in exchange for intangible assets and ordinary shares of Sanlam Investment Management (Pty) Limited (\u201cSIMSA\u201d) as part of the Sanlam transaction. As a result, a share premium of \u00a3138.6 million has been recognised in Ninety One plc from the Sanlam transaction (note 29). In addition, the Group carried out share buyback programmes for both Ninety One Limited and Ninety One plc. Details of the share buybacks are: i) Ninety One Limited bought back and cancelled 8.2 million (2025: 10.2 million) of its ordinary shares on-market at an average price of R36.84 (2025: R37.86) per share, amounting to a total consideration of R303.1 million, equivalent to \u00a313.0 million (2025: R384.5 million, equivalent to \u00a316.5 million) including transaction costs; and ii) Ninety One plc bought back and cancelled 9.1 million (2025: 0.4 million) of its ordinary shares on-market at an average price of \u00a31.58 per share, amounting to a total consideration of \u00a314.4 million (2025: \u00a30.6 million) including transaction costs. These share buyback transactions have resulted in a total consideration paid of \u00a327.4 million (2025: \u00a317.1 million), and reductions in share capital of \u00a312.0 million (2025: \u00a315.0 million) and retained earnings of \u00a316.8 million (2025: \u00a34.0 million). To maintain the same equalisation ratio in the DLC structure, an equal number of special converting shares in Ninety One plc and Ninety One Limited were issued or redeemed following the issuance or cancellation of ordinary shares in Ninety One Limited and Ninety One plc. 20(c) Own share reserve The Group established the EBTs for the purpose of purchasing the Group\u2019s shares and satisfying the share-based payment awards granted to employees. The EBTs are funded and operated by the relevant entity of the Group and hold shares that have not vested unconditionally to employees of the Group. The EBTs are consolidated into the Group\u2019s consolidated financial statements, with any Ninety One shares held by the EBTs classified as own shares deducted from equity of the Group\u2019s consolidated statement of financial position. These shares are recorded at cost, and no gain or loss is recognised in the Group\u2019s consolidated statement of comprehensive income on the purchase, sale, issue or cancellation of these shares. 21. Share-based payments The equity settled expense charged to the statement of comprehensive income related to share-based payments (excluding employer taxes) was:
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Ninety One plc LTIP and Ninety One Limited LTIP (note 21(a)(i))
21.7
16.2
21(a) Ninety One share scheme The Group has two long-term incentive plans and a UK tax advantaged share incentive plan. These are the Ninety One plc Long-Term Incentive Plan (\u201cNinety One plc LTIP\u201d), Ninety One Limited Long-Term Incentive Plan (\u201cNinety One Limited LTIP\u201d) and Ninety One Share Incentive Plan (\u201cNinety One SIP\u201d) (collectively known as the \u201cNinety One share scheme\u201d). Awards under the Ninety One share scheme have been accounted for as equity-settled share-based payments. The fair value of employee services received, measured by reference to the grant date fair value of the awards adjusted by the estimate of the likely levels of forfeiture and achievement of performance criteria, is recognised as an expense over the vesting period with a corresponding credit to the share-based payment reserve in the equity of the Group\u2019s consolidated financial statements. The vesting period for these plans may commence before the legal grant date if the employees have started to render services in respect of the award before the legal grant date, where there is a shared understanding of the terms and conditions of the arrangement. At each period end, the Group reassesses the number of equity instruments expected to vest, and recognises any difference between the revised and original estimate in the consolidated statement of comprehensive income with a corresponding adjustment to the share-based payment reserve in equity. Failure to meet a vesting condition by the employee is not treated as a cancellation, and the amount of expense recognised for the award is adjusted to reflect the number of awards expected to vest. (i) Ninety One plc LTIP and Ninety One Limited LTIP Employees of Ninety One plc and its subsidiaries are eligible to participate in the Ninety One plc LTIP. Employees of Ninety One Limited and its subsidiaries are eligible to participate in the Ninety One Limited LTIP. Awards are made at the discretion of the Group\u2019s Human Capital and Remuneration Committee and may be granted in the form of options, forfeitable shares or conditional awards. Awards granted under the Ninety One plc LTIP are over shares in Ninety One plc and awards granted under the Ninety One Limited LTIP are over shares in Ninety One Limited.
The awards granted under the Ninety One plc LTIP and Ninety One Limited LTIP in this financial
year took the form of forfeitable shares or conditional awards.
Awards are granted during the year in the following circumstances:
\u027d Annual bonus deferral into shares: The Group operates a bonus deferral arrangement
which allows for a portion of selected employees\u2019 annual bonus to be deferred into an
award under the Ninety One plc LTIP or Ninety One Limited LTIP when the award offer is
received. The bonus deferral awards over shares will vest after approximately three years.
\u027d Ad hoc awards for strategically important employees and new hires, excluding Executive
Directors: these awards have bespoke vesting periods of up to five years and may be
subject to performance conditions.
\u027d Annual single incentive award: awards granted to Executive Directors based on the long
term and short term performance measures as determined by the Human Capital and
Remuneration Committee annually. These awards will vest on the third anniversary of grant
and be subject to further holding period after vesting of up to two years.
26. Financial instruments
Recognition and derecognition of financial instruments
Financial instruments are initially recognised on the statement of financial position when,
and only when, the Group becomes a party to the contractual provisions of the particular
instrument. On initial recognition, financial assets are measured at fair value plus, for financial
assets not measured at fair value through profit or loss, transaction costs that are directly
attributable to the acquisition or issue of the financial assets. Initial recognition of financial
liabilities is at fair value less directly attributable transaction costs. Financial assets are
derecognised when the Group transfers substantially all risks and rewards of ownership.
In addition, financial assets are derecognised when the contractual rights to the cash flows
from the financial asset expire or the Group transfers the rights to receive the contractual cash
flows in a transaction in which the Group neither transfers nor retains substantially all of the risks
and rewards of ownership and it does not retain control of the financial asset. Financial liabilities
are derecognised when, and only when, the obligations under the contract are discharged,
cancelled or expire.
Classification and measurement of financial assets and
financial liabilities
Financial assets are classified into three principal classification categories: measured at
amortised cost, at fair value through other comprehensive income and at fair value through
profit or loss (\u201cFVTPL\u201d). The classification of financial assets is based on the business model
under which the financial asset is managed and its contractual cash flow characteristics.
The Group\u2019s financial assets are either classified as measured at FVTPL or amortised cost.
Financial assets measured at amortised cost
Financial assets are measured at amortised cost when their contractual cash flows represent
solely payments of principal and interest and they are held within a business model designed
to collect cash flows. It typically applies to the Group\u2019s cash and cash equivalents, excluding
money market funds, and trade and other receivables. The carrying amount of financial assets
measured at amortised cost is adjusted for expected credit losses (\u201cECLs\u201d) under the ECL
model. Movements in the ECL provision are recognised in other income in the consolidated
statement of comprehensive income.
Financial assets measured at FVTPL
Financial assets measured at FVTPL consist of linked investments backing policyholder
funds and consolidated investment funds, holdings in pooled vehicles as part of the deferred
compensation plan (explained further below), money market funds within cash and cash
equivalents, seed capital investments, investments in unlisted investment vehicles and other
investments. These financial assets do not meet the classification criteria of measuring at
amortised cost and fair value through other comprehensive income and therefore, they are
initially recognised at fair value and subsequently measured at FVTPL, with gains and losses
recognised in the consolidated statement of comprehensive income in the period in which
they arise.
When available, the Group measures the fair value of an instrument, such as interest-bearing
investments, listed investments and investments in collective investment schemes and mutual
funds, using the quoted price in an active market. If there is no quoted price in an active market,
such as derivatives and unlisted investments, the fair value of these investments is determined
by applying a generally accepted valuation technique.
Impairment of non-financial assets
The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting
date to determine whether there is any indication of impairment. If any such indication exists,
the asset\u2019s recoverable amount is estimated. At the reporting date, there was no indication
of impairment of any non-financial assets.
Financial liabilities
Financial liabilities comprise policyholder investment contract liabilities and third party interest
in consolidated investment funds, lease liabilities, other liabilities and trade and other payables.
All financial liabilities, excluding policyholder investment contract liabilities and third party
interest in consolidated investment funds and other liabilities, are measured at amortised cost
using the effective interest method. Policyholder investment contract liabilities and third party
interest in consolidated investment funds and other liabilities are measured at fair value through
profit or loss with movements in fair value recognised in the consolidated statement of
comprehensive income.
27(f) Fair value measurements The fair values of all financial instruments are substantially similar to carrying values reflected in the consolidated statement of financial position as they are short-term in nature, subject to variable, market-related interest rates or stated at fair value in the statement of financial position. The Group measures fair values including policyholders\u2019 and third parties\u2019 assets and liabilities using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: \u027d Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. \u027d Level 2: Prices that are not traded in an active market but are determined using valuation techniques, which are based on observable inputs. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset and liability, such as interest rates and yield curves that are observable at commonly quoted intervals. \u027d Level 3: Valuation techniques that include significant inputs that are unobservable. Unobservable inputs are only used to measure fair value to the extent that relevant observables inputs are not available.
28. Pension fund asset
The Group operates the Ninety One UK Pension Scheme (the \u201cScheme\u201d), which is a closed
defined benefit scheme where it has an obligation to provide participating employees with
pension payments that represent a specified percentage of their final salary for each year of
service. The Scheme is a registered defined benefit final salary scheme subject to the UK
regulatory framework for pensions and is administered by its trustees with their assets held
separately from those of the Group. The trustees are required by the Trust Deed to act in the
best interest of the Scheme participants. The Scheme is funded by contributions from the
Group in accordance with an independent actuary\u2019s recommendation based on actuarial
valuations. The latest independent actuarial valuations of the Scheme were at 31 March 2026
by qualified independent actuaries. The Group did not make any contributions to the Scheme in
the current financial year and does not expect further contributions to the Scheme for the next
annual reporting period. There is no restriction to the amount of surplus that can be recognised.
However, the recognition of the pension surplus involved judgement whether future economic
benefits are available to the Group in the form of a reduction in future contributions or a cash
refund. It is concluded that the Group has the right to a refund of the surpluses assuming the
gradual settlement of the Scheme over time until all members have left the Scheme. At 31 March
2026, there were no active members in the Scheme (2025: nil).
Defined benefit pension obligation is calculated using the projected unit credit method. The net
charge to the consolidated statement of comprehensive income mainly comprises the service
cost and the net interest on the net defined benefit asset or liability, and is presented in other
administrative expenses. Remeasurements of the net defined benefit asset or liability, which
comprise actuarial gains or losses, return on plan assets excluding interest and the effect of
the asset ceiling (if any), are recognised in other comprehensive income.
The net defined benefit asset or liability represents the present value of defined benefit obligation
reduced by the fair value of plan assets, after applying the asset ceiling test, where the net
defined benefit surplus is limited to the present value of available refunds and reductions in
future contributions to the plan. The Scheme exposes the Group to actuarial risks, such as
interest rate risk, investment risk and longevity risk.
The Scheme has completed a buy-in transaction with an independent insurance company in
the prior year, covering all members in the Scheme. All benefits provided by the Scheme are
fully insured. The pension fund asset in respect of the Scheme of \u00a30.6 million (2025: \u00a30.7 million)
is made up of the total fair value of plan assets of \u00a311.1 million (2025: \u00a311.4 million) less the present
value of obligation of \u00a310.5 million (2025: \u00a310.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-396": { "value": "Introduction Ninety One operates as a dual-listed company (\u201cDLC\u201d) under a DLC structure. The DLC structure comprises Ninety One plc, a public company incorporated in England and Wales under the UK Companies Act 2006 and Ninety One Limited, a public company incorporated in South Africa under the South African Companies Act 71 of 2008. Under the DLC structure, Ninety One plc and Ninety One Limited, together with their direct and indirect subsidiaries, effectively form a single economic enterprise (the \u201cGroup\u201d) in which the economic and voting rights of ordinary shareholders of the companies are maintained in equilibrium relative to each other. The Group is listed on the London and Johannesburg Stock Exchanges.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-2": { "value": "Ninety One plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-392": { "value": "Ninety One plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-4": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-3": { "value": "England and Wales ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-397": { "value": "
1. Basis of preparation and presentation of the
consolidated financial statements
1(a) Basis of preparation
The Group\u2019s financial statements are prepared in accordance with UK-adopted international
accounting standards and with IFRS\u00ae Accounting Standards as issued by the International
Accounting Standards Board (\u201cIASB\u201d) (collectively \u201cIFRS Accounting Standards\u201d) which, as
they apply to the Group\u2019s financial statements, are identical in all material respects. They are
also prepared in accordance with the IFRIC\u00ae Interpretations (\u201cIFRIC Interpretations\u201d as issued
by the IFRS Interpretation Committee), or its predecessor body, the Standing Interpretations
Committee (\u201cSIC\u00ae Interpretations\u201d), the South African Institute of Chartered Accountants\u2019
Financial Reporting Guides and Financial Reporting Pronouncements as issued by the Financial
Reporting Standards Council, and the requirements of the Companies Act 2006 in the UK and
the Companies Act of 2008 in South Africa.
The consolidated financial statements of the Group comprise the consolidated statement
of financial position at 31 March 2026, the consolidated statement of comprehensive income,
consolidated statement of changes in equity, and consolidated statement of cash flows for the
year ended 31 March 2026 and the notes thereto. The accounting policies have been applied
consistently throughout the periods presented in the consolidated financial statements.
The consolidated financial statements have been prepared on the historical cost basis with the
exception of linked investments backing policyholder funds and consolidated investment funds,
policyholder investment contract liabilities and third party interest in consolidated investment
funds, investments, money market funds within cash and cash equivalents, other liabilities and
the pension fund asset which are measured at fair value through profit or loss.
The presentation currency of the Group is Pound Sterling (\u201c\u00a3\u201d), being the functional currency of
Ninety One plc. The functional currency of Ninety One Limited is South African Rand. All values
are rounded to the nearest million (\u201c\u00a3\u2019m\u201d), unless otherwise indicated.
The functional currencies of subsidiary undertakings are determined based on the primary
economic environment in which the entity operates. Foreign currency transactions are translated
into the functional currency of the entity in which the transactions arise, based on rates of
exchange ruling at the date of the transactions.
The separate financial statements of Ninety One plc are included in the Group\u2019s financial
statements in accordance with the requirement of UK Listing Rules. The separate financial
statements of Ninety One plc are prepared in accordance with the Group\u2019s accounting policies,
other than for investments in subsidiary undertakings, which are stated at cost less impairments
in accordance with IAS 27 Separate Financial Statements. The separate financial statements of
Ninety One Limited are published on the Group\u2019s website as a separate document.
Going concern
The Board of Directors has considered the resilience of the Group and taken into account its
current financial position and the principal and emerging risks facing the business, including
the impacts that climate change, current events and market conditions have had on the Group\u2019s
financial performance and outlook. The Board of Directors has performed a going concern
assessment by applying various stressed scenarios, including plausible downside assumptions,
about the impact on assets under management, profitability of the Group and known commitments.
Details of stress and scenario analysis are described in the statement of viability within the
financial review section in this Integrated Annual Report 2026. All scenarios show that the
Group would maintain sufficient resources to enable it to continue operating profitably for a
period of at least 12 months from the date of approval of the consolidated financial statements.
The consolidated financial statements have therefore been prepared on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-426": { "value": "The Group\u2019s financial statements are prepared in accordance with UK-adopted international accounting standards and with IFRS\u00ae Accounting Standards as issued by the International Accounting Standards Board (\u201cIASB\u201d) (collectively \u201cIFRS Accounting Standards\u201d) which, as they apply to the Group\u2019s financial statements, are identical in all material respects. They are also prepared in accordance with the IFRIC\u00ae Interpretations (\u201cIFRIC Interpretations\u201d as issued by the IFRS Interpretation Committee), or its predecessor body, the Standing Interpretations Committee (\u201cSIC\u00ae Interpretations\u201d), the South African Institute of Chartered Accountants\u2019 Financial Reporting Guides and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, and the requirements of the Companies Act 2006 in the UK and the Companies Act of 2008 in South Africa. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-427": { "value": "The presentation currency of the Group is Pound Sterling (\u201c\u00a3\u201d), being the functional currency of Ninety One plc. The functional currency of Ninety One Limited is South African Rand. All values are rounded to the nearest million (\u201c\u00a3\u2019m\u201d), unless otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-428": { "value": "Going concern The Board of Directors has considered the resilience of the Group and taken into account its current financial position and the principal and emerging risks facing the business, including the impacts that climate change, current events and market conditions have had on the Group\u2019s financial performance and outlook. The Board of Directors has performed a going concern assessment by applying various stressed scenarios, including plausible downside assumptions, about the impact on assets under management, profitability of the Group and known commitments. Details of stress and scenario analysis are described in the statement of viability within the financial review section in this Integrated Annual Report 2026. All scenarios show that the Group would maintain sufficient resources to enable it to continue operating profitably for a period of at least 12 months from the date of approval of the consolidated financial statements. The consolidated financial statements have therefore been prepared on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-398": { "value": "1(b) Basis of consolidation Ninety One plc and Ninety One Limited operate under a DLC structure as a result of legally binding agreements. The effect of the DLC structure is that Ninety One plc and Ninety One Limited and their direct and indirect subsidiaries and associates operate together as a single economic entity, with neither assuming a dominant role. Accordingly, they are reported as a single reporting entity under IFRS Accounting Standards. IFRS Accounting Standards do not specifically provide guidance on how to account for such structures and therefore judgement is required in applying the consolidation principles set out in IFRS 10 Consolidated Financial Statements. The Board of Directors of Ninety One plc and Ninety One Limited, having assessed the legal agreements referred to above and the requirements of IFRS 10, have concluded that the Group\u2019s consolidated financial statements represent the consolidation of the assets, liabilities and the results of Ninety One plc and Ninety One Limited and their direct and indirect subsidiaries and associates. Subsidiaries are those entities controlled by the Group. The Group controls an entity if the Group has all of the following: \u027d Power over the investee; \u027d exposure or rights to variable returns from its involvement with the investee; and \u027d the ability to use its power over the investee to affect its returns. Subsidiaries are consolidated from the date the Group obtains control and are excluded from consolidation from the date which the Group loses control. Associates are those entities over which the Group has significant influence but not control or joint control, through participation in the financial and operating policy decisions. Such entities are not consolidated, but are accounted for using the equity method. The Group also uses judgement to determine whether its interests in investment funds and trusts constitute controlling interests. The Group has interests in funds through its role as fund manager and through its proprietary investments in funds. In conducting the assessment, the Group considers substantive contractual rights as well as de facto control. De facto control of an entity may arise from circumstances where the Group does not have more than 50% of the voting power, but has the practical ability to direct the relevant activities of the entity. If the Group has the ability to direct the relevant activities of the entity and is also exposed to variable returns of the entity, it is consolidated after considering the magnitude of, and variability associated with, the Group\u2019s economic interest relative to the returns expected from the activities of the entity. Economic interest includes management fees and performance fees received from the entity, rights to profits or distributions, as well as the obligation to absorb losses of the entity. The Group controls certain employees benefit trusts and investment funds, which are consolidated into the Group. Third party interests in these funds and trusts are reflected as liabilities until the Group no longer maintains control over them. On consolidation, the results and financial position of foreign operations are translated into the presentation currency of the Group, as follows: \u027d Assets and liabilities are translated at the closing rate at the reporting date within the consolidated statement of financial position; \u027d income and expense items are translated at average monthly exchange rates; \u027d all resulting exchange differences are recognised in other comprehensive income (foreign currency translation reserve), which is recognised in profit or loss within the consolidated statement of comprehensive income on disposal of the foreign operation; and \u027d cash flow items are translated at the exchange rates ruling at the dates of the transactions. Intercompany transactions and balances are eliminated on consolidation. The share capital of the Group is an aggregation of the share capitals of Ninety One plc and Ninety One Limited. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-477": { "value": "
Associates are those entities over which the Group has significant influence but not control or
joint control, through participation in the financial and operating policy decisions. Such entities
are not consolidated, but are accounted for using the equity method.
The Group also uses judgement to determine whether its interests in investment funds and
trusts constitute controlling interests. The Group has interests in funds through its role as
fund manager and through its proprietary investments in funds. In conducting the assessment,
the Group considers substantive contractual rights as well as de facto control. De facto control
of an entity may arise from circumstances where the Group does not have more than 50% of
the voting power, but has the practical ability to direct the relevant activities of the entity. If the
Group has the ability to direct the relevant activities of the entity and is also exposed to variable
returns of the entity, it is consolidated after considering the magnitude of, and variability
associated with, the Group\u2019s economic interest relative to the returns expected from the
activities of the entity. Economic interest includes management fees and performance fees
received from the entity, rights to profits or distributions, as well as the obligation to absorb
losses of the entity. The Group controls certain employees benefit trusts and investment funds,
which are consolidated into the Group. Third party interests in these funds and trusts are
reflected as liabilities until the Group no longer maintains control over them.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-499": { "value": "Associates are those entities over which the Group has significant influence but not control or joint control, through participation in the financial and operating policy decisions. Such entities are not consolidated, but are accounted for using the equity method. The Group also uses judgement to determine whether its interests in investment funds and trusts constitute controlling interests. The Group has interests in funds through its role as fund manager and through its proprietary investments in funds. In conducting the assessment, the Group considers substantive contractual rights as well as de facto control. De facto control of an entity may arise from circumstances where the Group does not have more than 50% of the voting power, but has the practical ability to direct the relevant activities of the entity. If the Group has the ability to direct the relevant activities of the entity and is also exposed to variable returns of the entity, it is consolidated after considering the magnitude of, and variability associated with, the Group\u2019s economic interest relative to the returns expected from the activities of the entity. Economic interest includes management fees and performance fees received from the entity, rights to profits or distributions, as well as the obligation to absorb losses of the entity. The Group controls certain employees benefit trusts and investment funds, which are consolidated into the Group. Third party interests in these funds and trusts are reflected as liabilities until the Group no longer maintains control over them. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-399": { "value": "1(c) Accounting judgements and estimates The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and underlying assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Group has not identified any estimates or judgements which will have a significant risk of material adjustment to the reported results and financial position in the next financial year. However, the areas of the consolidated financial statements that include estimates are set out in: \u027d Note 12 Leases; \u027d Note 13 Intangible assets; and \u027d Note 27(f) Fair value measurements. The areas of the consolidated financial statements that involve judgements are set out in: \u027d Note 17 Other liabilities; \u027d Note 1(b) Basis of consolidation; \u027d Note 12 Leases; and \u027d Note 29 Sanlam transaction. Management does not expect changes in assumptions to lead to a material adjustment in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-400": { "value": "
1(d) Forthcoming standards applicable to the Group
Up to the date of issue of the consolidated financial statements, the IASB has issued a number
of new standards, interpretations and amendments to existing standards in issue but are not
effective for the year ended 31 March 2026 and have not been early adopted. Other than
IFRS 18 Presentation and Disclosure in Financial Statements, the Group has concluded that the
adoption of them is unlikely to have a significant impact on the consolidated financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements, which is effective for periods
beginning on or after 1 January 2027, aims to replace IAS 1 Presentation of Financial Statements
and introduces new presentation requirements in the income statement, including among
others, the classification of income and expense items by categories, specific totals and subtotals. It also sets out new requirements on management-defined performance measures, as well as aggregation and disaggregation of financial information. The standard is expected to change some of the presentation and disclosures of the Group\u2019s consolidated financial statements but is not expected to impact the financial position or net results of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-429": { "value": "1(d) Forthcoming standards applicable to the Group Up to the date of issue of the consolidated financial statements, the IASB has issued a number of new standards, interpretations and amendments to existing standards in issue but are not effective for the year ended 31 March 2026 and have not been early adopted. Other than IFRS 18 Presentation and Disclosure in Financial Statements, the Group has concluded that the adoption of them is unlikely to have a significant impact on the consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements, which is effective for periods beginning on or after 1 January 2027, aims to replace IAS 1 Presentation of Financial Statements and introduces new presentation requirements in the income statement, including among others, the classification of income and expense items by categories, specific totals and subtotals. It also sets out new requirements on management-defined performance measures, as well as aggregation and disaggregation of financial information. The standard is expected to change some of the presentation and disclosures of the Group\u2019s consolidated financial statements but is not expected to impact the financial position or net results of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-479": { "value": "2. Segmental reporting As an integrated global investment manager, the Group operates a single-segment investment management business. All financial, business and strategic decisions are made centrally by the chief operating decision maker (the \u201cCODM\u201d) of the Group. The CODM is the Chief Executive Officer of the Group. Reporting provided to the CODM is on an aggregated basis which is used for evaluating the Group\u2019s performance and the allocation of resources. The CODM monitors operating profit for the purpose of making decisions about resource allocation and performance assessment. Given that only one segment exists, no additional information is presented in relation to it, as it is disclosed throughout the consolidated financial statements. Revenue is generated from a diversified customer base and the Group has no single customer that it relies on. Revenue is disaggregated by the geographic location of contractual entities, as this best depicts how the nature, amount, timing and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. Non-current assets other than financial instruments and deferred tax assets are allocated based on where the assets are located. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-401": { "value": "2. Segmental reporting As an integrated global investment manager, the Group operates a single-segment investment management business. All financial, business and strategic decisions are made centrally by the chief operating decision maker (the \u201cCODM\u201d) of the Group. The CODM is the Chief Executive Officer of the Group. Reporting provided to the CODM is on an aggregated basis which is used for evaluating the Group\u2019s performance and the allocation of resources. The CODM monitors operating profit for the purpose of making decisions about resource allocation and performance assessment. Given that only one segment exists, no additional information is presented in relation to it, as it is disclosed throughout the consolidated financial statements. Revenue is generated from a diversified customer base and the Group has no single customer that it relies on. Revenue is disaggregated by the geographic location of contractual entities, as this best depicts how the nature, amount, timing and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. Non-current assets other than financial instruments and deferred tax assets are allocated based on where the assets are located.
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Revenue from external clients
United Kingdom
460.8
433.5
South Africa
200.7
176.1
Rest of the world
101.8
90.4
763.3
700.0
Performance fees included in total revenue above
32.9
27.5
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Non-current assets
United Kingdom
80.7
67.3
South Africa
300.0
2.7
Rest of the world
20.4
18.5
401.1
88.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-453": { "value": "3. Net revenue Revenue The Group recognises revenue when or as it satisfies a performance obligation by transferring promised services to customers in an amount to which the Group expects to be entitled in exchange for those services. The Group includes variable consideration in revenue when it is no longer highly probable of significant reversal. Generally, the Group is deemed to be the principal in the contracts because the Group controls the promised services before they are transferred to customers, and accordingly, presents the revenue gross of related costs. The key revenue components of the Group are accounted as follows: i) Management fees are recognised as the services are performed over time and are primarily based on agreed percentages of the net asset values of investment funds and segregated mandates. ii) Performance fees are recognised over time, however represent variable consideration and are only recognised when the Group is unconditionally entitled to the revenue and no contingency with respect to future performance exists, which is on the crystallisation date. Performance fees are calculated on a percentage of the appreciation in the net asset value of investment funds and segregated mandates above a defined hurdle, taking into consideration the relevant basis of calculation for investment funds and segregated mandates, and when it is highly probable that they will not be subject to significant reversal. Management fees and performance fees are both forms of variable consideration. However, there is no significant judgement or estimation involved, as transaction prices are equal to the amount determined at the end of each measurement period for management fees, and on the crystallisation date for performance fees, both of which are equal to the amounts billed to clients as per contractual agreements. The performance obligation for both management fees and performance fees is the provision of investment management services. Fees received from customers are generally not subject to returns or refunds. All components of the Group\u2019s revenue are revenue from contracts within the scope of IFRS 15 Revenue from Contracts with Customers. The Group uses the output method to recognise revenue, applying the practical expedient that allows an entity to recognise revenue in the amount to which the entity has a right to invoice if that consideration corresponds directly with the value to customers of the entity\u2019s performance completed to date. The output method is considered appropriate as the performance obligations are generally satisfied over time when the Group provides services. Commission expense Commissions and similar expenses payable to intermediaries are generally based on agreed percentages of the net asset values of the investment funds and segregated mandates and recognised as expenses when services are provided. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-430": { "value": "3. Net revenue Revenue The Group recognises revenue when or as it satisfies a performance obligation by transferring promised services to customers in an amount to which the Group expects to be entitled in exchange for those services. The Group includes variable consideration in revenue when it is no longer highly probable of significant reversal. Generally, the Group is deemed to be the principal in the contracts because the Group controls the promised services before they are transferred to customers, and accordingly, presents the revenue gross of related costs. The key revenue components of the Group are accounted as follows: i) Management fees are recognised as the services are performed over time and are primarily based on agreed percentages of the net asset values of investment funds and segregated mandates. ii) Performance fees are recognised over time, however represent variable consideration and are only recognised when the Group is unconditionally entitled to the revenue and no contingency with respect to future performance exists, which is on the crystallisation date. Performance fees are calculated on a percentage of the appreciation in the net asset value of investment funds and segregated mandates above a defined hurdle, taking into consideration the relevant basis of calculation for investment funds and segregated mandates, and when it is highly probable that they will not be subject to significant reversal. Management fees and performance fees are both forms of variable consideration. However, there is no significant judgement or estimation involved, as transaction prices are equal to the amount determined at the end of each measurement period for management fees, and on the crystallisation date for performance fees, both of which are equal to the amounts billed to clients as per contractual agreements. The performance obligation for both management fees and performance fees is the provision of investment management services. Fees received from customers are generally not subject to returns or refunds. All components of the Group\u2019s revenue are revenue from contracts within the scope of IFRS 15 Revenue from Contracts with Customers. The Group uses the output method to recognise revenue, applying the practical expedient that allows an entity to recognise revenue in the amount to which the entity has a right to invoice if that consideration corresponds directly with the value to customers of the entity\u2019s performance completed to date. The output method is considered appropriate as the performance obligations are generally satisfied over time when the Group provides services. Commission expense Commissions and similar expenses payable to intermediaries are generally based on agreed percentages of the net asset values of the investment funds and segregated mandates and recognised as expenses when services are provided. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-478": { "value": "Revenue The Group recognises revenue when or as it satisfies a performance obligation by transferring promised services to customers in an amount to which the Group expects to be entitled in exchange for those services. The Group includes variable consideration in revenue when it is no longer highly probable of significant reversal. Generally, the Group is deemed to be the principal in the contracts because the Group controls the promised services before they are transferred to customers, and accordingly, presents the revenue gross of related costs. The key revenue components of the Group are accounted as follows: i) Management fees are recognised as the services are performed over time and are primarily based on agreed percentages of the net asset values of investment funds and segregated mandates. ii) Performance fees are recognised over time, however represent variable consideration and are only recognised when the Group is unconditionally entitled to the revenue and no contingency with respect to future performance exists, which is on the crystallisation date. Performance fees are calculated on a percentage of the appreciation in the net asset value of investment funds and segregated mandates above a defined hurdle, taking into consideration the relevant basis of calculation for investment funds and segregated mandates, and when it is highly probable that they will not be subject to significant reversal. Management fees and performance fees are both forms of variable consideration. However, there is no significant judgement or estimation involved, as transaction prices are equal to the amount determined at the end of each measurement period for management fees, and on the crystallisation date for performance fees, both of which are equal to the amounts billed to clients as per contractual agreements. The performance obligation for both management fees and performance fees is the provision of investment management services. Fees received from customers are generally not subject to returns or refunds. All components of the Group\u2019s revenue are revenue from contracts within the scope of IFRS 15 Revenue from Contracts with Customers. The Group uses the output method to recognise revenue, applying the practical expedient that allows an entity to recognise revenue in the amount to which the entity has a right to invoice if that consideration corresponds directly with the value to customers of the entity\u2019s performance completed to date. The output method is considered appropriate as the performance obligations are generally satisfied over time when the Group provides services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-480": { "value": "Commission expense Commissions and similar expenses payable to intermediaries are generally based on agreed percentages of the net asset values of the investment funds and segregated mandates and recognised as expenses when services are provided. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-402": { "value": "Commission expense Commissions and similar expenses payable to intermediaries are generally based on agreed percentages of the net asset values of the investment funds and segregated mandates and recognised as expenses when services are provided. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-431": { "value": "
4. Operating expenses by nature
Staff expenses represent the largest portion of operating expenses. Other administrative
expenses include overheads, information and system expenses. Operating expenses are
recognised as the services are received.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Staff expenses
4(a)
297.5
260.5
Deferred employee benefit scheme gain
1
5
5.4
2.7
Depreciation of right-of-use assets
12,22(a)
9.8
9.3
Depreciation of property and equipment
11,22(a)
4.8
4.5
Amortisation of intangible assets
13,22(a)
4.2
\u2013
Auditors\u2019 remuneration
4(b)
2.5
2.2
Third party administration
2
40.4
42.1
Other administrative expenses
103.9
97. 2
468.5
418.5
1. The deferred employee benefit scheme invests in pooled vehicles managed by entities within the Group. Any gains or losses
from these investments (Note 5) result in corresponding increases or decreases in the liability to employees, which are
reflected as increases or decreases in operating expenses.
2. This was referred to as \u201cClient and retail fund administration\u201d in the prior year and has been renamed to reflect the nature
of the expense.
4(a) Staff expenses
Short term employee benefits including salaries, wages and other related expenses, social
security costs and pension costs for defined contribution schemes are accrued in the year
in which the associated services are rendered by employees.
The Group contributes to a number of defined contribution pension schemes, the assets
of which are held in separate trustee-administered funds, for the benefit of its employees.
The Group\u2019s contribution to an employee\u2019s pension is measured as, and limited to, a specified
percentage of salary. Once the contributions have been paid, the Group, as the employer,
does not have any further payment obligations.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Salaries, wages and other related expenses
243.8
217.1
Share-based payment expenses
21,22(a)
21.7
16.2
Social security costs
20.9
16.9
Pension costs for defined contribution schemes
11.1
10.3
297.5
260.5
Monthly average number of employees, including the Directors, employed by the Group during
the year by activity:
Average number of employees
2026
2025
Investments
281
258
Client group and marketing
275
277
Operations and central services
733
668
1,289
1,203
4(b) Auditors\u2019 remuneration
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Fees payable to the auditors of the parent companies and their associates in
respect of audits of the parent companies\u2019 individual and consolidated
financial statements
0.6
0.4
Fees payable to the auditors and their associates for audit
and other services:
\u027c Audits of the parent companies\u2019 subsidiaries
1.3
1.2
\u027c Audit-related assurance services
0.4
0.3
\u027c Other assurance services
0.2
0.3
2.5
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-403": { "value": "4. Operating expenses by nature Staff expenses represent the largest portion of operating expenses. Other administrative expenses include overheads, information and system expenses. Operating expenses are recognised as the services are received.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Staff expenses
4(a)
297.5
260.5
Deferred employee benefit scheme gain
1
5
5.4
2.7
Depreciation of right-of-use assets
12,22(a)
9.8
9.3
Depreciation of property and equipment
11,22(a)
4.8
4.5
Amortisation of intangible assets
13,22(a)
4.2
\u2013
Auditors\u2019 remuneration
4(b)
2.5
2.2
Third party administration
2
40.4
42.1
Other administrative expenses
103.9
97. 2
468.5
418.5
1. The deferred employee benefit scheme invests in pooled vehicles managed by entities within the Group. Any gains or losses from these investments (Note 5) result in corresponding increases or decreases in the liability to employees, which are reflected as increases or decreases in operating expenses. 2. This was referred to as \u201cClient and retail fund administration\u201d in the prior year and has been renamed to reflect the nature of the expense. 4(a) Staff expenses Short term employee benefits including salaries, wages and other related expenses, social security costs and pension costs for defined contribution schemes are accrued in the year in which the associated services are rendered by employees. The Group contributes to a number of defined contribution pension schemes, the assets of which are held in separate trustee-administered funds, for the benefit of its employees. The Group\u2019s contribution to an employee\u2019s pension is measured as, and limited to, a specified percentage of salary. Once the contributions have been paid, the Group, as the employer, does not have any further payment obligations.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Salaries, wages and other related expenses
243.8
217.1
Share-based payment expenses
21,22(a)
21.7
16.2
Social security costs
20.9
16.9
Pension costs for defined contribution schemes
11.1
10.3
297.5
260.5
Monthly average number of employees, including the Directors, employed by the Group during the year by activity:
Average number of employees
2026
2025
Investments
281
258
Client group and marketing
275
277
Operations and central services
733
668
1,289
1,203
4(b) Auditors\u2019 remuneration
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Fees payable to the auditors of the parent companies and their associates in
respect of audits of the parent companies\u2019 individual and consolidated
financial statements
0.6
0.4
Fees payable to the auditors and their associates for audit
and other services:
\u027c Audits of the parent companies\u2019 subsidiaries
1.3
1.2
\u027c Audit-related assurance services
0.4
0.3
\u027c Other assurance services
0.2
0.3
2.5
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-454": { "value": "4. Operating expenses by nature Staff expenses represent the largest portion of operating expenses. Other administrative expenses include overheads, information and system expenses. Operating expenses are recognised as the services are received.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Staff expenses
4(a)
297.5
260.5
Deferred employee benefit scheme gain
1
5
5.4
2.7
Depreciation of right-of-use assets
12,22(a)
9.8
9.3
Depreciation of property and equipment
11,22(a)
4.8
4.5
Amortisation of intangible assets
13,22(a)
4.2
\u2013
Auditors\u2019 remuneration
4(b)
2.5
2.2
Third party administration
2
40.4
42.1
Other administrative expenses
103.9
97. 2
468.5
418.5
1. The deferred employee benefit scheme invests in pooled vehicles managed by entities within the Group. Any gains or losses from these investments (Note 5) result in corresponding increases or decreases in the liability to employees, which are reflected as increases or decreases in operating expenses. 2. This was referred to as \u201cClient and retail fund administration\u201d in the prior year and has been renamed to reflect the nature of the expense. 4(a) Staff expenses Short term employee benefits including salaries, wages and other related expenses, social security costs and pension costs for defined contribution schemes are accrued in the year in which the associated services are rendered by employees. The Group contributes to a number of defined contribution pension schemes, the assets of which are held in separate trustee-administered funds, for the benefit of its employees. The Group\u2019s contribution to an employee\u2019s pension is measured as, and limited to, a specified percentage of salary. Once the contributions have been paid, the Group, as the employer, does not have any further payment obligations.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Salaries, wages and other related expenses
243.8
217.1
Share-based payment expenses
21,22(a)
21.7
16.2
Social security costs
20.9
16.9
Pension costs for defined contribution schemes
11.1
10.3
297.5
260.5
Monthly average number of employees, including the Directors, employed by the Group during the year by activity:
Average number of employees
2026
2025
Investments
281
258
Client group and marketing
275
277
Operations and central services
733
668
1,289
1,203
4(b) Auditors\u2019 remuneration
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Fees payable to the auditors of the parent companies and their associates in
respect of audits of the parent companies\u2019 individual and consolidated
financial statements
0.6
0.4
Fees payable to the auditors and their associates for audit
and other services:
\u027c Audits of the parent companies\u2019 subsidiaries
1.3
1.2
\u027c Audit-related assurance services
0.4
0.3
\u027c Other assurance services
0.2
0.3
2.5
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-466": { "value": "4. Operating expenses by nature Staff expenses represent the largest portion of operating expenses. Other administrative expenses include overheads, information and system expenses. Operating expenses are recognised as the services are received.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Staff expenses
4(a)
297.5
260.5
Deferred employee benefit scheme gain
1
5
5.4
2.7
Depreciation of right-of-use assets
12,22(a)
9.8
9.3
Depreciation of property and equipment
11,22(a)
4.8
4.5
Amortisation of intangible assets
13,22(a)
4.2
\u2013
Auditors\u2019 remuneration
4(b)
2.5
2.2
Third party administration
2
40.4
42.1
Other administrative expenses
103.9
97. 2
468.5
418.5
1. The deferred employee benefit scheme invests in pooled vehicles managed by entities within the Group. Any gains or losses from these investments (Note 5) result in corresponding increases or decreases in the liability to employees, which are reflected as increases or decreases in operating expenses. 2. This was referred to as \u201cClient and retail fund administration\u201d in the prior year and has been renamed to reflect the nature of the expense. 4(a) Staff expenses Short term employee benefits including salaries, wages and other related expenses, social security costs and pension costs for defined contribution schemes are accrued in the year in which the associated services are rendered by employees. The Group contributes to a number of defined contribution pension schemes, the assets of which are held in separate trustee-administered funds, for the benefit of its employees. The Group\u2019s contribution to an employee\u2019s pension is measured as, and limited to, a specified percentage of salary. Once the contributions have been paid, the Group, as the employer, does not have any further payment obligations.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Salaries, wages and other related expenses
243.8
217.1
Share-based payment expenses
21,22(a)
21.7
16.2
Social security costs
20.9
16.9
Pension costs for defined contribution schemes
11.1
10.3
297.5
260.5
Monthly average number of employees, including the Directors, employed by the Group during the year by activity:
Average number of employees
2026
2025
Investments
281
258
Client group and marketing
275
277
Operations and central services
733
668
1,289
1,203
4(b) Auditors\u2019 remuneration
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Fees payable to the auditors of the parent companies and their associates in
respect of audits of the parent companies\u2019 individual and consolidated
financial statements
0.6
0.4
Fees payable to the auditors and their associates for audit
and other services:
\u027c Audits of the parent companies\u2019 subsidiaries
1.3
1.2
\u027c Audit-related assurance services
0.4
0.3
\u027c Other assurance services
0.2
0.3
2.5
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-471": { "value": "4(a) Staff expenses Short term employee benefits including salaries, wages and other related expenses, social security costs and pension costs for defined contribution schemes are accrued in the year in which the associated services are rendered by employees. The Group contributes to a number of defined contribution pension schemes, the assets of which are held in separate trustee-administered funds, for the benefit of its employees. The Group\u2019s contribution to an employee\u2019s pension is measured as, and limited to, a specified percentage of salary. Once the contributions have been paid, the Group, as the employer, does not have any further payment obligations.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Salaries, wages and other related expenses
243.8
217.1
Share-based payment expenses
21,22(a)
21.7
16.2
Social security costs
20.9
16.9
Pension costs for defined contribution schemes
11.1
10.3
297.5
260.5
Monthly average number of employees, including the Directors, employed by the Group during the year by activity:
Average number of employees
2026
2025
Investments
281
258
Client group and marketing
275
277
Operations and central services
733
668
1,289
1,203
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-472": { "value": "4(b) Auditors\u2019 remuneration
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Fees payable to the auditors of the parent companies and their associates in
respect of audits of the parent companies\u2019 individual and consolidated
financial statements
0.6
0.4
Fees payable to the auditors and their associates for audit
and other services:
\u027c Audits of the parent companies\u2019 subsidiaries
1.3
1.2
\u027c Audit-related assurance services
0.4
0.3
\u027c Other assurance services
0.2
0.3
2.5
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-433": { "value": "
5. Net gain on investments and other income
Net gain on investments relates to the changes in market value of the Group\u2019s investments
which are measured at fair value through profit or loss and realised gain/loss on disposal of
investments.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Deferred employee benefit scheme gain
4
5.4
2.7
Gain on other investments
3.0
1.9
Net gain on investments
22(a)
8.4
4.6
Foreign exchange loss
(4.2)
(1.8)
Subletting income
1.9
1.5
Loss allowance in respect of financial asset
27(b)
\u2013
(0.5)
Other income
8.3
6.0
14.4
9.8
", "dimensions": { "concept": "ninetyoneplc:DisclosureOfNetGainOnInvestmentsAndOtherIncome", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-404": { "value": "
6. Interest income/expense
Interest income is principally generated from cash and cash equivalents. Interest income from
cash and cash equivalents excluding money market funds, which are financial assets measured
at amortised cost, is recognised on an accrual basis using the effective interest method in
accordance with the requirements of IFRS 9 Financial instruments. Interest income from money
market funds, which are measured at fair value through profit or loss, is recognised upon receipt
or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to
the unwinding of the discount applied to lease liabilities in accordance with the requirements
of IFRS 16 Leases.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Interest income from financial assets measured at amortised
cost
2.5
3.9
Interest income from money market funds
13.0
15.4
Interest income
22(a)
15.5
19.3
Interest expense on lease liabilities
22(b)
(3.4)
(3.3)
Other interest expense
(0.1)
\u2013
Interest expense
22(a)
(3.5)
(3.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-507": { "value": "6. Interest income/expense Interest income is principally generated from cash and cash equivalents. Interest income from cash and cash equivalents excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis using the effective interest method in accordance with the requirements of IFRS 9 Financial instruments. Interest income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount applied to lease liabilities in accordance with the requirements of IFRS 16 Leases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-500": { "value": "6. Interest income/expense Interest income is principally generated from cash and cash equivalents. Interest income from cash and cash equivalents excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis using the effective interest method in accordance with the requirements of IFRS 9 Financial instruments. Interest income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount applied to lease liabilities in accordance with the requirements of IFRS 16 Leases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-481": { "value": "6. Interest income/expense Interest income is principally generated from cash and cash equivalents. Interest income from cash and cash equivalents excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis using the effective interest method in accordance with the requirements of IFRS 9 Financial instruments. Interest income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount applied to lease liabilities in accordance with the requirements of IFRS 16 Leases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-475": { "value": "6. Interest income/expense Interest income is principally generated from cash and cash equivalents. Interest income from cash and cash equivalents excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis using the effective interest method in accordance with the requirements of IFRS 9 Financial instruments. Interest income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount applied to lease liabilities in accordance with the requirements of IFRS 16 Leases.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Interest income from financial assets measured at amortised
cost
2.5
3.9
Interest income from money market funds
13.0
15.4
Interest income
22(a)
15.5
19.3
Interest expense on lease liabilities
22(b)
(3.4)
(3.3)
Other interest expense
(0.1)
\u2013
Interest expense
22(a)
(3.5)
(3.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-473": { "value": "6. Interest income/expense Interest income is principally generated from cash and cash equivalents. Interest income from cash and cash equivalents excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis using the effective interest method in accordance with the requirements of IFRS 9 Financial instruments. Interest income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount applied to lease liabilities in accordance with the requirements of IFRS 16 Leases.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Interest income from financial assets measured at amortised
cost
2.5
3.9
Interest income from money market funds
13.0
15.4
Interest income
22(a)
15.5
19.3
Interest expense on lease liabilities
22(b)
(3.4)
(3.3)
Other interest expense
(0.1)
\u2013
Interest expense
22(a)
(3.5)
(3.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-467": { "value": "6. Interest income/expense Interest income is principally generated from cash and cash equivalents. Interest income from cash and cash equivalents excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis using the effective interest method in accordance with the requirements of IFRS 9 Financial instruments. Interest income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount applied to lease liabilities in accordance with the requirements of IFRS 16 Leases.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Interest income from financial assets measured at amortised
cost
2.5
3.9
Interest income from money market funds
13.0
15.4
Interest income
22(a)
15.5
19.3
Interest expense on lease liabilities
22(b)
(3.4)
(3.3)
Other interest expense
(0.1)
\u2013
Interest expense
22(a)
(3.5)
(3.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-455": { "value": "6. Interest income/expense Interest income is principally generated from cash and cash equivalents. Interest income from cash and cash equivalents excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis using the effective interest method in accordance with the requirements of IFRS 9 Financial instruments. Interest income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount applied to lease liabilities in accordance with the requirements of IFRS 16 Leases.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Interest income from financial assets measured at amortised
cost
2.5
3.9
Interest income from money market funds
13.0
15.4
Interest income
22(a)
15.5
19.3
Interest expense on lease liabilities
22(b)
(3.4)
(3.3)
Other interest expense
(0.1)
\u2013
Interest expense
22(a)
(3.5)
(3.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-432": { "value": "6. Interest income/expense Interest income is principally generated from cash and cash equivalents. Interest income from cash and cash equivalents excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis using the effective interest method in accordance with the requirements of IFRS 9 Financial instruments. Interest income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount applied to lease liabilities in accordance with the requirements of IFRS 16 Leases.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Interest income from financial assets measured at amortised
cost
2.5
3.9
Interest income from money market funds
13.0
15.4
Interest income
22(a)
15.5
19.3
Interest expense on lease liabilities
22(b)
(3.4)
(3.3)
Other interest expense
(0.1)
\u2013
Interest expense
22(a)
(3.5)
(3.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-405": { "value": "
7. Tax expense
The Group\u2019s tax expense comprises both current and deferred tax expense.
Current tax is the expected tax payable on the taxable income for the year, using tax rates
enacted or substantively enacted at the reporting date, and any adjustment to tax payable
in respect of previous years.
Deferred tax is provided using the statement of financial position method, providing for
temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. The amount of deferred tax
provided is based on the expected manner of realisation or settlement of the carrying amount
of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits
will be available against which the asset can be utilised. Deferred tax assets are reduced to
the extent that it is no longer probable that the related tax benefit will be realised. Deferred
tax assets are offset against deferred tax liabilities if they relate to income taxes levied by the
same taxation authority on the same taxable entity. The Group has applied the exception
to recognising and disclosing information about deferred tax assets and liabilities related
to Pillar Two income taxes under IAS 12.
Income taxes of the Group were determined based on the assumption that the individual entities
were separate taxable entities. Therefore, the current and deferred income taxes of all subsidiaries
of the Group are calculated separately and the recoverability of the deferred tax assets is also
assessed accordingly.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Current tax \u2013 current year
58.2
53.1
Current tax \u2013 adjustment for prior years
0.1
0.4
Current tax expense
58.3
53.5
Deferred tax \u2013 current year
(4.1)
0.7
Deferred tax \u2013 adjustment for prior years
(0.2)
\u2013
Deferred tax (credit)/expense
14
(4.3)
0.7
54.0
54.2
The UK and South Africa\u2019s corporate tax rates for years ended 2026 and 2025 were 25% and 27% respectively. The tax charge in the year is different to the standard rate of corporate tax in the UK and South Africa and the differences are explained below:
South Africa
United Kingdom
2026
2025
2026
2025
%
%
%
%
Effective rate of taxation
26.0
26.5
26.0
26.5
Tax effect of non-deductible expenses
(1.1)
(1.5)
(1.1)
(1.5)
Tax effect of Pillar Two (global minimum tax)
(1.0)
(0.7)
(1.0)
(0.7)
Adjustment to tax charge in respect
of prior years
0.1
(0.2)
0.1
(0.2)
Effect of different tax rates applicable
in foreign jurisdictions
3.0
2.9
1.0
0.9
Standard tax rate
27.0
27.0
25.0
25.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-501": { "value": "7. Tax expense The Group\u2019s tax expense comprises both current and deferred tax expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the statement of financial position method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets are offset against deferred tax liabilities if they relate to income taxes levied by the same taxation authority on the same taxable entity. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes under IAS 12. Income taxes of the Group were determined based on the assumption that the individual entities were separate taxable entities. Therefore, the current and deferred income taxes of all subsidiaries of the Group are calculated separately and the recoverability of the deferred tax assets is also assessed accordingly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-482": { "value": "7. Tax expense The Group\u2019s tax expense comprises both current and deferred tax expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the statement of financial position method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets are offset against deferred tax liabilities if they relate to income taxes levied by the same taxation authority on the same taxable entity. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes under IAS 12. Income taxes of the Group were determined based on the assumption that the individual entities were separate taxable entities. Therefore, the current and deferred income taxes of all subsidiaries of the Group are calculated separately and the recoverability of the deferred tax assets is also assessed accordingly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-483": { "value": "8. Earnings per share The Group calculates earnings per share (\u201cEPS\u201d) on a number of different bases in accordance with IFRS Accounting Standards and prevailing South African requirements. 8(a) Basic and diluted earnings per share The calculations of basic and diluted EPS are based on IAS 33 Earnings Per Share. Basic EPS is calculated by dividing profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year, excluding own shares held by the Ninety One employee benefit trusts (\u201cEBTs\u201d). Diluted EPS is calculated by dividing profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on the conversion of all the potentially dilutive shares into ordinary shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-406": { "value": "8. Earnings per share The Group calculates earnings per share (\u201cEPS\u201d) on a number of different bases in accordance with IFRS Accounting Standards and prevailing South African requirements. 8(a) Basic and diluted earnings per share The calculations of basic and diluted EPS are based on IAS 33 Earnings Per Share. Basic EPS is calculated by dividing profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year, excluding own shares held by the Ninety One employee benefit trusts (\u201cEBTs\u201d). Diluted EPS is calculated by dividing profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on the conversion of all the potentially dilutive shares into ordinary shares.
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Profit attributable to shareholders
153.5
150.1
The calculation of the weighted average number of ordinary shares for the purpose of
calculating basic and diluted earnings per share is:
2026
2025
Number of Number of
shares shares
Millions
Millions
Weighted average number of ordinary shares for the purpose of calculating
basic EPS
1
878.2
874.0
Effect of dilutive potential shares \u2013 share awards
18.2
0.3
Weighted average number of ordinary shares for the purpose of calculating
diluted EPS
896.4
874.3
Basic EPS (pence)
17.5
17.2
Diluted EPS (pence)
17.1
17. 2
1. Shares issuance related to Sanlam transaction (note 29), partially offset by shares cancellation under the share buyback
programmes (note 20(a)), resulted in an increase of 15.1 million in the weighted average number of ordinary shares.
(2025: decrease of 4.9 million due to share buyback programmes).
8(b) Headline earnings and diluted headline earnings per share
The Group is required to calculate headline earnings per share (\u201cHEPS\u201d) in accordance with
the JSE Listings Requirements, determined by reference to circular 1/2023 \u201cHeadline Earnings\u201d
issued by the South African Institute of Chartered Accountants.
There are no adjustments between profit attributable to shareholders and headline earnings
for the years ended 31 March 2026 and 2025. As a result, HEPS and diluted HEPS are the same
as basic EPS and diluted EPS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-484": { "value": "9. Dividends Dividends are distributions of profit to holders of the Group\u2019s share capital and as a result are recognised as a deduction in equity. Dividends are recognised only when they are approved by the shareholders of the Group. Dividend per share is calculated by dividing dividend paid by the number of ordinary shares in issue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-407": { "value": "9. Dividends Dividends are distributions of profit to holders of the Group\u2019s share capital and as a result are recognised as a deduction in equity. Dividends are recognised only when they are approved by the shareholders of the Group. Dividend per share is calculated by dividing dividend paid by the number of ordinary shares in issue.
2026
2025
Pence per Pence per
share
\u00a3\u2019m
share
\u00a3\u2019m
Prior year\u2019s final dividend paid
6.8
61.2
6.4
58.7
Interim dividend paid
6.0
53.6
5.4
48.5
12.8
114.8
11.8
107.2
On 2 June 2026, the Board recommended a final dividend for the year ended 31 March 2026 of 7.4 pence per ordinary share, an estimated \u00a374.4 million in total. The dividend is expected to be paid on 6 August 2026 to ordinary shareholders on the registers at the close of business on 17 July 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-6": { "value": "0.068", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-5": { "value": "0.064", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-434": { "value": "10. Investments The majority of the Group\u2019s investments relate to deferred compensation investments which are made by the Group to economically hedge the liability the Group has to its employees (note 17). Deferred compensation investments primarily consist of investments in pooled vehicles managed by entities within the Group. These investments do not qualify as plan assets and are presented separately in the consolidated statement of financial position. Other investments mostly include an equity-linked security of which the fair value is directly linked to the Group\u2019s share price. All investments held by the Group are measured at fair value through profit or loss. Details of the Group\u2019s accounting policy on classification and measurement of financial instruments are set out in note 26.
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Non-current
Deferred compensation investments
33.8
24.7
Investments in unlisted investment vehicles
24.3
20.4
Other investments
7.1
3.5
65.2
48.6
Current
Deferred compensation investments
26.0
30.0
Seed investments
1.6
4.7
27.6
34.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-408": { "value": "10. Investments The majority of the Group\u2019s investments relate to deferred compensation investments which are made by the Group to economically hedge the liability the Group has to its employees (note 17). Deferred compensation investments primarily consist of investments in pooled vehicles managed by entities within the Group. These investments do not qualify as plan assets and are presented separately in the consolidated statement of financial position. Other investments mostly include an equity-linked security of which the fair value is directly linked to the Group\u2019s share price. All investments held by the Group are measured at fair value through profit or loss. Details of the Group\u2019s accounting policy on classification and measurement of financial instruments are set out in note 26.
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Non-current
Deferred compensation investments
33.8
24.7
Investments in unlisted investment vehicles
24.3
20.4
Other investments
7.1
3.5
65.2
48.6
Current
Deferred compensation investments
26.0
30.0
Seed investments
1.6
4.7
27.6
34.7
24. Interests in unconsolidated structured entities
A structured entity is an entity that has been designed so that voting or similar rights are not
the dominant factor in deciding control, such as when any voting rights relate to administrative
tasks only, or when the relevant activities are directed by means of contractual arrangements. The
types of structured entities that the Group does not consolidate but in which it holds an interest are:
Type of structured entity
Nature and purpose
Interest held by the Group
Mutual funds
To manage assets on behalf of investors and
i)
Shares or units issued
generate fees for the investment manager. by the funds
These vehicles are financed through the issue
ii)
Management fee
of shares or units to investors. and performance fee
Interests held by the Group in mutual funds are:
Carrying amount Investment Management/
included in the management and performance
Number AUM of statement of performance fees fees receivable
of funds the funds financial position for the year as at year end
\u00a3\u2019bn
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 31 March 2026
156
75.6
314.5
363.2
41.1
At 31 March 2025
125
56.0
277.0
341.4
33.7
The Group\u2019s proprietary investments in mutual funds comprise investment in money market
funds and seed investments which are classified as cash and cash equivalents and current
investments on the consolidated statement of financial position respectively. Within the
carrying value of the Group\u2019s proprietary investments, \u00a3155.9 million (2025: \u00a3176.3 million) is
invested in money market funds which are managed by third parties. The carrying value of the
Group\u2019s proprietary investments and fees receivable represent the Group\u2019s maximum exposure
to loss from the interests in unconsolidated structured entities. In addition to the Group\u2019s
proprietary investments, \u00a357.8 million (2025: \u00a354.7 million) of deferred compensation
investments and \u00a39,382.1 million (2025: \u00a37,833.6 million) of linked investments backing
policyholder funds also invested into these mutual funds.
During the years ended 31 March 2026 and 2025, the Group did not provide financial support to
unconsolidated structured entities and has no intention of providing financial or other support.
31. Subsidiaries and other related undertakings
The Group operates globally, which results in the Group having a corporate structure consisting
of a number of related undertakings, comprising subsidiaries and associates. All subsidiaries
have been consolidated in the Group\u2019s financial statements. There are no restrictions or changes
in ownership of the subsidiaries. The Group\u2019s related undertakings along with the place of
incorporation, the registered address, the classes of shares held and the effective percentage
of equity owned at 31 March 2026 are disclosed below.
The addresses of the registered offices of Ninety One plc and Ninety One Limited are 55
Gresham Street, London, EC2V 7EL, United Kingdom and 36 Hans Strijdom Avenue, Cape Town,
8001, South Africa respectively.
Company name
Share class
Interest in %
Principal subsidiaries and associates held by Ninety One plc
United Kingdom
Registered office: 55 Gresham Street, London, EC2V 7EL
Ninety One Fund Managers UK Limited
Ordinary
100
Ninety One Global Limited
1
Ordinary
100
Ninety One International Limited
Ordinary
100
Ninety One UK Holdings Limited
Ordinary
100
Ninety One UK Limited
Ordinary
100
Australia
Registered office: Suite 3, Level 28, Chifley Tower, 2 Chifley Square, Sydney, NSW 2000
Ninety One Australia Pty Limited
Ordinary
100
Canada
Registered office: 22 Adelaide Street West, 3400, Toronto, Ontario, Canada, M5H 4E3
Ninety One Canada Inc.
Ordinary
100
Cayman Islands
Registered office: PO Box 10008, Pavilion East, Cricket Square, Grand Cayman, KY1-1001
Ninety One Asia Holdings
4
Ordinary
100
Guernsey
Registered office: First Floor, Dorey Court, Elizabeth Avenue, St. Peter Port, GY1 2HT
Ninety One Africa Frontier Private Equity Fund GP Limited
Ordinary
100
Ninety One Africa Private Equity Fund 2 GP Limited
Ordinary
100
Ninety One Guernsey Limited
Ordinary
100
Company name
Share class
Interest in %
Lango Real Estate Management Limited
2
Ordinary
37.5
Lango Co-Invest GP Limited
Ordinary
100
Partnership
Lango Co-Invest LP
3
interest
100
GIAP Manco Empowerment Limited
2
Ordinary
50
Ninety One Guernsey Nominees Limited
Ordinary
100
Ninety One Guernsey Service Company Limited
Ordinary
100
Hong Kong
Registered office: Suite 1201-1206, 12/F, One Pacific Place, 88 Queensway, Admiralty
Ninety One Hong Kong Limited
Ordinary
100
Luxembourg
Registered office: 2-4 Avenue Marie-Th\u00e9r\u00e8se, L-2132
Ninety One Africa Credit Opportunities Fund 2 GP S.\u00e0 r.l.
Ordinary
100
Ninety One Global Alternative Fund 2 GP S.\u00e0 r.l.
Ordinary
100
Ninety One Global Alternative Fund 2 Carry SCSp
Partnership
40
interest
Ninety One Global Alternative Fund 3 GP S.\u00e0 r.l.
4
Ordinary
100
Ninety One Luxembourg S.A.
Ordinary
100
Saudi Arabia
Registered office: 7934, Al Safarjal, 3193
Ninety One Capital Company (Single Shareholder Company)
Joint stock
100
Singapore
Registered office: 138 Market Street, #27-02 CapitaGreen, Singapore 048946
Ninety One Singapore Pte. Limited
Ordinary
100
Switzerland
Registered office: Dufourstrasse 49, 8008 Zurich
Ninety One Switzerland GmbH
Ordinary
100
United Arab Emirates
Registered office: 11, 6, Al Khatem Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi
Ninety One Gulf Capital Limited
Ordinary
100
United States of America
Registered office: 2711 Centerville Road, Suite 400, Wilmington, 19808, New Castle
Ninety One North America, Inc.
Ordinary
100
Company name
Share class
Interest in %
Principal subsidiaries and associates held by Ninety One Limited
South Africa
Registered office: 36 Hans Strijdom Avenue, Cape Town, 8001
Ninety One Africa Proprietary Limited
5
Ordinary
100
Ninety One Alternative Investments GP Proprietary Limited
Ordinary
100
Ninety One Assurance Limited
Ordinary
100
Ninety One Fund Managers SA (RF) Proprietary Limited
Ordinary
100
Ninety One Investment Platform Proprietary Limited
Ordinary
100
Ninety One SA Proprietary Limited
Ordinary
100
Sanlam Investment Management (Pty) Limited
9
Ordinary
100
Grayston Nominees Proprietary Limited
Ordinary
100
Ninety One Worldwide Flexible Fund
1 0
Unit
55.6
Ninety One Equity Long/Short Retail Hedge Fund
1 0
Unit
59.5
Botswana
Registered office: Deloitte House, Plot 64518, Fairgrounds, Gaborone
Ninety One Botswana Proprietary Limited
6
Ordinary
90
Ninety One Botswana Employee Share Scheme Trust
7
Unspecified
\u2013
Ninety One Fund Managers Botswana Proprietary Limited
6
Ordinary
90
Namibia
Registered office: 24 Orban Street, Klein Windhoek, Windhoek
Ninety One Asset Management Namibia (Proprietary) Limited
8
Ordinary
100
Ninety One Asset Management Namibia Staff Share Scheme Trust
7
Unspecified
\u2013
Ninety One Fund Managers Namibia Limited
8
Ordinary
100
1. Directly held by Ninety One plc.
2. This is an associate to the Group.
3. Following the final distribution to other partners, the Group now holds 100% interest in this entity (2025: 14.4%). The entity
subsequently entered into the process of dissolution.
4. Established in the current financial year.
5. Directly held by Ninety One Limited.
6. 75 percent of the equity interest in these companies is directly held by Ninety One Africa Proprietary Limited, 15 percent is
indirectly held by Ninety One Africa Proprietary Limited via Ninety One Botswana Employee Share Scheme Trust and the
remaining 10 percent is directly held by an employee.
7. The Group is considered to have control over these Trusts via Ninety One Africa Proprietary Limited under the requirements
of IFRS 10. Accordingly, these Trusts are classified as indirect subsidiaries of the Company.
8. 85 percent of the equity interest in these companies is directly held by Ninety One Africa Proprietary Limited. The remaining
15 percent is indirectly held by Ninety One Africa Proprietary Limited via Ninety One Asset Management Namibia Staff Share
Scheme Trust.
9. Acquired in the current financial year as part of the Sanlam transaction (note 29)
10. The Group consolidates these funds as a result of the proportion of holdings invested in the funds by the Group and
policyholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-485": { "value": "10. Investments The majority of the Group\u2019s investments relate to deferred compensation investments which are made by the Group to economically hedge the liability the Group has to its employees (note 17). Deferred compensation investments primarily consist of investments in pooled vehicles managed by entities within the Group. These investments do not qualify as plan assets and are presented separately in the consolidated statement of financial position. Other investments mostly include an equity-linked security of which the fair value is directly linked to the Group\u2019s share price. All investments held by the Group are measured at fair value through profit or loss. Details of the Group\u2019s accounting policy on classification and measurement of financial instruments are set out in note 26. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-502": { "value": "11. Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided for on a straight-line basis over the estimated useful lives of property and equipment as follows: Computer equipment 3 \u2013 5 years Fixtures and fittings 5 years Leasehold improvements Shorter of term of lease or useful economic life The residual values, depreciation methods and useful lives are reassessed annually. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-486": { "value": "11. Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided for on a straight-line basis over the estimated useful lives of property and equipment as follows: Computer equipment 3 \u2013 5 years Fixtures and fittings 5 years Leasehold improvements Shorter of term of lease or useful economic life The residual values, depreciation methods and useful lives are reassessed annually. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-409": { "value": "11. Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided for on a straight-line basis over the estimated useful lives of property and equipment as follows: Computer equipment 3 \u2013 5 years Fixtures and fittings 5 years Leasehold improvements Shorter of term of lease or useful economic life The residual values, depreciation methods and useful lives are reassessed annually.
Leasehold Computer Fixtures and
improvements equipment
fittings
Total
2026
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cost
At 1 April
27.7
12.4
3.3
43.4
Additions
3.6
2.5
1.0
7.1
Disposals
\u2013
\u2013
(0.4)
(0.4)
Foreign exchange adjustment
0.1
0.1
0.1
0.3
At 31 March
31.4
15.0
4.0
50.4
Accumulated depreciation
At 1 April
(10.3)
(8.7)
(3.2)
(22.2)
Depreciation
(2.7)
(1.9)
(0.2)
(4.8)
Disposals
\u2013
\u2013
0.4
0.4
At 31 March
(13.0)
(10.6)
(3.0)
(26.6)
Net book value at 31 March 2026
18.4
4.4
1.0
23.8
Leasehold Computer Fixtures and
improvements equipment
fittings
Total
2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cost
At 1 April
26.5
11.8
3.5
41.8
Additions
1.3
3.1
\u2013
4.4
Disposals
(0.1)
(2.5)
(0.2)
(2.8)
At 31 March
27.7
12.4
3.3
43.4
Accumulated depreciation
At 1 April
(7.8)
(9.9)
(2.8)
(20.5)
Depreciation
(2.6)
(1.3)
(0.6)
(4.5)
Disposals
0.1
2.5
0.2
2.8
At 31 March
(10.3)
(8.7)
(3.2)
(22.2)
Net book value at 31 March 2025
17.4
3.7
0.1
21.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-487": { "value": "
12. Leases
The Group leases various offices for business purposes. Lease terms are negotiated on an
individual basis and contain a wide range of different terms and conditions. The lease agreements
do not impose any covenants, but leased assets may not be used as security for borrowing
purposes.
Leases are recognised as a right-of-use asset with a corresponding liability at the date which
the leased asset is available for use by the Group. Assets and liabilities arising from a lease are
initially measured on a present value basis.
Lease liabilities include the net present value of lease payments. The lease payments are
discounted using the entity\u2019s incremental borrowing rate, being the rate that the entity would
have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use
asset in a similar economic environment with similar terms, security and conditions. Lease
payments are allocated between the principal and finance cost. The finance cost is charged
to profit or loss over the lease period so as to produce a constant periodic rate of interest on
the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
\u027d The amount of the initial measurement of lease liabilities;
\u027d any lease payment made at or before the commencement date less any lease incentives;
\u027d any initial direct costs; and
\u027d restoration costs.
The calculation of leased assets and liabilities requires the use of both estimation and judgement. The determination of the lease term for each lease involves the Group\u2019s judgement on the likelihood of any extension and termination options being exercised. The Group considers all facts and circumstances around the extension and termination options, including the enforceability of such options and the economic incentive created for the Group to exercise such options. Several of the Group\u2019s leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being exercised. Such options are only included in the lease term if the lease is reasonably certain to be extended or terminated by the Group. The potential future cash outflows relating to extension options not included in the measurement of lease liabilities approximate to \u00a392.4 million (2025: \u00a395.7 million). In addition, the identification of an appropriate discount rate to use in the calculation of the lease liabilities involves estimation. Where the lease\u2019s implicit rate is not readily determinable, an incremental borrowing rate, being the rate that the individual lease would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms and conditions, must be calculated by the Group. Right-of-use assets are generally depreciated over the lease term on a straight-line basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-410": { "value": "12. Leases The Group leases various offices for business purposes. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset with a corresponding liability at the date which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of lease payments. The lease payments are discounted using the entity\u2019s incremental borrowing rate, being the rate that the entity would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments are allocated between the principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u027d The amount of the initial measurement of lease liabilities; \u027d any lease payment made at or before the commencement date less any lease incentives; \u027d any initial direct costs; and \u027d restoration costs. The calculation of leased assets and liabilities requires the use of both estimation and judgement. The determination of the lease term for each lease involves the Group\u2019s judgement on the likelihood of any extension and termination options being exercised. The Group considers all facts and circumstances around the extension and termination options, including the enforceability of such options and the economic incentive created for the Group to exercise such options. Several of the Group\u2019s leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being exercised. Such options are only included in the lease term if the lease is reasonably certain to be extended or terminated by the Group. The potential future cash outflows relating to extension options not included in the measurement of lease liabilities approximate to \u00a392.4 million (2025: \u00a395.7 million). In addition, the identification of an appropriate discount rate to use in the calculation of the lease liabilities involves estimation. Where the lease\u2019s implicit rate is not readily determinable, an incremental borrowing rate, being the rate that the individual lease would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms and conditions, must be calculated by the Group. Right-of-use assets are generally depreciated over the lease term on a straight-line basis.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Right-of-use assets \u2013 Office premises
At 1 April
64.7
72.0
Additions and remeasurements
27.4
2.4
Depreciation
4
(9.8)
(9.3)
Foreign exchange adjustment
0.6
(0.4)
At 31 March
82.9
64.7
Lease liabilities
Current
9.8
10.0
Non-current
94.5
76.6
104.3
86.6
The remaining contractual maturities of the Group\u2019s lease liabilities at the end of the current
reporting period were:
2026
2025
Present value Present value
of the minimum Total Minimum of the minimum Total minimum
lease payments lease payments lease payments lease payments
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Within one year
9.8
14.4
10.0
12.8
Between one and five years
39.7
54.1
34.2
41.8
Over five years
54.8
67.9
42.4
45.6
104.3
136.4
86.6
100.2
The total cash outflow for leases during the year ended 31 March 2026 was \u00a313.5 million
(2025: \u00a313.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-435": { "value": "Right-of-use assets are generally depreciated over the lease term on a straight-line basis.
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Right-of-use assets \u2013 Office premises
At 1 April
64.7
72.0
Additions and remeasurements
27.4
2.4
Depreciation
4
(9.8)
(9.3)
Foreign exchange adjustment
0.6
(0.4)
At 31 March
82.9
64.7
Lease liabilities
Current
9.8
10.0
Non-current
94.5
76.6
104.3
86.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-503": { "value": "13. Intangible assets Intangible assets represent investment management contracts acquired through the Sanlam transaction (refer to note 29 for detail). Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and impairment losses. The amortisation charge for the year is included in operating expenses in the consolidated statement of comprehensive income, on a straight-line basis over their estimated useful life. The amortisation method, useful lives and residual values are reviewed annually and adjusted if appropriate. The estimated useful lives of the investment management contracts are 15 years. Impairment assessment was performed at acquisition using a discounted cash flow model with an appropriate discount rate and assumptions including market performance. Based on the valuation results, no impairment was identified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-488": { "value": "13. Intangible assets Intangible assets represent investment management contracts acquired through the Sanlam transaction (refer to note 29 for detail). Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and impairment losses. The amortisation charge for the year is included in operating expenses in the consolidated statement of comprehensive income, on a straight-line basis over their estimated useful life. The amortisation method, useful lives and residual values are reviewed annually and adjusted if appropriate. The estimated useful lives of the investment management contracts are 15 years. Impairment assessment was performed at acquisition using a discounted cash flow model with an appropriate discount rate and assumptions including market performance. Based on the valuation results, no impairment was identified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-437": { "value": "13. Intangible assets Intangible assets represent investment management contracts acquired through the Sanlam transaction (refer to note 29 for detail). Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and impairment losses. The amortisation charge for the year is included in operating expenses in the consolidated statement of comprehensive income, on a straight-line basis over their estimated useful life. The amortisation method, useful lives and residual values are reviewed annually and adjusted if appropriate. The estimated useful lives of the investment management contracts are 15 years. Impairment assessment was performed at acquisition using a discounted cash flow model with an appropriate discount rate and assumptions including market performance. Based on the valuation results, no impairment was identified.
2026
Notes \u00a3\u2019m
Addition
303.5
Amortisation
4
(4.2)
Foreign exchange adjustment
(5.8)
At 31 March
293.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-411": { "value": "13. Intangible assets Intangible assets represent investment management contracts acquired through the Sanlam transaction (refer to note 29 for detail). Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and impairment losses. The amortisation charge for the year is included in operating expenses in the consolidated statement of comprehensive income, on a straight-line basis over their estimated useful life. The amortisation method, useful lives and residual values are reviewed annually and adjusted if appropriate. The estimated useful lives of the investment management contracts are 15 years. Impairment assessment was performed at acquisition using a discounted cash flow model with an appropriate discount rate and assumptions including market performance. Based on the valuation results, no impairment was identified.
2026
Notes \u00a3\u2019m
Addition
303.5
Amortisation
4
(4.2)
Foreign exchange adjustment
(5.8)
At 31 March
293.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-456": { "value": "
14. Deferred taxation
The components of deferred tax assets and liabilities recognised in the consolidated statement
of financial position and the movements during the year were:
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Deferred tax assets arising from the following:
Share awards and other employee benefits
9.3
5.9
Deferred compensation payments
26.2
22.1
Other temporary differences
1.8
1.3
Gross deferred tax assets
37.3
29.3
Less: Offset against deferred tax liabilities
(1.3)
(1.3)
Deferred tax assets
36.0
28.0
Deferred tax liabilities arising from the following:
Unrealised capital gain
63.8
44.2
Other temporary differences
1.4
1.0
Gross deferred tax liabilities
65.2
45.2
Less: Offset against deferred tax assets
(1.3)
(1.3)
Deferred tax liabilities
1
63.9
43.9
Net deferred tax liabilities
(27.9)
(15.9)
1. Includes \u00a363.5 million (2025: \u00a343.8 million) related to policyholders.
Share awards
and other Deferred Other
employee compensation temporary Unrealised Net deferred
benefits payments differences capital gain tax liabilities
2026
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
5.7
22.1
0.5
(44.2)
(15.9)
Credited/(charged) to:
Profit or loss
2.1
2.3
(0.2)
0.1
4.3
Directly to equity
1.4
\u2013
\u2013
\u2013
1.4
Acquired through Sanlam
transaction
0.1
1.2
\u2013
\u2013
1.3
Policyholder funds
\u2013
\u2013
\u2013
(16.9)
(16.9)
Foreign exchange adjustment
\u2013
0.6
0.1
(2.8)
(2.1)
At 31 March
9.3
26.2
0.4
(63.8)
(27.9)
Share awards
and other Deferred Other
employee compensation temporary Unrealised Net deferred
benefits payments differences capital gain tax liabilities
2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
6.3
21.9
0.4
(38.4)
(9.8)
(Charged)/credited to:
Profit or loss
(1.0)
0.2
0.1
\u2013
(0.7)
Other comprehensive income
0.5
\u2013
\u2013
\u2013
0.5
Directly to equity
(0.2)
\u2013
\u2013
\u2013
(0.2)
Policyholder funds
\u2013
\u2013
\u2013
(5.7)
(5.7)
Foreign exchange adjustment
0.1
\u2013
\u2013
(0.1)
\u2013
At 31 March
5.7
22.1
0.5
(44.2)
(15.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-436": { "value": "14. Deferred taxation The components of deferred tax assets and liabilities recognised in the consolidated statement of financial position and the movements during the year were:
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Deferred tax assets arising from the following:
Share awards and other employee benefits
9.3
5.9
Deferred compensation payments
26.2
22.1
Other temporary differences
1.8
1.3
Gross deferred tax assets
37.3
29.3
Less: Offset against deferred tax liabilities
(1.3)
(1.3)
Deferred tax assets
36.0
28.0
Deferred tax liabilities arising from the following:
Unrealised capital gain
63.8
44.2
Other temporary differences
1.4
1.0
Gross deferred tax liabilities
65.2
45.2
Less: Offset against deferred tax assets
(1.3)
(1.3)
Deferred tax liabilities
1
63.9
43.9
Net deferred tax liabilities
(27.9)
(15.9)
1. Includes \u00a363.5 million (2025: \u00a343.8 million) related to policyholders. Share awards and other Deferred Other employee compensation temporary Unrealised Net deferred benefits payments differences capital gain tax liabilities \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m At 1 April 5.7 22.1 0.5 (44.2) (15.9) Credited/(charged) to: Profit or loss 2.1 2.3 (0.2) 0.1 4.3 Directly to equity 1.4 \u2013 \u2013 \u2013 1.4 Acquired through Sanlam transaction 0.1 1.2 \u2013 \u2013 1.3 Policyholder funds \u2013 \u2013 \u2013 (16.9) (16.9) Foreign exchange adjustment \u2013 0.6 0.1 (2.8) (2.1) At 31 March 9.3 26.2 0.4 (63.8) (27.9)
Share awards
and other Deferred Other
employee compensation temporary Unrealised Net deferred
benefits payments differences capital gain tax liabilities
2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
6.3
21.9
0.4
(38.4)
(9.8)
(Charged)/credited to:
Profit or loss
(1.0)
0.2
0.1
\u2013
(0.7)
Other comprehensive income
0.5
\u2013
\u2013
\u2013
0.5
Directly to equity
(0.2)
\u2013
\u2013
\u2013
(0.2)
Policyholder funds
\u2013
\u2013
\u2013
(5.7)
(5.7)
Foreign exchange adjustment
0.1
\u2013
\u2013
(0.1)
\u2013
At 31 March
5.7
22.1
0.5
(44.2)
(15.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-412": { "value": "15. Policyholders\u2019 assets and liabilities and third party interest in consolidated investment funds The Group undertakes investment-linked insurance business through one of its South African entities which issues linked policies to the policyholders. These policies are unit-linked investment contracts, with measurement directly linked to the underlying investment assets which are carried at fair value through profit or loss. As the underlying investment assets are beneficially held by the Group, these assets together with the contract liabilities due to the policyholders are included in the consolidated statement of financial position and labelled as linked investments backing policyholder funds and policyholder investment contract liabilities respectively. These policyholders\u2019 assets and liabilities are classified as current assets and liabilities as they represent the amounts available to policyholders who can withdraw their funds on demand. Policyholder investment contracts do not qualify as insurance contracts as defined in IFRS 17 Insurance Contracts as there is no transfer of insurance risk. Therefore, these contracts are accounted for as financial liabilities under IFRS 9 and are also carried at fair value through profit or loss so as to avoid a mismatch in profit or loss between the policyholder investments linked to investment contracts and the policyholder investment contract liabilities. Gains and losses from assets and liabilities of these contracts are attributable to third party investors in linked investments backing policyholder funds. As a result, any gain or loss is offset by a change in the obligation to investors and is not included in the Group\u2019s net gain/loss on investments. Surplus transferred to shareholders represents deductions from policyholder funds to which the Group is entitled in exchange for managing policyholder investments. These amounts are included in net revenue. Linked investments backing policyholder funds and consolidated investment funds The pooled portfolio of assets that is linked to policyholder investment contract liabilities and third party interest in consolidated investment funds was:
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Quoted investments at fair value
Equities
771.4
761.3
Derivatives
(10.8)
1.7
760.6
763.0
Unquoted investments at fair value
Collective investment schemes
9,398.4
7,833.6
Equities
22.8
6.2
Debt instruments
3, 277.3
2,598.3
Derivatives
(1.5)
(1.0)
Cash and cash equivalents
199.6
213.1
Unrecognised policyholder reduction
1
(14.1)
(12.1)
12,882.5
10,638.1
13,643.1
11,401.1
1. Related to accrued surplus on policyholder funds yet to be transferred to shareholders.
The movements in linked investments backing policyholder funds and consolidated investment
funds were:
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
At 1 April
11,401.1
10,298.3
Net fair value gains on linked investments backing policyholder
funds
22(a)
1,011.6
636.5
Net acquisition of linked investments backing policyholder funds
22(a)
578.0
309.1
Net movement in cash and cash equivalents within linked
investments backing policyholder funds
(24.1)
133.8
Net asset value of investment funds recognised upon
consolidation
17.3
\u2013
Net movement in consolidated investment funds
5.8
\u2013
Foreign exchange adjustment
653.4
23.4
At 31 March
13,643.1
11,401.1
Policyholder investment contract liabilities and third party interest
in consolidated investment funds
The movements in policyholder investment contract liabilities and third party interest
in consolidated investment funds were:
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
At 1 April
11,359.7
10,278.5
Investment income on linked investments backing policyholder
funds
502.6
484.2
Net fair value gains on linked investments backing policyholder
funds
1,011.6
636.5
Investment and administration expenses
(53.0)
(43.0)
Income tax expense \u2013 policyholders
(29.1)
(14.8)
Current tax expense \u2013 policyholders
(12.2)
(9.1)
Deferred tax expense \u2013 policyholders
14
(16.9)
(5.7)
Surplus transferred to shareholders
(42.9)
(45.5)
Net fair value change in policyholder investment contract liabilities
22(a)
1,389.2
1 ,017.4
Net contributions
22(a)
163.5
40.1
Third party interest in investment funds recognised upon
consolidation
17.3
\u2013
Net movement in third party interest in consolidated investment funds
5.8
\u2013
Foreign exchange adjustment
650.8
23.7
At 31 March
13,586.3
11,359.7
", "dimensions": { "concept": "ninetyoneplc:DisclosureOfPolicyholdersAssetsAndLiabilities", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-489": { "value": "16. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and money market funds that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Cash balances within linked investments backing policyholder funds of \u00a3199.6 million (2025: \u00a3213.1 million) as set out in note 15 are not included in cash and cash equivalents as they are not available for use by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-413": { "value": "16. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and money market funds that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Cash balances within linked investments backing policyholder funds of \u00a3199.6 million (2025: \u00a3213.1 million) as set out in note 15 are not included in cash and cash equivalents as they are not available for use by the Group.
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Cash at bank
121.5
114.3
Money market funds
312.9
272.3
434.4
386.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-490": { "value": "17. Other liabilities Other liabilities mainly consist of the liabilities due to employees related to deferred compensation. The obligation in respect of long-term employee benefits, other than retirement benefits, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. This future benefit relates to deferred compensation provided by the Group to its employees, which the Group invests in pooled vehicles managed by entities within the Group. At the end of the specified period, employees are entitled to an amount equal to the value of the investments held by the Group (note 10). It is management\u2019s view that the most relevant measure of the employee benefit liabilities is therefore the fair value of the investments held by the Group. As there are no material ongoing performance requirements following the grant of the award, judgement has been applied in determining that the charge should be booked in full in profit or loss in the year in which the award is earned. Deferred compensation liabilities include applicable employer tax. Third party interests in employee benefits trusts consist of employees\u2019 interests in EBTs which are reflected as a liability to the Group. ", "dimensions": { "concept": "ninetyoneplc:DescriptionOfAccountingPolicyForOtherLiabilities", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-476": { "value": "17. Other liabilities Other liabilities mainly consist of the liabilities due to employees related to deferred compensation. The obligation in respect of long-term employee benefits, other than retirement benefits, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. This future benefit relates to deferred compensation provided by the Group to its employees, which the Group invests in pooled vehicles managed by entities within the Group. At the end of the specified period, employees are entitled to an amount equal to the value of the investments held by the Group (note 10). It is management\u2019s view that the most relevant measure of the employee benefit liabilities is therefore the fair value of the investments held by the Group. As there are no material ongoing performance requirements following the grant of the award, judgement has been applied in determining that the charge should be booked in full in profit or loss in the year in which the award is earned. Deferred compensation liabilities include applicable employer tax. Third party interests in employee benefits trusts consist of employees\u2019 interests in EBTs which are reflected as a liability to the Group.
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Non-current
Deferred compensation liabilities
34.0
26.3
Third party interests in employee benefit trusts
1
8.1
4.8
42.1
31.1
Current
Deferred compensation liabilities
28.6
33.0
70.7
64.1
1. This was referred to as \u201cThird party interests in consolidated funds\u201d in the prior year and has been renamed to better reflect the nature of the entity. 19. Trade and other payables Trade and other payables consist of amounts due to third parties arising in the ordinary course of business. All trade and other payables are measured at amortised cost and are expected to be settled within one year or are repayable on demand.
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Employee related payables
149.2
122.9
Subscription accounts payable
55.8
43.3
Commission payables
35.3
25.6
Accrued expenses
23.1
21.9
Trade payables related to policyholders
37.8
47.8
Other payables
30.3
11.8
331.5
273.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-438": { "value": "17. Other liabilities Other liabilities mainly consist of the liabilities due to employees related to deferred compensation. The obligation in respect of long-term employee benefits, other than retirement benefits, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. This future benefit relates to deferred compensation provided by the Group to its employees, which the Group invests in pooled vehicles managed by entities within the Group. At the end of the specified period, employees are entitled to an amount equal to the value of the investments held by the Group (note 10). It is management\u2019s view that the most relevant measure of the employee benefit liabilities is therefore the fair value of the investments held by the Group. As there are no material ongoing performance requirements following the grant of the award, judgement has been applied in determining that the charge should be booked in full in profit or loss in the year in which the award is earned. Deferred compensation liabilities include applicable employer tax. Third party interests in employee benefits trusts consist of employees\u2019 interests in EBTs which are reflected as a liability to the Group.
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Non-current
Deferred compensation liabilities
34.0
26.3
Third party interests in employee benefit trusts
1
8.1
4.8
42.1
31.1
Current
Deferred compensation liabilities
28.6
33.0
70.7
64.1
1. This was referred to as \u201cThird party interests in consolidated funds\u201d in the prior year and has been renamed to better reflect the nature of the entity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-414": { "value": "17. Other liabilities Other liabilities mainly consist of the liabilities due to employees related to deferred compensation. The obligation in respect of long-term employee benefits, other than retirement benefits, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. This future benefit relates to deferred compensation provided by the Group to its employees, which the Group invests in pooled vehicles managed by entities within the Group. At the end of the specified period, employees are entitled to an amount equal to the value of the investments held by the Group (note 10). It is management\u2019s view that the most relevant measure of the employee benefit liabilities is therefore the fair value of the investments held by the Group. As there are no material ongoing performance requirements following the grant of the award, judgement has been applied in determining that the charge should be booked in full in profit or loss in the year in which the award is earned. Deferred compensation liabilities include applicable employer tax. Third party interests in employee benefits trusts consist of employees\u2019 interests in EBTs which are reflected as a liability to the Group.
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Non-current
Deferred compensation liabilities
34.0
26.3
Third party interests in employee benefit trusts
1
8.1
4.8
42.1
31.1
Current
Deferred compensation liabilities
28.6
33.0
70.7
64.1
1. This was referred to as \u201cThird party interests in consolidated funds\u201d in the prior year and has been renamed to better reflect the nature of the entity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-441": { "value": "18. Trade and other receivables Trade and other receivables consist of amounts expected to be received from third parties in the ordinary course of business as well as prepayments and deposits. An analysis of the ageing profile of trade receivables is disclosed in note 27(b).
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Non-current
Other receivables
\u2013
1.4
Deposits
0.4
0.3
0.4
1.7
Current
Trade receivables
27(b)
130.7
106.5
Subscription accounts receivable
46.2
34.0
Trade receivables related to policyholders
47.9
50.1
Other receivables
1
18.8
9.8
Prepayments and deposits
20.7
18.6
264.3
219.0
1. Principally relate to sundry debtors and fund recharge receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-491": { "value": "18. Trade and other receivables Trade and other receivables consist of amounts expected to be received from third parties in the ordinary course of business as well as prepayments and deposits. An analysis of the ageing profile of trade receivables is disclosed in note 27(b). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-474": { "value": "18. Trade and other receivables Trade and other receivables consist of amounts expected to be received from third parties in the ordinary course of business as well as prepayments and deposits. An analysis of the ageing profile of trade receivables is disclosed in note 27(b).
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Non-current
Other receivables
\u2013
1.4
Deposits
0.4
0.3
0.4
1.7
Current
Trade receivables
27(b)
130.7
106.5
Subscription accounts receivable
46.2
34.0
Trade receivables related to policyholders
47.9
50.1
Other receivables
1
18.8
9.8
Prepayments and deposits
20.7
18.6
264.3
219.0
1. Principally relate to sundry debtors and fund recharge receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-468": { "value": "18. Trade and other receivables Trade and other receivables consist of amounts expected to be received from third parties in the ordinary course of business as well as prepayments and deposits. An analysis of the ageing profile of trade receivables is disclosed in note 27(b).
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Non-current
Other receivables
\u2013
1.4
Deposits
0.4
0.3
0.4
1.7
Current
Trade receivables
27(b)
130.7
106.5
Subscription accounts receivable
46.2
34.0
Trade receivables related to policyholders
47.9
50.1
Other receivables
1
18.8
9.8
Prepayments and deposits
20.7
18.6
264.3
219.0
1. Principally relate to sundry debtors and fund recharge receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-457": { "value": "18. Trade and other receivables Trade and other receivables consist of amounts expected to be received from third parties in the ordinary course of business as well as prepayments and deposits. An analysis of the ageing profile of trade receivables is disclosed in note 27(b).
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Non-current
Other receivables
\u2013
1.4
Deposits
0.4
0.3
0.4
1.7
Current
Trade receivables
27(b)
130.7
106.5
Subscription accounts receivable
46.2
34.0
Trade receivables related to policyholders
47.9
50.1
Other receivables
1
18.8
9.8
Prepayments and deposits
20.7
18.6
264.3
219.0
1. Principally relate to sundry debtors and fund recharge receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-415": { "value": "18. Trade and other receivables Trade and other receivables consist of amounts expected to be received from third parties in the ordinary course of business as well as prepayments and deposits. An analysis of the ageing profile of trade receivables is disclosed in note 27(b).
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Non-current
Other receivables
\u2013
1.4
Deposits
0.4
0.3
0.4
1.7
Current
Trade receivables
27(b)
130.7
106.5
Subscription accounts receivable
46.2
34.0
Trade receivables related to policyholders
47.9
50.1
Other receivables
1
18.8
9.8
Prepayments and deposits
20.7
18.6
264.3
219.0
1. Principally relate to sundry debtors and fund recharge receivables", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-493": { "value": "19. Trade and other payables Trade and other payables consist of amounts due to third parties arising in the ordinary course of business. All trade and other payables are measured at amortised cost and are expected to be settled within one year or are repayable on demand. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-440": { "value": "19. Trade and other payables Trade and other payables consist of amounts due to third parties arising in the ordinary course of business. All trade and other payables are measured at amortised cost and are expected to be settled within one year or are repayable on demand.
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Employee related payables
149.2
122.9
Subscription accounts payable
55.8
43.3
Commission payables
35.3
25.6
Accrued expenses
23.1
21.9
Trade payables related to policyholders
37.8
47.8
Other payables
30.3
11.8
331.5
273.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-416": { "value": "19. Trade and other payables Trade and other payables consist of amounts due to third parties arising in the ordinary course of business. All trade and other payables are measured at amortised cost and are expected to be settled within one year or are repayable on demand.
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Employee related payables
149.2
122.9
Subscription accounts payable
55.8
43.3
Commission payables
35.3
25.6
Accrued expenses
23.1
21.9
Trade payables related to policyholders
37.8
47.8
Other payables
30.3
11.8
331.5
273.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-417": { "value": "
20. Share capital, share premium and reserves
20(a) Share capital and share premium
Ordinary shares are classified as equity instruments when there is no contractual obligation
to deliver cash or other assets to another entity. The value of the Group\u2019s share capital consists
of the number of ordinary shares in issue in Ninety One plc and Ninety One Limited multiplied
by their nominal value.
During the year ended 31 March 2026, the Group issued shares in exchange for intangible
assets and ordinary shares of Sanlam Investment Management (Pty) Limited (\u201cSIMSA\u201d) as
part of the Sanlam transaction. As a result, a share premium of \u00a3138.6 million has been
recognised in Ninety One plc from the Sanlam transaction (note 29).
In addition, the Group carried out share buyback programmes for both Ninety One Limited and
Ninety One plc. Details of the share buybacks are:
i) Ninety One Limited bought back and cancelled 8.2 million (2025: 10.2 million) of its ordinary
shares on-market at an average price of R36.84 (2025: R37.86) per share, amounting to a
total consideration of R303.1 million, equivalent to \u00a313.0 million (2025: R384.5 million,
equivalent to \u00a316.5 million) including transaction costs; and
ii) Ninety One plc bought back and cancelled 9.1 million (2025: 0.4 million) of its ordinary
shares on-market at an average price of \u00a31.58 per share, amounting to a total consideration
of \u00a314.4 million (2025: \u00a30.6 million) including transaction costs.
These share buyback transactions have resulted in a total consideration paid of \u00a327.4 million
(2025: \u00a317.1 million), and reductions in share capital of \u00a312.0 million (2025: \u00a315.0 million) and
retained earnings of \u00a316.8 million (2025: \u00a34.0 million).
To maintain the same equalisation ratio in the DLC structure, an equal number of special
converting shares in Ninety One plc and Ninety One Limited were issued or redeemed following
the issuance or cancellation of ordinary shares in Ninety One Limited and Ninety One plc.
Details of the share capital of Ninety One plc and Ninety One Limited are:
2026
2025
Number of Nominal Share Number of Nominal
shares value premium shares value
Millions
\u00a3\u2019m
\u00a3\u2019m
Millions
\u00a3\u2019m
Ninety One plc
Ordinary shares of \u00a30.0001 each,
issued, allotted and fully paid
1
Ordinary shares at 1 April
622.2
0.1
\u2013
622.6
0.1
Shares issued (note 29)
59.1
\u2013
138.6
\u2013
\u2013
Shares cancelled
(9.1)
\u2013
\u2013
(0.4)
\u2013
Ordinary shares at 31 March
672.2
0.1
138.6
622.2
0.1
Special converting shares of \u00a30.0001
each, issued, allotted and fully paid
2
Special converting shares at 1 April
274.6
\u2013
\u2013
284.8
\u2013
Shares issued (note 29)
66.6
\u2013
\u2013
\u2013
\u2013
Shares redeemed
(8.2)
\u2013
\u2013
(10.2)
\u2013
Special converting shares at 31 March
333.0
\u2013
\u2013
274.6
\u2013
UK DAS share *
\u2013
\u2013 *
\u2013
UK DAN share *
\u2013
\u2013 *
\u2013
Special voting share *
\u2013
\u2013 *
\u2013
Special rights share *
\u2013
\u2013 *
\u2013
Ninety One plc balance
at 31 March
0.1
138.6
0.1
2026
2025
Number of Nominal Share Number of Nominal
shares value premium shares value
Millions
\u00a3\u2019m
\u00a3\u2019m
Millions
\u00a3\u2019m
Ninety One Limited
Ordinary shares with no par value,
issued, allotted and fully paid
1
Ordinary shares at 1 April
274.6
403.6
\u2013
284.8
418.6
Shares issued (note 29)
66.6
166.7
\u2013
\u2013
\u2013
Shares cancelled
(8.2)
(12.0)
\u2013
(10.2)
(15.0)
Ordinary shares at 31 March
333.0
558.3
\u2013
274.6
403.6
Special converting shares with no par
value, issued, allotted and fully paid
2
Special converting shares at 1 April
622.2
\u2013
\u2013
622.6
\u2013
Shares issued (note 29)
59.1
\u2013
\u2013
\u2013
\u2013
Shares redeemed
(9.1)
\u2013
\u2013
(0.4)
\u2013
Special converting shares at 31 March
672.2
\u2013
\u2013
622.2
\u2013
SA DAS share *
\u2013
\u2013 *
\u2013
SA DAN share *
\u2013
\u2013 *
\u2013
Special voting share *
\u2013
\u2013 *
\u2013
Special rights share *
\u2013
\u2013 *
\u2013
Ninety One Limited balance
at 31 March
558.3
\u2013
403.6
Total ordinary shares at 31 March
1,005.2
558.4
138.6
896.8
403.7
* Represents one share.
1. All ordinary shares in issue rank pari passu and carry the same voting rights and entitlement to receive dividends and other
distributions declared or paid by the Group. Ninety One Limited is authorised to issue one billion ordinary shares with no par value.
2. Special shares will not have any rights to vote, except on a resolution either to vary the rights attached to such share or
on capital by Ninety One plc or Ninety One Limited. Under the terms of the DLC Agreements, shareholders of Ninety One plc
and Ninety One Limited have common economic and voting rights as if Ninety One plc and Ninety One Limited are a single
decision-making body. These include equivalent dividends on a per share basis, joint electorate and class right variations.
Special converting shares, special voting shares and special rights shares are issued to facilitate joint voting by shareholders
of Ninety One plc and Ninety One Limited on any joint electorate action and class rights action. The UK DAS share, UK DAN
share, SA DAS share and SA DAN share are dividend access shares that support the DLC equalisation principles, including
the requirement that ordinary shareholders of Ninety One plc and Ninety One Limited are paid equal cash dividends per
share.
20(b) Demerger reserves and other reserves Demerger reserves During the demerger from Investec in March 2020, the following reserves were created:
\u00a3\u2019m
Distributable reserve (i)
732.2
Merger reserve (ii)
183.0
DLC reserve (iii)
(1,236.5)
At 31 March 2026 and 2025
(321.3)
i) The distributable reserve is a court approved distributable reserve available for future distributions by way of dividend, originally pertaining to the premium on a proportion of the shares issued by Ninety One plc to acquire Ninety One UK Limited at the time of demerger. ii) Merger reserve is a legally created reserve under section 612 of the Companies Act 2006. iii) DLC reserve is an accounting reserve in equity, representing the difference between the consideration for the acquired net assets and the related share capital and share premium. Other reserves The movements in other reserves during the year were:
Share-based Foreign currency
payment translation
reserve
reserve
Total
2026
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
(iv) (v)
At 1 April
32.0
(41.5)
(9.5)
Foreign exchange differences on translation of foreign
subsidiaries
\u2013
4.5
4.5
Share-based payment charges
21.7
\u2013
21.7
Vesting and release of share awards
(15.2)
\u2013
(15.2)
At 31 March
38.5
(37.0)
1.5
Share-based Foreign currency
payment translation
reserve
reserve
Total
2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
32.0
(42.7)
(10.7)
Foreign exchange differences on translation of foreign
subsidiaries
\u2013
1.2
1.2
Share-based payment charges
16.2
\u2013
16.2
Vesting and release of share awards
(16.2)
\u2013
(16.2)
At 31 March
32.0
(41.5)
(9.5)
iv) The share-based payment reserve comprises the fair value of share awards granted which are yet to be exercised. The amount will be reversed to the own share reserve when the related awards are vested and transferred to employees. v) The foreign currency translation reserve represents the exchange differences arising from the translation of the financial statements of foreign subsidiaries. 20(c) Own share reserve The Group established the EBTs for the purpose of purchasing the Group\u2019s shares and satisfying the share-based payment awards granted to employees. The EBTs are funded and operated by the relevant entity of the Group and hold shares that have not vested unconditionally to employees of the Group. The EBTs are consolidated into the Group\u2019s consolidated financial statements, with any Ninety One shares held by the EBTs classified as own shares deducted from equity of the Group\u2019s consolidated statement of financial position. These shares are recorded at cost, and no gain or loss is recognised in the Group\u2019s consolidated statement of comprehensive income on the purchase, sale, issue or cancellation of these shares. The movements in own share reserve during the year were:
2026
2025
Number of Number of
shares shares
Millions
\u00a3\u2019m
Millions
\u00a3\u2019m
At 1 April
36.0
67.5
23.3
49.8
Own shares purchased
7.5
12.7
19.4
31.0
Own shares vested and released
(7.2)
(13.6)
(6.7)
(13.3)
Share buyback transactions
(0.2)
(0.5)
\u2013
\u2013
At 31 March
36.1
66.1
36.0
67.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-492": { "value": "20(a) Share capital and share premium Ordinary shares are classified as equity instruments when there is no contractual obligation to deliver cash or other assets to another entity. The value of the Group\u2019s share capital consists of the number of ordinary shares in issue in Ninety One plc and Ninety One Limited multiplied by their nominal value. During the year ended 31 March 2026, the Group issued shares in exchange for intangible assets and ordinary shares of Sanlam Investment Management (Pty) Limited (\u201cSIMSA\u201d) as part of the Sanlam transaction. As a result, a share premium of \u00a3138.6 million has been recognised in Ninety One plc from the Sanlam transaction (note 29). In addition, the Group carried out share buyback programmes for both Ninety One Limited and Ninety One plc. Details of the share buybacks are: i) Ninety One Limited bought back and cancelled 8.2 million (2025: 10.2 million) of its ordinary shares on-market at an average price of R36.84 (2025: R37.86) per share, amounting to a total consideration of R303.1 million, equivalent to \u00a313.0 million (2025: R384.5 million, equivalent to \u00a316.5 million) including transaction costs; and ii) Ninety One plc bought back and cancelled 9.1 million (2025: 0.4 million) of its ordinary shares on-market at an average price of \u00a31.58 per share, amounting to a total consideration of \u00a314.4 million (2025: \u00a30.6 million) including transaction costs. These share buyback transactions have resulted in a total consideration paid of \u00a327.4 million (2025: \u00a317.1 million), and reductions in share capital of \u00a312.0 million (2025: \u00a315.0 million) and retained earnings of \u00a316.8 million (2025: \u00a34.0 million). To maintain the same equalisation ratio in the DLC structure, an equal number of special converting shares in Ninety One plc and Ninety One Limited were issued or redeemed following the issuance or cancellation of ordinary shares in Ninety One Limited and Ninety One plc. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-439": { "value": "20(a) Share capital and share premium Ordinary shares are classified as equity instruments when there is no contractual obligation to deliver cash or other assets to another entity. The value of the Group\u2019s share capital consists of the number of ordinary shares in issue in Ninety One plc and Ninety One Limited multiplied by their nominal value. During the year ended 31 March 2026, the Group issued shares in exchange for intangible assets and ordinary shares of Sanlam Investment Management (Pty) Limited (\u201cSIMSA\u201d) as part of the Sanlam transaction. As a result, a share premium of \u00a3138.6 million has been recognised in Ninety One plc from the Sanlam transaction (note 29). In addition, the Group carried out share buyback programmes for both Ninety One Limited and Ninety One plc. Details of the share buybacks are: i) Ninety One Limited bought back and cancelled 8.2 million (2025: 10.2 million) of its ordinary shares on-market at an average price of R36.84 (2025: R37.86) per share, amounting to a total consideration of R303.1 million, equivalent to \u00a313.0 million (2025: R384.5 million, equivalent to \u00a316.5 million) including transaction costs; and ii) Ninety One plc bought back and cancelled 9.1 million (2025: 0.4 million) of its ordinary shares on-market at an average price of \u00a31.58 per share, amounting to a total consideration of \u00a314.4 million (2025: \u00a30.6 million) including transaction costs. These share buyback transactions have resulted in a total consideration paid of \u00a327.4 million (2025: \u00a317.1 million), and reductions in share capital of \u00a312.0 million (2025: \u00a315.0 million) and retained earnings of \u00a316.8 million (2025: \u00a34.0 million). To maintain the same equalisation ratio in the DLC structure, an equal number of special converting shares in Ninety One plc and Ninety One Limited were issued or redeemed following the issuance or cancellation of ordinary shares in Ninety One Limited and Ninety One plc. Details of the share capital of Ninety One plc and Ninety One Limited are:
2026
2025
Number of Nominal Share Number of Nominal
shares value premium shares value
Millions
\u00a3\u2019m
\u00a3\u2019m
Millions
\u00a3\u2019m
Ninety One plc
Ordinary shares of \u00a30.0001 each,
issued, allotted and fully paid
1
Ordinary shares at 1 April
622.2
0.1
\u2013
622.6
0.1
Shares issued (note 29)
59.1
\u2013
138.6
\u2013
\u2013
Shares cancelled
(9.1)
\u2013
\u2013
(0.4)
\u2013
Ordinary shares at 31 March
672.2
0.1
138.6
622.2
0.1
Special converting shares of \u00a30.0001
each, issued, allotted and fully paid
2
Special converting shares at 1 April
274.6
\u2013
\u2013
284.8
\u2013
Shares issued (note 29)
66.6
\u2013
\u2013
\u2013
\u2013
Shares redeemed
(8.2)
\u2013
\u2013
(10.2)
\u2013
Special converting shares at 31 March
333.0
\u2013
\u2013
274.6
\u2013
UK DAS share *
\u2013
\u2013 *
\u2013
UK DAN share *
\u2013
\u2013 *
\u2013
Special voting share *
\u2013
\u2013 *
\u2013
Special rights share *
\u2013
\u2013 *
\u2013
Ninety One plc balance
at 31 March
0.1
138.6
0.1
2026
2025
Number of Nominal Share Number of Nominal
shares value premium shares value
Millions
\u00a3\u2019m
\u00a3\u2019m
Millions
\u00a3\u2019m
Ninety One Limited
Ordinary shares with no par value,
issued, allotted and fully paid
1
Ordinary shares at 1 April
274.6
403.6
\u2013
284.8
418.6
Shares issued (note 29)
66.6
166.7
\u2013
\u2013
\u2013
Shares cancelled
(8.2)
(12.0)
\u2013
(10.2)
(15.0)
Ordinary shares at 31 March
333.0
558.3
\u2013
274.6
403.6
Special converting shares with no par
value, issued, allotted and fully paid
2
Special converting shares at 1 April
622.2
\u2013
\u2013
622.6
\u2013
Shares issued (note 29)
59.1
\u2013
\u2013
\u2013
\u2013
Shares redeemed
(9.1)
\u2013
\u2013
(0.4)
\u2013
Special converting shares at 31 March
672.2
\u2013
\u2013
622.2
\u2013
SA DAS share *
\u2013
\u2013 *
\u2013
SA DAN share *
\u2013
\u2013 *
\u2013
Special voting share *
\u2013
\u2013 *
\u2013
Special rights share *
\u2013
\u2013 *
\u2013
Ninety One Limited balance
at 31 March
558.3
\u2013
403.6
Total ordinary shares at 31 March
1,005.2
558.4
138.6
896.8
403.7
* Represents one share. 1. All ordinary shares in issue rank pari passu and carry the same voting rights and entitlement to receive dividends and other distributions declared or paid by the Group. Ninety One Limited is authorised to issue one billion ordinary shares with no par value. 2. Special shares will not have any rights to vote, except on a resolution either to vary the rights attached to such share or on capital by Ninety One plc or Ninety One Limited. Under the terms of the DLC Agreements, shareholders of Ninety One plc and Ninety One Limited have common economic and voting rights as if Ninety One plc and Ninety One Limited are a single decision-making body. These include equivalent dividends on a per share basis, joint electorate and class right variations. Special converting shares, special voting shares and special rights shares are issued to facilitate joint voting by shareholders of Ninety One plc and Ninety One Limited on any joint electorate action and class rights action. The UK DAS share, UK DAN share, SA DAS share and SA DAN share are dividend access shares that support the DLC equalisation principles, including the requirement that ordinary shareholders of Ninety One plc and Ninety One Limited are paid equal cash dividends per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-442": { "value": "20(b) Demerger reserves and other reserves Demerger reserves During the demerger from Investec in March 2020, the following reserves were created:
\u00a3\u2019m
Distributable reserve (i)
732.2
Merger reserve (ii)
183.0
DLC reserve (iii)
(1,236.5)
At 31 March 2026 and 2025
(321.3)
i) The distributable reserve is a court approved distributable reserve available for future distributions by way of dividend, originally pertaining to the premium on a proportion of the shares issued by Ninety One plc to acquire Ninety One UK Limited at the time of demerger. ii) Merger reserve is a legally created reserve under section 612 of the Companies Act 2006. iii) DLC reserve is an accounting reserve in equity, representing the difference between the consideration for the acquired net assets and the related share capital and share premium. Other reserves The movements in other reserves during the year were:
Share-based Foreign currency
payment translation
reserve
reserve
Total
2026
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
(iv) (v)
At 1 April
32.0
(41.5)
(9.5)
Foreign exchange differences on translation of foreign
subsidiaries
\u2013
4.5
4.5
Share-based payment charges
21.7
\u2013
21.7
Vesting and release of share awards
(15.2)
\u2013
(15.2)
At 31 March
38.5
(37.0)
1.5
Share-based Foreign currency
payment translation
reserve
reserve
Total
2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
32.0
(42.7)
(10.7)
Foreign exchange differences on translation of foreign
subsidiaries
\u2013
1.2
1.2
Share-based payment charges
16.2
\u2013
16.2
Vesting and release of share awards
(16.2)
\u2013
(16.2)
At 31 March
32.0
(41.5)
(9.5)
iv) The share-based payment reserve comprises the fair value of share awards granted which are yet to be exercised. The amount will be reversed to the own share reserve when the related awards are vested and transferred to employees. v) The foreign currency translation reserve represents the exchange differences arising from the translation of the financial statements of foreign subsidiaries. 20(c) Own share reserve The Group established the EBTs for the purpose of purchasing the Group\u2019s shares and satisfying the share-based payment awards granted to employees. The EBTs are funded and operated by the relevant entity of the Group and hold shares that have not vested unconditionally to employees of the Group. The EBTs are consolidated into the Group\u2019s consolidated financial statements, with any Ninety One shares held by the EBTs classified as own shares deducted from equity of the Group\u2019s consolidated statement of financial position. These shares are recorded at cost, and no gain or loss is recognised in the Group\u2019s consolidated statement of comprehensive income on the purchase, sale, issue or cancellation of these shares. The movements in own share reserve during the year were:
2026
2025
Number of Number of
shares shares
Millions
\u00a3\u2019m
Millions
\u00a3\u2019m
At 1 April
36.0
67.5
23.3
49.8
Own shares purchased
7.5
12.7
19.4
31.0
Own shares vested and released
(7.2)
(13.6)
(6.7)
(13.3)
Share buyback transactions
(0.2)
(0.5)
\u2013
\u2013
At 31 March
36.1
66.1
36.0
67.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-458": { "value": "
20(c) Own share reserve
The Group established the EBTs for the purpose of purchasing the Group\u2019s shares and satisfying
the share-based payment awards granted to employees. The EBTs are funded and operated
by the relevant entity of the Group and hold shares that have not vested unconditionally to
employees of the Group. The EBTs are consolidated into the Group\u2019s consolidated financial
statements, with any Ninety One shares held by the EBTs classified as own shares deducted
from equity of the Group\u2019s consolidated statement of financial position. These shares are
recorded at cost, and no gain or loss is recognised in the Group\u2019s consolidated statement
of comprehensive income on the purchase, sale, issue or cancellation of these shares.
The movements in own share reserve during the year were:
2026
2025
Number of Number of
shares shares
Millions
\u00a3\u2019m
Millions
\u00a3\u2019m
At 1 April
36.0
67.5
23.3
49.8
Own shares purchased
7.5
12.7
19.4
31.0
Own shares vested and released
(7.2)
(13.6)
(6.7)
(13.3)
Share buyback transactions
(0.2)
(0.5)
\u2013
\u2013
At 31 March
36.1
66.1
36.0
67.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-494": { "value": "20(c) Own share reserve The Group established the EBTs for the purpose of purchasing the Group\u2019s shares and satisfying the share-based payment awards granted to employees. The EBTs are funded and operated by the relevant entity of the Group and hold shares that have not vested unconditionally to employees of the Group. The EBTs are consolidated into the Group\u2019s consolidated financial statements, with any Ninety One shares held by the EBTs classified as own shares deducted from equity of the Group\u2019s consolidated statement of financial position. These shares are recorded at cost, and no gain or loss is recognised in the Group\u2019s consolidated statement of comprehensive income on the purchase, sale, issue or cancellation of these shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-418": { "value": "
21. Share-based payments
The equity settled expense charged to the statement of comprehensive income related to
share-based payments (excluding employer taxes) was:
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Ninety One plc LTIP and Ninety One Limited LTIP (note 21(a)(i))
21.7
16.2
21(a) Ninety One share scheme
The Group has two long-term incentive plans and a UK tax advantaged share incentive plan.
These are the Ninety One plc Long-Term Incentive Plan (\u201cNinety One plc LTIP\u201d), Ninety One
Limited Long-Term Incentive Plan (\u201cNinety One Limited LTIP\u201d) and Ninety One Share Incentive
Plan (\u201cNinety One SIP\u201d) (collectively known as the \u201cNinety One share scheme\u201d). Awards under
the Ninety One share scheme have been accounted for as equity-settled share-based payments.
The fair value of employee services received, measured by reference to the grant date fair value
of the awards adjusted by the estimate of the likely levels of forfeiture and achievement of
performance criteria, is recognised as an expense over the vesting period with a corresponding
credit to the share-based payment reserve in the equity of the Group\u2019s consolidated financial
statements. The vesting period for these plans may commence before the legal grant date if the
employees have started to render services in respect of the award before the legal grant date,
where there is a shared understanding of the terms and conditions of the arrangement. At each
period end, the Group reassesses the number of equity instruments expected to vest, and
recognises any difference between the revised and original estimate in the consolidated
statement of comprehensive income with a corresponding adjustment to the share-based
payment reserve in equity. Failure to meet a vesting condition by the employee is not treated
as a cancellation, and the amount of expense recognised for the award is adjusted to reflect
the number of awards expected to vest.
(i) Ninety One plc LTIP and Ninety One Limited LTIP
Employees of Ninety One plc and its subsidiaries are eligible to participate in the Ninety One plc
LTIP. Employees of Ninety One Limited and its subsidiaries are eligible to participate in the
Ninety One Limited LTIP. Awards are made at the discretion of the Group\u2019s Human Capital
and Remuneration Committee and may be granted in the form of options, forfeitable shares
or conditional awards. Awards granted under the Ninety One plc LTIP are over shares in
Ninety One plc and awards granted under the Ninety One Limited LTIP are over shares in
Ninety One Limited.
The awards granted under the Ninety One plc LTIP and Ninety One Limited LTIP in this financial year took the form of forfeitable shares or conditional awards. Awards are granted during the year in the following circumstances: \u027d Annual bonus deferral into shares: The Group operates a bonus deferral arrangement which allows for a portion of selected employees\u2019 annual bonus to be deferred into an award under the Ninety One plc LTIP or Ninety One Limited LTIP when the award offer is received. The bonus deferral awards over shares will vest after approximately three years. \u027d Ad hoc awards for strategically important employees and new hires, excluding Executive Directors: these awards have bespoke vesting periods of up to five years and may be subject to performance conditions. \u027d Annual single incentive award: awards granted to Executive Directors based on the long term and short term performance measures as determined by the Human Capital and Remuneration Committee annually. These awards will vest on the third anniversary of grant and be subject to further holding period after vesting of up to two years.
2026
2025
Number of Number of
ordinary shares ordinary shares
Millions
Millions
Outstanding at 1 April
26.6
21.0
Granted
10.4
14.0
Vested
(8.0)
(7.8)
Forfeited
(0.6)
(0.6)
Outstanding at 31 March
28.4
26.6
The weighted average fair value of shares granted under these plans during the year ended 31 March 2026 was \u00a31.87 (2025: \u00a31.76). Fair value is equal to the market value of the shares at the date of grant. (ii) Ninety One SIP The Ninety One SIP is an all-employee share plan. Free share awards were made under the Ninety One SIP. All eligible UK employees on the admission date in March 2020 received their listing awards as free share awards under the Ninety One SIP which were subject to a three- year holding period starting from the grant date. All free share awards have fully vested in a prior year. The Ninety One SIP is currently used as an employee share purchase plan.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-495": { "value": "21(a) Ninety One share scheme The Group has two long-term incentive plans and a UK tax advantaged share incentive plan. These are the Ninety One plc Long-Term Incentive Plan (\u201cNinety One plc LTIP\u201d), Ninety One Limited Long-Term Incentive Plan (\u201cNinety One Limited LTIP\u201d) and Ninety One Share Incentive Plan (\u201cNinety One SIP\u201d) (collectively known as the \u201cNinety One share scheme\u201d). Awards under the Ninety One share scheme have been accounted for as equity-settled share-based payments. The fair value of employee services received, measured by reference to the grant date fair value of the awards adjusted by the estimate of the likely levels of forfeiture and achievement of performance criteria, is recognised as an expense over the vesting period with a corresponding credit to the share-based payment reserve in the equity of the Group\u2019s consolidated financial statements. The vesting period for these plans may commence before the legal grant date if the employees have started to render services in respect of the award before the legal grant date, where there is a shared understanding of the terms and conditions of the arrangement. At each period end, the Group reassesses the number of equity instruments expected to vest, and recognises any difference between the revised and original estimate in the consolidated statement of comprehensive income with a corresponding adjustment to the share-based payment reserve in equity. Failure to meet a vesting condition by the employee is not treated as a cancellation, and the amount of expense recognised for the award is adjusted to reflect the number of awards expected to vest. (i) Ninety One plc LTIP and Ninety One Limited LTIP Employees of Ninety One plc and its subsidiaries are eligible to participate in the Ninety One plc LTIP. Employees of Ninety One Limited and its subsidiaries are eligible to participate in the Ninety One Limited LTIP. Awards are made at the discretion of the Group\u2019s Human Capital and Remuneration Committee and may be granted in the form of options, forfeitable shares or conditional awards. Awards granted under the Ninety One plc LTIP are over shares in Ninety One plc and awards granted under the Ninety One Limited LTIP are over shares in Ninety One Limited. The awards granted under the Ninety One plc LTIP and Ninety One Limited LTIP in this financial year took the form of forfeitable shares or conditional awards. Awards are granted during the year in the following circumstances: \u027d Annual bonus deferral into shares: The Group operates a bonus deferral arrangement which allows for a portion of selected employees\u2019 annual bonus to be deferred into an award under the Ninety One plc LTIP or Ninety One Limited LTIP when the award offer is received. The bonus deferral awards over shares will vest after approximately three years. \u027d Ad hoc awards for strategically important employees and new hires, excluding Executive Directors: these awards have bespoke vesting periods of up to five years and may be subject to performance conditions. \u027d Annual single incentive award: awards granted to Executive Directors based on the long term and short term performance measures as determined by the Human Capital and Remuneration Committee annually. These awards will vest on the third anniversary of grant and be subject to further holding period after vesting of up to two years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-419": { "value": "
22. Notes to the consolidated statement of cash flows
22(a) Reconciliation of cash flows from operations
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Cashflows from operations \u2013 shareholders
Profit before tax
207.5
204.3
Adjusted for:
Net gain on investments
5
(8.4)
(4.6)
Depreciation of property and equipment
4
4.8
4.5
Depreciation of right-of-use assets
4
9.8
9.3
Amortisation of intangible assets
4,13
4.2
\u2013
Interest income
6
(15.5)
(19.3)
Interest expense
6
3.5
3.3
Net loss of pension fund
0.1
0.3
Share of loss/(profit) from associates
0.6
(2.4)
Share-based payment charges
4(a)
21.7
16.2
Working capital changes:
Trade and other receivables
(37.8)
2.4
Trade and other payables
53.0
(6.6)
Other liabilities
(0.7)
4.0
242.8
211.4
Cashflows from operations \u2013 policyholders
Adjusted for:
Net fair value gains on linked investments backing policyholder funds
15
(1,011.6)
(636.5)
Net fair value change in policyholder investment contract liabilities
15
1,389.2
1,017.4
Net contributions received from policyholders
15
163.5
40.1
Net acquisition of linked investments backing policyholder funds
15
(578.0)
(309.1)
Working capital changes:
Trade and other receivables
4.7
8.7
Trade and other payables
(12.2)
7.2
Other movements
20.3
5.8
(24.1)
133.6
22(b) Reconciliation of liabilities arising from financing activities
The table below details changes in the Group\u2019s liabilities from financing activities, including both
cash and non-cash changes. Liabilities arising from financing activities are liabilities for which
cash flows were, or future cash flows will be, classified in the consolidated statement of cash
flows as cash flows from financing activities.
Lease liabilities
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
At 1 April
86.6
94.7
Changes from cash flows:
Principal elements of lease payments
(10.1)
(10.1)
Interest paid in respect of lease liabilities
(3.4)
(3.3)
Payment of lease liabilities
(13.5)
(13.4)
Other changes:
Additions and remeasurements of lease liabilities
27.4
2.4
Interest expense on lease liabilities
6
3.4
3.3
Foreign exchange adjustment
0.4
(0.4)
At 31 March
104.3
86.6
22(c) Reconciliation of cash flow (including policyholders figures)
2026
2025
Policyholders
Shareholders
Total
Policyholders
Shareholders
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cash and cash
equivalents at 1 April
213.1
386.6
599.7
81.8
375.3
457.1
Net change in cash
and cash equivalents
(24.1)
41.0
16.9
133.6
11.6
145.2
Effect of foreign
exchange rate changes
10.6
6.8
17.4
(2.3)
(0.3)
(2.6)
Cash and cash
equivalents at 31 March
199.6
434.4
634.0
213.1
386.6
599.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-443": { "value": "22(b) Reconciliation of liabilities arising from financing activities The table below details changes in the Group\u2019s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the consolidated statement of cash flows as cash flows from financing activities.
Lease liabilities
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
At 1 April
86.6
94.7
Changes from cash flows:
Principal elements of lease payments
(10.1)
(10.1)
Interest paid in respect of lease liabilities
(3.4)
(3.3)
Payment of lease liabilities
(13.5)
(13.4)
Other changes:
Additions and remeasurements of lease liabilities
27.4
2.4
Interest expense on lease liabilities
6
3.4
3.3
Foreign exchange adjustment
0.4
(0.4)
At 31 March
104.3
86.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-420": { "value": "
23. Commitments
The Group has a total of \u00a335.2 million (2025: \u00a332.7 million) investment call commitments of
which \u00a321.4 million (2025: \u00a318.4 million) has been drawn down and included in investments,
resulting in commitments outstanding at 31 March 2026 not recognised as liability in the
consolidated financial statements of \u00a313.8 million (2025: \u00a314.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-445": { "value": "23. Commitments The Group has a total of \u00a335.2 million (2025: \u00a332.7 million) investment call commitments of which \u00a321.4 million (2025: \u00a318.4 million) has been drawn down and included in investments, resulting in commitments outstanding at 31 March 2026 not recognised as liability in the consolidated financial statements of \u00a313.8 million (2025: \u00a314.3 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-444": { "value": "24. Interests in unconsolidated structured entities A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding control, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by means of contractual arrangements. The types of structured entities that the Group does not consolidate but in which it holds an interest are:
Type of structured entity
Nature and purpose
Interest held by the Group
Mutual funds
To manage assets on behalf of investors and
i)
Shares or units issued
generate fees for the investment manager. by the funds
These vehicles are financed through the issue
ii)
Management fee
of shares or units to investors. and performance fee
Interests held by the Group in mutual funds are:
Carrying amount Investment Management/
included in the management and performance
Number AUM of statement of performance fees fees receivable
of funds the funds financial position for the year as at year end
\u00a3\u2019bn
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 31 March 2026
156
75.6
314.5
363.2
41.1
At 31 March 2025
125
56.0
277.0
341.4
33.7
The Group\u2019s proprietary investments in mutual funds comprise investment in money market funds and seed investments which are classified as cash and cash equivalents and current investments on the consolidated statement of financial position respectively. Within the carrying value of the Group\u2019s proprietary investments, \u00a3155.9 million (2025: \u00a3176.3 million) is invested in money market funds which are managed by third parties. The carrying value of the Group\u2019s proprietary investments and fees receivable represent the Group\u2019s maximum exposure to loss from the interests in unconsolidated structured entities. In addition to the Group\u2019s proprietary investments, \u00a357.8 million (2025: \u00a354.7 million) of deferred compensation investments and \u00a39,382.1 million (2025: \u00a37,833.6 million) of linked investments backing policyholder funds also invested into these mutual funds. During the years ended 31 March 2026 and 2025, the Group did not provide financial support to unconsolidated structured entities and has no intention of providing financial or other support. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-446": { "value": "
25. Related parties
In the ordinary course of business, the Group carries out transactions with related parties,
as defined by IAS 24 Related Party Disclosures. Apart from those disclosed elsewhere in the
consolidated financial statements, material transactions for the year are set out below.
25(a) Transactions with key management personnel
The key management personnel are defined as the Directors (both Executive and Non-Executive)
of Ninety One plc and Ninety One Limited. Details of the compensation paid to the Directors are
disclosed on pages 86 and 87 as well as their shareholdings in the Group on page 96 of the
Annual Report on Remuneration.
The remuneration related to key management personnel for employee services was:
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Short-term employee benefits
5.4
3.7
Share-based payments
2.3
2.9
7.7
6.6
25(b) Balance and transactions with Marathon Trust and Forty Two
Point Two
Ninety One employees indirectly hold an interest in the Group through the Marathon Trust (the
\u201cTrust\u201d) and Forty Two Point Two. The Trust owns 100 percent of Forty Two Point Two and Forty
Two Point Two owns 25.52 percent (2025: 28.44 percent) of the Group. During the year ended
31 March 2026, Forty Two Point Two decreased their shareholding in the Group by 2.92 percent
(2025: increased by 0.65 percent) due to dilution as a result of the Group issuing new shares,
partly offset by the purchases of shares by Forty Two Point Two in the market and by the
Group\u2019s share buyback programmes.
The terms and conditions of the transaction were no more favourable than those available,
or which might be expected to be available, on a similar transaction to non-related entities.
There are no cross guarantees between Ninety One and Forty Two Point Two.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-421": { "value": "25. Related parties In the ordinary course of business, the Group carries out transactions with related parties, as defined by IAS 24 Related Party Disclosures. Apart from those disclosed elsewhere in the consolidated financial statements, material transactions for the year are set out below. 25(a) Transactions with key management personnel The key management personnel are defined as the Directors (both Executive and Non-Executive) of Ninety One plc and Ninety One Limited. Details of the compensation paid to the Directors are disclosed on pages 86 and 87 as well as their shareholdings in the Group on page 96 of the Annual Report on Remuneration. The remuneration related to key management personnel for employee services was:
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Short-term employee benefits
5.4
3.7
Share-based payments
2.3
2.9
7.7
6.6
25(b) Balance and transactions with Marathon Trust and Forty Two Point Two Ninety One employees indirectly hold an interest in the Group through the Marathon Trust (the \u201cTrust\u201d) and Forty Two Point Two. The Trust owns 100 percent of Forty Two Point Two and Forty Two Point Two owns 25.52 percent (2025: 28.44 percent) of the Group. During the year ended 31 March 2026, Forty Two Point Two decreased their shareholding in the Group by 2.92 percent (2025: increased by 0.65 percent) due to dilution as a result of the Group issuing new shares, partly offset by the purchases of shares by Forty Two Point Two in the market and by the Group\u2019s share buyback programmes. The terms and conditions of the transaction were no more favourable than those available, or which might be expected to be available, on a similar transaction to non-related entities. There are no cross guarantees between Ninety One and Forty Two Point Two.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-459": { "value": "25(a) Transactions with key management personnel The key management personnel are defined as the Directors (both Executive and Non-Executive) of Ninety One plc and Ninety One Limited. Details of the compensation paid to the Directors are disclosed on pages 86 and 87 as well as their shareholdings in the Group on page 96 of the Annual Report on Remuneration. The remuneration related to key management personnel for employee services was:
2026
2025
\u00a3\u2019m
\u00a3\u2019m
Short-term employee benefits
5.4
3.7
Share-based payments
2.3
2.9
7.7
6.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-496": { "value": "26. Financial instruments Recognition and derecognition of financial instruments Financial instruments are initially recognised on the statement of financial position when, and only when, the Group becomes a party to the contractual provisions of the particular instrument. On initial recognition, financial assets are measured at fair value plus, for financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial assets. Initial recognition of financial liabilities is at fair value less directly attributable transaction costs. Financial assets are derecognised when the Group transfers substantially all risks and rewards of ownership. In addition, financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group transfers the rights to receive the contractual cash flows in a transaction in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liabilities are derecognised when, and only when, the obligations under the contract are discharged, cancelled or expire. Classification and measurement of financial assets and financial liabilities Financial assets are classified into three principal classification categories: measured at amortised cost, at fair value through other comprehensive income and at fair value through profit or loss (\u201cFVTPL\u201d). The classification of financial assets is based on the business model under which the financial asset is managed and its contractual cash flow characteristics. The Group\u2019s financial assets are either classified as measured at FVTPL or amortised cost. Financial assets measured at amortised cost Financial assets are measured at amortised cost when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows. It typically applies to the Group\u2019s cash and cash equivalents, excluding money market funds, and trade and other receivables. The carrying amount of financial assets measured at amortised cost is adjusted for expected credit losses (\u201cECLs\u201d) under the ECL model. Movements in the ECL provision are recognised in other income in the consolidated statement of comprehensive income. Financial assets measured at FVTPL Financial assets measured at FVTPL consist of linked investments backing policyholder funds and consolidated investment funds, holdings in pooled vehicles as part of the deferred compensation plan (explained further below), money market funds within cash and cash equivalents, seed capital investments, investments in unlisted investment vehicles and other investments. These financial assets do not meet the classification criteria of measuring at amortised cost and fair value through other comprehensive income and therefore, they are initially recognised at fair value and subsequently measured at FVTPL, with gains and losses recognised in the consolidated statement of comprehensive income in the period in which they arise. When available, the Group measures the fair value of an instrument, such as interest-bearing investments, listed investments and investments in collective investment schemes and mutual funds, using the quoted price in an active market. If there is no quoted price in an active market, such as derivatives and unlisted investments, the fair value of these investments is determined by applying a generally accepted valuation technique. Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. At the reporting date, there was no indication of impairment of any non-financial assets. Financial liabilities Financial liabilities comprise policyholder investment contract liabilities and third party interest in consolidated investment funds, lease liabilities, other liabilities and trade and other payables. All financial liabilities, excluding policyholder investment contract liabilities and third party interest in consolidated investment funds and other liabilities, are measured at amortised cost using the effective interest method. Policyholder investment contract liabilities and third party interest in consolidated investment funds and other liabilities are measured at fair value through profit or loss with movements in fair value recognised in the consolidated statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-422": { "value": "26. Financial instruments Recognition and derecognition of financial instruments Financial instruments are initially recognised on the statement of financial position when, and only when, the Group becomes a party to the contractual provisions of the particular instrument. On initial recognition, financial assets are measured at fair value plus, for financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial assets. Initial recognition of financial liabilities is at fair value less directly attributable transaction costs. Financial assets are derecognised when the Group transfers substantially all risks and rewards of ownership. In addition, financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group transfers the rights to receive the contractual cash flows in a transaction in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liabilities are derecognised when, and only when, the obligations under the contract are discharged, cancelled or expire. Classification and measurement of financial assets and financial liabilities Financial assets are classified into three principal classification categories: measured at amortised cost, at fair value through other comprehensive income and at fair value through profit or loss (\u201cFVTPL\u201d). The classification of financial assets is based on the business model under which the financial asset is managed and its contractual cash flow characteristics. The Group\u2019s financial assets are either classified as measured at FVTPL or amortised cost. Financial assets measured at amortised cost Financial assets are measured at amortised cost when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows. It typically applies to the Group\u2019s cash and cash equivalents, excluding money market funds, and trade and other receivables. The carrying amount of financial assets measured at amortised cost is adjusted for expected credit losses (\u201cECLs\u201d) under the ECL model. Movements in the ECL provision are recognised in other income in the consolidated statement of comprehensive income. Financial assets measured at FVTPL Financial assets measured at FVTPL consist of linked investments backing policyholder funds and consolidated investment funds, holdings in pooled vehicles as part of the deferred compensation plan (explained further below), money market funds within cash and cash equivalents, seed capital investments, investments in unlisted investment vehicles and other investments. These financial assets do not meet the classification criteria of measuring at amortised cost and fair value through other comprehensive income and therefore, they are initially recognised at fair value and subsequently measured at FVTPL, with gains and losses recognised in the consolidated statement of comprehensive income in the period in which they arise. When available, the Group measures the fair value of an instrument, such as interest-bearing investments, listed investments and investments in collective investment schemes and mutual funds, using the quoted price in an active market. If there is no quoted price in an active market, such as derivatives and unlisted investments, the fair value of these investments is determined by applying a generally accepted valuation technique. Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. At the reporting date, there was no indication of impairment of any non-financial assets. Financial liabilities Financial liabilities comprise policyholder investment contract liabilities and third party interest in consolidated investment funds, lease liabilities, other liabilities and trade and other payables. All financial liabilities, excluding policyholder investment contract liabilities and third party interest in consolidated investment funds and other liabilities, are measured at amortised cost using the effective interest method. Policyholder investment contract liabilities and third party interest in consolidated investment funds and other liabilities are measured at fair value through profit or loss with movements in fair value recognised in the consolidated statement of comprehensive income.
The Group\u2019s financial instruments by category and reconciled to the consolidated statement
of financial position at 31 March were:
Financial
Financial instruments
instruments at measured at Total financial Non-financial
FVTPL amortised cost instruments
instruments
Total
2026
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Investments
92.8
\u2013
92.8
\u2013
92.8
Investment in associates
\u2013
\u2013
\u2013
0.9
0.9
Property and equipment
\u2013
\u2013
\u2013
23.8
23.8
Right-of-use assets
\u2013
\u2013
\u2013
82.9
82.9
Intangible assets
\u2013
\u2013
\u2013
293.5
293.5
Deferred tax assets
\u2013
\u2013
\u2013
36.0
36.0
Linked investments backing
policyholder funds and
consolidated investment funds
13,643.1
\u2013
13,643.1
\u2013
13,643.1
Trade and other receivables
\u2013
243.6
243.6
21.1
264.7
Pension fund asset
\u2013
\u2013
\u2013
0.6
0.6
Income tax recoverable
\u2013
\u2013
\u2013
3.6
3.6
Cash and cash equivalents
312.9
121.5
434.4
\u2013
434.4
Total assets
14,048.8
365.1
14,413.9
462.4
14,876.3
Policyholder investment
contract liabilities and third
party interest in consolidated
investment funds
(13,586.3)
\u2013
(13,586.3)
\u2013
(13,586.3)
Other liabilities
1
(70.7)
\u2013
(70.7)
\u2013
(70.7)
Lease liabilities
\u2013
(104.3)
(104.3)
\u2013
(104.3)
Trade and other payables
1
\u2013
(331.5)
(331.5)
\u2013
(331.5)
Income tax payable
\u2013
\u2013
\u2013
(17.0)
(17.0)
Deferred tax liabilities
\u2013
\u2013
\u2013
(63.9)
(63.9)
Total liabilities
(13,657.0)
(435.8)
(14,092.8)
(80.9)
(14,173.7)
Financial
Financial instruments
instruments at measured at Total financial Non-financial
FVTPL amortised cost instruments
instruments
Total
2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Investments
83.3
\u2013
83.3
\u2013
83.3
Investment in associates
\u2013
\u2013
\u2013
2.6
2.6
Property and equipment
\u2013
\u2013
\u2013
21.2
21.2
Right-of-use assets
\u2013
\u2013
\u2013
64.7
64.7
Deferred tax assets
\u2013
\u2013
\u2013
28.0
28.0
Linked investments backing
policyholder funds and
consolidated investment funds
11,401.1
\u2013
11,401.1
\u2013
11,401.1
Trade and other receivables
\u2013
201.8
201.8
18.9
220.7
Pension fund asset
\u2013
\u2013
\u2013
0.7
0.7
Income tax recoverable
\u2013
\u2013
\u2013
3.2
3.2
Cash and cash equivalents
272.3
114.3
386.6
\u2013
386.6
Total assets
11,756.7
316.1
12,072.8
139.3
12,212.1
Policyholder investment
contract liabilities and third
party interest in consolidated
investment funds
(11,359.7)
\u2013
(11,359.7)
\u2013
(11,359.7)
Other liabilities
1
(64.1)
\u2013
(64.1)
\u2013
(64.1)
Lease liabilities
\u2013
(86.6)
(86.6)
\u2013
(86.6)
Trade and other payables
1
\u2013
(273.3)
(273.3)
\u2013
(273.3)
Income tax payable
\u2013
\u2013
\u2013
(10.9)
(10.9)
Deferred tax liabilities
\u2013
\u2013
\u2013
(43.9)
(43.9)
Total liabilities
(11,423.8)
(359.9)
(11,783.7)
(54.8)
(11,838.5)
1. The nature of other liabilities and employee related payables within trade and other payables is that of IAS 19 Employee
Benefit obligations. Consequently these are not within the scope of IAS 32 and IFRS 7. However, they have been included
within the financial instruments disclosures in order to reflect the unavoidable contractual obligation that the Group has to
its employees.
27. Financial risk management and fair values of financial instruments The Group has exposure to credit and liquidity risk which arises in the normal course of the business. The Group is also exposed to market risk arising from its financial instruments. This note presents information about the Group\u2019s exposure to each of the above risks and the objectives, policies and processes for measuring and managing risk. The Board of Directors of the Group has overall responsibility for the oversight of the Group\u2019s risk management framework, the supporting system of internal controls, and for reviewing their effectiveness. The Management Risk Committee, which is responsible for developing and monitoring the Group\u2019s risk management policies, reports quarterly to the Board of Directors on its activities. The Group\u2019s risk management policies are established to identify, assess, monitor and report current and emerging risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. The Management Risk Committee meets quarterly and risk management policies and framework tools are reviewed regularly to reflect changes in market conditions and the Group\u2019s business activities. The Management Audit Committee reviews and oversees financial, audit and tax-related matters. The Internal Audit Team undertakes both regular and ad hoc reviews of the governance framework, risk management and control environment, the results of which are reported to the Management Risk Committee, as well as the DLC Audit and Risk Committee. The DLC Audit and Risk Committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews the adequacy and effectiveness of the risk management framework in relation to the risks faced by the Group. The DLC Audit and Risk Committee receives updates from the Internal Audit Team, the Management Risk Committee and the Management Audit Committee on a regular basis. Material risks are appropriately escalated to the DLC Audit and Risk Committee, and all levels of risk are regularly and formally evaluated. 27(a) Policyholders\u2019 assets and liabilities and third party interest in consolidated investment funds The Group has no credit or market risk related to policyholders\u2019 and third parties\u2019 investments and trade and other receivables as they are matched by the liability that the Group has to its policyholders and third parties for the value of these assets. The risks and rewards associated with the policyholders\u2019 investments and trade and other receivables are therefore borne by the policyholders and third parties and not by the Group. Therefore, the credit and market risk disclosure in the remainder of this note only deals with the financial risks related to non-policyholder and non-third parties\u2019 financial assets and liabilities. 27(b) Credit risk Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade receivables. The Group\u2019s credit risk arising from cash and cash equivalents is limited because most counterparties are reputable banks or financial institutions with at least a credit rating of A- assigned by Fitch Rating, which the management of the Group considers to have low credit risk. The maximum exposure to credit risk is represented by the carrying value of trade receivables, excluding policyholders\u2019 trade and other receivables, subscription accounts receivable, and cash and cash equivalents. The Group has no significant concentrations of credit risk with respect to trade receivables as the client bases are widely dispersed in different sectors and industries. An analysis of credit ratings of financial assets, excluding policyholders\u2019 trade and other receivables and subscription accounts receivable, and the maximum exposure to credit risk was:
2026
2025
Other financial Other financial
Money assets measured Money assets measured
market Cash at at amortised market Cash at at amortised
funds bank
cost
1
Total funds bank
cost
1
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
AAA
245.1
\u2013
\u2013
245.1
204.0
\u2013
\u2013
204.0
AA+
67.4
\u2013
\u2013
67.4
68.3
\u2013
\u2013
68.3
A+
\u2013
94.7
\u2013
94.7
\u2013
81.7
\u2013
81.7
A-
BBB+ and
\u2013
2.0
\u2013
2.0
\u2013
2.2
\u2013
2.2
lower
\u2013
24.6
\u2013
24.6
\u2013
30.1
\u2013
30.1
Not rated
0.4
0.2
130.7
131.3
\u2013
0.3
106.5
106.8
Total
312.9
121.5
130.7
565.1
272.3
114.3
106.5
493.1
1. Relate to trade receivables, excluding policyholders\u2019 trade and other receivables, subscription accounts receivable and other receivables. Ageing of trade receivables at year end was:
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Less than 30 days
123.2
90.6
Between 30 and 90 days
7.3
15.7
More than 90 days
0.2
0.2
18
130.7
106.5
Outstanding balances are aged monthly and long outstanding balances are actively followed up. ECLs are calculated on all of the Group\u2019s financial assets that are measured at amortised cost, which are presented in note 26 to the consolidated financial statements. In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions. The ECLs amount depends on the specific stage that the financial asset has been allocated to within the ECL model, which depends on whether there has been a significant increase in credit risk since initial recognition of the financial instrument, it is in default, or is considered to be credit impaired. For financial instruments with external credit ratings, the Group assumes that credit risk on these financial instruments has increased significantly since initial recognition if the credit rating has been significantly deteriorated. A financial asset is considered to be in default when there is no realistic prospect of full recovery without recourse by the Group to actions such as realising security (if any is held). Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the Group after the contractual payment has been past due. The criteria of \u201cdefault\u201d are consistent with those of \u201ccredit impaired\u201d. The gross carrying amount of financial assets is written off (either partially or in full) when they are considered credit impaired. ECL allowances are measured on either i) 12-month ECL: that result from possible default events within the 12 months after the reporting date; or ii) Lifetime ECLs: that result from all possible default events over the expected life of a financial instrument. The Group applies the IFRS 9 simplified approach to measuring ECLs for financial assets at an amount equal to lifetime ECLs. The ECLs on financial assets are determined by grouping together financial assets with similar credit risk characteristics and collectively assessing them for the likelihood of recovery, taking into account prevailing economic conditions. Expected loss rates are based on the profiles of financial assets over the preceding ten years and the corresponding historical credit losses experienced within this period. These rates are adjusted to reflect differences between economic conditions during the period over which the historic data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of the receivables. The Group has identified the unemployment rate of the countries in which it provides services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in this factor. No financial assets are considered as default or credit impaired for the years ended 31 March 2026 and 2025. The ECL assessment for all financial assets measured at amortised cost indicated an immaterial impact. Consequently, no loss allowance for these assets was made for the year ended 31 March 2026 (2025: \u00a30.5 million). 27(c) Liquidity risk Liquidity risk is the risk that the Group cannot meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to maintain sufficient liquidity to cover any cash flow funding, meeting obligations as they fall due and maintaining solvency. The Group holds sufficient liquid funds to cover its needs in the normal course of business. At the end of the reporting period, the Group held cash and cash equivalents of \u00a3434.4 million (2025: \u00a3386.6 million) (note 16) that are readily available to use for managing the Group\u2019s liquidity risk. The Group has no material exposure to liquidity risk in relation to linked investments backing policyholder funds and consolidated investment funds as the risk and rewards associated with these assets are borne by the policyholders and third parties, and the Group\u2019s liability to the policyholders and third parties is equal to the market value of the assets underlying the policies, less applicable taxation. The majority exposure to liquidity risk is represented by current financial liabilities. All outstanding amounts are unsecured and interest-free. Current financial liabilities are contractually due within one year or repayable on demand. Contractual maturities of financial liabilities at year end were:
Total
One year Between one contractual Carrying
or less
and five years
Over five years
cash flows amount
2026
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Lease liabilities
14.4
54.1
67.9
136.4
104.3
Trade and other payables
1,2
331.5
\u2013
\u2013
331.5
331.5
Other liabilities
2
28.6
42.1
\u2013
70.7
70.7
374.5
96.2
67.9
538.6
506.5
Total
One year Between one contractual Carrying
or less
and five years
Over five years
cash flows amount
2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Lease liabilities
12.8
41.8
45.6
100.2
86.6
Trade and other payables
1,2
273.3
\u2013
\u2013
273.3
273.3
Other liabilities
2
33.0
31.1
\u2013
64.1
64.1
319.1
72.9
45.6
437.6
424.0
1. Contractual cash flows equal their carrying balances as the impact of discounting is not significant. 2. The nature of other liabilities and employee related payables within trade and other payables is that of IAS 19 Employee Benefit obligations. Consequently these are not within the scope of IAS 32 and IFRS7. However, they have been included within the financial instruments disclosures in order to reflect the unavoidable contractual obligation that the Group has to its employees .
27(d) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest
rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial
instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters.
Currency risk
The Group is exposed to currency risk in the ordinary course of business mainly from the
Group\u2019s operations in multiple geographical markets. Foreign currency exchange rate
fluctuations may create unpredictable earnings and cash flow volatility. Entities within the
Group conducting business with international counterparties that leads to future cash flows
denominated in a currency other than their functional currencies are exposed to the risk from
changes in foreign currency exchange rates. Outstanding amounts are regularly monitored and
settled to mitigate currency exposures. The risk is also mitigated by, as far as possible, closing all
types of business transactions mainly in the functional currency. The Group\u2019s key exposure to
currency risk at the end of the reporting period was US dollar and Euro. The net assets attributable
to USD and Euro at the closing rate for the reporting period were \u00a358.4 million and \u00a321.6 million
(2025: \u00a358.6 million and \u00a319.9 million) respectively.
Effects of foreign currency translation
The financial statements of those entities located outside of the United Kingdom are translated
into Pound Sterling for the preparation of the financial statements of the Group. Investments
in foreign-based operations are permanent and that reinvestment is continuous. Effects from
foreign currency exchange rate fluctuations on the translation of net asset amounts into
Pound Sterling are reflected in other comprehensive income in the consolidated statement
of comprehensive income.
Interest rate risk
The Group adopts a policy of ensuring that its exposure to changes in interest rates is on
a floating rate basis as virtually all such exposures are short-term in nature. At the year end,
the Group\u2019s only interest-bearing financial instrument was cash and cash equivalents
(2025: cash and cash equivalents).
Price risk
The financial instruments of the Group subject to price risk principally relates to its deferred
compensation investments and its investments in pooled vehicles which are seed capital
investments. As the Group\u2019s deferred compensation investments are matched by the liability
the Group has to its employees for the value of these investments, there is no impact to
the consolidated statement of comprehensive income for changes in the values of these
investments. Price risk on seed capital investments is not deemed to be significant due
to the size of these holdings.
Sensitivity analysis to market risks
The following table indicates the instantaneous change in the Group\u2019s profit after tax and equity
if foreign exchange rates and interest rate to which the Group has significant exposure at the
end of the reporting period had changed at that date, assuming all other variables remained
constant.
2026
2025
A reasonable A reasonable
change in the Effect on profit change in the Effect on profit
variable within the after tax variable within the after tax
next calendar year and equity next calendar year and equity
%
\u00a3\u2019m
%
\u00a3\u2019m
US Dollar against Sterling
Strengthen
10
4.6
10
4.7
Weaken
10
(3.8)
10
(3.9)
Euro against Sterling
Strengthen
3
0.5
4
0.7
Weaken
3
(0.5)
4
(0.6)
Interest rate
Increase
0.5
1.9
0.3
0.7
Decrease
0.5
(1.9)
0.8
(2.2)
27(e) Capital management
The capital of the Group is considered to be its share capital and reserves. The Group\u2019s
objectives and policies are to retain sufficient capital on hand to meet the external minimum
capital requirements of the Financial Conduct Authority (\u201cFCA\u201d) in the UK, the Financial Sector
Conduct Authority (\u201cFSCA\u201d) in South Africa and certain overseas financial regulators, to create
value for the Group\u2019s shareholders by providing returns and to safeguard the Group\u2019s ability to
continue as a going concern. All regulated entities within the Group complied with the externally
imposed regulatory capital requirements. Through the Group\u2019s internal capital adequacy
assessment processes and in conjunction with the Board of Directors, management assesses
the capital requirements periodically to ensure that the Group holds reasonable surplus capital
over its regulatory capital requirements to mitigate the financial impact of any key risks
materialising. In forecasting the Group\u2019s capital requirements, the Group considers all known
changes in the economic environment and assesses against the forecast available capital
resource. The assessment includes stressed scenario analyses that evaluate the potential
impact from market downturns and shock events. There were no changes in the approach
to capital management during the year.
27(f) Fair value measurements The fair values of all financial instruments are substantially similar to carrying values reflected in the consolidated statement of financial position as they are short-term in nature, subject to variable, market-related interest rates or stated at fair value in the statement of financial position. The Group measures fair values including policyholders\u2019 and third parties\u2019 assets and liabilities using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: \u027d Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. \u027d Level 2: Prices that are not traded in an active market but are determined using valuation techniques, which are based on observable inputs. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset and liability, such as interest rates and yield curves that are observable at commonly quoted intervals. \u027d Level 3: Valuation techniques that include significant inputs that are unobservable. Unobservable inputs are only used to measure fair value to the extent that relevant observables inputs are not available. Financial instruments measured at fair value at the end of the reporting period by the level in the fair value hierarchy were:
Level 1
Level 2
Level 3
Total
2026
Notes
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Deferred compensation investments
10
59.8
\u2013
\u2013
59.8
Seed investments
10
1.6
\u2013
\u2013
1.6
Unlisted investment vehicles
10
\u2013
5.4
18.9
24.3
Other investments
10
\u2013
7.1
\u2013
7.1
Money market funds
16
312.9
\u2013
\u2013
312.9
Investments backing policyholder funds
and consolidated investment funds
15
771.5
12,819.4
52.2
13,643.1
Total financial assets measured
at fair value
26
1,145.8
12,831.9
71.1
14,048.8
Policyholder investment contract
liabilities and third party interest
in consolidated investment funds
15
\u2013
(13,586.3)
\u2013
(13,586.3)
Other liabilities
17
\u2013
(70.7)
\u2013
(70.7)
Total financial liabilities measured
at fair value
26
\u2013
(13,657.0)
\u2013
(13,657.0)
Level 1
Level 2
Level 3
Total
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Deferred compensation investments
10
54.7
\u2013
\u2013
54.7
Seed investments
10
4.7
\u2013
\u2013
4.7
Unlisted investment vehicles
10
\u2013
2.4
18.0
20.4
Other investments
10
\u2013
3.5
\u2013
3.5
Money market funds
16
272.3
\u2013
\u2013
272.3
Investments backing policyholder funds
and consolidated investment funds
15
761.3
10,596.0
43.8
11,401.1
Total financial assets measured
at fair value
26
1,093.0
10,601.9
61.8
11,756.7
Policyholder investment contract
liabilities and third party interest
in consolidated investment funds
15
\u2013
(11,359.7)
\u2013
(11,359.7)
Other liabilities
17
\u2013
(64.1)
\u2013
(64.1)
Total financial liabilities measured
at fair value
26
\u2013
(11,423.8)
\u2013
(11,423.8)
The Group\u2019s policy is to recognise transfers between levels of fair value hierarchy at the end of
each reporting period, consistent with the date of the determination of fair value. During the
years ended 31 March 2026 and 2025, there were no transfers between level 1 and level 2.
Carrying amounts of the financial assets and financial liabilities measured at amortised cost
approximate fair value.
The Group\u2019s level 2 financial instruments principally consist of unquoted investments within
investments backing policyholder funds and consolidated investment funds. The valuation
techniques and key inputs used for these level 2 investments are as follows:
Class of investments
Valuation technique
Key inputs
Collective
Quoted price
Quoted NAV of funds where majority of the underlying
investment instruments are not classified as level 1 investments.
schemes
Debt instruments
Evaluated price
Third party pricing service which uses a weighted combination
of observable market data related to the target instrument and
comparable instrument. Observable market data include
trades, executable levels or indicative quotes.
Quoted price
Quoted prices for identical or similar assets or liabilities in
markets that are not active.
Cost approach
Cost, being the last traded price of the investments plus
interest accrual
Derivatives
Discounted
Interest rate and market curves
cash flow
Information about level 3 fair value measurements \u2013 Group\u2019s investment
Unlisted investment vehicles represent the Group\u2019s investment in a private equity fund and
private credit funds. The valuation techniques and significant unobservable inputs used are
as follows:
Class of investments
Valuation technique
Significant unobservable inputs
Private credit fund
Fund\u2019s NAV as
The fair values of the underlying investments of the funds
calculated by the represent their probable realisation value, which is determined
General Partners using unobservable inputs such as Internal Rate of Return (\u201cIRR\u201d).
If the value of the underlying level 3 investments within unlisted investment vehicles increased
by 10% (2025: 10%) at year end, the Group estimates that the fair value measurement of these
reported level 3 assets would have increased by \u00a31.9 million (2025: \u00a31.8 million). A decrease of
10% would have had the equal but opposite effect.
Information about level 3 fair value measurements \u2013 Policyholders\u2019 investments
Investments backing policyholder funds include credit exposures that are not actively traded
and where the principal input in their valuation is unobservable. Accordingly, an alternative
valuation methodology has been applied being either an EBITDA multiple, discounted cashflow
models with spread adjustments for any credit rating downgrades or expected cost recovery.
The principal inputs include credit spreads, EBITDA and interest rates. All of the investment risk
associated with these assets is borne by policyholders and the value of these assets is exactly
matched by a corresponding liability due to policyholders. The Group bears no risk from a
change in the market value of these assets except to the extent that it has an impact on
management fees earned.
If the value of the underlying level 3 investments within investments backing policyholder funds increased by 10% (2025: 10%) at year end, the Group estimates that the fair value measurement of these reported level 3 assets would have increased by \u00a35.2 million (2025: \u00a34.4 million). A decrease of 10% would have had the equal but opposite effect.
2026
2025
Unlisted investment vehicles
\u00a3\u2019m
\u00a3\u2019m
At 1 April
18.0
13.7
Purchase
4.5
3.8
Distribution
(5.5)
\u2013
Unrealised gain
1.9
0.5
At 31 March
18.9
18.0
2026
2025
Investment backing policyholder funds
\u00a3\u2019m
\u00a3\u2019m
At 1 April
43.8
68.5
Disposal
(20.4)
(13.7)
Transfer from level 2
1
13.6
\u2013
Unrealised gain/(loss)
12.7
(11.8)
Foreign exchange adjustment
2.5
0.8
At 31 March
52.2
43.8
1. Observable inputs were no longer available during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-504": { "value": "Recognition and derecognition of financial instruments Financial instruments are initially recognised on the statement of financial position when, and only when, the Group becomes a party to the contractual provisions of the particular instrument. On initial recognition, financial assets are measured at fair value plus, for financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial assets. Initial recognition of financial liabilities is at fair value less directly attributable transaction costs. Financial assets are derecognised when the Group transfers substantially all risks and rewards of ownership. In addition, financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group transfers the rights to receive the contractual cash flows in a transaction in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liabilities are derecognised when, and only when, the obligations under the contract are discharged, cancelled or expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-505": { "value": "Classification and measurement of financial assets and financial liabilities Financial assets are classified into three principal classification categories: measured at amortised cost, at fair value through other comprehensive income and at fair value through profit or loss (\u201cFVTPL\u201d). The classification of financial assets is based on the business model under which the financial asset is managed and its contractual cash flow characteristics. The Group\u2019s financial assets are either classified as measured at FVTPL or amortised cost. Financial assets measured at amortised cost Financial assets are measured at amortised cost when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows. It typically applies to the Group\u2019s cash and cash equivalents, excluding money market funds, and trade and other receivables. The carrying amount of financial assets measured at amortised cost is adjusted for expected credit losses (\u201cECLs\u201d) under the ECL model. Movements in the ECL provision are recognised in other income in the consolidated statement of comprehensive income. Financial assets measured at FVTPL Financial assets measured at FVTPL consist of linked investments backing policyholder funds and consolidated investment funds, holdings in pooled vehicles as part of the deferred compensation plan (explained further below), money market funds within cash and cash equivalents, seed capital investments, investments in unlisted investment vehicles and other investments. These financial assets do not meet the classification criteria of measuring at amortised cost and fair value through other comprehensive income and therefore, they are initially recognised at fair value and subsequently measured at FVTPL, with gains and losses recognised in the consolidated statement of comprehensive income in the period in which they arise. When available, the Group measures the fair value of an instrument, such as interest-bearing investments, listed investments and investments in collective investment schemes and mutual funds, using the quoted price in an active market. If there is no quoted price in an active market, such as derivatives and unlisted investments, the fair value of these investments is determined by applying a generally accepted valuation technique. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-508": { "value": "Classification and measurement of financial assets and financial liabilities Financial assets are classified into three principal classification categories: measured at amortised cost, at fair value through other comprehensive income and at fair value through profit or loss (\u201cFVTPL\u201d). The classification of financial assets is based on the business model under which the financial asset is managed and its contractual cash flow characteristics. The Group\u2019s financial assets are either classified as measured at FVTPL or amortised cost. Financial liabilities Financial liabilities comprise policyholder investment contract liabilities and third party interest in consolidated investment funds, lease liabilities, other liabilities and trade and other payables. All financial liabilities, excluding policyholder investment contract liabilities and third party interest in consolidated investment funds and other liabilities, are measured at amortised cost using the effective interest method. Policyholder investment contract liabilities and third party interest in consolidated investment funds and other liabilities are measured at fair value through profit or loss with movements in fair value recognised in the consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-447": { "value": "Classification and measurement of financial assets and financial liabilities Financial assets are classified into three principal classification categories: measured at amortised cost, at fair value through other comprehensive income and at fair value through profit or loss (\u201cFVTPL\u201d). The classification of financial assets is based on the business model under which the financial asset is managed and its contractual cash flow characteristics. The Group\u2019s financial assets are either classified as measured at FVTPL or amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-510": { "value": "Financial assets measured at FVTPL Financial assets measured at FVTPL consist of linked investments backing policyholder funds and consolidated investment funds, holdings in pooled vehicles as part of the deferred compensation plan (explained further below), money market funds within cash and cash equivalents, seed capital investments, investments in unlisted investment vehicles and other investments. These financial assets do not meet the classification criteria of measuring at amortised cost and fair value through other comprehensive income and therefore, they are initially recognised at fair value and subsequently measured at FVTPL, with gains and losses recognised in the consolidated statement of comprehensive income in the period in which they arise. When available, the Group measures the fair value of an instrument, such as interest-bearing investments, listed investments and investments in collective investment schemes and mutual funds, using the quoted price in an active market. If there is no quoted price in an active market, such as derivatives and unlisted investments, the fair value of these investments is determined by applying a generally accepted valuation technique. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-448": { "value": "Financial assets measured at FVTPL Financial assets measured at FVTPL consist of linked investments backing policyholder funds and consolidated investment funds, holdings in pooled vehicles as part of the deferred compensation plan (explained further below), money market funds within cash and cash equivalents, seed capital investments, investments in unlisted investment vehicles and other investments. These financial assets do not meet the classification criteria of measuring at amortised cost and fair value through other comprehensive income and therefore, they are initially recognised at fair value and subsequently measured at FVTPL, with gains and losses recognised in the consolidated statement of comprehensive income in the period in which they arise. When available, the Group measures the fair value of an instrument, such as interest-bearing investments, listed investments and investments in collective investment schemes and mutual funds, using the quoted price in an active market. If there is no quoted price in an active market, such as derivatives and unlisted investments, the fair value of these investments is determined by applying a generally accepted valuation technique. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-509": { "value": "Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. At the reporting date, there was no indication of impairment of any non-financial assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-506": { "value": "Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. At the reporting date, there was no indication of impairment of any non-financial assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-449": { "value": "Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. At the reporting date, there was no indication of impairment of any non-financial assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-450": { "value": "Financial liabilities Financial liabilities comprise policyholder investment contract liabilities and third party interest in consolidated investment funds, lease liabilities, other liabilities and trade and other payables. All financial liabilities, excluding policyholder investment contract liabilities and third party interest in consolidated investment funds and other liabilities, are measured at amortised cost using the effective interest method. Policyholder investment contract liabilities and third party interest in consolidated investment funds and other liabilities are measured at fair value through profit or loss with movements in fair value recognised in the consolidated statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-451": { "value": "
27. Financial risk management and fair values
of financial instruments
The Group has exposure to credit and liquidity risk which arises in the normal course of the
business. The Group is also exposed to market risk arising from its financial instruments.
This note presents information about the Group\u2019s exposure to each of the above risks and the
objectives, policies and processes for measuring and managing risk.
The Board of Directors of the Group has overall responsibility for the oversight of the Group\u2019s
risk management framework, the supporting system of internal controls, and for reviewing their
effectiveness. The Management Risk Committee, which is responsible for developing and
monitoring the Group\u2019s risk management policies, reports quarterly to the Board of Directors
on its activities.
The Group\u2019s risk management policies are established to identify, assess, monitor and report
current and emerging risks faced by the Group, to set appropriate risk limits and controls, and
to monitor risks and adherence to limits. The Management Risk Committee meets quarterly
and risk management policies and framework tools are reviewed regularly to reflect changes
in market conditions and the Group\u2019s business activities. The Management Audit Committee
reviews and oversees financial, audit and tax-related matters. The Internal Audit Team undertakes
both regular and ad hoc reviews of the governance framework, risk management and control
environment, the results of which are reported to the Management Risk Committee, as well as
the DLC Audit and Risk Committee.
The DLC Audit and Risk Committee oversees how management monitors compliance with the
Group\u2019s risk management policies and procedures and reviews the adequacy and effectiveness
of the risk management framework in relation to the risks faced by the Group. The DLC Audit and
Risk Committee receives updates from the Internal Audit Team, the Management Risk Committee
and the Management Audit Committee on a regular basis. Material risks are appropriately escalated
to the DLC Audit and Risk Committee, and all levels of risk are regularly and formally evaluated.
27(a) Policyholders\u2019 assets and liabilities and third party interest
in consolidated investment funds
The Group has no credit or market risk related to policyholders\u2019 and third parties\u2019 investments
and trade and other receivables as they are matched by the liability that the Group has to its
policyholders and third parties for the value of these assets. The risks and rewards associated
with the policyholders\u2019 investments and trade and other receivables are therefore borne by
the policyholders and third parties and not by the Group. Therefore, the credit and market
risk disclosure in the remainder of this note only deals with the financial risks related to
non-policyholder and non-third parties\u2019 financial assets and liabilities.
27(b) Credit risk
Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial
instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade
receivables. The Group\u2019s credit risk arising from cash and cash equivalents is limited because
most counterparties are reputable banks or financial institutions with at least a credit rating of
A- assigned by Fitch Rating, which the management of the Group considers to have low credit
risk. The maximum exposure to credit risk is represented by the carrying value of trade
receivables, excluding policyholders\u2019 trade and other receivables, subscription accounts
receivable, and cash and cash equivalents. The Group has no significant concentrations of
credit risk with respect to trade receivables as the client bases are widely dispersed in different
sectors and industries.
An analysis of credit ratings of financial assets, excluding policyholders\u2019 trade and other
receivables and subscription accounts receivable, and the maximum exposure to credit risk was:
2026
2025
Other financial Other financial
Money assets measured Money assets measured
market Cash at at amortised market Cash at at amortised
funds bank
cost
1
Total funds bank
cost
1
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
AAA
245.1
\u2013
\u2013
245.1
204.0
\u2013
\u2013
204.0
AA+
67.4
\u2013
\u2013
67.4
68.3
\u2013
\u2013
68.3
A+
\u2013
94.7
\u2013
94.7
\u2013
81.7
\u2013
81.7
A-
BBB+ and
\u2013
2.0
\u2013
2.0
\u2013
2.2
\u2013
2.2
lower
\u2013
24.6
\u2013
24.6
\u2013
30.1
\u2013
30.1
Not rated
0.4
0.2
130.7
131.3
\u2013
0.3
106.5
106.8
Total
312.9
121.5
130.7
565.1
272.3
114.3
106.5
493.1
1. Relate to trade receivables, excluding policyholders\u2019 trade and other receivables, subscription accounts receivable and
other receivables.
Ageing of trade receivables at year end was:
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Less than 30 days
123.2
90.6
Between 30 and 90 days
7.3
15.7
More than 90 days
0.2
0.2
18
130.7
106.5
Outstanding balances are aged monthly and long outstanding balances are actively followed up.
ECLs are calculated on all of the Group\u2019s financial assets that are measured at amortised cost, which are presented in note 26 to the consolidated financial statements. In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions. The ECLs amount depends on the specific stage that the financial asset has been allocated to within the ECL model, which depends on whether there has been a significant increase in credit risk since initial recognition of the financial instrument, it is in default, or is considered to be credit impaired. For financial instruments with external credit ratings, the Group assumes that credit risk on these financial instruments has increased significantly since initial recognition if the credit rating has been significantly deteriorated. A financial asset is considered to be in default when there is no realistic prospect of full recovery without recourse by the Group to actions such as realising security (if any is held). Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the Group after the contractual payment has been past due. The criteria of \u201cdefault\u201d are consistent with those of \u201ccredit impaired\u201d. The gross carrying amount of financial assets is written off (either partially or in full) when they are considered credit impaired. ECL allowances are measured on either i) 12-month ECL: that result from possible default events within the 12 months after the reporting date; or ii) Lifetime ECLs: that result from all possible default events over the expected life of a financial instrument. The Group applies the IFRS 9 simplified approach to measuring ECLs for financial assets at an amount equal to lifetime ECLs. The ECLs on financial assets are determined by grouping together financial assets with similar credit risk characteristics and collectively assessing them for the likelihood of recovery, taking into account prevailing economic conditions. Expected loss rates are based on the profiles of financial assets over the preceding ten years and the corresponding historical credit losses experienced within this period. These rates are adjusted to reflect differences between economic conditions during the period over which the historic data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of the receivables. The Group has identified the unemployment rate of the countries in which it provides services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in this factor. No financial assets are considered as default or credit impaired for the years ended 31 March 2026 and 2025. The ECL assessment for all financial assets measured at amortised cost indicated an immaterial impact. Consequently, no loss allowance for these assets was made for the year ended 31 March 2026 (2025: \u00a30.5 million). 27(c) Liquidity risk Liquidity risk is the risk that the Group cannot meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to maintain sufficient liquidity to cover any cash flow funding, meeting obligations as they fall due and maintaining solvency. The Group holds sufficient liquid funds to cover its needs in the normal course of business. At the end of the reporting period, the Group held cash and cash equivalents of \u00a3434.4 million (2025: \u00a3386.6 million) (note 16) that are readily available to use for managing the Group\u2019s liquidity risk. The Group has no material exposure to liquidity risk in relation to linked investments backing policyholder funds and consolidated investment funds as the risk and rewards associated with these assets are borne by the policyholders and third parties, and the Group\u2019s liability to the policyholders and third parties is equal to the market value of the assets underlying the policies, less applicable taxation. The majority exposure to liquidity risk is represented by current financial liabilities. All outstanding amounts are unsecured and interest-free. Current financial liabilities are contractually due within one year or repayable on demand. Contractual maturities of financial liabilities at year end were:
Total
One year Between one contractual Carrying
or less
and five years
Over five years
cash flows amount
2026
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Lease liabilities
14.4
54.1
67.9
136.4
104.3
Trade and other payables
1,2
331.5
\u2013
\u2013
331.5
331.5
Other liabilities
2
28.6
42.1
\u2013
70.7
70.7
374.5
96.2
67.9
538.6
506.5
Total
One year Between one contractual Carrying
or less
and five years
Over five years
cash flows amount
2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Lease liabilities
12.8
41.8
45.6
100.2
86.6
Trade and other payables
1,2
273.3
\u2013
\u2013
273.3
273.3
Other liabilities
2
33.0
31.1
\u2013
64.1
64.1
319.1
72.9
45.6
437.6
424.0
1. Contractual cash flows equal their carrying balances as the impact of discounting is not significant. 2. The nature of other liabilities and employee related payables within trade and other payables is that of IAS 19 Employee Benefit obligations. Consequently these are not within the scope of IAS 32 and IFRS7. However, they have been included within the financial instruments disclosures in order to reflect the unavoidable contractual obligation that the Group has to its employees 27(d) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters. Currency risk The Group is exposed to currency risk in the ordinary course of business mainly from the Group\u2019s operations in multiple geographical markets. Foreign currency exchange rate fluctuations may create unpredictable earnings and cash flow volatility. Entities within the Group conducting business with international counterparties that leads to future cash flows denominated in a currency other than their functional currencies are exposed to the risk from changes in foreign currency exchange rates. Outstanding amounts are regularly monitored and settled to mitigate currency exposures. The risk is also mitigated by, as far as possible, closing all types of business transactions mainly in the functional currency. The Group\u2019s key exposure to currency risk at the end of the reporting period was US dollar and Euro. The net assets attributable to USD and Euro at the closing rate for the reporting period were \u00a358.4 million and \u00a321.6 million (2025: \u00a358.6 million and \u00a319.9 million) respectively. Effects of foreign currency translation The financial statements of those entities located outside of the United Kingdom are translated into Pound Sterling for the preparation of the financial statements of the Group. Investments in foreign-based operations are permanent and that reinvestment is continuous. Effects from foreign currency exchange rate fluctuations on the translation of net asset amounts into Pound Sterling are reflected in other comprehensive income in the consolidated statement of comprehensive income. Interest rate risk The Group adopts a policy of ensuring that its exposure to changes in interest rates is on a floating rate basis as virtually all such exposures are short-term in nature. At the year end, the Group\u2019s only interest-bearing financial instrument was cash and cash equivalents (2025: cash and cash equivalents). Price risk The financial instruments of the Group subject to price risk principally relates to its deferred compensation investments and its investments in pooled vehicles which are seed capital investments. As the Group\u2019s deferred compensation investments are matched by the liability the Group has to its employees for the value of these investments, there is no impact to the consolidated statement of comprehensive income for changes in the values of these investments. Price risk on seed capital investments is not deemed to be significant due to the size of these holdings. Sensitivity analysis to market risks The following table indicates the instantaneous change in the Group\u2019s profit after tax and equity if foreign exchange rates and interest rate to which the Group has significant exposure at the end of the reporting period had changed at that date, assuming all other variables remained constant.
2026
2025
A reasonable A reasonable
change in the Effect on profit change in the Effect on profit
variable within the after tax variable within the after tax
next calendar year and equity next calendar year and equity
%
\u00a3\u2019m
%
\u00a3\u2019m
US Dollar against Sterling
Strengthen
10
4.6
10
4.7
Weaken
10
(3.8)
10
(3.9)
Euro against Sterling
Strengthen
3
0.5
4
0.7
Weaken
3
(0.5)
4
(0.6)
Interest rate
Increase
0.5
1.9
0.3
0.7
Decrease
0.5
(1.9)
0.8
(2.2)
27(e) Capital management The capital of the Group is considered to be its share capital and reserves. The Group\u2019s objectives and policies are to retain sufficient capital on hand to meet the external minimum capital requirements of the Financial Conduct Authority (\u201cFCA\u201d) in the UK, the Financial Sector Conduct Authority (\u201cFSCA\u201d) in South Africa and certain overseas financial regulators, to create value for the Group\u2019s shareholders by providing returns and to safeguard the Group\u2019s ability to continue as a going concern. All regulated entities within the Group complied with the externally imposed regulatory capital requirements. Through the Group\u2019s internal capital adequacy assessment processes and in conjunction with the Board of Directors, management assesses the capital requirements periodically to ensure that the Group holds reasonable surplus capital over its regulatory capital requirements to mitigate the financial impact of any key risks materialising. In forecasting the Group\u2019s capital requirements, the Group considers all known changes in the economic environment and assesses against the forecast available capital resource. The assessment includes stressed scenario analyses that evaluate the potential impact from market downturns and shock events. There were no changes in the approach to capital management during the year. 27(f) Fair value measurements The fair values of all financial instruments are substantially similar to carrying values reflected in the consolidated statement of financial position as they are short-term in nature, subject to variable, market-related interest rates or stated at fair value in the statement of financial position. The Group measures fair values including policyholders\u2019 and third parties\u2019 assets and liabilities using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: \u027d Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. \u027d Level 2: Prices that are not traded in an active market but are determined using valuation techniques, which are based on observable inputs. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset and liability, such as interest rates and yield curves that are observable at commonly quoted intervals. \u027d Level 3: Valuation techniques that include significant inputs that are unobservable. Unobservable inputs are only used to measure fair value to the extent that relevant observables inputs are not available. Financial instruments measured at fair value at the end of the reporting period by the level in the fair value hierarchy were:
Level 1
Level 2
Level 3
Total
2026
Notes
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Deferred compensation investments
10
59.8
\u2013
\u2013
59.8
Seed investments
10
1.6
\u2013
\u2013
1.6
Unlisted investment vehicles
10
\u2013
5.4
18.9
24.3
Other investments
10
\u2013
7.1
\u2013
7.1
Money market funds
16
312.9
\u2013
\u2013
312.9
Investments backing policyholder funds
and consolidated investment funds
15
771.5
12,819.4
52.2
13,643.1
Total financial assets measured
at fair value
26
1,145.8
12,831.9
71.1
14,048.8
Policyholder investment contract
liabilities and third party interest
in consolidated investment funds
15
\u2013
(13,586.3)
\u2013
(13,586.3)
Other liabilities
17
\u2013
(70.7)
\u2013
(70.7)
Total financial liabilities measured
at fair value
26
\u2013
(13,657.0)
\u2013
(13,657.0)
Level 1
Level 2
Level 3
Total
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Deferred compensation investments
10
54.7
\u2013
\u2013
54.7
Seed investments
10
4.7
\u2013
\u2013
4.7
Unlisted investment vehicles
10
\u2013
2.4
18.0
20.4
Other investments
10
\u2013
3.5
\u2013
3.5
Money market funds
16
272.3
\u2013
\u2013
272.3
Investments backing policyholder funds
and consolidated investment funds
15
761.3
10,596.0
43.8
11,401.1
Total financial assets measured
at fair value
26
1,093.0
10,601.9
61.8
11,756.7
Policyholder investment contract
liabilities and third party interest
in consolidated investment funds
15
\u2013
(11,359.7)
\u2013
(11,359.7)
Other liabilities
17
\u2013
(64.1)
\u2013
(64.1)
Total financial liabilities measured
at fair value
26
\u2013
(11,423.8)
\u2013
(11,423.8)
The Group\u2019s policy is to recognise transfers between levels of fair value hierarchy at the end of each reporting period, consistent with the date of the determination of fair value. During the years ended 31 March 2026 and 2025, there were no transfers between level 1 and level 2. Carrying amounts of the financial assets and financial liabilities measured at amortised cost approximate fair value. The Group\u2019s level 2 financial instruments principally consist of unquoted investments within investments backing policyholder funds and consolidated investment funds. The valuation techniques and key inputs used for these level 2 investments are as follows:
Class of investments
Valuation technique
Key inputs
Collective
Quoted price
Quoted NAV of funds where majority of the underlying
investment instruments are not classified as level 1 investments.
schemes
Debt instruments
Evaluated price
Third party pricing service which uses a weighted combination
of observable market data related to the target instrument and
comparable instrument. Observable market data include
trades, executable levels or indicative quotes.
Quoted price
Quoted prices for identical or similar assets or liabilities in
markets that are not active.
Cost approach
Cost, being the last traded price of the investments plus
interest accrual
Derivatives
Discounted
Interest rate and market curves
cash flow
Information about level 3 fair value measurements \u2013 Group\u2019s investment Unlisted investment vehicles represent the Group\u2019s investment in a private equity fund and private credit funds. The valuation techniques and significant unobservable inputs used are as follows:
Class of investments
Valuation technique
Significant unobservable inputs
Private credit fund
Fund\u2019s NAV as
The fair values of the underlying investments of the funds
calculated by the represent their probable realisation value, which is determined
General Partners using unobservable inputs such as Internal Rate of Return (\u201cIRR\u201d).
If the value of the underlying level 3 investments within unlisted investment vehicles increased by 10% (2025: 10%) at year end, the Group estimates that the fair value measurement of these reported level 3 assets would have increased by \u00a31.9 million (2025: \u00a31.8 million). A decrease of 10% would have had the equal but opposite effect. Information about level 3 fair value measurements \u2013 Policyholders\u2019 investments Investments backing policyholder funds include credit exposures that are not actively traded and where the principal input in their valuation is unobservable. Accordingly, an alternative valuation methodology has been applied being either an EBITDA multiple, discounted cashflow models with spread adjustments for any credit rating downgrades or expected cost recovery. The principal inputs include credit spreads, EBITDA and interest rates. All of the investment risk associated with these assets is borne by policyholders and the value of these assets is exactly matched by a corresponding liability due to policyholders. The Group bears no risk from a change in the market value of these assets except to the extent that it has an impact on management fees earned.
If the value of the underlying level 3 investments within investments backing policyholder funds
increased by 10% (2025: 10%) at year end, the Group estimates that the fair value measurement
of these reported level 3 assets would have increased by \u00a35.2 million (2025: \u00a34.4 million).
A decrease of 10% would have had the equal but opposite effect.
2026
2025
Unlisted investment vehicles
\u00a3\u2019m
\u00a3\u2019m
At 1 April
18.0
13.7
Purchase
4.5
3.8
Distribution
(5.5)
\u2013
Unrealised gain
1.9
0.5
At 31 March
18.9
18.0
2026
2025
Investment backing policyholder funds
\u00a3\u2019m
\u00a3\u2019m
At 1 April
43.8
68.5
Disposal
(20.4)
(13.7)
Transfer from level 2
1
13.6
\u2013
Unrealised gain/(loss)
12.7
(11.8)
Foreign exchange adjustment
2.5
0.8
At 31 March
52.2
43.8
1. Observable inputs were no longer available during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-460": { "value": "27(b) Credit risk Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade receivables. The Group\u2019s credit risk arising from cash and cash equivalents is limited because most counterparties are reputable banks or financial institutions with at least a credit rating of A- assigned by Fitch Rating, which the management of the Group considers to have low credit risk. The maximum exposure to credit risk is represented by the carrying value of trade receivables, excluding policyholders\u2019 trade and other receivables, subscription accounts receivable, and cash and cash equivalents. The Group has no significant concentrations of credit risk with respect to trade receivables as the client bases are widely dispersed in different sectors and industries. An analysis of credit ratings of financial assets, excluding policyholders\u2019 trade and other receivables and subscription accounts receivable, and the maximum exposure to credit risk was:
2026
2025
Other financial Other financial
Money assets measured Money assets measured
market Cash at at amortised market Cash at at amortised
funds bank
cost
1
Total funds bank
cost
1
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
AAA
245.1
\u2013
\u2013
245.1
204.0
\u2013
\u2013
204.0
AA+
67.4
\u2013
\u2013
67.4
68.3
\u2013
\u2013
68.3
A+
\u2013
94.7
\u2013
94.7
\u2013
81.7
\u2013
81.7
A-
BBB+ and
\u2013
2.0
\u2013
2.0
\u2013
2.2
\u2013
2.2
lower
\u2013
24.6
\u2013
24.6
\u2013
30.1
\u2013
30.1
Not rated
0.4
0.2
130.7
131.3
\u2013
0.3
106.5
106.8
Total
312.9
121.5
130.7
565.1
272.3
114.3
106.5
493.1
1. Relate to trade receivables, excluding policyholders\u2019 trade and other receivables, subscription accounts receivable and other receivables. Ageing of trade receivables at year end was:
2026
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
Less than 30 days
123.2
90.6
Between 30 and 90 days
7.3
15.7
More than 90 days
0.2
0.2
18
130.7
106.5
Outstanding balances are aged monthly and long outstanding balances are actively followed up. ECLs are calculated on all of the Group\u2019s financial assets that are measured at amortised cost, which are presented in note 26 to the consolidated financial statements. In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions. The ECLs amount depends on the specific stage that the financial asset has been allocated to within the ECL model, which depends on whether there has been a significant increase in credit risk since initial recognition of the financial instrument, it is in default, or is considered to be credit impaired. For financial instruments with external credit ratings, the Group assumes that credit risk on these financial instruments has increased significantly since initial recognition if the credit rating has been significantly deteriorated. A financial asset is considered to be in default when there is no realistic prospect of full recovery without recourse by the Group to actions such as realising security (if any is held). Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the Group after the contractual payment has been past due. The criteria of \u201cdefault\u201d are consistent with those of \u201ccredit impaired\u201d. The gross carrying amount of financial assets is written off (either partially or in full) when they are considered credit impaired. ECL allowances are measured on either i) 12-month ECL: that result from possible default events within the 12 months after the reporting date; or ii) Lifetime ECLs: that result from all possible default events over the expected life of a financial instrument. The Group applies the IFRS 9 simplified approach to measuring ECLs for financial assets at an amount equal to lifetime ECLs. The ECLs on financial assets are determined by grouping together financial assets with similar credit risk characteristics and collectively assessing them for the likelihood of recovery, taking into account prevailing economic conditions. Expected loss rates are based on the profiles of financial assets over the preceding ten years and the corresponding historical credit losses experienced within this period. These rates are adjusted to reflect differences between economic conditions during the period over which the historic data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of the receivables. The Group has identified the unemployment rate of the countries in which it provides services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in this factor. No financial assets are considered as default or credit impaired for the years ended 31 March 2026 and 2025. The ECL assessment for all financial assets measured at amortised cost indicated an immaterial impact. Consequently, no loss allowance for these assets was made for the year ended 31 March 2026 (2025: \u00a30.5 mil", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-461": { "value": "27(c) Liquidity risk Liquidity risk is the risk that the Group cannot meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to maintain sufficient liquidity to cover any cash flow funding, meeting obligations as they fall due and maintaining solvency. The Group holds sufficient liquid funds to cover its needs in the normal course of business. At the end of the reporting period, the Group held cash and cash equivalents of \u00a3434.4 million (2025: \u00a3386.6 million) (note 16) that are readily available to use for managing the Group\u2019s liquidity risk. The Group has no material exposure to liquidity risk in relation to linked investments backing policyholder funds and consolidated investment funds as the risk and rewards associated with these assets are borne by the policyholders and third parties, and the Group\u2019s liability to the policyholders and third parties is equal to the market value of the assets underlying the policies, less applicable taxation. The majority exposure to liquidity risk is represented by current financial liabilities. All outstanding amounts are unsecured and interest-free. Current financial liabilities are contractually due within one year or repayable on demand. Contractual maturities of financial liabilities at year end were:
Total
One year Between one contractual Carrying
or less
and five years
Over five years
cash flows amount
2026
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Lease liabilities
14.4
54.1
67.9
136.4
104.3
Trade and other payables
1,2
331.5
\u2013
\u2013
331.5
331.5
Other liabilities
2
28.6
42.1
\u2013
70.7
70.7
374.5
96.2
67.9
538.6
506.5
Total
One year Between one contractual Carrying
or less
and five years
Over five years
cash flows amount
2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Lease liabilities
12.8
41.8
45.6
100.2
86.6
Trade and other payables
1,2
273.3
\u2013
\u2013
273.3
273.3
Other liabilities
2
33.0
31.1
\u2013
64.1
64.1
319.1
72.9
45.6
437.6
424.0
1. Contractual cash flows equal their carrying balances as the impact of discounting is not significant. 2. The nature of other liabilities and employee related payables within trade and other payables is that of IAS 19 Employee Benefit obligations. Consequently these are not within the scope of IAS 32 and IFRS7. However, they have been included within the financial instruments disclosures in order to reflect the unavoidable contractual obligation that the Group has to its employees . ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-462": { "value": "27(d) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters. Currency risk The Group is exposed to currency risk in the ordinary course of business mainly from the Group\u2019s operations in multiple geographical markets. Foreign currency exchange rate fluctuations may create unpredictable earnings and cash flow volatility. Entities within the Group conducting business with international counterparties that leads to future cash flows denominated in a currency other than their functional currencies are exposed to the risk from changes in foreign currency exchange rates. Outstanding amounts are regularly monitored and settled to mitigate currency exposures. The risk is also mitigated by, as far as possible, closing all types of business transactions mainly in the functional currency. The Group\u2019s key exposure to currency risk at the end of the reporting period was US dollar and Euro. The net assets attributable to USD and Euro at the closing rate for the reporting period were \u00a358.4 million and \u00a321.6 million (2025: \u00a358.6 million and \u00a319.9 million) respectively. Effects of foreign currency translation The financial statements of those entities located outside of the United Kingdom are translated into Pound Sterling for the preparation of the financial statements of the Group. Investments in foreign-based operations are permanent and that reinvestment is continuous. Effects from foreign currency exchange rate fluctuations on the translation of net asset amounts into Pound Sterling are reflected in other comprehensive income in the consolidated statement of comprehensive income. Interest rate risk The Group adopts a policy of ensuring that its exposure to changes in interest rates is on a floating rate basis as virtually all such exposures are short-term in nature. At the year end, the Group\u2019s only interest-bearing financial instrument was cash and cash equivalents (2025: cash and cash equivalents). Price risk The financial instruments of the Group subject to price risk principally relates to its deferred compensation investments and its investments in pooled vehicles which are seed capital investments. As the Group\u2019s deferred compensation investments are matched by the liability the Group has to its employees for the value of these investments, there is no impact to the consolidated statement of comprehensive income for changes in the values of these investments. Price risk on seed capital investments is not deemed to be significant due to the size of these holdings. Sensitivity analysis to market risks The following table indicates the instantaneous change in the Group\u2019s profit after tax and equity if foreign exchange rates and interest rate to which the Group has significant exposure at the end of the reporting period had changed at that date, assuming all other variables remained constant.
2026
2025
A reasonable A reasonable
change in the Effect on profit change in the Effect on profit
variable within the after tax variable within the after tax
next calendar year and equity next calendar year and equity
%
\u00a3\u2019m
%
\u00a3\u2019m
US Dollar against Sterling
Strengthen
10
4.6
10
4.7
Weaken
10
(3.8)
10
(3.9)
Euro against Sterling
Strengthen
3
0.5
4
0.7
Weaken
3
(0.5)
4
(0.6)
Interest rate
Increase
0.5
1.9
0.3
0.7
Decrease
0.5
(1.9)
0.8
(2.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-463": { "value": "27(e) Capital management The capital of the Group is considered to be its share capital and reserves. The Group\u2019s objectives and policies are to retain sufficient capital on hand to meet the external minimum capital requirements of the Financial Conduct Authority (\u201cFCA\u201d) in the UK, the Financial Sector Conduct Authority (\u201cFSCA\u201d) in South Africa and certain overseas financial regulators, to create value for the Group\u2019s shareholders by providing returns and to safeguard the Group\u2019s ability to continue as a going concern. All regulated entities within the Group complied with the externally imposed regulatory capital requirements. Through the Group\u2019s internal capital adequacy assessment processes and in conjunction with the Board of Directors, management assesses the capital requirements periodically to ensure that the Group holds reasonable surplus capital over its regulatory capital requirements to mitigate the financial impact of any key risks materialising. In forecasting the Group\u2019s capital requirements, the Group considers all known changes in the economic environment and assesses against the forecast available capital resource. The assessment includes stressed scenario analyses that evaluate the potential impact from market downturns and shock events. There were no changes in the approach to capital management during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-497": { "value": "27(f) Fair value measurements The fair values of all financial instruments are substantially similar to carrying values reflected in the consolidated statement of financial position as they are short-term in nature, subject to variable, market-related interest rates or stated at fair value in the statement of financial position. The Group measures fair values including policyholders\u2019 and third parties\u2019 assets and liabilities using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: \u027d Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. \u027d Level 2: Prices that are not traded in an active market but are determined using valuation techniques, which are based on observable inputs. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset and liability, such as interest rates and yield curves that are observable at commonly quoted intervals. \u027d Level 3: Valuation techniques that include significant inputs that are unobservable. Unobservable inputs are only used to measure fair value to the extent that relevant observables inputs are not available. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-469": { "value": "27(f) Fair value measurements The fair values of all financial instruments are substantially similar to carrying values reflected in the consolidated statement of financial position as they are short-term in nature, subject to variable, market-related interest rates or stated at fair value in the statement of financial position. The Group measures fair values including policyholders\u2019 and third parties\u2019 assets and liabilities using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: \u027d Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. \u027d Level 2: Prices that are not traded in an active market but are determined using valuation techniques, which are based on observable inputs. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset and liability, such as interest rates and yield curves that are observable at commonly quoted intervals. \u027d Level 3: Valuation techniques that include significant inputs that are unobservable. Unobservable inputs are only used to measure fair value to the extent that relevant observables inputs are not available. Financial instruments measured at fair value at the end of the reporting period by the level in the fair value hierarchy were:
Level 1
Level 2
Level 3
Total
2026
Notes
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Deferred compensation investments
10
59.8
\u2013
\u2013
59.8
Seed investments
10
1.6
\u2013
\u2013
1.6
Unlisted investment vehicles
10
\u2013
5.4
18.9
24.3
Other investments
10
\u2013
7.1
\u2013
7.1
Money market funds
16
312.9
\u2013
\u2013
312.9
Investments backing policyholder funds
and consolidated investment funds
15
771.5
12,819.4
52.2
13,643.1
Total financial assets measured
at fair value
26
1,145.8
12,831.9
71.1
14,048.8
Policyholder investment contract
liabilities and third party interest
in consolidated investment funds
15
\u2013
(13,586.3)
\u2013
(13,586.3)
Other liabilities
17
\u2013
(70.7)
\u2013
(70.7)
Total financial liabilities measured
at fair value
26
\u2013
(13,657.0)
\u2013
(13,657.0)
Level 1
Level 2
Level 3
Total
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Deferred compensation investments
10
54.7
\u2013
\u2013
54.7
Seed investments
10
4.7
\u2013
\u2013
4.7
Unlisted investment vehicles
10
\u2013
2.4
18.0
20.4
Other investments
10
\u2013
3.5
\u2013
3.5
Money market funds
16
272.3
\u2013
\u2013
272.3
Investments backing policyholder funds
and consolidated investment funds
15
761.3
10,596.0
43.8
11,401.1
Total financial assets measured
at fair value
26
1,093.0
10,601.9
61.8
11,756.7
Policyholder investment contract
liabilities and third party interest
in consolidated investment funds
15
\u2013
(11,359.7)
\u2013
(11,359.7)
Other liabilities
17
\u2013
(64.1)
\u2013
(64.1)
Total financial liabilities measured
at fair value
26
\u2013
(11,423.8)
\u2013
(11,423.8)
The Group\u2019s policy is to recognise transfers between levels of fair value hierarchy at the end of each reporting period, consistent with the date of the determination of fair value. During the years ended 31 March 2026 and 2025, there were no transfers between level 1 and level 2. Carrying amounts of the financial assets and financial liabilities measured at amortised cost approximate fair value. The Group\u2019s level 2 financial instruments principally consist of unquoted investments within investments backing policyholder funds and consolidated investment funds. The valuation techniques and key inputs used for these level 2 investments are as follows:
Class of investments
Valuation technique
Key inputs
Collective
Quoted price
Quoted NAV of funds where majority of the underlying
investment instruments are not classified as level 1 investments.
schemes
Debt instruments
Evaluated price
Third party pricing service which uses a weighted combination
of observable market data related to the target instrument and
comparable instrument. Observable market data include
trades, executable levels or indicative quotes.
Quoted price
Quoted prices for identical or similar assets or liabilities in
markets that are not active.
Cost approach
Cost, being the last traded price of the investments plus
interest accrual
Derivatives
Discounted
Interest rate and market curves
cash flow
Information about level 3 fair value measurements \u2013 Group\u2019s investment Unlisted investment vehicles represent the Group\u2019s investment in a private equity fund and private credit funds. The valuation techniques and significant unobservable inputs used are as follows:
Class of investments
Valuation technique
Significant unobservable inputs
Private credit fund
Fund\u2019s NAV as
The fair values of the underlying investments of the funds
calculated by the represent their probable realisation value, which is determined
General Partners using unobservable inputs such as Internal Rate of Return (\u201cIRR\u201d).
If the value of the underlying level 3 investments within unlisted investment vehicles increased by 10% (2025: 10%) at year end, the Group estimates that the fair value measurement of these reported level 3 assets would have increased by \u00a31.9 million (2025: \u00a31.8 million). A decrease of 10% would have had the equal but opposite effect. Information about level 3 fair value measurements \u2013 Policyholders\u2019 investments Investments backing policyholder funds include credit exposures that are not actively traded and where the principal input in their valuation is unobservable. Accordingly, an alternative valuation methodology has been applied being either an EBITDA multiple, discounted cashflow models with spread adjustments for any credit rating downgrades or expected cost recovery. The principal inputs include credit spreads, EBITDA and interest rates. All of the investment risk associated with these assets is borne by policyholders and the value of these assets is exactly matched by a corresponding liability due to policyholders. The Group bears no risk from a change in the market value of these assets except to the extent that it has an impact on management fees earned. If the value of the underlying level 3 investments within investments backing policyholder funds increased by 10% (2025: 10%) at year end, the Group estimates that the fair value measurement of these reported level 3 assets would have increased by \u00a35.2 million (2025: \u00a34.4 million). A decrease of 10% would have had the equal but opposite effect.
2026
2025
Unlisted investment vehicles
\u00a3\u2019m
\u00a3\u2019m
At 1 April
18.0
13.7
Purchase
4.5
3.8
Distribution
(5.5)
\u2013
Unrealised gain
1.9
0.5
At 31 March
18.9
18.0
2026
2025
Investment backing policyholder funds
\u00a3\u2019m
\u00a3\u2019m
At 1 April
43.8
68.5
Disposal
(20.4)
(13.7)
Transfer from level 2
1
13.6
\u2013
Unrealised gain/(loss)
12.7
(11.8)
Foreign exchange adjustment
2.5
0.8
At 31 March
52.2
43.8
1. Observable inputs were no longer available during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-464": { "value": "27(f) Fair value measurements The fair values of all financial instruments are substantially similar to carrying values reflected in the consolidated statement of financial position as they are short-term in nature, subject to variable, market-related interest rates or stated at fair value in the statement of financial position. The Group measures fair values including policyholders\u2019 and third parties\u2019 assets and liabilities using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: \u027d Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. \u027d Level 2: Prices that are not traded in an active market but are determined using valuation techniques, which are based on observable inputs. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset and liability, such as interest rates and yield curves that are observable at commonly quoted intervals. \u027d Level 3: Valuation techniques that include significant inputs that are unobservable. Unobservable inputs are only used to measure fair value to the extent that relevant observables inputs are not available. Financial instruments measured at fair value at the end of the reporting period by the level in the fair value hierarchy were:
Level 1
Level 2
Level 3
Total
2026
Notes
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Deferred compensation investments
10
59.8
\u2013
\u2013
59.8
Seed investments
10
1.6
\u2013
\u2013
1.6
Unlisted investment vehicles
10
\u2013
5.4
18.9
24.3
Other investments
10
\u2013
7.1
\u2013
7.1
Money market funds
16
312.9
\u2013
\u2013
312.9
Investments backing policyholder funds
and consolidated investment funds
15
771.5
12,819.4
52.2
13,643.1
Total financial assets measured
at fair value
26
1,145.8
12,831.9
71.1
14,048.8
Policyholder investment contract
liabilities and third party interest
in consolidated investment funds
15
\u2013
(13,586.3)
\u2013
(13,586.3)
Other liabilities
17
\u2013
(70.7)
\u2013
(70.7)
Total financial liabilities measured
at fair value
26
\u2013
(13,657.0)
\u2013
(13,657.0)
Level 1
Level 2
Level 3
Total
2025
Notes
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Deferred compensation investments
10
54.7
\u2013
\u2013
54.7
Seed investments
10
4.7
\u2013
\u2013
4.7
Unlisted investment vehicles
10
\u2013
2.4
18.0
20.4
Other investments
10
\u2013
3.5
\u2013
3.5
Money market funds
16
272.3
\u2013
\u2013
272.3
Investments backing policyholder funds
and consolidated investment funds
15
761.3
10,596.0
43.8
11,401.1
Total financial assets measured
at fair value
26
1,093.0
10,601.9
61.8
11,756.7
Policyholder investment contract
liabilities and third party interest
in consolidated investment funds
15
\u2013
(11,359.7)
\u2013
(11,359.7)
Other liabilities
17
\u2013
(64.1)
\u2013
(64.1)
Total financial liabilities measured
at fair value
26
\u2013
(11,423.8)
\u2013
(11,423.8)
The Group\u2019s policy is to recognise transfers between levels of fair value hierarchy at the end of each reporting period, consistent with the date of the determination of fair value. During the years ended 31 March 2026 and 2025, there were no transfers between level 1 and level 2. Carrying amounts of the financial assets and financial liabilities measured at amortised cost approximate fair value. The Group\u2019s level 2 financial instruments principally consist of unquoted investments within investments backing policyholder funds and consolidated investment funds. The valuation techniques and key inputs used for these level 2 investments are as follows:
Class of investments
Valuation technique
Key inputs
Collective
Quoted price
Quoted NAV of funds where majority of the underlying
investment instruments are not classified as level 1 investments.
schemes
Debt instruments
Evaluated price
Third party pricing service which uses a weighted combination
of observable market data related to the target instrument and
comparable instrument. Observable market data include
trades, executable levels or indicative quotes.
Quoted price
Quoted prices for identical or similar assets or liabilities in
markets that are not active.
Cost approach
Cost, being the last traded price of the investments plus
interest accrual
Derivatives
Discounted
Interest rate and market curves
cash flow
Information about level 3 fair value measurements \u2013 Group\u2019s investment Unlisted investment vehicles represent the Group\u2019s investment in a private equity fund and private credit funds. The valuation techniques and significant unobservable inputs used are as follows:
Class of investments
Valuation technique
Significant unobservable inputs
Private credit fund
Fund\u2019s NAV as
The fair values of the underlying investments of the funds
calculated by the represent their probable realisation value, which is determined
General Partners using unobservable inputs such as Internal Rate of Return (\u201cIRR\u201d).
If the value of the underlying level 3 investments within unlisted investment vehicles increased by 10% (2025: 10%) at year end, the Group estimates that the fair value measurement of these reported level 3 assets would have increased by \u00a31.9 million (2025: \u00a31.8 million). A decrease of 10% would have had the equal but opposite effect. Information about level 3 fair value measurements \u2013 Policyholders\u2019 investments Investments backing policyholder funds include credit exposures that are not actively traded and where the principal input in their valuation is unobservable. Accordingly, an alternative valuation methodology has been applied being either an EBITDA multiple, discounted cashflow models with spread adjustments for any credit rating downgrades or expected cost recovery. The principal inputs include credit spreads, EBITDA and interest rates. All of the investment risk associated with these assets is borne by policyholders and the value of these assets is exactly matched by a corresponding liability due to policyholders. The Group bears no risk from a change in the market value of these assets except to the extent that it has an impact on management fees earned. If the value of the underlying level 3 investments within investments backing policyholder funds increased by 10% (2025: 10%) at year end, the Group estimates that the fair value measurement of these reported level 3 assets would have increased by \u00a35.2 million (2025: \u00a34.4 million). A decrease of 10% would have had the equal but opposite effect.
2026
2025
Unlisted investment vehicles
\u00a3\u2019m
\u00a3\u2019m
At 1 April
18.0
13.7
Purchase
4.5
3.8
Distribution
(5.5)
\u2013
Unrealised gain
1.9
0.5
At 31 March
18.9
18.0
2026
2025
Investment backing policyholder funds
\u00a3\u2019m
\u00a3\u2019m
At 1 April
43.8
68.5
Disposal
(20.4)
(13.7)
Transfer from level 2
1
13.6
\u2013
Unrealised gain/(loss)
12.7
(11.8)
Foreign exchange adjustment
2.5
0.8
At 31 March
52.2
43.8
1. Observable inputs were no longer available during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-498": { "value": "28. Pension fund asset The Group operates the Ninety One UK Pension Scheme (the \u201cScheme\u201d), which is a closed defined benefit scheme where it has an obligation to provide participating employees with pension payments that represent a specified percentage of their final salary for each year of service. The Scheme is a registered defined benefit final salary scheme subject to the UK regulatory framework for pensions and is administered by its trustees with their assets held separately from those of the Group. The trustees are required by the Trust Deed to act in the best interest of the Scheme participants. The Scheme is funded by contributions from the Group in accordance with an independent actuary\u2019s recommendation based on actuarial valuations. The latest independent actuarial valuations of the Scheme were at 31 March 2026 by qualified independent actuaries. The Group did not make any contributions to the Scheme in the current financial year and does not expect further contributions to the Scheme for the next annual reporting period. There is no restriction to the amount of surplus that can be recognised. However, the recognition of the pension surplus involved judgement whether future economic benefits are available to the Group in the form of a reduction in future contributions or a cash refund. It is concluded that the Group has the right to a refund of the surpluses assuming the gradual settlement of the Scheme over time until all members have left the Scheme. At 31 March 2026, there were no active members in the Scheme (2025: nil). Defined benefit pension obligation is calculated using the projected unit credit method. The net charge to the consolidated statement of comprehensive income mainly comprises the service cost and the net interest on the net defined benefit asset or liability, and is presented in other administrative expenses. Remeasurements of the net defined benefit asset or liability, which comprise actuarial gains or losses, return on plan assets excluding interest and the effect of the asset ceiling (if any), are recognised in other comprehensive income. The net defined benefit asset or liability represents the present value of defined benefit obligation reduced by the fair value of plan assets, after applying the asset ceiling test, where the net defined benefit surplus is limited to the present value of available refunds and reductions in future contributions to the plan. The Scheme exposes the Group to actuarial risks, such as interest rate risk, investment risk and longevity risk. The Scheme has completed a buy-in transaction with an independent insurance company in the prior year, covering all members in the Scheme. All benefits provided by the Scheme are fully insured. The pension fund asset in respect of the Scheme of \u00a30.6 million (2025: \u00a30.7 million) is made up of the total fair value of plan assets of \u00a311.1 million (2025: \u00a311.4 million) less the present value of obligation of \u00a310.5 million (2025: \u00a310.7 million).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-452": { "value": "28. Pension fund asset The Group operates the Ninety One UK Pension Scheme (the \u201cScheme\u201d), which is a closed defined benefit scheme where it has an obligation to provide participating employees with pension payments that represent a specified percentage of their final salary for each year of service. The Scheme is a registered defined benefit final salary scheme subject to the UK regulatory framework for pensions and is administered by its trustees with their assets held separately from those of the Group. The trustees are required by the Trust Deed to act in the best interest of the Scheme participants. The Scheme is funded by contributions from the Group in accordance with an independent actuary\u2019s recommendation based on actuarial valuations. The latest independent actuarial valuations of the Scheme were at 31 March 2026 by qualified independent actuaries. The Group did not make any contributions to the Scheme in the current financial year and does not expect further contributions to the Scheme for the next annual reporting period. There is no restriction to the amount of surplus that can be recognised. However, the recognition of the pension surplus involved judgement whether future economic benefits are available to the Group in the form of a reduction in future contributions or a cash refund. It is concluded that the Group has the right to a refund of the surpluses assuming the gradual settlement of the Scheme over time until all members have left the Scheme. At 31 March 2026, there were no active members in the Scheme (2025: nil). Defined benefit pension obligation is calculated using the projected unit credit method. The net charge to the consolidated statement of comprehensive income mainly comprises the service cost and the net interest on the net defined benefit asset or liability, and is presented in other administrative expenses. Remeasurements of the net defined benefit asset or liability, which comprise actuarial gains or losses, return on plan assets excluding interest and the effect of the asset ceiling (if any), are recognised in other comprehensive income. The net defined benefit asset or liability represents the present value of defined benefit obligation reduced by the fair value of plan assets, after applying the asset ceiling test, where the net defined benefit surplus is limited to the present value of available refunds and reductions in future contributions to the plan. The Scheme exposes the Group to actuarial risks, such as interest rate risk, investment risk and longevity risk. The Scheme has completed a buy-in transaction with an independent insurance company in the prior year, covering all members in the Scheme. All benefits provided by the Scheme are fully insured. The pension fund asset in respect of the Scheme of \u00a30.6 million (2025: \u00a30.7 million) is made up of the total fair value of plan assets of \u00a311.1 million (2025: \u00a311.4 million) less the present value of obligation of \u00a310.5 million (2025: \u00a310.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-423": { "value": "28. Pension fund asset The Group operates the Ninety One UK Pension Scheme (the \u201cScheme\u201d), which is a closed defined benefit scheme where it has an obligation to provide participating employees with pension payments that represent a specified percentage of their final salary for each year of service. The Scheme is a registered defined benefit final salary scheme subject to the UK regulatory framework for pensions and is administered by its trustees with their assets held separately from those of the Group. The trustees are required by the Trust Deed to act in the best interest of the Scheme participants. The Scheme is funded by contributions from the Group in accordance with an independent actuary\u2019s recommendation based on actuarial valuations. The latest independent actuarial valuations of the Scheme were at 31 March 2026 by qualified independent actuaries. The Group did not make any contributions to the Scheme in the current financial year and does not expect further contributions to the Scheme for the next annual reporting period. There is no restriction to the amount of surplus that can be recognised. However, the recognition of the pension surplus involved judgement whether future economic benefits are available to the Group in the form of a reduction in future contributions or a cash refund. It is concluded that the Group has the right to a refund of the surpluses assuming the gradual settlement of the Scheme over time until all members have left the Scheme. At 31 March 2026, there were no active members in the Scheme (2025: nil). Defined benefit pension obligation is calculated using the projected unit credit method. The net charge to the consolidated statement of comprehensive income mainly comprises the service cost and the net interest on the net defined benefit asset or liability, and is presented in other administrative expenses. Remeasurements of the net defined benefit asset or liability, which comprise actuarial gains or losses, return on plan assets excluding interest and the effect of the asset ceiling (if any), are recognised in other comprehensive income. The net defined benefit asset or liability represents the present value of defined benefit obligation reduced by the fair value of plan assets, after applying the asset ceiling test, where the net defined benefit surplus is limited to the present value of available refunds and reductions in future contributions to the plan. The Scheme exposes the Group to actuarial risks, such as interest rate risk, investment risk and longevity risk. The Scheme has completed a buy-in transaction with an independent insurance company in the prior year, covering all members in the Scheme. All benefits provided by the Scheme are fully insured. The pension fund asset in respect of the Scheme of \u00a30.6 million (2025: \u00a30.7 million) is made up of the total fair value of plan assets of \u00a311.1 million (2025: \u00a311.4 million) less the present value of obligation of \u00a310.5 million (2025: \u00a310.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-425": { "value": "
29. Sanlam transaction
The Group and Sanlam have entered into a long-term strategic relationship with an initial
15 years commitment, under which Sanlam has appointed the Group as its primary active asset
manager for single-managed local and global products, with preferred access to Sanlam\u2019s
South African distribution network (the \u201cTransaction\u201d). The Transaction consists of two
components:
\u027d UK component: This involved the transfer of Sanlam Investments UK Limited\u2019s (\u201cSIUK\u201d) active
asset management business to the Group. Following to the completion of this component
on 16 June 2025, the Group was appointed as the primary active asset manager for a
specified portion of SIUK\u2019s assets under management. As consideration, Ninety One plc
issued and allotted 13,675,595 ordinary shares to SIUK at a share price of \u00a31.727, resulting in
a total consideration of \u00a323.6 million. This amount is equal to the value initially recognised as
an intangible asset in the consolidated financial statements (note 13).
\u027d South African component: On 2 February 2026, the Group acquired 100% of the issued share capital of SIMSA, a private company incorporated in South Africa. As consideration, Ninety One plc and Ninety One Limited issued and allotted 45,427,094 and 66,592,115 ordinary shares to Sanlam, respectively, at share prices of \u00a32.528 and R55.26 per share, resulting in a total consideration of \u00a3281.7 million. Of the total consideration, \u00a3279.9 million was attributable to intangible assets (note 13) with the remaining \u00a31.8 million related to the net assets attributable to SIMSA. Under IFRS 3 Business Combinations, the identifiable assets acquired were assessed against the definition and recognition criteria of a business combination. Based on the outcome of the \u2018concentration test\u2019 set out in IFRS 3, the Group determined that the identifiable assets did not constitute a business as the fair value of the assets acquired is substantially concentrated in the investment contracts which are recognised as intangible assets. Accordingly, the transaction has been accounted for as an asset acquisition.", "dimensions": { "concept": "ninetyoneplc:DisclosureOfSanlamTransaction", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-424": { "value": "30. Events after the reporting date On 18 May 2026, the Group entered into a joint venture arrangement in Singapore to strengthen the Group\u2019s investment capabilities and expand its presence in the region. As part of the arrangement, the Group acquired 50% issued share capital of Equinox Partners Holdings Limited (the \u201cJV\u201d), an exempted company with limited liability incorporated in the Cayman Islands, with the consideration equivalent to the fair value of the Group\u2019s future capital contributions to the JV, as agreed between the parties. Following the completion of the transaction, the Group will recognise an investment in joint venture with the valuation of USD 118.7 million and a corresponding financial liability related to the deferred consideration contributions. Other than the event disclosed above and the dividend recommended by the Board presented in note 9, no other event was noted after the reporting date that would require disclosures in or adjustments to the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-470": { "value": "31. Subsidiaries and other related undertakings The Group operates globally, which results in the Group having a corporate structure consisting of a number of related undertakings, comprising subsidiaries and associates. All subsidiaries have been consolidated in the Group\u2019s financial statements. There are no restrictions or changes in ownership of the subsidiaries. The Group\u2019s related undertakings along with the place of incorporation, the registered address, the classes of shares held and the effective percentage of equity owned at 31 March 2026 are disclosed below. The addresses of the registered offices of Ninety One plc and Ninety One Limited are 55 Gresham Street, London, EC2V 7EL, United Kingdom and 36 Hans Strijdom Avenue, Cape Town, 8001, South Africa respectively.
Company name
Share class
Interest in %
Principal subsidiaries and associates held by Ninety One plc
United Kingdom
Registered office: 55 Gresham Street, London, EC2V 7EL
Ninety One Fund Managers UK Limited
Ordinary
100
Ninety One Global Limited
1
Ordinary
100
Ninety One International Limited
Ordinary
100
Ninety One UK Holdings Limited
Ordinary
100
Ninety One UK Limited
Ordinary
100
Australia
Registered office: Suite 3, Level 28, Chifley Tower, 2 Chifley Square, Sydney, NSW 2000
Ninety One Australia Pty Limited
Ordinary
100
Canada
Registered office: 22 Adelaide Street West, 3400, Toronto, Ontario, Canada, M5H 4E3
Ninety One Canada Inc.
Ordinary
100
Cayman Islands
Registered office: PO Box 10008, Pavilion East, Cricket Square, Grand Cayman, KY1-1001
Ninety One Asia Holdings
4
Ordinary
100
Guernsey
Registered office: First Floor, Dorey Court, Elizabeth Avenue, St. Peter Port, GY1 2HT
Ninety One Africa Frontier Private Equity Fund GP Limited
Ordinary
100
Ninety One Africa Private Equity Fund 2 GP Limited
Ordinary
100
Ninety One Guernsey Limited
Ordinary
100
Company name
Share class
Interest in %
Lango Real Estate Management Limited
2
Ordinary
37.5
Lango Co-Invest GP Limited
Ordinary
100
Partnership
Lango Co-Invest LP
3
interest
100
GIAP Manco Empowerment Limited
2
Ordinary
50
Ninety One Guernsey Nominees Limited
Ordinary
100
Ninety One Guernsey Service Company Limited
Ordinary
100
Hong Kong
Registered office: Suite 1201-1206, 12/F, One Pacific Place, 88 Queensway, Admiralty
Ninety One Hong Kong Limited
Ordinary
100
Luxembourg
Registered office: 2-4 Avenue Marie-Th\u00e9r\u00e8se, L-2132
Ninety One Africa Credit Opportunities Fund 2 GP S.\u00e0 r.l.
Ordinary
100
Ninety One Global Alternative Fund 2 GP S.\u00e0 r.l.
Ordinary
100
Ninety One Global Alternative Fund 2 Carry SCSp
Partnership
40
interest
Ninety One Global Alternative Fund 3 GP S.\u00e0 r.l.
4
Ordinary
100
Ninety One Luxembourg S.A.
Ordinary
100
Saudi Arabia
Registered office: 7934, Al Safarjal, 3193
Ninety One Capital Company (Single Shareholder Company)
Joint stock
100
Singapore
Registered office: 138 Market Street, #27-02 CapitaGreen, Singapore 048946
Ninety One Singapore Pte. Limited
Ordinary
100
Switzerland
Registered office: Dufourstrasse 49, 8008 Zurich
Ninety One Switzerland GmbH
Ordinary
100
United Arab Emirates
Registered office: 11, 6, Al Khatem Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi
Ninety One Gulf Capital Limited
Ordinary
100
United States of America
Registered office: 2711 Centerville Road, Suite 400, Wilmington, 19808, New Castle
Ninety One North America, Inc.
Ordinary
100
Company name
Share class
Interest in %
Principal subsidiaries and associates held by Ninety One Limited
South Africa
Registered office: 36 Hans Strijdom Avenue, Cape Town, 8001
Ninety One Africa Proprietary Limited
5
Ordinary
100
Ninety One Alternative Investments GP Proprietary Limited
Ordinary
100
Ninety One Assurance Limited
Ordinary
100
Ninety One Fund Managers SA (RF) Proprietary Limited
Ordinary
100
Ninety One Investment Platform Proprietary Limited
Ordinary
100
Ninety One SA Proprietary Limited
Ordinary
100
Sanlam Investment Management (Pty) Limited
9
Ordinary
100
Grayston Nominees Proprietary Limited
Ordinary
100
Ninety One Worldwide Flexible Fund
1 0
Unit
55.6
Ninety One Equity Long/Short Retail Hedge Fund
1 0
Unit
59.5
Botswana
Registered office: Deloitte House, Plot 64518, Fairgrounds, Gaborone
Ninety One Botswana Proprietary Limited
6
Ordinary
90
Ninety One Botswana Employee Share Scheme Trust
7
Unspecified
\u2013
Ninety One Fund Managers Botswana Proprietary Limited
6
Ordinary
90
Namibia
Registered office: 24 Orban Street, Klein Windhoek, Windhoek
Ninety One Asset Management Namibia (Proprietary) Limited
8
Ordinary
100
Ninety One Asset Management Namibia Staff Share Scheme Trust
7
Unspecified
\u2013
Ninety One Fund Managers Namibia Limited
8
Ordinary
100
1. Directly held by Ninety One plc. 2. This is an associate to the Group. 3. Following the final distribution to other partners, the Group now holds 100% interest in this entity (2025: 14.4%). The entity subsequently entered into the process of dissolution. 4. Established in the current financial year. 5. Directly held by Ninety One Limited. 6. 75 percent of the equity interest in these companies is directly held by Ninety One Africa Proprietary Limited, 15 percent is indirectly held by Ninety One Africa Proprietary Limited via Ninety One Botswana Employee Share Scheme Trust and the remaining 10 percent is directly held by an employee. 7. The Group is considered to have control over these Trusts via Ninety One Africa Proprietary Limited under the requirements of IFRS 10. Accordingly, these Trusts are classified as indirect subsidiaries of the Company. 8. 85 percent of the equity interest in these companies is directly held by Ninety One Africa Proprietary Limited. The remaining 15 percent is indirectly held by Ninety One Africa Proprietary Limited via Ninety One Asset Management Namibia Staff Share Scheme Trust. 9. Acquired in the current financial year as part of the Sanlam transaction (note 29) 10. The Group consolidates these funds as a result of the proportion of holdings invested in the funds by the Group and policyholders.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-465": { "value": "31. Subsidiaries and other related undertakings The Group operates globally, which results in the Group having a corporate structure consisting of a number of related undertakings, comprising subsidiaries and associates. All subsidiaries have been consolidated in the Group\u2019s financial statements. There are no restrictions or changes in ownership of the subsidiaries. The Group\u2019s related undertakings along with the place of incorporation, the registered address, the classes of shares held and the effective percentage of equity owned at 31 March 2026 are disclosed below. The addresses of the registered offices of Ninety One plc and Ninety One Limited are 55 Gresham Street, London, EC2V 7EL, United Kingdom and 36 Hans Strijdom Avenue, Cape Town, 8001, South Africa respectively.
Company name
Share class
Interest in %
Principal subsidiaries and associates held by Ninety One plc
United Kingdom
Registered office: 55 Gresham Street, London, EC2V 7EL
Ninety One Fund Managers UK Limited
Ordinary
100
Ninety One Global Limited
1
Ordinary
100
Ninety One International Limited
Ordinary
100
Ninety One UK Holdings Limited
Ordinary
100
Ninety One UK Limited
Ordinary
100
Australia
Registered office: Suite 3, Level 28, Chifley Tower, 2 Chifley Square, Sydney, NSW 2000
Ninety One Australia Pty Limited
Ordinary
100
Canada
Registered office: 22 Adelaide Street West, 3400, Toronto, Ontario, Canada, M5H 4E3
Ninety One Canada Inc.
Ordinary
100
Cayman Islands
Registered office: PO Box 10008, Pavilion East, Cricket Square, Grand Cayman, KY1-1001
Ninety One Asia Holdings
4
Ordinary
100
Guernsey
Registered office: First Floor, Dorey Court, Elizabeth Avenue, St. Peter Port, GY1 2HT
Ninety One Africa Frontier Private Equity Fund GP Limited
Ordinary
100
Ninety One Africa Private Equity Fund 2 GP Limited
Ordinary
100
Ninety One Guernsey Limited
Ordinary
100
Company name
Share class
Interest in %
Lango Real Estate Management Limited
2
Ordinary
37.5
Lango Co-Invest GP Limited
Ordinary
100
Partnership
Lango Co-Invest LP
3
interest
100
GIAP Manco Empowerment Limited
2
Ordinary
50
Ninety One Guernsey Nominees Limited
Ordinary
100
Ninety One Guernsey Service Company Limited
Ordinary
100
Hong Kong
Registered office: Suite 1201-1206, 12/F, One Pacific Place, 88 Queensway, Admiralty
Ninety One Hong Kong Limited
Ordinary
100
Luxembourg
Registered office: 2-4 Avenue Marie-Th\u00e9r\u00e8se, L-2132
Ninety One Africa Credit Opportunities Fund 2 GP S.\u00e0 r.l.
Ordinary
100
Ninety One Global Alternative Fund 2 GP S.\u00e0 r.l.
Ordinary
100
Ninety One Global Alternative Fund 2 Carry SCSp
Partnership
40
interest
Ninety One Global Alternative Fund 3 GP S.\u00e0 r.l.
4
Ordinary
100
Ninety One Luxembourg S.A.
Ordinary
100
Saudi Arabia
Registered office: 7934, Al Safarjal, 3193
Ninety One Capital Company (Single Shareholder Company)
Joint stock
100
Singapore
Registered office: 138 Market Street, #27-02 CapitaGreen, Singapore 048946
Ninety One Singapore Pte. Limited
Ordinary
100
Switzerland
Registered office: Dufourstrasse 49, 8008 Zurich
Ninety One Switzerland GmbH
Ordinary
100
United Arab Emirates
Registered office: 11, 6, Al Khatem Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi
Ninety One Gulf Capital Limited
Ordinary
100
United States of America
Registered office: 2711 Centerville Road, Suite 400, Wilmington, 19808, New Castle
Ninety One North America, Inc.
Ordinary
100
Company name
Share class
Interest in %
Principal subsidiaries and associates held by Ninety One Limited
South Africa
Registered office: 36 Hans Strijdom Avenue, Cape Town, 8001
Ninety One Africa Proprietary Limited
5
Ordinary
100
Ninety One Alternative Investments GP Proprietary Limited
Ordinary
100
Ninety One Assurance Limited
Ordinary
100
Ninety One Fund Managers SA (RF) Proprietary Limited
Ordinary
100
Ninety One Investment Platform Proprietary Limited
Ordinary
100
Ninety One SA Proprietary Limited
Ordinary
100
Sanlam Investment Management (Pty) Limited
9
Ordinary
100
Grayston Nominees Proprietary Limited
Ordinary
100
Ninety One Worldwide Flexible Fund
1 0
Unit
55.6
Ninety One Equity Long/Short Retail Hedge Fund
1 0
Unit
59.5
Botswana
Registered office: Deloitte House, Plot 64518, Fairgrounds, Gaborone
Ninety One Botswana Proprietary Limited
6
Ordinary
90
Ninety One Botswana Employee Share Scheme Trust
7
Unspecified
\u2013
Ninety One Fund Managers Botswana Proprietary Limited
6
Ordinary
90
Namibia
Registered office: 24 Orban Street, Klein Windhoek, Windhoek
Ninety One Asset Management Namibia (Proprietary) Limited
8
Ordinary
100
Ninety One Asset Management Namibia Staff Share Scheme Trust
7
Unspecified
\u2013
Ninety One Fund Managers Namibia Limited
8
Ordinary
100
1. Directly held by Ninety One plc. 2. This is an associate to the Group. 3. Following the final distribution to other partners, the Group now holds 100% interest in this entity (2025: 14.4%). The entity subsequently entered into the process of dissolution. 4. Established in the current financial year. 5. Directly held by Ninety One Limited. 6. 75 percent of the equity interest in these companies is directly held by Ninety One Africa Proprietary Limited, 15 percent is indirectly held by Ninety One Africa Proprietary Limited via Ninety One Botswana Employee Share Scheme Trust and the remaining 10 percent is directly held by an employee. 7. The Group is considered to have control over these Trusts via Ninety One Africa Proprietary Limited under the requirements of IFRS 10. Accordingly, these Trusts are classified as indirect subsidiaries of the Company. 8. 85 percent of the equity interest in these companies is directly held by Ninety One Africa Proprietary Limited. The remaining 15 percent is indirectly held by Ninety One Africa Proprietary Limited via Ninety One Asset Management Namibia Staff Share Scheme Trust. 9. Acquired in the current financial year as part of the Sanlam transaction (note 29) 10. The Group consolidates these funds as a result of the proportion of holdings invested in the funds by the Group and policyholders.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-393": { "value": "Ninety One plc 55 Gresham Street London, EC2V 7EL United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }