FY26 results are in line with our estimates: £30.5m adj. PBT vs £31.0m SCMe (-2% var) reflecting the AuM progression already reported. As we expected, AuM has sprung back driven by performance tailwinds: +10% QTD to £21.4bn including improved u/l net flows and £500m institutional mandates funded. The River Global acquisition will complete two months ahead of schedule, with the FCA approval now received. Current AuM is in line with our June forecast. We leave our earnings forecasts unchanged. We continue to see risk-return skewed to the upside given improving net flows, an institutional pipeline and the rating sitting at <8x PER.
