A message from Bernard Fairman

During the period we have benefitted from sustained investor appetite for our specialist retail and institutional products. Our sales team has successfully raised a total of £566 million over the last 12 months into higher margin retail vehicles, representing a 31% increase on the prior year equivalent period and is on track for another record year in FY26. Our multi vintage approach to institutional fundraising saw our flagship real asset strategy, FEIP II, finalise its first phase of fundraising at €505 million and, post period end, our regional private equity strategy launched its 16th fund with a £90 million first close.

Fundraising is underpinned by investment performance, with strong recent real asset exits in Australia and from our natural capital strategy further enhancing the team's track record. With our focus on long duration capital, we are confident that the Group's diversified strategies can deliver further growth as we remain on track to achieve our guidance to double core EBITDA pre-SBP in the five years to FY29.