NINETY ONE LIMITED - Results for the year ended 31 March 2026 and declaration of final dividend
What this filing means
Ninety One delivered a 31% increase in AUM and a return to positive net flows, though statutory per-share earnings growth was muted at 2% due to share dilution from the Sanlam transaction.
The investment manager successfully grew its total assets and attracted new client money after a tough previous year. However, because they issued new shares to buy another business, the actual profit per share only grew slightly.
Bull case
- Net flows inflected positively, recording £2.8 billion in inflows compared to net outflows of £4.9 billion in the prior year.
- The board declared a 10% increase in the total dividend to 13.4 pence per share, alongside CEO commentary noting positive momentum and visible demand recovery in emerging markets.
Bear case
- Near-term firm-wide investment performance deteriorated, with one-year outperformance declining to 56% from 68%.
- This short-form announcement omits cash flow statements and balance sheet metrics, leaving operating cash conversion, net debt, and total liquidity unquantified.
AI-generated summary by SENS-AI, based on the original JSE SENS filing.
SENS-AI conclusion
Ninety One's annual results reflect a 31% expansion in closing AUM to £171.8 billion, driven by the £18.3 billion Sanlam take-on, a return to positive net flows of £2.8 billion, and supportive market conditions. The fundamental trajectory is positive with adjusted operating margins expanding, though the 12% growth in adjusted EPS overstates per-share economic progress relative to the 2% growth in basic HEPS due to time-weighted share dilution from the Sanlam deal. This short-form announcement does not contain cash flow statements or balance sheet metrics, requiring the full integrated report for total liquidity and cash-conversion visibility. Investor Takeaway: Operational momentum has clearly stabilized with positive flows and a successful Sanlam integration, but investors must account for the dilutive impact of the expanded share base on statutory per-share earnings.
Earnings momentum is returning and flows have inflected positively. The growth thesis is intact, though per-share returns will reflect the recent transaction dilution.
Decision framework
Current stance: Filing Positive
Key drivers
- Net flows inflected positively, recording £2.8 billion in inflows compared to net outflows of £4.9 billion in the prior year.
- The board declared a 10% increase in the total dividend to 13.4 pence per share, alongside CEO commentary noting positive momentum and visible demand recovery in emerging markets.
Key risks
- Near-term firm-wide investment performance deteriorated, with one-year outperformance declining to 56% from 68%.
- This short-form announcement omits cash flow statements and balance sheet metrics, leaving operating cash conversion, net debt, and total liquidity unquantified.
What would change the view
- Forward guidance is cut or withdrawn in the next update.
- Cash-flow conversion deteriorates relative to reported earnings.
- Positive thesis fails to hold through the next reporting window.
Evidence from the filing
Net flows inflected positively, recording £2.8 billion in inflows compared to net outflows of £4.9 billion in the prior year.
“Ninety One experienced net inflows of £2.8 billion in financial year 2026 (2025: net outflows of £(4.9) billion).”
More on Ninety One Group
Related filings
More from NY1
- NINETY ONE LIMITED - Ninety One plc - Repurchase of Shares
- NINETY ONE LIMITED - Notification of transactions by relevant Directors, Persons Discharging Managerial Responsibilities and persons closely associated with them, prescribed officers, company secretaries and associates
- NINETY ONE LIMITED - Notification of transactions by relevant Directors, Persons Discharging Managerial Responsibilities and persons closely associated with them, prescribed officers, company secretaries and associates
- NINETY ONE LIMITED - Ninety One plc (the Company) Total Voting Rights
- NINETY ONE LIMITED - Notification of transactions by relevant Directors, PDMRs and persons closely associated with them, prescribed officers, companies secretaries and associates
Other Results
- SUISUN INTERNATIONAL LIMITED - Unaudited Interim Group Financial Results, Interim Ordinary Cash Dividend Declaration for the six months ended 30 June 2026 and Changes to Risk Committee Responsibilities
- AVIAVI LIMITED - RESULTS FOR THE YEAR ENDED 30 JUNE 2026, AND FINAL AND SPECIAL DIVIDEND
- BELBELL EQUIPMENT LIMITED - Unaudited Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2026 and Dividend Declaration
- ARIAFRICAN RAINBOW MINERALS LIMITED - Condensed Reviewed Results for the financial year ended 30 June 2026 and Final Cash Dividend Declaration
- AIRPORTS COMPANY SOUTH AFRICA SOC LIMITED - Invitation to the Release of the Annual Financial Results