![]() #### Quilter plc Annual Report 2025 # Brighter financial # futures for every # generation #### Quilter plc Annual Report 2025 ![]() At Quilter, we believe in brighter financial futures for every generation. Our core values – do the right thing, always curious, embrace challenge andstronger together – continually driveus inthe way we behave with our customers, partners and each other. Quilter plc listed on the London and Johannesburg Stock Exchanges on 25 June 2018. Quilter has a primary listing on the London Stock Exchange anda secondary listing on the Johannesburg StockExchange. Strategic Report 2 Chair’s statement 3 Chief Executive Officer’s review 6 Our markets 7 Delivering for our customers 8 – Money needs a plan 10 Our strategy 11 Our strategic phases 12 Our business model 14 Key performance indicators 16 Section 172(1) statement 17 Stakeholder engagement 20 Our people 26 Responsible investment 27 Climate change 37 Being a responsible business 37 – Non-financial and sustainability information statement 38 Financial review 44 Risk review 49 Goingconcern and viability statement Governance Report 51 Chair’s governance overview 52 Operating within a robust governance framework 53 Board of Directors 56 Governance at a glance 57 Principal decisions of the Board in2025 63 Board Corporate Governance and Nominations Committee Report 70 Board Audit Committee Report 77 Board Risk Committee Report 82 Remuneration Report 82 – Board Remuneration Committee Report 87 – At a glance – 2025 remuneration 88 – Directors’ Remuneration Policy (summary) 92 – Annual Report on Remuneration 103 – At a glance – implementation of thePolicy in2026 106 Directors’ Report Financial statements 111 Statement of Directors’ responsibilities 112 Independent auditors’ report 119 Group consolidated financial statements 122 Notes to the consolidated financialstatements 173 Appendix 175 Parent Company financial statements Other information 181 Shareholder information 185 Alternative performance measures 187 Glossary Alternative performance measures (“APMs”) We assess our financial performance using a variety of measures including APMs, as explained further on pages 185-186. These measures are indicated with an asterisk (\*). Assets under management and administration (“AuMA”)\* £141.2bn +18% Core net flows\* £9.1bn +75% Adjusted profit before tax\* £207m +6% IFRS profit/(loss) after tax £120m +453% Recommended total dividend per share 6.3p +7% Adjusted diluted earnings pershare\* 11.0p +4% Operating margin\* 30% #### +1ppt #### 2025 highlights #### Financial performance highlights 25 £141.2bn £119.4b n 24 25 11.0p 10.6p 24 25 £9.1bn £5.2bn 24 25 £207m £196m 24 25 30% 29% 24 25 £120m £(34)m 24 25 6.3p 5.9p 24 ![]() During 2025, the Group delivered a significant increase in gross and net inflows as well as an improvement in adjusted profit and operating leverage. £52m Exceeded Simplification PhaseTwo planned savings of £50m, on an annualised run-rate basis. ## Increasing Restricted Financial Planner numbers, supportedbygraduates from the Quilter FinancialAdviser Academy. £9.1bn Record core net inflows, outperforming our average through the cycle guidance of 4-5% net inflow as a percentage of opening assets and withfour consecutive quarters consistently delivering at least £2.0 billion of net inflows. ## Growing market share in Affluent segment; High Net Worth outperforming listed peers. ## Money ## needsaplan advertising campaign launched in Q42025, buildingbrand awareness highlighting the importanceof investment and financial planning. £100bn+ Platform AuMA exceeded £100 billion, making it the largest retail advised Platform in the UK market. WealthSelect AuM exceeded £25 billion, making it the largest Managed Portfolio Service in the UK market. ## Expanding High Net Worth proposition in Ireland throughacquisition. 1 Quilter plc Annual Report 2025 Other informationFinancial statementsGovernance ReportStrategic Report ![]() #### Chair’s statement #### Dear shareholder As I reflect on the significant progress we made in2025, I would like to start by thanking our colleagues for their contribution to the continued success of Quilter. Whenever I talk to colleagues, Iam struck by their focus on delivering our purpose of brighter financial futures for every generation. Despite the challenges in the global external markets, geopolitical events and uncertainty for customers and advisers in the run-up to the UK Budget statement in November, we have made good progress on delivering our strategic goals whilst remaining relentlessly focused on how we deliver value for our stakeholders. Iam pleased that the momentum we saw in 2024, delivered sustained performance in 2025. #### Strong financial performance In 2025, we delivered good profit growth and demonstrated consistent strong performance from our dual distribution model. We generated over £20 billion of gross flows overthe year, withcore net inflows up 75% to £9.1billion, representing 8%of opening assets (2024:£5.2billion, 5%ofopening assets). Net inflows of10% of opening balances for the Platform demonstrates the strength of our franchise. #### Shareholder returns 2025 was another year of excellent returns forourshareholders. We delivered a total shareholder return of 24% in sterling terms (and19% in ZAR terms on the JSE), delivering a performance broadly in line with the FTSE 100 index andoutperforming the FTSE 250 index. The Board is recommending to shareholders at our 2026 Annual General Meeting (“AGM”), a Final Dividend of 4.3 pence per share. Taken with our Interim Dividend of 2 pence per share paid in September 2025, the full year dividend will be 6.3pence per share, which is anincrease of 7%over the 2024 level. Following the capital review announced on 6August 2025, the Board has confirmed its intention to return up to £100 million of capital toshareholders via a Share Buyback Programme (the “Programme”). The Programme will be conducted concurrently on the London and Johannesburg Stock Exchanges. Given the size of the capital return relative to the current trading liquidity inQuilter shares, we currently expect the full Programme to complete by the end of the year. In addition, the Board has also confirmed that from 2026 we will operate a Distribution Policy, combining regular ordinary dividends payable in cash and annual share buyback programmes. It is currently expected that approximately 70% of post-tax, post-interest adjusted profit will be distributed to shareholders. Each Interim Dividend will, in normal circumstances, be set at one third of the previous year’s total dividend. More details on both matters are included in the Financial review on pages 38 to 43. #### Stakeholder engagement The views of our shareholders remain an important influence on our boardroom discussions. Once again, we maintained a high level of engagement with existing and potential shareholders in the year. I continued my programme of engagement and, in early 2025 and2026, I met with a number of shareholders in the UK and South Africa covering topics including corporate governance, executive remuneration, Board composition and succession planning. You can read about the engagement with our shareholders on the changes to the remuneration for our Chief Executive Officer on page 82 and pages 85 to 87. Quilter’s commitment to responsible investment isoutlined on page 26. We continued to be a responsible investor and progressed towards ourown commitments to a low-carbon economy. In addition, we have maintained a positive impact in the communities in which we operate as set out on pages 27 to 36. Given the importance of our colleagues in delivering for all stakeholders, 2025 was a year offurther investment in our people as the Board continued to oversee the embedding of our target culture. We were pleased with the progress made and remain focused on continuing the effort to drive these changes throughout the organisation. You can read more about the investment in our people on pages 20 to 22. I am pleased to confirm that as at the year end, the Board met the diversity requirements of the UK Listing Rules. At least 40% of our Board are women, asare the Chair and the Senior Independent Director, and one Board member is of anethnic minority background. We continue to strive towards a truly diverse culture where all can thrive, and management’s ambitions in this regard and progress against ourtargets are set out in the latest Inclusion andDiversity Action Plan. You can read more about this on page23. #### Board matters Following an external search conducted in the year, the Board welcomed Andrew Ross on 1January 2026 as a new Non-executive Director. Andrew brings deep experience in wealth and asset management, having spent his career in theinvestment industry. Since the year end, George Reid has advised the Board that he will notseek re-election at the Company’s 2026 AGM. Iwould like to thank George for his significant contribution to Quilter as a Non-executive Director over the last nine years. Having joined theBoard and chaired the Board Audit Committee since before Listing, he handed over the Board Audit Committee Chair role to his planned successor, Alison Morris, in October 2025. George’s effective stewardship of the Board Audit Committee has played an important role in ensuring the robustness of our financial reporting, assurance and internal control frameworks. Inaddition to thechange of the Board Audit Committee Chair, inline with our Board succession plan, Chris Hill succeeded Neeta Atkar as Chair of the Board Remuneration Committee in October 2025. The Board will continue to evolve over time in line with the expectations set out in the UK Corporate Governance Code 2024 and you can read more about our approach to Board succession on pages 56 and 64 to 66. As we move into 2026, the Board will leverage theinsights arising from the externally facilitated 2025 Board Performance Review regarding its performance and how this can be further enhanced. More information on the background, process and outcomes of the review are set out on page 69. #### Conclusion Quilter had a strong year in 2025 in terms of business performance and operational and strategic progress. We look tothe future with confidence. I remain grateful tocolleagues, our shareholders and all our stakeholders for their ongoing support for Quilter. Ruth Markland Chair Ruth Markland #### Chair 2 Quilter plc Annual Report 2025 ![]() #### Steven Levin #### Chief Executive Officer #### Chief Executive Officer’s review #### Business performance 2025 was a year of strong business momentum, record net inflows and good market performance. AuMA increased by £21.8 billion, to £141.2 billion, or 18%. More broadly, we have delivered: 1. full year adjusted profit before tax of £207 million (2024: £196 million), an increase of 6%, despite lower interest rates reducing investment income by £8 million; 2. an operating margin of 30% (2024: 29%); and 3. strong flow momentum across the business with core net inflows up 75% to £9.1 billion, representing 8% of opening assets (2024: £5.2 billion, 5% of opening assets). Our Affluent segment delivered excellent net inflows of £8.5 billion (core) representing 10% of opening assets (2024: £4.9 billion and 6%). Our Platform delivered consistent strong gross and net flows over the course of the year, running at net c.£2 billion per quarter and continued to gain recognition from external market observers. Thiswas demonstrated by improved net promoter scores and awards for service. Quilter’s adviser offering combines the UK’s largest and fastest- growing advised platform of scale with our market-leading WealthSelect managed portfolio proposition, which now has over £25 billion of Assets under Management. Our dual-distribution strategy ensures Quilter is well-placed to deliver wealth solutions to UK households at an industrial scale, with this built on the personal nature of individual adviser-client relationships that are core to our industry’s success. Our High Net Worth segment outperformed its listed external peers and delivered net inflows of£686 million, representing 2% of opening assets (2024: £599 million and 2%). New gross flows werebroadly stable at £3.0 billion with an easing of outflows leading to an improved net inflow performance. In the final quarter, we experienced a heightened level of outflows as customers positioned themselves for potential tax changes inthe UK budget, with the segment returning to net inflow in December. Adjusted profit before tax of £207 million (2024: £196 million) represents the Group’s IFRS profit, adjusted for items that management consider to be outside of normal operations or one-off in nature. The Group’s IFRS profit after tax was £120 million compared to a loss of £34 million in 2024. Principal differences between adjusted profit and IFRS profit are due to non-cash amortisation of intangible assets, business transformation expenses, interest expense and remediation provisions. In our Full Year results announcement on 5 March 2025, we recognised a provision of £76 million to cover potential remediation outcomes associated with the Skilled Person Review of ongoing advice by Appointed Representative firms in the Quilter Financial Planning network. In the latter part of 2025, we initiated our remediation programme. Based on our current expectations of remediation costs and administration expenses relating to the programme, we anticipate that this will cost us some £20 million less to complete than originally anticipated. We have therefore reduced the provision by this amount. Together with the utilisation (£14 million) of the provision during theyear, the balance on the provision at the endof 2025 was £42 million. Group adjusted diluted earnings per share of 11.0pence represents an increase of 4% (2024:10.6 pence). On an IFRS basis, we delivered basic earnings per share of 8.9 pence per share versus aloss of 2.5 pence per share for 2024. #### Strategic positioning I am pleased with Quilter’s performance, and thebusiness is well placed to be a winner from thechanges reshaping our industry: – First, the complexity of UK personal tax legislation, including both the thresholds that apply for higher earners on pension contributions and the introduction of inheritance tax on pensions from April 2027, has increased the need for personalised financial advice. This has led to increased adviser engagement as customers’ existing financial plans needed to be revised to accommodate these changes. Over the next few decades, there is also expected to be a significant increase in intergenerational wealth transfer which again needs to be managed in a tax efficient manner, creating additional demand for financial advice. This is our core market, and it has considerable scope for growth. – Second, as a country, we need to move from being a nation of savers to a nation of investors. With considerable excess deposit savings in the banking system, effectively devaluing in real terms, UK households need to invest more to secure desired living standards in retirement. Webelieve that appropriately structured, globally diversified investment portfolios are the most appropriate pathway to long-term wealth accumulation. Quilter is well-positioned to meet this need and provide solutions, at scale. #### Our achievements WealthSelect MPS achieves£20bn AUM – doubling in size inless than three years. £20bn Quilter Cheviot launches new app andcustomer portal. Quilter Cheviot Europe announces acquisition of Irish investment advisory firm GillenMarkets – expanding QCE’s presence in Ireland. The Telegraph UK’s Top Pension Providers 2025: #1UK Personal Pension Provider. Platform’s CashHub launches MultiBank, adds joint accounts and is made available for corporates, trusts and charities. Q 1    Q 2 Governance Report Other information 3 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() – Third, the Advice Guidance Boundary Review (“AGBR”) introduced the concept of “Targeted Support” which will go-live from April 2026 and represents the most significant change to UK retail financial services regulation since the Retail Distribution Review over ten years ago. We are inthe process of obtaining permissions from the FCA. Over time, we expect that Targeted Support will allow a range of options to be made available to a broader spectrum of UK households that need help with financial planning and will allow this to be provided in a manner that best suits their requirements. Convenience of use and easy access to flexible, transparent solutions makes the platform industry the natural custodian of UK households’ financial wealth. Moreover, platforms help advisers meet the Consumer Duty requirements by allowing them to focus on the advice relationship, while outsourcing investment management to managed portfolio solutions. Over the last few years, we have increased our market share of advised industry platform flows demonstrating that the Quilter Platform and Solutions meet the needs of both the IFA community and our own restricted advisers and their clients. In their base case, Fundscape, an independent platform analysis company, expects UK advised platform assets to increase from around £800 billion at end-2025 to nearly £1.5 trillion by end 2030. Even without further market share gains, this would imply Quilter Platform assets of c.£190 billion by the end of the decade, a compound growth rate of around 13% from current levels of £105 billion. #### My priorities Quilter’s leading market position is built on strong relationships with advisers and their clients, the quality of our propositions and the scale and breadth of our businesses. As we move into a world of increasing digital delivery, with Artificial Intelligence (“AI”) transforming both the way we work and customer interaction with our services, it is important that we use technology and AI tools to augment our existing strengths. This will result in better customer experiences, greater adviser productivity and enhanced organisational efficiency, which we will deliver through our focuson the following initiatives: 1. Building the advice business of tomorrow We have around 1,450 Quilter RFP’s across our network who generated just over £5 billion of new business in 2025, with this increasing by around 6% over the year. Good organic growth in adviser additions from both our Adviser Academy and firm recruitment was partially offset by the departure of a large firm from the network late inthe year. Our Adviser Academy continues to deliver increasing numbers of advisers, with around 100 graduating in 2025. Our medium-term goal remains for academy graduates to broadly offset natural adviser attrition from retirements, with growth coming from new advisers and firms joining the network. Our Quilter Partners proposition is also expected to be a source of adviser growth and now covers ten hub firms which combine investment and Platform alignment with the entrepreneurial drive and focus of owner-operated businesses. The investment we are making in our Advice Transformation Programme (“ATP”) aims to materially improve productivity through enhanced Client Relationship Management systems with integrated support tools, including AI tools. ATP will allow advisers to service a larger number of clients and is being rolled out on a phased basis over the next 18 months. As part of this process, we have rolled out an AI solution for advisers that allows them to record, transcribe, and summarise meetings and actions, significantly reducing the time it takes to complete certain administrative tasks and the next iteration of the model adds capacity to make recommendations, saving advisers even more time. There is a significant potential opportunity from integrating AI tools into the advice process including making advice businesses more scalable. There is also significant benefit from integrating AItools into our business infrastructure to enhance risk management by allowing faster and more effective compliance file checking. This will make managing an advice network more efficient and cost effective. We will ensure Quilter is at the forefront of AI change, while recognising that the pace of adoption is subject to both regulatory oversight and end-client needs. 2. Broadening distribution channels The introduction of Targeted Support from April 2026 means that up to 12 million additional individuals will now potentially have access to a level of financial guidance that has not been the case hitherto. We expect a number of different models will be adopted to meet customer needs. Where individual needs are less complex, guidance and Targeted Support can provide prompts and nudges to ensure customers make better decisions with their money and are guided into appropriate investments. Quilter Invest will be our branded vehicle for this segment of the market. Moving up the complexity spectrum, we believe it is likely that regulators will, in time, allow simplified, more basic, forms of advice which will cover a broader range of clients than we currently serve. And at the far end of the spectrum, those customers with the most complex needs will continue to expect holistic personalised advice, as they do today. We will operate at this end of the market under both the Quilter and Quilter Cheviot brands. 3. High Net Worth evolution This is a business where we know we can improve performance. It has strong foundations and is well positioned to deliver on its growth potential. To be future fit, we need to attract a broader customer base, and effective and high performing distribution is the key to that. My ambition is for the business to be delivering a mid-single digit rate of net flows as a percentage of assets and anoperating margin in the mid-20’s. In terms of proposition, advice and investment management permissions in a single entity allows more efficient customer servicing. We digitised a number of processes and launched a mobile app Quilter Cheviot renames sustainable investment funds, adopting FCA’s “Sustainability Focus” label – demonstrating the team’s robust sustainable investment process. NuWealth rebrands to Quilter Invest – delivering atrusted andcoherent experience acrossdifferentstages of a customer’sfinancial life. Money needs a plan brandcampaign launched– highlighting theimportance of investing and financial planning. John Goddard joins as Quilter Cheviot Chief Executive Officer – overseeing key developments within thebusiness. Fourth consecutive quarterofconsistently deliveringatleast £2.0billionnet inflows. £2.0bn Q3  Q 4 4 Quilter plc Annual Report 2025 #### Chief Executive Officer’s review continued ![]() to provide a significantly enhanced customer experience. We are also broadening the investment solutions we can offer our clients beyond traditional DFM offerings by including things like private markets investment solutions and decumulation options. In addition, our investment performance remains strong. As an initial step towards achieving our goals, we are repositioning the advice business within our High Net Worth segment to focus on the often more complex needs of higher net worth individuals. This will allow us to create a clearer distinction between clients who benefit from ongoing, proactive financial planning and those whose needs are better served through a flexible, event driven advice model – enabling them to access advice on demand and pay only for the services they use. As a result, we expect to see a decrease in our adviser headcount in the short- term while we continue to proactively recruit individuals more closely aligned to our positioning of our High Net Worth segment for future growth. 4. Building brand recognition Our goal is for the Quilter brand to be recognised across UK retail financial services as a customer champion and a trusted destination for pensions, investment services and advice. Our Autumn 2025 brand campaign under the Money needs a plan strapline, and sponsorship of the Autumn rugby called the Quilter Nations Series, was a first step inestablishing that positioning, which we will build upon in the years ahead. #### Our Team I announced some changes and additions to our Executive Committee over 2025 to support the delivery of our strategy: – John Goddard was appointed Chief Executive Officer of our High Net Worth business in September and has extensive experience of running wealth management businesses. – Jo Harris joined us in early 2026, taking up a new Executive Committee role as Chief Customer Officer. Jo brings extensive experience from senior roles across wealth management, retail and private banking. The creation of this role on the Executive Committee demonstrates our commitment to growing our propositional capabilities and ensuring our mantra of being a customer champion is at the heart of everything we do. – Finally, Margaret Ammon joined Quilter at the beginning of March as our Chief Risk Officer. She brings over 25 years’ experience in risk management across financial services companies. I would like to thank Andy McGlone, our former Chief Executive Officer of the High Net Worth segment, for many years of service, and Nick Sacre-Hardy, who has led the Risk function on an interim basis. We wish them both all the very best for the future. #### Outlook Increased demand for financial advice and support will be driven by the structural factors Ioutlined above. This provides a significant opportunity, which we will meet through: – supporting advisers with improved technology, including AI tools, across our business to enhance their productivity; – building new advice and guidance propositions for clients who are receptive to Targeted Support; and – refocusing our adviser force and improving processes to free up additional capacity in our High Net Worth segment. The fundamental industry characteristic that supports our business – the need to invest for retirement – has never been more important to both individuals and society than it is today. The breadth of our distribution, coupled with the operating leverage in our Platform and solutions business allows us to provide personal wealth management services at scale. Our investment solutions and open, unbundled operating model support the delivery of good customer outcomes through long-term wealth accumulation. Our 2025 results built upon the strong, consistent strategic progress of the last few years and business momentum remains strong. We have achieved our Simplification cost targets. While we will maintain tight control on business as usual costs, given the growth opportunities in our existing market and from Targeted Support/AGBR, we expect higher levels of cost growth in 2026 to ensure we are well-positioned to take advantage ofthese opportunities. We believe that the annualised second half of 2025 cost base, adjusted for inflation, provides a good basis for the 2026 cost outlook. As a consequence, we currently expect a high single digit to double digit growth inadjusted profit this year. We look forward to the future with confidence and remain focused on supporting advisers and our customers in the years ahead. Steven Levin Chief Executive Officer Introduction of evergreen private equity strategy to Quilter Cheviot’s discretionary portfolio service. 160th student enrolled into the Quilter Academy. Quilter Investors launches absolute return equity fund – expanding broad range of high-quality strategies offered throughMPS. Schroders UK Platform Awards 2025: Platform of theYear; Best Platform provider (AUM over £40bn); Leading Platform for Discretionary Investment. £52m Business Simplification PhaseTwo savings achieved, on a run-rate basis. £52m Platform exceeds £100bn AUMA, the largest retail advised Platform in the UK. £100bn Governance Report Other information 5 Quilter plc Annual Report 2025 Financial statementsStrategic Report #### Chief Executive Officer’s review continued ![]() #### Our markets #### Quilter is a UK-focused wealth #### manager with our belief in financial #### advice at the centre of everything we do. We service the High Net Worth #### and Affluent segments of the UK #### population through their financial #### lifecycle, helping provide for their #### brighter financial futures. The market in which Quilter operates offers long-term growth potential as a result of an increased onus on individuals in the UK to take personal responsibility for their financial future. Their need for help in delivering good outcomes over their lifetime financial journey is fully supported by Quilter. In turn, our business offersstakeholders long-term relationships withcustomers, recurring revenues and high customer retention rates. Assets managed by the Affluent and High Net Worth industry segments are expected to grow from £1.7 trillion to £2.7 trillion from 2024 to 2029. There are two overarching trends driving this structural growth as well as an emerging new growth opportunity, for which Quilter is well positioned to leverage: 1. intergenerational wealth transfer; 2. personal responsibility for funding retirement; and, 3. building a UK investment culture. These trends impact Quilter by underpinning the structural growth in the market and supporting the demand for financial advice. #### Key trends Intergenerational wealth transfersupports demand forpersonalised advice The UK personal wealth landscape is highly complex, with tax rules driving the need for advice from those approaching, and in, retirement. Recent legislative changes to bring pensions into the inheritance tax system increase the need for engagement with financial advisers. Notably, an increasing number of the “Baby Boomer” generation may need guidance if they wish to pass on their assets in a tax-efficient manner. As the demand for financial advice outstrips supply, it is as important for industry leaders, like Quilter, to support the training for future advisers, and to deliver technologies and AI solutions which increase their productivity. Taking responsibility for retirement funding: Making financial advice more accessible As the number of retirees on defined benefit pensions diminishes and the generous nature of the pension triple lock for state pensions comes under increasing scrutiny, the current working population needs to take greater personal responsibility for their financial security in retirement. To ensure good outcomes, UK households need to increase both the amount they save towards retirement and engagement with longer-term investments if they are to maintain the living standards to which they aspire in retirement. Investment platforms provide a convenient and cost-effective means of administering and managing client assets in diversified portfolios to accumulate wealth over time. As the largest and fastest-growing advised investment platform, Quilter is well positioned to meet customer needs. Building a UK investment culture There is a clear need for consumers to have access to, and support from, financial advice tosupport individuals and families to make theirown well-informed investment and saving decisions. The FCA estimates that while 4 million people receive financial advice, there are12 million more who would benefit from receiving such advice. This is commonly known as the “Advice Gap” in the UK. Additionally, a significant quantum of UK households’ wealth is held in cash deposits. Barclays 1 estimates nearly 15 million people in the UK hold approximately £610 billion in cash that could be invested in more productive assets – they refer to it as “The UK Investment Gap”. Individuals need to be encouraged to invest more for retirement and there also needs to be an evolution of the population’s mindset away from one of saving to one of investing. The outcome from the FCA’s Advice Guidance Boundary Review, has sought to address the advice gap through introducing a more simplified financial advice regime, Targeted Support. This will come into force in April 2026. Targeted Support will be a way of bridging the advice gap by supporting those who need, but do not currently have access to, financial advice through a more simplified support process. Quilter Invest, our digital-first channel, will provide advisers with the capability to scale up their engagement for those individuals with less complex financial advice needs, and to build relationships with younger generations as they begin investing for retirement. It is an exciting longer-term opportunity for advice businesses and will provide another potential channel to support future growth. #### Affluent 1 Industry growth trend #### High Net Worth 2 Industry growth trend 1 Barclays Insights, September 2025: “The UK investment gap”. £0.7tn 2024 2029 +70% £1.2tn Fundscape estimates. 1 Platform Platform +50% £1.0tn £1.5tn 2024 2029 Oliver Wyman analysis. 2 High Net Worth High Net Worth 6 Quilter plc Annual Report 2025 ![]() Governance Report Other information 7 Quilter plc Annual Report 2025 Financial statementsStrategic Report #### Having completed the foundational #### work in 2024 to agree our purpose ofbrighter financial futures for #### everygeneration, in 2025 we turned our attention to overseeing the #### embedding of our new target culture #### underpinning ourpurpose. One important part of this was ensuring our external brand matched our purpose and supported us in making Quilter a place colleagues are inspired to work for, customers choose and advisers want to work with. In the year, the Board debated what our purpose means for our direct customers and those customers who use our products and services on the advice of an independent adviser. With products and a proposition in place to support customers and advisers, we determined what our brand should stand for and agreed that now was the right time for Quilter to make its voice heard and to provide thought leadership on issues relevant to our customers and raise public awareness of the issues we see facing our customers. These include how we can address the changes being proposed by regulators under the Advice Guidance Boundary Review and how we can support a shift in mindset to help create an investing culture in the UK. Some examples of how the Board oversaw thechange in our public profile include: – The Board debated our new Public Policy which set the principles and guardrails forour intervention in the market as an apolitical company, and where and how wecould make the most impact. – The Board reviewed Quilter’s first “Retirement Lifestyle Report” and authorised additional expenditure on our brand to raise public awareness of the issues we see facing consumers and how we can help solve these matters. – The Board approved a new multi-channel advertising campaign, led by the slogan, Money needs a plan. #### Quilter’s first UK #### Retirement Lifestyle Report First published in August 2025, our aim istoprovide our customers, the industry, policymakers and other stakeholders with anaccurate annual picture of how retirees are deploying their savings, what they spendtheir money on, and how content orconcerned they are about maintaining their quality of life in the years ahead. The Quilter Retirement Lifestyle Report tracks monthly and annualised retiree income and spending across various categories. Based on a survey of 5,000 UK retirees, theresearch breaks down spending by age, gender, region, relationship status and income, providing both an average retiree income and a granular view of annual expenditures. Thereport was produced in conjunction withthe Centre for Economic and Business Research, who developed a methodology that wecan run and track annually. This will provide year-on-year spending data, allowing us to identify trends in retiree spending behaviour and income levels over time. #### Helping to shape an investing culture in theUK Our Chief Executive Officer continued to work alongside other industry leaders and our regulators to help shape changes in our industry to give customers better access to advice and support wealth creation. In December 2025, we confirmed that we have joined with 18 other leading firms – including platforms, global banks and wealth and investment managers – to launch the UK Retail Investment Campaign, a landmark initiative set tochange how Britons think about investing theirmoney for their long-term financial success. The campaign is due to be launched in April 2026 and marks a moment of unity across the financial services sector, with firms working together to raise awareness of the importance of investing forpeople’s financial wellbeing and the positive impact it can have on the wider economy. The industry-wide campaign is supported by HisMajesty’s Treasury, the Financial Conduct Authority and the Money and Pensions Service, with support from the Investment Association. #### Our brand campaign In October, we launched a brand campaign, Money needs a plan. As well as raising awareness of Quilter, the campaign is also designed to highlight the importance of investing and encourage people to take that first step. Our campaign can be seen across billboards, radio and podcasts and social media. Read more about the campaign overleaf. In conjunction with the launch of the campaign, we became title sponsor of the 2025 Six Nations rugby, known as The Quilter Nations Series. This sponsorship showcased our name and brand to a target audience where the demographics matched the type of people that we wanted to reach as existing and potential new customers. Read more at www.quilter.com/ retirement-lifestyle-report 41m fans tuned in live across the globe to watch the Quilter Nations Series across 21matches\*. \* Source: Neilsen 2025. #### Delivering for ourcustomers ![]() #### Money needs a plan The brand campaign was created to make people think about how they can make their money work, and how investing is open to all. The brand campaign is a fresh, distinctive and modern approach to start the journey to make Quilter a recognised and trusted consumer brand. We believe that making Quilter a household name and sharing what we stand for will support ourlong-term success. The brand campaign has been built from our purpose of building brighter financial futures. We want to ensure our customers and our colleagues feel confident and secure about their own finances. #### Money needs a plan for colleagues At the November colleague conference, time wasdedicated to ensuring that our colleagues understood the evolution of our brand and a “behind the scenes” look at the campaign was shared. In line with our ambition to make investing more accessible and to ensure everyone has a plan to grow and protect their finances, at the conference, we reminded colleagues of how they could access knowledge, tools and free and paid advice, not just for retirement, but to save and invest money today. The Board has been briefed on the success of the Money needs a plan advertisement campaign and will continue to monitor outputs. 8 Quilter plc Annual Report 2025 #### Delivering for ourcustomers continued ![]() 65m opportunities to see our advertswere delivered to our target market 157% increase in web searches including the word “Quilter” over the campaign period Governance Report Other information 9 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() #### Our strategy Our strategy is focused on becoming a recognised customer champion and removing the barriers that prevent customers from realising better #### financialfutures. Our three strategic aims are designed to deliver against that goal, by broadening and deepening our distribution, enhancing our propositions and ensuring that we are “future fit” as a business. #### Strategic focus Progress in 2025 #### Grow distribution – Launched Money needs a plan brand campaign, highlighting the importance of investing and the first step in our ambition to build a differentiated, trusted customer brand. – Added net 13 Quilter channel advisers, with over 120 graduating from the Quilter Academy. – Quilter Partners firms increased to ten across our Network. – Acquired MediFintech to expand NHS pension expertise and adviser support. – Continued to gain advised platform market share. – Rebranded NuWealth platform to Quilter Invest, a digital-first channel to support customers at an earlier stage of their financial life. – Welcomed net six Investment Managers. – Quilter Cheviot Europe announced the acquisition of Irish investment advisory firm, GillenMarkets. In a consolidating industry, maintaining market-leading strength in distribution is key. Our goals are to improve retention andproductivity of the Quilter channel advisers, add client-facing individuals in our High Net Worth segment to serve a growing numberofcustomers, and broaden and deepen our relationships with theIFA community. #### Enhancing propositions – Launched MultiBank proposition through the Platform’s CashHub, adding joint accounts and making itavailable for corporates, trusts and charities. – Launched absolute return equity fund, expanding broad range of high-quality strategies offered through MPS. – WealthSelect now available on six third-party platforms to broaden flow capture. – Introduced an evergreen private equity strategy to Quilter Cheviot’s discretionary portfolio service. – Added Tailored Income Service, a personalised decumulation offering for Quilter Cheviot’s discretionary portfolio customers. – Investment performance in the Affluent segment’s solutions remained strong, and against ARC benchmarks, High Net Worth performance was strong across one, three, five and ten years. – Quilter Cheviot became directly authorised by the FCA, improving the experience of financial advice andinvestment management customers. The market in which we operate is highly competitive. To remain an industry leader, we need to beagile, responsive and market-focused. Thisinvolves delivering good investment performance toclients through the cycle, ensuring that our Platform and investment solutions remain market leading to meet the needs of both advisers and customers, providing exceptional service, and being competitive in the value we offer. #### Be future fit – Delivered £17 million of annualised run-rate cost savings, exceeding the £50 million Business Simplification Phase Two target by £2 million. – Partnered with market-leading AI solution provider and commenced initial roll-out phase of technology designed to materially expand advisers’ and paraplanners’ productivity. – Successfully launched new customer app and portal as part of High Net Worth’s Wealth Management Transformation, an initiative aimed at evolving Quilter Cheviot into a more efficient, modern and technology-enabled business. – Over 100 colleagues pursued professional qualifications through the Skills and Growth Levy, with 37directly aligned to priority skills gaps, supporting the development of critical capabilities required todeliver our future strategy. Since Listing in 2018, we have optimised and simplified our business. 2025 saw the completion of our multi-year Business Simplification programme which was focused on achieving efficiencies from investment in technology and simplifying our governance structures. Following the programme’s achievement, focus remains on building the scalability of our Platform and investment solutions businesses, improving the productivity of our Advice business, and, delivering our Wealth Management Transformation, all of which in turn will lead to further improvements in operating leverage, over time. 10 Quilter plc Annual Report 2025 ![]() #### Our strategic phases #### Since Quilter demerged from #### OldMutual and listed on the London #### andJohannesburg Stock Exchanges in its own right, our strategy to create a leading, UK-focused, #### wealthmanager has been through #### anumber of evolutionary phases. This evolution has set us up to deliver upon the investments we have made in our business, with 2025 producing a significant increase in gross and net inflows as well as an improvement in adjusted profit and operating leverage. With the fundamental trends that support structural industry growth expected to continue for years to come, our strategic objectives to growdistribution, enhance our propositions andbe future fit provide us with a strong path from which to capture the opportunities before us, delivering attractive returns for all our stakeholders. #### IPO 2017–2018 – Need for optimisation of the corporate structure/perimeter. – Sale of Old Mutual Global Investors. – Opportunity to be a differentiated, scalepayer within a structurally growingindustry. #### Future #### opportunities – Structural sector tailwinds: AGBR launchingTargeted Support – opportunity to incubate clients through Quilter Invest. – Growing propositional capabilities, ensuring philosophy of being a customer champion is at the heart ofeverything we do. – Profit delivery through revenue growth. – Delivering operational leverage through scalability of Platform and investment solutions businesses and rolling out productivity-enhancing AI capabilities. – Evolving/maturing dividend and capital distribution profile. #### Foundations for growth 2021–2023 – Formation of Affluent and High Net Worth segments. – Strategic action towards RFP relationships– better alignment to reducerisk and improve productivity. – Broaden and deepen IFA relationships to return to strong marketshare footing. – Cost Optimisation and Business Simplification programmes deliver firststage of operating leverage improvement. #### Delivery 2024–2025 – Evolution of strategic priorities towards growing distribution, enhancing propositions, and being future fit. – Solidify Affluent market share gains. – Change in High Net Worth leadership. – Profit growth despite external macro environment headwinds to P&L. #### Transformation 2018–2021 – Platform Transformation Programme. – Disposal of Heritage Life business and Quilter International to refocus corporate footprint on the core UK wealth management business. – Return net sale proceeds of divested non-core businesses to shareholders. – Reduce share count through share buyback andOdd-lot Offer programmes. 5 1 2 3 4 Phase status Past Present Future Governance Report Other information 11 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() #### Our business model Quilter is a UK-focused wealth manager. Supporting financial adviceis central to our propositions. We offer services to customers andtheir advisers. Our Platform and investment solutions are available on similar terms to both our own advisers and independentadvisers, enabling us to remain competitive with third-party market offerings in terms of pricing and proposition, thereby ensuring good client outcomes. #### Two segments with strong distribution #### channels High Net Worth Delivering growth by partnering with specialist intermediaries and our own advisers to offer relationship-led advice, and bespoke investment solutions. Affluent We aim to be the leading scale provider of administration and investment services to financial advisers across the market. #### Broad UK advice distribution network Our own restricted adviser force, coupled with IFAs, are the distribution channels for our Platform and solutions. Our restricted advisers are provided with a matrix of products which they use to service their customers. This provides them with a wide range of suitable products wherewe have used ourscale to ensure value for money and confidence in the suitability of products on offer. Ourrestricted advisers operate under regulatory authorisation overseen by us, and benefit from marketing, compliance oversight and administrative support. For IFAs, we provide a range of services from a market-leading investment platform toback-office and technical support. This approach reinforces and strengthens ourposition in the market. #### The size of our Platform With £105 billion of assets under administration as at 31December 2025, we arethelargest discrete platform in theretail advised market, offering best-in-class technology, andthebenefits of our scale to clients at sustainable and competitive prices. #### Our own investment solutions As well as the third-party funds on our Platform, we also offer our own solutions which are structured to support the advice process, and allow for client choice in terms of investment style (active or passive, risk appetite and ESG preferences). #### Two distribution channels We administer and manage customer assetsthathave originated from financial advisersthrough two channels: our own Quilter advisers and Independent FinancialAdvisers (“IFAs”). #### Two investment approaches 1. For customers in our Affluent segment, weadminister assets on the Quilter Platform. Assets are invested across thec.250 fund management groups and c.3,000 fund offerings on our Platform, including our Cirilium (fund of fund) and WealthSelect (Managed Portfolio) ranges. 2. High Net Worth customers’ assets are managed through either a bespoke Discretionary Managed Portfolio or through our Managed Portfolio service. #### Two segments #### What makes us different #### The power of two distribution channels #### Affluent #### customers (typically with at least £50,000ofassetsto invest) #### High Net Worth #### individuals (with at least £250,000 of assets to invest) 12 Quilter plc Annual Report 2025 ![]() #### How we #### make money #### Our business model continued #### How we create value #### Customers We help customers plan their finances to meet their long-term financial needs. £20bn Gross inflows #### Advisers We help financial advisers to run a more successful and efficient business. #### Shareholders We aim to deliver attractive shareholder returns. We aim for a shareholder Distribution Policy of 70% of post-tax, post-interest earnings through a combination of ordinary dividends payable in cash and annual share buyback programmes. #### Awards Schroders UK Platform Awards 2025: – UK Platform of the Year Winner. – Best Platform Provider (AUM over £40bn). – Leading Platform for Discretionary Investment. Which? Recommended drawdown provider. The Telegraph UK’s Top Pension Providers 2025: #1 UK Personal Pension Provider. Strong Trustpilot ratings for Quilter, Quilter Cheviot and Quilter Cheviot Financial Planning. 1 High Net Worth revenue total includes ‘other’ revenue of £1m; Affluent revenue total includes ‘other’ revenue of £4m. 2 Quilter retains c.15% of all fees generated by Quilter Financial Planning advisers. 3 Includes initial and Mortgage and Protection 4 2025 average assets. High Net Worth Affluent: Quilter distribution channel Affluent: IFA distribution channel #### Advice fee We earn a share of revenues generated from the advice provided by our advisers. A customer typically paysan ongoing fee, representing apercentage of the value of their investment, and some may also paya one-off initial advice fee. #### Platform fee Administration fees are charged tocustomers on a quarterly basis, representing a percentage of the value of their investment under administration. #### Management fee Customers pay an annual management charge based on their assets under management by Quilter. #### Investment revenue Interest earned on shareholder cash balances (including cash at bank and money market funds). #### High Net Worth Affluent Discretionary Fund Management fee: 67bps Advice fee: c.65bps Investment revenue Share of fees 2,3 FY 2025 revenues 1 £455m FY 2025 revenues 1 £233m Managed Assets 4 Advised Assets 4 Administered Assets 4 £94bn £31bn £4bn £31bn Managed Assets 4 Advised Assets 4 Platform fee: 23bps Management fee: 35bps #### Total #### revenue #### split #### Revenue contribution £73m£43m £216m£119m £203m£22m £7m Investment revenue +3% Y-o-Y +7% Y-o-Y £34bn Revenue margins in the above represent the revenue margins that Quilter retains. Governance Report Other information 13 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() #### Key performance indicators #### The following #### keyperformance #### indicators(“KPIs”) seek to track the #### achievement of our #### strategic priorities and express the #### benefitsdelivered #### for all our stakeholders. #### Financial KPIs Number of customers Number of Restricted Financial Planners (“RFPs”) Number of Client Facing Individuals (“CFIs”) Gross flow market share Net flows as a % of opening AuMA (core) Productivity (Quilter channel) Definition Based on the number of households or customers served by High Net Worth. Affluent customer numbers are identified as individuals, orcorporate or trust entities actively using our Platform. Advisers licensed to advise across Pensions, Investment and Protection Solutions, butonly permitted to recommended products and solutions from providers on the Quilter Financial Planning restricted panel. Individuals providing discretionary Investment Management (“IM”) services tocustomers and/or advisers licensed to advise Quilter Cheviot customers in line with individual circumstances and investment objectives. Total Platform gross sales as apercentage of the retail advised platform market gross flows, provided by Fundscape. Total core net inflows as a percentage of opening core AuMA. This measure evaluates the level of inflows during the period in relation to the opening asset base and excludes market movements. Quantum of new gross flows generated by Quilter Restricted Financial Planners into our Platform and solutions, divided by the number of average RFPs. 2025 Performance 570,880 +7% 1,453 +1% 241 -1% 17% #### +2ppts 8% #### +3ppts £3.4m +6% 25 24 23 35, 344 535,536 498,945 34 , 811 35,010 473,879 25 24 23 59 1,394 1,373 67 70 1,419 25 24 23 59 182 176 67 70 174 25 24 23 17% 15% 13% 25 24 23 8% 5% 1% 25 24 23 £3.4m £3.2m £2.8m Affluent  High Net Worth Affluent  High Net Worth IMs  RFPs Affluent customer numbers increased by 7% in the year, with a strong contribution from the Quilter channel (+7%). High Net Worth customer numbers grew 2% driven by growth in higher value Quilter channel customers. Affluent RFP numbers increased by 2% as recruitment and Quilter Academy additions offset retirements and leavers. Quilter Cheviot Financial Planning adviser numbers declined in theyear, as leavers marginally offset recruitment and internal promotions. The total number of CFIs decreased by two, with RFP leavers partially offset by anincrease inInvestment Managers. Investment Manager numbers increased on a net basis as recruitment and internal promotions offset retirees andother leavers. The Quilter Platform’s market share increased year on year, reflecting the quality of our core platform and adviser support staff, and improvements in our sales effectiveness. Core net flows as a percentage ofopening AuMA was +8%. We delivered strong performance during 2025 withquarterly inflows consistently above £2 billion. This outcome reflects the strategic initiatives that management put in place over the last few years as well as supportive market conditions. The increase in productivity reflects initiatives to improve strategic alignment among ourRFPs, coupled with strong gross inflows and continued progress in transferring Quilter Restricted Financial Planner back-books. Outlook for 2026 We aim to increase the number of customers served by broadening and deepening our distribution reach. We seek to grow RFP numbers sustainably. We plan to grow our client-facing professional headcount (IMs and RFPs) to around 300 over time through developing existing staff and external recruitment. We aim to further increase our Platform’s market share. We aim to deliver peer leading net flow performance. We continue to improve productivity through a combination of buying books ofbusiness to accelerate productivity of newly graduated RFPs, investing intechnology and rolling out AIcapabilities to support back-office efficiency improvements. 14 Quilter plc Annual Report 2025 ![]() #### Key performance indicators continued #### Financial KPIs Non-financial KPIs Operating margin Adjusted profit before tax IFRS profit /(loss) after tax Employee engagement Female representation in senior management Ethnic diversity representation in senior management Scope 1 & 2 greenhouse gas (“GHG”) emissions Definition Represents adjusted profit before tax divided by total net revenue. Operating margin is an efficiency measure that reflects the percentage of adjusted profit before tax generated from total net revenues. This represents the Group’s IFRSprofit, adjusted for specific items that management considers to be outside of the Group’s normal operations or one-off in nature as detailed innote 7(b) in the financial statements. IFRS profit/(loss) after tax from continuing operations. “Overall engagement” score as captured in the “Peakon” all-employee engagement survey. Proportion of women within oursenior management team (definition of cohort provided onpage 23). Proportion of ethnic diversity representation within our seniormanagement team. Level of direct emissions from owned or controlled sources (Scope 1) and indirect emissions from the generation of purchased energy (Scope 2 market-based). 2025 Performance 30% #### +1ppt £207m +5% £120m +453% 8.2/10 +0.2/10 39% #### -2ppts 7% #### +1ppt #### 681 tCO 2 e (44%) 25 24 23 30% 29% 27% 25 24 23 £207m £196m £167m 25 24 23 £120m £(34)m £42m 25 24 23 8.2/10 8.0/10 7.6/10 25 24 23 39% 41% 43% 25 24 23 7% 6% 9% 25 24 20 681 tCO 2 e 1,210 tCO 2 e 2,512 tCO 2 eBaseline Delivered a one percentage point improvement in the operating margin, as a result of increased total net revenues and continued strong cost management, supported by the remaining run-rate benefits of our Business Simplification programme. Total net revenue increased 5% supported by higher net management fees, and advice revenue. Operating expenses were 4% higher, as a result of inflationary increases including higher FSCS levies and planned business investment, partially offset by Business Simplification cost savings. The change to IFRS profit in 2025 from a loss in 2024 reflects the initial recognition of a provision for customer remediation in 2024 of£76 million and subsequent reduction in 2025 to reflect current assumptions resulting ina £20 million credit. The 2024 loss also included timing differences in policyholder tax expenses. Communication and engagement activity supported the score improvement, including all-employee conferences designed to engage colleagues with strategy, performance, customers and culture. We received positive feedback for the last conference of the year with 93% of attendees rating the event as informative or very informative. At 31 December 2025, Quilter had not met its target to reach 40% female representation within the senior management team in line with the FTSE Women Leaders Review. The senior management team is a small population and its demography is sensitive to smallchanges in the underlying population. At 31 December 2025, Quilter had not met its ethnicity target within the senior management team for 2025. The senior management team is a small population and its demography is sensitive to small changes in the underlying population. TheCompany does not expect its progress toward the 2027 Inclusion and Diversity Action Plan target of 13% ethnic diversity representation to belinear. We restated 2024 and baseline emissions in line with our updated methodology. Since 2020, we have achieved asignificant decrease in our operational emissions, demonstrating good progress towards our 80% reduction target by 2030. In 2025, we achieved a substantial reduction in our market based Scope 2 emissions following the transition of our largest office, Quilter House in Southampton, to a fully renewable electricity supply. Outlook for 2026 Maintain strong cost management culture. Operating margin improving from a c.30% base, over time. Accelerating growth in the medium term as investor sentiment and Quilter’s operating leverage improves. IFRS profit after tax from continuing operations can vary significantly year-on-year depending on the change in policyholder tax. Business Transformation expenses, reflecting expense towards ourBusiness Simplification Phase Two programme and investment inadvice transformation, are expected to reduce substantially from end-2025. Aim to maintain strong engagement scores from colleagues, measured by our employee engagement survey, Peakon. Management has planned activity to continue toreinforce our target culture. Our commitment is to maintain a target of at least 40% female representation in senior management, in line with the recommendations of the FTSE Women Leaders Review, as set out in our Board Diversity Policy. We are taking deliberate action to build a robust pipeline of diverse talent with a focus on inclusive recruitment, targeted development programmes and addressing barriers as outlined in our Inclusion and Diversity Action Plan. We remain committed to meeting our goal of 13% ethnic diversity representation within our senior management team by 2027. We anticipate acontinuation ofincremental reductions each year as we implement energy saving opportunities across our offices and source renewable energy contracts where we control the office energy procurement. Governance Report Other information 15 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() #### Section 172 (1) statement Delivering for our stakeholders: #### Section 172(1) statement The Companies Act 2006 (the “Act”) and the UK Corporate Governance Code require the Annual Report to provide information that enables our stakeholders to assess how the Directors of Quilter have performed their duties under section 172 of the Act. The Act sets out that directors must act in a way that they consider in good faith and that would be most likely to promote the success of the company for the benefit of shareholders as a whole. In doing so, Quilter Directors must have regard, amongst other things, to the factors set out below: – the likely consequences of any decision in thelong term; – the interests of Quilter’s employees; – the need to foster the Company’s business relationships; – the impact of Quilter’s operations on the community and the environment; – the desirability of the Company maintaining areputation for high standards of business conduct; and – the need to act fairly for all our members. #### Building Quilter to deliver #### long-term success for all our #### stakeholders To ensure that Quilter achieves its purpose – brighter financial futures for every generation – it is critical for the Board to balance the needs, interests and expectations of our keystakeholders. At times these competing stakeholder views can appear to be at odds with one another and, in order to achieve long-term success, it is the Board’s role to balance these complexities. In addition to direct engagement with our stakeholders, papers submitted to our boards and board committees across the Group identify for their consideration where stakeholders could be impacted by the proposals. At all times, the Board remains focused on ensuring good customer outcomes and preventing customer harm, in line with theFCA’s Consumer Duty obligations. The advisers who provide advice under the Quilter brand, the third-party advice firms who operate within our regulatory framework, andthird-party independent financialadvisers whouse our products, services andinvestment platform. Those who use our products and services to meet their long-term financial needs. Those who have invested in Quilter securities and those who recommend investment in Quilter and its peers, including equity and debt investors, analysts and rating agencies. Our core UK regulators, thePrudential Regulation Authority and the Financial Conduct Authority, and various international regulators including the Central Bank of Ireland and the Jersey Financial Services Commission. Our 3,207 full-time, part-time and contract staff who work to support Quilter’s customers andadvisers. Advisers Colleagues Communities Customers Investors Regulators #### Quilter The societies in which we operate and where our products and services are used, and the suppliers that support Quilter to deliver products and services forcustomers andcolleagues. #### Quilter’s stakeholders The Board has identified six key stakeholder groups whose interests it regularly considers. The Board has a comprehensive stakeholder engagement programme and seeks to act in the best interests of theGroup, whilst being fair and balanced in its approach. Further examples of how our Board has considered our stakeholders in 2025 can be found on pages 17 to 19. Governance in Action: #### Shareholder engagement on political donations precautionary resolution At the 2025 AGM, the precautionary resolution authorising political donations and expenditure received 77.72% support. On the UK share register, this resolution received 96.61% support, while on the South African share register, support was significantly lower at 62.07%. From our ongoing dialogue with shareholders, we recognise that in the South African governance context, any linkage between business and politics is sensitive. Quilter has not made any political donations nor does it intend to in future, however, in line with other UKlisted companies, continues to seek a standard UK resolution purely as aprecautionary measure toavoid any inadvertent breaches of the Companies Act 2006. We understand the importance of open and continuing dialogue and will continue to engage with ourlarge South African shareholders. 16 Quilter plc Annual Report 2025 ![]() #### Stakeholder engagement #### Advisers Advisers expect Quilter to: – Provide an investment platform and support which facilitates the provision of a high-quality service to advisers and their customers. – Have a wide range of compelling investment propositions that meet the needs and expectations of customers. – Provide a high-quality control environment that enables advisers to be productive with tools that support their business. How does the Board engage with advisers? – Our Chief Executive Officer, and other members of the Executive Committee, regularly brief the Board on key issues impacting advisers. – The Board and Board Risk Committee scrutinise and challenge the activities that align to our risk appetite to identify how effectively and safely Quilter is supporting advisers in serving their customers. – The Chief Executive Officer attended various adviser events throughout the year, ensuring adviser feedback formed part of updates to the Board. – Over 750 advisers and stakeholders attended our Quilter Channel Syndicates during 2025. – The Board discussed and endorsed continuing investment in technology that advisers use to support our customers. – The Board received quarterly updates from our Quilter Investors and Quilter Cheviot Chief Investment Officers on investment performance, with continued enhancements agreed to drive more consistent reporting ofperformance to the Board. What was the outcome of that engagement? – Quilter continues to offer support for people to enter the financial advice profession, with routes to qualification including a graduate support programme and opportunities forpeople to retrain as part of our Adviser Academy. In 2025, we continued to invest inour Adviser Academy with 125 students gaining their Level 4 Diploma in Regulated Financial Planning from the Chartered Insurance Institute and an additional two students gaining their Certificate in Mortgage and Practice (CeMap) qualification. – Following its introduction in 2023, Quilter Partners has been extended giving a “franchise-style” model to advisers and increasing the number of ways that advisers can work with Quilter. Ten firms are now Quilter Partners. – 37 new appointed representative firms joined our network of advisers and 108 RFPs were brought into our business during 2025. – Our VouchedFor score is 4.9 “excellent”. – Steps taken to enhance strategic and tactical asset allocation and investment risk reporting in Quilter Investors, and the detailed consideration by our subsidiary boards on the Assessment of Value process, has enabled theBoard to challenge management that the products available to our advisers and customers are delivered in accordance with the investment mandate and are aligned to the principles of the Consumer Duty. – Feedback from advisers showed that customers want stability and confidence as they approach or are in retirement. In partnership with Standard Life, Quilter devised and launched three new Quilter Smoothed Funds in January 2026. These funds are actively managed by Quilter with differing riskthresholds tailored to customers’ risk preferences enabling those in or close to retirement to stay invested for longer. Our colleagues expect Quilter to: – Create a values-led culture that is open and inclusive. – Invest in the development of its people so thatthey can deliver excellent service to our customers. – Offer an attractive reward structure and acompelling colleague proposition. – Support the wellbeing of all colleagues. – Listen to ideas, suggestions and concerns, andtake action as appropriate. How does the Board engage with colleagues? – The Board reviews biannual reports from the Chief People Officer on the Group’s people, culture and ways of working, and closely monitors colleague engagement survey scores. This includes metrics measuring our colleagues’ response to Quilter’s new purpose and values. – The Chief Executive Officer hosted two colleague conferences to strengthen engagement with Quilter’s strategy, performance and priorities. The events were designed to deepen colleagues’ connection and understanding of our vision and the strategic priorities including the role of AI in supporting a future fit business, enhancing the Quilter brand and an update on the strategy of our Foundation in line with the Group’s purpose. – Non-executive Directors took part in the Board Talent Engagement programme, meeting colleagues across the organisation, including senior leaders, high performing managers, rising talent and new talent recruited to close capability gaps. – The Workforce Engagement Director met with the Employee Forum each quarter on specific items related to culture and engagement and he also met with Cultural Diversity Network Chairs, in each case reporting back to the Board. – The Board endorsed management’s recommendation to offer a 2025 Save As You Earn (“SAYE”) Scheme for all colleagues, noting the benefit in aligning colleagues’ interests to those of our shareholders. What was the outcome of that engagement? – The Board focused on succession planning, culture and the talent pipeline to ensure Quilter is attracting, supporting and retaining the best leaders. – Our colleague engagement score improved, with the Peakon score increasing to 8.2 out of10 as at December 2025. – Colleague engagement with our purpose, brighter financial futures for every generation, increased to 8.7 in the year, indicating a strong resonance with colleagues across Quilter. – The Board monitored the impact of the Group’s 2024-2027 Inclusion and Diversity Action Plan. – 32% of colleagues (2024: 21%) took up the 2025 SAYE offer with 48% of colleagues (2024:41%) now participating in the SAYE Scheme (across all plans). #### Colleagues Source: Quilter Peakon survey December 2025. 8.2/10 Overall colleague engagement. Governance Report Other information 17 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() Our communities and suppliers expectQuilterto: – Contribute to the communities in which Quilter operates and where our products and services are used. – Behave responsibly, including understanding our environmental impact. – Treat suppliers fairly and professionally. How does the Board engage with its communities? – By overseeing the delivery of Quilter’s corporate sustainability agenda, including broader ESG matters, which affects customers, colleagues, communities and the environment. – The Board oversaw the delivery of Quilter’s firstUK Retirement Lifestyle Report to provide customers, the industry, policymakers and other stakeholders with an accurate picture of how retirees are deploying their savings and their thoughts on maintaining their quality of life in theyears ahead. – By receiving updates on the Quilter Foundation, highlighting its achievements and progress in fulfilling its objectives. What was the outcome of that engagement? – Employees across the Group were offered the opportunity to volunteer their time to support charities and organisations, with over 695 volunteering hours recorded in 2025. – Quilter supported colleagues who made a difference to causes that matter to them, resulting in donations to 20 charities totalling nearly £500,000, inclusive of matched funding. – The Chief Executive Officer regularly engages and collaborates with regulators, industry bodies and the media on pensions and savings to help shape societal issues including the advice gap and access to financial education. Customers expect Quilter to: – Provide consistently high quality service and access to products and services that meet their requirements and expectations, within their risk appetite and with the flexibility to reflect their needs. – Provide propositions that suit customers through their lifetime, including self serve solutions, long-term advice relationships andcomplex investment management. – Deliver good investment performance. – Adhere to relevant regulatory requirements, including the Consumer Duty, in ensuring good customer outcomes and the avoidance of foreseeable harm. How does the Board engage with customers? – The Board is updated by the Chief Executive Officer on customer-related matters, including strategic initiatives such as product and propositional developments and enhancements to customer-facing and back office technology. These developments were further considered at the Board Strategy Day held in May 2025. – The Board endorsed the appointment of the first Chief Customer Officer, who joined Quilter in January 2026. – The Board and the Board Risk Committee have been briefed on customer experience and customer journeys, public policy and brand strategy. – All Board and Board Committee papers include, where appropriate, analysis of the impact on customers of business proposals. – Customer is an important component of theexecutive scorecard which drives remuneration outcomes for our senior executive team. The Board Remuneration Committee oversees the outcomes of the metrics set in the scorecard. #### Communities #### Customers How does the Board engage with its suppliers? – The Board Risk Committee receives updates on the performance of our key suppliers and Quilter’s third-party risk management with substantive matters reported and discussed by the Board. – The Board was briefed on the performance of third parties in respect of resilience, data security, and operational, business and financial issues. – The Board reviewed the Company’s engagement with its broader supply chain aspart of its approval of the Group’s Modern Slavery Statement. What was the outcome of that engagement? – Quilter holds regular meetings with its key suppliers, to ensure that we have a resilient supply chain and that we can continue to support the needs of our customers. In addition to covering service and performance, the discussions also include any potential risks posed by geopolitical events, emerging trends and financial resilience. – As part of our ongoing focus on supplier oversight, the Board Risk Committee has overseen enhancements to the reporting itreceives. – The Board Risk Committee reviewed and approved the Important Business Services and Impact Tolerance Thresholds required toensure that services to customers and advisers could be managed in the event ofbusiness disruption. – Our obligations under the UK Payment Practices and Performance Regulations were met and the controls designed to support timely and accurate payment in line with agreed terms were maintained. 4.5 “excellent” We have maintained Quilter’s excellent Trustpilot customer satisfaction score during2025. – The Board continuously challenged management to ensure that our products and services were manufactured and delivered inline with regulatory expectations. What was the outcome of that engagement? – Non-executive Directors attended two customer insight sessions in the year. The first briefing was a deep dive in advance of the Board and our UK regulated subsidiaries completing the annual Consumer Duty assessment in July 2025. These assessments set out how Quilter is delivering good outcomes for its customers, supporting them to achieve their financial objectives, and avoiding foreseeable harm. The second briefing session was on the approach and progress made on customer journey mapping. – A dedicated Customer Inclusion Working Group has been set up to support our ongoing work to provide good outcomes for customers in vulnerable circumstances. – Management was also encouraged to enhance colleague awareness and training on support for vulnerable customers. A mandatory learning module was released in December 2025 and completed by 760 colleagues with customer-facingroles. 2025 Trustpilot rating #### Stakeholder engagement continued 18 Quilter plc Annual Report 2025 ![]() #### Stakeholder engagement continued Our investors expect Quilter to: – Develop a strategy that ensures long-term shareholder value and sustainable earnings, supported by a resilient business model thatgenerates growth and reliable cash flow for both shareholders and debt investors. – Uphold robust corporate governance to ensure effective oversight and control of thebusiness. – Ensure responsible and sustainable approaches are embedded in both how we actas a business and how we invest on behalf of our customers. How does the Board engage with its investors? – The Board maintains regular and constructive dialogue with investors and other market stakeholders to communicate the Company’s strategy, performance and governance. TheChair, Chief Executive Officer and Chief Financial Officer, with support from the Headof Investor Relations, conducted over 250 meetings in 2025 with shareholders, debtholders and prospective investors. – The Chair and the Chair of the Board Remuneration Committee engaged with our larger institutional shareholders to discuss proposed changes to the remuneration of theChief Executive Officer. – The Chief Executive Officer and Chief Financial Officer participated in investor conferences toengage with existing and prospective investors. – We held an Annual General Meeting which was accessible for all shareholders, including those based overseas. We also strongly encouraged shareholders to engage with us by voting before the meeting if they were unable to attend in person. What was the outcome of that engagement? – The Board considers investor feedback on anongoing basis, both from management andvia our corporate brokers. – We received more than 99% of votes cast infavour of the majority of resolutions voted onby our shareholders at the 2025 AGM (andmore than 95% of votes cast in favour ofall but one of the resolutions). – We continued dialogue with our major South African shareholders on the precautionary resolution in respect of political donations/ expenditure proposed at each Annual General Meeting in line with routine market practice for UK listed companies, to avoid any inadvertent technical breach of UK company law. You can read more on page 16. – In February, the Chair conducted a governance roadshow to meet with representatives of our major shareholders. She briefed them on key matters impacting Quilter and listened to their thoughts and views. #### Investors Our regulators expect Quilter to: – Operate in an open and transparent manner with its regulators, its customers and the financial markets, both as a wealth manager and a listed company in its own right. – Ensure customers’ interests are central toitsculture and purpose, and that this is embedded throughout the organisation. – Manage its operations in a prudent manner, remaining appropriately capitalised and maintaining sufficient liquidity to enable Quilter to meet its obligations. – Fulfil our regulatory responsibilities through theapplication of appropriate policies and practices, including the effective management of conduct risk. How does the Board engage with the Group’s regulators? – Quilter maintains a constructive and open relationship with its regulators, with members of the Board participating in regulatory engagement as required. – The Group’s UK regulators engage with Quilter to discuss their objectives, priorities and concerns and how these may impact the business. – The Board Risk Committee monitors key regulatory matters and areas of interest and receives updates on the status of material regulatory relationships and current areas offocus. What was the outcome of that engagement? – In July 2025, the Board approved Quilter’s annual Consumer Duty assessment, endorsing action plans for the Group and its UK regulated subsidiaries to further embed the Duty across the business. You can read more about the assessment below. – Given the strategic importance of regulatory matters, the Board discussed a wide range ofregulatory topics throughout the year including the Consumer Duty, the potential impacts of the Advice Guidance Boundary Review, ongoing servicing to advisers and customers, operational resilience and third-party risk management. – Quilter actively engaged with regulators byresponding to information requests, consultations and surveys relating to specific areas of our business, including the Advice Guidance Boundary Review, the Consumer Duty and operational resilience. – The approach to the remediation for ongoing advice evidencing was discussed, with the associated remediation programme initiated. #### Regulators meetings held with shareholders, debt holders and prospective investors in2025. Governance in Action: The Consumer Duty assessment The Board was regularly updated on the process, activity and data underpinning the Group’s Consumer Duty assessment. Significant time was spent preparing for this assessment, with specific focus on areas of continuing enhancement, including support for customers in vulnerable situations and improvements in the underlying metrics used to inform the judgements that management report to the Board. In addition to informal Board briefings on specific customer related topics, the Board discussed the scope of activity, the results of its monitoring of customer outcomes and the actions being taken. The assessments were scrutinised in detail by the Board Risk Committee and theboards of our regulated entities, and the Board reviewed the process and key findings in each company report. The Board asked management to accelerate the work to map end-to-end customer journeys to identify areas for further improvement. Each board approved its assessment and is overseeing an action plan for future enhancements. The Board endorsed the overall plan. 250+ Governance Report Other information 19 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() #### Our people #### Evolving our culture #### We recognise that our people are #### critical to our success and we #### remained focused on building a #### high-performing organisation by #### fostering a culture that enables colleagues toperform at their best, #### underpinned by a strong purpose #### and values. Good progress has been delivered in 2025 as we continue to embed our target culture to support the delivery of our strategic ambitions. We recognise that in setting ourselves ambitious goals we need to invest in our people and equip colleagues to deliver for our customers and all ourstakeholders. We do this by guiding our customers and their families through the complexity of planning for their future, responding to their rapidly evolving needs, and giving them peace of mind. We act with integrity and are proudly committed to going above and beyond in service of our customers and the support we provide our communities. We continuously seek new ideas and knowledge so we are one step ahead of our customers’ needs. We look for inspiration everywhere and encourage experimentation, recognising that this is how we create brilliant solutions for brighter futures. We aim high to transform our potential into meaningful outcomes. With ambition as our driving force and a steadfast commitment to growth, we succeed for the good of every generation. Combining our diverse talents, we accomplish more collectively than we could do alone. We speak openly, actively listen and support each other, and constructively challenge and embrace newideas. We seek empowerment and demonstrate ownership and trust, with the confidence to make impactfuldecisions. #### Do the right thing We do the right thing #### Always curious We are forward-thinking and curious #### Embrace challenge We set bold objectives for impactful results #### Stronger together We achieve remarkable outcomes together #### Our purpose Brighter financial futures for every generation #### Our values Our four core values continually drive us in the way we behave with our stakeholders Saying thank you Recognising and celebrating the work of our colleagues is an important part of reinforcing our culture. The Quilter recognition platform “Thank Q” continued to be used across the Group during the year. Designed to motivate, engage and reward high performance habits aligned to our target culture, the platform allows colleagues to recognise those who are demonstrating our values. Over 7,500 recognitions were posted in 2025. #### Our purpose and values Quilter’s culture is reflected in how we behave, thedecisions we make, and the way in which weinteract with colleagues, customers and stakeholders. We aim to create a culture where colleagues are empowered to succeed. We embrace ambition, take accountability and ownership and adopt a learning mindset where we seek new opportunities, ideas and knowledge to drive a high performance. #### Employee engagement Our overall employee engagement score for 2025 reached 8.2/10, exceeding the industry benchmark of 7.8 /10. Overall engagement 8.2/10 2025 8.0/10 2024 Source: Quilter Peakon survey December 2025 and September 2024. Read more about how our colleagues identify with our values on page 62. 20 Quilter plc Annual Report 2025 ![]() #### Our people continued #### Talent and capability With our ambitious growth agenda, we recognise the importance of building talent from within Quilter supplemented by careful hiring of key external talent who bring new capability and fresh perspectives to what we do and how we do it. In 2025, training and development has been focused on supporting ahigh performing culture ensuring that the target culture and new values are embedded appropriately across the Group. Key initiatives include: #### Acquiring market-leading talent Early careers programme Building internal capability To support the delivery of our strategic ambitions and build critical future capability, we strengthened our leadership and specialist talent during the year. Following a detailed assessment of future skills requirements, weappointed 10 senior leaders into roles of strategic importance, enhancing capability to support delivery in 2026 and beyond. In addition, 72 new colleagues joined the organisation to address identified future skills gaps, with a particular focus on data, AI, technology, proposition and customer experience, strengthening our capacity to innovate and deliver. In 2025, Quilter launched its first Group-wide early careers programme, designed to attract a diverse pipeline of entry-level talent aligned to future skills requirements. The programme supports the development of critical capabilities while expanding our long term talent pipeline across the Group. The inaugural programme was intentionally designed as a pilot, addressing priority skills gaps while enabling us to test and refine ascalable approach in readiness for a larger rollout in 2026. The programme attracted 2,189 applications, demonstrating strong interest in Quilter as an employer and reflecting our commitment tobroadening representation across our early career entry points: In 2025, 114 colleagues pursued professional qualifications through the Skills and Growth Levy, with 37 directly aligned topriority skills gaps, including digital, data engineering, AI, technology solutions and machine learning. This investment supported the development of critical capabilities required to deliver our future strategy. We accelerated enterprise-wide AI capability through a targeted rollout of Copilot, underpinned by a strong focus on responsible adoption. Over 160 Copilot Champions were upskilled to support peer learning and advocacy, alongside organisation-wide training delivered through a bespoke e-learning module and centralised SharePoint hub. Colleagues embraced the training, with 92% completing the introductory module. Tailored Copilot workshops commenced in late 2025, supported by clear internal governance and specialist partner expertise. As a result, foundational Copilot skills are now embedded across the organisation, with a scalable Champion network providing ongoing support and accelerating adoption. Building on the successful launch of Leadership in Focus in 2024, three additional modules were introduced during the year – “Leadingwith Purpose”, “Skills for Effective Goal Setting” and “LeadingwithAI”. Gender representation ofapplicants Gender representation ofthose appointed\* 25% 46% 29% 55% 45% Female  Male  Chose not to disclose  Female   Male \*36% identified as ethnically diverse. Eleven colleagues joined the business through the programme in the areas of investment management, asset management, technology, customer and human resources. All participants enrolled in structured professional development pathways, many supported through the Skills and Growth Levy (the UK Government’s update to the apprenticeship funding system), reinforcing our focus on capability development and progression. The overall graduate experience has been rated highly across allstages, with positive feedback on clarity, support and opportunities to build networks across the organisation. Governance Report Other information 21 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() We are committed to promoting advancement opportunities for underrepresented talent. Thetimeline below shows some of the communities, eventsand training we held in 2025 to support and empower our colleagues: Empowering colleagues #### Our people continued #### Networks and communities There are established employee networks and communities which support colleagues and generate learning initiatives centred on inclusion and encouraging positive wellbeing practices within the organisation. The Inclusion and Diversity forum is open to all colleagues and continues to play an active role, giving colleagues the opportunity to deepen their understanding and empathy around diverse people. Topics this year included “Social Mobility and How we Change”, “the Power of Cultural Intelligence” and“Mind the Generation Gap”, aninsightful discussion on managing the five different generations in the current workforce. #### Colleague wellbeing and reward We want to support our colleagues to be at their best and fulfil their potential. We provide colleagues with the resources and support to help sustain mental and physical wellbeing. This includes online resources to help people build resilience and maintain a healthy work-life balance, a 24-hour employee assistance programme, private health insurance and discounted gym memberships. Quilter provides a comprehensive flexible benefits package for colleagues, including a pension contribution of 10%, protection benefits such as lifecover, critical illness and income protection, alongside salary sacrifice and payroll benefits. Weare proud that our maternity and paternity leave is an enhanced benefit of 26 weeks of full pay. Our colleagues also have the opportunity to share in Quilter’s success as shareholders through membership of our employee share plans. #### Equal opportunities At Quilter, we are committed to providing a fair, inclusive and equitable working environment for all. No job applicant or colleague will receive less favourable treatment on the grounds of gender, gender identity, marital or civil partnership status, nationality, ethnicity, age, sexual orientation, religion or belief, responsibilities for dependants, pregnancy or maternity or physical or mental disability. We select and develop colleagues based on their skills, experience, qualifications and potential. We are also committed to supporting colleagues who become disabled during their employment, including making reasonable adjustments and providing access to appropriate training and development. #### “Speaking up” culture At Quilter, we promote a culture where colleagues feel safe to raise concerns about acts of misconduct, malpractice or wrongdoing and feel confident in doing so. Quilter’s Whistleblowing Policy and channels provide colleagues with avenues to raise concerns in good faith without fear of repercussion. Colleagues are able to raise such concerns anonymously via the confidential and independent ethics hotline or directly to theirline manager, Human Resources or Risk andCompliance. All whistleblowing reports are treated confidentially, seriously and are investigated thoroughly. A grievance procedure isavailable forcolleagues to raise a complaint orproblem about any issues relating to their work, working environment, pay and benefits, working hours orany other concern about employment issues. #### January Diverse Abilities community launched #### May Sponsored Empowering People of Colour (“EPOC”) network at the Chelsea Flower Show #### July “Social Mobility and How we Change”\* #### October “Race, Social Mobility andthe Power of Cultural Intelligence” Inclusion and Diversity\* #### February “Mind the Generation Gap”\* #### March Our Chair, Ruth Markland, represented Quilter as a panellist atthe 2024 Parker Review report launch #### June “Inclusive Outcomes: Performance Management” manager training programme launched #### August Sponsored Southampton Pride event #### December “From Royal Marines Commando to Change Maker” - a conversation with Alex Krol, a former Royal Marines Commando and double-gold medallist, at the Invictus Games\* \* Inclusion and Diversity forum online colleague event. 22 Quilter plc Annual Report 2025 ![]() #### Diverse representation Quilter is committed to two key aspirations for diverse representation: #### Key aspirations Progress as at 31 December 2025 40% of senior management roles\* being held by women by 2025. This is in line with the FTSE Women Leaders Review Target. Achieved 39% female representation in senior management roles, a fall from 41% the prior year. 13% of ethnically diverse colleagues in senior management roles\* by 2027 in line with our commitment to the Parker Review. 7% of ethnically diverse colleagues in senior management roles, an increase from 6% on the previous year. #### Inclusion and diversity #### Quilter remains committed to building an inclusive, high-performing #### culture where colleagues from all backgrounds can succeed. A diverse workforce strengthens decision-making, deepens customer trust and supports sustainable long-term growth. Our approach is data-led and informed by colleague feedback, we challenge assumptions, address barriers, and take targeted action to ensure opportunities are accessible andoutcomes are proportionate across the organisation. #### Inclusion and Diversity Action Plan We first published our Inclusion and Diversity Action Plan in 2022, establishing a clear and accountable framework to advance inclusion across the Group. The Plan was refreshed in July 2024 to strengthen our ambition and accelerate progress towards a more mature level of inclusion by 2027, reflecting both our business priorities and the external environment. To deliver our ambition, we focus on three priorities: – strengthening inclusive leadership at all levels; – enhancing data, management information, and transparency to drive accountability; and – building a sustainable and diverse pipeline of future talent through how we attract, recruit, and develop colleagues. 39% 61% #### Seniormanagement \* (76) 46% 5 4% #### Allcolleagues(3,207) #### Ethnic representation\*\* Senior management \* Ethnic group representation 2025 2024 Asian 1 0% 0% Black 2 4% 3% Mixed 3 1% 1% White 4 92% 93% Other 5 1% 1% N/A 6 1% 1% \*\* The percentages above have been rounded. 7% (6.9% rounded) of colleagues insenior management are ethnically diverse. All colleagues Ethnic group representation 2025 2024 Asian 1 8% 7% Black 2 3% 3% Mixed 3 2% 2% White 4 83% 85% Other 5 1% 1% N/A 6 2% 2% 1 Colleagues who identified as belonging to one of the following ethnic groups: Bangladeshi, Chinese, Indian, Pakistani or Asian other. 2 Colleagues who identified as belonging to one of the following ethnic groups: Black African, Black Caribbean, Black other. 3 Colleagues who identified as belonging to one of the following ethnic groups: Mixed White/Asian, Mixed White/Black African, Mixed White/Black Caribbean, Mixed other. 4 Colleagues who identified as belonging to one of the following ethnic groups: White British, White Irish, White Gypsy Traveller, White other. 5 Colleagues who identified as belonging to one of the following ethnic groups: Arab, Any other. 6 Colleagues who responded but opted not to disclose their ethnic group. #### Our people continued #### Gender representation In accordance with section 414C(8)(c) of the Companies Act 2006 (the “Act”), Quilter is required to report the gender balance of our employees, our “senior managers” and the Quilter plc Directors. The breakdown by gender of our employees can be found above and that of our Board on page 56. For the purposes of the disclosure under the Act, the definition of “senior managers” adopted is the Executive Committee and the Directors serving on our consolidated legal entities but excluding the Directors ofQuilter plc. Where these individuals hold multiple directorships, they are only counted once. As at 31 December 2025, there were 9 female and 33 male senior managers. Whilst we did not achieve our internal aspiration to reach 40% female representation within our senior management population during 2025, we will sustain our focus to attract and retain more senior women and to enable women to develop their careers with us. Weare mindful that progress toward our long-term inclusion anddiversity commitments will take time andmay not always be linear. Thesenior management population is relatively small, making representation sensitive to modest changes in the year. Read about the diversity of our Board onpage 56. \* Senior management is defined as the Executive Committee and their direct reports, excluding business managers and personal assistants. Female : 46% (1,487 employees) Male: 54% (1,720 employees) Female: 39% (30 employees) Male: 61% (46 employees) Governance Report Other information 23 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() Inclusiveness At Quilter, people of all backgrounds are accepted for who they are. Our results are above the Financial Services industry benchmarks which are 8.3 for Diversity and 8.2 for Inclusiveness. Diversity A diverse workforce is a clear priority at Quilter (for example, in terms of age, gender, ethnicity, neurodiversity, disability, religion, sexual orientation and educational, social andcultural background). 8.7/10 2025 8.6/10 2024 8.9/10 2025 8.9/10 2024 #### Gender and ethnicity pay gaps Quilter’s mean and median gender pay gaps for 2025 were 29% and 31%, up from 27% and 30% inthe prior year respectively, while the mean and median gender bonus gaps also increased from 55% and 45% in 2024 to 63% and 50% in 2025. The Company’s mean and median ethnicity pay gaps, which it reports on a voluntary basis using the same methodology as gender pay gap calculations, were 19% and 11% for 2025, compared to 18% and 15% for 2024 respectively. The mean and median ethnicity bonus gaps were56% and 42%, up from 47% and 38% in theprior year. Closing these pay gaps is a long-term endeavour and the Company does not expect progress to belinear. The increases in the pay gaps for2025 reflect changes in female and ethnically diverse representation across different levels ofthe workforce, coupled with high variable pay outcomes exacerbated by the over-representation ofmales and non-ethnically diverse colleagues inhighly paid, revenue generating roles. This is along-standing, systemic challenge for the industryand Quilter is committed to increasing and sustaining diverse representation in senior roles, underpinned by its Inclusion and Diversity Action Plan. As reported last year, there has been continued progress in building a stronger pipeline of ethnically diverse talent in junior and mid-level roles, which has contributed to a short-term increase in the ethnicity pay gaps and should yield positive results over the longer term as these colleagues progress into more senior, higher paid roles. #### Gender pay gap 1 2025 2024 Mean hourly pay gap 29% 27% Median hourly pay gap 31% 30% Mean bonus gap 63% 55% Median bonus gap 50% 45% Female colleagues receiving a bonus 91% 94% Male colleagues receiving a bonus 94% 94% Ethnicity pay gap 1 2025 2024 Mean hourly pay gap 19% 18% Median hourly pay gap 11% 15% Mean bonus gap 56% 47% Median bonus gap 42% 38% Ethnically diverse colleagues receiving a bonus 93% 89% White colleagues receiving a bonus 95% 94% 1 The methodology for calculating our gender and ethnicity pay gaps follows UK government guidelines. #### Our people continued #### Inclusiveness Quilter’s managers play a critical role in creating an inclusive workplace where talent from all backgrounds can thrive. Over 200 line managers attended the “Inclusive Outcomes: Performance Management Deep Dive” co-led by members of the HR team and facilitated by Suzy Levy, author and specialist in social change. The session aimed to educate managers on achieving proportional outcomes across all diverse groups and to expand their affinity beyond their immediate networks, encouraging leaders to recognise, value and advocate for colleagues from under-represented backgrounds. #### Diversity engagement Scores from Quilter’s employee engagement survey, Peakon, demonstrate that colleagues are showing high levels of satisfaction with our efforts to maintain a diverse workforce and create an environment where every individual feels included. Quilter partnered with EPOC in May 2025. Theorganisation is dedicated to supporting its members in securing FTSE 350 non-executive roles. EPOC plays a leading role in increasing visibility and board-level representation for people of colour. By working together, we aim to support diverse talent in securing future non-executive positions. We were the proud sponsor of the EPOC network attending Chelsea Flower Show Charity Gala Preview. This event highlighted our partnership and showcased our dedication to diversity and inclusion. Members of our Executive Committee and Quilter Cultural Diversity Community were also in attendance, emphasising our collective efforts to create spaces where people of colour are represented, particularly in environments where they have historically been underrepresented. #### Empowering People of Colour #### (“EPOC”) network Source: Quilter Peakon survey December 2025 and September 2024. #### Women in Finance Charter Quilter is proud to be a signatory of the Women in Finance Charter which requires firms to work together to create more gender balance at all levels across financial services firms. It is a voluntary initiative, led by the Treasury, aimed at promoting best practice. 24 Quilter plc Annual Report 2025 ![]() In 2025, the Quilter Foundation’s partnership with Breathe Arts Health Research (“Breathe”) extended beyond its £10,000 grant to deliver meaningful non-financial support that strengthened the charity’s organisational resilience. Quilter provided more than 50 hours of pro bono meeting space, saving the charity over £2,500, and offered targeted staff development. This “funder plus” approach enabled Breathe to enhance internal capacity and maintain stability during operational challenges, demonstrating Quilter’s commitment to collaborative, skills-based support that delivers long-term, sustainable impact. #### Our Code of Conduct Our Code of Conduct sets out how we should demonstrate our values, respect each other, protect our customers and ensure responsible long-term growth of the business. It includes acting with integrity and respect, delivering good customer outcomes for prospective andexisting customers, managing conflicts ofinterest, good market conduct, information, data and communications, use of Company assets, prevention of financial crime and working transparently with regulators and governments. Colleagues are required to undertake annual mandatory training to ensure they fully understand the requirements of the Code of Conduct and confirm their acceptance of, and adherence, to it. #### Our policies Our policies support our aim to create an inclusive culture that embraces diversity and enables our people to perform at their best. They also reflect relevant employment laws, including the Universal Declaration of Human Rights and International Labour Organisation Declaration on Fundamental Principles and Rights at Work. #### Living Wage employer All employees and suppliers providing onsite services in the UK are paid no less than the real Living Wage. In October 2025, the real Living Wage as determined by the Living Wage Foundation (of which Quilter is an accredited employer) was increased to £13.45per hour nationally inthe UK and £14.80 per hour in Central London. In keeping with our usual practice wehave ensured that all colleagues and contracted service providers earn in excess of these amounts. #### Human rights and modern slavery We are committed to respecting the rights and freedoms of our colleagues and those in the supply chain. Our policies and processes prohibit Quilter from doing business with parties involved in modern slavery, forced labour, compulsory labour and child labour. These policies also promote equal opportunity and reject any form of discrimination or unfair treatment on the grounds of protected characteristics or personal factors. We respect the right of employees to associate forthe purposes of collective bargaining and colleagues are free to join a union of their choice. #### Our people continued Financial Futures Fund – Strategic partnerships withcharities that improve access to high-quality financial education and create content that is tailored and relevant for diverse adult audiences. – Financial education and wellbeing programmes in schools in collaboration with Money Ready, a financial education charity. Two tiers of grants that recognise the personal connections Quilter employees and advisers have within their communities, allowing them to nominate, champion and support local causes they care about. The programme supported 15 charities in 2025. Brighter Together Fund #### The Quilter Foundation In the year, our charity, The Quilter Foundation (“the Foundation”), reviewed and refreshed its strategic focus for the next five years. Its new purpose is to support brighter financial futures for every generation aligned to its mission to support organisations to create and run programmes that help people of all ages learn how to make a plan for their money. The Foundation aims to give people the tools and confidence to make informed choices with their money at every stage of their life, to tackle systemic barriers to financial inclusion and community resilience through a blend of funding, capacity-building and collaborative engagement. The Foundation’s activity is rooted in the belief that lasting change comes from empowering communities, simplifying access and fostering innovation. The Foundation supports our communities in three ways: The Foundation’s “funder plus”approach provides acomprehensive package ofnon-financial support, alongside financial grants, enabling charities to thrive. In2025, Quilter colleagues provided specialised support, training and development to staff across our charity partners. Funder plus support AchievementsBreathe Arts Health Research Since its formation in 2018, the Foundation hasachieved the following milestones: #### £1 million+ raised through colleague and adviser contributions, inclusive of matched funding. #### £4 million+ distributed via strategic partnerships and Local Community Grants. 100,000+ young people have been positively impacted. #### Working at Quilter Governance Report Other information 25 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() #### Responsible investment #### Investing responsibly The United Nations backed Principles for Responsible Investment (“PRI”) define responsible investment as a strategy and practice to incorporate environmental, social and governance (“ESG”) factors in investment decisions and active ownership. We believe that incorporating ESG factors into our investment decision-making processes and exercising active ownership through voting and engagement helps mitigate risk and identify potential opportunities. Within our two business segments, we have dedicated teams focused on ESG integration and active ownership, as well as investment teams who manage our responsible and sustainable investment solutions. For more information on our approach pleasevisit: quilter.com/investments/responsible- investment quiltercheviot.com/ri UK Stewardship Code Quilter is a signatory to the UK Stewardship Code. Stewardship includes engaging with the companies and funds we invest in, exercising our voting rights, and integrating environmental, social and governance factors within investment decision making. We retained our signatory status in 2025 and the next report will be submitted to the Financial Reporting Council by 30 April 2026. In line with the revised Stewardship Code 2026, we will publish two disclosures: a Policy and Context document, outlining our overarching stewardship approach and policies, updated every four years; and an Activities and Outcomes report, detailing our stewardship actions and impact over the previous year. Both documents will be available onthe Quilter Stewardship page: quilter.com/stewardship UN Principles for Responsible Investment Quilter is a signatory to the PRI which is a global network organisation that works to: – understand the investment implications of ESGfactors; and – support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. Signatories are assessed annually on how the organisation implements responsible investment. The Assessment Reports 1 , which are produced using signatories’ reported information, relate tothe investment management activities within Quilter Investors and its investment solutions, andQuilter Cheviot. For the 2024 reporting period (completed in 2025) we achieved 49 Stars out of apossible 65, across 13 modules. In nine of these modules our score was above the PRI median withthe Policy, Governance and Strategy module receiving the highest score. 1 The Assessment Reports present information reported directly by signatories. This information has not been audited by the PRI or any other party acting on its behalf. \*Global producer responsibility for plastic pollution published by Science Advances. #### High Net Worth In 2025, Quilter Cheviot prioritised the following thematic engagements within the Natural Capital theme through one-to-one meetings: – Disposable disclosures – Consumer goods and single-use plastic: Recent global plastic waste brand audits \* have found that less than 60 companies are responsible for more than half the world’s plastic pollution, with six companies responsible for a quarter of that total. We engaged with targeted companies based onour materiality criteria in the consumer goods sector. – Making a splash: Alongside the Sustainable Opportunities team we engaged several investee companies to better understand water-related risks and opportunities, including emerging technological innovations and solutions that relate to water efficiency and water resilience. These engagements inform our RI categorisations. #### Affluent As a predominantly fund of funds investor, Affluent relies on the stewardship activities of its managers to deliver effective responsible investment outcomes. During the year, we engaged closely with ourthird party managers to refresh and strengthen our stewardship assessment process. Through a targeted review of voting and stewardship reporting, we clarified expectations, addressed data quality issues, and reinforced the importance of timely, accurate disclosure. This engagement established a clearer baseline of stewardship standards, improved oversight controls and enhanced our ability to oversee stewardship activities effectively. #### Case studyCase study 12 professionals Across Affluent and High Net Worth, we have 12dedicated responsible investment professionals working in collaboration withother teams within the businesses. 26 Quilter plc Annual Report 2025 ![]() #### Climate change At Quilter, we recognise the #### importance of playing our part #### intheglobal effort to create a more #### sustainable world and our impact #### onthe environment. As a wealth management business, the environmental impact of our operations is centred around the carbon emissions from our offices, travel, and the goods we procure. In 2025, we continued to strengthen our data capabilities to better track and monitor our impacton climate change and the climate-related risks faced by the business, supported by the implementation of a new emissions tracking platform. We expanded our Corporate Sustainability team with the addition of a new Sustainability Analyst, enhancing our capacity todeliver on our climate objectives. We also developed and published the Quilter plc Climate Transition Plan (“CTP”) which sets out the actions we intend to take, across our operations and supply chain, to contribute to the UK’s legally binding target of reaching net zero emissions by 2050. #### Quilter’s sustainability #### andclimatereporting The disclosures in the corporate sustainability andresponsible investment sections are made in accordance with the Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 and the Streamlined Energy and Carbon Reporting requirements. These sections constitute Quilter plc’s non-financial and sustainability information statement. To provide a more holistic view of how Quilter andits Group entities manage climate-related risks and opportunities, the Quilter TCFD Report now incorporates the Entity Reports for our Affluent managed solutions and High Net Worth business segments. This consolidated approach ensures that our Group-level disclosures reflect the specific ways in which climate risks and opportunities are managed across our investment management activities atthe entity level. The full Quilter TCFD Report isavailable at plc.quilter.com/tcfd. In line with the FCA ESG Sourcebook requirements, our Affluent and High Net Worth segments continue to publish individual Product Reports. These provide detailed disclosures on climate-related risks and opportunities at the product level, complementing the Group Report and enabling stakeholders to understand how climate considerations are integrated into our investment processes across both entity and product dimensions. We have chosen to publish our TCFD disclosures in a standalone report, rather than within the Annual Report, to provide a more comprehensive and focused overview of climate-related risks and opportunities across Quilter plc and its regulated entities. This approach allows us to present detailed and decision-useful information aligned with the TCFD Recommendations, including entity-specific and product-level disclosures, inaformat that better supports transparency andstakeholder engagement. Our TCFD Reports are fully consistent with the Governance, Strategy, and Risk Management pillars of the TCFD Recommendations and Recommended Disclosures of the TCFD Report. Where possible, we have made full disclosure consistent with the Metrics and Targets recommended disclosures. Due to data gaps in certain asset classes, such as alternatives, we are unable to disclose Scope 3, Category 15 emissions for 100% of the investments we manage on behalf of our customers. Over time, as the scope of climate-related disclosure requirements expand, we expect data coverage forour investments to increase. There are holdings within our universe for which we are unable to provide climate data. This is usually where there is no International Securities Number (“ISIN”) as the holding is not listed. This will include cash, financial instruments, unlisted companies and physical property and infrastructure, leading togaps in the data required to produce accurate Scope 3 financed emissions and Climate Value at Risk (“CVaR”) analysis. For the Metrics and Targets disclosure, we also calculate the Scope 1, Scope 2, and applicable Scope 3 emissions categories resulting from ouroperations in line with the GHG Protocol anddisclose these metrics onpage 36. We havecontinued to enhance ourmethodology toimprove the accuracy of ouroperational emissionsdisclosures, with a particular focus onbetter capturing emissions associated with oursupply chain. In producing our TCFD Reports, we have also considered the following guidance and applied where relevant: – the TCFD Final Report and the TCFD Annex; – the TCFD all sector guidance as well as the additional guidance for asset managers; – the TCFD Technical Supplement on the Use ofScenario Analysis; – the TCFD Guidance on Risk Management Integration and Disclosure; – the TCFD Guidance on Metrics, Targets and Transition Plans; – the FCA’s review of TCFD-aligned disclosures bypremium listed companies; – the Financial Reporting Council’s thematic review of TCFD and climate disclosures; and – the FCA’s 2025 review of climate reporting by asset managers, life insurers and FCA regulated pension providers. Advance supplier engagement: Deliver the initial phases of our supplier engagement strategy to improve the quality of supplier climate data we hold and identify opportunities for further engagement and improvement. Strengthen internal collaboration: Continue to enhance cross-functional engagement on climate and sustainability matters, with a particular focus on our supply chain and office estate. Accelerate renewable energy transition: Progress our commitment to procure 100% of electricity from renewable sources by switching all Quilter-controlled contracts to renewable tariffs and actively engaging with landlords to encourage the same. Prepare for new reporting standards: Establish robust processes to ensure Quilter is well positioned to align its sustainability and climate-related disclosures with the upcoming UK Sustainability Reporting Standards. #### Our priorities for 2026 Our 2025 TCFDReport can be found here: plc.quilter.com/tcfd Governance Report Other information 27 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() #### Climate-related risk management Our corporate sustainability reporting and operational climate-related risk management takes place at the Group level. This is due to the sharing of offices and operational resources across the Group. Information surrounding our wider Risk Management and Reporting Framework including our risk categories and corresponding risk appetite statements are explained on pages 44 to 48. Our Affluent and High Net Worth segments maintain individual processes for identifying and managing climate-related risks andopportunities within the investment portfolios they manage on behalf of our customers. We explain these processes in detail within the Quilter TCFD Report as they are tailored to each business segment. Climate within our Risk Management Framework Material climate-related risks are primarily tracked within the “Responsible Investment and Corporate Sustainability” Level 2 risk category, which forms part of our Level 1 Business Strategy and Performance risk. As climate-related risks are cross-cutting in nature, they may also feature within our other Level 2 categories, such as Regulatory Compliance, Investment Performance, Operational Resilience and Capital, Liquidity and Solvency Management. Due to the uncertainty surrounding the short- term impacts of climate change, we consider this to be an emerging risk for Quilter, rather than a principal risk. The climate change emerging risk captures the transitional and physical impacts ofclimate change. We continue to evolve our processes around emerging risks and how these are monitored and reported to management andBoard Committees. If a new emerging risk is identified or there is a material development in any of our existing climate-related risks, this would be escalated as appropriate as it occurs. We employ both top-down and bottom-up riskidentification processes across our Risk Management Framework. Through our bottom-up approach, climate-related risks identified by relevant business areas are captured in their respective Risk Control Self Assessments (“RCSAs”) which are reviewed and updated biannually. Our Responsible Investment teams currently complete RCSAs and in 2025, our Corporate Sustainability function completed itsfirst RCSA to capture climate-related risks resulting from our operations. Top risks are identified by members of the Executive Committee and are monitored through regular engagement with the second line Risk function. During 2025, one climate-related reporting and disclosure risk was monitored asatop risk for the business. Standalone climate risk workshop In 2024, we held our first cross-functional workshops to identify climate-related risks, assess materiality, and determine how we manage and monitor risks going forward. Representatives from Responsible Investment, Corporate Sustainability, Finance, and Risk teams attended the workshops. We incorporated the guidance issued by the TCFDand the Climate Disclosure Project’s key risk drivers into our risk identification and assessment process to ensure a wide range of climate risk factors were considered. We also used scenario analysis to assess how bothtransitional and physical impacts of climate change could affect Quilter’s financial position, business model, and investments managed by ourAffluent and High Net Worth segments. To assess the significance of climate-related risks in relation to wider business risks, we carried out a subjective risk assessment, using our operational risk matrix, to assess likelihood, timeframe, potential for harm, and magnitude of both financial and non-financial impacts of climate- related risks on an inherent and residual basis. Our governance structure and the role of the Board and its Board Committees in relation to climate-related risks and opportunities are setout in the Governance Report which begins on page 50. Responsible investment and corporate sustainability, including climate-related risks and opportunities, are integrated across our management structure. Information about our Executives and team responsible for this area are detailed below. Our TCFD Report outlines more detailed information about the Executive Committees and other colleagues that play a key role inthe management and oversight of climate-related risks and opportunities. #### Executive leaders John Goddard Chief Executive Officer of Quilter Cheviot John Goddard was appointed Chief Executive Officer of Quilter Cheviot in 2025 and assumed Executive Sponsor responsibilities relating to Quilter Cheviot’s responsible investment strategy and Quilter plc’s corporate sustainability strategy. At the Group level, John is responsible for ensuring an appropriate corporate sustainability strategy is inplace and driving delivery across the Group. Healso oversees delivery of the Responsible Investment Strategy for the High Net Worth segment and is the owner of the Level 2 Risk category for responsible investment and corporate sustainability. John is a member of the Group Executive Committee and will present updates on corporate sustainability and responsible investment strategies, including our climate strategy and material developments in climate issues, to the Board onan annual basis. Mark Satchel Chief Financial Officer Mark is responsible for the oversight of the management of financial risks arising from climate change, ensuring risks are appropriately identified and managed, including incorporation within the Group’s Own Risk and Solvency Assessment (“ORSA”). #### Corporate Sustainability team Our Corporate Sustainability team is responsible for our operational climate strategy which includes colleague engagement, calculating our operational emissions, collaborating with our Property team to deliver sustainable upgrades to our offices, and engaging with our suppliers to better understand climate-related risk exposure and encourage change. The team provides quarterly progress updates to the Group Executive Committee and update the Board annually. #### Climate change continued #### Governance 28 Quilter plc Annual Report 2025 ![]() In 2025, we repeated this process to review our risk assessment considering the latest climate developments and regulatory changes. We have considered selected outcomes from the Network for Greening the Financial System (“NGFS”) Phase V short-term and long-term scenarios as part of the assessment, to better understand the impact of climate-related factors on Quilter’s flows and financial position. #### Scenario analysis Operational climate scenario analysis We undertake operational risk scenario analysis tomeasure the potential impact of the risks that we face, including climate-related risks, on our resilience and financial plans. This is a structured process by which a forward-looking assessment ismade of our exposure to plausible but severe operational risk events. The scenario identification and testing process utilises the expert judgement of management and is designed to build on and complement the assessment of risks and opportunities. The financial risks from climate change would lead to outcomes which could also be driven by other causes outside of climate change. We take a holistic approach to scenario analysis to consider the potential harms from a range of root causes and risks. In most cases, climate change is not the key driver of risks, but the scenario may implicitly cover climate risks. We also perform sensitivity analysis to understand how profitability would be impacted by variances in equity and bond values and net flows. While these sensitivities are not exclusively climate-specific, the parameters tested may be influenced by climate-related factors. As such, they provide an implicit assessment of our Business Plan’s resilience to the economic impacts of climate-related risks. The outcomes of our sensitivity analysis are reviewed by the Board and are disclosed in Quilter plc’s financial statements. In May 2025, the NGFS released Phase V of its climate scenarios, providing updated macroeconomic and financial projections across arange of climate pathways. Quilter has initiated areview of the methodology and outputs from these scenarios to assess their relevance to our financial position and performance. We have begun evaluating these outputs against our existing operational scenario and sensitivity testing to ensure our current approach sufficiently captures the potential impacts of worst-case climate-related outcomes. In 2026, we will look to develop a formal process tointegrate this NGFS scenario analysis into our existing processes. This includes determining theappropriate governance structure, ownership within the organisation, and how the analysis will be embedded into existing processes. We are considering both short-term and long-term NGFS scenarios, including: – 1.5°C On Track (Net Zero 2050) limits global warming to 1.5°C through stringent climate policies and innovation, reaching global net zero carbon dioxide (CO 2 ) emissions around 2050. This scenario assumes that decarbonisation and climate mitigation policies are introduced swiftly with moderate regional variation, and that technological solutions are developed and introduced readily; – 2.0°C Delayed Transition assumes annual emissions do not decrease until 2030. Strong policies are needed to limit warming to below 2°C. This scenario assumes that various climate-related policies are only introduced after2030 and are likely to cause considerable economic disruption; – 3.0°C Nationally Determined Contributions (“NDCs”) assumes national decarbonisation targets pledged by Paris Agreement signatories are achieved. Given the acknowledged emissions gap – between the total pledged emissions reductions and the reductions needed to limit warming to 1.5–2.0°C – global warming increases beyond 2.5°C; and – 3.0°C Fragmented World assumes a more piece-meal, disordered, and, ultimately, inadequate global effort to reduce emissions. This scenario assumes climate policies will be introduced inconsistently across the world, delaying their implementation and thwarting global efforts to reach net zero. Resilience of our business strategy The output of scenario analysis is used to determine the level of capital and liquidity required to address the material harms to our customers and to Quilter’s operating entities from ongoing activities. The result of the analysis demonstrates that Quilter’s operating entities have sufficient capital and liquidity to withstand all the scenarios tested. The scenario analysis and sensitivity testing therefore indicates that Quilter’s business strategy and financial plans are resilient to climate-related financial risks. The analysis conducted is limited by several factors including data limitations and is not intended to be used as future predictions as, due to our robust control framework, the scenarios have a low likelihood of occurrence. We consider scenario analysis to be a useful input to decision making, coupled with other management information and it is used to help ensure business and operational resilience. #### Examples of climate-related #### scenarios tested in 2025 These explicitly or implicitly cover the financial risks from climate change, as follows: Climate-related disclosure: This scenario assesses the risk of our sustainable fund ranges inadvertently investing in assets which are excluded from fund mandates, leading tocustomer redress and related costs. This scenario explicitly covers the risk of breaching fund mandates for our investment solutions within sustainable investment mandates. Operational resilience: This scenario assesses the potential impact of a disruption toservice provided to customers due to anissue impacting our IT infrastructure. Thisscenario implicitly covers the risk of operational disruption due to lack of resilienceto physical climate risks. Third party risk: This scenario assesses the potential impact of failure of an outsourced service provider. This scenario implicitly coversthe risk of failure of a third party due tolack of resilience to physical or transitional climate risks. Advice risk: This scenario assesses the potential risk of advice provided by financial advisers being unsuitable. This scenario implicitly covers the risk of advice not adequately considering customers’ preferences in relation to sustainable investments, leading to customer redress and related costs. #### Climate change continued Governance Report Other information 29 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() Investment portfolio scenario analysis In addition to the operational analysis, we also conduct quantitative climate scenario analysis forthe majority of investment portfolios that we manage on behalf of our customers. To do this weuse a CVaR metric to assess the potential impacts on portfolio values under different climate scenarios. This aims to estimate the potential financial loss or gain from the underlying investments as a result of climate change. Our analysis examines the impacts across three key risk areas: – climate policy (new regulations at national and international level impacting carbon activities); – technology opportunities (increased demand forenergy-efficient, lower-carbon products andservices that disrupt existing markets); and – physical risks (such as temperature increase, sealevel rise, and associated business interruption and damage across operations andsupply chains) on portfolio value. To do this, we use climate modelling in the form of scenarios created by NGFS. Each scenario makes different assumptions about how climate policy, physical climate events and the development of climate-related technology will impact the economy and therefore the value of our holdings. CVaR is presented as the percentage change in our holdings’ value, for each risk type (policy, technology, physical impacts) in aggregate. Within our High Net Worth segment, this analysis is carried out across our centrally monitored holdings which account for 94% of Quilter Cheviot’s AUM. For our Affluent segment, all portfolios are covered by this analysis. Our findings are included in our TCFD Report on an aggregated basis for all covered portfolios and disaggregated in the TCFD product reports for specific portfolios. Investment portfolio scenarios tested For the 2025 reporting period, Affluent and High Net Worth holdings were evaluated for CVaR using the MSCI climate data under the same four scenarios listed on page 29. Scenario selection These four scenarios were selected to address theuncertainty inherent to any modelling, as they cover a range of variation in both the physical impacts of climate change and societal responses to these impacts. We have retained a 1.5°C aligned scenario as the most optimistic outcome, despite the acknowledged challenges to achieving this given recent geopolitical back-pedalling and the higher-than-anticipated emissions baseline. TheDelayed Transition (2°C) scenario is included as a “disorderly” transition scenario, reflecting heightened risks of delay or inaction in the near term. This replaces the “1.5°C Disorderly” scenario we included last year, given the faltering momentum in global climate policies, adjusting this from 1.5 to 2.0°C seems a more appropriate future to model. The NDC scenario was included in place of the other 3.0°C aligned “Current Policies” scenario we modelled against last year, as: 1. the significance of the Paris Agreement as the only binding global agreement committing nations to decarbonise; and 2. the forthcoming round of new nationally determined contribution commitments emerging throughout 2025 (against which thiswill form a good benchmark as to whether these new commitments influence the next iteration of this climate model in a positive ornegative fashion). #### Climate change continued #### Stewardship One of our key tools for managing climate- related risks is engaging with the funds and companies that we invest in. Here we have outlined the climate-related thematic engagements undertaken with our direct equity holdings in 2025: Greening algorithms: Artificial intelligence andemissions Understanding AI’s net impact on emissions is complex. While data centre expansion increases emissions, AI solutions can enable wider economic efficiencies and innovations that reduce emissions. For instance, AI services aid in designing next-generation solar panels optimising power grid distribution and reducing the carbon intensity of cement production. By understanding the interplay between technological advancements, regulatory landscapes, and energy demand dynamics, investors can navigate the evolving landscape and capitalise on emerging opportunities. Capitalising on climate opportunity We continued our ongoing thematic engagement programme on climate disclosure and transition planning with the largest emitters held within our Sustainable Opportunities funds. The objective is to better understand each company’s current plans and progress towards them. Whilst this is the first phase of engagement focused specifically on the holdings in the Sustainable Opportunities Funds, it is built upon the ongoing thematic engagement with the highest emitters amongst the broader investment universe. Slow to Start Having been part of the CDP Science Based Targets Initiative (“SBTi”) campaign we have continued this through our “Slow to Start” engagement with companies that have an industry-relevant pathway, but which do not have a verified target. We began this work engagement in 2025, and will conclude this phase later in 2026. 30 Quilter plc Annual Report 2025 ![]() #### Type of risk Risk description Potential impacts Mitigating actions, #### controls,andmonitoring KPIs used to monitor #### Time #### horizon #### Policy #### andlegal (Transitional) Emerging regulatory requirements – Risk of changes in climate-related policies or regulation which have an adverse impact on Quilter’s proposition or operations. This includes risk of non-compliance with regulatory requirements. Reduced demand for Quilter’s products and services due to damage to Quilter’s brand, ultimately impacting revenues. Potential cost of redress where customers have taken action based on misleading orincorrect information. – management and compliance oversight ofpublished information to ensure we donot make misleading claims; – data validation for the calculation of disclosed climate metrics and third-party assurance over our operational emissions; and – greenwashing training for all staff, as well as targeted training for specific functions. Emerging regulatory risks are monitored ona qualitative basis using our horizon scanning processes. Timely submission of regulatory reporting is monitored centrally as part of our Group-wide risk management KPIs. S M #### Market (Transitional and physical) Portfolio climate risk – Risk of investment market underperformance and increased volatility due to the transition or physical climate-related events impacting portfolio assets. Potential for reduced investment returns for customers, resulting in reductions in the value of assets under management and revenues. While the NGFS long-term scenarios anticipate growth in US and UK equity markets, the pace varies under different pathways. Growth appears more moderate under the “Net Zero 2050” scenario, reflecting the structural adjustments of arapid transition. Meanwhile, the “Fragmented World” and“Delayed Transition” scenarios are characterised by increased volatility. – investment in diversified multi-asset portfolios reduces exposure to single asset climate-related risks; – consideration of climate risks and opportunities in investment research and due diligence (ESG integration); – engagement activities enable better oversight of climate risk exposure and management; and – climate metrics used to monitor climate-risk exposure. The following metrics are monitored at thestrategy and entity level: – carbon emissions (Scope 1, 2, and 3); – Climate Value at Risk; – carbon footprint (Scope 1 and 2); – Weighted Average Carbon Intensity; and – implied Temperature Rise (strategy level only). We also monitor the amount of our AUM engaged by theme (including climate change). S M L #### Market (Transitional) Consumer sentiment/demand – Risk that we fail to align our product offering with customers’ responsible or sustainable investment preferences and general market demand for responsible and sustainable investment-related mandates. Reduction in demand for Quilter’s products and services, resulting in reduced revenues. Under the NGFS “Orderly Transition” scenarios, demand for responsible and sustainable investment solutions is expected to increase at pace when compared with other scenarios, increasingthe potential impact and likelihood of this risk. – monitoring of customer and adviser preferences as part of development of product strategy and distribution teams; – robust product governance and management oversight of product strategy to ensure alignment with market expectations; and – integration of responsible investment preferences into our investment financial advice suitability processes. – inflows/outflows for sustainable and responsible specific strategies and mandates; – customer preferences captured during financial advice suitability processes; and – customer and adviser survey results onESG preferences, including those conducted by regulatory and trade bodies. S #### Climate-related risks #### Climate change continued Time Period Key: S Short term 0-3 years M Medium term 3-10 years L Long term 10+ years Governance Report Other information 31 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() #### Type of risk Risk description Potential impacts Mitigating actions, #### controls,andmonitoring KPIs used to monitor #### Time #### horizon #### Reputational (Transitional) Misrepresentation risk – Risk that customers, advisers, and other stakeholders act on the basis of misleading or incorrect information relating to the environmental or sustainability attributes of our investment products and our business operations. Reduced demand for Quilter’s products and services due to damage to Quilter’s brand, ultimately impacting revenues. Potential cost of redress where customers have taken action based on misleading or incorrect information. – management and compliance oversight ofpublished information to ensure we donot make misleading claims; – data validation for the calculation of disclosed climate metrics and third-party assurance over our operational emissions; and – greenwashing training for all colleagues as well astargeted training for specific functions. Greenwashing indicators that we are alert to include: – complaints; – instances flagged by compliance or management; and – issues raised during assurance. S M #### Reputational (Transitional) Climate strategy risk – Risk that Quilter’s CTP, covering both Quilter’s operational emissions and the investment solutions provided to customers, is not perceived to be sufficient by our stakeholders. Under the NGFS “Orderly Transition” scenarios, stakeholder expectations for credible climate action are likely to intensify, with greater scrutiny on the ambition and delivery of climate strategies. Quilter must ensure its climate strategy balances ambition with feasibility to ensure credibility and effective implementation. Negative publicity leading to loss of existing or potential customers and negative share price impact. Reduction in market share, resulting in loss of revenues over the long term. Increased operational costs due to failure to transition to new technologies. – this year (2026) we will publish the Quilter plc CTP and in 2025 we published CAPs for our investments setting out our strategy milestones; – transparent annual reporting on progress against CAPs; – progress against operational emissions target contributes to executive remuneration; and – our climate strategy is subject to peer analysis and annual reviews against the latest regulatory guidance and feedback. – operational emissions; – proportion of energy procured from renewable sources; – property-specific initiative targets; – supplier engagement KPIs; and – investment metrics as laid out in the CAPs. S #### Physical (Acute and chronic) Physical risk crystallisation – Increased severity or frequency of extreme weather events, or chronic changes such as rising mean temperatures and sea levels, affecting our buildings, employees, or our third-party suppliers. Unbudgeted costs to recover or maintain services to customers. Costs associated with damage to infrastructure and technology. – physical climate risk assessment carried out across our property portfolio; – business continuity planning allowing for physical risks; – insurance provisions reflect climate- related matters; and – supplier engagement to manage exposure to climate disruption. A physical climate risk assessment is maintained for our offices. L #### Climate-related risks (continued) #### Climate change continued Time Period Key: S Short term 0-3 years M Medium term 3-10 years L Long term 10+ years 32 Quilter plc Annual Report 2025 ![]() #### Type Description Potential financial implications Actions to capitalise #### Products and services As we transition to a low-carbon, climate-resilient economy and younger generations enter the investment market, weexpect an increase in demand for responsible and sustainable investment solutions. This requires investment in resources and systems to deliver our responsible investment strategy and offer products aligned with customers’ responsible or sustainable investment preferences. In the medium to long term we may see an increased market share and therefore revenue growth as we attract a wider range of customers and meet the increased demand for responsible and sustainable investment solutions. Continue to develop and deliver our responsible investment strategy and climate action plans. Monitor consumer demand to ensure our responsible andsustainable product offering meets the needs of themarket. #### Resource efficiency The transition has led to increased innovation and availability of energy-efficient products and facilities for use in our buildings, such as energy-efficient lighting and HVAC systems. Over the long term, operational costs may reduce due toenergy cost savings as a result of the use of more energy-efficient systems. Explore the feasibility and impact of energy saving opportunities raised in our Energy Savings and Opportunities Scheme (“ESOS”) report and implement those with the most significant cost/benefit ratios. Consider resource efficient options when replacing orupgrading building assets. #### Markets The transition presents investment opportunities and growth opportunities as companies enter new markets forsustainable products/services and generate additional revenue streams. Potential for higher investment performance for customers in the long term through investment in new technologies and growing markets. Higher investment performance for customers would drive increased revenues to Quilter. Continue to invest in assets that financially benefit from the transition to a low carbon, climate resilient economy. Continue to engage with the companies and funds we invest in to monitor how they intend to capitalise on climate-related opportunities. #### Climate-related opportunities #### Climate change continued #### Energy savings and decarbonisation across our offices Workplace projects and strategy Climate impact continues to remain a key consideration of our Workplace Strategy and projects throughcontinued rationalisation and improvement of workplaces within offices. Activity in 2025: – in early 2025, we completed the refurbishment of three floors at our Southampton office and anew office fitout in Birmingham, consolidating two locations into one. Both projects achieved SKA Gold accreditation, setting a new benchmark for future office refurbishments. TheSKA rating is a recognised environmental assessment method developed by the Royal Institution of Chartered Surveyors, designed to help organisations embed sustainability into office refurbishments in a measurable andmeaningful way; – we have commenced the refurbishment of our Edinburgh office to modernise the environment andimprove the overall usage. We will be progressing this in line with the SKA Gold standard; – we completed the replacement of all remaining non-LED lighting across our office estate, ensuring thatall properties now operate with energy-efficient LED lighting; – we have now decommissioned all physical data centres used by Quilter, significantly reducing on-premise energy consumption and transitioning fully to cloud-based computing solutions; and – enhancements were made to our Chester office and have started in our Dublin office to better support the working practices of the teams based there. These improvements have enabled a broader range of activities to take place on site, reducing reliance on external workspaces and supporting more effective use of our office estate. Additional detail around how our Corporate Sustainability and Property teams are collaborating toimprove energy efficiencies and decarbonise our buildings is set out on page 19 and 20 of our TCFDReport. Governance Report Other information 33 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() In 2024, we engaged with a third party to conduct energy audits at our Southampton (Quilter House) and Newcastle-upon-Tyne offices as part of the Government’s ESOS. Through our ESOS Report we have identified aseries of opportunities to increase energy efficiencies across these offices. Our Southampton office is the largest in our estate and the office in which we have the most control with regards to building refurbishments and upgrades. TheESOS opportunities identified and currently under consideration at our most significant office are outlined in the table below alongside their projectedannual energy savings. #### Energy saving opportunities atour #### Southampton Office (Quilter House) Our progress #### Projected annual #### energysaving (kWh) \* Replace the existing gas boilers used to heat our Southampton office with more energy-efficient gas boilers or air source heat pumps to reduce our gas consumption and related carbon emissions As we have recently refurbished the existing boilers, we are exploring opportunities to install heat pumps when our current boilers reach theend of their useful life. This is therefore a longer-term opportunity. As these boilers are currently only utilised toheat water and act as a backup in case of failures with the district heating system, we have beenable to retire one of the three boilers. As part of a wider project toupgrade the electrical switchgear, we are futureproofing the building by increasing electrical capacity to support the installation of heat pumps and additional EV charging points. 246,000–356,000 kWh Upgrade the building management system which controls the heating, ventilation, and air-conditioning The upgraded building management system was installed in 2025. We are currently working with our energy provider to complete full rebalancing and building optimisation to improve system efficiency. 182,000 kWh Replace the existing lighting with LED lighting onthe remaining floor that has not yet been refurbished This was completed as part of our Quilter House refurbishment works in early 2025. We are now exploring the possibility of installing a lighting control system and Digital Light Addressable Interface (“DALI”) LEDs to control brightness and improve energy efficiency. 18,000 kWh Install variable speed drives on our heating, ventilation, air-conditioning, and heat pumps that control the flow of energy to the source andimprove energy efficiency We are continuing to explore the feasibility of this with our facilities management partner. 8,600 kWh Install solar photovoltaic devices to act as a source of renewable energy produced directly by Quilter and reduce the energy we consume from the local grid We assessed the feasibility of installing solar photovoltaic (PV) systems to generate renewable energy on site. In collaboration with our facilities management partner, we reviewed available roof space across our estate. However, we concluded that installation is currently not viable due to limited roof capacity. As technology evolves, we may explore alternative solutions such as window- integrated solar panels, which could offer greater flexibility in the future. 16,000 kWh Initiate a colleague awareness campaign to encourage colleagues toreduce energy consumption and form sustainable habits This is an ongoing workstream that we have further developed as part of our CTP. 63,000 kWh \* The projected annual energy savings have been extrapolated to estimate the savings across our office estate. These are estimates calculated by our third-party ESOS Auditor and have not been verified by Quilter. #### Climate change continued #### Energy Savings and Opportunities Scheme (“ESOS”) 34 Quilter plc Annual Report 2025 ![]() #### Climate change continued #### Quilter’s operational #### emissionstarget We consider emerging climate-related regulatory requirements in all of the jurisdictions in which we operate. Our operations and business activities are focused primarily in the UK, where the Government has set a legally binding target to achieve net zero emissions by 2050. We regularly review proposals to change climate-related requirements, or introduce new ones, to ensure that we remain compliant, and that we set appropriate targets. Having considered the UK legal requirement to bea net zero business by 2050, we have set an interim operational emissions target to reduce ourScope 1 and Scope 2 emissions by 80% from a2020 baseline by 2030. As part of our work to develop the Quilter ClimateTransition Plan (“CTP”), we undertook acomprehensive review of our operational emissions target and projected emissions. Following this review, we have transitioned from alocation-based to a market-based methodology for our Scope 1 and Scope 2 emissions target. Under the location-based approach, our target was largely dependent on the UK Government’s ambition to decarbonise the national power grid, which limited our ability to take direct action beyond reducing energy consumption. By adopting a market-based methodology, we can now incorporate energy procurement decisions, such as sourcing renewable electricity, alongside energy efficiency measures to reduce our operational footprint. Given that this target forms part of our senior management Long-Term Incentive Plan (“LTIP”), we believe the market- based approach is more appropriate, as it enables greater management accountability and action without relying on external government progress. We have also set a new target to procure 100% ofour electricity from renewable sources, where possible, by 2028. We consider our Scope 1 and Scope 2 emissions as a combined total to be a more representative key performance indicator than Scope 1 or Scope 2 alone. This is because the vast majority of our Scope 1 emissions result from our natural gas consumption and Scope 2 comprises purchased heat and electricity, which means any significant reductions in Scope 1, by moving away from gas heating, would likely be offset by a slight increase in our Scope 2 emissions. Therefore, to properly assess our performance in reducing our direct energy consumption emissions, Scope 1 and Scope 2 emissions should be considered together. Scope 3 A key element of our CTP will be our supplier engagement strategy aimed at improving the climate data we hold for our suppliers and decarbonising our supply chain. We will begin engaging with our suppliers in 2026 and have set aseries of engagement related KPIs and targets tomonitor the delivery of our strategy. We will provide an update in our 2026 TCFD Report. Progress against our target Since 2020, we have achieved a significant decrease in our operational emissions. Our 2025 Scope 1 and 2 emissions were 79% lower than the2020 baseline, demonstrating good progress towards our 80% reduction target by 2030. Theprimary driver of this was the delivery of our Workplace Strategy which considers our office footprint in relation to changing workspace demands. Going forward, we anticipate a continuation of incremental reductions each year as we implement energy saving opportunities across our offices and source renewable energy contracts where we are able to control or influence the office energy procurement. Details of the energy saving opportunities we are currently pursuing and considering are outlined on page 34. In 2025, 85% of the electricity consumed by Quilter, at our offices, was generated from renewable sources 1 . We aim to increase this significantly over the next two years as we migrate Quilter controlled energy contracts to 100% renewable tariffs and engage with our landlords and property managers to do the same. For more information on our targets, please see the Quilter plc CTP at plc.quilter.com/ CorporateSustainability. #### Our Scope 1 and 2 emissions (measured in tCO 2 e) 2025 2030 target 3,2452,512 2020 baseline year 732 276 649 405 681 Scope 1 emissions  Scope 2 emissions  2030 target 1 We define renewable electricity as that covered by a Renewable Energy Guarantee of Origin (“REGO”) or equivalent Renewable Energy Certificate (“REC”) confirming 100% renewable generation. Governance Report Other information 35 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() #### Climate change continued Our reporting boundary Quilter plc reports emissions on a consolidated Group basis, incorporating all subsidiaries, and has set reporting boundaries based on financial control. This includes: – all offices occupied by Quilter or any of its subsidiaries for the period in which we are financially responsible; – Quilter and subsidiary employees for the period covered by their employment contract; – Quilter owned and leased assets where we are contractually or financially responsible for maintaining the asset; and – colleague business travel for which Quilter is financially responsible. Office space sub-leased to other parties and advisers that operate as appointed representatives ofQuilter but are not part of the Quilter Group are outside of our reporting boundary. Methodology Our emissions data is calculated in accordance with the GHG Protocol guidance. We aim to source as much actual data as possible. Where data is not available, we have estimation methodologies inplace to ensure complete and consistent reporting. For more information on how we calculate our operational emissions see our emissions methodology document appended to our TCFD Report. The baseline year for our Scope 1 and 2 emissions is 2020 and our Scope 3 baseline year is 2021, asthis is when we began capturing Scope 3 emissions data. #### Our operational greenhouse gas emissions (tCO 2 #### e) and energy consumption data (kWh) Greenhouse gas emissions as at 31 December 2025 2024 Baseline Scope 1 emissions UK 269 349 710 Offshore 7 7 22 Global total 1 276\* 356 732 Scope 2 emissions (location-based) UK 642 666 1,966 Offshore 62 62 1,025 Global total 1 704\* 728 2,990 Scope 2 emissions (market-based) UK 349 801 1,499 Offshore 56 54 1,014 Global total 1 405\* 855 2,512 Total Scope 1 & 2 emissions (market-based) UK 618 1,150 2,209 Offshore 64 61 1,036 Global total 1 681\* 1,210 3,245 Scope 3 emissions (excluding investments) UK 25,562 31,048 41,228 Offshore 126 115 867 Global total 1 25,688\* 31,162 42,095 Total operational emissions UK 26,180 32,197 43,436 Offshore 189 175 1,903 Global total 1 26,369\* 32,373 45,340 Operational Carbon intensity tCO 2 e per Full Time Equivalent (FTE) UK 8.5 10.8 – Offshore 0.1 0.1 – Global total 8.5 10.9 – Energy consumption Energy consumed (kWh) UK 6,584,929 6,829,124 – Offshore 364,198 388,008 – Global total 6,949,127 7,217,132 – 1 Figures in the table may not sum to the global total due to rounding. \*These metrics are subject to limited assurance by PwC, full details and audit opinion are available in the Quilter TCFD Report. #### Breakdown of our operational Scope 3 emissions (excluding investments) Greenhouse gas emissions as at 31 December 2025 2024 Baseline 1. Purchased goods and services 21,866\* 26,865 37,976 3. Fuel and energy-related emissions 275\* 295 963 5. Waste 5\* 6 9 6. Business travel 1,478\* 1,700 433 7. Employee commuting (including working from home) 1,970\* 2,095 2,267 8. Upstream leased assets 93\* 202 447 As a service-based business Scope 3 Category 4 and Categories 9-14 (downstream value chain emissions) do not apply to Quilter and we include our Capital Goods emissions in Category 1. The majority of our Scope 3 emissions are as a result of the goods and services we procure asa business. In2025, we developed our supplier engagement plan, that will commence in early 2026, aimed at improving the data we hold for our suppliers and addressing our supply chain emissions. For a breakdown of our Category 15 (financed emissions) across our Affluent and High Net Worth business segments, Please see our TCFD Report available at plc.quilter.com/tcfd. Restatements In 2025, we implemented a new data platform to calculate our operational emissions. As part of the implementation, we have further refined our methodologies to ensure we deliver complete, consistent and comparable emissions reporting that is calculated in accordance with the GHG Protocol. As a result, we have made restatements to our prior year and baseline emissions across all scopes and categories to ensure a consistent methodology is applied. Future year disclosures will align to our updated methodology ensuring comparability with future disclosures. The most significant restatement is our Category 1 – Purchased Goods and Services due to an increase in supplier-specific emissions data via our new platform and access to more up-to-date industry-specific emissions factors from the CEDA database. #### Quilter’s operational greenhouse gas emissions 36 Quilter plc Annual Report 2025 ![]() The responsible investment and climate change sections from pages 26 to 37 constitute Quilter’s non-financial and sustainability information statement which complies with sections 414CA and 414CB oftheCompanies Act 2006. The table below sets out where to find more information on specific matters relevant to these requirements within this section and elsewhere in our Annual Report. The information listed isincorporated by cross-reference as follows: #### Non-financial and sustainability #### information statement #### Reporting requirement Page number(s) Anti-bribery and corruption 37 Business model 12 and 13 Climate-related financial disclosures (covering s414CB(2A)(a)-(h)) 27 to 36 Colleagues 17 and 20 to 25 Environmental matters 26 to 36 Human rights 25 Non-financial KPIs 15 Principal risks 46 to 47 Social matters 18 We provide colleagues with guidance on managing gifts and hospitality, including requirements for recording and approval. Compliance with these standards is monitored by our Risk function. The central Financial Crime function at Quilter, ledby the Money Laundering Reporting Officer (“MLRO”), oversees the reporting and management of any irregularities. This structure ensures accountability and effective oversight offinancial crime risk. In addition, our dedicated Financial Crime Investigations team conducts investigations into any material incidents. Data privacy and IT security The collection and use of customers’ and advisers’ personal data is governed by our Privacy Policy and supporting standards and overseen by a Group Data Protection Officer (“GDPO”) with the support of formal committees. The Board oversees Quilter’s technology strategy, including our approach to information and data security. Atan executive management level, the Group Chief Operating Officer is responsible for the Technology strategy and is supported by the Group Chief Information Officer and their team, with input from the GDPO and Data Guardians embedded in our businesses. All colleagues are required to complete mandatory training on data privacy and IT security. Tax We are committed to full compliance with our taxobligations, paying the right amount of tax atthe right time. We have zero tolerance for tax evasion and we do not promote tax avoidance oraggressive tax planning arrangements to ourcustomers or to other parties. Our Tax Risk Policy sets out high-level requirements to ensurethat tax calculations and filings comply with all applicable tax law and are prepared onatimely basis. Financial crime, anti-bribery and corruption As an FCA regulated financial services firm, we recognise the inherent risk of being targeted forfinancial crime, including money laundering, terrorist/proliferation financing, tax evasion andfraud. We also acknowledge the potential exposure to bribery and corruption, which could lead to financial loss, regulatory sanctions, and reputational damage. Quilter operates a zero tolerance approach to financial crime. To support this commitment, wemaintain a robust framework underpinned bythe following policies: 1. Anti-Money Laundering and Counter Terrorist Financing Policy; 2. Anti-Bribery and Corruption Policy; 3. Fraud Prevention Policy; and 4. Sanctions Policy. These policies are reviewed annually to ensure they remain aligned with our risk appetite, current legislation and regulatory requirements. All colleagues complete mandatory training to reinforce their responsibilities in preventing financial crime, as well as in identifying and reporting suspicious activity. Our Anti-Bribery and Corruption Policy, consistent with the UK Bribery Act 2010, defines bribery and sets clear expectations. Quilter conducts its business lawfully and ethically and will not tolerate: – the giving or receiving of improper financial or other inducements in commercial dealings; or – any practice that could be perceived as improperly influencing an individual’s professional or public duties. Customer Policy Quilter’s Customer Policy sets out our commitment to delivering good outcomes for customers by ensuring our products and services are designed, distributed and supported to meet customer needs and offer good value. The Policy brings together our approach to customer and product governance, aligning with regulatory requirements including the FCA’s Consumer Duty. It ensures that all communications are clear and accessible, and that customers, particularly those in vulnerable situations, receive the support they need when they need it. Working with suppliers Our Third Party Risk Management Policy outlines the requirements for procurement, outsourcing and supplier management. Our Supplier Code ofConduct applies to all suppliers and their sub-contractors, setting out minimum standards we expect our suppliers to adhere to when doing business with Quilter. These standards cover areas such as legal and compliance, ethical behaviour, conflicts of interest, anti-bribery and corruption, brands, intellectual property, data protection, labour standards, LivingWage, discrimination, health and safety and environmental management. We also expect our suppliers to promote these standards in their own supply chainwhere practical. With supply chains becoming more complex and suppliers playing an increasingly important role across the industry, to support the delivery of services, we continue to enhance our supplier duediligence, monitoring and oversight to ensure there is early sight and action taken on any potential risks that could impact service to customers. #### Being a responsible business Governance Report Other information 37 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() #### Financial review #### Mark Satchel #### Chief Financial Officer #### Review of financial performance Overview The Group delivered an adjusted profit before tax of £207 million for the year, representing an increase of 6% compared to the prior year (2024: £196 million). This was primarily driven by higher net management fees, supported by an increase in reported average AuMA to £128.6 billion (2024: £113.2 billion) and strong core net inflows of £9.1billion. The positive momentum was partially offset by expected margin attrition and ongoing investment in the business, partly mitigated by cost efficiencies delivered through the Simplification programme. The Group’s IFRS profit after tax was £120 million, compared to a loss of £34 million in the prior year. In 2024 the Group recognised a provision for customer remediation of £76 million with a subsequent reduction in 2025 to reflect updated experience to date resulting in a £20 million credit. The 2024 loss also included timing differences in policyholder tax expenses. Following a capital review undertaken by the Board, the Group is returning up to £100 million toshareholders by way of a Share Buyback Programme (the “Programme”). This Programme isanticipated to becompleted by the end of 2026. As a result, theGroup’s pro forma solvency ratiodecreased 19 percentage points to 200% (2024: 219%). The Group’s IFRS net assets increased to £1.5billion (2024: £1.4 billion) largely reflecting theIFRS profit in the year, partially offset by the dividends paid during 2025. Total IFRS assets forthe Group, which includes the policyholder assets of the Group’s life company, increased by 23% during the year due tofavourable market movements and net inflows. Due to the unit-linked nature of the Group’s business there is a corresponding increase in the Group’s IFRS total liabilities which also increased by 23% in the year. Alternative performance measures (“APMs”) We assess our financial performance using a variety of measures including APMs, as explained further on pages 185 to 186. In the headings and tables presented, these measures are indicated with an asterisk: \*. Key financial highlights Quilter highlights 2025 2024 Assets and flows – core business AuMA\* (£bn) 138.3 116.3 Gross flows\* (£bn) 20.0 16.0 Net inflows\* (£bn) 9.1 5.2 Net inflows/opening AuMA\* 8% 5% Productivity: Quilter channel gross sales per Quilter Adviser\* (£m) 1 3.4 3.2 Asset retention\* 91% 90% Assets and flows – reported AuMA\* (£bn) 141.2 119.4 Gross flows\* (£bn) 20.1 16.0 Net inflows\* (£bn) 8.7 4.8 Net inflows/opening AuMA\* 7% 4% Profit and loss IFRS profit/(loss) before tax attributable to shareholder returns (£m) 163 (60) IFRS profit/(loss) after tax (£m) 120 (34) Adjusted profit before tax\* (£m) 207 196 Operating margin\* 30% 29% Revenue margin\* (bps) 42 44 Return on equity\* 10.8% 10.0% Adjusted diluted earnings per share\* (pence) 11.0 10.6 Recommended total dividend per share (pence) 6.3 5.9 Basic earnings per share (pence) 8.9 (2.5) Non-financial Total Restricted Financial Planners (“RFPs”) in both segments 2 1,453 1,440 Discretionary Investment Managers in High Net Worth segment 2 182 176 1 Quilter channel gross sales per Quilter Adviser is a measure of the value created by our Quilter distribution channel. 2 Closing headcount as at 31 December. 38 Quilter plc Annual Report 2025 ![]() Flow performance In the core business, gross flows increased 25% to £20.0 billion (2024: £16.0 billion), primarily due tohigher IFA channel activity on the Platform. This growth was driven by both an expanding advised platform market and increased market share among IFA firms. Net inflows in the core business increased 75% to £9.1 billion (2024: £5.2 billion), reflecting improved macro conditions and investor confidence, coupled with the positive impact of our distribution strategies which led to growth in marketshare. Productivity, representing Quilter channel gross sales per Quilter Adviser, increased by6%to £3.4million (2024: £3.2 million). Within the Affluent segment: – Quilter channel: Gross flows of £4.4 billion increased by 8% (2024: £4.1 billion), with net inflows increasing 22% to £2.8 billion (2024: £2.3 billion). This growth underscores the ongoing strength of ourdistribution capabilities within our Advice business, highlighting our ability to attract and retain customer assets. Net inflows as a percentage of opening AuMA for the Quilter channel of 15% increased 2 percentage points (2024: 13%). – IFA channel: Gross flows of £12.3 billion onto the Quilter Platform increased by 40% (2024: £8.8 billion). Net inflows of £5.8 billion were significantly higher than the prior year (2024: £3.0 billion) reflecting both the breadth and strength of our proposition and distribution, which led to an increased market share of new business as we continued to win assets from competitor platforms. Based on the latest Fundscape data (Q3 2025), the Platform continues to maintain the leading share of gross and net inflows against our retail advised platform peers. Net inflows as a percentage of opening AuMA for theIFA channel onto the Platform were 9% (2024: 5%). – Funds via third-party platforms reported net outflows of £132 million, compared to £400 million of netoutflows in the previous year. – Asset retention of 90% for the Affluent segment improved by a percentage point from the prior year (2024: 89%). High Net Worth segment gross flows of £3.0 billion were marginally below the prior year (2024: £3.1 billion). Net inflows increased by 15% to £0.7 billion (2024: £0.6 billion), primarily as a result of strong net inflows in the IFA and direct channel and the loss of a large value low margin account in the prior year. Asset retention of 92% for the High Net Worth segment was 1 percentage point ahead of the prior year (2024: 91%). AuMA\* The Group’s core business closing AuMA of £138.3 billion was 19% ahead of the opening position (2024: £116.3 billion), reflecting positive market movements of £12.9 billion and net inflows of £9.1 billion. The Affluent core segment AuMA increased by 22% to £107.6 billion (2024: £88.5 billion), of which £36.9 billion is managed by Quilter, versus the opening position of £29.5 billion. The High Net Worth segment AuM of £32.5 billion increased by 10% from the opening position of £29.5 billion, with all assets managed by Quilter. In total, £69.0 billion, representing 50% of core business AuMA, is managed by Quilter across the Group (2024: £58.5 billion, 50%). Total net revenue, revenue margin and average AuMA\* Total net revenue (£m), revenue margin (bps) and average AuMA (£bn) 2025 2024 Net revenue\* Revenue margin\* Average AuMA\* 2 Net revenue\* Revenue margin\* Average AuMA\* 2 Affluent Administered 216 23 93.8 196 25 79.8 Affluent Managed 119 35 34.4 108 36 29.6 Quilter Cheviot 203 67 30.5 198 70 28.3 Net management fees\* 1 538 42 128.6 2 502 44 113.2 2 Other revenue\* 100 97 Investment revenue\* 63 71 Total net revenue\* 701 670 1 Net management fee includes the interest earned on customer holdings in Quilter Cheviot and Quilter Investment Platform. 2 Average AuMA for the Group includes the elimination of the intra-group assets. This is excluded from the total average AuMA to ensure no double count takes place. Net management fee and revenue margin: – Quilter plc total net management fees increased by 7% to £538 million (2024: £502 million) as a consequence of higher average AuMA of £128.6 billion, up £15.4 billion against the prior year (2024:£113.2 billion). Interest margin included within net management fees, earned on customer cashbalances, was £30 million (2024: £31 million). The Group’s revenue margin of 42 bps was 2 bps lower than the prior year (2024: 44 bps). – Affluent Administered net management fees increased by 10% to £216 million (2024: £196 million). Thisprimarily reflects higher average AuMA of 18%, partially offset by lower revenue margin of 23 bps (2024: 25 bps) due to the impact from our tiered pricing structure, consistent with our expectations. Net management fees include interest margin earned on customer cash balances of £18 million (2024:£19 million). – Affluent Managed net management fees increased by 10% to £119 million (2024: £108 million), driven mainly by higher average AuMA. This was partially offset by a 1 bp reduction in the revenue margin to35 bps (2024: 36 bps), attributable to the continued net outflows from the Cirilium Active range, ourhighest revenue-margin proposition, as advisers increasingly continue to favour Managed Portfolio Services (“MPS”) for their customers. Based on the latest NextWealth December 2025 report, WealthSelect remains the largest MPS offering in the industry as at Q3 2025, and continues to demonstrate strong growth, with AuMA of £25.4 billion as at 31 December 2025 (2024: £18.4 billion). – High Net Worth net management fees increased by 3% to £203 million (2024: £198 million), due to higher average AuM, partially offset by changes to some of our fee structures and the mix of assets, with the revenue margin of 67 bps reducing by 3 bps (2024: 70 bps). Net management fees include interest margin earned on customer cash balances of £12 million (2024: £12 million). #### Financial review continued Governance Report Other information 39 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() Other revenue: – Other revenue of £100 million, which mainly comprises of our share of income from providing advice within Quilter Financial Planning and Quilter Cheviot Financial Planning, was 3% higher than the prior year (2024: £97 million). Investment revenue: – Investment revenue, predominantly interest income generated on shareholder cash and capital resources of £63 million (2024: £71 million) reflects the reduction in interest rates experienced during 2025. Operating expenses\* Operating expenses increased by 4% to £494 million (2024: £474 million). This increase largely reflects the combination of planned business investment, inflationary impacts including higher National Insurance costs and higher FSCS levies, partially offset by continued sustainable cost savings delivered through the Simplification programme. Operating expenses (£m) 2025 2024 Operating expenses As a percentage of revenues Operating expenses As a percentage of revenues Support staff costs 111 110 Operations 18 20 Technology 34 31 Property 28 28 Other base costs 1 29 33 Sub-total base costs 220 31% 222 33% Revenue-generating staff base costs 110 16% 101 15% Variable staff compensation 88 12% 82 12% Other variable costs 2 55 8% 51 8% Sub-total variable costs 253 36% 234 35% Regulatory/Insurance costs 21 3% 18 3% Operating expenses\* 494 70% 474 71% 1 Other base costs includes depreciation and amortisation, audit fees, shareholder costs, changes in customer redress provisions and listed Group and governance costs. 2 Other variable costs includes FNZ costs, development spend, marketing, brand and corporate functions variable costs. At the 2023 half year results, we set a target to deliver £50 million of annualised run rate savings from Phase II of the Simplification programme by the end of 2025. At 31 December 2025, the programme achieved this target, delivering a total run rate saving of £52 million, with £17 million realised during 2025. The savings were primarily achieved through the continued rationalisation of the Group’s technology and property estate, operational and IT efficiencies arising from investment in Advice technology, and lower functional support costs as we continued to simplify our governance and internal administration processes. As a result, base costs reduced both in absolute terms and as a proportion ofrevenues, representing 31% of revenue in 2025 (2024: 33%). Revenue-generating staff base costs increased by 9% to £110 million (2024: £101 million) and remains ata comparable proportion of revenues as we continue to invest in our customer-facing people and proposition across our business segments to drive growth. Variable staff compensation of £88 million (2024: £82 million) increased by 7% due to National Insurance changes and improved business performance. Other variable costs of £55 million (2024: £51 million) includes our brand investment in the second half of the year and an increase in Platform costs owing tothe significant growth in Platform average AuMA. Regulatory and insurance costs increased by 17% to £21 million (2024: £18 million) largely reflecting increases to the FSCS levy during the first half of the year. Adjusted profit before tax\* Adjusted profit before tax increased by 6% to £207 million (2024: £196 million), reflecting the combined impacts of the revenue and expense items outlined above. The Group’s operating margin improved to 30%, representing a 1 percentage point increase compared to the prior year (2024: 29%). Adjusted diluted earnings per share increased 4% to 11.0 pence (2024: 10.6 pence). #### Financial review continued 40 Quilter plc Annual Report 2025 ![]() Taxation The effective tax rate (“ETR”) on adjusted profit before tax was 25.6% (2024: 24.4%). The Group’s ETR is broadly in line with the UK headline corporation tax rate of 25% and there are no material movements for the year. The Group’s ETR is dependent on a number of factors, including tax rates on profits in jurisdiction outside the UK and the value of non-deductible expenses or non-taxable income. The Group’s IFRS income tax expense was a charge of £204 million for the year ended 31 December 2025, compared to a charge of £69 million for the prior year. The income tax expense or credit can vary significantly year-on-year as a result of market volatility and the impact that market movements have onpolicyholder tax. The recognition of the income received from policyholders to fund the policyholder tax liability (which is included within the Group’s IFRS revenue) has historically been volatile due to timingdifferences between the recognition of policy deductions and credits and the corresponding policyholder tax expense, resulting in the need for significant adjustments to the adjusted profit to remove these distortions. The Group made refinements to its unit pricing policy at the end of 2024 which, as expected, reduced the volatility in these timing differences in 2025. See note 7(b)(vii) to the consolidated financial statements. Reconciliation of adjusted profit before tax\* to IFRS result Adjusted profit before tax represents the Group’s IFRS result, adjusted for specific items that management considers to be outside of the Group’s normal operations or one-off in nature, as detailed in note 7(a) in the consolidated financial statements. The exclusion of certain adjusting items may result in adjusted profit before tax being materially higher or lower than the IFRS profit or loss after tax. Adjusted profit before tax does not provide a complete picture of the Group’s financial performance, which is disclosed in the IFRS consolidated statement of comprehensive income but is instead intended to provide additional comparability and understanding of the financial results. Reconciliation of adjusted profit before tax to IFRS profit/(loss) after tax (£m) 2025 2024 Affluent 169 148 High Net Worth 47 48 Head Office (9) – Adjusted profit before tax\* 207 196 Adjusting items: Impact of acquisition and disposal-related accounting (17) (40) Business transformation costs (31) (26) Skilled Person Review – (10) Customer remediation exercise 20 (76) Other customer remediation – 3 Exchange rate movement (ZAR/GBP) – 1 Policyholder tax adjustments 2 (90) Finance costs (18) (18) Total adjusting items before tax (44) (256) Profit/(loss) before tax attributable to shareholder returns 163 (60) Tax attributable to policyholder returns 161 95 Income tax expense (204) (69) IFRS profit/(loss) after tax 120 (34) The impact of acquisition and disposal-related accounting costs of £17 million (2024: £40 million) includes amortisation of acquired intangible assets and acquired adviser schemes. During the year the intangible asset related to the Group’s original acquisition of Quilter Cheviot became fully amortised, which has reduced the overall amortisation charge. Business transformation costs of £31 million were incurred in 2025 (2024: £26 million), which reflects thedelivery of Simplification programme initiatives. During 2025, the Group achieved its target to deliver£50million of annualised cost savings as part of the Business Simplification programme. As at 31December 2025, £52 million of annual run-rate savings were delivered over the lifetime of the current Simplification programme. Further modest implementation costs are expected during 2026 to complete the Advice and Wealth Transformation Programmes and the final closure costs for Business Simplification. #### Financial review continued Governance Report Other information 41 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() For 2025, a customer remediation credit has been recognised of £20 million (2024: cost of £76 million). The current year credit represents a £22 million reduction in the customer remediation exercise provision due to changes made to reflect current expected experience, partially offset by a cost of £2million for the unwinding of discounting. The assumptions used to determine the value of the customer remediation provision include the proportion of customers within the scope of the review andthe interest rates on redress payable which are aligned to the updated Financial Ombudsmen Service policy. Both of these have resulted in a decrease of the total amount of costs that are anticipated to be incurred as part of the customer remediation exercise. The unwinding of discounting reflects the passage of time since 31 December 2024 when calculating the present value of future costs for the purposes of determining the value of the provision as at 31 December 2025. See note 30 in the consolidated financial statements. Charges and credits relating to the customer remediation exercise are excluded from adjusted profit as management considers the exercise to be outside of the Group’s normal operations and one-off in nature. During 2025, there was no income or cost recognised (2024: £1 million income) due to foreign exchange movements on cash held in South African Rand in preparation for payments of dividends to shareholders. Cash was converted to South African Rand upon announcement of the dividend payments to provide an economic hedge for the Group. The foreign exchange movements in 2024 were fully offset by an equal amount taken directly to retained earnings. For 2025, the total amount of policyholder tax adjustments to adjusted profit is a charge of £2 million (2024: £90 million credit). Adjustments to policyholder tax are made to remove distortions due to the recognition of the income received from policyholders to fund the policyholder tax liability (which is included within the Group’s income) which may vary in timing to the recognition of the corresponding tax expense, creating volatility in the Group’s IFRS profit or loss before tax. The Group made changes tothe unit pricing policy relating to policyholder tax charges in 2024. As expected, this has significantly reduced the volatility in these timing differences, and in turn, the value of the policyholder tax adjustments in 2025. #### Review of financial position Capital and liquidity Solvency II The Solvency II figures for the year to 31 December 2025 in this section of the financial review are prepared on a pro forma basis and have not been audited. The pro forma solvency position presented below is after allowing for the impacts of the profits for the year to 31 December 2025, the foreseeable dividend payment of £58 million and the Share Buyback Programme of £100 million. The Group’s solvency surplus is £846 million at 31 December 2025 (31 December 2024: £851 million), representing a solvency ratio of 200% (31 December 2024: 219%). Group Solvency II capital (£m) At 31 December 2025 1 At 31 December 2024 2 Own funds 1,689 1,566 Solvency capital requirement (“SCR”) 843 715 Solvency II surplus 846 851 Solvency II coverage ratio 200% 219% 1 Based on preliminary estimates including the impact of the profits for the year and the impact of the Share Buyback Programme. 2 As reported in the Group Solvency and Financial Condition Report for the year ended 31 December 2024. The Group solvency ratio has reduced primarily due to the Share Buyback Programme, dividend payment and the negative impact of market variances, partly offset by the net profit in the year. The Group solvency surplus amount has remained broadly stable as the increase in own funds approximately matches the increase in solvency capital requirement. The Group’s own funds include the Quilter plc issued subordinated debt security which qualifies as capital under the UK Solvency II rules. The composition of own funds by tier is presented in the table below. Group own funds (£m) At 31 December 2025 At 31 December 2024 Tier 1 1 1,486 1,366 Tier 2 2 203 200 Total Group Solvency II own funds 1,689 1,566 1 All Tier 1 capital is unrestricted for tiering purposes. 2 Comprises a UK Solvency II compliant subordinated debt security in the form of a Tier 2 bond, which was issued at £200 million in January 2023. The Group SCR is covered by Tier 1 capital, which represents 176% of the Group SCR of £843 million. Tier 2 capital represents 24% of the Group solvency surplus. #### Financial review continued 42 Quilter plc Annual Report 2025 ![]() Final Dividend The Quilter Board recommended a Final Dividend of 4.3 pence per share at a total cost of £58 million. Subject to shareholder approval at the 2026 Annual General Meeting, the recommended Final Dividend will be paid on Monday 18 May 2026 to shareholders on the UK and South African share registers on Friday 17 April 2026 (the “Record Date”). For shareholders on our South African share register, a Final Dividend of 94.67035 South African cents per share will be paid, using an exchange rate of 22.01636. The proposed Final Dividend takes the total dividend in respect of 2025 to 6.3 pence per share, which isequivalent to a pay-out ratio of 60%. Holding company cash The available holding company cash statement includes cash flows generated by the three main holding companies within the business: Quilter plc, Quilter Holdings Limited and Quilter UK Holding Limited. Theflows associated with these companies will differ markedly from those disclosed in the statutory statement of cash flows, which comprises flows from the entire Quilter plc Group including policyholder movements. Holding company cash (£m) 2025 2024 Opening cash at holding companies at 1 January 462 349 Dividends paid (84) (73) Net capital movements (84) (73) Head Office costs and Business transformation funding (30) (34) Net interest received 6 18 Finance costs (17) (17) Net operational movements (41) (33) Cash remittances from subsidiaries 204 325 Capital contributions, loan repayments and investments (112) (102) Other net movements - (4) Internal capital and strategic investments 92 219 Closing cash at holding companies at the end of the year 429 462 Net capital movements Net capital movements in the year totalled an outflow of £84 million, which relates exclusively to dividend payments made to shareholders. Net operational movements Net operational movements were an outflow of £41 million for the year, which includes £30 million of corporate and transformation costs, finance costs of £17 million relating to coupon payments on the Tier 2 bonds and non-utilisation fees for the revolving credit facility, and £6 million of net interest income received on money market funds, Group loans and cash holdings. Internal capital and strategic investments The net inflow of £92 million is principally due to £204 million of cash remittances from subsidiaries, partially offset by £112 million of capital contributions to cover the potential customer remediation exercise across the Quilter Financial Planning network of Appointed Representative firms, support business operations and further investment in the underlying business through acquisitions made. Capital contributions also include contributions made to the Employee Benefit Trust of £19 million (2024:£12 million) to fund current and anticipated share based payment awards. Capital Return and Distribution Policy Following a capital review undertaken by the Board, the Group is returning up to £100 million to shareholders by way of a Share Buyback Programme (the “Programme”). This Programme is expected tocommence assoon as practicable and is expected to complete by the end of 2026. The surplus capital identified forthe Programme is considered by the Board to exceed that required to manage thebusiness once regulatory capital requirements, liquidity risk management requirements, and future investment in the business for the foreseeable future (including modest inorganic acquisitions) is taken into consideration. Ongoing consideration of the capital position of the Group, including the speed and quantum of acquisition activity and further capital support, will continue to be assessed. The Board also adopted a new Distribution Policy. From 2026 onwards, the Board intends to distribute approximately 70% of post-tax, post-interest adjusted profit to shareholders. Within this, the Board expects modest annual growth in the amount of the ordinary dividend payable in cash, with the remainder of the distribution implemented through annual share buyback programmes to be announced each year alongside the Full Year Results. This is expected to lead to progressive growth in the dividend per share, supported by a lower number of shares in issue as a consequence of the share buyback programmes. The Interim Dividend in each year will, in normal circumstances, be set at one third of the previous year’s total dividend. #### Summary Quilter has benefitted from another year of consistent financial performance. The Group has continued to grow market share, and net inflows reached record levels during the year. Revenues have increased and disciplined cost management has delivered a 30% operating margin. The balance sheet strength has allowed the announcement of up to £100 million being returned to shareholders by way of a Share Buyback Programme. We have enhanced anticipated regular returns to shareholders through implementing a new Distribution Policy of 70% of post-tax, post interest adjusted profit through a combination of ordinary dividends and regular ongoing share buybacks. Mark Satchel Chief Financial Officer #### Financial review continued Governance Report Other information 43 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() #### Risk review #### Introduction The effective management of risk, in line with riskappetite, remains key to the safe delivery ofQuilter’s strategic priorities. Quilter links risk management to performance, aswell as to the Group’s remuneration and reward schemes. An open and transparent working environment which encourages employees to embrace risk management and speak up where needed, is critical to the achievement of the Group’s objectives. Quilter’s Group Governance Manual supports the maintenance of the system of internal control by setting out the Group’s approach to governance. The Board Audit Committee and Board Risk Committee have a joint responsibility for reviewing and monitoring the effectiveness of Quilter’s internal control framework. Throughout the year we have progressed preparations for the implementation of Provision 29 of the UK Corporate Governance Code 2024. This relates to the effectiveness of material risk controls. The new requirements become effective for financial years beginning 1 January 2026 and will be reported on in full in the Board Risk Committee Report within next year’s Annual Report. #### Risk Management Framework Quilter’s Risk Management Framework is designed to provide a qualitative and quantitative approach to the understanding and management of risks. The framework supports the evaluation and management of business opportunities, uncertainties, and threats in a structured and disciplined manner. Oversight Quilter uses a “three lines of defence” model. Underthis model the second line Risk function, andthird line Internal Audit function, oversee the application of risk management across the Group. Responsibilities and accountabilities for the management of risk are defined across the three lines of defence. This ensures effective independent oversight and assurance in respect ofkey decisions. Insight Quilter uses research, external benchmarking and learnings from industry forums, as well as key risk indicators and risk data, to understand trends in risk exposures. These inform timely management action to manage risk exposures in line with risk appetite. Stress and scenario testing is performed to assess potential plausible but severe events, inorder to assess Quilter’s resilience and to test contingency plans. Harm Systems and controls Communication, education, training and guidance Culture Harm to customer Harm to firm Harm to market Insight (Management Information and Analytics) Oversight (Governance) Past (Incidents) Boards and Committees Present (Risk profile) Future (Predictor events) Roles and Delegated Authority Policies Risk identification Risk appetite Risk analysis Assess controls Additional actions Reporting Risk management methodology 44 Quilter plc Annual Report 2025 ![]() #### Risk review continued Assess controls The design adequacy and operating effectiveness of controls is assessed through RCSAs. These are subject to review and challenge by the second line Risk function and are facilitated through the risk management system. Additional actions Where there are differences between the residual level of risk (after controls) and risk appetite and itis not possible to further mitigate the risk, appropriate action is taken to either accept, transfer, or avoid the risk, or the risk appetite willbe reassessed if appropriate. Remedial action tracking is facilitated and monitored through the risk management system and is subject to regularmonitoring. Reporting Quilter’s management risk committees consider risk matters relevant to their business area and escalate as required to the Quilter Group Executive Risk Management Committee (“ERMC”), with onward escalation, as appropriate, to the Board Risk Committee and to the Board. The ERMC receives reporting from across the three lines of defence. The ERMC is the most senior executive committee responsible for reviewing and monitoring the risk profile of the Group. Thisincludes coverage of all Level 1 and Level 2 risks and any other material risks to which Quilter is exposed. The ERMC reviews and recommends the proposed risk appetite to the Board Risk Committee. The Board is responsible for approving the Enterprise Risk Management Framework, and for setting risk appetite. The Board receives regular information on the Group risk profile and has ultimate responsibility for riskappetite and capital plans. #### Risk management methodology Risk identification Risk identification is carried out throughout the business, through the maintenance and regular review of risk and control self-assessments (“RCSA”). Risk identification is also conducted tosupport changes to the business, changes tothe operating model, the introduction of new products or services, or following significant internal or external events. Risk appetite Risk appetite statements define the amount of riskthat the Board is willing to accept across risk categories. High level risk appetite statements areset against Quilter’s Level 1 risk categories (seetable on the right) and are supported by more granular appetite statements and measures linked to Level 2 risk categories. Quilter’s position relative to risk appetite is measured on a regular basis through the monitoring of key indicators and management information reported to the Board. The risk appetite statements and key risk indicators were reviewed and refreshed during 2025. The Board expects management to maintain controls to ensure that risk exposures remain within appetite, or, where indicators show Quilter is outside of risk appetite, to put in place actions toreduce risk exposure to acceptable levels. Risk analysis All material risks are assessed to consider their likelihood of occurrence and potential impact on Quilter’s business. This includes the assessment and quantification of potential harms to customers, the firm or the market. This analysis informs Quilter’s capital and liquidity requirements through the Internal Capital Adequacy and Risk Assessment (“ICARA”) and Own Risk and Solvency Assessment (“ORSA”). Quilter performs a range ofplausible but severe stress tests and scenarios, including market and idiosyncratic stresses and operational risk scenarios. #### Business strategy #### andperformance We aim to ensure the business pursues sustainable and responsible growth and profitability in line with strategic priorities to enhance shareholder value. #### Business operation We aim to maintain an appropriately controlled and resilient operating environment, both internally and through our critical outsourced service providers, which is proportionate to the nature, scale and complexity ofour business to ensure good customer outcomes. #### Technology and #### security We aim to manage the availability, integrity, functionality and security ofour critical business processes, supporting systems and data, both internally and where managed by third parties. We acknowledge that moderately disruptive business or technology/security events will occur but aim to minimise their impact within pre-agreed thresholds designed to protect our customers. Customer and #### product proposition We aim to avoid foreseeable harm to customers, reputational issues andfinancial loss through ensuring that products and services are appropriately designed and maintained. We ensure that our advice proposition and the way that products and services are distributed is aligned to their target market, suitable to customer needs and delivers good customer outcomes. #### Regulatory, tax #### andlegal We aim to maintain appropriate relationships with our regulators, comply with all relevant rules and legislation, and adopt a proportionate approach to the interpretation of rules and guidance that reflects the intent of the rules and protects against foreseeable harm to customers, the firm and the wider market. #### People We aim to attract and retain sufficient competent and diverse resource which is aligned to the business strategy. We aim to foster a positive high-performance and open culture where staff feel supported and ableto speak up. #### Risk appetite statements Governance Report Other information 45 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() Risk trend key Stable Decreasing Increasing #### Risk review continued During 2025, the Board Risk Committee has overseen the Group’s risk profile, focusing on the Level 1 risk categories, which describe the principal areas of risk exposure for Quilter. The table below sets out Quilter’s principal risks and uncertainties, including Executive Committee member ownership and key mitigants being implemented by management. The risk trend noted is the overall residual risk trend (after the application of controls) over the year. #### Principal risk Principal risk description #### Primary #### riskowner Risk mitigation activities Risk trend #### Business strategy and #### performance Quilter’s principal revenue streams are related to the value of AuMA and, as such, Quilter is exposed to the condition of global economic markets. Whilst global markets posted strong gains during 2025, geopolitical and macroeconomic risks remain elevated. These risks could negatively impact the global economy, affecting investment performance. Quilter is also exposed to revenue margin pressure driven by changing investment preferences and market dynamics. This risk is managed through actions to drive growth in net flows and AuMA, the launch of new customer propositions and business simplification and efficiency. These actions aim to grow Quilter’s revenues whilst managing Quilter’s expenses. Quilter has also continued its transformation journey during 2025, through initiatives relating to Quilter’s strategic priorities to grow distribution, enhance propositions and be future fit. Chief Financial Officer Mitigation in 2025 – Strategic alignment and organisational simplification to drive operating efficiencies. – Continuation of Wealth and Advice transformation programmes. Planned and ongoing activity – Activities to support adviser and investment manager recruitment and retention. – Ongoing management and delivery of business transformation programmes. – Continued focus on developing Quilter’s direct to customer strategy. #### Business #### operation The provision of services to customers is dependent upon effective operational systems, processes and third-party suppliers, competent staff resources and complete and accurate data. Any failure to maintain these elements could adversely affect customer outcomes. Quilter relies on third-party service providers for several Important Business Services. The successful delivery of strategic and regulatory change projects also depends, in part, on third-party providers delivering effectively. Ineffective third-party relationships could disrupt the provision of services to customers or impact the delivery of change initiatives. Inadequate or poorly managed data could impair Quilter’s ability to deliver effective customer services and limit the organisation’s ability to fully leverage AI opportunities. Chief Operating Officer Mitigation in 2025 – Continued enhancement of Quilter’s operational environment, supported by a review of vulnerabilities, impact tolerances and indicators in relation to Important Business Services. – Ongoing business simplification activity. Planned and ongoing activity – Ongoing focus on third-party risk management activities. – Continuous improvement with regard to business resilience. – Enhancement of Quilter’s data governance framework to support ongoing compliance, innovation and strategic insight. #### Technology #### and security A stable, reliable, and up-to-date technology environment underpins the delivery of Quilter’s services to customers and advisers and ensures that Quilter has technical resilience proportionate to its risk appetite. Disruption to the stability and availability of Quilter’s technology, or that of third-party service providers, could result in damaging service outages and a potential breach of impact tolerances for Quilter’s Important Business Services. Moreover, the risk of an information security incident is a constant and evolving risk which has the potential toimpact Quilter’s reputation, regulatory standing and the services it provides to customers. Chief Operating Officer Mitigation in 2025 – Completion of infrastructure refresh programme and decommission of data centres. – Completion of the cyber security improvement plan. Planned and ongoing activity – Continuous technology improvements following the recent modernisation to ensure it remains secure and functional. – Embedding of the continuous security testing programme. – Continuous improvement of the supplier assurance approach to ensure technology and security controls remain within appetite. #### Principal risks and uncertainties 46 Quilter plc Annual Report 2025 ![]() #### Principal risk Principal risk description #### Primary #### riskowner Risk mitigation activities Risk trend #### Customer #### and product #### proposition Quilter’s purpose is underpinned by its suite of product propositions, which drive good customer outcomes, and processes in place to ensure that the risk of foreseeable harm is identified and mitigated. The delivery of quality advice coupled with a consistently high level of adviser conduct and competency is essential. A lack of robust oversight by Quilter could lead to delayed identification of unsuitable advice or products resulting in poor outcomes for customers. As such, Quilter continually looks to improve its control environment in relation to the oversight of advice and remains focused on ensuring that products and services are designed and maintained in line with the Consumer Duty. Chief Distribution Officer Mitigation in 2025 – Launch of new investment propositions in QC and QI to provide additional choice aligned to customers’ risk appetites. – Enhancements to the CashHub proposition, including the ability forcustomers to benefit from increased FSCS protection. Planned and ongoing activity – Quilter’s new Chief Customer Officer joined in January 2026 to own and enhance the focus on good customer outcomes. – Launch of the Quilter Smoothed Funds, in partnership with Standard Life, for customers planning for, and in, retirement. – Preparation for the new Targeted Support regime in 2026. – Continued strengthening of financial advice processes and supporting controls. Regulatory, #### tax and legal Quilter is subject to conduct and prudential regulation in the UK, provided by the FCA andPRA, and by local regulators in the other jurisdictions in which the Group operates. This includes regulation concerning the prevention of financial crime and market abuse. Quilter is also subject to the privacy regulations enforced by the Information Commissioner’s Office and international equivalents. Quilter faces risks associated with compliance with these regulations, and changes to regulation or regulatory focus in the markets in which Quilter operates and other statutory requirements. Failure to effectively manage compliance with regulatory, tax or legal requirements effectively could result in censure, fines or prohibitions which could impact business performance and reputation. Chief Risk Officer Mitigation in 2025 – Continued design and implementation of control enhancements to address areas of heightened risk identified during the Skilled Person Review process and other self-identified areas. – Enhancements to financial crime controls, including strengthened name screening and transaction monitoring. Planned and ongoing activity – Delivery of the Ongoing Advice Review remediation programme. – Identification and assessment of material controls across the Group tomeet UK Corporate Governance Code 2024 requirements. – Ongoing proactive engagement with regulators and horizon scanning to understand and prepare for changes to regulation. – Continued strengthening of the financial crime control environment. #### People Quilter relies on its talent to deliver service to customers and to progress strategic initiatives. Quilter’s talent pool is key to the ongoing progress of the Company by having a diverse range of staff and views that will provide the senior management of the future. We seek to proactively identify talent gaps to support the future capabilities required to implement Quilter’s strategy and have updated the related risk appetite to help drive a high-performance culture. Ensuring that staff and management stand behind Quilter’s values which underpin the culture of the firm is fundamental to a proactive, risk aware firm which values its people and the need to uphold its regulatory obligations. Quilter promotes a culture in which colleagues are encouraged to raise concerns confidentially about any potential misconduct. Chief People Officer Mitigation in 2025 – Strategic workforce planning and recruitment, including AI and digital capabilities to drive innovation. – Culture programme activity. Planned and ongoing activity – Ongoing diversity, equity and inclusion and wellbeing initiatives. – Ongoing talent management and succession programme. – Ongoing regular employee engagement surveys. – Ongoing all-employee conferences. #### Risk review continued Governance Report Other information 47 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() #### Risk review continued #### Geopolitical #### landscape Conflicts and political instability impact market risk, customer sentiment and strategic direction Geopolitical tensions, including the Russia–Ukraine war, conflict and instability in the Middle East and ongoing strategic competition between the US and China, continue to disrupt global markets and supply chains. These factors could influence customer circumstances and investment behaviour. Additionally, the industry’s reliance on globalised supply chains may give rise to more idiosyncratic risks, for instance, reliance on US-based cloud providers creates indirect exposure to US political and economic developments. Regulatory changes, trade restrictions, or policy shifts could also affect service continuity and costs, reinforcing the need for strong contingency planning and diversification. #### Advice #### evolution The advice market is changing rapidly as demographic and technological trends reshape customer expectations Digital-first solutions and socially responsible investments remain in high demand, driving appetite for accessible, technology-enabled propositions among Quilter’s target customers. Access to simple, standardised advice is becoming easier through online platforms and social media channels. While these offerings are not suitable for complex financial planning, they build early-stage relationships, creating a risk that customers remain within these ecosystems rather than seek traditional advice providers when more sophisticated advice is needed. Technology advancements are accelerating this shift, presenting both opportunities and competitive threats for Quilter. #### Disruptive #### competition New players in the competitive landscape increase margin pressure Rising demand for digital and hybrid propositions, alongside regulatory initiatives such as the Advice Guidance Boundary Review, may allow fintech providers and other financial institutions with established, trusted customer relationships, to enter an already highly competitive advice market. AI innovation, whilst offering advantages to incumbent market participants, could also lead to AI-driven financial advice solutions, which may disrupt existing advice and wealth management models. This increased competition could erode Quilter’s market share and intensify fee pressure across the value chain. #### Emerging #### technologies Technology advancements creating risks and opportunities Rapid advances in AI and digital technologies are transforming financial services operations, offering significant opportunities for efficiency, personalisation and enhanced customer experience. These developments also introduce new risks including those related to data privacy, bias, and operational resilience. The sector’s increasing dependence on cloud infrastructure to support these technologies adds concentration risk, as providers face challenges scaling data centre capacity to meet growing demand. This dependency underscores the importance of strong third-party oversight and resilience planning. Quilter must continue to invest in innovation, governance, and regulatory readiness to harness the benefits of emerging technologies while mitigating systemic and operational risks. #### Political and tax #### environment Changes to tax policy which have been announced but not yet enacted could impact financial advice processes andcustomer behaviour Changes to the political and tax environment threaten to disrupt traditional products and financial planning methods. This risk is driven by the UK fiscal deficit and the resulting policy and tax changes announced in the recent UK Autumn Budget. For example, from April 2027 most unused UK pension funds and pension death benefits will be brought into the deceased’s estate for inheritance tax purposes. This could increase the complexity of financial planning and advice and could encourage the spending or gifting of wealth prior to death. Impacts on advice processes and customer behaviour could present both opportunities and threats to Quilter. #### Evolving cyber #### threats Advancements in malicious attempts to access, damage or disrupt networks Cyber risk is expected to continue to evolve and escalate as adversaries exploit emerging technological advancements to increase the scale and sophistication of attacks. The widespread availability of advanced tools continues to lower the barriers to entry for criminal cyber activity. The ongoing rapid evolution of AI is amplifying the complexity and speed of attacks, including deepfakes and automated exploitation. Further progress in quantum computing poses a long-term challenge to current encryption standards. Quilter must continue to monitor developments and evolve controls to protect systems and customer data. #### Emerging risks Within Quilter, risks which are less certain in terms of timescales and impacts are assessed and monitored. The emerging risk profile is subject to regular review by executive committees and the Board. Theidentification of these risks contributes to Quilter’s stress and scenario testing, feeding into the strategic planning process. The table below sets out the most significant emerging risks to Quilter. 48 Quilter plc Annual Report 2025 ![]() #### Going concern and viability statement Inparticular, the Business Plan includes a range ofdownside and upside sensitivities that consider variances inequity and bond values and net flows which wouldimpact the Group’s forecast AuMA, revenueand profitability. The first year of the Business Plan has the greatest certainty and is used to set detailed budgets across the Group. Although three years is regarded as an appropriate period for the assessment of the Group’s viability, the Board alsoregularly considers other strategic matters that may affect the longer-term prospects of theGroup. This includes an assessment of the principal risks and uncertainties facing theGroup in the longer term, as well as emerging risks such as cyber threats, disruptive competition and emerging technologies. The Board’s longer-term view is thatthe Group will continue to grow as a wealth manager, serving customers throughout the accumulation and decumulation phases of their lives. The Board’s assessment of the Group’s viability included reviews of capital and liquidity, as well asan assessment of the principal risks over the three-year planning period. The majority of the Group’s revenue is correlated to the Group’s AuMA, which can move materially when there is significant volatility in global financial markets. The Board’s assessment also considered the potential financial impact of the customer remediation exercise provision following the completion of theSkilled Person Review. Further information onthe customer remediation exercise provision and remaining related uncertainties are contained in note 30 to the Group’s financial statements. The ORSA and ICARA processes include an assessment of a range of stresses and scenarios. In all the severe but plausible adverse stresses tested, the Group had sufficient capital and liquidity after allowing for management actions. This demonstrates the Group’s resilience to adverse conditions. The management actions assumed included the suspension of dividend payments in the most extreme stresses, deferral of strategic initiatives and reduction of costs through lowervariable compensation and discretionary spend, and a recruitment freeze. Reverse stress tests have been performed to identify idiosyncratic and market events which would make the current Business Plan unviable. The results indicate that these are extreme events which would beexpected to occur less frequently than once inevery 200 years. Therefore, the Group can reasonably expect tohave sufficient capital andliquidity to be able tomeet its liabilities overthe planning period. Quilter has a documented recovery plan which sets out the management actions and recovery options available to manage the impacts of severestresses. The Board regularly monitors performance against a range of predefined key indicators and early warning thresholds, which would identify ifdevelopments fall outside of the Group’s risk appetite or expectations, allowing timely management action to be taken. The Strategic Report, on pages 1 to 49, sets outthe Group’s financial performance, business environment, outlook and financial management strategies. Details of the Group’s principal risks and Risk Management Framework are set out onpages 44 to 48. #### Conclusion on viability Having given due consideration to the Group’s current capital and trading position, principal risks and the three-year Business Plan, as well as the impact of the current economic climate, the Board has a reasonable expectation that the Company and the Group can continue in operation and meet their liabilities as they fall due over the period to 31December 2028. This Strategic Report was approved by the Board on 4 March 2026. Ruth Markland Chair On behalf of the Board #### Going concern The Directors have considered the resilience ofthe Group, taking into account its current financial position, the principal risks facing the business and the effectiveness of the mitigating strategies which are or will be applied. As a result, the Directors believe that the Group is well placed tomanage its business risks in the context of thecurrent economic outlook and has sufficient financial resources to continue inbusiness for aperiod of at least 12 months from the date ofapproval of these consolidated financial statements. For this reason, the Directors continue to adopt thegoing concern basis in preparing the consolidated financial statements. #### Viability statement In accordance with provision 31 of the UK Corporate Governance Code 2024, the Directors have assessed the prospects of the Group for aperiod longer than the 12 months required inthegoing concern statement. Quilter’s Risk Appetite Framework supports the delivery of Quilter’s strategy and Business Plan with risk appetite playing a central role in decision-making across the Group. Every year, the Board considers the longer-term viability of the Group by reviewing and approving the three-year Business Plan, the Own Risk and Solvency Assessment (“ORSA”) and the Internal Capital Adequacy and Risk Assessment (“ICARA”) for theGroup. The Business Plan makes certain key assumptions in respect of thecompetitive markets and the economic andpolitical environments in which the Group operates, the level of support provided to companies within the Group and the impact of keystrategic initiatives. This year, the Business Plan assumptions have been set with due consideration of the prevailing economic and geopolitical climate, and the risks and challenges this presents to the Group. Governance Report Other information 49 Quilter plc Annual Report 2025 Financial statementsStrategic Report ![]() ### Governance ### Report 51 Chair’s governance overview 52 Operating within a robust governance framework 53 Board of Directors 56 Governance at a glance 57 Principal decisions of the Board in 2025 63 Board Corporate Governance and Nominations Committee Report 70 Board Audit Committee Report 77 Board Risk Committee Report 82 Remuneration Report 82 – Board Remuneration Committee Report 87 – At a glance – 2025 remuneration 88 – Directors’ Remuneration Policy (summary) 92 – Annual Report on Remuneration 103 – At a glance – implementation of the Policy in 2026 106 Directors’ Report #### Quilter Nations Series We were excited to support a series that reflects ourvalues and commitment to making a positive impact. Our rugby sponsorship was more than just aname – it was a partnership built on shared values. Readmoreonpage7. 50 Quilter plc Annual Report 2025 ![]() #### Chair’s governance overview #### Dear shareholder As Chair of the Board, I am pleased to introduce the Governance Report for 2025. The Board plays an active role in shaping Quilter’s long-term success by determining its strategic priorities and providing rigorous oversight and constructive challenge to management on the delivery of these priorities. A summary of the key decisions taken bythe Board during the year in support of the Group’s strategy can be found on pages 57 to 62. Throughout the year, the Board ensured that stakeholder interests remained central to its decision-making. It maintains various mechanisms to stay informed of stakeholder impacts and views, including regular updates from management, insights from our Workforce Engagement Director, and direct engagement at Board level with a range of stakeholder groups. Further details on our stakeholder engagement activities are provided on pages 16 to 19. Orderly succession planning remained a priority in2025 for both the Board and executive management. As part of this, we welcomed Andrew Ross to the Board as a Non-executive Director on 1 January 2026. Further details on Andrew’s appointment, broader Board composition considerations, and our Board and executive management diversity statistics can befound in the Board Corporate Governance andNominations Committee Report. We also transitioned the Board Remuneration Committee Chair role from Neeta Atkar to Chris Hill, and the Board Audit Committee Chair role from George Reid to Alison Morris. Following an orderly handover to Alison, George, who has served just over nine years on the Board, has decided not toseek re-election by shareholders and will retire from the Board at the conclusion of the 2026 Annual General Meeting (“AGM”). I would like tothank George for his dedicated service to the Board, including his leadership as Chair of the Board Audit Committee. In terms of executive succession, the Board approved the appointment of our new Chief Risk Officer, who joined in March 2026. The Board also endorsed the appointments of the new Chief Executive Officer of our High Net Worth business and the Chief Customer Officer, a newly created role. Further details on these changes can be found on page 5, and additional information onBoard and executive succession planning is available on pages 64 to 66. The Board undertook an externally facilitated Board Performance Review in 2025. This review confirmed the Board and its Committees continue to operate effectively, while also identifying opportunities to further enhance our ways of working. An overview of the process and outcomes is provided on page 69. Finally, I would like to express my gratitude to my fellow Directors and to all Quilter colleagues for their dedication and efforts in delivering our achievements in 2025, and to our stakeholders for the continued support they have shown to Quilter. Ruth Markland Chair Ruth Markland #### Chair UKCorporateGovernanceCode2024 (the“Code”) Quilter is subject to the Code and complied withall relevant and applicable provisions during the year. This Governance Report describes how we haveapplied the Code. You can read about howthe Board has assessed and confirmed the independence of Non-executive Directors who have served on the Board for more than nine years on pages 56 and 65. Details of our corporate governance framework are available on page 52 and on our website at plc.quilter.com. The Code is publicly available at www.frc.org.uk. DisclosureGuidanceand TransparencyRules(“DTRs”) By virtue of the information included in this Governance Report including our Directors’ Report (pages 50 to 109) we comply with the corporate governance statement requirements of the FCA’s DTRs. JohannesburgStockExchange(the“JSE”) Quilter has a secondary listing on the JSE and ispermitted by the JSE listing requirements to follow the corporate governance practices of our primary listing market, London. Quilter is, however, mindful of the provisions of the King IV Governance principles and the expectations ofour South African shareholders. #### Corporate governance compliance statement  UKCorporateGovernanceCode2024 Moreinformation Boardleadershipand companypurpose Long-term value and sustainability 1 to 49 Culture 20 and 62 Shareholder engagement 16 and 19 Other stakeholder engagement 17 to 19 Oversight of Board level conflicts of interest 66 Divisionofresponsibilities Role of the Chair 53 Division of responsibilities on the Board 52 and 53 Assessment of Non-executive Director role 53 and 64 to 65 Assessment of independence on the Board 56 and 64 to 65 Composition,successionand evaluation Board performance 69 Board and executive succession planning 64 to 66 Audit,riskandinternalcontrol Integrity of financial statements 70 to 76 Fair, balanced and understandable 72 Internal controls and risk management 73 to 74 and 78 to 81 Assessment of external auditors 76 Principal and emerging risks (Riskreview) 44 to 48 Going concern and viability statement 49 Remuneration Policy, practices and alignment with purpose, values and long- term strategy 82 to 105 Independent judgement and discretion 82 to 86 Strategic Report Other information 51 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Operating within a robust governance framework – Reviews the Group’s accounting policies and thecontents of financial statements. – Considers the adequacy, scope of work and resourcing of the external and internal auditors. – Oversees the relationship with our external auditors. – Monitors the effectiveness of internal financialcontrols. – Reviews the whistleblowing procedures. – Oversees the Group’s TCFD reporting. – Reviews the composition of the Board and recommends the appointment of new Directors. – Considers succession plans for the Chair and other Board positions. – Considers succession plans for key executive leadership positions and ensures a robust recruitment framework. – Monitors the corporate governance standards andpractices in place. – Oversees the Board Performance Review. – Sets the overarching principles and parameters of remuneration policy across Quilter. – Considers and approves remuneration arrangements for Executive Directors, senior executives and the Company Chair. – Considers the impact of risk matters on remuneration. – Approves individual remuneration awards. – Agrees changes to senior executive incentive plans. – Oversees risk strategy. – Recommends the total level of risk Quilter isprepared to take (risk appetite). – Monitors the Group’s risk profile. – Assesses the top and emerging risks. – Monitors and reviews the internal control framework. – Oversees the effectiveness of the Risk and Compliance function. A summary of the matters that are reserved for the Board’s decision can be found at plc.quilter.com and includes: The Board is the decision-making body for all matters of such importance as to be of significance to Quilter as a whole because of their strategic, financial or reputational implications or consequences. The Group Executive Committee members report to the ChiefExecutive Officer for their respective areas ofresponsibility and delivery of the Business Plan and Operating Plan. Where appropriate, members of the Group Executive Committee choose to discharge their responsibilities via managementcommittees. #### Key management committees #### Chief Executive Officer #### Group Executive Committee #### The Board The Quilter Board has delegated the day-to-day running of the Group to the Chief Executive Officer. The Chief Executive Officer and Chief Financial Officer (ExecutiveDirectors) make and implement operational decisions tomanagethe Quilter business. To discharge his responsibilities, the Chief Executive Officer is supported by the Group Executive Committee. The key management committees oversee specific areas of responsibility such as the Group’s risk management, operations, customers and colleagues. #### Board Audit Committee #### Board Corporate Governance #### and Nominations Committee #### Board Remuneration Committee Board Risk Committee – Board appointments; – Quilter’s strategy; – Financial statements; – Capital expenditure; – Any major acquisitions, mergers or disposals; and – The appointment and removal of the Company Secretary. 52 Quilter plc Annual Report 2025 ![]() The Quilter Board comprises the #### Chair, the Senior Independent Director, Chief Executive Officer, Chief Financial Officer and #### independent Non-executive #### Directors. The Chair is accountable to shareholders for leading the Board and ensuring the Board receives timely and accurate information to take good decisions for the benefit of all stakeholders. The Chair was independent on appointment. The Senior Independent Director supports the Chair on all governance issues and provides acommunication channel between the Chair andNon-executive Directors. The Non-executive Directors support and constructively challenge the executive team within a spirit of partnership and mutual respect. All the Non-executive Directors are considered to be independent. All Directors are subject to re-election annually by shareholders at the Company’s Annual General Meeting. The skills and experience and how our Directors contribute to the long-term sustainable success of the Company are set out in their biographies on the following pages. #### Board changes Andrew Ross, who brings deep experience in wealth and asset management having spent his career in the investment industry, joined the Board in January 2026. Having served for nine years, George Reid has decided not to seek re-election at the 2026 AGM and will be stepping down from the Board at the end of that meeting. You can read more about Board succession on pages 56 and 64 to 66. #### Executive Directors Appointed – May 2022: Appointed as Chair – June 2018: Joined the Board Committeememberships – Board Corporate Governance and Nominations Committee (Chair) – Board Remuneration Committee Skillsandexperience Ruth, a former solicitor and previously Managing Partner of Freshfields Bruckhaus Deringer’s Asia business, has a wealth of FTSE 100 board experience. She spent over ten years on the boards of Standard Chartered plc and The Sage Group plc, where she served as Senior Independent Director and Chair oftheremuneration committees. Ruth was also an independent Non-executive Director of Deloitte LLP forfive years until May 2020 and a member of the supervisory board of Arcadis NV until April 2021. Ruth became Chair of the Quilter Board in May 2022. Her extensive experience in senior board roles and deep understanding of governance equip her to effectively lead the Board. Externalappointments None. Appointed November 2022 Skillsandexperience Steven has deep industry knowledge, having worked in various asset management, investments, platform and distribution roles in his career. He joined the Group in 1998, the Executive Committee in 2011 and the Board in November 2022 when he was appointed as Chief Executive Officer. Steven has played a leading role in delivering several high-profile strategic initiatives for the Group, including the implementation of Quilter’s investment platform and the development of Quilter’s proposition. Steven’s broad industry and leadership experience allows him to effectively drive strategic delivery. In 2022, he became Chair of The Quilter Foundation, a charity that supports brighter financial futures for every generation. Externalappointments Member of the Investment Association Advisory Council and the FCA Practitioner Panel and Director ofThe Platforms Association. Appointed March 2019 Skillsandexperience Mark brings deep finance, corporate and business experience to the Board. He joined Old Mutual in theUK in January 2000 and held several leadership positions within the finance function and businesses, during which time he played key roles in the acquisitions of Quilter Financial Planning and Quilter Cheviot. This experience has been invaluable in ensuring that Quilter effectively executes its strategy, including leading successful business disposals. Markjoined the Quilter Board as Chief Financial Officer in March 2019, having served as Corporate Finance Director from August 2017 to March 2019. Mark is qualified as a Chartered Accountant in South Africa and worked for KPMG in both South Africa and Canada prior to moving to the UK. Externalappointment Trustee of The Grey Foundation in the UK. #### Executive Directors #### Steven Levin #### Chief Executive Officer #### Mark Satchel #### Chief Financial Officer #### Chair Ruth Markland #### Chair #### Board of Directors Strategic Report Other information 53 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Board of Directors continued #### Non-executive Directors Appointed August 2022 Committeememberships – Board Risk Committee (Chair) – Board Audit Committee – Board Corporate Governance and Nominations Committee – Board Remuneration Committee Skillsandexperience Neeta has extensive experience in the financial services industry, having worked initially at the Bank of England and subsequently the Financial Services Authority before taking on various senior risk roles in organisations including Lloyds Banking Group and, latterly, TSB Bank as Chief Risk Officer. Neeta has broad experience of chairing risk committees, gained previously at Yorkshire Building Society and British Business Bank plc and currently at Nomura Europe Holdings plc. This experience, together with her deep understanding of customers, risk, regulation and remuneration, enables Neeta to make significant contributions to the Board. In September 2024, Neeta became Senior Independent Director. External appointment Non-executive Director of Nomura Europe Holdings plc. Appointed March 2024 Committeememberships – Board Remuneration Committee (Chair) – Board Audit Committee – Board Corporate Governance and Nominations Committee Skillsandexperience Chris has considerable financial expertise and knowledge of the wealth management industry. Hehasextensive experience across a range of sectorsincluding serving as Chief Executive Officer atHargreaves Lansdown plc, Chief Financial Officer atIGGroup Holdings plc, and Chief Financial Officer atTravelex. His experience of large-scale business operations and driving business performance enables Chris to add further depth to Board discussions and help Quilter deliver its strategic goals. His experience asa Chief Executive Officer in the wealth management sector enables him to provide deep regulatory and industry insight into remuneration matters. Chris was appointed as Quilter’s Workforce Engagement Director in September 2024 and Chair of the Board Remuneration Committee on 1 October 2025. Externalappointments Trustee of the Just Finance Foundation, Non-executive Director of JPMorgan Asset Management (UK) Limited and JPMorgan Asset Management International Limited and adviser to Boston Consulting Group. Appointed December 2016 Committeemembership – Board Risk Committee Skillsandexperience Moira has extensive technology and cyber security leadership experience, having spent much of her executive career working in senior technology roles atMorgan Stanley and Merrill Lynch, latterly executing global change management and transformative IT implementation as Co-Chief Information Officer for Global Technology and Data at Morgan Stanley. Moira previously served as a Non-executive Director of Citrix Systems Inc and Elliot Opportunity II. Her experience, gained as both an executive and a non-executive, together with her understanding of business operations, operational resilience, data management and supplier oversight, equips her to oversee and challenge the design and delivery of Quilter’s technology and operations strategies. Externalappointments Non-executive Director of Arch Capital Group Ltd and Euroclear UK & International Limited and member of the board of governors at FINRA. #### Neeta Atkar CBE Senior Independent Director Appointed September 2024 Committeememberships – Board Audit Committee (Chair) – Board Corporate Governance and Nominations Committee – Board Remuneration Committee – Board Risk Committee Skillsandexperience Alison is a Chartered Accountant and brings a wealth ofrecent and relevant experience of the financial services sector. She has detailed and specialist knowledge of accounting and auditing practices having been a partner in PwC’s financial services audit practice from 1994 until the end of 2019. During her tenure at PwC, Alison held several leadership roles. In her non-executive career, Alison has extensive experience of chairing audit committees and serving on risk committees offinancial services organisations including Paragon Banking Group PLC, Sabre Insurance Group plc and, formerly, M&G Group Limited. Alison’s deep financial expertise and audit experience in the financial services sector enables her to make a significant contribution tothe Quilter Board. Having served on the Committee since appointment, Alison was appointed Chair of the Board Audit Committee on 1 October 2025. Externalappointments Senior Independent Director of Paragon Banking Group PLC and Non-executive Director of Sabre Insurance Group plc. #### Chris Hill Independent Non-executive Director #### Moira Kilcoyne Independent Non-executive Director #### Alison Morris Independent Non-executive Director 54 Quilter plc Annual Report 2025 ![]() #### Board of Directors continued Appointed Februar y 2017 Committeememberships – Board Audit Committee – Board Risk Committee Skillsandexperience George has extensive financial expertise having spent over 20 years in the accounting profession, including lengthy tenures at PwC, and, latterly, Ernst & Young LLP as managing partner and Head of Financial Services for Scotland and UK regions. This experience provides George with a deep understanding of, and the ability to critically assess, key accounting, financial reporting and audit matters, and the control environment required for a wealth management business. George is a Fellow of the Institute of Chartered Accountants in England and Wales. Externalappointment Chair of FIL Life Insurance Limited. #### George Reid Independent Non-executive Director Appointed January 2026 Skillsandexperience Andrew brings deep experience in wealth and asset management, having spent his career in the investment industry. He began his career as a private client investment manager at James Capel and progressed to senior leadership roles including Chief Executive Officer at HSBC Asset Management (Europe) Limited and Cazenove Capital Management, and Global Head of Wealth Management at Schroders. After stepping down from his executive career in 2019, Andrew was Chair ofWitan Investment Trust PLC for four years until its merger with Alliance Trust PLC in 2024, then serving as Deputy Chair of the merged entity, Alliance Witan PLC. Andrew’s deep industry knowledge and board-level experience in the wealth management sector enables him to provide valuable insight and strategic perspective to the Quilter Board. Andrew is also Chair of Quilter Cheviot Limited, Quilter’s discretionary fund management and financial planning business. Externalappointment Non-executive Director of Polar Capital Holdings PLC and Cadogan Settled Estates Limited. Appointed July 2021 Committeemembership – Board Risk Committee Skillsandexperience As an experienced Chair and Non-executive Director, Chris’ expertise in the financial services industry enables him to challenge, advise, and support Quilter’s management team on a wide range of business, investment, distribution, finance, and operational matters. As Chief Executive of Ignis Asset Management, Chris led the successful transformation, and then sale, of the business. Chris also held other board-level executive positions at several asset management businesses including Gartmore Investment Management, Hill Samuel Asset Management and Cambridge Place Investment Management. Prior to that he worked at Prudential-Bache Securities and KPMG, where he qualified as a Chartered Accountant. Chris’ previous non-executive experience includes roles as Chair of BlackRock Throgmorton Trust plc and JP Morgan Japanese Investment Trust plc and as a Director of Alliance Trust plc, Sarasin & Partners LLP and UIL Limited. Externalappointments Chair of Scottish Mortgage Investment Trust PLC and Non-executive Director of Oakley Capital Investments Limited. Appointed August 2022 Skillsandexperience Clare joined Quilter in October 2017 as Deputy Company Secretary and was promoted to Company Secretary in August 2022. Clare was a key member ofthe team that prepared Quilter for its Listing on theLondon and Johannesburg Stock Exchanges in June2018 and since then she has led the Corporate Secretariat team and overseen the implementation ofCorporate Actions, including the Return of Capital, the Share Buyback Programme and the Odd-lot Offer. Clare has extensive experience in the financial services industry having gained board corporate governance, transactional and shareholder relations experience atHammerson plc, Legal & General Group Plc and Barclays PLC, where she was Director and Head of theirSecretarial Services team. Clare is an experienced Chartered Secretary and Fellow of the Corporate Governance Institute. #### Andrew Ross Independent Non-executive Director #### Chris Samuel Independent Non-executive Director #### Non-executive Directors Company Secretary #### Clare Barrett #### Company Secretary Strategic Report Other information 55 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Governance at a glance #### Board meeting attendance #### during2025 LengthoftenureforChairand Non-executiveDirectors 2025 2024 0-3 years 3-6 years 6-9 years 9+ years Industryknowledgeandexperience 2025 Accounting and finance Financial services Investment and asset management Legal, governance and risk Operations and technology Wealth distribution Figures represent number of Board members with relevant experience. Scheduled Board meetings Adhoc Board meetings Chair Ruth Markland 7/7 3/3 ExecutiveDirectors Steven Levin 7/7 3/3 Mark Satchel 7/7 3/3 IndependentNon-executiveDirectors Neeta Atkar CBE 1 6/7 3/3 Chris Hill 7/7 3/3 Moira Kilcoyne 7/7 3/3 Alison Morris 7/7 3/3 George Reid 7/7 3/3 Chris Samuel 7/7 3/3 1 Neeta Atkar was unable to attend one meeting due to family illness. She reviewed the Board papers and provided comments to the Chair in advance of the meeting. In addition to the meetings reported above, sufficient timewasprovided, periodically, for the Chair to meet privatelywith the Senior Independent Director and the Non-executive Directors. 2025 2024 Strategy and delivery of strategy Business performance oversight Risk management and governance Stakeholder management Genderidentity NumberofBoardmembers(%) Numberofseniorpositions \*\* ontheBoard(%) Ethnicbackground NumberofBoardmembers(%) \* As at 31December 2025. \*\* Chair, Chief Executive Officer, Chief Financial Officer or Senior Independent Director. #### Board activity #### Board composition \* #### Board skills and experience \* 45% 25% 15% 15% 2025 38% 24% 20% 18% 2024 44% Female 56% Male 50% Female 50% Male 11% Asian/Asian British 89% White British or other White (including minority-white groups) #### Governance in Action Spotlight: Board tenure and succession In accordance with the UK Corporate Governance Code 2024 (the “Code”), Quilter places strong emphasis on ensuring that the Board maintains a significant overall level of independence. Particular attention is paid to the continued independence ofNon-executive Directors once they have served more than six years on the Board, with enhanced scrutiny for those whose tenure exceeds nine years. Following the refresh of the Board over the past few years, of the seven Non-executive Directors currently serving (not including the Board Chair), three have served for less than three years and a further two for less than six. Of the remaining two, George Reid has indicated that he will not stand for re-election at the 2026 AGM, while Moira Kilcoyne, at the request of the Board, will stand for re-election. In 2025, the Board gave specific consideration to Moira’s tenure as she had completed her third three-year term on the Board. In doing so, the Board discussed the overall balance of tenure among the Non-executive Directors, and recognised the importance of maintaining a broad spread of tenure to support continuity and effective challenge. Theassessment consisted of two components. Strategicrationale First, the Board reviewed the Board Skills and Experience Matrix and discussed the critical role that Moira plays in constructively challenging management on technology strategy, operations, data and change. Her deep knowledge and broad expertise in these areas have been instrumental in enabling the Board to oversee effectively Quilter’s major transformation programmes, which are of strategic importance to the Group. The Board’s assessment is that her continued input remains in the best interests of Quilter and its stakeholders, given her detailed understanding of the evolution of our IT estate and architecture, and her knowledge from inception of the significant transformation programmes currently underway. These include the enhancements to the technology we provide to advisers and the ongoing implementation of improved systems and controls in our contact centre. Moira’s extensive experience in overseeing major change initiatives enables rigorous scrutiny of these programmes, and theBoard concluded that retaining her knowledge and expertise on the Board at this time is in the best interests of Quilter’s shareholders and other stakeholders. You can read more about how we are ensuring thebusiness is future fit on pages 10 and 57. Independence Second, in light of the Board’s consideration of the strategic importance of Moira’s continued tenure, the Board conducted an enhanced assessment ofher independence. It considered any factors that could impair, or appear to impair, her independence. Thisincluded a review of Moira’s ability to challenge management objectively, her significant contributions to Board deliberations, and her compliance with all other independence criteria set out in the Code. Feedback from prior Board Effectiveness Reviews, input from management, and an assessment of her external commitments further supported the Board’s conclusion that Moira continues to demonstrate independence of character and judgment and thatshe remains an independent Director for thepurposes of the Code. #### Outcome The Board concluded that it is critical at this time for Moira to continue to serve on the Board, given herdeep knowledge and understanding of the Group’s strategic transformation projects as they enter pivotal phases. Moira’s appointment and independence will remain subject to annual review. In the meantime, to support orderly succession, the Chair has commenced a search for an additional Board member with deep expertise in technology strategy, including data, digital, operations and transformation. 56 Quilter plc Annual Report 2025 ![]() #### Principal decisions of the Board in 2025 As Quilter invests in the evolution of our business, the Board has played an important role in reviewing and developing our strategy and holding management to account to rigorously test and challenge decisions with a focus on continuing to oversee the execution of our strategy for the long-term, sustainable success for our stakeholders. InJanuary, the Board approved the evolution of our three strategic priorities: Grow distribution, Enhancing propositions and Be future fit. Given our belief in the importance of advice, and the need to move the UK to being a nation of investors, the Board approved continuing investment in our financial planning business. Ten firms are now part of our Quilter Partners model enabling advisers to access our investment propositions and platform, whilst retaining their entrepreneurial drive as an owner- operated business. The Board held an informal deep dive on Quilter’s Adviser Academy and was briefed on the progress made in growing the Academy. This year, 124 advisers graduated from the Academy and are now working with customers in a range of advisory roles. Our Adviser Academy is proud of the diversity of our recruits who bring skills and experience from their varied backgrounds. The Board has welcomed the progress being made by the transformation of our wealth management business, where work to simplify the customer journey and modernise customer touch points is progressing. In addition, the acquisition of GillenMarkets, an established investment advisory firm, completed in January 2026 having achieved regulatory approval in late 2025. The Board was apprised on the progress being made to modernise and automate the control environment in our financial planning business which will help advisers support their customers more efficiently and effectively and support further enhancements in adviser productivity. This is a multi-year programme and will continue to be an important area of strategic focus in 2026. During the year, the Board oversaw enhancements in our customer products, with our flagship investment portfolios, WealthSelect, now available on other investment platforms. Assets under management in WealthSelect reached £20bn, anew milestone for Quilter. Fund and advice referrals are also increasing from the small digital direct to consumer business, NuWealth Limited, which we bought in 2024. In the year, NuWealth was rebranded to Quilter Invest. The investment in Quilter Invest supports the acceleration of Quilter’s digital and people capability and offers a new distribution channel to our advisers. CashHub MultiBank was launched in the first half of the year. Following detailed planning, our teams worked in partnership with Standard Life to successfully launch three newQuilter Smoothed Funds tailored to different risk profiles. In Quilter Cheviot, our Climate Assets fund was repositioned asthe Sustainable Opportunity Fund, and was awarded an SDR label to reflect its credentials in the responsible investing market. The Board has been supportive of proposals made by management to undertake modest inorganic acquisitions andinvestments in certain advice firms. Management continues to focus on how Quilter can support customers and the opportunities for the business from the Advice Guidance Boundary Review and the Targeted Support model. The Board discussed how Quilter should respond to these important industry changes in how advice is provided and ensure our business model evolves to help new customers find ways to access advice and be guided on the investment solutions that are most appropriate to them and their risk appetite. Led by our Chief Financial Officer, the business has a strong track record of delivering year-on-year cost savings. In 2025, the Board oversaw tight cost discipline, alongside considering and approving significant strategic investment in both technology and our people. Progress has been made on the work to continue to modernise support for customers and manage costs through the introduction of new technology and enhancements in how we manage data. The Board is clear that there is more to do in this evolving area and is committed to further investment in 2026 in the opportunities that AI may present, whilst being mindful of the necessary discipline and governance required in the use of AI to manage the business in a responsible way. The Board was briefed on the appointment ofa new strategic partner, Aveni, who will helpus to do this in respect of the provision offinancial advice. You can read more about our progress in the Chief Executive Officer’s Review on pages 3 to 5. The strides we have made to develop our people and how this contributes to a high performance culture is set out on pages 20 to 25. The Board discussed our strategic ambition to serve our customers and make Quilter even more customer centric. Aspart of this focus, the Board agreed that it was important tofurther enhance the Executive team with the appointment ofa new Executive Committee role who would bring an external lens to the opportunities the Board had identified. To this end, a Chief Customer Officer role was created, and Jo Harris was appointed to the role, joining Quilter in January 2026. The investment in our business and our people also included the launch of our brand campaign which brings our purpose toa wider audience. 1. Grow distribution 2. Enhancingpropositions 3. Be future fit Strategic Report Other information 57 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Principal decisions of the Board in 2025 continued #### Report Key areas of discussion and activity Outcomes #### Business #### performance #### oversight Chief Executive Officer’s report Through these reports, the Chief Executive Officer provided his perspective onthe performance of the business and the opportunities and threats posed bychanges in the internal and external environment. He briefed the Board on progress against our strategic priorities, competitor activity and market conditions. He discussed with the Board and sought its guidance on key matters inrelation to regulatory developments, public policy, the brand and material changes to his Group Executive Committee, including the appointment of a ChiefCustomer Officer. The Chief Executive Officer apprised the Board of progress against the 2025 Business Plan and the activity underpinning its delivery. – Monitored the progress being made on the development of the Strategic Advice Technology programme. – Approved the strategic direction for our underlying businesses, including Quilter Invest. – Approved the proposed approach to remediation for ongoing advice evidencing, including scrutinising the underlying assumptions and impacts forthe accounting provision and subsequently the remediation programme, and the provision as set out in our full year and half year accounts. – Endorsed the appointment of a new Chief Customer Officer who joined Quilter on 1 January 2026. This role will enhance how we look at customers and understand their needs. – Monitored the delivery of the 2025 Business Plan and scrutinised theunderpinning Operating Plan and successor reporting. Business reviews The Board received and discussed “deep dives” from senior leaders on business strategy and performance. – Reviewed the progress made on Wealth Management Transformation in ourHigh Net Worth segment following approval from the FCA for a change inregulatory permissions enabling customers to do business with Quilter inamore simple and efficient manner. Chief Financial Officer’s report Financial performance The Chief Financial Officer reported regularly on the delivery of the Group’s financial performance against the Business Plan, prior year performance and other key performance indicators. 2026-2028 Business Plan The Board dedicated time to the development and approval of the 2026-2028 Business Plan. This included reviewing and challenging the economic and market assumptions underpinning the Plan. Dividend and capital management A key focus for the Board is to ensure that Quilter has a disciplined capital allocation framework, whilst maintaining a robust balance sheet and liquidity position. The Board hasbeen careful to strike the right balance between value creation and returns for shareholders while investing in our business’s sustainability and long-term success. In the year, the Board discussed the Group’s capital position, and updated the market in our half year results of our intention to undertake a capital review. TheBoard was briefed on the outcomes of the review and authorised the Chief Financial Officer to engage with our UK regulators, the PRA and FCA, and the South African Reserve Bank to seek approval for a capital return of up to £100million toshareholders in 2026. The Board also considered recommendations from management to implement aDistribution Policy from 2026, combining dividends with ongoing share buyback programmes. You can read more about the Distribution Policy in the Financial review on pages 38 to 43 and on our website at plc.quilter.com/dividends. – Approved the Annual Report and financial statements. – Approved the 2026-2028 Business Plan. – Approved the half year results announcement. – Approved the Final and Interim Dividend. – Subsequent to the year end, approved a Share Buyback Programme of up toc£100 million, subject to renewal of the shareholder authorities at the Company’s 2026 AGM and ongoing Board review. – In March 2026, approved a new Shareholder Distribution Policy. #### The work of the Board in 2025 58 Quilter plc Annual Report 2025 ![]() #### Report Key areas of discussion and activity Outcomes #### Business #### performance #### oversight #### (continued) Chief Operating Officer’s report These updates informed the Board on the developments in our Technology, Change and Operations areas to support our customers and advisers, including how we are managing and controlling data, overseeing our material outsourced partners and suppliers, and driving more efficiency in our operations. The updates also covered progress on strategic initiatives including how changes in our technology and operating model can support further adviser productivity. The Board was also briefed on the action taken by management to assess the Quilter technology estate in light of cyber incidents reported by other firms and the major power outage in parts of Spain and Portugal in April 2025. The updates included consideration of: – the steps taken to protect our customers and colleagues; – the likely impacts for our key strategic partners and suppliers; and – how our operational resilience would be impacted and how our crisis response team would respond should such an incident affect Quilter or the UK. The Board was briefed on technology and cyber, including AI, and considered the impact for our customers and business, as well as how technology and AI can be harnessed to support the delivery of our strategy. – Discussed and challenged ongoing enhancements in our operations teams. – Oversaw the investment and use of time and funding to ensure that customer and adviser data is protected appropriately. – Requested that the Board Risk Committee oversees cyber risk including the mitigations in place to protect customers and advisers. Strategy and delivery of #### strategy Governance in Action: Delivery of our strategy Through updates from our Chief Executive Officer, Chief Financial Officer and other members of the Group Executive Committee, the Board was briefed regularly on progress to deliver our strategy. The Board considered and discussed the external economic environment and political and regulatory change, including analysis of the impact, constraints and opportunities these events present for our business model, and our performance. The Board was pleased that the improvements made to our investment platform in prior years enabled the business to generate record core net inflows in 2025. Board Strategy Day In May, the Board held its annual Board Strategy Day with the Group Executive Committee to review progress against Quilter’s strategic objectives and set the future strategy for the Group. The Board agreed the areas of development and reaffirmed an evolution of our three strategic priorities. The Board also discussed the external regulatory environment and what this meant for Quilter and the strategic foundations for delivery. The Chief Executive Officer, Chief Strategy and Transformation Officer and other Executive Committee members regularly lead updates on to the Board on strategic initiatives. In 2025, these have included the progress made to develop the technology, people and other resources needed to deliver the strategy safely in light of future regulatory change, including the Advice Guidance Boundary Review. The Board remains focused on how Quilter can be even more customer-centric and have been briefed on the progress being made on the data and technology strategy to make our operations fit for the future to support our customers and advisers. #### Principal decisions of the Board in 2025 continued #### The work of the Board in 2025 Strategic Report Other information 59 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Report Key areas of discussion and activity Outcomes Strategy and delivery of #### strategy (continued) Corporate sustainability The Board oversees the governance and framework for Quilter’s Corporate Sustainability strategy. This incorporates responsible investing, corporate social responsibility, including the impact on our communities through The Quilter Foundation, and our approach to managing climate change. The Board has been briefed on the progress made in these three areas, including: – the performance of our sustainable and responsible funds; – the development of the management governance overseeing external reporting; – the impact made by the work of The Quilter Foundation, which is described further on page 25; – how the investment teams engage on behalf of customers with investment firms; and – the environmental impact of Quilter’s own offices and the improvements made to them to be more environmentally friendly. – Encouraged management to reset the Group’s strategy on sustainability. – Endorsed the new management governance oversight of climate-related responsibilities and reporting. – Approved the Group TCFD Report and the Sustainability disclosures that formpart of our Annual Report. – Approved the Group Stewardship Code Report. – Approved the Group’s Modern Slavery Statement. Governance simplification As reported in prior years, the Board oversaw the final structural change within the Affluent segment, with new regulatory permissions approved by the FCA to enable Quilter Investors to delegate the investment management of its fund range to the Quilter Platform from the beginning of January 2025. By redefining Quilter Investors as a more focused authorised fund manager, the Board strengthened the management of conflicts of interest within the Affluent segment. – Oversaw the embedding of the new corporate governance operating model and the regulated activities of material subsidiary companies. Investment performance reports Our Chief Investment Officers reported quarterly to the Board, ensuring that it had clear sight of how Quilter Investors and Quilter Cheviot delivered investment returns in line with fund benchmarks and our customers’ preferences on risk tolerance. – Requested revisions to the investment performance reporting to enable the Board to more effectively challenge the performance and outcomes delivered for customers. This included setting up a rolling programme of deep dives onthe funds and fund performance, including WealthSelect. – Challenged the performance of funds and whether there were the appropriate structures and oversight to ensure that the fund outcomes onprice and value were in line with the Consumer Duty principles. Customer reports and the Consumer Duty updates These reports provided valuable insights into how Quilter is perceived, the quality of the outcomes achieved for our customers, and the opportunities to drive improvements that will create value for our customers to support good customer outcomes. The Board received updates on the service Quilter provided to our customers. This included: – the performance of investments, which drive investment returns for customers; – new VouchedFor scores for advisers who support intermediated customers; – Net Promoter and Trustpilot scores; and – the simplification of processes for customers to interact with Quilter including clearer and shorter documentation, simpler reporting and enhancements to ourCustomer App and portals. The Board was supported by the Board Risk Committee which applies significant scrutiny to customer issues and reporting in light of our risk appetite. – Endorsed the Group Consumer Duty assessment including an action plan forcontinuous enhancement. – Oversaw the phased work to enhance the metrics and insights presented tothe Board and the support provided to customers in vulnerable circumstances. – The Chief Customer Officer will enhance the insights and metrics presented to the Board. #### Principal decisions of the Board in 2025 continued #### The work of the Board in 2025 60 Quilter plc Annual Report 2025 ![]() #### Report Key areas of discussion and activity Outcomes #### Risk management #### andgovernance Chief Risk Officer’s report The Board was updated regularly on the second line assessment of the key risks inour business and the effectiveness of management’s efforts to mitigate those risks. The Interim Chief Risk Officer, the Chief Executive Officer and other executives briefed the Board on new and emerging risks, key regulatory matters, operational resilience, data, cyber and IT security. Throughout the year, the Board heard from the first line, the Chair of the Board Risk Committee and the Interim Chief Risk Officer on overall performance against risk appetite and key areas of focus. This included an assessment of Quilter’s Group wide top risks, including regulatory, climate and business risk. As reported last year, changes to the Risk Management Framework were embedded in 2025. The Board continued to oversee the financial crime framework and, in particular, was briefed on how we protect our customers from financial crime and the ongoing work to further enhance this area. This will remain an area of focus in 2026. – Approved an update to the Enterprise Risk Management Framework and changes to the risk appetite statements and key risk indicators. – Approved the Group ICARA and Group ORSA on the recommendation of theBoard Risk Committee. – Reviewed risk appetite in light of the Group’s strategic goals. – Monitored the progress being made to address the areas of improvement inrelation to the Financial Crime team. Reports from the Chairs of our Board Committees The Board relies on the detailed work performed by its Committees on a wide range of issues and is grateful for their robust oversight and challenge again this year. To ensure that the Board is apprised on the detailed work conducted by the Board Committees, the Chair of each Board Committee briefed the Board on the Committee’s key discussions and provided a written report to the Board after each Board Committee meeting, where the time between meetings allowed. Supported by the Board Corporate Governance and Nominations Committee, the Board spent time on its own succession arrangements and those of management. – On the recommendation of the Board Corporate Governance and Nominations Committee, approved the appointments of Chris Hill and Alison Morris as Chair of the Board Remuneration and Board Audit Committee respectively. – Approved minor updates to the Board Diversity Policy. – Considered, discussed and approved the action plan following the internal Board Effectiveness Review. – Approved updates to the Terms of Reference for the Board Committees following their annual reviews. Reports and escalations from the Chairs of our major subsidiary companies Written reports were provided to the Board by the Chairs of our significant subsidiary boards, briefing it on the detailed work conducted by these boards andtheir committees. – The Board monitored key areas of focus, risk and achievement for the Group’s material subsidiaries. #### Stakeholder #### management 1 Investor relations The Chair, Chief Executive Officer and Chief Financial Officer provided key insights on Investor Relations matters including the views of our major institutional shareholders. Please see page 16 for more information in our Governance in Action case study. – Endorsed the approach of continuing to engage with major shareholders onthe reasons why the Company believes that it should continue to seek theprecautionary authority from shareholders to allow political donations orexpenditure not exceeding £50,000 in the period for the Company and itssubsidiaries. 1 You can read more about stakeholder engagement on pages 16 to 19 of the Strategic Report. #### Principal decisions of the Board in 2025 continued #### The work of the Board in 2025 Strategic Report Other information 61 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Report Key areas of discussion and activity Outcomes #### Stakeholder #### management 1 #### (continued) Culture and colleagues The Chief People Officer reported to the Board on key culture and colleague insights to provide assurance that the Group’s culture and values are well aligned to the achievement of its purpose and strategy and that we have engaged and committed people. These reports included the results of the Peakon Workforce Engagement survey (“Peakon survey”), including emerging themes and any actions being considered. The Board discussions were informed by insights from the Workforce Engagement Director who attended part of the Quilter Employee Forum meetings to hear the views from representative colleagues on important topics such as strategy, culture and purpose and values. During the year, the Board reviewed and challenged the Executive Succession plan, following review by the Board Corporate Governance and Nominations Committee. The Board also reviewed the performance of the Executive Directors and Executive Committee members. Following a review of the effectiveness of the mechanisms for engagement with colleagues, the Board discussed the routes for engagement and concluded that the approach adopted remains effective and that a Non-executive Director would continue to be appointed from the Board to serve as the Workforce Engagement Director. Board members reaffirmed their commitment to broader engagement with colleagues. – Reviewed the Culture Dashboard to enable the Board to receive insights intoemployee engagement, culture and wellbeing. – Monitored colleagues’ engagement and measured the progress we are making in embedding our target culture, purpose and values. Weremain committed to ensuring that Quilter’s purpose of brighter financial futures, and the values underpinning it, are appropriate andresonate and inspire colleagues. – Approved the approach to talent engagement by the Board. – Considered and approved the approach to broader workforce engagement by the Board to ensure it remains effective and appropriate. – Endorsed the update to management’s Inclusion and Diversity ActionPlan. – Directors provided feedback to the Board as part of their engagement with colleagues and advisers across the Group, including visits to our Southampton office. Governance in Action: Board oversight of our refreshed culture, purpose and values Following the introduction of the new target culture in 2024, the Board oversaw the embedding of the new culture. The Board reviewed the Culture Dashboard and was briefed by the Chief Executive Officer and Chief People Officer on the initiatives to ensure colleagues are informed about our strategy. The Board was briefed on colleague engagement levels and the communication mechanisms in place. These include the colleague conferences which ensure that colleagues understand our strategy and how their contribution supports our customers and other stakeholders. Topics have ranged from our ambition to look at issues from a customer perspective to showcasing our purpose of brighter financial futures for customers, colleagues and communities. Our values form an important part of our colleague performance process with guidance provided to assist with matching performance to our values and paying fairly those who work hereand contribute to our success. The Board was also briefed on the metrics around our values and was pleased with the progress made in the year. Results from the Peakon survey show that colleagues identify strongly with the refreshed values: “Do the right thing” 8.8/10 2025 8.5/10 2024 “Embrace challenge” 8.6/10 2025 8.3/10 2024 “Always curious” 8.4/10 2025 8.1/10 2024 “Stronger together” 8.4/10 2025 8.2/10 2024 Source: Quilter Peakon survey December 2025 and September 2024. 1 You can read more about stakeholder engagement on pages 16 to 19 of the Strategic Report. #### Principal decisions of the Board in 2025 continued #### The work of the Board in 2025 62 Quilter plc Annual Report 2025 ![]() #### Board Corporate Governance and Nominations Committee Report #### Dear shareholder On behalf of the Board Corporate Governance and Nominations Committee (the “Committee”), I am pleased to provide an overview of its work and priorities for the year ended 31 December 2025. The Committee is committed to ensuring that the composition of the Board and executive management team reflects the capabilities and experience needed to steer Quilter successfully in executing its strategy and serving its stakeholders. As part of this remit, we regularly review and oversee changes to refresh the membership and structure of the Board and its Committees. Over the last two years, we have welcomed three new Non-executive Directors to the Board, including, most recently, Andrew Ross, who joined the Board on 1 January 2026. A summary of Andrew’s skills and experience is set out in his biography on page 55 and an overview of the appointment and induction process is provided on page 66. A summary of the Board’s collective skills and experience following this appointment, as well as the tenure of our Directors, is set out on page 56. One of our longest standing directors, George Reid, who has reached nine years of service on the Board, has notified us that he will not seek re-election at our 2026 Annual General Meeting (“AGM”). George chaired our Board Audit Committee from before Listing in 2018 until he handed over the role to Alison Morris as part of our orderly succession planning. On behalf of theBoard, I would like to thank George for his significant contribution to Quilter, both as a Boardmember and as Chair of the Board Audit Committee. Alison Morris, who joined the Board and the Board Audit Committee in September 2024, assumed the Chair of that Committee on 1 October 2025. At the same time, Chris Hill, whohad served on the Board Remuneration Committee since joining the Board in March 2024, was appointed as the Chair of that Committee, succeeding Neeta Atkar. The Committee received regular updates from management on executive succession and talent and met with a broad range of colleagues through our Board Talent Engagement Programme. This enabled us to satisfy ourselves that the depth and breadth of talent within Quilter is appropriate to support our strategic ambitions. Our Board Diversity Policy underpins our approach to ensuring that diversity in its broadest sense is embedded in our considerations relating to Board appointments and succession planning. I am pleased to report that Quilter meets all three Board diversity targets specified by the UK Listing Rules, as at least 40% of our Board members are women, two of the senior Board positions (in our case, the Chair and Senior Independent Director) are held by women, and at least one Board member is from a minority ethnic background. Asrequired by the UK Corporate Governance Code2024 (the “Code”), I confirm that, as at 31 December 2025, 39% of senior management (being the members of the Executive Committee and the Company Secretary) and their direct reports were women (2024: 41%). More information on inclusion and diversity at Quilter can be found in this report on page 68 and in the Strategic Report on pages 23 and 24. In line with the recommendations of the Code, weundertook an externally facilitated Board Performance Review in 2025. The review concluded that the Board and its Committees are operating effectively. An overview of the process and key outputs is provided on page 69. Finally, I would like to thank my fellow Committee members and management for their support during 2025. Ruth Markland Chair Committee activity 2025 2024 Board and Board Committee successionplanning Corporate governance Executive succession planning andtalent Board Performance Review 10% 20% 44% 26% 2025 9% 20% 45% 26% 2024 Committee activity Committee membership and attendance Scheduled meetings Ad hoc meetings 1 Ruth Markland (Chair) 3/3 3/3 Neeta Atkar CBE 3/3 3/3 Chris Hill 2 1/1 1/1 Alison Morris 2 1/1 1/1 Former member George Reid 3 2/2 2/2 Ruth Markland #### Chair Committee gender diversity \* 1 Some of the ad hoc meetings were sub-committee meetings relating to succession. 2 Chris Hill and Alison Morris joined the Committee on 1 October 2025, when they assumed the roles of Chair of the Board Remuneration Committee and Chair of the Board Audit Committee, respectively. 3 George Reid stepped down as a member of the Committee on 1October 2025 when he ceased to chair the Board Audit Committee. Female Male 25% 75% \* As at 31 December 2025. Strategic Report Other information 63 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Committee responsibilities – Reviews the composition of the Board and recommends the appointment of new Directors. – Considers succession plans for the Chair and other Board positions. – Considers succession plans for key executive leadership positions and ensures a robust recruitment framework. – Monitors corporate governance standards and practices in place. – Oversees the annual Board performance review. #### Committee governance The Board Corporate Governance and Nominations Committee currently comprises the Chair of the Board, the Senior Independent Director, who is also Chair of the Board Risk Committee, the Chair of the Board Audit Committee and the Chair of the Board Remuneration Committee. Details of the skills and experience of the Committee members can be found in their biographies on pages 53 to 55. #### Committee Performance Review As part of the 2025 Board Performance Review, the Board has assessed that the Committee membership isappropriate in providing challenge and oversight and that the Committee is operating effectively. #### Discharging our responsibilities The Committee reviewed its activities over the previous 12 months against its Terms of Reference and confirmed that it had fully discharged its responsibilities in line with its remit. The Terms of Reference areavailable at plc.quilter.com. #### Attendance The Chief Executive Officer and Chief People Officer regularly attend Committee meetings, except when itwould not be appropriate for them to do so. #### At a glance #### Key areas of Committee focus The table below highlights the work of the Committee during the year and the key outcomes. #### Reports Summary of discussions and activity Outcomes Board and #### Board #### Committee #### succession #### planning Board composition and succession planning updates The Committee is responsible for reviewing the size, structure, and composition of the Board and its Committees to maintain an appropriate balance of skills, experience, diversity, and independence. This ensures that the Board can support the Group’s strategic priorities within risk appetite and provide effective oversight and constructive challenge to management. The Committee is also responsible for reviewing and recommending to the Board succession plans for the Board and key leadership positions within Quilter, taking into account the current and future needs of the business. The accountabilities, competencies and expectations for each Board role, including those required by the Code, have been documented in our Board Charter, which is reviewed annually. The Charter sets out the collective responsibilities of the Directors, including their duties under section 172 of the Companies Act 2006, and the specific role profiles for the Chair, Senior Independent Director, Committee Chairs, Non-executive Directors, Executive Directors, and the Workforce Engagement Director. Following review in 2025, the Committee recommended to the Board that the Consumer Duty Champion role, held by a Non-executive Director, be retired. This reflects the importance of shared accountability for customer oversight by the Board and a change in regulation whereby this position is no longer mandated for Boards. Director performance The Chair assessed each Director’s individual contribution to the Board, together with feedback from the 2025 Board Performance Review, and provided feedback to the Non-executive Directors on their performance. The Senior Independent Director provided feedback to the Chair. It was confirmed that all Directors were discharging their roles effectively, which was taken into account by the Board when recommending Directors for re-election at the Annual General Meeting. – Confirmed that all Directors are discharging their duties effectively. #### Board Corporate Governance and Nominations Committee Report continued 64 Quilter plc Annual Report 2025 ![]() #### Key areas of Committee focus #### Reports Summary of discussions and activity Outcomes Board and #### Board #### Committee #### succession #### planning #### (continued) Director independence In line with normal practice, the Committee oversees the process that ensures that Non-executive Directors are able to challenge effectively and scrutinise management performance. It assesses each Non-executive Director’s independence upon appointment and annually thereafter, reporting its conclusions to the Board. The Committee is satisfied that all Non-executive Directors remained independent throughout the year in accordance with the Code, and that the Chair was independent on appointment to that role in May 2022. You can read more about the enhanced assessment of the independence of Moira Kilcoyne on page 56. The Committee has also carefully assessed the ongoing independence of George Reid, who, having reached nine years on the Board in February 2026, will stand down from the Board at the conclusion of the 2026 AGM. The Committee is satisfied that George continues to demonstrate independence of character and judgment. The Committee also confirmed that the Board continues to maintain a significant overall level of independence, taking into account the average tenure of the Board, including, as at the date of this report, three Non-executive Directors who have served for less than three years. Director re-election All Directors are subject to annual re-election by shareholders, and the specific reasons why the contribution of each Director standing for re-election remains important to the Company’s long-term sustainable success are set out in their biographies on pages 53 to 55. Board succession planning In line with best practice, the Committee has agreed emergency succession arrangements for all key Board positions, including the Chair, Senior Independent Director and Board Committee Chairs. While strong internal candidates have been identified for each role on an emergency basis, it is likely that some external recruitment would be required to appoint permanent successors. To support Board succession planning, the Committee regularly reviews a Board Skills and Experience Matrix which outlines the industry knowledge and experience of our Directors relevant to delivering our strategy. As part of this review, the Committee considered our strategic focus on customers, given our commitment to growing our propositional capabilities and ensuring our mantra of being a customer champion is at the heart of everything we do. The Committee recommended to the Board that there was merit in considering appointing an additional Non-executive Director who could enhance further the Board’s expertise in this area, and a process to identify such a person has commenced. A search is also underway for a Non-executive Director with experience in technology strategy, including data, digital, operations and transformation. You can read about the background to this search, and a summary of the Board Skills and Experience Matrix, on page 56. In line with ongoing succession planning and Board tenure considerations, in 2025 the Committee considered and recommended to the non-conflicted Board members the appointments of Alison Morris and Chris Hill as Chairs of the Board Audit Committee and the Board Remuneration Committee, respectively. – Confirmed that all Non-executive Directors remain independent in accordance with theCode. – Made recommendations to the Board regarding Non-executive Director tenure. – Approved the Emergency Board Succession Plan. – Endorsed the Board Skills and Experience Matrix. – Recommended to the Board the appointments of Alison Morris as Chair of the Board Audit Committee and Chris Hill as Chair ofthe Board Remuneration Committee. #### Board Corporate Governance and Nominations Committee Report continued Strategic Report Other information 65 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Reports Summary of discussions and activity Outcomes Board and #### Board #### Committee #### succession #### planning #### (continued) Non-executive Director appointment proposal On the recommendation of the Committee, the Board appointed Andrew Ross as a Non-executive Director with effect from 1 January 2026. Andrew brings deep experience in wealth and asset management having spent his career in the investment industry. The process to recruit Andrew was led by the Chair with support from Spencer Stuart, an external search firm retained for Board and certain executive searches. Spencer Stuart has no other connection with Quilter or any individual Director. In line with our Board Diversity Policy, Spencer Stuart is a signatory to the voluntary code of conduct for executive search firms which supports a diverse selection process. The Committee agreed a search brief outlining the role requirements and the key attributes sought in potential candidates. Spencer Stuart presented aninitial candidate list, which the Committee reviewed against the search criteria. A diverse shortlist was agreed and interviewed by the Chair and other Board members. Having reviewed the feedback from these meetings, the Committee concluded that Andrew exceeded the key requirements for the role. Andrew is undergoing a comprehensive, tailored induction programme covering Quilter’s strategy, financial performance, risk profile, regulatory environment, and governance framework. This programme is being delivered via a series of meetings with fellow Board members, senior management, and key advisers to the Group. – Recommended theappointment ofAndrew Ross as aNon-executive Director to the Board. #### Executive #### succession #### planning #### and talent Executive succession planning updates The Committee provides rigorous oversight of the senior management talent pipeline to ensure effective succession planning for key executive roles, including the Chief Executive Officer and Chief Financial Officer. It receives regular updates from the Chief Executive Officer and Chief People Officer on succession plans, which are set over appropriate time horizons, and on actions taken to manage and mitigate succession risk. The Committee has also requested insight into progress against the development plans for key talent. Succession updates include consideration of our diversity targets and initiatives designed to enhance and strengthen the talent pipeline. Further details on how Quilter supports the development of diverse talent can be found in the Strategic Report on page 21. In late 2024, a Sub-Committee was established to oversee the appointment of a permanent Chief Risk Officer. The Sub-Committee was chaired by the Chair of the Board Risk Committee and its members included the Chair of the Board and the Chair of the Board Audit Committee. The Sub-Committee successfully concluded its work during the year. – Endorsed the appointments of JoHarris as Chief Customer Officer andJohn Goddard asChief Executive Officer of our High Net Worth business. – Recommended the appointment of Margaret Ammon asChief Risk Officer to the Board. Talent and colleague engagement updates To support effective oversight of executive succession planning, Board members participate in an annual Talent Engagement programme, which enables them to meet colleagues across the organisation and gain insight into the depth and breadth of talent within the Group. As part of these sessions, Directors engaged with senior leaders, high-performing managers, rising talent and new recruits brought in to close key capability gaps. During the year, the Committee reviewed the successes and key learnings from the 2025 Talent Engagement programme, which informed the focus andstructure of the programme for 2026. – Received assurance on the Group’s talent pipeline. #### Board #### Performance #### Review Board Performance updates Led by our Senior Independent Director, the Committee discussed and recommended to the Board the approach for the externally facilitated 2025 Board Performance Review and oversaw the delivery of the outcomes from the 2024 Board Effectiveness Review. – See page 69 for an overview of the 2025 Board Performance Review process and outcomes. #### Board Corporate Governance and Nominations Committee Report continued #### Key areas of Committee focus 66 Quilter plc Annual Report 2025 ![]() #### Reports Summary of discussions and activity Outcomes #### Corporate #### governance Director conflicts of interest and time commitment In accordance with the Companies Act 2006 and the Company’s Articles of Association, the Board may authorise conflicts of interest. Directors must declare any potential or actual conflicts of interest that could interfere with their ability to act in Quilter’s best interests. The Company Secretary maintains a Conflicts of Interest Register, which is reviewed annually by the Committee and the Board. Board members hold a range of external directorships and business interests, and the Board is mindful of the benefits this experience brings. In line with the Code, the Committee reviews any proposed new external appointments to assess their potential impact on Quilter, considering the nature ofthe role, the business involved and the expected time commitment. Where appropriate, the Committee approves the appointment on the Board’s behalf, and the appointment is subsequently discussed by the Board. During the year, the Committee carefully reviewed requests for approval of new external appointments for Non-executive Directors, including the appointment of Chris Samuel as a Non-executive Director and Chair-designate of Oakley Capital Investments Limited. The Committee concluded that theadditional responsibilities would not impact the Directors’ time commitment or cause any potential conflicts of interest for Quilter. Details of our Directors’ external appointments can be found in their biographies on pages 53 to 55. The expected time commitment for Non-executive Directors in fulfilling their duties to Quilter is set out in the Board Charter. During the year, theCommittee reviewed an assessment of each Director’s total time commitments across all appointments. This review provided assurance of theircapacity to effectively discharge their responsibilities to Quilter, and the Committee confirmed to the Board that these commitments remain appropriate. – Pre-approved on behalf of the Board new external appointments for Non-executive Directors, including Chris Hill, Moira Kilcoyne and Chris Samuel. – Confirmed that all Non-executive Directors have sufficient time capacity to fulfil their duties to Quilter. Corporate governance updates The Committee routinely reviews the Group’s corporate governance framework documentation to ensure it remains fit for purpose. It also considers relevant developments in corporate governance and best practice, including proxy voting guidance, and their impact on Quilter. During the year, the Committee agreed changes to the Group’s Subsidiary Governance Manual reflecting simplification activity across the Group, ensuring that its requirements remained proportionate to the business while reflecting the legal and regulatory responsibilities of our entities. – Approved the Subsidiary Governance Manual. Subsidiary governance updates The remit of the Committee includes the governance policies and processes that apply to Quilter’s significant subsidiaries. During the year, the Committee has reviewed and endorsed proposals on subsidiary board composition and approved changes to the fees for subsidiary Non-executive Directors. Following changes to the governance structure within our Affluent segment that became effective from 1January 2025, the Committee commissioned and scrutinised a report from Internal Audit on the oversight by the Board of the investment activity performed by its subsidiary, Quilter Investment Platform Limited. – Endorsed the composition of the boards of our significant subsidiaries, Quilter Investors Limited and Quilter Cheviot Limited. – Approved revisions to the fees for subsidiary Non-executive Directors with effect from 1January 2026. – Recommended to the Board the recommendations from Internal Audit’s review of investment performance oversight. #### Board Corporate Governance and Nominations Committee Report continued #### Key areas of Committee focus Strategic Report Other information 67 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Board Corporate Governance and Nominations Committee Report continued #### Key areas of Committee focus #### Board Diversity Policy The Committee is responsible for monitoring the impact of Board composition changes on our diversity statistics and for implementing the Board Diversity Policy on behalf of the Board. The Board Diversity Policy, which is reviewed annually, outlines our approach to inclusion and diversity across the Board, Board Committees, and senior management. It reflects our commitment to fostering a culture that nurtures and celebrates inclusion and diversity in its broadest sense. The Board Diversity Policy sets clear objectives, including ensuring due regard for diversity when determining the composition of our standing Board Committees. It incorporates the UK Listing Rule targets and the recommendations from the FTSE Women Leaders Review and the Parker Review. Results against these targets for the year ended 31 December 2025 are shown below for the Board andon page 23 of the Strategic Report for senior management. Information on the process leading tothe appointment of Andrew Ross with effect from 1 January 2026 is on page 66. The Board Diversity Policy is available on our website at plc.quilter.com. #### Board and executive management diversity #### UK Listing Rule 6.6.6(9) #### FTSE Women #### Leaders Review #### Parker Review As at the chosen reference date, 31 December 2025, all three targets specified by UK Listing Rule 6.6.6(9) have been met: – At least 40% of the individuals on the Board are women. – At least one of the senior Board positions (being the Chair, Chief Executive Officer, Chief Financial Officer or Senior Independent Director) is held by a woman. – At least one individual on the Board is from a minority ethnic background. The disclosure required by Provision 23 of the Code in relation to the gender balance of senior management and their direct reports can be found on page 23. The gender balance of our Board Committees is shown in the respective Board Committee Report. The tables below have been prepared in accordance with UK Listing Rule 6.6.6(10) and are set out in the format contained in UK Listing Rule 6 Annex 1. The reference date is 31 December 2025. Following the appointment of Andrew Ross to the Board on 1 January 2026, the Company continues to meet all three targets specified by UK Listing Rule 6.6.6(9). Gender identity Number of Board members Percentage of the Board Number of senior positions on the Board 1 Number of executive management 2 Percentage of executive management Men 5 56% 2 6 60% Women 4 44% 2 4 40% Not specified/prefer not to say – – – - – Ethnic background Number of Board members Percentage of the Board Number of senior positions on the Board 1 Number of executive management 2 Percentage of executive management White British or other White (including minority-white groups) 8 89% 3 10 100% Mixed/Multiple Ethnic Groups – – – – – Asian/Asian British 1 11% 1 – – Black/African/Caribbean/ Black British – – – – – Other ethnic group – – – – – Not specified/prefer not to say – – – – – 1 Chair, Chief Executive Officer, Chief Financial Officer and Senior Independent Director. 2 The Executive Committee and the Company Secretary. The data collated is based upon the guidance published by the FCA in Policy Statement 22/3. The Company Secretary collated data on behalf of the Chair and Non-executive Directors, and executive management provided their data via the Group’s HR system. All data is provided with consent and anonymity is protected. 68 Quilter plc Annual Report 2025 ![]() #### Board Performance Review #### Board Corporate Governance and Nominations Committee Report continued #### Update on 2024 Board #### Effectiveness Review The Board and its Committees reviewed progress against the agreed action plan from the 2024 Board Effectiveness Review and determined that the matters raised in that review had been materially addressed. #### Background TheBoard agreed that the 2025 Board Performance Review would be externally facilitated in line with best practice. The review concluded that the Board and its Committees continue to operate effectively and that their membership is appropriate in providing challenge and oversight. #### Process for the 2025 Board Performance Review The Senior Independent Director led the review in accordance with an approach agreed by the Board. The review was conducted between August and December 2025 and was carried out in line with the recommendations of the Code. #### May 2025 Following a selection process led by the Senior Independent Director with support from the Company Secretary, the Board agreed to appoint Ian White, a consultant specialising in board evaluation, to facilitate the Board Performance Review. Ian has no connection to Quilter or any individual Director. The last externally facilitated review was conducted in 2022. #### September 2025 The Committee recommended to the Board the scope and format of the review. In line with the Code, the review covered the performance of the Board, its Committees, and individual Directors, including the Chair. Ian was asked to focus on key indicators ofBoard effectiveness and performance, building on discussion topics identified inprior years. #### January 2026 Ian presented his report to the Board, enabling an open and constructive discussion on the key themes emerging from the review. These themes shaped the outcomes, which the Board endorsed. A summary of the themes and agreed outcomes is set out below. Each Board Committee has also agreed the actions relevant to its remit arisingfrom the review. #### November 2025 The review was conducted using a qualitative approach, comprising in-depth, structured one-to-one interviews led by Ian with each Board member, the Company Secretary andthe Interim Chief Risk Officer. These discussions focused on key themes, including strategy, risk management, Board composition, expertise and dynamics, succession planning, the roles of the Board Committees, and progress made since previous Board Effectiveness Reviews. #### December 2025 Ian attended the December 2025 Board meeting as an observer. Prior to this, he hadreviewed previous Board and Board Committee meeting papers, as well as the reports from previous external and internal Board Performance Reviews. #### Outcomes from the 2025 Board Performance Review Asummary of the themes for continuous improvement and outcomes agreed is set out below. Information on the process for the assessment ofthe individual Directors, including the Chair, is set out on page 64. #### Themes identified Outcomes agreed Board and executive succession planning The Chair and the Senior Independent Director will continue to brief the Board on the evolution of the Board in light of Quilter’s strategy. The Chief Executive Officer and the Chief People Officer will continue to brief the Board on executive succession and thetalent pipeline. All Board members will continue to be offered the opportunity to join the Board Talent Engagement sessions. Reporting to the Board Board members will provide feedback to the executives on the length and quality of papers. Senior executives will evolve the regular reporting packs for the Board and Board Committees, ensuring visibility of progress and avoiding duplication with other executive reporting. Board dynamics The Board will continue its practice of considering at the end of each meeting how effectively it has operated. This will include reviewing whether sufficient time has been devoted to each matter or whether any matters require additional time at a future meeting. Sufficient time will be formally allocated on the agenda for this discussion. Board composition The Board Corporate Governance and Nominations Committee will keep the Board Diversity Policy under review and will continue to ensure that it is adhered to. This Committee will also ensure that Board diversity in its broadest sense remains one of the factors kept in focus when identifying the skills, experience and profile of possible new Board members. Looking forward The Board Corporate Governance and Nominations Committee will oversee the outcomes and report on progress to the Board. The Board expects to conduct an internally facilitated Board Performance Review in 2026. Strategic Report Other information 69 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Board Audit Committee Report #### Dear shareholder I am pleased to present my first report on the work of the Board Audit Committee (the “Committee”), following my appointment as Committee Chair inOctober 2025. I would like to begin by thanking George Reid for his careful stewardship of the Committee during his tenure as Committee Chairand his support in ensuring a robust handover to me. In the following pages I set out how the Committee has fulfilled its responsibilities for overseeing the integrity of Quilter’s financial reporting and internal financial controls, and for monitoring the quality and effectiveness of the work performed by our internal and external auditors. Maintaining high standards in these areas provides confidence in Quilter’s financial performance and position, serving the best interests of all stakeholders. Throughout the year, the Committee maintained a strong focus on ensuring that the Group’s financial statements are fair, balanced, and understandable, and that they comply with applicable accounting standards. Our review process was rigorous, involving detailed analysis of management’s judgements and estimates, particularly regarding the customer remediation provision. This has been a key area of focus for the Committee and we have challenged management’s revised assumptions regarding the remediation exercise to ensure that the provision remains appropriately calculated, and also sought the independent perspective of our external auditor, PwC. We are satisfied that the assumptions applied are reasonable and supported by robust analysis. A sound control environment is fundamental to accurate financial reporting, and the Committee has continued to oversee the effectiveness of internal financial controls, receiving regular updates on risk assessments and controls testing. While the overall control environment remains stable, we have focused on areas for enhancement identified through management’s testing and assurance work, as well as recommendations from PwC. Oversight of internal controls is a responsibility shared with the Board Risk Committee, and further details on broader controls oversight can be found in the Board Risk Committee Report. The Committee has monitored management’s preparations for compliance with the UK Corporate Governance Code 2024 (the “Code”) requirements on material controls, which will apply from the 2026 Annual Report. Afirst dry run of the assessment process was completed in 2025, and this work will remain a priority in 2026. The Committee devoted considerable time to reviewing updates from our internal and external auditors during the year, and I regularly engaged with the Chief Internal Auditor and the lead audit partner outside of formal meetings. Their objective challenge and professional scepticism are critical to maintaining a sound control environment and ensuring the integrity of Quilter’s financial reporting. Accordingly, the Committee has monitored the delivery of their audit plans, assessed the findings of their work, and considered areas of challenge, recommendations for enhancement, and management’s responsiveness to these. I am pleased to confirm that Internal Audit and PwC continue to perform effectively and remain independent, as verified by internal performance reviews conducted in 2025. PwC will be recommended for reappointment at the 2026 Annual General Meeting. The Company complies with the Financial Reporting Council’s Minimum Standard for Audit Committees and External Audit. Details of the activities undertaken during the year to meet these requirements are provided in this report. Whistleblowing remains a vital part of Quilter’s governance framework, underpinning a culture ofopenness and transparency. For the process tobe effective, it must be trusted by colleagues asa safe and confidential way to raise concerns, reinforcing our commitment to integrity and accountability. As Quilter’s Whistleblowing Champion, I have worked with the Committee tooversee the effectiveness of the Group’s whistleblowing arrangements and the broader “Speaking Up” culture. This included reviewing theresults of an external benchmarking exercise conducted to provide assurance on our approach. On a final note, I would like to thank my fellow Committee members and management for their commitment and support throughout the year. Alison Morris Chair Committee membership and attendance Scheduled meetings Ad hoc meetings Alison Morris (Chair) 1 9/9 6/6 Neeta Atkar CBE 2 9/9 4/6 Chris Hill 9/9 6/6 George Reid 3 9/9 6/6 1 Appointed as Chair with effect from 1 October 2025. 2 Neeta Atkar was unable to attend two ad hoc meetings arranged at short notice due to prior engagements. She reviewed the papers and provided comments to the Committee Chair in advance of the meetings. 3 Stepped down as Chair with effect from 30 September 2025 butremains a member of the Committee. #### Alison Morris #### Chair Committee activity 2025 2024 Review of financial statements Internal and external audit Internal controls Governance and regulatory compliance andreporting 35% 34% 18% 13% 2025 37% 33% 20% 10% 2024 Committee activityCommittee gender diversity 50%50% Female Male 70 Quilter plc Annual Report 2025 ![]() #### Board Audit Committee Report continued #### Committee responsibilities – Reviews the Group’s accounting policies and the contents of financial statements. – Considers the adequacy, scope of work and resourcing of the external and internal auditors. – Oversees the relationship with our external auditors. – Monitors the effectiveness of internal financial controls. – Reviews the whistleblowing procedures. – Oversees the Group’s TCFD reporting. #### Committee governance The Board Audit Committee currently comprises four independent Non-executive Directors. Alison Morris, Chris Hill and George Reid have recent and relevant financial experience and competence in accounting or auditing. The Committee as a whole has competence relevant to the business sectors that Quilter operates in. Details of the skills and experience of the Committee members can be found in their biographies on pages 53 to 55. #### Committee Performance Review As part of the 2025 Board Performance Review, the Board has assessed that the Committee membership isappropriate in providing challenge and oversight and that the Committee is operating effectively. #### Discharging our responsibilities The Committee reviewed its activities over the previous 12 months against its Terms of Reference and confirmed that it had fully discharged its responsibilities in line with its remit. The Terms of Reference are available at plc.quilter.com. #### Attendance The Chief Financial Officer, Chief Internal Auditor, Chief Risk Officer and representatives of PwC, our external auditors, attend all meetings of the Committee. On occasion, other Non-executive Directors and the Chief Executive Officer attend Committee meetings for specific matters. The Committee holds regular private sessions with the Chief Internal Auditor and representatives of PwC, without management present. #### At a glance #### Key areas of Committee focus The table below gives an overview of the Committee’s work during the year, including its consideration of significant issues relating to the financial statements, and key outcomes. #### Reports Summary of discussions and activity Outcomes #### Review #### of financial #### statements Accounting judgements and estimates updates The Committee received regular updates on the Group’s key accounting judgements and estimates for the reporting period and discussed these with management and the external auditors. During its review of the 2025 Annual Report and financial statements, the Committee focused in particular on the customer remediation provision, which includes estimated customer redress, interest payable and associated administration costs. The Committee closely scrutinised the methodology and assumptions underpinning the provision, which has been recalculated to reflect current expected experience based on internal reviews of cases to date, contact with initial tranches of impacted customers, and the change in the Financial Ombudsman Service’s interest rate policy for customer redress. As part of its assessment, the Committee considered the evidence from the internal case reviews and the response rates from the initial customer contact exercise. It challenged the judgements applied by management to the available data to ensure the provision is robust and appropriately supported. The Committee also received updates on engagement with the regulator and considered the implications for the provision methodology. Finally, the Committee reviewed the related disclosures in the financial statements to ensure they are transparent, balanced and compliant with relevant disclosure requirements. Further information on the customer remediation provision can be found in the Chief Executive Officer’s review on page 3 and in the Financial review on page 42. – Challenged the significant accounting judgements and estimates within the Group’s financial statements and was satisfied with management’s recommendations. Strategic Report Other information 71 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Board Audit Committee Report continued #### Reports Summary of discussions and activity Outcomes #### Review #### of financial #### statements #### (continued) Group financial reporting The Committee undertook a comprehensive review of the Group’s 2025 Annual Report and financial statements, as well as the preliminary and interim results announcements. Ahead of year-end, the Committee reviewed management’s preparations and approach to the production of the Group’s financial statements. This included an assessment of key themes from the Financial Reporting Council’s 2024/2025 Annual Review of Corporate Reporting. Our discussions on the Group’s interim and full year financial reporting were supported by detailed analysis from management onthe processes for preparing and verifying disclosures, the rationale for key judgements, and reports from PwC on their audit. As part of its review, the Committee considered: – the appropriateness of the basis of preparation and accounting policies applied to the Group’s financial statements. These are prepared in accordance with International Financial Reporting Standards as adopted in the UK and follow the Group’s adopted accounting policies. Further details of the Group’s accounting policies are in note 5 on pages 124 to 134; – the use of alternative performance measures to aid shareholders’ and stakeholders’ understanding of the Group’s financial statements. Care has been taken to ensure that all alternative performance measures used are necessary, clearly identified andexplained, and reconciled to statutory measures in line with Financial Reporting Council guidance; and – the robust review process followed to enable the Board to conclude that the Annual Report and financial statements are fair, balanced and understandable and provide the necessary information for shareholders and other stakeholders to assess the Group’s position, performance, business model and strategy. This process included: • close oversight of financial reporting by the Chief Financial Officer, supported by a cross-functional senior management team providing governance and coordination; • cross-functional input into drafting, including Finance, Risk, Investor Relations, Corporate Secretariat, Human Resources, and business leaders; • robust review of all contributions to ensure disclosures are balanced, accurate, and verified, followed by comprehensive senior management reviews; • Company Secretary review of Board and Board Committee minutes to confirm all material matters were appropriately disclosed; • a management paper assessing disclosures against the Financial Reporting Council’s guidance on fair, balanced, and understandable reporting; • Board Audit Committee review of an advanced draft to provide feedback on any areas that would benefit from further clarity before final approval; and • final reviews by the Board Audit Committee and the Board. After reviewing all relevant information, management assurances, and the processes underpinning the preparation of financial information, the Committee confirmed to the Board that the 2025 Annual Report and financial statements are fair, balanced, andunderstandable. The same process was applied to the Group’s 2025 interim results announcement. – Recommended the 2025 Annual Report and financial statements and the preliminary and interim results announcements tothe Board for approval. #### Key areas of Committee focus 72 Quilter plc Annual Report 2025 ![]() #### Board Audit Committee Report continued #### Key areas of Committee focus #### Reports Summary of discussions and activity Outcomes #### Review #### of financial #### statements #### (continued) Going concern disclosures and viability statement The Committee reviewed the appropriateness of adopting the going concern basis of preparation for the Group’s 2025 financial statements and assessed the Group’s longer-term viability beyond the 12-month horizon. In forming its view, the Committee considered a comprehensive going concern assessment prepared by management, which took into account: – the Group’s three-year Business Plan, reflecting economic, regulatory, competitive and risk factors; and – the latest ORSA and ICARA reports, which evaluate the Group’s current and projected risk profile and solvency position under arange of assumptions, stress tests and scenario analyses. The Committee also reviewed the proposed viability statement and was satisfied that its content and the assessment period, which is aligned with the Group’s three-year business planning cycle, are appropriate. The going concern and viability statement is set out in the Strategic Report on page 49. – Confirmed the appropriateness of adopting the going concern basis of preparation for the 2025 financial statements and the suitability of the viability statement’s content and assessment period. Dividends The Committee reviews and advises the Board on the affordability and appropriateness of any distributions, including Interim andFinal Dividends. In forming its view, the Committee considers key metrics before and after the proposed dividend, including the Group’s capital and liquidity positions and its Solvency II ratio. – Confirmed to the Board that the 2025 Interim and Final Dividends were appropriate and affordable. #### Internal controls Financial control and reporting risk updates The Committee has maintained close oversight of the effectiveness of the Group’s financial reporting control environment, ensuring reliability in financial reporting and the preparation of the Group’s financial statements. Throughout the year, management provided regular updates on the risk and control self-assessment for financial control and reporting risk and progress and results of the ongoing controls testing programme. Where areas for enhancement have been identified, either through management’s testing, second or third-line assurance work, or PwC’s internal control recommendations, the Committee has monitored the delivery of the actions agreed to address these areas to ensure timely and sustainable improvements. An area of focus this year has been reducing reliance on manual journal entries, where substantial progress has been achieved. – Received assurance on the effectiveness of the financial reporting control environment. Whistleblowing updates The Committee maintained oversight of Quilter’s whistleblowing arrangements throughout 2025, receiving regular updates on the effectiveness of the framework and the wider “Speaking Up” environment. It is important that these arrangements are designed to foster an environment where employees feel safe to express concerns without fear of reprisal and with confidence that issues will be addressed responsibly. The Committee received reports on whistleblowing which covered the operation of Quilter’s confidential whistleblowing phone line as well as the other mechanisms that support a positive “Speaking Up” culture, including Peakon colleague surveys. These surveys measure employees’ comfort in raising concerns and provide real-time feedback on workplace views. The Committee has reviewed details of whistleblowing complaints raised during the year and the associated investigations and outcomes, alongside data on grievances. As part of its annual review, the Committee approved minor enhancements to the Whistleblowing Policy. Additionally, the Committee reviewed the results of a benchmarking assessment by Protect UK, a whistleblowing charity, which provided assurance on Quilter’s approach to fostering a “Speaking Up” culture and offered some helpful recommendations for continuous improvement that management has implemented. You can read more about “Speaking Up” at Quilter on page 22. – Approved the Whistleblowing Policy. Strategic Report Other information 73 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Board Audit Committee Report continued #### Reports Summary of discussions and activity Outcomes #### Internal controls #### (continued) Client assets updates Ensuring compliance with client assets regulations is critical to protecting customers’ interests. During the year, the Committee received regular updates from management, the second-line Risk function, and Internal Audit on the adequacy and effectiveness of client assets controls across all relevant Quilter entities. These reports have enabled the Committee to monitor breach volumes and root cause analysis, assess the performance of third-party suppliers managing client assets arrangements in certain parts ofthe business, and oversee management’s ongoing work to continuously enhance controls and processes. The Committee also received reports from PwC on the findings of their client assets audits and any control recommendations raised. – Received assurance on the effectiveness of the controls in place to safeguard client assets. UK Corporate Governance Code 2024 updates – material controls The Committee monitored ongoing work to prepare Quilter to meet the enhanced disclosure requirements under Provision 29 ofthe Code on material controls, which will apply from the 2026 Annual Report. During the year, the Committee reviewed progress in defining material controls and assessing their adequacy and effectiveness, which leverages existing assurance processes, risk event monitoring, and governance oversight. It also considered the results of an initial dry run of the assessment process and a targeted assurance review by Internal Audit to support development of management’s approach. The Committee will continue tooversee this area in 2026. – Noted progress towards meeting the new disclosure requirements under Provision 29 of the Code. #### Internal Audit Internal Audit functional updates Internal Audit supports the Board and executive management by providing independent, objective assurance and advisory services designed to add value and improve operations. It helps Quilter achieve its objectives through a systematic approach to evaluating and enhancing the effectiveness of risk management, control, and governance processes. The scope of Internal Audit’s activities covers all businesses owned, controlled, and governed by Quilter. The Committee oversees the remit, objectives, and performance of the Internal Audit function and works closely with the Chief Internal Auditor on these matters. During the year, the Committee reviewed and approved the Internal Audit Charter, which defines the function’s purpose, scope, and responsibilities, as well as its strategy, which sets out how the function will fulfil its mandate and objectives. The Charter is available on our website at plc .quilter.com. The Committee monitors the success of the Internal Audit function in achieving its strategic goals through a balanced scorecard, which is reviewed periodically to ensure it remains appropriate. The Committee monitored progress against Internal Audit’s Continuous Improvement Plan and noted enhancements during the year, including improved audit efficiency and greater integration of data analytics. The Committee is satisfied that the essential conditions required under the Global Internal Audit Standards, published by theInstitute of Internal Auditors, are in place to enable Internal Audit to achieve its purpose and mandate. The function’s self-assessment against the updated Global Internal Audit Standards and the Internal Audit Code of Practice, published by the Chartered Institute of Internal Auditors, concluded that it generally conforms. The Committee held a joint meeting with the Board Risk Committee to review, challenge, and approve the Risk and Internal Audit Plans for 2026. The Internal Audit Plan is designed to provide assurance on the effectiveness of controls for Quilter’s key risks, including the sustainability control framework and disclosures. The Committee considered the planning approach, ensuring the Plan is risk-focused and reflects Quilter’s strategic priorities, material outsourcing arrangements, and regulatory requirements, including the Consumer Duty. It was satisfied that, based on the Chief Internal Auditor’s assessment, the necessary resources, skillsets, and budget are in place to deliver the 2026 Internal Audit Plan. The Plan includes appropriate contingency to allow flexibility in responding to unexpected demands, and any proposed changes to the Plan are presented to the Committee for approval as they arise. – Approved the Internal Audit Charter and Strategy. – Approved the 2026 Internal Audit Plan in collaboration with the Board Risk Committee. #### Key areas of Committee focus 74 Quilter plc Annual Report 2025 ![]() #### Key areas of Committee focus #### Reports Summary of discussions and activity Outcomes #### Internal Audit #### (continued) Internal Audit activity updates Throughout 2025, the Chief Internal Auditor presented quarterly reports to the Committee on progress against the Internal Audit Plan and the outcomes of their assurance work. These reports included Internal Audit’s analysis of the effectiveness of audited control environments and processes, along with management actions agreed to address any issues identified. The Chief Internal Auditor also reported on management’s response to findings, including the extent to which issues had been self-identified. Whereappropriate, senior executives were invited to attend Committee meetings to discuss audit findings within their areas of responsibility. The pace and effectiveness of management remediation activity was closely monitored by the Committee as a key indicator of the maturity of the Group’s control environment and risk culture. In addition, the Chief Internal Auditor provided biannual opinions on Quilter’s governance, risk, and control frameworks, offering aholistic view of the control environment, highlighting areas of positive progress and those requiring further management action. – Discussed the findings from the assurance work conducted by Internal Audit and the opinion of the Chief Internal Auditor on the Group’s control environment. – Monitored management remediation activity to address audit findings. Internal Audit effectiveness As reported last year, an external quality assessment of Internal Audit was completed in 2024. In 2025, the Committee monitored progress on implementing the enhancement measures identified by this assessment, which have been addressed and incorporated into the function’s Continuous Improvement Plan. Towards the end of the year, the Committee commissioned an internally facilitated effectiveness review of Internal Audit, gathering feedback from key stakeholders across the Group. The review confirmed that the function operates effectively and is regarded asa respected source of assurance that adds value to the control environment and provides meaningful insights to senior leadership. Internal Audit’s independence and integrity remain core qualities underpinning its credibility and impact. The review also identified themes to support further continuous enhancement. – Noted the results of the annual effectiveness review of Internal Audit. #### Regulatory compliance and #### reporting Climate-related financial disclosures The Committee oversees the principles, policies, and practices adopted in preparing the Group’s climate-related disclosures. It received regular updates on the production of our Task Force on Climate-related Financial Disclosures (“TCFD”) reporting, including the processes and controls in place to ensure compliance with reporting regulations and the integrity of the metrics andunderlying data. The Committee agreed the assurance approach for our TCFD reporting for 2025 and oversaw the limited assurance work performed by PwC, satisfying itself that the TCFD Report meets the required disclosure standards. The Group’s climate-related disclosures are set out on pages 27 to 36 of the Strategic Report and in a separately published TCFD Report, available on our website at plc.quilter.com/tcfd. – Approved the assurance approach for TCFD reporting in 2025. – Recommended the 2025 TCFD Report to the Board forapproval. UK Solvency II reporting The Committee oversaw the Group’s 2024 UK Solvency II reporting, receiving detailed reports from the Finance and Actuarial teams on the robustness of the processes for producing and reviewing disclosures, as well as a report from PwC on their audit ofthose disclosures. Towards the end of the year, the Committee reviewed and challenged updates to the methodology and actuarial assumptions proposed for the Group’s 2025 year-end UK Solvency II reporting. PwC reported to the Committee on the reasonableness of management’s assumptions. – Recommended the Group’s 2024 UK Solvency II reporting to the Board for approval. – Approved the methodology and assumptions for the Group’s UK Solvency II reporting for 2025. #### Board Audit Committee Report continued Strategic Report Other information 75 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() onsignificant accounting judgements and estimates. PwC contributed strongly to discussions on the Group’s financial statements, financial reporting processes, and key accounting judgements. They provided challenge on areas including management’s approach to impairment assessments and acquisition accounting, and management’s assumptions in determining the customer remediation exercise provision. To inform its assessment of audit effectiveness, the Committee continues to use Audit Quality Indicators, a series of metrics that provide insight into factors influencing audit quality. The indicators used for this year’s audit were consistent with those applied in the prior year, with the addition of a new measure assessing howtechnology is applied during audits and the benefits it delivers. PwC reports to the Committee on its performance against these measures. In line with its Terms of Reference, the Committee annually reviews the effectiveness of the external auditors. The 2025 review was conducted using aquestionnaire completed by key stakeholders across the Group who had regular interactions with PwC during the audit. Participants assessed PwC’s performance across criteria including independence, objectivity, industry knowledge, sufficiency of resources, and service quality. Overall, the results confirmed that PwC continues to deliver an effective and high-quality audit service, with a small number of areas identified forfurther enhancement. PwC scored highly for independence, integrity, and objectivity, providing further assurance over audit quality. During the year, the Committee also received a summary of the FRC’s 2024/25 Audit Quality Inspection and Supervision Report, highlighting key inspection findings for PwC and their response. #### External audit The Committee is responsible for overseeing the Group’s relationship with its external auditors andthe effectiveness of the audit process. The Committee approves the terms of engagement with PwC and the audit fee, and PwC attend all meetings of the Committee. Oversight and assessment of audit quality In supporting a robust and high-quality external audit, the Committee’s work during the year included: – ensuring the external audit plan was appropriate and receiving assurance on PwC’s continued independence; – reviewing regular and detailed reports from PwC throughout 2025, covering all aspects of their audit work. These included areas where they challenged management and the outcomes ofthose challenges, as well as regulatory and industry updates to keep the Committee informed of developments in accounting, auditing, and reporting; – reviewing PwC’s internal control recommendations and assessing management’s response; and – holding separate meetings between the Committee Chair and the lead external audit partner ahead of each Committee meeting to ensure discussions were appropriately focused and provided challenge to management’s conclusions and the audit work performed. TheCommittee also holds private meetings with PwC, without management present, at least twice a year. The Committee considers the level of professional scepticism and challenge applied by PwC when reviewing reports on their audit work and regularly seeks PwC’s independent perspective Non-audit fees The Committee monitors the provision of non-audit services by PwC to ensure their independence and objectivity are maintained. Inaddition to receiving reports from PwC on their independence, the Committee also reviewed reports from management detailing the non-audit services provided by PwC and consultancy support from other leading audit firms. During the year, the Committee reviewed and recommended to the Board for approval the Group’s policy on non-audit services, which defines permitted non-audit services and sets thresholds for their prior approval. This policy supports Quilter in meeting UK auditor governance and independence requirements to ensure that non-audit services do not impair, or appear to impair, the auditor’s independence or objectivity. In 2025, the Group’s total fees for non-audit services remained well below the 70% fee cap setby the Financial Reporting Council. Tenure and lead partner PwC has served as the Group’s statutory auditor since the 2020 year-end reporting period, following a formal tender process in 2019. Sandra Dowling became lead audit partner after the 2025 Annual General Meeting, succeeding Mark Pugh, who stepped down after five years inline with mandatory audit partner rotation requirements. The Committee oversaw this transition, which was implemented effectively witha robust handover, ensuring continuity of knowledge and understanding of Quilter. The Company complied with the Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014 for the financial year ended 31 December 2025. TheCommittee is satisfied with PwC’s performance, independence and objectivity, and therefore has nocurrent intention of tendering for alternative statutory auditors before the end of the required ten-year period. A competitive tender process is expected to be conducted in 2029 for the 2030 year-end reporting period. This approach is considered to be in the best interests of shareholders, balancing the benefits of continuity and PwC’s deep understanding of our business withthe fresh perspective provided by the new lead audit partner. The Committee will keep this matter under review. PwC will be recommended for re-appointment by shareholders at Quilter’s Annual General Meeting in May 2026. #### External auditors’ remuneration Year ended 31December 2025 £m Year ended 31December 2024 £m Fees payable to the Group auditors and their associates for the audit of Parent Company and Group consolidated financial statements 1.6 1.6 Fees payable to the Group auditors and their associates for other services: − Audit of the financial statements of the Group subsidiaries 2.0 2.5 – Audit-related assurance services 1.0 1.1 Fees for other assurance services 0.5 0.7 Total Group auditors’ remuneration 5.1 5.9 #### Key areas of Committee focus #### Board Audit Committee Report continued 76 Quilter plc Annual Report 2025 ![]() #### Board Risk Committee Report #### Dear shareholder I am pleased to present the Board Risk Committee (the “Committee”) Report, which provides an overview of the Committee’s work during 2025. Against a backdrop of continued macroeconomic uncertainty, geopolitical tensions and regulatory developments, the Committee met regularly during the year to support the Board in the oversight and management of risk throughout theGroup. The Committee actively monitored the external environment and advised the Board on Quilter’s current and forward-looking risk profile. Financial risks have been well managed and Quilter continues to maintain strong capital and liquidity positions. We challenged management on risk exposures, oversaw reviews of capital, liquidity and solvency models, and considered stress and scenario testing to support resilience and prudent management within the agreed risk appetite. Strong risk management remains central to delivering good outcomes for all stakeholders. Quilter’s Risk Management Framework enables proactive oversight through clear metrics and timely management information. During 2025, wemonitored the maturity of the Risk and ControlSelf‑Assessment and internal control effectiveness, which will support the enhancements required under Provision 29 oftheUK Corporate Governance Code 2024 (the“Code”). We challenged and supported management’s data governance improvements toreinforce risk reporting integrity and strategic decision-making. We also refined our approach toidentifying and assessing emerging risks, supporting strategic planning and Quilter’s ability to anticipate, prepare for and adapt to risks that are not yet fully materialised but could impact operations, strategy or reputation in the future. Further details are provided in the Risk review onpages 44 to 48. Consumer Duty continued to be a key area of focus. The Committee assessed and challenged the second annual Consumer Duty Board Assessment for the Group. We reviewed actions to improve customer journeys, strengthen support for customers in vulnerable circumstances and enhance the adviser experience. In doing so, we considered conduct risk indicators, trends in complaints data and customer service metrics to help support the delivery of good outcomes and ensure Quilter meets regulatory expectations in aconsistent and sustainable way. The Committee continued to monitor progress throughout the year and has requested enhancements to customer insight reporting to help identify any additional improvements for management to implement forthe benefit of our customers. The Committee’s role includes overseeing the effectiveness of risk management and internal control systems across financial, operational andcompliance activities. We maintained regular engagement with the Interim Chief Risk Officer and senior management to ensure timely and comprehensive risk reporting and insight and kept risk appetite and tolerance levels under review throughout theyear. In conjunction with the Board Audit Committee, we also reviewed internal control effectiveness in line with the Code. The Committee oversaw non‑financial risks, including operational resilience, change management, cyber and information security andfinancial crime risk, receiving regular updates on the delivery of strategic technology-related programmes and challenged management on effective controls, clear accountability and timely remediation. We assessed climate-related financial risks within the risk framework and shareholders can read more in the TCFD Report which is published alongside this report. Finally, I would also like to express the Committee’ssincere thanks to our Interim Chief Risk Officer, Nick Sacre-Hardy, for his leadership and stewardship of the Risk function during theyear. Nick’s contributions have ensured continuity,strengthened our risk capabilities andsupported the Committee’s work. We were also pleased to welcome our new Chief Risk Officer, Margaret Ammon, who joined Quilter inMarch 2026. Neeta Atkar CBE Chair Committee membership and attendance Scheduled meetings Ad hoc meetings Neeta Atkar CBE (Chair) 4/4 1/1 Moira Kilcoyne 4/4 1/1 Alison Morris 4/4 1/1 George Reid 4/4 1/1 Chris Samuel 4/4 1/1 #### Neeta Atkar CBE #### Chair 55% 22% 13% 10% 2025 42% 19% 20% 19% 2024 Committee activityCommittee gender diversity 40% 60% Female Male Committee activity 2025 2024 Top risk oversight Regulatory change Risk governance and remuneration Risk appetite, profile and capital andliquidity Strategic Report Other information 77 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Board Risk Committee Report continued #### Key areas of Committee focus The Committee discharged its responsibilities in 2025 by overseeing the management of internal and external risks. The table below highlights where the Committee spent its time during the year and the key outcomes. #### Report Summary of discussions and activity Outcomes #### Top risk #### oversight Chief Risk Officer’s report Review of top risks The Committee discussed quarterly updates from the Interim Chief Risk Officer on his assessment of the top risks facing Quilter. You can read about the Group’s assessment of our top risks and how these are identified, managed and mitigated in the Risk review on pages 44 to 48. Review of emerging risks The Committee considered updates on the emerging risks to Quilter, which are less certain in terms of timescales and potential impacts from the external environment. The Committee reviewed management’s assessment of these risks and challenged the proposed mitigating actions. Details of the near‑, medium‑ and longer‑term emerging risks identified for Quilter can be found in the Risk review on page 48. Risk Management Framework and internal controls The Committee reviewed and approved changes to the risk categorisation model and certain policies underpinning the Risk Management Framework. The Committee reviewed proposed enhancements to the Risk and Control Self‑Assessment Framework that supports the timely identification, assessment and mitigation of key operational risks. Regulatory engagement The Interim Chief Risk Officer provided analysis and commentary on the interactions with our regulators, including regulatory change that impacts our customers and our business. Risk events The Interim Chief Risk Officer briefed the Committee, as required, on the root cause analysis of risk events together with the proposed control enhancements to minimise the risk of reoccurrence. – Challenged and evaluated whether the top risks have been correctly identified andwhether management actions to mitigate the risks are appropriate. – Agreed that emerging risks had been appropriately identified and are monitored and managed accordingly. – Recommended risk categorisation model changes to the Board for approval. – Enhanced internal controls that are appropriate to protect our customers fromharm. #### Committee responsibilities – Oversees risk strategy. – Recommends the total level of risk Quilter is prepared to take (risk appetite). – Monitors the Group’s risk profile. – Assesses the top and emerging risks. – Monitors and reviews the internal control framework. – Oversees the effectiveness of the Risk and Compliance function. #### Committee governance The Board Risk Committee currently comprises five independent Non‑executive Directors. Details of the skills and experience of the Committee members can be found in their biographies on pages 53 to 55. #### Committee Performance Review As part of the 2025 Board Performance Review, the Board has assessed that the Committee membership isappropriate in providing challenge and oversight and that the Committee is operating effectively. #### Discharging our responsibilities The Committee reviewed its activities over the previous 12 months against its Terms of Reference and confirmed that it had fully discharged its responsibilities in line with its remit. The Terms of Reference are available at plc.quilter.com. #### Attendance The Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Risk Officer and Chief Internal Auditor regularly attend Committee meetings. The Group Chair and, on occasion, other Non-executive Directors attend Committee meetings for specific matters. #### At a glance 78 Quilter plc Annual Report 2025 ![]() #### Board Risk Committee Report continued #### Key areas of Committee focus #### Report Summary of discussions and activity Outcomes #### Top risk #### oversight #### (continued) Money Laundering Reporting Officer (“MLRO”) annual report The Committee reviewed the annual update from the Group’s MLRO which gives a Group‑wide view of the anti‑money laundering and counter terrorist financing operating environment and associated risks. The Committee oversaw ongoing enhancements during the year to financial crime controls, including strengthened screening and transaction monitoring. This will remain an area of focus in 2026. – Reviewed and noted the MLRO annual report. Risk and Compliance function plans The Committee reviewed the Risk and Compliance function plans and received regular updates on progress throughout the year. This included monitoring resourcing and the overall delivery of agreed activity. Adjustments to the plans were approved by the Committee where necessary. – Approved the Risk and Compliance function plans for 2026. Strategic programme delivery The Committee was updated regularly on key strategic programmes, such as the Advice Transformation Programme, that include enhancements to technology to support customers and improve the productivity of advisers. The Committee discussed delivery timelines and management’s strategy to safely mitigate the identified top risks. – Challenged management onthe quality and timeliness of delivery of strategic initiatives. Third‑party risk management The Committee received an update on the progress to strengthen the Third‑Party Risk Management Framework to optimise value, control costs, and manage risk across the third-party lifecycle. Progress to enhance supplier due diligence and assurance, including systemic reviews of technology partners, was noted. – Enhancements to the Third‑Party Risk Management Framework were implemented in the year. Data Protection Officer’s report The Data Protection Officer’s report included an assessment of data privacy risk. This assessment detailed the adequacy of data protection policies, procedures and governance arrangements to mitigate data protection risks and comply with data protection legislation. – Noted the assessment of data privacy risk and agreed that it remained appropriate. Risk appetite, profile and #### capital #### andliquidity Risk appetite review The Committee considered some modest changes to the Group’s risk appetite statements and key indicators. – Recommended changes to risk appetite statements and key indicators to the Board for approval. Capital and liquidity risk The liquidity and solvency of the regulated entities within the Group were reviewed by the Committee. The Committee challenged the proposed changes to capital and liquidity risk appetite thresholds to ensure that they remained appropriate. The Committee noted that Quilter remains strongly capitalised and has operated within capital and liquidity risk appetites during the year. – Recommended updated capital and liquidity thresholds to the Board forapproval. Own Risk and Solvency Assessment (“ORSA”) and Internal Capital Adequacy and Risk Assessment (“ICARA”) reports The Committee reviewed and challenged the Group’s ORSA and ICARA processes throughout the year. This included detailed stress and scenario testing which supports the assessment of financial resilience indicators, such as liquidity and solvency ratios for the Group and key subsidiaries, as well as analysis and challenge of reverse stress testing. The Committee oversaw changes to the scenarios and stress tests to broaden the focus of matters under review. Corporate sustainability and ESG risk During 2025, as part of the preparation of the ICARA and ORSA, the Committee reviewed a scenario relating to the financial risk of sustainability and ESG in our propositions, including climate change. This scenario analysis focused on the risk of greenwashing. – Enhanced set of scenarios and stress tests. – Recommended the Group ICARA and ORSA Reports tothe Board for approval. Strategic Report Other information 79 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Board Risk Committee Report continued #### Key areas of Committee focus #### Report Summary of discussions and activity Outcomes #### Risk #### governance and #### remuneration Risk-adjusted remuneration The Committee, in conjunction with the Board Remuneration Committee and with input from the Interim Chief Risk Officer, considered the relevant financial and operational risk factors to be taken into account in annual remuneration decisions. – See the Directors’ Remuneration Report on pages 82 to 105 for further details on risk considerations in remuneration outcomes. Material Risk Takers Framework The Committee considered changes to the Material Risk Takers Framework as part of its annual review and reviewed the assessment ofcolleagues deemed to be Material Risk Takers for Quilter. – Approved the Material Risk Takers Framework and the Material Risk Taker population. Group Policy Framework The Committee endorsed the further simplification of the Risk Policy suite, which forms part of the Risk Management Framework and reviewed an updated Quilter Customer Policy that had been integrated with the Product Governance Policy into a single, cohesive policy document. The Committee reviewed a new Operational Resilience Policy that forms part of the Operational Resilience Framework to facilitate the embedding of operational resilience across the Group. – Endorsed management’s proposal to further simplify the Risk Policy suite. – Approved the updated Quilter Customer Policy. – Approved the new Operational Resilience Policy. Conflicts of interest The Committee considered the approach to the identification and management of potential conflicts of interest across the Group. TheCommittee reviewed the processes that support Quilter’s management of conflicts of interest together with the controls and riskassessment performed. – Endorsed the outcome of the control and risk assessments performed and satisfied itself that the identification and management of conflicts of interest was appropriate. #### Regulatory #### change Consumer Duty The Committee received regular updates on how management oversee, monitor and evidence Quilter’s delivery of good customer outcomes in accordance with the Group’s strategy and the requirements of the Consumer Duty. Board members attended a Consumer Duty briefing prior to the finalisation of the second Consumer Duty Board Assessments for the Group and our UK regulated subsidiaries. The Committee reviewed the Consumer Duty Board Assessments and challenged management to enhance customer insight reporting tohelp identify any additional improvements to implement for the benefit of our customers. The Committee endorsed theactions identified by management to improve customer outcomes and continue to monitor progressagainst the agreedaction plans. – The Committee oversaw theassessment process for the Group with the regulated subsidiary boards approving the Consumer Duty assessments. – The Committee recommended the overarching Consumer Duty Action Plan to the Board. 80 Quilter plc Annual Report 2025 ![]() #### Board Risk Committee Report continued #### Report Summary of discussions and activity Outcomes #### Regulatory #### change #### (continued) Operational resilience The Committee reviewed the annual self‑assessment of operational resilience, including proposed changes to our important business services and impact tolerances. – Approved the annual self-assessment of operational resilience, including details of our important business services and impact tolerances, onbehalf of the Board. Task Force on Climate-related Financial Disclosures (“TCFD”) report The Committee reviewed the climate‑related risks and opportunities section of the TCFD Report which had been assessed relative toQuilter’s climate strategy. – Recommended the climate risks and opportunities within the TCFD Report totheBoard for approval. #### Looking ahead Areas of focus in 2026 will include oversight ofstrategic technology‑related programmes and change risk, monitoring identified emerging risks including Artificial Intelligence, data governance and third-party risk, as well as overseeing management to mitigate the risk of cyber threats and strengthen operational resilience. The Committee will monitor the continued enhancement of financial crime controls, continue to monitor conduct risk and oversee the delivery of good customer outcomes in accordance with the Consumer Duty. The Committee will review capital strength, liquidity and stress testing as part of the prudential cycle to support prudence and sustainability. #### Internal controls Throughout the year ended 31 December 2025, Quilter operated a system of internal control designed toprovide reasonable assurance over the effectiveness of operations, including financial and operational controls and compliance with applicable laws and regulations. Processes remain in place for identifying, evaluating and managing the principal risks facing the Group, in line with the Financial Reporting Council’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting. The Board Risk Committee and the Board Audit Committee regularly review the effectiveness of internal controls through reports from management and the Risk and Internal Audit functions. The Board Audit Committee continues to monitor controls over financial reporting and the independence and effectiveness ofinternal and external auditors (see pages 71 to 76 for further details). In February 2026, the Board Risk Committee considered management’s assessment of the effectiveness ofinternal controls as at 31 December 2025 and concluded that, based on this assessment, the controls wereeffective. The Board subsequently endorsed this conclusion. During the year, management continued to prepare for the implementation of changes introduced by the Code, including the enhanced requirements under Provision 29 of the Code relating to the annual Board review of the effectiveness of the Company’s risk management and internal control framework, which apply from 1 January 2026. This work includes reviewing the evidencing of Quilter’s internal controls framework and identifying opportunities for further enhancement to meet the new disclosure standards. The Board Audit Committee isoverseeing this activity, and further detail can be found in the Board Audit Committee Report on page 74. #### Key areas of Committee focus Strategic Report Other information 81 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Board Remuneration Committee Report #### Dear shareholder On behalf of the Board Remuneration Committee (the “Committee”), I am pleased to present the Remuneration Report (the “Report”) for the year ended 31 December 2025 and would like to thank my predecessor, Neeta Atkar, for her chairing of the Committee during the year and her ongoing contribution. The Report sets out what the Directors of the Company were paid in respect of2025 and how the Committee met its responsibilities and its decision-making. It was pleasing to see theCompany build on the momentum of the preceding year, maintaining its position as the largest and fastest-growing retail advised platform in the UK by assets and flows. The business achieved industry-leading core net inflows of £9.1 billion, equal to 8% of opening AuMA, up from £5.2 billion and 5% in 2024 as it continued to grow market share. This helped contribute to top-line revenue growth of 5% compared to the prior year, whilst the business also maintained strong cost discipline, leading to an adjusted profit result for 2025 of £207 million, up 6% on 2024, and an operating margin of 30%, up one percentage point on the prior year. The Committee approved a 2025 short-term incentive (“STI”) outcome of £1,031,000 (83% of maximum) for Steven Levin and £797,000 (83% ofmaximum) for Mark Satchel. This included maximum achievement of the net inflow target forthe second consecutive year as the Company continued to outperform peers in both customer segments and particularly in the Affluent IFA channel. After careful consideration, the Committee was satisfied that a maximum payout for this measure was justified and appropriate. The Committee also approved an outcome of 97.4% of maximum for the 2023 long-term incentive (“LTI”) award, reflecting the strong performance of the business over the last three years. The Committee noted that it had applied a windfall gains adjustment when the awards were granted in consideration of share price volatility atthe time and the absolute and relative fall in the Company’s share price compared to the prior year. The Committee was satisfied that the vesting outcome was appropriate, that the growth in the share price and the LTI outcome reflected the strong underlying performance of the business over the period, and that no discretionary adjustments were required at vesting. The Committee considered carefully the risk profile of the business, including an assessment of risk culture and risk events during 2025 to ensure that all incentive outcomes appropriately reflected the risk management of the business in line with risk appetite. In particular, the Committee reviewed the findings of the Skilled Person Review of ongoing advice, which were published in May 2025. Last year, the Committee exercised its discretion to reduce 2024 STI outcomes in anticipation of the final review and in light of the2024 provision for a customer remediation programme. Since then, the Company has engaged constructively with the regulator on the outcome of the Skilled Person Report and moved quickly to establish a customer remediation programme and system and control improvement programme, both of which are progressing in line with committed timeframes. Furthermore, the original provision made in 2024 has been reduced by £20 million in 2025. As such, the Committee concluded that no further adjustments were required to 2025 incentive outcomes. In 2025, the Committee reviewed the Executive Directors’ salaries to ensure they remain appropriately positioned to motivate, retain and reward their continued strong leadership of the business. As signalled in the 2024 Remuneration Report, the Committee undertook a detailed review of Steven Levin’s salary during the year and, after consulting with shareholders, concluded that an exceptional one-off increase from 1 April 2026 was appropriate, increasing his base salary from £625,000 to £750,000. On appointment, Steven’s salary was set at a discount of approximately 15% to his predecessor. This change unwinds that discount, reflecting Steven’s progression and increased market experience in the Chief Executive Officer role over the last three years. It also recognises the exceptional performance and significant business success Steven has delivered during histenure, including more than an 80% increase inthe share price, growth in market share and improvement in the operating margin from 22% in2022 to 30% in 2025. Further details are contained in the Report. The Committee also approved an increase of 4% for Mark Satchel from 1 April 2026 in line with the average increase for the wider workforce. Full details of the 2025 STI and 2023 LTI outcomes, as well as the awards and salaries for 2026, are set out in the Report. Progress against certain key diversity targets, which formed part of the STI performance assessment, remains challenged. The proportion of female and ethnically diverse colleagues in senior roles stood at 39% and 7% respectively at the end of 2025, compared to 41% and 6% in the prior year. This was driven by small changes inthe incumbent population. For 2025, we have also reported a mean gender pay gap of 29% and a mean gender bonus gap of 63%, both higher than the gaps in 2024. Whilst progress against these measures is not expected to be linear, actions tosharpen delivery of the Inclusion and Diversity Action Plan will be a priority for 2026. Pleasingly, colleague engagement remains strong and ended the year at a record high of 8.2/10. I would like to thank shareholders for their ongoing support and constructive engagement on remuneration matters. It was particularly pleasing to receive over 95% of votes in favour of the 2025 Directors’ Remuneration Policy (the “Policy”) at the 2025 AGM. Chris Hill Chair Committee membership and attendance Scheduled meetings Ad hoc meetings Chris Hill (Chair) 1 6/6 2/2 Neeta Atkar CBE 2 6/6 2/2 Ruth Markland 6/6 2/2 Alison Morris 6/6 2/2 1 Appointed as Chair with effect from 1 October 2025. 2 Stepped down as Chair with effect from 30 September 2025 but remains a member of the Committee. #### Chris Hill #### Chair 82 Quilter plc Annual Report 2025 ![]() #### Board Remuneration Committee Report continued #### Committee responsibilities – Sets the overarching principles and parameters of remuneration policy across Quilter. – Considers and approves remuneration arrangements for Executive Directors, senior executives and the Company Chair. – Considers the impact of risk matters on remuneration. – Approves individual remuneration awards. – Agrees changes to senior executive incentive plans. #### Committee governance The Committee currently comprises three independent Non-executive Directors and the Chair of the Board, who was independent on appointment. Details of the skills and experience of the Committee members can be found in their biographies on pages 53 to 55. #### Committee Performance Review As part of the 2025 Board Performance Review, the Board has assessed that the Committee membership isappropriate in providing challenge and oversight and that the Committee is operating effectively. #### Discharging our responsibilities The Committee reviewed its activities over the previous 12 months against its Terms of Reference and confirmed that it had fully discharged its responsibilities in line with its remit. The Terms of Reference are available at plc.quilter.com. #### Attendance The Chief Executive Officer, Chief Financial Officer, Human Resources Director, Reward Director and the Committee’s independent remuneration adviser regularly attend Committee meetings, except when it would not be appropriate for them to do so. Attendees do not take part in decisions relating to their own remuneration and potential conflicts are suitably mitigated. #### At a glance #### Considerations for the year ahead Following shareholder approval of the Policy at the 2025 AGM, the Committee remains focused on the implementation of the Policy in 2026 to ensure it continues to appropriately motivate, retain and reward the Executive Directors for delivery of the Company’s strategy. The metrics for the 2026 STI and the metrics and targets for the 2026 LTI are set out on page 104. The targets for the STI will be disclosed retrospectively in next year’s report in line with normal practice. Looking further ahead, the Committee will continue to reflect on the structure of executive remuneration and whether the overall remuneration structure and opportunity for our Executive Directors remains appropriate to support the Company’s strategy. The Committee will keep this under review over the coming year, and to the extent any changes to the Policy are envisaged ahead of the triennial cycle, we will consult with shareholders as appropriate. Committee activity 2025 2024 Discretionary and all-employee remuneration schemes Risk and governance Specific remuneration arrangements Group Remuneration Policy 36% 26% 31% 7% 2025 40% 19% 28% 13% 2024 Committee activityCommittee gender diversity 25% 75% Female Male Strategic Report Other information 83 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Key areas of Committee focus #### Board Remuneration Committee Report continued The table below gives an overview of the Committee’s work during the year, including its consideration of significant issues relating to the financial statements, and key outcomes. #### Summary of discussions and activity Outcomes #### Group #### Remuneration #### Policy Remuneration Policy implementation The current Policy, which was approved by shareholders at the 2025 AGM, is considered to have operated as intended in 2025 and been effective in incentivising and rewarding the Executive Directors for executing the Company’s strategy in the interests of all stakeholders. The Policy was largely anevolution of the 2022 Policy, with minor changes in application aimed at simplifying the STI and LTI scorecards to ensure the metrics and weightings appropriately align with, and reinforce delivery of, the next phase of the Company’s strategy. Full detail of the Policy is set out in the 2024 Report. – The Policy was approved bymore than 95% of shareholders at the 2025 AGM and implemented in 2025 as set out in the 2024 Report. #### Discretionary and all- #### employee #### remuneration #### schemes Key performance highlights – Adjusted profit was £207 million for 2025, up 6% on £196 million in 2024, with an operating margin of 30%, up one percentage point on 2024. – Core net inflows of £9.1 billion, equal to 8% of opening AuMA were up materially on the prior year result of £5.2 billion (5% of opening AuMA), reflecting the business’s continued flow momentum and market share gains in the Affluent IFA channel where strong inflows into the market-leading WealthSelect MPS range continued, with assets surpassing £25 billion at the end of 2025, up from £18 billion in the prior year. – The business concluded Phase Two of its Business Simplification programme in 2025, delivering £52 million of run-rate savings against a Phase Two target of £50 million, bringing the total run-rate savings realised by the programme since 2022 to £97 million, supporting a material improvement inoperating margin from 22% to 30% over the same period. – The Company maintained and sharpened its focus on customer excellence in 2025, which was upweighted in the STI scorecard from 10% to 20%. Thebusiness achieved net promoter scores of 60 and 71 over the year in its Affluent and High Net Worth segments and achieved Trustpilot scores of 4.5 and 4.7 respectively, all of which compare favourably to peers and industry standards. It continues to embed and mature its broader suite ofcustomer reporting that underpins the principles of the Consumer Duty, with both segments reporting positively against the customer KPIs. – Good progress was made in key aspects of strategy execution as the Company built on its strong operating momentum, including the Quilter brand campaign in Q4, which received positive reviews and strong customer engagement, continued delivery of the Strategic Adviser Transformation and Wealth Management Transformation programmes, the execution of multiple complementary acquisitions and the development of AI capabilities. Short-term incentive outcome The adjusted profit outcome of £207 million was significantly ahead of the STI target of £194m, generating an outcome of 67% of maximum for STIpurposes, whilst core net inflows of 8% of opening AuMA exceeded the maximum target of 6% for STI purposes. The Committee was satisfied that amaximum outcome for the net flows metric was justified, reflecting the performance achieved, which was well ahead of market expectation at the start of the year when the targets were set. The aggregate outcome for both Executive Directors for the financial element of the STI scorecard, which accounts for 60% of the total scorecard, was 81% of maximum. Overall performance against the customer and personal elements of the scorecard, which each account for 20%, was assessed to be strong and at asimilar level to that of the prior year. The customer score, which reflects a combination of operational, risk, service and satisfaction KPIs, as well as anassessment of strategic customer progress, was 86% of maximum. The personal scores for Steven Levin and Mark Satchel, which reflect a holistic assessment of individual performance against the key personal objectives, strategy execution and responsible leadership, were 90% of maximum forSteven Levin and 85% of maximum for Mark Satchel. The aggregate outcome for the non-financial measures, which account for 40% of the total scorecard, was 88% of maximum for Steven Levin and 86% of maximum for Mark Satchel. Overall, this resulted in STI outcomes of 83% of maximum for both Executive Directors. Full details of the STI awards are set out on pages 93 to 96 of the Report. The Committee considered these outcomes to be reflective of the strong performance of the business and personal performance of both Executive Directors during the year. – A strong set of financial results and strategic progress informed the Committee’s assessment of performance and decision-making in respect of 2025 incentive outcomes. – The Committee approved STIoutcomes of 83% of maximum for both Executive Directors, compared to outcomes of 77% for the Chief Executive Officer and 74% for the Chief Financial Officer in the prior year. – The Committee was satisfied that these outcomes were reflective of underlying performance and appropriately aligned performance and reward forthe Executive Directors. 84 Quilter plc Annual Report 2025 ![]() #### Key areas of Committee focus #### Board Remuneration Committee Report continued #### Summary of discussions and activity Outcomes #### Discretionary and all- #### employee #### remuneration #### schemes #### (continued) Long-term incentive outcome The 2023 LTI award for the three-year performance period that ended on 31 December 2025 was weighted 40% on cumulative EPS, 25% on TSR relative to the FTSE 250 excluding investment trusts, 25% on the operating margin achieved in 2025, 7.5% on the Company’s 2025 score against the Principles for Responsible Investment Framework and 2.5% on the Company’s 2025 Scope 1 and 2 emissions. The business exceeded the maximum target across four out of the five metrics, including earnings growth, relative TSR, operating margin and operational emissions. Overall, this resulted in an LTI outcome of 97.4% of maximum for both Executive Directors. The Committee considered whether an outcome close to maximum was justified by underlying performance and whether any adjustments were required at vesting for the consideration of risk and/or windfall gains. The Committee noted that ithad proactively applied a windfall gains adjustment to the awards when they were granted – a reduction in award value equal to 23 percentage points of salary – in consideration of the absolute and relative fall in the Company’s share price at the time compared to the prior LTI grant. After careful consideration, it concluded that no further discretionary adjustment was required to the formulaic outcome and that it appropriately aligned management and shareholder experience over the period, reflecting the strong business performance achieved through management actions, including disciplined expense management, improved flow performance and significant market share gains. The awards will vest on 3 April 2026, with the net vested shares subject to a minimum two-year post-vesting holding period and subject to clawback during that period. Full details of the 2023 LTI outcome, the 2025 LTI award granted during the year, and the 2026 LTI award the Committee intends to grant are set out on pages 96 to 97 and 104 ofthe Report. Wider workforce The Committee reviewed key aspects of the pay and conditions for the wider employee base regularly throughout 2025. This included a detailed assessment of the overall package construct and benefits offering for employees to ensure they continue to meet the evolving needs of a multigenerational workforce, updates to the Company’s job architecture and approach to pay transparency, the workplace pension scheme and performance of the default fund, participation in the Quilter Save As You Earn scheme, the design and operation of incentive schemes across the Group, and updates to the performance management, recognition and reward framework toreinforce the Company’s desired culture. The Committee also considered employee sentiment on reward and broader organisational matters from data from the Company’s engagement survey and insights from the Workforce Engagement Director, (the current Chair of the Committee). The Committee approved a salary increase budget for the workforce of 4% for 2026. – The Committee approved anLTI outcome of 97% for both Executive Directors. – The Committee was satisfied that the LTI outcome was aligned with underlying performance and theshareholder experience over the period and decided that no adjustments were required at vesting, noting that it had applied a windfall gains adjustment of 23% of base salary when the awards weregranted. #### Specific #### remuneration #### arrangements Fixed remuneration During the year, the Committee undertook a review of the salary positioning of the Chief Executive Officer. Since Steven Levin stepped into the role, he has overseen aremarkable strengthening of the business, having refined Quilter’s strategy and sharpened execution against strategic priorities toimprove performance. Under his leadership, the business has achieved a number of milestones, including significant growth in market share, a substantial increase in the share price of more than 80% over his tenure, total Business Simplification savings of £97 million, and an increase in the operating margin from 22% in 2022 to 30% in 2025. In light of these achievements, the Committee was mindful of the need to recognise Steven’s performance, role progression and his increased market experience in the Chief Executive Officer role given the discounted nature of his original package on appointment. The Committee undertook a thorough assessment of market relativity, including comparisons to Chief Executive Officer remuneration levels at other listed wealth and asset management businesses and more general FTSE 250 Financial Services businesses. The peer businesses that the Committee looked at included Aberdeen, AJ Bell, Rathbones, IntegraFin, Hargreaves Lansdown (pre-delisting), St. James’s Place, M&G and Schroders. In addition to market data, the Committee also reflected on the following other factors to calibrate their proposed level of salary increase: – Steven’s salary was conservatively positioned at a 15% discount to his predecessor at the time of appointment in November 2022 to recognise it washis first public- listed Chief Executive Officer role. The Committee believes that his salary level should now reflect the additional market and role experience he has gained from the strategic execution and strong performance of the business under his leadership over the last three years, and thatit is therefore appropriate to unwind the discount initially applied on appointment. – The proposed salary level of £750,000 would be below the salary level that would have been earned by his predecessor if he were still the incumbent ChiefExecutive Officer, assuming a market-typical level of salary growth (3% per annum would imply a salary level of £760,000 in 2026). – In consideration of Company performance, the discount to his predecessor, and market positioning, the Committee felt it was appropriate to apply the increase in full in 2026 rather than on a phasedbasis. – The Committee expects any future base salary increases to revert to more normal levels aligned with the wider workforce. Strategic Report Other information 85 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Summary of discussions and activity Outcomes #### Specific #### remuneration #### arrangements #### (continued) Guided by those factors, the Committee approved an exceptional one-off increase of 20% to Steven Levin’s base salary from £625,000 to £750,000 witheffect from 1April 2026. The increase brings Steven’s fixed pay and total remuneration opportunity more in line with peer company benchmarks. Recognising the peers included some larger businesses, the adjustment brings the total target package closer to market but remains positioned between median and lower quartile on a target and maximum basis. Against the FTSE 250 Financial Services benchmarks, where Quilter is above upper quartile in terms of market capitalisation, the adjustment positions target and maximum pay between median and upper quartile. In recognition that the increase for Steven Levin is significantly more than the Committee would normally apply and is higher than the average for the wider workforce, the Committee engaged shareholders to explain the rationale prior to finalising its decision. The Company’s largest shareholders, whocollectively owned approximately two-thirds of Quilter shares at the time of engagement, were approached on this matter. Those engaged were supportive of the proposed adjustment. For the Chief Financial Officer, the Committee agreed an increase of 4% to Mark Satchel’s base salary from £486,500 to £506,000 with effect from 1 April 2026. Theincrease for Mark Satchel was consistent with the average increase for other employees. A review of Non-executive Director and Chair fees was also undertaken by non-conflicted members of the Board in consideration of prevailing market data and the Directors’ responsibilities and time commitment under the Group’s governance structure. An increase to the fees was approved from 1 January 2026 as detailed on pages 104 to 105 of the Report. #### Responsible #### leadership Inclusion, diversity and culture As at 31 December 2025, the proportion of females in our senior management population had fallen by two percentage points from the prior year to39%, which marginally fell short of the 2025 target of 40% in the Company’s Inclusion and Diversity Action Plan. Ethnically diverse representation inthe same population was 7%, up by one percentage point from the prior year, as the Company builds towards a 2027 target of 13%. For 2025, we have reported a mean gender pay gap of 29%, two percentage points higher than the prior year, and a median pay gap of 31%, up one percentage point on 2024. Our mean gender bonus gap was 63%, up from 55% in the prior year, and the median bonus gap also increased from 45% to50%. The Company voluntarily reports its ethnicity pay gaps on the same basis as gender pay gap reporting. The mean and median ethnicity pay gaps for 2025 were 19% and 11%, compared to 18% and 15% in 2024 respectively. The mean and median ethnicity bonus gaps were 56% and 42%, compared to 47% and 38% in the prior year. Whilst the long-term trend for Quilter’s gender and ethnicity pay gaps is a narrowing since pay gap reporting began, the increases for 2025 reflect changes in the underlying population, coupled with strong variable pay outcomes exacerbating the over-representation of males and non-ethnically diverse colleagues in highly paid, revenue generating roles. These are systemic challenges for the industry and through our Inclusion and Diversity Action Plan we aim to move toward proportional representation over the long term, which will contribute to lowering our pay gaps further. Colleague engagement remained positive throughout 2025, ending the year at 8.2/10, a small improvement on the prior year score of 8.0 and ahead ofboth the Company’s internal target and external Financial Services benchmark. More details on Quilter’s inclusion and diversity and broader People agenda are set out in the Ourpeople section on pages 20 to 25. – The Committee recognised the Company’s progress against diversity and culture targets within the personal element of the STI scorecard, which reflects performance in the round against key strategic priorities, riskmanagement effectiveness and inclusive leadership. Application of #### malus As set out on page 101, in consideration of the Ongoing Advice Review, the Committee suspended vesting of the previous Chief Executive Officer’s (Paul Feeney’s) share awards that were originally due to vest in March/April 2025 until the Skilled Person Review had concluded and its findings had been fully considered. After careful consideration, the Committee decided that a proportionate downward adjustment should be applied to Paul Feeney’s deferred STI awards to provide alignment between past and present management on the impact of this matter. This was not a targeted individual adjustment and the Skilled Person Report did not identify individual culpability. The Committee’s intention was to ensure fairness and parity and to treat Paul Feeney in the same manner as his peers, noting the historical nature of the issue, his prior position as Chief Executive Officer and the adjustment applied to the current serving Executive Directors. The downward adjustment was determined on the same basis as the 2024 STI outcomes for the current Executive Directors, for which, as detailed in the 2024 Report, the outcome of the profit metric was reduced from 83% of maximum to an on-target result of 50% of maximum. Applying the same methodology to Paul Feeney resulted in a downward adjustment of £155.2k to the value of his unvested deferred awards. In line with the UK Corporate Governance Code 2024 requirements, the Committee confirms that there was no further application of malus and clawback provisions in the reporting period. – The Committee decided to apply malus to the former Chief Executive Officer’s share awards on a consistent basis with the adjustment applied to the current Executive Directors’ 2024 STI outcomes in consideration ofthe impact of the Ongoing Advice Review. #### Board Remuneration Committee Report continued #### Key areas of Committee focus 86 Quilter plc Annual Report 2025 ![]() #### At a glance – 2025 remuneration 3-year cumulative adjusted EPS 31.0p 2024: 27.9p Total shareholder return ranking #### 95th percentile 2024: 73rd percentile Operating margin 30% 2024: 29% Principles for Responsible Investment score #### 16.3 stars 2024: 15.2 stars Scope 1 and 2 emissions #### 980 tCO 2 e 2024: 1,062 tCO 2 e #### Key performance #### indicators Annual salary review (April 2025) 3% 2024: 4% Company pension contribution 10% 2024: 10% Flexible benefits utilisation rate 56% 2024: 58% SAYE new plan uptake 32% 2024: 21% SAYE 2022 3-year Maturity (gain) 40% Average gain at exercise on option price of 117p 2024: 10% average gain SAYE average saving (across allplans) £266 #### per month 2024: £259 per month SAYE participation (across all plans) 48% 2024: 41% SAYE maximum savers (£500 per month across all plans) 31% 2024: 28% Vesting outcome 97.4% of maximum 2024: 61.0% of maximum Adjusted profit £207m 2024: £196m Core net flows £9.1bn 2024: £5.2bn Core net flows as percentage of AuMA 8% 2024: 5% #### Short-term incentive #### Long-term incentive #### Wider workforceSingle figure Salary Benefits Pension STI LTI Minimum required Owned shares Unvested shares Additional shares subject to performance conditions Actual qualifying shareholding (as at 31 December 2025) Steven Levin £1,031,000 83% of max (167% of salary) 2024: 77% of max (154% of salary) Mark Satchel £797,000 83% of max (165% of salary) 2024: 74% of max (148% of salary) #### Short-term incentive Cumulative EPS (40%) Relative TSR (25%) Threshold 19.0p Max 28.0p Threshold 50th Pctl Max 75th pctl Operating margin (25%) Result 95th pctl Result 30% Result 16.3 stars Result 980tCO 2 e Result 31.0p Responsible inv. (7.5%) Scope 1&2 emiss. (2.5%) Threshold 1,800 tCO 2 e Max 1,450 tCO 2 e Threshold 23% Threshold 12.0 Stars Max 27% Max 20.0 stars #### Shareholding #### Long-term incentive Steven Levin £4,154.7k 2024: £1,888.7k £3,337.2k 2024: £1,947.5k Mark Satchel Adjusted profit (35%) Customer (20%) Net flows/AuMA (25%) Threshold £155m Threshold 2% Threshold 25% Target 50% Target £194m Target 4% Max £233m Max 6% Result 8% Max 100% Max 100% Result 86% Result £207m Threshold 25% Target 50% Steven Levin 90% Mark Satchel 85% Personal (20%) Steven Levin Mark Satchel 370% of salary 300% of salary 766% of salary Strategic Report Other information 87 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() The current Policy was approved by shareholders at the 2025 AGM and can be found in full in the 2024 Report. The following pages provide a summary of the key elements of the Policy. The Policy is intended to be clear, simple and aligned to the Company’s strategy and culture. It aims to provide proportionate reward to the Executive Directors for the delivery of superior business performance, achieved within risk appetite. Remuneration elements for Executive Directors The following pages outline the key components of Executive Director remuneration arrangements, subject to shareholder approval. #### Elements Purpose and link to strategy Operation and performance Maximum opportunity #### Fixed pay #### Base #### salary To attract and retain Executive Directors with the calibre, personal skills and attributes to develop, lead and execute the Company’s strategy. Base salaries are normally paid in equal monthly instalments during the year and reviewed annually with increases usually effective 1 April. In reviewing base salaries, the Committee takes into account a number of factors and considers the direct and indirect impact of any base salary increases on total remuneration. There are no prescribed maximum salary levels but any salary increases will normally be in line with percentage increases across the wider workforce except in specific circumstances where an exceptional increase may be justified. #### Benefits To aid the attraction and retention of top talent with a total package that is market competitive. The benefits currently provided to Executive Directors are in line with other Quilter employees and include: – private medical insurance; – life assurance; and – income protection. Executive Directors are also eligible to participate in the UK all-employee share plans on the same terms as other employees, including the Company’s Share Incentive Plan and Sharesave Plan. In line with other employees, there isno maximum monetary level for benefits as this is dependent on the individual’s circumstances, market practice and the cost to the Company. #### Pension To provide a market-competitive contribution towards retirement that helps to attract and retain top talent. Executive Directors are eligible to receive employer contributions to the Company’s pension plan (which is a defined contribution plan) or a cash allowance in lieu of pension contributions, or a combination. Contributions and/or a cash alternative are paid monthly. The level of pension funding for Executive Directors is consistent with the wider workforce. This is currently 10% of base salary. #### Short-term #### incentive To align remuneration with performance against financial and non-financial targets and personal goals, within the Group’s risk appetite and taking into consideration the Company’s culture and values, on an annual basis. The STI plan uses a balanced scorecard of financial and non-financial performance measures, which are aligned with the key strategic priorities of the business and designed to deliver sustainable shareholder value. The metrics, weightings and targets are reviewed and set annually by the Committee taking into account business plans, market conditions and the Company’s risk appetite. The majority of any annual bonus is subject to financial performance, with no less than 50% of the scorecard weighted to financial metrics. Pay-out levels are determined by the Committee following the year end based on performance against the targets and objectives. The pay-out level for threshold performance is set at 25% of maximum, on-target performance is set at 50% of maximum and maximum is set at 100%. When determining the performance outcomes, the Committee, in conjunction with the Board Risk Committee, will consider the nature and incidence of material risk events and risk issues against the Company’s risk appetite, as well as an overall assessment of risk culture and risk management effectiveness. The Committee will apply collective and/or individual risk-based adjustments to outcomes where necessary to ensure that all risk factors are appropriately reflected. At least 50% of any STI award is normally deferred in the form of conditional awards under the Quilter plc Share Reward Plan, which vests annually in equal annual instalments over a three-year period subject to the rules of the Share Reward Plan. If required by regulation, deferral levels, vesting periods and/or holding periods may be amended from time to time to ensure ongoing compliance with regulatory requirements. Malus and clawback provisions apply to both the up-front cash and deferred share portions of STI awards as described in further detail on page 87 of the 2024 Annual Report and Accounts. The maximum STI opportunity is 200% of base salary. #### Directors’ Remuneration Policy (summary) 88 Quilter plc Annual Report 2025 ![]() #### Directors’ Remuneration Policy (summary) continued #### Elements Purpose and link to strategy Operation and performance Maximum opportunity #### Long-term #### incentive To incentivise and reward Executive Directors for achieving superior long-term business performance that creates shareholder value and maximises sustainable shareholder returns. The LTI plan uses a balanced scorecard of performance measures, the majority of which will be financial measures, and is designed to align with the business’s strategic priorities, deliver sustainable returns to shareholders and promote the long-term, sustainable success of the Company for the benefit of all stakeholders. The metrics, weightings and targets for each LTI award are reviewed and set by the Committee at the start of the performance period taking into account business plans, market conditions and the Company’s risk appetite, and are disclosed prospectively in the Report each year. The majority of any LTI award is subject to financial performance, with no less than 75% of the scorecard weighted to financial metrics. For each performance measure, a threshold target and maximum target is set. At threshold, 25% of the applicable portion of the award vests, rising on a straight-line basis to 100% for attainment of levels of performance between threshold and maximum. When determining the performance outcomes, the Committee, in conjunction with the Board Risk Committee, will consider the nature and incidence of material risk events and risk issues against the Company’s risk appetite, as well asan overall assessment of risk culture and risk management effectiveness. The Committee has discretion to apply risk-based adjustments as necessary, reducing award outcomes to nil if required, to ensure that all risk factors are appropriately reflected. LTI awards are made under the Quilter plc Performance Share Plan. Awards are normally granted annually in the form of nil cost options and normally vest after three years subject to the achievement of performance conditions and continued employment and are subject to a minimum post-vesting holding period of two years. Malus and clawback provisions apply to LTI awards as described in further detail on page 87 of the 2024 Annual Report and Accounts. The maximum LTI opportunity is 200% of base salary at the time ofgrant. #### Shareholding #### requirements To align Executive Directors’ interests with those of shareholders. Executive Directors are required to build up and maintain a shareholding in the Company with a net-of-tax value at least equal to 300% of gross-of-tax base salary. Executive Directors are expected to meet the requirement within five years of appointment. Vested and unvested (net of tax) awards under the Quilter plc Share Reward Plan that are not subject to performance conditions are included in the calculation of an Executive Director’s shareholding for this purpose. Vested awards under the Quilter plc Performance Share Plan that remain subject to a holding period but are no longer subject to performance conditions are also included (net of tax). Executive Directors are also required to hold shares for at least two years following cessation of their appointment. There is no upper limit to the shareholding an Executive Director may accumulate. Strategic Report Other information 89 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Directors’ Remuneration Policy (summary) continued #### Executive Director service agreements All Executive Directors enter into service agreements with the Company. The service agreements are of indefinite duration, subject to termination by either party giving not less than six months’ notice. Service contracts are available for inspection at the Company’s registered office. Executive Director Notice period Steven Levin 6 months Mark Satchel 6 months #### Termination of office policy If the employment of an Executive Director is terminated, any compensation payable will be determined by reference to the terms of the service agreement in force at the time. As variable pay awards are not contractual, treatment of these awards is determined by the relevant plan rules. Bad leavers are not entitled to any payment. The Committee may structure any compensation payments beyond the contractual notice provisions in the contract in such a way as it deems appropriate as set out in the table below and taking into account the best interests of the Company. Policy element Details Notice Normally six months’ notice. – In certain cases, Executive Directors will not be required to work their notice period and may be put on garden leave or granted pay in lieu of all or part of their notice period (“PILON”). PILON may be paid monthly or in a lump sum, depending on circumstances. – Holiday does not accrue when PILON is paid. During a period of garden leave, holiday that has accrued is deemed to have been taken during the garden leave. – Executive Directors will be subject to annual re-election at the AGM. Treatment of annual incentive awards Annual incentive awards will be made to good leavers (see below) based on an overall assessment of corporate and personal performance and (normally) pro-rated for the period worked in the performance year of termination. – Delivered in line with normal Policy and timeline, including the application of deferral into shares. Treatment of unvested LTI and deferred annual incentive share awards All awards lapse except for good leavers (see below). – LTI awards continue to the normal vesting date for good leavers 1 unless (exceptionally) the Committee applies discretion to accelerate the vesting to the termination date. In each case, the number of shares released shall be based on the achievement of performance conditions over the performance period (or curtailed performance period, if applicable). The number of shares that vest would typically be calculated on a pro-rata basis, based on time served during the vesting period. – Deferred annual incentive share awards for good leavers 1 continue to the normal vesting date unless the Committee applies discretion to accelerate the vesting to the termination date. – Any post-vesting retention periods on share awards for good leavers continue to apply as normal. Compensation for loss of office Settlement agreements may provide for, as appropriate: – Terms are subject to the signing of a settlement agreement. – Incidental costs related to the termination, such as legal fees for advice on the settlement agreement. – Provision of outplacement services. – Payment in lieu of accrued, but untaken, holiday entitlement. – Exit payments in relation to any legal obligation or damages arising from such obligation. – Settlement of any claim arising from the termination. – Continuation or payment in lieu of other incidental benefits. – In the case of redundancy, in line with the Company operated enhanced redundancy policy. 1 Subject to further adjustments which may be applied to discretionary good leavers. An Executive Director will be treated as a good leaver under certain circumstances such as death, illness, injury, disability, redundancy, retirement, their employing company ceasing to be a Group company or any other circumstances at the discretion of the Committee. 90 Quilter plc Annual Report 2025 ![]() #### Non-executive Directors The following table sets out the key elements of the Policy for Non-executive Directors: #### Fee approach and link to #### strategy Fees for the Chair and Non-executive Directors are set at an appropriate level to attract individuals of the highest calibre with relevant commercial and other experience to develop, monitor and oversee the Group’s strategy. Fee levels take into account: – the time commitment required to fulfil the role; – the duties and responsibilities associated with the role; and – external fee reference points and typical practice from relevant FTSE and other comparable competitor organisations. #### Fee operation The Chair receives an all-inclusive annual fee which is reviewed periodically by the Committee. All other Non-executive Directors receive a basic annual fee. Additional fees are also payable to reflect the extra responsibilities and additional time commitment required from Non-executive Directors for chairmanship or membership of Board Committees and subsidiary boards and committees. Such additional fees may be payable to: – the Senior Independent Director; – the Chairs of the Board Audit, Risk, Remuneration and Corporate Governance and Nominations Committees 1 ; and – other members of the Board Audit, Risk, Remuneration 2 and Corporate Governance and Nominations Committees. Fee levels for the Non-executive Directors are reviewed periodically by the Chair and Executive Directors. No individual may participate in the approval of his or her own fees. Details of current fees are set out in the Report. #### Appointment #### term All Non-executive Directors have a letter of appointment with the Company for an initial period of three years. Non-executive Directors are typically expected to serve two three-year terms but may be invited by the Board to serve for an additional period. All Non-executive Directors are subject to annual re-election at the Company’s AGM. Appointments may be terminated with three months’ notice. Non-executive Directors are not entitled to any compensation on termination, other than accrued fees and expenses. The letters of appointment are available for inspection at the Company’s registered office. 1 The Board Corporate Governance and Nominations Committee is chaired by the Chair, who receives an all-inclusive annual fee. 2 The Chair is a member of the Board Remuneration Committee, and receives an all-inclusive annual fee. #### Directors’ Remuneration Policy (summary) continued Strategic Report Other information 91 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() The Report sets out how the Policy was applied for 2025 and how the Committee intends to apply the Policy going forward. An advisory shareholder resolution to approve this Report will be proposed at the 2026 AGM. The table below sets out the single figure of remuneration for the full financial year 2025 together with 2024 comparator figures. Audited Base £’000 Benefits £’000 Pension 1 £’000 Total Fixed £’000 STI £’000 LTI 2 £’000 Total Variable £’000 Total Reward £’000Executive Director 2025 Steven Levin 617.5 9.9 61.8 689.1 1,031.0 2,434.6 3,465.6 4,154.7 Mark Satchel 483.0 8.3 48.3 539.6 797.0 2,000.6 2,797.6 3,337.2 2024 Steven Levin 590.0 9.2 59.0 658.2 911.0 319.5 1,230.5 1,888.7 Mark Satchel 472.5 7.8 47.3 527.6 701.0 718.9 1,419.9 1,947.5 1 Pension includes contributions made under the Group defined contribution pension scheme plus amounts received as a pension allowance. 2 LTI is a vesting value determined as a result of the achievement of performance conditions for the 2023 LTI award, the performance period for which ended on 31 December 2025 (see page 97 for further details). The value of the 2023 LTI is calculated using the average share price over the final three-month period of the year ending 31 December 2025, which was £1.7951. The actual vesting date is 3 April 2026 and the actual value will be reflected in next year’s Report. This figure includes share dividend equivalents of £318.1k for Steven Levin and £261.4k for Mark Satchel as at 31 December 2025. The amount of this figure attributable to share price appreciation is valued at £1,234.1k for Steven Levin and £1,014.1k for Mark Satchel as at 31 December 2025. The vested value of the 2022 LTI, shown in the 2024 outcomes, has been updated to reflect the share price on the actual vesting date, 27 March 2025, which was £1.564. #### Audited Content within an “Audited” tab indicates that all the information is audited. #### Components of the single figure #### Base salary The Committee agreed for Steven Levin to receive a 5% base salary increase and for Mark Satchel to receive a 3% base salary increase with effect from 1 April 2025. The average increase for the wider workforce applied on the same review date was 3%. Audited Annual base salary as at 1 April 2024 £’000 Annual base salary at 1 April 2025 £’000 Total base salary received in 2025 £’000Executive Director Steven Levin 595.0 625.0 617.5 Mark Satchel 472.5 486.5 483.0 #### Benefits Benefits include life assurance, private medical cover and income protection. Audited Life assurance £’000 Medical £’000 Income protection £’000 Total benefits received £’000Name 2025 Steven Levin 3.8 2.6 3.5 9.9 Mark Satchel 2.9 2.6 2.7 8.3 2024 Steven Levin 3.4 2.1 3.7 9.2 Mark Satchel 2.7 2.1 3.0 7.8 #### Annual Report on Remuneration 92 Quilter plc Annual Report 2025 ![]() #### Pension Pension includes contributions made under the Group defined contribution pension scheme and/or amounts received as cash in lieu of pension contributions due to the impact of HMRC limits. The pension provisions of Executive Director appointments are aligned to the pension arrangements of the wider workforce, which is currently set at 10% of base salary. Audited Cash in lieu of pension contribution £’000 Contribution to pension scheme £’000 Total contribution £’000Name 2025 Steven Levin 51.8 10.0 61.8 Mark Satchel 38.3 10.0 48.3 2024 Steven Levin 49.0 10.0 59.0 Mark Satchel 37.3 10.0 47.3 #### 2025 STI awards For the purpose of determining the 2025 STI outcome, the Committee assessed the performance of the business and the individuals by reference to a balanced scorecard of adjusted profit (35%), net inflows as a percentage of opening AuMA (25%), customer (20%) and strategic personal performance (20%) objectives in line with the Policy. Each Executive Director had a maximum 2025 STI opportunity of 200%of base salary received during the year. The summary below reflects the Committee’s assessment of performance for the year ended 31 December 2025. #### Financial performance The basis of the profit measure for 2025 was adjusted profit, which was in line with the approach used inprior years. The Committee retained discretion to override the adjusted profit outcome if any costs recognised outside of adjusted profit exceeded Board approved budgets. The net inflow measure reflects the year’s core business gross inflows less gross outflows, divided by the opening AuMA as at1January 2025. Audited Weighting as % of total STI opportunity Threshold (25% of max) Target (50% of max) Maximum (100%) Outcome Outcome as % of max Group financial performance measures Adjusted profit before tax 35% £155m £194m £233m £207m 67% Net inflows as a percentage of openingAuMA 1 25% 2% 4% 6% 8% 100% 1 Reflects the core business only, excluding non-core assets in run-off related to legacy business disposals. Financial performance of the business was strong in 2025. Adjusted profit was 6% up on 2024, reflecting top-line revenue growth of 5% and continued expense discipline. Below-the-line business transformation costs were marginally below Board-approved budgets. The Committee concluded that aprovision release of £20 million for customer remediation costs in respect of the Ongoing Advice Review should not positively impact the STI outcome. In conclusion, the Committee decided that no override to the adjusted profit outcome was required. Core net inflows of £9.1 billion, equal to 8% of opening assets, were 75% higher than the prior year and achieved the maximum target. Inflows in the IFA channel remained especially strong, with Quilter leading the industry in gross and net advised platform flows for the second consecutive year. The High Net Worth segment also performed well, achieving net inflows of 2% of opening AuMA in a year many of its peers were in net outflow. The Committee was satisfied that a maximum outcome for the net inflows metric was justified, reflecting the performance achieved, which was well ahead of market expectation at the start of the year when the targets were set. #### Annual Report on Remuneration continued Strategic Report Other information 93 Quilter plc Annual Report 2025 Financial statementsGovernance Report ![]() #### Annual Report on Remuneration continued #### Customer performance Customer performance represented a maximum of 20% of the total STI opportunity. The Committee assessed performance against a balanced scorecard of quantitative and qualitative measures aligned tothe delivery of good customer outcomes. 50% of the customer scorecard is based on the Group’s average performance against a comprehensive suite of primary customer KPIs, with 30% of the scorecard based on quantitative engagement and satisfaction metrics, and 20% of the scorecard based on a qualitative ‘Delighting the Customer’ element. For the primary customer KPIs, 136 KPIs were assessed across both customer segments, with each KPI generating a red, amber or green rating. Each individual KPI is then categorised into an overarching customer theme, which align to the Principles of the Consumer Duty. The themes were Product Governance, Price and Value, Customer Advice, Customer Understanding, Customer Support – non- advised, Customer Support – contact, Customer support – service-level attainment, Customer support – vulnerable customers, Complaints and Root Cause, Foreseeable Harms, and Customer Culture. Target ranges are set for each theme based on the number of colour ratings required to generate different payout levels. In total, 21 theme categories were assessed across the Group. As set out below, overall performance was strong and almost half of the themes were rated “all green” based on their constituent KPIs and so corresponded with full payout, with performance against some themes straddled across two attainment levels and achieving a blended score. No theme categories received enough red ratings to correspond with below-threshold vesting. Threshold (25% of max) Target (50% of max) Exceeding (75% of max) Maximum (100%) 5 years | Total | | 31 December 2025 | £m | £m | £m | £m | | Investment contract liabilities 1 | 64,493 | – | – | 64,493 | | Third-party interests in consolidated funds | 9,393 | – | – | 9,393 | | Borrowings and lease liabilities 2 | 209 | 39 | 37 | 285 | | Trade, other payables and other liabilities 3 | 542 | 2 | – | 544 | | Derivative liabilities | 24 | – | – | 24 | | Total financial liabilities on an undiscounted basis | 74,661 | 41 | 37 | 74,739 | | | | | | | | --- | --- | --- | --- | --- | | | <1 year | 1–5 years | >5 years | Total | | 31 December 2024 | £m | £m | £m | £m | | Investment contract liabilities 1 | 51,758 | – | – | 51,758 | | Third-party interests in consolidated funds | 8,225 | – | – | 8,225 | | Borrowings and lease liabilities 2 | 208 | 38 | 45 | 291 | | Trade, other payables and other liabilities 3 | 399 | 1 | – | 400 | | Derivative liabilities | 53 | – | – | 53 | | Total financial liabilities on an undiscounted basis | 60,643 | 39 | 45 | 60,727 | 1 The linked assets are held to cover the liabilities for linked investment contracts. 2 The amounts represent gross, undiscounted contractual cash flows. 3 Values presented exclude non-financial liabilities. 38(e): Life underwriting risk 38(e)(i): Overview Life underwriting risk covers risks arising under products provided by Quilter’s life insurance firm, Quilter Life & Pensions Limited. These products do not meet the IFRS definition of insurance contracts. Life underwriting risk covers the risk of adverse experience of withdrawal, overrun in expenses or higher than expected mortality experience. The sensitivity of the Group’s earnings and capital position to life underwriting risks is monitored through the Group’s capital management processes. The Group manages its life underwriting risks through the following mechanisms: – Management of expense levels relative to approved budgets. – Analysis and monitoring of experience relative to the assumptions used to determine technical provisions. Persistency Persistency risk is the risk that the level of surrenders or withdrawals on products offered by Quilter Life & Pensions Limited occurs at levels that are different to the levels assumed in the determination of technical provisions. Persistency statistics are monitored monthly and a detailed persistency analysis at a product group level is carried out on an annual basis. Management actions may be triggered if persistency statistics indicate significant adverse movement or emerging trends in experience. Expenses Expense risk is the risk that actual expenses and expense inflation differ from the levels assumed in the determination of technical provisions. Expense levels are monitored on a quarterly basis against budgets and forecasts. Expense drivers are used to allocate expenses to entities and products. Some product structures include maintenance charges. These charges are reviewed annually in light of changes in maintenance expense levels and the market rate of inflation. This review may result in changes in charge levels. Mortality Mortality risk is not material as the Group does not provide material mortality insurance on its products. 38(e)(ii): Sensitivity analysis Sensitivity analysis has been performed by applying the following parameters to the financial statements for 2024 and 2025. Interest rate and equity and property price sensitivities are included within the Group market sensitivities above. Expenses The increase in expenses is assumed to apply to the costs associated with the maintenance and acquisition of contracts within the unit-linked business. It is assumed that these expenses are increased by 10% from the start of the year, so is applied as an expense shock rather than a gradual increase. The only administrative expenses that are deferrable are sales bonuses but as new business volumes are unchanged in this sensitivity, sales bonuses and the associated deferrals have not been increased. An increase in expenses of 10% would have decreased profit by £6 million after tax (2024: £5 million). #### Notes to the consolidated financial statements #### For the year ended 31 December 2025 #### 38: Capital and financial risk management continued 38(d): Liquidity risk continued 170 Quilter plc Annual Report 2025 ![]() 38(f): Operational risk Operational risk refers to the potential for loss resulting from inadequate or failed internal processes, systems, or external events. Such losses may adversely impact profitability. This category encompasses risks arising from operational processes and activities including the provision of services to customers and financial advisers. Key sources of operational risk include, but are not limited to: – Technology and information security: Failures in IT infrastructure, cybersecurity, and system development or maintenance. – Distribution and advice: Risks associated with the provision and oversight of financial advice and ongoing customer servicing. – Investment management: Errors in investment management, fund pricing, dealing, execution and settlement activities. – Human resources: Risks arising from people management and HR-related processes. – Product lifecycle management: Issues in product development, launch, and ongoing management. – Legal and contractual risks: Exposure due to inadequate legal agreements with third parties. – Change management: Poorly executed responses to regulatory or strategic change initiatives. – Third-party management: Risks associated with outsourced service providers and suppliers. – Financial crime and business continuity: Threats from fraud, cybercrime, and operational disruptions. In line with Group policies, management holds primary responsibility for identifying, assessing, managing, and monitoring operational risks. This includes escalating and reporting issues to Executive Management. Executive Management is accountable for implementing the Group Operational Risk Framework and for developing and executing action plans to maintain risk levels within acceptable tolerances and to address identified issues. #### 39: Fiduciary activities The Group provides custody, trustee, corporate administration and investment management and advisory services to external parties that involve the Group making allocation, purchase and sales decisions in relation to a wide range of financial instruments. Those assets that are held in a fiduciary capacity are not included in these financial statements. Some of these arrangements involve the Group accepting targets for benchmark levels of returns for the assets under the Group’s management and administration. These services give rise to the risk that the Group may be accused of misadministration or underperformance. Certain Quilter investment firms hold client money and other assets on behalf of customers and related activities are subject to the rules set out in the FCA’s Client Assets Sourcebook (“CASS”). The Group is not beneficially entitled to those assets and therefore neither the assets nor the related amounts due to customers are recognised in the Group’s statement of financial position. 40: Related party transactions In the normal course of business, the Group enters into transactions with related parties. Loans to related parties are conducted on an arm’s length basis and are not material to the Group’s results. There were no transactions with related parties during the current year or the prior year which had a material effect on the results or financial position of the Group. 40(a): Transactions with key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any Director (whether executive or otherwise) of Quilter plc. Details of the compensation paid to the Board of Directors as well as their shareholdings in the Company are disclosed in the Directors’ Remuneration Report. 40(a)(i): Key management personnel compensation | | | | | --- | --- | --- | | | 31 December | 31 December | | | 2025 | 2024 | | | £’000 | £’000 | | Salaries and other short-term employee benefits | 8,124 | 7,292 | | Post-employment benefits | 82 | 98 | | Share-based payments | 4,160 | 4,393 | | Termination benefits | 240 | 365 | | Total compensation of key management personnel | 12,606 | 12,148 | 40(a)(ii): Key management personnel transactions Key management personnel and members of their close family have undertaken transactions with the Group in the normal course of business. The Group’s products are available to all employees of the Group on preferential staff terms, the impact of which is immaterial to the Group’s financial statements. During 2025, key management personnel and their close family members contributed £2 million (2024: £1 million) to Group pensions and investments (in both internal and external funds). The total value of investments in Group pensions and investment products by key management personnel serving at any point during the year and their close family members was £12 million at the end of the year (2024: £13 million). As disclosed in the Directors’ Report, the Company maintains Directors’ and Officers’ Liability Insurance and third-party indemnity provisions are in place for the benefit of the Company’s Directors. 40(b): Associates During 2024 and 2025, IT services were provided to the Group by 360 Dot Net Limited, an associate of the Group. Three further associates, Digby Associates Limited, Beals Mortgage and Financial Services Limited, and its subsidiary, Clinton Kennard Associates Ltd, are Appointed Representatives of Authorised Firms within the Group. Transactions between the Group and its associates took place in the normal course of business and had no material impact on the Group’s financial statements. 40(c): Other related parties Details of the Group’s staff pension schemes are provided in note 34. Transactions between the Group and the Group’s staff pension schemes are made in the normal course of business. #### Notes to the consolidated financial statements #### For the year ended 31 December 2025 #### 38: Capital and financial risk management continued Strategic Report Governance Report Other information 171 Quilter plc Annual Report 2025 Financial statements ![]() #### 41: Parent Company guarantee audit exemption The below subsidiary undertakings will apply the parent guarantee audit exemption under section 479A of the Companies Act 2006 for the purposes of their reporting for the year ended 31 December 2025. Quilter plc issued the relevant guarantee in relation to the liabilities of these subsidiaries in February 2026. | | | | --- | --- | | | Company | | Company name | number | | Lighthouse Financial Advice Limited | 04795080 | | Quilter Cheviot Holdings Limited | 08257448 | | Quilter Financial Advisers Limited | 05693185 | | Quilter Financial Planning Solutions Limited | 03276760 | | Quilter Holdings Limited | 01606702 | | Quilter Mortgage Planning Limited | 05495327 | | Quilter Perimeter (GGP) Limited | 02019022 | | Quilter Perimeter Holdings Limited | 03087634 | | Quilter Perimeter Limited | 03456361 | | Quilter UK Holding Limited | 01752066 | | Quilter Wealth Limited | 04500273 | 42: Events after the reporting date Final Dividend Note 13 provides information on the Group’s Final Dividend in respect of 2025. Acquisition of ILTB Limited On 14 January 2026, the Group acquired 100% of the share capital of ILTB Limited for a total consideration of €16 million (equivalent of £14 million). €8 million (equivalent of £7 million) was paid on acquisition, and an estimated further €8 million (equivalent of £7 million) is deferred consideration payable in stages up to the third anniversary date post completion dependent on business performance. The consideration includes payment for control of the net assets of ILTB Limited of €2 million (equivalent of £2 million). Further disclosures have not been provided as the finalised transaction figures are not yet available. The Group expects to recognise goodwill and intangible assets from the acquisition date once the acquisition accounting is completed. ILTB Limited is an Irish investment advisory firm trading as GillenMarkets that provides advice for personal, pension and corporate customers. Capital Return On 4 March 2026, the Board approved a capital return of up to £100 million to the shareholders of Quilter plc in the form of a Share Buyback Programme (the “Programme”). The Programme has received regulatory approval from the Group’s lead supervisor, the Prudential Regulatory Authority, and this approval is effective from 4 March 2026. The Programme has also received approval from the South African Reserve Bank. The Programme will be conducted concurrently on the London and Johannesburg Stock Exchanges. The Programme is dependent on periodic Board review and the renewal of share purchase authorities at the 2026 Annual General Meeting. The Board review will ensure that the Programme remains the most effective and timely method of returning capital to shareholders and is expected to complete by the end of 2026. The Programme will reduce the Group’s IFRS net assets and UK Solvency II surplus on a regulatory basis by £100 million. Further information on the Group’s capital position on a regulatory basis is presented in note 38(a). The Financial review section of the Strategic Report includes the Group’s pro forma solvency position which allows for the reduction in capital that will result from the Programme. #### Notes to the consolidated financial statements #### For the year ended 31 December 2025 172 Quilter plc Annual Report 2025 ![]() #### Appendix A: Related undertakings The Companies Act 2006 requires disclosure of certain information about the Group’s related undertakings which is set out in this note. Related undertakings comprise subsidiaries, joint ventures, associates and other significant holdings. Significant holdings are where the Group either has a shareholding greater than or equal to 20% of the nominal value of any share class, or a book value greater than 20% of the company’s assets (or of the group’s net assets if the company prepares group accounts). The definition of a subsidiary undertaking in accordance with the Companies Act 2006 is different from the definition under IFRS. As a result, the related undertakings included within the list below may not be the same as the undertakings consolidated in the Group IFRS financial statements. Refer to accounting policies note 5(a) Group Accounting for further detail on the principles of consolidation. The Group’s related undertakings along with the country of incorporation, the registered address, theclasses of shares held and the effective percentage of equity owned at 31 December 2025 are disclosedbelow. Quilter plc is the ultimate parent of the Group. Company name Share class % Held United Kingdom Senator House, 85 Queen Victoria Street, London, EC4V 4AB Cheviot Capital (Nominees) Limited Ordinary 100 Lighthouse Advisory Services Limited Ordinary 100 Lighthouse Financial Advice Limited Ordinary 100 MediFintech Ltd Ordinary 100 Quilpep Nominees Limited Ordinary 100 Quilter Business Services Limited\* Ordinary 100 Quilter Cheviot Holdings Limited Ordinary 100 Quilter Cheviot Limited Ordinary 100 Quilter CoSec Services Limited\* Ordinary 100 Quilter Financial Advisers Limited Ordinary 100 Quilter Financial Limited Ordinary 100 Quilter Financial Planning Limited Ordinary 100 Quilter Financial Planning Solutions Limited Ordinary 100 Quilter Financial Services Limited Ordinary 100 Quilter Holdings Limited\* Ordinary 100 Quilter Investment Platform Limited Ordinary 100 Quilter Invest Limited (formerly NuWealth Ltd) Ordinary 100 Quilter Investment Platform Nominees Limited Ordinary 100 Company name Share class % Held Quilter Investors Limited\* Ordinary 100 Quilter Life & Pensions Limited Ordinary 100 Quilter Mortgage Planning Limited Ordinary 100 Quilter Nominees Limited Ordinary 100 Quilter Pension Trustees Limited Ordinary 100 Quilter Perimeter (GGP) Limited Ordinary 100 Quilter Perimeter Holdings Limited\* Ordinary 100 Quilter Perimeter Limited Ordinary 100 Quilter Private Client Advisers Limited Ordinary 100 Quilter UK Holding Limited Ordinary 100 Quilter Wealth Limited Ordinary 100 1 More London Place, London, SE1 2AF Blueprint Distribution Limited (dissolved – 4 February 2026) Ordinary 100 Blueprint Financial Services Limited (dissolved – 4 February 2026) Ordinary 100 Blueprint Organisation Limited (dissolved – 5 February 2026) Ordinary 100 Caerus Capital Group Limited (in liquidation – 7 March 2024) Ordinary 100 Caerus Holdings Limited (in liquidation – 7 March 2024) Ordinary 100 Charles Derby Group Limited (in liquidation – 02 Dec 2025) Ordinary 100 Charles Derby Wealth Management Limited (in liquidation – 2 Dec 2025) Ordinary 100 Falcon Financial Advice Limited (dissolved – 4 February 2026) Ordinary 100 IFA Services Holdings Company Limited (in liquidation – 13 October 2023)\* Ordinary A 95 Ordinary B 100 Lighthouse Corporate Services Limited (in liquidation – 2 Dec 2025) Ordinary 100 Lighthouse Group Limited (in liquidation – 2 Dec 2025) Ordinary 100 LighthouseWealth Limited (in liquidation – 2 Dec 2025) Ordinary 100 Violet No.2 Limited (dissolved – 4 February 2026) Ordinary 100 Atria One, 144 Morrison Street, Edinburgh, EH3 8EX Financial Services Advice & Support Limited (dissolved – 4 February 2026) Ordinary 100 \* Direct subsidiary undertakings of Quilter plc. #### Appendix #### For the year ended 31 December 2025 Strategic Report Governance Report Other information 173 Quilter plc Annual Report 2025 Financial statements ![]() Company name Share class % Held Ireland Hambleden House, 19-26 Lower Pembroke Street, Dublin 2, D02 WV96 Pembroke Quilter (Ireland) Nominees Limited Ordinary 100 Quilter Cheviot Europe Limited Ordinary 100 Isle of Man 33-37 Athol Street, Douglas, IM1 1LB Quilter Perimeter (IOM) Limited Ordinary 100 Third Floor, St George’s Court, Upper Church Street, Douglas, IM1 1EE Quilter Insurance Company Limited Ordinary 100 Guernsey 1 Royal Plaza, Royal Avenue, St Peter Port, GY1 2HL Quilter Cheviot PCC Limited Ordinary 100 Jersey 3rd Floor, Windward House, La Route de la Liberation, St Helier, JE1 1QJ C.I.P.M. Nominees Limited Ordinary 100 QGCI Nominees Limited Ordinary 100 Quilter Cheviot International Limited Ordinary 100 Germany Wiesenhüttenstraße 11, 60329 Frankfurt am Main Old Mutual Europe GmbH (in liquidation – 1 September 2022) Ordinary 100 Skandia Retail Europe Holding GmbH (in liquidation – 1 September 2022) Ordinary 100 United Kingdom – associates 12-14 Upper Marlborough Road, St Albans, Hertfordshire, AL1 3UR 360 Dot Net Limited Ordinary A 29.21 Unit 1 Fulcrum, 2 Solent Business Park, Whiteley, Fareham, Hampshire, PO15 7FN Beals Mortgage and Financial Services Limited Ordinary 35.0 Clinton Kennard Associates Ltd Ordinary 35.0 57 Queen Square, Bristol, England, BS1 4LF Digby Associates Limited Ordinary 30 The Quilter Foundation (registered charity no. 1175555) is an independent charity. The Quilter Foundation’s sole member, Quilter Holdings Limited appoints the trustees of the charity. In addition, the following funds are consolidated and constitute related undertakings, as described in note 5(a). The funds are consolidated as part of the Group’s financial statements based on the Group’s holding and in accordance with the requirements of IFRS that may not be regarded as part of the Group for other purposes. Some of the funds in the table below are subfunds of umbrella funds. The following umbrella funds areoperated or represented by Quilter entities: Quilter Investors Charity Authorised Investment Funds, Quilter Investors Cirilium OEIC, Quilter Investors ICAV, Quilter Investors Multi-Asset OEIC, Quilter Investors OEIC, Quilter Investors Series I and Quilter Investors Trust. Share Class A Accumulation B Income Fund name Share class % Held United Kingdom Senator House, 85 Queen Victoria Street, London, EC4V 4AB Quilter Investors Absolute Return Bond Fund A 66 Quilter Investors Absolute Return Equity Fund A 67 Quilter Investors Asia Pacific (ex Japan) Equity Fund A 68 Quilter Investors Asia Pacific (ex Japan) Large-Cap Equity Fund A&B 65 Quilter Investors Asia Pacific Fund A 69 Quilter Investors Bond 3 Fund B 91 Quilter Investors China Equity Fund A 51 Quilter Investors Cirilium Adventurous Blend Portfolio A 34 Quilter Investors Cirilium Adventurous Passive Portfolio A 51 Quilter Investors Cirilium Adventurous Portfolio A 41 Quilter Investors Cirilium Balanced Passive Portfolio A 44 Quilter Investors Cirilium Balanced Portfolio A 33 Quilter Investors Cirilium Conservative Blend Portfolio A 39 Quilter Investors Cirilium Conservative Passive Portfolio A 43 Quilter Investors Cirilium Conservative Portfolio A 37 Quilter Investors Cirilium Dynamic Passive Portfolio A 46 Quilter Investors Cirilium Moderate Passive Portfolio A 44 Quilter Investors Corporate Bond Fund A 74 Quilter Investors Creation Balanced Portfolio A 33 Quilter Investors Creation Conservative Portfolio A 29 Quilter Investors Creation Dynamic Portfolio A 31 Quilter Investors Creation Moderate Portfolio A 30 Quilter Investors Diversified Bond Fund A 64 Quilter Investors Dynamic Bond Fund A&B 65 Quilter Investors Emerging Markets Equity Fund A 69 Quilter Investors Emerging Markets Equity Growth Fund A&B 66 Quilter Investors Emerging Markets Equity Income Fund A 69 Quilter Investors Europe (ex UK) Equity Fund A 64 Quilter Investors Europe (ex UK) Equity Growth Fund A 67 Quilter Investors Europe (ex UK) Equity Income Fund A&B 69 Quilter Investors Global Equity Absolute Return Fund A 66 Quilter Investors Global Equity Value Fund A&B 74 Quilter Investors Investment Grade Corporate Bond Fund A&B 58 Quilter Investors Japanese Equity Fund A 66 #### Appendix #### For the year ended 31 December 2025 #### Appendix A: Related undertakings continued 174 Quilter plc Annual Report 2025 ![]() Fund name Share class % Held Quilter Investors Monthly Income & Growth Portfolio A&B 43 Quilter Investors Monthly Income Portfolio A&B 42 Quilter Investors Natural Resources Equity Fund A 64 Quilter Investors North American Equity Fund A 68 Quilter Investors Precious Metals Equity Fund A&B 64 Quilter Investors Sterling Corporate Bond Fund A&B 69 Quilter Investors Sterling Diversified Bond Fund A&B 63 Quilter Investors Timber Equity A 67 Quilter Investors UK Equity Fund A 67 Quilter Investors UK Equity 2 Fund A 100 Quilter Investors UK Equity Growth Fund A&B 60 Quilter Investors UK Equity Large-Cap Income Fund A&B 63 Quilter Investors UK Equity Opportunities Fund A 65 Quilter Investors US Equity Growth Fund A 55 Quilter Investors US Equity Income Fund A 67 Quilter Investors US Equity Small/Mid-Cap Fund A&B 65 Ireland Kilmore House, North Wall Quay, Dublin 1, D01 YE64, Ireland Van Berkom US Small Cap Equity Fund A 65 Luxembourg 80, route d’Esch, L-1470 Luxembourg, Grand Duchy of Luxembourg Redwheel Life Changing Treatments Fund A 51 Notes 31 December 2025 £m 31 December 2024 £m Non-current assets Investments in subsidiary undertakings 3 2,203 2,187 Loans and advances 4 517 487 Deferred tax assets 5 27 26 Total non-current assets 2,747 2,700 Current assets Current tax assets 4 4 Other receivables and other assets 6 3 9 Cash and cash equivalents 7 118 135 Total current assets 125 148 Current liabilities Other payables 10 4 4 Total current liabilities 4 4 Net current assets 121 144 Non-current liabilities Borrowings 9 199 199 Total non-current liabilities 199 199 Net assets 2,669 2,645 Equity Ordinary Share capital 115 115 Ordinary Share premium reserve 58 58 Capital redemption reserve 346 346 Merger reserve 8 1,359 1,359 Share- based payments reserve 40 41 Retained earnings (including profit for the financial year of £92 million (2024: £104 million)) 751 726 Total equity 2,669 2,645 Approved by the Board of Quilter plc on 4 March 2026. Steven Levin Chief Executive Officer Mark Satchel Chief Financial Officer Company registered number: 06404270. Company statement of financial position At 31 December 2025 Appendix For the year ended 31 December 2025 #### Appendix A: Related undertakings continued Strategic Report Governance Report Other information 175 Quilter plc Annual Report 2025 Financial statements ![]() For the year ended 31 December 2025 Ordinary Share capital £m Ordinary Share premium £m Capital redemption reserve £m Merger reserve £m Share- based payments reserve 3 £m Retained earnings £m Total shareholders’ equity £m Balance at 1 January 2025 115 58 346 1,359 41 726 2,645 Profit for the year – – – – – 92 92 Total comprehensive income – – – – – 92 92 Dividends 1 – – – – – (84) (84) Equity-settled share-based payment transactions – – – – (1) 17 16 Total transactions with the owners of the Company – – – – (1) (67) (68) Balance at 31 December 2025 115 58 346 1,359 40 751 2,669 For the year ended 31 December 2024 Ordinary Share capital £m Ordinary Share premium £m Capital redemption reserve £m Merger reserve £m Share- based payments reserve 3 £m Retained earnings £m Total shareholders’ equity £m Balance at 1 January 2024 115 58 346 1,359 42 671 2,591 Profit for the year – – – – – 104 104 Total comprehensive income – – – – – 104 104 Dividends 1 – – – – – (73) (73) Exchange rate movement (ZAR/GBP) 2 – – – – – (1) (1) Equity-settled share-based payment transactions – – – – (1) 25 24 Total transactions with the owners of the Company – – – – (1) (49) (50) Balance at 31 December 2024 115 58 346 1,359 41 726 2,645 1 Details of dividends proposed and paid during the year are disclosed in the notes to the Group’s financial statements. Please refer to the Group statement of changes in equity for further information. 2 For shares registered on the Johannesburg Stock Exchange, the amounts of proposed dividends are set in South African Rand on the relevant Market Announcement date which is prior to the date of payment. The impact of exchange rate movements between these dates is recognised directly in equity. The Company held cash in South African Rand equal to the expected cash outflows and therefore was economically hedged for these payments. 3 Details of the share-based payment reserve are disclosed in the notes to the Group’s financial statements. Please refer to the Group statements of change in equity for further information. #### Company statement of changes in equity #### For the year ended 31 December 2025 176 Quilter plc Annual Report 2025 ![]() #### 1: General Information Quilter plc (the “Company”, the “Parent Company”) is a public limited company, limited by shares, incorporated in England andWales and domiciled in the United Kingdom with registration number 06404270. The Company’s Registered Office is Senator House, 85 Queen Victoria Street, London EC4V 4AB. #### 2: Basis of preparation The financial statements of Quilter plc for the year ended 31 December 2025 have been prepared inaccordance with Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (“FRS 101”). Thesefinancial statements have been prepared on a going concern basis and under the historical cost convention, as modified by the revaluation of certain financial instruments which have been recognised at fair value through profit or loss, and in accordance with the Companies Act 2006. The financial statements are presented in pounds sterling, which is the currency of the primary economic environment in which the Company operates and are rounded to the nearest million. Quilter’s employee benefit trusts are regarded as separate reporting entities and therefore their assets, liabilities, income and expenses are excluded from the standalone financial statements of the Company. The accounting policies adopted are the same as those set out in note 5 to the Group’s financial statements to the extent that these are relevant to the Company’s standalone financial statements except for the disclosure exemptions noted below. These accounting policies have been applied consistently. The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in the critical accounting estimates and judgements section below. The Company has taken advantage of the disclosure exemptions available under FRS 101 in relation tothepresentation of a cash flow statement, disclosures relating to capital management, contracts withcustomers, fair value measurement, financial instruments, impairments, related party transactions, share based payments, share capital and comparative information for certain types of assets. The Company has also taken advantage of the exemption from the requirement to disclose information when the Company has not applied a new accounting standard that has been issued but is not yet effective. Where required equivalent disclosures are included in the consolidated financial statements ofQuilter plc. The Company has also taken advantage of the exemption in section 408 of the Companies Act 2006 notto present its own income statement in these financial statements. Critical accounting estimates and judgements The preparation of financial statements requires management to exercise judgement in applying accounting policies and make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements. Critical accounting estimates and judgements are those that involve the most complex or subjective assessments and assumptions. Management uses itsknowledge of current facts and circumstances and applies estimation and assumption setting techniques that are aligned with the relevant accounting standards and guidance to make predictions about future actions and events. Actual results may differ significantly from those estimates. There are no critical accounting estimates or judgements for the year to 31 December 2025. Other principal estimates The Company’s assessment of its investment in subsidiaries for impairment uses the latest cash flow forecasts from the Group’s three-year Business Plan to calculate the recoverable value of its trading subsidiaries. These forecasts include estimates relating to equity market levels and growth in AuMA in future periods, together with levels of new business growth, net inflows, revenue margins, and future expenses and discount rates (see note 14 to the Group’s financial statements). Management does not believe that the use of these estimates has a significant risk of causing a material adjustment to the carrying amount of the assets within the next financial year. #### 3: Investments in subsidiary undertakings Investments in subsidiaries are stated at cost, less impairment in value. All shares held are Ordinary Shares. 2025 £m 2025 £m Balance at the beginning of the year 2,187 2,162 Investment in subsidiary undertaking in relation to share-based payments 16 25 Balance at the end of the year 2,203 2,187 Investment in subsidiary undertakings in relation to share-based payments Quilter plc grants rights to its equity instruments to employees of its subsidiaries under various share based payment arrangements. Under these arrangements, the subsidiaries receive services from employees that are paid for by Quilter plc, thereby increasing the investment that Quilter plc holds inthose subsidiaries. Quilter plc recognises the equity settled share based payment in equity, with a corresponding increase in its investment in the subsidiaries. The amount recognised as an additional investment is based on the grant date fair value of the share options granted and is recognised by Quilter plc over the vesting period of the respective share schemes. Impairments of investments in subsidiary undertakings In accordance with the requirements of IAS 36 Impairment of Assets, the investments in subsidiaries aretested annually for impairment by comparing the carrying value of the underlying investments to therecoverable value, being the higher of the value-in-use or fair value less costs to sell. If applicable, animpairment charge is recognised when the recoverable amount is less than the carrying value. 2025 impairment to investment in subsidiary In both 2024 and 2025, there were no impairments required to the Company’s subsidiaries. Own shares held by subsidiaries The number of own shares held by subsidiaries within Quilter employee benefit trusts (which are subsidiaries of the Group) is 52 million (2024: 60 million) to the nearest million. Note 12 to the Group’s financial statements contains information on the own shares held within Quilteremployee benefit trusts. #### Notes to the financial statements of the Company #### For the year ended 31 December 2025 Strategic Report Governance Report Other information 177 Quilter plc Annual Report 2025 Financial statements ![]() #### 4: Loans and advances The carrying amounts of loans and advances were as follows: 31 December 2025 £m 31 December 2024 £m Loans to subsidiary undertakings 517 487 Total net loans and advances 517 487 All loans are held at amortised cost and repayable on demand. The loans to subsidiary undertakings arewith Quilter Holdings Limited and are charged at 10% and base rate plus 0.5%, Quilter Perimeter Holdings Limited, which is charged at base rate plus 0.5%, and the Employee Benefit Trust, which attracts no interest. Given the profitability and net assets of these subsidiaries, the credit risk associated with these loans is considered minimal. There have been no non-performing loans, loans subject to renegotiations or material expected credit losses on loans and advances recognised in the year. #### 5: Deferred tax assets Recognised deferred tax assets and liabilities Deferred income taxes are calculated on all temporary differences at the tax rate applicable to the country in which the timing differences arise. The following are the deferred tax balances recognised by the Company and the movements thereon, during the current and prior reporting period. Tax losses £m Closing deferred tax asset £m Assets at 1 January 2024 23 23 Credit to profit or loss 3 3 Assets at 31 December 2024 26 26 Credit to profit or loss 1 1 Assets at 31 December 2025 27 27 Deferred tax assets or liabilities are recognised to the extent that temporary differences are expected toreverse in the foreseeable future. The timing of reversals is estimated based on the Company’s annualBusiness Plan. Deferred tax assets are recognised to the extent that they are supported by theCompany’s Business Plan or where appropriate the Group’s Business Plan. Deferred tax assets are recognised for tax losses carried forward only to the extent that realisation of the related tax benefit is probable, being where, on the basis of all available evidence, it is considered more likely than not that there will be suitable taxable profits against which the reversal of the deferred tax asset can be deducted. Sensitivity analysis demonstrates headroom in the recoverable amount of the deferred tax asset overthe taxable profits contained within the business plan period. The impacts of a 20% decrease inprofitability have been assessed and do not give rise to concerns over recoverability. Unrecognised deferred tax assets The amounts for which no deferred tax asset has been recognised comprises: 31 December 2025 31 December 2024 Gross amount £m Tax £m Gross amount £m Tax £m Pre-April 2017 UK tax losses 16 4 16 4 Total unrecognised deferred tax assets 16 4 16 4 A deferred tax asset has not been recognised as there is sufficient uncertainty to the extent it is probable there will be future taxable profits to utilise the relevant losses. Unrecognised losses are available to carry forward with no expiry date, subject only to the continuation of the business. #### 6: Other receivables and other assets 31 December 2025 £m 31 December 2024 £m Due from subsidiary undertakings 3 8 Other receivables – 1 Total other receivables and other assets 3 9 All amounts due from Group companies are unsecured, interest-free and settled on demand. Other receivables are current, interest-free and recognised at amortised cost. The Directors consider that thecarrying amount of other receivables approximate their fair value. #### 7: Cash and cash equivalents 31 December 2025 £m 31 December 2024 £m Cash at bank 8 8 Money market funds 110 127 Total cash and cash equivalents 118 135 All cash and cash equivalents are current, and recognised at amortised cost, apart from money market investments which are recognised mandatorily at FVTPL. Investments in money market funds are classified as cash and cash equivalents. Management holds these investment funds for short-term liquidity purposes. The funds are highly liquid, have a strong credit rating and a very low risk of reduction in value. #### Notes to the financial statements of the Company #### For the year ended 31 December 2025 178 Quilter plc Annual Report 2025 ![]() #### 8: Merger reserve There have been no changes to the merger reserve during 2025 (2024: no changes). Within retained earnings, as at 31 December 2025, there is an amount of £21 million (2024: £21 million) relating to a partial reversal, in 2022, of an impairment made in an earlier period. The Company considers this amount to be non-distributable. #### 9: Borrowings 31 December 2025 £m 31 December 2024 £m Subordinated debt Subordinated loan at 8.625% 199 199 Total borrowings 199 199 Amounts borrowed are held at amortised cost. On 18 January 2023, the Company issued £200 million 8.625% Fixed Rate Reset Subordinated Notes (due 18 April 2033) in the form of a 10.25-year Tier 2 bond with a one-time issuer call option after 5.25years to J.P. Morgan Securities plc, paying a semi-annual coupon of 8.625% (the “Tier 2 Bond”). Netcash proceeds of £199 million were received. After deducting structuring costs and professional fees, the retained cash proceeds were £197 million. The bond is held at amortised cost of £199 million at31December 2025 (2024: £199 million). The Notes are listed and regulated under the terms of the London Stock Exchange. In addition, the Company has entered into a £125 million revolving credit facility which remains undrawn and is being held for contingent funding purposes across the Group. #### 10: Other payables 31 December 2025 £m 31 December 2024 £m Accruals 4 4 Total other payables 4 4 Accruals are current and short term i.e. repayable within one year. #### 11: Related party transactions Key management personnel transactions Key management personnel and members of their close family have undertaken transactions with the Group in the normal course of business. The Directors and key management personnel of the Company are considered to be the same as for the Group. See note 40 to the Group’s financial statements for further information. Other related party transactions There were no other related party transactions to disclose for 2024 or 2025 other than those referenced in note 40 to the Group’s financial statements. #### 12: Loan covenants Under the terms of the revolving credit facility, the Company is required to comply with certain financial covenants. Note 38 to the Group’s financial statements contains further information relating to the facility. #### 13: Events after the reporting date There are no events that have occurred, between the reporting date and the date when the financial statements have been authorised for issue, that require disclosure except as disclosed within note 42 tothe Group’s financial statements. #### Notes to the financial statements of the Company #### For the year ended 31 December 2025 Strategic Report Governance Report Other information 179 Quilter plc Annual Report 2025 Financial statements ![]() ### Other ### information 181 Shareholder information 185 Alternative performance measures 187 Glossary #### Quilter Nations Series As we grow our brand presence, the partnership allowed us to connect Quilter, and what we do, with rugby fans across each of the Six Nations unions, through the shared energy, passion and community that international rugby embodies. Read more on page 7. 180 Quilter plc Annual Report 2025 ![]() #### Shareholder information #### Key dates The key dates for shareholders are: 14 April 2026 Last day for shares to trade cum dividend in South Africa 15 April 2026 Shares start trading ex-dividend in South Africa 16 April 2026 Shares start trading ex-dividend in the UK 17 April 2026 Final Dividend Record Date – shareholders on the register are eligible for the Final Dividend 14 May 2026 Annual General Meeting (“AGM”) at 11:00am (UK time) 18 May 2026 Final Dividend Payment Date 6 August 2026 Publication of 2026 half year results, including any information regarding the Interim Dividend Dates may be subject to change. Please check our website at plc.quilter.com for further information. #### Dividends Dividend information The Directors are recommending the payment of a Final Dividend of 4.3 pence per share. Subject to shareholder approval at the AGM, the Final Dividend will be paid on Monday 18 May 2026 to shareholders on the share register on Friday 17 April 2026 (the “Record Date”). Distribution Policy The Board has confirmed that from 2026 we will operate a new Distribution Policy, combining regular ordinary dividends payable in cash and annual share buyback programmes. It is currently expected that we will target a Distribution Policy of 70% of post-tax, post-interest adjusted profit. We expect to pay an Interim and a Final Dividend each financial year. It is expected that the Interim and Final Dividends will be paid in the approximate proportions of one-third (Interim Dividend) and two- thirds (Final Dividend) of the total dividends payable in respect of a financial year, taking into account theunderlying cash generation, cash resources, capital position, distributable reserves and market conditions at the time. Each Interim Dividend will, in normal circumstances, be set at one third of the previous year’s total dividend. All key dividend dates such as ex-dividend date, Record Date and Payment Date will be published on ourwebsite as soon as they are announced. #### Dividends – shareholders on the UK share register Quilter only pays dividends to shareholders on the UK share register by direct credit. Paying dividends straight into your bank or building society account is a safer, quicker and easier way for shareholders to receive their dividends. There is no fee charged by Quilter or our Registrar, Equiniti, for the direct credit service. If you have not yet provided your bank details, it is important that you take action as soon as possible so that you receive your dividend payments. You can do this: Online You can provide and maintain your UK bank or building society account details via Shareview. Please visit www.shareview.co.uk for details on how to register. Telephone You can provide your UK bank or building society account details by telephoning Equiniti. Post You can download a Bank Mandate Form from plc.quilter.com. Alternatively, please telephone Equiniti using the contact details on page 183 and they will send a form to you for completion. If you have any questions, please contact Equiniti using the contact details on page 183. #### Dividends – shareholders on the South African share register For your security, Quilter will only pay your dividends to the bank account currently registered withour Registrar, JSE Investor Services. To register your bank details please contact JSE Investor Services using the contact details on page 184. Dividend currency All dividends will be declared in pounds sterling for shareholders on the UK register and Rand for shareholders on the South African register. The foreign exchange rate is determined the day before the Directors declare the dividend. #### Useful information Quilter plc share register Quilter plc listed on the London and Johannesburg Stock Exchanges on 25 June 2018. Quilter plc has a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange. The shares track under the QLT ticker. Strategic Report Governance Report 181 Quilter plc Annual Report 2025 Financial statements 181 Quilter plc Annual Report 2025 Other information ![]() #### Quilter 2026 AGM AGM key dates The key AGM dates for shareholders are: 8 May 2026 By no later than 5:00pm (UK time) Written shareholder questions to be received by the Company Secretary 12 May 2026 By no later than 11:00am (UK time) Proxy Forms to be received by our Registrar\* and requests to join the AGM by telephone to be received by the Company Secretary 14 May 2026 11:00am (UK time) AGM to be held \* Voting deadlines may vary depending on how you hold your shares. If you hold your shares via a CSDP, broker or nominee, please contact them to confirm their voting deadline. Attending the AGM We are pleased to invite you to Quilter plc’s 2026 AGM to be held at 11:00am (UK time) on Thursday14May 2026 at Senator House, 85 Queen Victoria Street, London EC4V 4AB. We look forwardto welcoming you to our meeting and value the opportunity to engage with our shareholderstoreview our performance and to answer questions on the business of the meeting. St Paul’s Bank Mansion House Blackfriars Cannon Street Queen Victoria Street Princes Street Cheapside Cannon Street St Paul’s Churchyard Upper Thames Street Millennium Bridge Southwark Bridge Blackfriars Bridge A201 River Thames Shakespeare’s Globe Tate Modern St Paul’s Cathedral City of London School Senator House Asking a question You can submit any questions you may have on the business of the meeting to the Board ahead of the AGM by emailing the Company Secretary at companysecretary@quilter.com by 5:00pm (UK time) onFriday 8 May 2026. If you do not plan to attend the AGM in person, this will enable you to have your questions answered before you vote your shares. The questions and answers will be published on our GM Hub at plc.quilter.com/gm in advance of the voting deadline. If you submit a question after this time, we will respond to you as soon as possible. If you attend the AGM in person or join the meeting by telephone, you will also have the opportunity toask a question on the day. Joining the meeting by telephone Shareholders can join the meeting by telephone. You will be able to listen to the meeting and also have the opportunity to ask the Board any questions relating to the business of the meeting. Please note that shareholders joining by telephone will not be able to vote on the day. We recommend that shareholders appoint the Chair of the meeting as their proxy and register a voting instruction ahead of the meeting. How to join the AGM by telephone If you would like to join the AGM by telephone, please contact the Company Secretary at companysecretary@quilter.com to request your individual secure dial in details. Requests must be received no later than 11:00am (UK time) on Tuesday 12 May 2026. The telephone line will open shortly before 11:00am (UK time) on the day of the meeting. Voting results and AGM information available to shareholders The final voting results are expected to be released to the London Stock Exchange and Johannesburg Stock Exchange on Thursday 14 May 2026 as soon as practical after the AGM and will be published on our GM Hub at plc.quilter.com/gm. We will also make available the Chair’s statement. Please ensure you check the GM Hub regularly for up-to-date information about our AGM arrangements. More information about the AGM Detailed information on the AGM arrangements and how you can have your say is set out in the 2026 Notice of AGM which is available at plc.quilter.com/gm. How to get to #### theAGM Senator House is within walking distance of the following train and underground stations: – Bank (Central, DLR, Northernand Waterloo &City lines). – Blackfriars (Southeastern Railway, Thameslink and Circle and Districtlines). – Cannon Street (SoutheasternRailway and Circle and District lines). – Mansion House (Circle andDistrict lines). – St Paul’s (Central line). The venue can also be accessed via bus routes 4, 11,15, 17, 26, 76, 388 and 521. #### Shareholder information continued 182 Quilter plc Annual Report 2025 182 Quilter plc Annual Report 2025 ![]() #### Information for UK shareholders Managing your shares and staying in touch You do not have to receive paper shareholder documentation. Many shareholders choose to receive their communications electronically. Equiniti provide a free, convenient online service, Shareview, where you can access your shareholding quickly and easily. If you have not already done so, you can register for Shareview by visiting www.shareview.co.uk. All you need is your Quilter Shareholder Reference Number, which can be found on your share certificate or dividend confirmation. We will email you a notification when any shareholder statements are available and when we announce our full and half year results. You can also use Shareview to submit a voting instruction for any general meetings and to find out when any dividends are due. Keeping your personal information up to date It is important that you keep the personal information we hold up to date. That way correspondence advising you of any changes that might affect your shareholding reaches you and any dividends are paid to you promptly. You can do this online at www.shareview.co.uk, via the Quilter Shareholder Helpline or by post. Fraud warning Shareholders should be wary of any unsolicited calls or documents offering unsolicited investment advice and offers to buy shares at a discounted price. Fraudsters can use persuasive and high- pressure tactics to lure shareholders into scams. You are advised not to give out any personal details or to hand over any money without ensuring that the organisation is authorised by the Financial Conduct Authority (“FCA”) and doing further research. If you are unsure, or think you may have been targeted, you should report the organisation to the FCA using the share fraud reporting form available at www.fca.org.uk/scams. You can also report suspected share fraud through the FCA Helpline on +44(0)800 111 6768 or through Action Fraud on +44 (0)300 123 2040. #### Shareholder information continued #### Contact our UK Registrar, Equiniti If you have a question about your shareholding, please contact Equiniti: Post Equiniti Limited Aspect House Spencer Road Lancing West Sussex BN99 6DA Online help.shareview.co.uk Telephone +44 (0)333 207 5953\* \* Lines are open Monday to Friday between 8:30am and 5:30pm (UK time), excluding public holidays in England and Wales. Strategic Report Governance Report 183 Quilter plc Annual Report 2025 Financial statements 183 Quilter plc Annual Report 2025 Other information ![]() #### Information for African shareholders Managing your shares and staying in touch You can go online to manage your shareholding at investorcentre.jseinvestorservices.co.za. Thisenables you to view your holding, check your dividend history and update how you want us tocommunicate with you. Quilter would like to send you information about your shares by text message or email. We will text you a notification when your biannual shareholder statement is available, when we announce our results, when you can vote at any general meetings and when any dividends are due. If you have not already done so, you can quickly and easily register your mobile phone and email address withus as follows: By email Write to investorenquiries@jseinvestorservices.co.za. Please include your email address andmobile phone number and state that these should be used for all future communications. Telephone Call your Quilter Shareholder Helpline number and ask for your email and mobile number to be recorded. Did you know? You do not need to hold a paper share certificate. By holding your shares electronically, you can buy and sell shares more easily and protect your holding to help prevent fraud. You can find out more by contacting JSE Investor Services. #### Contact our African Registrars Shareholders on the #### South Africa Register Post JSE Investor Services (Pty) Limited PO Box 10462, Johannesburg, 2000, South Africa By email investorenquiries@jseinvestorservices.co.za Telephone 086 140 0110/086 154 6566\* (calling from SouthAfrica) +27 11 029 0251/+27 11 029 0253\* (calling from overseas) #### Shareholders in Namibia Post NSX Financial Market Services PO Box 2401 Windhoek, Namibia By email fms@nsx.com.na Telephone +264 (0)83 722 7647\* \* Lines open 8:00am to 4:30pm, Monday to Friday, excluding public holidays. #### Shareholders in Malawi Post National Bank of Malawi plc Legal Department PO Box 945 Blantyre, Malawi By email legal@natbankmw.com Telephone +265 (0)182 0622/+265 (0)182 0054\* #### Shareholders in Zimbabwe Post Corpserve Registrars (Pvt) Ltd PO Box 2208 Harare, Zimbabwe By email corpserve@escrowgroup.org Telephone +263 (0)242 751 559/+263 (0)242 751 561\* #### Contact information 184 Quilter plc Annual Report 2025 184 Quilter plc Annual Report 2025 ![]() We assess our financial performance using a variety of alternative performance measures (“APMs”). APMs are not defined under IFRS but we use them to provide further insight into the financial performance, financial position and cash flows of the Group and the way it is managed. APMs should be read together with the Group’s consolidated financial statements, which include the Group’s statement of comprehensive income, statement of financial position and statement of cash flows, which are presented on pages 119to 122. Further details of APMs used by the Group in its Financial review are provided below. APM Definition Adjusted profit before tax Adjusted profit before tax represents the Group’s IFRS profit, adjusted for specific items that management considers to be outside of the Group’s normal operations or one-off in nature, as detailed in note 7(a) to the consolidated financial statements. The exclusion of certain adjusting items may result in adjusted profit before tax being materially higher or lower than the IFRS profit after tax. Adjusted profit before tax does not provide a complete picture of the Group’s financial performance, which is disclosed in the IFRS consolidated statement of comprehensive income, but is instead intended to provide additional comparability and understanding of the financial results. A detailed reconciliation of the adjusted profit before tax metrics presented, and how these reconcile to IFRS, is provided on page 41 of the Financial review. Adjusted profit before tax is referred to throughout the Chief Executive Officer’s statement and Financial review, with comparison to the prior year explained on page 40. A reconciliation from each line item of the Group’s IFRS income and expenses to adjusted profit before tax is provided in note 7(c) to the consolidated financial statements. Adjusted profit after tax Adjusted profit after tax represents the post-tax equivalent of the adjusted profit before tax measure, as defined above. Revenue margin (bps) Revenue margin represents net management fees, divided by average AuMA. Management use this APM as it represents the Group’s ability to earn revenue from AuMA. Revenue margin by segment and for the Group is explained on page 39 of theFinancial review. Operating margin Operating margin represents adjusted profit before tax divided by total net revenue. Management uses this APM as this is an efficiency measure that reflects the percentage of total net revenue that becomes adjusted profit before tax. Operating margin is referred to in the Chief Executive Officer’s statement and Financial review, with comparison to the prior year explained in the adjusted profit section on page 40. APM Definition Gross flows Gross flows are the gross cash inflows received from customers duringthe period and represent our ability to increase AuMA and revenue. Gross flows are referred to in the Financial review on page 39. Net flows Net flows are the difference between money received from and returned to customers during the relevant period for the Group or for the business indicated. This measure is a lead indicator of total net revenue. Net flows is referred tothroughout this document, with a separate section in the Financial review onpage 39. Assets under Management and Administration (“AuMA”) AuMA represents the total market value of all financial assets managed and administered on behalf of customers. AuMA is referred to throughout this document, with a separate section in theFinancial review on page 39. Average AuMA Average AuMA represents the average total market value of all financial assets managed and administered on behalf of customers. Average AuMA is calculated using a 7-point average (half year) and 13-point average (full year) of monthly closing AuMA. Non-core AuMA Non-core AuMA and associated gross and net flows represents assets managed on behalf of businesses we have sold together with some legacy funds which are in run-off and remain in outflow. Total net revenue Total net revenue represents revenue earned from net management fees, investment revenue and other revenue listed below and is a key input into the Group’s operating margin. Further information on total net revenue is provided on pages 39 and 40 of the Financial review and note 7(c) in the consolidated financial statements. Net management fees Net management fees consist of revenue generated from AuMA, fixed fee revenues including charges for policyholder tax contributions and interest earned on customer holdings, less trail commissions payable. Net management fees are presented net of trail commission payable as trail commission is a variable cost directly linked to revenue, which is a treatment and presentation commonly used across our industry. Net management feesare a part of total net revenue and is a key input into the Group’s operating margin. Further information on net management fees is provided on page 39 of the Financial review and note 7(c) to the consolidated financial statements. Other revenue Other revenue represents revenue not directly linked to AuMA (e.g. encashment charges, closed-book unit-linked policies, adviser initial fees and adviser fees linked to AuMA in Quilter Financial Planning (recurring fees)). Other revenue is a part of total net revenue, which is included in the calculation of the Group’s operating margin. Further information on other revenue is provided on page 40 in the Financial review and note 7(c) to the consolidated financial statements. #### Alternative performance measures Strategic Report Governance Report 185 Quilter plc Annual Report 2025 Financial statements 185 Quilter plc Annual Report 2025 Other information ![]() APM Definition Investment revenue Investment revenue includes interest on shareholder cash balances (including cash at bank and money market funds). Further information on investment revenue is provided on page 40 in the Financial review and note 7(c) to the consolidated financial statements. Operating expenses Operating expenses represent the costs for the Group, which are incurred to earn total net revenue and excludes the impact of specific items that management considers to be outside of the Group’s normal operations or one-off in nature. Operating expenses are included in the calculation ofadjusted profit before tax and impact the Group’s operating margin. A reconciliation of operating expenses to the applicable IFRS line items is included in note 7(c) to the consolidated financial statements, and the adjusting items excluded from operating expenses are explained in note 7(b). Operating expenses are explained on page 40 of the Financial review. Asset retention The asset retention rate measures our ability to retain assets from delivering good customer outcomes and investment performance. Asset retention reflects the annualised gross outflows of the AuMA during the period as a percentage of opening AuMA. Asset retention is calculated as: 1 – (annualised gross outflow divided by opening AuMA). Asset retention is provided for the Group on page 38 and by segment on page 39. Net inflows/opening AuMA This measure is calculated as total net flows annualised (as described above) divided by opening AuMA presented as a percentage. This metric is provided on page 38. Quilter channel gross sales per Quilter Adviser This measure represents the value created by our Quilter distribution channel and is an indicator of the success of our multi-channel business model. The measure is calculated as gross flows generated by the Quilter channel through the Quilter Investment Platform, Quilter Investors or Quilter Cheviot (annualised) per average Restricted Financial Planner in bothsegments. This metric is provided on page 38. Return on Equity (“RoE”) Return on equity calculates how many pounds of profit the Group generates with each pound of shareholder equity. This measure is calculated as adjusted profit after tax annualised divided by average equity. Equity is adjusted for the impact of discontinued operations, if applicable. Return on equity is provided on page 38. APM Definition Adjusted diluted earnings pershare Adjusted diluted earnings per share is calculated as adjusted profit after tax divided by the diluted weighted average number of shares. A view of adjusted diluted earnings per share and the calculation of all EPS metrics is shown in note 12 to the consolidated financial statements. Headline earnings per share The Group is required to calculate headline earnings per share in accordance with the Johannesburg Stock Exchange Listing Requirements, determined by reference to the South African Institute of Chartered Accountants’ circular 1/2023 Headline Earnings. This is calculated on a basic and diluted basis. For details of the calculation, refer to note 12 to the consolidated financial statements. Dividend pay-out ratio The dividend pay-out ratio is an indicator of the total amount of dividends paid to shareholders in relation to the Group’s profits expressed as a percentage. It is calculated by dividing the recommended total dividend (in £millions) by the post-tax, post-interest adjusted profit (in £ millions). #### Alternative performance measures continued 186 Quilter plc Annual Report 2025 186 Quilter plc Annual Report 2025 ![]() Term Definition Affluent Quilter’s business operations which typically provide solutions for customers with at least £50,000 of assets to invest AuA Assets under administration, which unless stated otherwise, reflects gross AuA before intra-group eliminations AuM Assets under management, which unless stated otherwise, reflects gross AuM before intra-group eliminations AuMA Assets under management and administration – for more details see alternative performance measures on page 185 CAGR Compound annual growth rate Client Facing Individuals (“CFIs”) Individuals who provide discretionary investment management services to clients and/or advisers who are licensed to advise clients of Quilter Cheviot inline with individual circumstances and investment objectives Company Quilter plc CAP Climate Action Plan CTP Climate Transition Plan FCA Financial Conduct Authority FRC Financial Reporting Council GHG Greenhouse gas Group Quilter plc and its subsidiaries High Net Worth Customers typically with over £250,000 of investable assets HMRC His Majesty’s Revenue & Customs HVAC Heating, ventilation and air conditioning ICARA Internal Capital Adequacy and Risk Assessment IFAs Independent Financial Advisers, meaning advisers who provide advice on an independent basis, based on a comprehensive analysis of the whole market and free from any restriction IFRS International Financial Reporting Standards as adopted by the United Kingdom Investment Manager (“IM”) Individual who provides investment advice and investment management services to private clients of Quilter Cheviot in line with individual circumstances and investment objectives ISA Individual Savings Accounts JSE Johannesburg Stock Exchange Listing Reference to Quilter plc listing on the London and Johannesburg Stock Exchanges on 25 June 2018 Term Definition LSE London Stock Exchange MPS Managed Portfolio Service NDC Nationally Determined Contributions NGFS Network for Greening the Financial System OECD Organisation for Economic Co-operation and Development ORSA Own Risk and Solvency Assessment Own funds Capital resources determined on the basis of the Solvency II balance sheet PRA Prudential Regulation Authority Productivity Also referred to as “gross flows per adviser”. For definition, see alternative performance measures on page 185 Quilter channel Advisers who are part of Quilter Financial Advisers, Quilter Financial Planning or Quilter Cheviot Financial Planning Restricted Financial Planners (“RFPs”) Advisers who advise on a defined range of products and investment solutions, including investment solutions offered by the Group and by third parties that have been pre-researched by the Group Revenue generating role Colleagues in roles which generate revenue for the Group. These roles include but are not limited to Restricted Financial Planners, Investment Managers and fund managers Scope 1, 2 & 3 GHG emissions Greenhouse gas emissions are categorised into three groups or “scopes” by the most widely-used international accounting tool, the Greenhouse Gas (“GHG”) Protocol. Scope 1 and 2 cover direct emissions sources (e.g., fuel used in company vehicles and purchased electricity), Scope 3 emissions cover all indirect emissions due to the activities of an organisation SCR Solvency Capital Requirement, the regulatory capital requirement under UK Solvency II SMCR Senior Managers and Certification Regime Standard Formula The regulatory formula used to determine capital requirements for insurance entities under UK Solvency II. This formula broadly represents the potential loss of own funds calibrated to a 1-in-200 likelihood level Subordinated debt A fixed interest debt instrument that ranks below other debt in order of priority for repayment in the event of liquidation TCFD Task Force on Climate-related Financial Disclosures Total Shareholder Return (“TSR”) The difference between the opening and closing share price over the period, plus any dividends paid during that period. Performance shown for Quilter astraded on the London Stock Exchange UK Solvency II The Solvency II capital regime as it applies in the United Kingdom #### Glossary Strategic Report Governance Report 187 Quilter plc Annual Report 2025 Financial statements 187 Quilter plc Annual Report 2025 Other information ![]() This document is printed on Arctic Volume, a paper containing fibresourced from responsible FSC ® certified forests and other controlled sources. The pulp used in this product is bleached, usingan elemental chlorine free (ECF) process. Printed in the UK by PurePrint Group, a CarbonNeutral ® company, certificated to Environmental Management System 14001. Design and production ![]() ![]() #### Quilter plc Annual Report 2025 Quilter plc Registered office: Senator House 85 Queen Victoria Street London EC4V 4AB Registered number: 06404270. Registered in England and Wales. plc.quilter.com ![]() #### Quilter plc Annual Report 2025