River Global plc

Management and performance fees calculated as a percentage of Assets under Management (AUM)

Gross annualised revenue net of rebates of £11,674k on AUM of £2,351m at a weighted average fee rate of 50bp as at 30 September 2025

Interest on loan notes held in Parmenion (B share interest)

Other income of £2,689k (2024: £2,423k) being interest on Parmenion loan notes carrying a 10% coupon

Cost reduction and operating platform simplification

Business shed nearly £5m of costs during the year despite a revenue decline of over £2m; consolidation of five inherited management companies, fund ranges and custodians onto a single fund umbrella and operating model was completed end-October 2025

Industry-wide active equity outflows reducing the AUM revenue base

Group AUM fell from £2,779m to £2,351m (active equities) over the year amid £12.6bn of net outflows from the UK funds industry; £12,609m of equity outflows across the sector in the review period

£8.1m charge: Impairment of Equities Business goodwill

We are under no illusion that market conditions will become less challenging near term... Profitability is within sight and, indeed, we moved into run rate profitability for a brief period following the acquisition of Devon. Sadly, the loss of Devon's institutional client along with the incessant outflows afflicting the industry, has pushed this milestone out once again.

On 6 October 2025 the Group completed its acquisition of Devon Equity Management Limited for consideration of up to £2.46m, comprising 16,670,000 Initial Consideration A Ordinary Shares (issued at 6p) and up to 24,330,000 Deferred Consideration A Ordinary Shares payable 10 June 2026 based on revenue generated, plus up to £1.5m cash contingent on regulatory capital requirements

No interim or final dividend was declared or paid for FY2025 or FY2024; the Board decided against payment of a dividend in light of adverse trading conditions

Auditor Moore Kingston Smith LLP issued an unqualified (unmodified) opinion that the financial statements give a true and fair view; going concern basis adopted, with the Board having reviewed projections rolling forward more than two years including a 30% AUM stress scenario and the proposed equities business sale scenario, concluding the Group has adequate resources for at least 12 months from signing. Key Audit Matters were revenue recognition, impairment of goodwill and intangible assets (Group), and impairment of investments in subsidiaries (Company) - the latter resulting in a £30.3m impairment in the Company accounts. Group materiality was £560k (1% of gross assets)