Its adjusted profit rose 3% from £102m to £105.2m. Profit before tax was up 22% to £61.5m from £50.3m in 2024. The Edinburgh based company’s total assets under administration reached £110bn on behalf of more than 250,000 customers, with the company crediting the increase to the integration of past acquisitions, including self-invested personal pension provider Curtis Banks in 2023 and adviser-as-platform provider Third Financial in 2024.

The group’s revenue was up 3.5% from £217.4m to £225.2m in a year when markets were doing well, suggesting organic growth was not strong. The group did not disclose flows in its financial results.

Nucleus spent £33m on technology and transformation costs. It also spent £12.8m in transformation programme costs relating to the launch and migration of James Hay on the new FNZ-powered Nucleus Platform, which will eventually replace Curtis Banks, Talbot and Muir and Nucleus Wrap to be the strategic platform powering the growth of its retail proposition.

Shareholders, including private equity firms HPS (its main backers) and Epiris and minority stakeholder FNZ, were paid an interim dividend of £64.7m in 2025 and a further £5m in February 2026.

Chief executive Richard Rowney at Nucleus Financial wrote in the annual report: “This economic environment does, however, emphasise the importance of holding a diverse allocation of assets across the risk spectrum in order to both preserve capital and keep pace with inflation.

“We anticipate that AI adoption, deglobalisation, ageing populations, and urbanisation will continue to be the long-term global themes, providing investment opportunities that platforms can open up to customers of all sizes.

“The scale we have built at Nucleus through both M&A and organic growth enables us to weather market uncertainty in 2026. Equally, we can contınue to invest in our technology and people - both to drive consistent, sustainable revenue for our business and shareholders, and deliver value for money for the customers we serve.”