Brooks has posted its best flow performance in two years across both BPS and MPS propositions. BPS saw a much reduced net outflow (£104m vs £200m+ in the preceding two quarters) with MPS net inflows sustained. FuM finished up at £16.6bn (+4% qoq); vs SCMe £16.5bn. We make no change to our earnings estimates forecast, looking for a return to group net inflows in FY26e including BPS net inflows later in the year. We reiterate BUY and 2500p 12m TP (using a 16x PER), with the shares overestimating execution risk vs return potential.
