Interim report
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22 September 2026 Mortgage Advice Bureau (Holdings) plc("MAB" or the “Company” or the "Group") Interim Results for the six months ended 30 June 2026 Mortgage Advice Bureau (Holdings) plc (LSE: MAB1), a leading technology-driven UK propertyfinance service, is pleased to announce its interim results for the six months ended 30 June 2026. Financial summary H1 2026 H1 2025 Change Revenue £161.0m £148.2m +8.6% Gross profit / Margin £47.4m / 29.4% £41.0m / 27.7% +15.6% / 1.7pp Admin expenses / Admin expenses ratio* £32.5m / 20.2% £26.7m / 18.0% +21.6% / 2.2pp Adjusted PBT* / Adjusted PBT Margin* £14.8m / 9.2% £14.5m / 9.8% +2.1% / -0.6pp Statutory PBT / Statutory PBT Margin £6.2m / 3.9% £9.6m / 6.5% -35.7% / -2.6pp Adjusted diluted EPS* 18.4p 18.2p +1.1% / +0.2p Basic EPS 6.3p 11.8p -46.6% / -5.5p Adjusted cash conversion* 98% 116% -18pp Net debt* / Leverage* £15.1m/ 0.4x £11.7m/ 0.3x +£3.4m / 0.1x Proposed interim dividend 7.9p 7.2p +9.7% / +0.7p Highlights Revenue up 8.6% to £161.0m (H1 2025: £148.2m)Adjusted PBT up 2.1% to £14.8m (H1 2025: £14.5m)Interim dividend of 7.9p per share, reflecting our progressive dividend policy and the usualweighting of the full-year dividend.Market share of new mortgage lending[1] stable at 8.2% (H1 2025: 8.2%) and market share ofProduct Transfers up to 3.2% (H1 2025: 3.1%)Average number of mainstream advisers increased 8.7% to 2,163 (H1 2025: 1,989) withrevenue per mainstream adviser stable at £74.4k (H1 2025: £74.5k)Closing mainstream advisers[2] up 3% to 2,194 (2025: 2,135)The Group is trading in line with recently revised expectations for 2026. Peter Brodnicki, Founder and Chief Executive, commented: “MAB delivered a resilient performance in the first half, with total mortgage completions¹ up 16% to£16.5bn (H1 2025: £14.2bn), despite mortgage pricing volatility creating a complex environment forcustomers and advisers. Growth was led by refinancing, particularly Product Transfers, whichsupported strong activity levels but carry a lower revenue contribution than purchase lending. At the start of the year, expectations were for a gradual recovery in the housing market, supported byinterest rate cuts. Domestic and global developments have disrupted this outlook, increasinguncertainty around inflation and the path of borrowing costs. Market conditions softened during Julyand August. As set out in our revised guidance on 9 September, the activation and build-up of digitallead flows from Fluent’s partner relationships has taken longer than expected, with the associatedprofit contribution now expected to build through 2027. While the revision to our expectations for 2026 was disappointing, we continue to expect Groupadjusted profit before tax growth of approximately 5% compared with 2025, demonstrating therobustness of our business model against a challenging market backdrop. We continue to strengthen the Group’s operating model through greater integration, centralisation andautomation. Supported by our recent senior appointments, these initiatives are laying the foundationsfor improved efficiency and operating leverage from 2027. Together with fixed-rate mortgage maturities in 2027 being around 30% higher year-on-year and the2028 pipeline building well, these actions reinforce our confidence to deliver stronger performancenext year and beyond.” Enquiries:
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Total Market[3] Total MAB[4] Market Share £bn H12026 H1 2025 % H1 2026 H1 2025 % H1 2026 H1 2025 Purchase 87.6 89.6 -2% 7.6 7.7 -1% 8.6% 8.6% Remortgage 51.6 39.6 30% 4.4 3.4 29% 8.5% 8.5% Other 6.0 5.1 16% - - - - - New lending 145.2 134.3 8% 12.0 11.1 8% 8.2%[5] 8.2% ProductTransfers 143.2 102.4 40% 4.5 3.1 44% 3.2% 3.1% Total lending 288.4 236.7 22% 16.5 14.2 16% 5.7% 6.0% Investor Relations investor.relations@mab.org.uk Camarco mab@camarco.co.uk Analyst presentation There will be a virtual analyst presentation to discuss the results at 9:30am today. Those analystswishing to attend are asked to contact Investor Relations or Camarco for details. Investor Meet Company presentation Peter Brodnicki, Chief Executive Officer, and Jo Stent, Chief Financial Officer Designate, willprovide a live presentation on the Group’s interim results via Investor Meet Company at 11:00am on25 September 2026. The presentation is open to all existing and potential shareholders. Investors can register for free andfollow MAB via: https://www.investormeetcompany.com/mortgage-advice-bureau-holdings-plc/register-investor Investors who already follow MAB on the Investor Meet Company platform will be invitedautomatically. About Mortgage Advice Bureau: MAB is a leading UK property finance platform that connects customers, advisers, lenders, andinsurers throughout the homeownership journey. Through its scalable, technology-driven intermediarymodel, MAB delivers personalised mortgage and protection advice via its proprietary platform,supported by deep customer insight and a data-rich, digitally enabled framework. Through its partner firms, known as Appointed Representatives (ARs), MAB has over 2,100 advisersproviding expert advice across mortgage, specialist lending, protection and general insuranceproducts. MAB supports its AR firms with proprietary technology and services, including adviserrecruitment and lead generation, learning and development, compliance auditing and supervision, anddigital marketing and website solutions. For more information, visit www.mortgageadvicebureau.com * In addition to statutory reporting, MAB reports alternative performance measures (APMs) which are not defined orspecified under the requirements of International Financial Reporting Standards (IFRS). The Group uses these APMs toimprove the comparability of information between reporting periods by adjusting for certain items that impact IFRSmeasures, thereby aiding the user in understanding the activity across the Group's businesses. APMs are used by theDirectors and management for performance analysis, planning, reporting and incentive purposes. A summary of APMsused and their closest equivalent statutory measures is given in the Glossary of Alternative Performance Measures. Chief Executive Review Market trends In H1 2026, new UK mortgage lending increased by 8% to £145bn (H1 2025: £134bn). Growth wasconcentrated in refinancing, with remortgage lending up 30%, while purchase lending declined by2%. Separately, Product Transfer lending increased by 40%. As expected, the strong refinancing volumes seen at the start of the year continued through Q2.Product Transfers accounted for c.75% of refinancing activity in H1 2026. Purchase activity was resilient but has yet to develop meaningful momentum, with transactionvolumes 4% lower than in H1 2025. A sustained recovery in the purchase market has been delayed by the uncertain macroeconomicbackdrop. House prices are broadly flat in nominal terms and lower in real terms. UK mortgage lending by type and MAB share Business performance
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MAB’s new mortgage lending, comprising Purchase and Remortgage activity, increased by 8% to£12.0bn (H1 2025: £11.1bn), maintaining market share at 8.2%. Purchase lending reduced by 1%,compared with a 2% decline in the market, with MAB’s share unchanged at 8.6%. Remortgagelending increased by 29%, broadly matching market growth of 30% and maintaining an 8.5% share. Product Transfer completions increased by 44%, ahead of market growth of 40%, increasing MAB’smarket share to 3.2% (H1 2025: 3.1%). Across Remortgages and Product Transfers combined, thevalue of MAB’s refinancing increased by 37%, in line with the market. Including Product Transfers, MAB’s total mortgage completions increased by 16% to £16.5bn (H12025: £14.2bn). Current trading and outlook The housing and mortgage market backdrop has become more challenging over the summer. Theeasing in interest rates and gradual recovery in purchase activity that had been widely anticipated atthe start of the year has not materialised, while local and global developments have added touncertainty around inflation and the path of borrowing costs. We therefore do not expect a meaningfulrecovery in purchase activity in the short term. UK purchase transactions were 3% lower in the firstseven months of 2026[6], while July mortgage approvals for house purchase were 15% lower year-on-year[7]. The market remains predominantly refinance-led. We continue to have good visibility over fixed-ratemortgage maturities through the remainder of the year and into 2027, presenting a significantrefinancing opportunity. Product Transfers account for by far the largest share of refinancing activityand, with affordability remaining constrained, we expect the mix to remain weighted towards ProductTransfers rather than remortgages. MAB’s diversified model ordinarily provides resilience against weakness in individual marketsegments. As previously outlined, growth in 2026–27 was expected to be led by refinancing,supported by increased lead flow from Fluent’s partnerships with national digital lead sources. Following continued development of its mainstream first-charge mortgage proposition, Fluent hadbeen expected to deliver a significant step-up in 2026 through the activation and build-up of leadflows from partner relationships. For reasons outside Fluent’s control, these lead flows have takenlonger than expected to activate and scale, with pilot and capacity costs incurred ahead of theassociated revenue contribution. As a result, Fluent’s expected contribution to Group adjusted profitbefore tax for 2026 is approximately £5m lower than anticipated at the start of the year. The underlying commercial opportunities remain in place, with partner integrations progressing, leadflows expected to build as launches complete, and additional growth anticipated from the scaling ofexisting partnerships. This supports our confidence in a stronger contribution from Fluent in 2027 andbeyond. Group adjusted profit before tax for the year ending 31 December 2026 is expected to beapproximately £38.0m. Strategic progress under MAB 2.0 In January 2026, we hosted a Capital Markets Update setting out how our MAB 2.0 strategy istranslating into operational progress. Its three priorities – customer acquisition, retention and lifetimevalue; harnessing technology for scale; and very selective equity investment – are designed to broadenMAB’s reach, improve productivity and increase operating leverage. During the first half, we continued to develop and deploy our Platform, data and AI capabilities acrossthe customer and adviser journey. Our investment is focused on generating significant digital leadflow from our extensive partner relationships; improving lead nurturing and customer monitoring toenhance conversion, automating data capture and document processing, and enabling faster, moreconsistent case management. These capabilities will support greater resilience and consistency of leadflow across market conditions, reduce the administrative burden on advisers, strengthen case qualityand enable them to devote more time to delivering high-quality advice. Our growing proprietarydataset also supports better targeting and personalisation, helping us identify refinancing andprotection opportunities throughout the customer lifecycle. Within our invested businesses, the focus has shifted from portfolio build-out to integration and valuerealisation. During the period, we continued to integrate the subsidiaries acquired in late 2025,simplifying processes, aligning technology and centralising administrative and support activitieswhere appropriate. We have also commenced the process of merging a number of these firms. Theresulting operational and commercial synergies are expected to build progressively during the secondhalf and beyond. As these businesses scale, their cost bases will support increased operating leverage,while management continues to exercise cost discipline and prioritise investment towards initiativeswith clear revenue, productivity or efficiency benefits. Whilst some of these initiatives will drive more purchase lead flow, the near-term growth opportunityremains concentrated in refinancing and protection. By combining access to national digital leadsources with monitoring-led retention and Platform-enabled customer journeys, MAB is continuing itstransition from transaction-based revenue towards a more durable, recurring model. This provides aneven stronger foundation for sustainable growth in market share, adviser productivity and profitability. Regulatory update During the first half, the FCA continued its Mortgage Rule Review, consulting on targeted changesintended to give lenders greater flexibility to support creditworthy first-time buyers and underservedconsumers, while maintaining responsible lending standards. It also launched a market study into
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lifetime and retirement interest-only mortgages, with interim findings expected in Q4 2026. Thesedevelopments have the potential to broaden access to mortgage lending and reinforce the importanceof high-quality advice and adviser judgement. The FCA also published the findings of its review of the second-charge mortgage market, highlightingadvice and customer understanding as areas of focus. MAB continues to monitor and engage onregulatory developments across these markets, while investing in its processes, technology, advisertraining and oversight to support good and sustainable customer outcomes. In protection, the FCA published the final report from its Pure Protection Market Study in September2026. It concluded that competition in the distribution of pure protection products generally workswell for existing policyholders and delivers good outcomes, while identifying a significantopportunity to narrow the UK protection gap – the number of households without adequate financialprotection against death, illness or loss of income. The FCA set out a programme of industry-ledinitiatives to improve consumer awareness and access, including strengthening adviser engagementand encouraging protection conversations at key life stages. These findings underline the role of high-quality mortgage advice in improving customers’ financial resilience and present an opportunity foradvisers to help more customers and their families address their protection needs. Main Market listing On 1 May 2026, the Company’s ordinary shares were admitted to the Equity Shares (CommercialCompanies) category of the Official List maintained by the FCA and to trading on the Main Market ofthe London Stock Exchange, with trading on AIM cancelled simultaneously. Admission marked animportant milestone in MAB’s development, providing access to a broader pool of investors. MABsubsequently joined the FTSE All-Share Index in June 2026. Board and Executive Changes During the period, Renee Hunt assumed the role of Chief Data and Information Officer, bringingtechnology, product, data, AI, customer experience and certain operational responsibilities underunified leadership. Yaiza Luengo ceased to be Chief Operating Officer and a Director of the Companyon 29 May 2026. The Group does not intend to appoint a direct replacement. On 29 June 2026, the Group announced that Emilie McCarthy would step down as Group ChiefFinancial Officer and a Director on 30 September 2026. Jo Stent joined MAB as Group ChiefFinancial Officer Designate on 6 July and is working alongside Emilie to ensure an orderly transition.Subject to regulatory approval, Jo will become Group Chief Financial Officer on 1 October 2026 andis expected to join the Board thereafter. Ben Thompson, Director of Home Moving Strategy and formerly Deputy Chief Executive Officer,will leave MAB at the end of 2026 after eight years with the Group. The strategic initiatives he has ledwill continue under the existing leadership team. Sustainability During the first half, we continued to progress our sustainability priorities, including publishing ourfirst standalone Sustainability Report, which provides greater detail on our strategy, governance,climate-related work and reporting roadmap. We also advanced our double materiality assessment andstakeholder engagement, completed an external review of our climate risk methodology, andcontinued to develop our decarbonisation pathway and science-based targets. Since the period end, we have progressed preparations for external assurance over selectedsustainability data and continued to strengthen the governance and controls supporting ourdisclosures. This work supports our ambition to reduce operational emissions, improve reportingquality and credibility, and embed sustainability more consistently across the Group. Financial Review We measure the development, performance and position of our business against a number of keyindicators: Income statement(£m) H1 2026 H1 2025 H1 2024 H1 2023 Revenue 161.0 148.2 123.9 117.5Gross Profit 47.4 #41.0 37.7 32.9AdministrativeExpenses 32.5 #26.7 23.7 23.7 Profit before tax (PBT) 6.2 9.6 6.2 7.6 Adjusted PBT* 14.8 14.5 12.3 8.8 Adjusted EBITDA* 17.3 16.4 13.8 10.5 Performance metrics(%) H1 2026 H1 2025 H1 2024 H1 2023 Gross Margin (%revenue) 29.4% #27.7% 30.4% 28.0% Administrativeexpense (% revenue) 20.2% #18.0% 19.1% 20.2% Adjusted PBT (%revenue) * 9.2% 9.8% 9.9% 7.5%
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Adjusted EBITDA (%revenue) * 10.7% 11.1% 11.1% 8.9% Balance sheet & Cashflow H1 2026 H1 2025 H1 2024 H1 2023 Unrestricted cashbalance (£m) 6.9 3.2 4.9 5.0 Adjusted Cashconversion* 98% 116% 119% 131% Free cash flow (£m) 11.8 14.6 14.3 10.6Net debt (£m) (15.1) (11.7) (16.7) (19.4)Leverage (x)* 0.4x 0.3x 0.6x 0.7x Shareholder returns H1 2026 H1 2025 H1 2024 H1 2023 Diluted Adjusted EPS(p) 18.4 18.2 14.8 11.8 Interim dividend (p) 7.9 7.2 13.4 13.4 # Certain 2025 costs have been reclassified to better reflect the nature of the underlying activities and the Group’sintegrated operating model. Further details are included in note 4 to the financial statements. Revenue Group revenue grew in the period by 8.6% to £161.0m (H1 2025: £148.2m). This performance comesagainst a challenging market backdrop, with subdued consumer confidence and continued volatility inmortgage pricing. Revenue growth was supported by strong refinancing activity, in contrast to H12025, when growth was primarily driven by purchase lending ahead of changes to Stamp Duty LandTax relief. Revenue continued to be generated from three core areas: mortgage procuration fees, protection andgeneral insurance commission, and client fees. Revenue growth in the first half was driven in the mainby increases in mortgage procuration fees in addition to protection and general insurance commission. Income source (£m) H1 2026 H1 2025 Change Mortgage procuration fees 67.2 60.0 +12.0%Protection and General Insurance (GI) 60.1 55.7 +7.8%Client fees 30.1 29.9 +0.8%Other income 3.6 2.6 +39.2%Total 161.0 148.2 +8.6% Business mix in the first half compared to the same period of the prior year shifted towardsrefinancing activity, particularly Product Transfers, which increased to 27% of lending by value (H12025: 22%) resulting in lower average procuration fees and smaller overall case sizes. The business mix by lending value is outlined below: Lending by mortgage type H1 2026 H1 2025 Change Purchase 46% 54% -8ppRemortgage 27% 24% +3ppProduct Transfer 27% 22% +5ppTotal 100% 100% Total number of mortgages completed 85,500 74,700 +14% The performance was driven by growth across all income streams Procuration fees increased by 12% to £67.2m, with growth driven by refinancing opportunitiesacross the network and invested businesses. The lending value of refinance mortgagescompleted during the year, including Product Transfers, rose by 37% compared with H1 2025,while purchase mortgage completions reduced by 1%.Protection and general insurance commission increased by 8% to £60.1m. This represents arobust performance given the higher refinancing mix compared to the prior year, whereattachment rates were lower.Client fees income rose by 1% to £30.1m (H1 2025: £29.9m), which reflects the shift torefinancing activity versus H1 2025. The proportion of revenue from each income stream was broadly in line with prior years: Income source H1 2026 H1 2025 Mortgage procuration fees 42% 40%Protection and General Insurance (GI) 37% 38%Client fees 19% 20%Other income 2% 2%Total 100% 100% Revenue split between the AR network and Invested Businesses
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H1 2026 H1 2025 Averagenumber ofadvisers Productivityper adviser(£000s) Averagenumber ofadvisers Productivityper adviser(£000s) Change inproductivity AR Network 1,502 59 1,452 58 +1%Invested Businesses 661 110 537 118 -7% Total 2,163 74 1,989 74 0% H1 2026 H1 2025 Change Gross Profit £m 47.4 #41.0 15.6%AR Network 22.2 20.7 7.3%Invested Businesses 28.3 23.0 22.9%Head office -3.1 -2.7 14.5%Gross Margin % 29.4% #27.7% +1.7ppAR Network 25.2% 24.5% +0.7ppInvested Businesses 38.8% 36.2% +2.6ppHead office n/a n/a n/a Both the AR Network and Invested Businesses contributed to Group revenue growth during theperiod. AR Network revenue increased by 4% to £88.0m (H1 2025: £84.6m), while revenue fromInvested Businesses increased by 15% to £73.0m (H1 2025: £63.6m). As a result, total revenueincreased by 9% to £161.0m (H1 2025: £148.2m), with Invested Businesses’ share of Group revenueincreasing by two percentage points to 45%. Growth engine (£m) H1 2026 H1 2025 Change AR Network 88.0 84.6 4%Invested Businesses 73.0 63.6 15%Total 161.0 148.2 9% Growth engine (%) H1 2026 H1 2025 AR Network 55% 57%Invested Businesses 45% 43%Total 100% 100% Revenue per mainstream adviser (productivity) The Group’s number of mainstream advisers2 at 30 June 2026 was up 3% on the prior year end to2,194 (2025: 2,135). Adviser productivity remained in line with prior year, with the average revenue per mainstreamadviser for the period of £74,400 (H1 2025: £74,500). Typically, new joiners in the year will not reachfull productivity until the following year. The number of advisers within invested businesses at 30 June 2026 was 682 advisers (H1 2025: 575),while the AR network comprised 1,512 advisers (H1 2025: 1,466). Productivity in the AR Network remained broadly stable at £59,000 (H1 2025: £58,000), reflectingthe subdued purchase market and increased levels of Product Transfers. Productivity in Invested Businesses fell by 7% to £110,000 (H1 2025: £118,000), reflecting changesin the relative mix of mainstream and specialist lending, with the latter typically generatingsignificantly higher revenue per adviser. Gross profit and gross profit margin Gross profit increased by 15.6% to £47.4m (H1 2025: £41.0m), reflecting revenue growth and thecontribution from acquisitions completed in 2025. Gross margin increased to 29.4% (H1 2025:27.7%), primarily reflecting the higher-margin profile of the acquired businesses. AR network AR Network gross profit increased by 7.3% to £22.2m (H1 2025: £20.7m), reflecting revenue growthacross the network, with adviser productivity also improving slightly. Gross margin increased to 25.2% (H1 2025: 24.5%), due to growth being driven from higher marginprotection business and a reduction in lower margin client fees. Invested Businesses Invested Businesses' gross profit increased 22.9% to £28.3m (H1 2025: £23.0m), with gross marginimproving to 38.8% (H1 2025: 36.2%). The consolidation during the period of businesses in which MAB previously held non-controllinginterests contributed an additional £4.7m of gross profit. As these businesses were already part ofMAB’s network, this reflects the change in presentation following consolidation, with commissionpayments to the firms replaced by the associated adviser and lead costs. The gross margin benefit of the consolidation of invested businesses was partly offset by a lessfavourable lending mix, with a higher proportion of Product Transfers and lower protectionattachment rates reducing the contribution from higher-margin protection income.
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Administrative expenses £m H1 2026 H1 2025 Change Administrative expenses 32.5 #26.7 21.6%Invested Businesses 13.4 9.4 42.7%Head Office 19.1 17.3 10.1%Administrative expenses % total revenue 20.2% #18.0% 2.2ppInvested Businesses % IB revenue 18.4% 14.8% 3.6ppHead Office % total revenue 11.9% 11.7% 0.2pp Administrative expenses increased by 21.6% to £32.5m (H1 2025: £26.7m), principally reflecting theconsolidation of acquisitions completed in 2025 and 2026, alongside investment to support theGroup’s growth and higher activity levels. As a proportion of revenue, administrative expensesincreased to 20.2% (H1 2025: 18.0%). Invested Businesses Administrative expenses within Invested Businesses increased by 42.7% to £13.4m (H1 2025:£9.4m). Of the £4.0m increase, £4.3m related to the consolidation of acquisitions completed in 2025and 2026, with a £0.3m reduction across existing Invested Businesses. As a proportion of Invested Businesses' revenue, administrative expenses increased to 18.4% (H12025: 14.8%), primarily reflecting the impact of acquisitions consolidated in 2025. Head Office Head Office administrative expenses increased by £1.8m. The increase reflects continued plannedinvestment in people and infrastructure to support the Group’s medium term growth plans, includingkey personnel hires and higher performance-related remuneration. Head Office costs remained well controlled, with the investment being made expected to supportgreater operational efficiency as the Group scales. Adjusted Profit Before Tax (PBT) and profitability margin Adjusted PBT increased 2.1% to £14.8m (H1 2025: £14.5m), supported by growth across both the ARNetwork and Invested Businesses, with acquisitions completed in 2025 and 2026 contributing anadditional £0.7m due to being fully consolidated. Continued investment in Head Office costs partiallyoffsets this growth. Adjusted PBT margin decreased by 60 basis points to 9.2% (H1 2025: 9.8%), reflecting the shifttowards lower-value, lower-margin refinancing activity, particularly Product Transfers, alongsidecontinued investment in central capabilities. Statutory profit before tax Statutory profit before tax was £6.2m (H1 2025: £9.6m). The adjustments between statutory andadjusted PBT mainly relate to acquisition-related costs and exceptional costs relating to the MainMarket listing. Adjustments in H1 2026 were £3.7m higher than in 2025, with £2.1m of the increaselinked to the Main Market listing and £1.5m higher amortisation of acquired intangibles. Taxation The effective tax rate on adjusted profit before tax was 24.3% (H1 2025: 24.1%), broadly in line withthe headline UK corporate tax rate. The reported tax charge was £2.5m (H1 2025: £2.8m), representing an effective tax rate on statutoryprofit before tax of 40.0% (H1 2025: 28.8%), which is above the headline UK corporation tax rate of25%, primarily due to disallowable Main Market listing costs in 2026 and acquisition-related costs. Earnings per share In H1 2026, adjusted diluted earnings per share was 18.4p (H1 2025: 18.2p), while basic earnings pershare was 6.3p (H1 2025: 11.8p). The 12.1p difference between adjusted and basic EPS in H1 2026primarily reflects £5.9m of acquisition-related costs and £2.1m Main Market listing costs, net of tax,attributable to the parent. Balance sheet Assets Total assets increased by 2.7% to £187.6m (Dec 25: £182.6m), primarily reflecting goodwillrecognised on new acquisitions during the period, increased trade and other receivables and acorporation tax receivable Trade and other receivables increased by £2.3m to £16.9m, principally due to higher prepayments andaccrued income. These increases are largely seasonal and reflect the timing of annual supplierinvoices, together with the higher level of trading activity in June compared with December. Corporation tax is a £1.2m receivable in the period due to quarterly instalments based on full yearprofits, which continue to be weighted towards H2. Liabilities Total liabilities increased by 12.5% to £119.9m (Dec 25: £106.7m), primarily due to £10.5m increasedloans and borrowing as a result of acquisitions during the period, deferred payments from prior year
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acquisitions and costs relating to the Main Market listing. Trade and other payables have alsoincreased by £1.5m due to £0.7m incremental deferred consideration relating to current yearacquisitions, £0.7m higher amounts owed to Appointed Representatives and lead sources, linked tohigher trading seasonality, and £0.6m higher Appointed Representatives retained commission. This ispartially offset by a reduction in accruals. Equity Total equity reduced to £67.7m (Dec 25: £75.9m), with profits during the period offset by dividendpayments and the share buyback. Cash flow Cash generated from operating activities reduced to £12.7m (H1 2025: £17.6m), reflecting £2.1m ofnon-recurring cash outflows relating to the Main Market listing, £0.4m of acquisition related outflowsand one-off commercial incentives in H1. Net cash generated from operating activities was £8.5m (H12025: £13.8m) after interest and tax payments. Net cash used in investing activities was £6.2m (H1 2025: £5.5m), primarily reflecting acquisitionactivity during the period, payment of deferred consideration relating to 2025 acquisitions, togetherwith continued investment in technology. Net cash used in financing activities was £2.9m (H1 2025: £9.3m), reflecting dividend payments, theshare buy back and scheduled lease repayments, partially offset by net receipts on borrowings. As a result, cash and cash equivalents decreased by £0.6m to £25.5m at 30 June 2026, with anincrease in net debt to £15.1m (H1 2025: £11.7m). Free cash flow during the period was £11.8m (H1 2025: £14.6m), reflecting strong operating cashgeneration partly offset by higher capital expenditure and one-off contractual operating cash flows inthe period. Free cash flow is defined as operating cash flow before strategic investment, M&A anddividends. Adjusted Cash conversion The Group’s operations generate strong positive cash flow, as evidenced by net cash from operatingactivities of £8.5m (H1 2025: £13.8m). Adjusted cash conversion* was 98% (H1 2025: 116%), withconversion below 100% primarily due to one-off contractual cash flows in H1. Dividend The Board is pleased to propose an interim dividend of 7.9p per share (H1 2025: 7.2p), consistentwith the Group’s intention to adopt a progressive dividend policy. The interim dividend will be paidon 30 October 2026, representing a cash outlay of £4.5m. The ex-dividend date will be 1 October2026, with a record date of 2 October 2026. Capital allocation Our capital allocation framework balances investment in growth initiatives with the delivery ofsustainable shareholder returns. Our performance in H1 2026 is outlined below: Financial resilience: The Group remains financially resilient, with significant headroom of £57.2mover its regulatory capital requirements, equivalent to 2.5% of regulated revenue in regulated entitiesand net debt of £15.1m (H1 2025: £11.7m), representing a low leverage ratio of 0.4x (H1 2025: 0.3x). Organic growth investment. Strong cash generation supported continued investment in organic growthinitiatives during the year, with strategic expenditure of £7.6m (H1 2025: £4.5m), strengthening ourplans for sustainable growth and futureproofing our operations. Ordinary dividends: For 2026, an interim dividend of £4.5m will be paid on 30 October 2026. M&A: Cash consideration for M&A activity during H1 2026 was £3.3m (H1 2025: £1.6m) plus afurther £1.1m of deferred contingent consideration relating to 2025 acquisitions. Surplus capital: During the period, the Company purchased £2.8m of its own shares, which are heldin treasury for use in connection with employee share schemes. Principal risks and uncertainties The Board is ultimately responsible for the Group’s risk management framework and regularlyconsiders the principal and emerging risks that could impact the delivery of the Group’s strategicobjectives. The Board has reviewed the principal risks and uncertainties facing the Group for the remaining sixmonths of the financial year. These remain consistent with those set out in the Group’s 2025 AnnualReport and Accounts and there have been no material changes to the nature of the principal risks, or tothe Group’s assessment of their potential impact, since 31 December 2025. The Group’s principal risks and uncertainties relate to: Strategic execution and growth objectives; Capital, liquidity and financial performance;
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Sustainability and ESG reporting capability risk; Legal, governance, regulatory and data protection compliance; Consumer outcomes and competitive market; Financial crime risk; Technology platforms, data integrity and cyber resilience; Artificial Intelligence Adoption, Model Integrity and Oversight; Operational resilience, outsourcing and third-party dependencies; People, talent, capability and culture; and Brand, reputation and stakeholder trust. A detailed description of these risks, together with the principal mitigating actions in place, is set outon pages 33 to 39 of the 2025 Annual Report and Accounts, which is available on the Group’swebsite. The Board and Group Risk Committee continue to monitor the Group’s principal and emerging risks,including changes in the external, regulatory and economic environment. The Board considers that theprincipal risks and uncertainties set out in the 2025 Annual Report and Accounts remain applicable forthe remaining six months of the financial year. Related party transactions There have been no related party transactions during the six months ended 30 June 2026 that havematerially affected the financial position or performance of the Group, and there have been nomaterial changes in the related party transactions described in the Group’s 2025 Annual Report andAccounts. Directors’ responsibility statement The Directors confirm that, to the best of their knowledge: the condensed consolidated interim financial statements have been prepared in accordancewith UK-adopted IAS 34 Interim Financial Reporting and give a true and fair view of theassets, liabilities, financial position and profit or loss of the Group taken as a whole; the interim management report includes a fair review of the information required by DTR4.2.7R and DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, specifically: an indication of the important events that have occurred during the first six months ofthe financial year and their impact on the condensed consolidated interim financialstatements; a description of the principal risks and uncertainties for the remaining six months ofthe financial year; Details of related party transactions that have taken place during the first six months ofthe current financial year and that have materially affected the financial position orperformance of the Group during that period; and any changes in the related party transactions described in the last annual report thatcould have a material effect on the financial position or performance of the Groupduring that period. On behalf of the Board Peter Brodnicki Emilie McCarthyChief Executive Officer Group Chief Financial Officer21 September 2026 21 September 2026 INDEPENDENT REVIEW REPORT TO MORTGAGE ADVICE BUREAU(HOLDINGS) PLC Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensedset of financial statements in the half-yearly financial report for the six months ended 30 June 2026 isnot prepared, in all material respects, in accordance with UK adopted International AccountingStandard 34: Interim Financial Reporting and the Disclosure Guidance and Transparency Rules of theUnited Kingdom’s Financial Conduct Authority. We have been engaged by Mortgage Advice Bureau (Holdings) Plc (the ‘Company’) to review thecondensed set of financial statements in the half-yearly financial report for the six months ended 30June 2026 which comprise of the following: • Interim condensed consolidated statement of comprehensive income• Interim condensed consolidated statement of financial position• Interim condensed consolidated statement of changes in equity
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• Interim condensed consolidated statement of cash flows• The related explanatory notes Basis for conclusion We conducted our review in accordance with the International Standard on Review Engagements (UK) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” (“ISRE (UK) 2410”). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34: Interim Financial Reporting. Conclusions relating to going concern Based on our review procedures, which are less extensive than those performed in an audit asdescribed in the Basis for conclusion section of this report, nothing has come to our attention tosuggest that the directors have inappropriately adopted the going concern basis of accounting or thatthe directors have identified material uncertainties relating to going concern that are not appropriatelydisclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410,however future events or conditions may cause the Group to cease to continue as a going concern. Responsibilities of directors The directors are responsible for preparing the half-yearly financial report in accordance with theDisclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority. In preparing the half-yearly financial report, the directors are responsible for assessing the Group’sability to continue as a going concern, disclosing, as applicable, matters related to going concern andusing the going concern basis of accounting unless the directors either intend to liquidate the Group orto cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the review of the financial information In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion onthe condensed set of financial statement in the half-yearly financial report. Our conclusion, includingour Conclusions Relating to Going Concern, are based on procedures that are less extensive than auditprocedures, as described in the Basis for Conclusion paragraph of this report. Use of our report Our report has been prepared in accordance with the terms of our engagement to assist the Companyin meeting the requirements of the Disclosure Guidance and Transparency Rules of the UnitedKingdom’s Financial Conduct Authority and for no other purpose. No person is entitled to rely onthis report unless such a person is a person entitled to rely upon this report by virtue of and for thepurpose of our terms of engagement or has been expressly authorised to do so by our prior writtenconsent. Save as above, we do not accept responsibility for this report to any other person or for anyother purpose and we hereby expressly disclaim any and all such liability. BDO LLPChartered AccountantsLondon, UK21 September 2026 BDO LLP is a limited liability partnership registered in England and Wales (with registered numberOC305127). Interim condensed consolidated statement of comprehensive income forthe six months ended 30 June 2026 2026 2025 Unaudited Unaudited Note £'000 £'000Revenue 3 160,972 148,195Cost of sales 4 (113,585) (107,201)Gross profit 47,387 40,994Administrative expenses (32,503) (26,738)Share of profit from associates 11 332 581Costs relating to acquisition options 5 (858) (908)Amortisation of acquired intangibles 5 (4,122) (2,639)Acquisition costs 5 (187) (72)Net loss on disposal of associate 11 - (266)Exceptional items 6 (2,164) -
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Net loss on fair value measurement of contingent consideration5 (232) -Net loss on fair value measurement of derivative financial instruments - (19)Operating profit 7,653 10,933Finance income 7 238 244Finance expense 7 (636) (572)Unwinding of redemptionliability 5 (989) (457)Net loss on remeasurement of redemption liability 5 (66) (509)Profit before tax 6,200 9,639Tax expense 8 (2,457) (2,779)Profit for the period 3,743 6,860Total comprehensive income 3,743 6,860 Profit is attributable to: Equity owners of the Parent Company 3,626 6,817Non-controlling interests 117 43 3,743 6,860 Earnings per share attributable to the owners of the ParentCompany Basic 9 6.3p 11.8pDiluted 9 6.2p 11.7p Adjusted measures Adjusted EBITDA 17,289 16,418Adjusted profit before tax 14,818 14,509Adjusted diluted earnings per share 18.4p 18.2p Further details of adjusted measures are provided within the Glossary of Alternative Performance Measures.
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Interim condensed consolidated statement of financial position as at30 June 2026 and 31 December 2025 2026 2025 Unaudited Audited Note £'000 £'000Assets Non-current assets Property, plant and equipment 5,274 5,578Right of use assets 6,672 6,686Goodwill 12 72,826 70,237Other intangible assets 12 53,668 53,869Investments in associates and joint venture 11 5,146 4,990Trade and other receivables 13 927 692Total non-current assets 144,513 142,052Current assets Trade and other receivables 13 15,969 13,903Corporation tax asset 1,193 -Cash and cash equivalents 14 25,539 26,187Short term deposits 14 355 431Total current assets 43,056 40,521Total assets 187,569 182,573Equity and liabilities Share capital 18 58 58Share premium 55,163 55,163Capital redemption reserve 20 20Share option reserve 7,063 7,336Retained earnings 6,250 11,564Treasury shares (2,364) -Equity attributable to owners of the Parent Company 66,190 74,141Non-controlling interests 1,480 1,758Total equity 67,670 75,899Liabilities Non-current liabilities Trade and other payables 15 4,281 7,068Redemption liability 5 9,947 8,892Lease liabilities 5,465 5,614Deferred tax liability 12,172 12,527Total non-current liabilities 31,865 34,101Current liabilities Trade and other payables 15 48,946 44,648Clawback liability 15,704 15,116Lease liabilities 1,412 1,212Loans and borrowings 16 21,972 11,427Corporation tax liability - 170Total current liabilities 88,034 72,573Total liabilities 119,899 106,674Total equity and liabilities 187,569 182,573 The notes that follow form part of these financial statements. The financial statements were approved by the Board of Directors on 21 September 2026. P Brodnicki E McCarthy Director Director
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Interim condensed consolidated statement of changes in equity for the sixmonths ended 30 June 2026 Attributable to owners of the Parent Company Share capital Share premium Capitalredemptionreserve Share optionreserve Retainedearnings Total Non-controllinter Treasury Shares Note £'000s £'000s £'000s £'000s £'000s £’000 £'000s £'0Balance as at 1 January 2025 58 55,163 20 4,312 14,109 - 73,662 1,Profit for the year - - - - 6,817 - 6,817Total comprehensive income - - - - 6,817 - 6,817Transactions with owners Acquisition of subsidiaries 5 - - - - (715) - (715) Non-controlling interest onacquisition of subsidiaries - - - - - - - Share-based payment transactions 20 - - - 1,330 - - 1,330Current and deferred tax recognisedin equity 8 - - - 190 - - 190 Dividends paid 10 - - - - (8,578) - (8,578) (7 Total transactions with owners - - - 1,520 (9,293) - (7,773) (4Balance at 30 June 2025(unaudited) 58 55,163 20 5,832 11,633 - 72,706 1, Balance as at 1 January 2026 58 55,163 20 7,336 11,564 - 74,141 1,Profit for the period - - - - 3,626 - 3,626 Total comprehensive income - - - - 3,626 - 3,626 Transactions with owners Share-based payment transactions 20 - - - 134 - - 134 Current and deferred tax recognisedin equity 8 - - - (109) (20) - (129) Purchase of treasury shares 18 - - - - - (2,774) (2,774) Dividends paid 10 - - - - (8,850) - (8,850) (3Dividends returned 10 - - - - 42 - 42Share options expired - - - (20) 20 - - Share options exercised - - - (278) (132) 410 - Total transactions with owners - - - (273) (8,940) (2,364) (11,577) (3Balance at 30 June 2026(unaudited) 58 55,163 20 7,063 6,250 (2,364) 66,190 1,
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Interim condensed Consolidated statement of cash flows for the sixmonths ended 30 June 2026 2026 2025 Note £'000 £'000Cash flows from operating activities Profit for the period before tax 6,200 9,639Adjustments for: Depreciation of property, plant and equipment 616 549Depreciation of right of use assets 765 396Amortisation of intangibles 12 4,814 3,275(Profit)/Loss of on disposal of fixed assets and associateinvestments (8) 266Share-based payments 20 528 1,760Share of profit from associates 11 (332) (581)Dividends received from associates 11 176 549Unwinding of redemption liability 5 989 457Loss on remeasurement of redemption liability 5 66 509Unwinding of loan arrangement fees 21 30R&D Tax credit (387) -Loss/ (Gain) on fair value measurement of derivativefinancial statements - 19Finance income 7 (238) (244)Finance expense 7 636 572 13,846 17,196Changes in working capital Increase in trade and other receivables 13 (2,132) (4,196)Increase in trade and other payables 15 575 4,454Increase in clawback liability 367 173 Cash generated from operating activities 12,656 17,627Income taxes paid (4,412) (4,027)Interest received 238 244Net cash generated from operating activities 8,482 13,844 Cash flows from investing activities Purchase of property, plant and equipment (297) (278)Purchase of intangibles 12 (2,555) (2,347)Proceeds from sale of property, plant and equipment 11 -Acquisition of subsidiaries, net of cash acquired 2 (2,622) (1,209)Acquisition of associates 11 - (1,663)Payment of deferred consideration (812) -Placement of short-term deposits 76 -Net cash used in investing activities (6,199) (5,497) Cash flows from financing activities Proceeds from borrowings 12,550 3,000Repayment of borrowings (1,875) (1,879)Interest paid (769) (645)Settlement of loans on acquisition (164) -Principal element of lease payments (696) (425)Purchase of treasury shares (2,774) -Dividends paid to Company's shareholders10 (8,850) (8,578)Dividends returned 42 -Dividends paid to non-controlling interests 10 (395) (740)Net cash used in financing activities (2,931) (9,267)Net decrease in cash and cash equivalents (648) (920)Cash and cash equivalents at the beginning of the period 26,187 23,675Cash and cash equivalents at the end of the period 25,539 22,755
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Notes to the consolidated financial statements for the six monthsended 30 June 2026 1. Accounting policies Basis of preparation The interim condensed consolidated financial statements of Mortgage Advice Bureau (Holdings) plc and its subsidiaries(collectively, “the Group”) for the six months ended 30 June 2026 were authorised for issue in accordance with aresolution of the directors on 21 September 2026. Mortgage Advice Bureau (Holdings) plc ("the Company") is a public limited company incorporated and domiciled inEngland. The Company's ordinary shares were admitted to the equity shares (commercial companies) category of theOfficial List maintained by the Financial Conduct Authority and to trading on the Main Market of the London StockExchange on 1 May 2026, following the cancellation of their admission to trading on the Alternative Investment Market("AIM") on the same date. The registered office is located at Capital House, Pride Place, Pride Park, Derby, DE24 8QR.The Group's principal activity is the provision of financial services. These condensed consolidated interim financial statements for the six months ended 30 June 2026 have been prepared inaccordance with IAS 34 ‘Interim financial reporting’, the Disclosure Guidance and Transparency Rules of the UnitedKingdon’s Financial Conduct Authority and also in accordance with the measurement and recognition principles of UKadopted international accounting standards. They do not include all of the information required for full annual financialstatements and should be read in conjunction with the 2025 Annual Report and Accounts, which were prepared inaccordance with UK – adopted international accounting standards. The comparative financial information for the year ended 31 December 2025 in this interim report does not constitutestatutory accounts for that year. The statutory accounts for 31 December 2025 have been delivered to the Registrar ofCompanies. The auditors' report on those accounts was unqualified, did not draw attention to any matters by way ofemphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006. The accounting policies applied are consistent with those described in the Annual Report and Group financial statementsfor the year ended 31 December 2025. New or amended standards effective in the period have not had a material impacton the condensed consolidated interim financial statements. Going concern The Directors have assessed the Group’s prospects until 31 December 2027, taking into consideration the currentoperating environment, including the impact of geopolitical and macroeconomic uncertainty and inflationary pressures onproperty and lending markets. The Directors’ financial modelling considers the Group’s profit, cash flows, regulatorycapital requirements, borrowing covenants and other key financial metrics over the period. These metrics are subject to sensitivity analysis, which involves flexing a number of key assumptions underlying theprojections, including the effect of geopolitical and macroeconomic uncertainty and inflationary pressures and theirimpact on the UK property and lending markets and the Group’s business volumes and revenue mix, which the Directorsconsider to be severe but plausible stress tests on the Group’s cash position, banking covenants and regulatory capitaladequacy. The Group’s financial modelling shows that the Group should continue to be cash generative, maintain asurplus on its regulatory capital requirements and be able to operate within its current financing arrangements. After evaluating this information, market and regulatory data, and leveraging the knowledge and experience of the Groupand its markets, the Directors are comfortable that the Group will continue to generate positive cash flow, maintainregulatory capital surpluses, continue to operate, comply with its existing financing arrangement and meet its liabilities forat least 12 months from the date of approval of these financial statements. The Directors continue to adopt the goingconcern basis for the preparation of the financial statements. The judgements, estimates and assumptions applied in the interim financial statements, including the key sources ofestimation uncertainty, were the same as those applied in the Group’s last annual financial statements for the year ended31 December 2025. There have been no material revisions to the nature and amount of estimates reported in prior period. The impairment reviews conducted at the end of 2025 concluded that there had been no impairment of goodwill. We haveperformed an impairment assessment to the period ended 30 June 2026 and there are no matters which have arisen thatindicate that an impairment is required.Future new standards and interpretations A number of new standards and amendments to standards and interpretations will be effective for future annual andinterim periods and therefore have not been applied in preparing these condensed consolidated interim financialstatements. There are no changes in the future new standards and interpretations, which remains in line with the 2025audited accounts. Segment reporting An operating segment is a distinguishable segment of an entity that engages in business activities from which it may earnrevenues and incur expenses and whose operating results are reviewed regularly by the entity’s chief operating decisionmaker (“CODM”). The Board reviews the Group’s operations and financial position as a whole and therefore considersthat it has only one operating segment, being the provision of financial services operating solely within the UK. Theinformation presented to the CODM directly reflects that presented in the financial statements and they review theperformance of the Group by reference to the results of the operating segment against budget. Operating profit is the profit measure, as disclosed on the face of the consolidated statement of comprehensive income,that is reviewed by the CODM. During the six-month period to 30 June 2026, there have been no changes from the prior year in the measurement methodsused to determine operating segments and reported segment profit or loss. 2. Business combinations During the period to June 2026, the Group completed two business combinations, acquiring Home Loan Services(Glasgow) Limited ("HLS") and HomeOwners Alliance Limited ("HOA"). These acquisitions are discussed below inchronological order based on each transaction’s completion date, together with the principal terms and the relatedaccounting impacts. Home Loan Services (Glasgow) Limited On 26 March 2026, First Mortgage Direct Limited ("FMD") acquired 100% of the issued share capital of HLS for totalconsideration comprising cash consideration of £2.1m and deferred consideration of £0.8m, which will be paid one yearfrom the transaction date. HLS strengthens FMD's position in the Scottish new build mortgage market by combining the scale, expertise, andlongstanding housebuilder relationships of both businesses, while preserving each firm's independent brand, team, andspecialist proposition.
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The business combination has been accounted for using the purchase method of accounting. At 26 March 2026, the assetsand liabilities of HLS were consolidated at their fair value to the group, as set out below: Fair value atdate ofAcquisition Initial bookvalue Fair ValueAdjustment £'000 £'000 £'000 Intangible assets - Customer Relationships - 350 350Intangible assets – Introducer Relationships - 827 827Property, plant and equipment 16 - 16Right of use asset 27 - 27Cash and cash equivalents 75 - 75Trade receivables 292 - 292Prepayments 11 - 11Corporation tax 5 - 5Total assets 426 1,177 1,603 Accruals (102) - (102)Lease liability (27) - (27)Other payables (32) - (32)Clawback liability (221) - (221)Social security and othertaxes (37) - (37)Deferred tax (4) (294) (298)Total liabilities (423) (294) (717) Net AssetsAcquired 886Goodwill 2,040TotalConsideration 2,926 Satisfied by: Cash 2,123Deferred consideration 803Totalconsideration 2,926 Analysis of cash flows on acquisition:Cash consideration 2,123Cash at bank acquired (75) 2,048 Goodwill recognised on the acquisition principally reflects the expertise and experience of the acquired workforce,anticipated commercial synergies and the future growth potential of the business. The results contributed by HLS between the acquisition date and 30 June 2026 are as follows: Revenue 555Profit before tax 53Adjusted profit before tax 98 The revenue disclosed above represents the gross revenue of the acquired business from the date of acquisition, inaccordance with IFRS 3 Business Combinations. A significant portion is eliminated on consolidation as trading with theGroup that existed prior to acquisition became intra-group thereafter. The amounts disclosed are therefore not directlycomparable to the Group’s reported revenue for the period. HomeOwners Alliance Ltd On 31 March 2026, Mortgage Advice Bureau Limited ("MAB Ltd") acquired 100% of the issued share capital ofHomeowners Alliance Ltd ("HOA") for total consideration comprising cash consideration of £1.1m and deferredconsideration of £0.6m, payable in two equal instalments of £0.3m, one year and two years after the transaction date. HOA expands the MAB Group's consumer reach and homebuyer support proposition by investing in HOA's trustedadvice, research, and campaigning capabilities, while preserving its independent brand, editorial independence, andconsumer-first mission. The business combination has been accounted for using the purchase method of accounting. At 31 March 2026, the assetsand liabilities of HOA were consolidated at their fair value to the group, as set out below Fair value atdate ofAcquisition Initial bookvalue Fair ValueAdjustment £'000 £'000 £'000Intangible assets - Website - 881 881Property, plant andequipment 2 - 2Cash and cash equivalents 570 - 570Trade and other receivables 75 - 75Total assets 647 881 1,528 Liabilities Accruals (2) - (2)Social securityand other taxes (39) - (39)Corporation tax (11) - (11)Other payables (7) - (7)Deferred tax - (220) (220)Total liabilities (59) (220) (279) Net AssetsAcquired 1,249Goodwill 549TotalConsideration 1,798
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Satisfied by: Cash 1,144Deferred consideration 654Totalconsideration 1,798 Analysis of cash flows onacquisition: Cash consideration 1,144Cash at bank acquired (570) 574 Goodwill recognised on the acquisition principally reflects the expertise and experience of the acquired workforce,anticipated commercial synergies and the future growth potential of the business. Acquisition-related costs of £0.1m were recognised in administrative expenses in the period ended 30 June 2026. The results contributed by HOA between the acquisition date and 30 June 2026 are as follows: Revenue 142Profit before tax 39Adjusted profit before tax 68 Full period impact of acquisitions If all the acquisitions had occurred on 1 January 2026, the consolidated pro forma revenue and profit before tax for theperiod ended 30 June 2026 would have been £161.1m and £6.3m, respectively. These amounts have been calculated usingthe subsidiaries’ results and adjusting for: difference in accounting policies between the Group and the subsidiarythe additional amortisation that would have been charged assuming the fair value adjustments to intangibleassets had applied from 1 January 2026, andintercompany eliminations arising on consolidation. Dashly Limited As disclosed in the Group’s Annual Report and Accounts for the year ended 31 December 2025, certain fair valuesrelating to the acquisition of Dashly Limited were provisional at 31 December 2025. The Group has subsequently completed the valuation exercise and finalised the acquisition accounting. The final fairvalues are unchanged from the provisional amounts reported at 31 December 2025 and, accordingly, no measurementperiod adjustments have been recognised. Measurement period adjustment During the measurement period, a reduction in the net assets acquired was identified in respect of the acquisitions ofM&R FM Limited, UK Moneyman Limited and Meridian Holdings Group Limited, relating to assets and liabilities foundto have existed at the respective acquisition dates. Trade and other receivables and Trade and other payables have beenrestated accordingly and, in accordance with IFRS 3, this has been adjusted for retrospectively with a correspondingincrease in goodwill of £495k. 3.RevenueThe Group operates in one segment being that of the provision of financial services in the UK. Revenue is derived asfollows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Mortgage procuration fees 67,173 59,972Protection and general insurance commission 60,055 55,728Client fees 30,118 29,890Other income 3,626 2,605 160,972 148,195 4.Cost of sales Costs of sales are as follows: Six Months ended 30 June Restated 2026 2025 Unaudited Unaudited £'000 £'000Commissions paid 75,809 79,167Lead Costs 11,483 10,907Movement in provision for impairment of trade receivables 30 6Other cost of sales 1,116 1,050Wages and salary costs 25,147 16,071 113,585 107,201 During the year ended 31 December 2025, the Group reclassified certain costs from administrative expenses to cost ofsales, on the basis that they relate directly to the delivery of services to customers, as disclosed in the FY25 annualfinancial statements. The comparative information for the six months ended 30 June 2025 has accordingly been re-
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presented on the same basis, reclassifying £2.5m from administrative expenses to cost of sales. This is a reclassificationonly and has no impact on the Group's revenue or profit for the period.
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5. Acquisition related costs, acquisition of non-controlling interests and redemption liabilities Total acquisition related costs The total costs relating to the below acquisitions are included in the consolidated statement of comprehensiveincome are as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000 Amortisation of acquired intangible assets 4,122 2,639 Option costs (IFRS 2 and IAS 19) 858 908 Acquisition related costs 187 72 Net loss/(gain) on remeasurement of redemption liability 66 509 Unwinding of redemption liability 989 457 Net loss on fair value measurement of contingent consideration 232 - Total costs 6,454 4,585 Acquisition related costs include professional fees incurred post transaction date, including accounting andvaluation services and non-recurring audit fees incurred in connection with the acquisitions. Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000 Acquisition related costs - professional fees 86 - A detailed breakdown of the remaining acquisition costs by associated business combination can be found below. First Mortgage Direct Limited (“FMD”) The costs relating to this acquisition for the period are made up as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Amortisation of acquired intangible assets 183 183Total costs 183 183
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The Fluent Money Group Limited Put and call options There is a put and call option over the remaining 15.7% of the issued share capital of Fluent which has been accounted forunder IAS 32 Financial Instruments and IFRS 2 Share-based Payments, as respectively a proportion is treated asconsideration under IAS 32, with the balance treated as remuneration under IFRS 2, because the amount payable onexercise of the option consists of a non-contingent element, and an element that is contingent upon continued employmentof the option holders within the Group. The amounts payable are based on performance as set out in the audited financialstatements for the year ended 31 December 2027. There is also a put and call option over certain growth shares that havebeen issued to Fluent's wider management team that has been accounted for under IFRS 2 Share-based Payments asexercise is solely contingent upon continued employment. The costs relating to this acquisition for the period are made up as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Amortisation of acquired intangible assets 2,936 2,199Option costs (IFRS 2) 435 1,040Unwinding of redemption liability 502 373Total costs 3,873 3,612 Vita Financial Limited The costs relating to this acquisition for the period are made up as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Amortisation of acquired intangible assets 35 33Total costs 35 33
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Aux Group Limited Put and call options There is a put and call option over the remaining 25% of the issued share capital of Aux Group Limited which has beenaccounted for under IAS 32 Financial Instruments and IFRS 2 Share-based Payments, as respectively a proportion istreated as consideration under IAS 32, with the balance treated as remuneration under IFRS 2 because the amount payableon exercise of the option consists of a non-contingent element, and an element that is contingent upon continuedemployment of the option holder within the Group. The amounts payable are based on performance as set out in theaudited financial statements for the year ended 31 December 2026. The costs relating to this acquisition for the period are made up as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Amortisation of acquired intangible assets - 165Option costs (IFRS 2) - (289)Redemption liability remeasurement (IAS 32) - 509Unwinding of redemption liability 94 49Total costs 94 434 M & R FM LTD On 15 September 2025, First Mortgage Direct Limited, acquired an additional 15% of the share capital of M&R FM Ltd("FMNE"), increasing its holding from 49% to 64%. The Group has also committed to acquire the remaining 36%shareholding in two further tranches, split 21% and 15%, with the consideration payable based on the audited financialstatements for the years ended 31 December 2027 and 2029 respectively. The arrangement has been accounted for under IAS32, with a redemption liability recognised in respect of the obligation to acquire those shares. The costs relating to this acquisition for the period are made up as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Amortisation of acquired intangible assets 71 -Unwinding of redemption liability 282 -Total costs 353 - Lucra Mortgages Limited On 21 March 2025, First Mortgage Direct Limited, acquired 100% of the share capital of Lucra Mortgages Limited("Lucra"). The costs relating to this acquisition for the period are made up as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Amortisation of acquired intangible assets 2 1Acquisition related costs - 40Gain on fair value measurement of contingent consideration (37) -Total costs (35) 41
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Heron Financial Limited On 31 March 2025, Mortgage Advice Bureau Limited, acquired a further 25.5% interest in Heron Financial Limited(“Heron”), increasing its ownership interest to 74.5%. Additionally, On 25 November 2025, Mortgage Advice BureauLimited, acquired a further 0.4% of the share capital of Heron for £0.2m, increasing its shareholding to 74.9%. Put and call options There is also an existing put and call option over the remaining 25.1% of the issued share capital of Heron. The elementrepresenting consideration for the remaining shares has been accounted for under IAS 32, with a redemption liabilityrecognised, while the element linked to continued employment has been accounted for separately as an employeeremuneration arrangement under IAS 19 and is recognised in profit or loss over the relevant service period. The costs relating to this acquisition for the period are made up as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Amortisation of acquired intangible assets 127 58Option costs (IAS19) 333 157Unwinding of redemption liability 78 35Net loss on remeasurement of redemption liability 43 -Acquisition related costs - 32Total costs 581 282 Evolve FS Ltd On 19 September 2025, Mortgage Advice Bureau Limited, acquired an addition 51% of the share capital of Evolve FSLimited ("Evolve") taking its shareholding to 100%. The costs relating to this acquisition for the period are made up as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Amortisation of acquired intangible assets 165 -Loss on fair value measurement of contingent consideration 269 -Total costs 434 - Meridian Holdings Group Ltd On 19 September 2025, the Group agreed to acquire an additional 40% interest in Meridian Holdings Group Limited foran initial cash consideration of £1.3m, increasing its holding from 40% to 80%. On completion, Meridian Holdings GroupLimited will become a subsidiary and be consolidated from that date. The Group has also committed to purchase theremaining 20% shareholding for £1.0m, with timing to be confirmed. For the total 60% interest being acquired, the Groupwill pay deferred, non- contingent consideration of £0.7m, payable 12 months after the completion of the transaction. The costs relating to this acquisition for the period are made up as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Amortisation of acquired intangible assets 274 -Total costs 274 - UK Moneyman Limited On 30 September 2025, the Group acquired 75% of the share capital of UK Moneyman Limited. Put and call options As part of the acquisition, the Group entered into a put and call option over the remaining 25% of the issued share capitalof UKMM. The element representing consideration for the remaining shares has been accounted for under IAS 32, with aredemption liability recognised, while the element linked to continued employment has been accounted for separately asan employee remuneration arrangement under IAS 19 and is recognised in profit or loss over the relevant service period. The costs relating to this acquisition for the period are made up as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Amortisation of acquired intangible assets 47 -Option costs (IAS19) 90 -Net loss on remeasurement of redemption liability 23 -Unwinding of redemption liability 33 -Total costs 193 - Dashly Limited On 19 December 2025, Mortgage Advice Bureau Limited acquired a further 81.1% of Dashly Limited ("Dashly")for consideration of £2.1m, bringing its total stake to 100% The costs relating to this acquisition for the period are made up as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Amortisation of acquired intangible assets 88 -Total costs 88 -
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Kinleigh Financial Services Ltd On 3 December 2025, the Group acquired 100% of the share capital of Kinleigh Financial Services Limited. The costs relating to this acquisition for the period are made up as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Amortisation of acquired intangible assets 126 -Acquisition related costs 20 -Total costs 146 - Home Loan Services (Glasgow) Limited On 26 March 2026, the Group acquired 100% of the share capital of Home Loan Services (Glasgow) Limited. The costs relating to this acquisition for the period are made up as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Amortisation of acquired intangible assets 39 -Acquisition related costs 4 -Total costs 43 - HomeOwners Alliance Ltd On 31 March 2026, the Group acquired 100% of the share capital of HomeOwners Alliance Limited. The costs relating to this acquisition for the period are made up as follows: Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Amortisation of acquired intangible assets 29 -Acquisition related costs 77 -Total costs 106 - Redemption liabilities At 30 June 2026, £1.0 million was recognised within finance expenses in respect of the unwinding of the discount on theredemption liabilities since the prior year end or, where applicable, the acquisition date. Carrying value of redemption liabilities 30 June 2026 Fluent Auxilium Heron M&R FMLtd UKMM Total £'000 £'000 £'000 £'000 £'000 £'000Balance as at 1 January2026 (audited) 4,723 883 778 2,231 277 8,892Unwinding ofredemption liability 502 94 78 282 33 989Loss on remeasurement - - 43 - 23 66Balance as at 30 June2026 (unaudited) 5,225 977 899 2,513 333 9,947 31 December 2025 Fluent Auxilium Heron M&R FMLtd UKMM Total £'000 £'000 £'000 £'000 £'000 £'000Balance as at 1January 2025(audited) 3,510 460 - - - 3,970Acquisition ofsubsidiary - - 715 2,105 262 3,082Loss/(Gain) onremeasurement 427 320 (47) - - 700Unwinding ofredemption liability 786 103 110 126 15 1,140Balance as at 31December 2025(audited) 4,723 883 778 2,231 277 8,892 6. Exceptional Items The items set out below have been presented separately on the face of the income statement given their size and non-recurring nature. Six Months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Main Market admission costs 2,077 -Restructuring costs 87 - Total 2,164 - Main Market admission costs comprise one-off professional, advisory and listing fees arising from Mortgage AdviceBureau (Holdings) plc's move from Alternative Investment Market ("AIM") to the Main Market of the London Stock
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Exchange on 1 May 2026; these costs are exceptional as they are non-recurring and not reflective of underlying tradingperformance. 7. Finance income and expense Six Months ended 30 June 2026 2025 Unaudited UnauditedFinance Income £'000 £'000Interest income on cash balances 212 195Interest income on loans to franchises 26 49 238 244 Finance expenses Interest expense 420 421Interest expense on lease liabilities 216 151 636 572 8. Income tax The Group calculates the period income tax expense using the tax rate that would be applicable to the expected total annualearnings. The major components of income tax expense in the consolidated statement of comprehensive income are: Six Months ended 30 June 2026 2025 Unaudited UnauditedCurrent taxexpense £'000 £'000UK corporation tax charge on profit for theperiod 3,411 3,504Total currenttax 3,411 3,504 Deferred taxexpense Origination and reversal of timing differences (954) (725)Total deferred tax (954) (725)Total tax expense 2,457 2,779 For the period ended 30 June 2026 the deferred tax charge relating to unexercised share options recognised in equity was£0.1m (2025: £0.2m). The standard rate of corporation tax for the period was 25% (2025: 25%) and the rate at which deferred tax has beenprovided is 25% (2025: 25%) 9. Earnings per share Basic earnings per share are calculated by dividing net profit for the period attributable to ordinary equity holders of theParent Company by the weighted average number of ordinary shares outstanding during the period. Six months ended 30 JuneBasic earnings per share 2026 2025 Unaudited UnauditedProfit for the period attributable to the owners of the parent (£'000) 3,626 6,817Weighted average number of shares in issue 57,841,944 57,956,789Basic earnings per share (in pence per share) 6.3 11.8 For diluted earnings per share, the weighted average number of ordinary shares in existence is adjusted to includepotential ordinary shares arising from share options. Six months ended 30 JuneDiluted earnings per share 2026 2025 Unaudited UnauditedProfit for the period attributable to the owners of the parent (£'000) 3,626 6,817Weighted average number of shares in issue 58,284,641 58,443,354Diluted earnings per share (in pence per share) 6.2 11.7 The share data used in the basic and diluted earnings per share computations are as follows: Six months ended 30 June Weighted average number of ordinary shares 2026 2025 Unaudited Unaudited Issued ordinary shares at the start of the year 58,021,831 57,956,789 Effect of treasury shares purchased during the period (190,452) -Effect of treasury shares reissued during the period 10,565 - Basic weighted average number of shares 57,841,944 57,956,789Potential ordinary shares arising from options 442,696 486,565Diluted weighted average number of shares 58,284,641 58,443,354
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The reconciliation between the basic and adjusted figures is as follows: 2026 2025 2026 2025 Basic Basic Diluted Diluted 2026 2025 earnings earnings earnings earnings £'000 £'000 pence pence pence penceProfit for theperiod 3,626 6,817 6.3 11.8 6.2 11.7 Adjustments: Amortisation ofacquired intangibleassets 3,599 2,229 6.2 3.8 6.2 3.8 Acquisition optioncosts 790 817 1.4 1.4 1.4 1.4 Acquisition costs 187 72 0.3 0.1 0.3 0.1 Exceptional costs 2,164 - 3.7 - 3.7 - Loss on disposal ofassociates - 266 - 0.5 - 0.5 Loss/(Gain) onderivative financialinstruments - 19 - - - - Net loss on fairvalue measurementof contingentconsideration 232 - 0.4 - 0.4 - Remeasurement andunwinding ofredemptionliabilities 1,055 966 1.8 1.7 1.8 1.7 Tax effect ofadjustments (954) (557) (1.6) (1.0) (1.6) (1.0) Adjusted earnings 10,699 10,629 18.5 18.3 18.4 18.2 The Group uses adjusted results as key performance indicators, as the Directors believe that these provide a moreconsistent measure of operating performance. Adjusted earnings is therefore stated before one-off acquisition costs andone-off restructuring costs, ongoing non-cash items relating to acquisitions, fair value gains on financial instrumentsrelating to options to increase shareholding in associate businesses and impairment of loans to related parties, net of tax.
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10. Dividends Six Months ended 30 June 2026 2025 £'000 £'000Dividends paid and declared on ordinary shares during the period: On ordinary shares: 15.3p per share (2025: 14.8p) 8,850 8,578 8,850 8,578 Equity dividends on ordinary shares Declared: Interim dividend for 2026: 7.9p per share (2025: 7.2p) 4,532 4,173 4,532 4,173 During the period, the Company declared an ordinary dividend of £8,850,000. Of this amount, £42,000 related to sharesthat had been acquired as part of the Company's share buyback programme but which, due to the timing of settlement andregistration, remained with the Company's broker and continued to rank for the dividend at the relevant record date. The payment of the dividend in respect of these shares was not intended as part of the share buyback arrangements and theCompany's broker subsequently returned the £42,000 to the Company. Accordingly, the net distribution recognised inequity for the period was £8,808,000. 11.Investments in associates and joint ventures The investments in associates and a joint venture at the reporting date is as follows: 30 June 2026 31 December2025 Unaudited Audited £'000 £'000At start of the period 4,990 14,818Additions - 1,663Disposals - (11,854)Credit to statement of comprehensiveincome Share of profit 332 1,149 332 1,149Dividends received (176) (786)At period end 5,146 4,990 The Group is entitled to the results of its associates in equal proportion to its equity stakes. 2025 On 31 March 2025, Mortgage Advice Bureau Limited acquired a further 25.5% of Heron Financial Limited ("Heron") forconsideration of £1.2m, bringing its total stake to 74.5%. As a result, the Group now exercises control over Heron and sothe investment is considered a subsidiary of the Group. The carrying value of the 49% shareholding in Heron was £2.6m.The fair value of the previously held equity interest was established to be £2.4m, therefore a loss of £0.2m is recognised inthe consolidated statement of comprehensive income as this previously held interest is treated as though it has beendisposed of. As a result of the acquisition, a portion of a pre-existing put and call option over the remaining shareholdinghas lapsed with the remaining put and call option accounted for under IAS32. This has resulted in a loss £0.1m recognisedin the consolidated statement of comprehensive income. On 3 April 2025, First Mortgage Direct Limited acquired a further 12% of M&R FM Limited (“FMNE”) for considerationof £1.2m, bringing its total stake to 49%. Subsequently on 15 September 2025 a further acquisition of 15% was made forconsideration of £1.4m, bringing its total stake to 64%. As a result, the Group now exercises control over FMNE and sothe investment is considered a subsidiary of the Group. The carrying value of the 49% shareholding in FMNE was £2.9m.The fair value of the previously held equity interest was established to be £4.5m, therefore a gain of £1.6m is recognisedin the consolidated statement of comprehensive income as this previously held interest is treated as though it has beendisposed of. On 20 June 2025, Mortgage Advice Bureau Limited acquired a 49% shareholding in The Mortgage Mum HoldingsLimited for consideration of £0.5m. On 19 September 2025, Mortgage Advice Bureau Limited acquired a further 51% of Evolve FS Limited (“Evolve”) forconsideration of £0.8m, bringing its total stake to 100%. As a result, the Group now exercises control over Evolve and sothe investment is considered a subsidiary of the Group. The carrying value of the 49% shareholding in Evolve was £2.8m.The fair value of the previously held equity interest was established to be £1.3m, therefore a loss of £1.5m is recognised inthe consolidated statement of comprehensive income as this previously held interest is treated as though it has beendisposed of. On 19 September 2025, Mortgage Advice Bureau Limited acquired a further 40% of Meridian Holdings Group Limited(“Meridian”) for consideration of £1.3m and had further committed to purchasing the remaining shareholding for £1.0m,bringing its total stake to 100%. As a result, the Group now exercises control over Meridian and so the investment isconsidered a subsidiary of the Group. The carrying value of the 40% shareholding in Meridian was £1.8m. The fair valueof the previously held equity interest was established to be £2.0m, therefore a gain of £0.2m is recognised in theconsolidated statement of comprehensive income as this previously held interest is treated as though it has been disposedof. On 19 December 2025, Mortgage Advice Bureau Limited acquired a further 81.1% of Dashly Limited (“Dashly”) forconsideration of £2.1m, bringing its total stake to 100%. As a result, the Group now exercises control over Dashly and sothe investment is considered a subsidiary of the Group. The carrying value of the 18.9% shareholding in Dashly was£1.8m. The fair value of the previously held equity interest was established to be £0.5m, therefore a loss of £1.3m isrecognised in the consolidated statement of comprehensive income as this previously held interest is treated as though ithas been disposed of. 12. Intangible assets Goodwill and identified intangible assets arising on acquisitions are allocated to the cash-generating unit of thatacquisition. The Board considers that the Group has only one operating segment and now has four cash-generating units(CGUs).
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During the year the Group made two changes to its CGU structure for the purposes of impairment testing under IAS 36. UK Moneyman, which had previously been identified as a separate CGU pending its planned integration into the widerMAB business, was fully integrated into the MAB operating model during the year. As part of this integration, UKMoneyman ceased to be directly authorised by the Financial Conduct Authority and commenced operating as anAppointed Representative under MAB's principal permissions. It also migrated onto the Group's common technologyplatforms and shared operational infrastructure. Following this integration, the cash inflows associated with UKMoneyman are no longer considered to be largely independent of those generated by the wider MAB business, and UKMoneyman is no longer monitored separately for internal management purposes. Accordingly, UK Moneyman is nolonger considered to constitute a separate CGU for the purposes of IAS 36 Impairment of Assets. The goodwill previously allocated to the UK Moneyman CGU has therefore been reallocated to the MAB CGU and istested for impairment as part of that CGU. On 31 March 2026, the Group acquired 100% of the share capital of Homeowners Alliance Limited ("HOA"), a UKconsumer platform providing information, tools and services to homeowners and prospective buyers, extending theGroup's presence earlier in the home-moving journey. Following the acquisition, HOA continues to operate as a distinct consumer platform under its own brand and with anindependent consumer proposition. HOA does not form part of the MAB Appointed Representative network or operateunder the Group's principal FCA permissions and is monitored separately for internal management purposes. Its cashinflows are considered to be largely independent of those generated by the Group's other cash-generating units ("CGUs").Accordingly, HOA has been identified as a separate CGU for the purposes of IAS 36 Impairment of Assets. The goodwill arising on the acquisition has been allocated to the HOA CGU, being the lowest level at which the goodwillis monitored for internal management purposes and the CGU expected to benefit from the synergies of the acquisition. Following these changes, goodwill is allocated across four CGUs for the purposes of impairment testing: MAB, Fluent,Auxilium and HOA (2025: MAB, Fluent, Auxilium and UK Moneyman). MAB CGU Talk Limited in 2012, and in particular its main operating subsidiary Mortgage Talk Limited (“Mortgage Talk”) First Mortgage Direct Limited (“FMD”) in 2019 Vita Financial Limited (“Vita”) in 2022 Heron Financial Limited ("Heron") in 2025 Lucra Mortgages Limited ("Lucra") in 2025 M&R FM Ltd ("FMNE") in 2025 Meridian Holdings Group Limited ("Meridian") in 2025 Evolve FS Ltd ("Evolve") in 2025 UK Moneyman Limited ("UKMM") in 2025 Kinleigh Financial Services Limited (“KFS”) in 2025 Home Loan Services (Glasgow) Limited in 2026 Fluent CGU Project Finland Topco Limited (“Fluent”) in 2022 Auxilium CGU Aux Group Limited, and in particular its main operating subsidiary Auxilium Partnership Limited (“Auxilium”) in2022 HOA CGU Homeowners Alliance Ltd ("HOA") in 2026 Where the goodwill allocated to the CGU is significant in comparison with the Group' total carrying amount of goodwillthis is set out below: MAB Fluent Auxilium HOA Total UKMMGoodwill £'000 £'000 £'000 £’000 £'000 £'000Cost As at 31 December (audited)* 31,196 36,974 1,027 1,193 - 70,390Additions 2,040 - - - 549 2,589Transfer 1,193 - - (1,193) - -As at 30 June 2026 (unaudited) 34,429 36,974 1,027 - 549 72,979Accumulated impairment As at 30 June and 31 December 153 - - - - 153Net book value As at 31 December (audited)* 31,043 36,974 1,027 1,193 - 70,237As at 30 June (unaudited) 34,276 36,974 1,027 - 549 72,826 *Retrospectively restated - see note 2 for further detail.
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Other intangibles assets Website SoftwareDevelopment AcquiredTechnology SoftwareUnderConstruction CustomerRelationships Trademarksand Brand OtherRelationships Total £'000s £'000s £'000s £'000s £'000s £'000s £'000s £'000sCost As at 1January 2026(audited) 1,063 4,777 19,028 3,601 5,491 6,512 36,764 77,236Additions 65 194 175 2,121 - - - 2,555Transfer - 417 - (417) - - - -Acquisition ofsubsidiaries 881 - - - 350 - 827 2,058As at 30 June2026(unaudited) 2,009 5,388 19,203 5,305 5,841 6,512 37,591 81,849Accumulated Amortisation As at 1January(audited) 281 1,907 7,473 - 1,821 2,430 9,455 23,367Charge for theperiod 122 441 1,869 - 341 670 1,371 4,814As at 30 June2026(unaudited) 403 2,348 9,342 - 2,162 3,100 10,826 28,181Net bookvalue as at 30June 2026(unaudited) 1,606 3,040 9,861 5,305 3,679 3,412 26,765 53,668 Website SoftwareDevelopment AcquiredTechnology SoftwareUnderConstruction CustomerRelationships Trademarksand Brand OtherRelationships Total Otherintangiblesassets £'000s £'000s £'000s £'000s £'000s £'000s £'000s £'000sCost As at 1January 2025 293 3,802 16,824 274 2,337 5,089 34,568 63,187Additions 112 881 - 3,408 613 - - 5,014Transfer - 75 - (75) - - - -Acquisition ofsubsidiaries 658 19 2,204 - 2,541 1,423 2,196 9,041Disposals - - - (6) - - - (6)As at 31December2025 1,063 4,777 19,028 3,601 5,491 6,512 36,764 77,236Accumulated Amortisation As at 1January 2025 133 778 4,208 - 1,343 1,646 6,698 14,806Charge for theyear 148 1,129 3,265 - 478 784 2,757 8,561As at 31December2025 281 1,907 7,473 - 1,821 2,430 9,455 23,367Net Bookvalue as at 31December2025 782 2,870 11,555 3,601 3,670 4,082 27,309 53,869 Assets which are internally generated are solely within asset categories; Website, Software development and Softwareunder construction. Internally generated Software under construction consists of proprietary software assets designedexclusively for use within the Group, these assets are tailored to enhance and streamline the customer journey, ensuringseamless interactions and operational efficiency. Individually Material Intangible Assets Asset Category NBV asat 30June2026 NBV asat 31December2025 AmortisationEnd DateAsset Description £'000 £'000Fluent Money Limited -Technology Technology/Software 7,889 9,467 December2028Fluent Mortgages Limited - IntroducerRelationships Other relationships 8,920 9,366 July 2036Fluent Lifetime Limited - IntroducerRelationships Other relationships 5,588 5,867 July 2036Fluent Money Limited - LenderRelationships Other relationships 5,003 5,253 July 2036Fluent Bridging Limited - IntroducerRelationships Other relationships 4,491 4,715 July 2036Fluent Money Limited -Brand Trademarks andbrands 2,209 2,366 July 2033 13. Trade and other receivables 30 June 2026 31 December2025 Unaudited Audited
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£'000 £'000Trade receivables* 3,503 3,085Less provision for impairment of trade receivables (389) (316)Trade receivables - net 3,114 2,769Other receivables 618 605Loans to related parties 773 699Less provision for impairment of loans to related parties (15) (15)Total financial assets other than cash and cash equivalents classified atamortised cost 4,490 4,058 Prepayments 5,694 4,261Accrued income 6,712 6,276Total trade and other receivables 16,896 14,595Less: non-current - Loans to related parties (250) (145)Less: non-current - Trade receivables (677) (547)Current trade and other receivables 15,969 13,903 *Trade and other receivables have been retrospectively adjusted by £644k following a measurement periodadjustment in respect of assets identified as existing at the acquisition dates of businesses acquired in the prior period,with a corresponding increase in goodwill (see note 2). 30 June 2026 30 June 2025 Unaudited UnauditedReconciliation of movement in trade and other receivables to cash flow £'000 £'000Movement per trade receivables 2,301 4,563Acquired trade and other receivables, net of intercompany balances (169) (367)Total movement per cash flow 2,132 4,196
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The carrying value of trade and other receivables classified at amortised cost approximates fair value. Included within trade receivables are operational business loans to Appointed Representatives. The non-current tradereceivables balances is comprised of loans to Appointed Representatives. Also included in trade receivables are amounts due from Appointed Representatives relating to commissions that arerefundable to the Group when policy lapses or other reclaims exceed new business. As these balances have no creditterms, the Board of Directors consider these to be past due if they are not received within seven days. In the managementof these balances, the Directors can recover them from subsequent new business entered into with the AppointedRepresentative or utilise payables that are owed to the same counterparties and included within payables as the Group hasthe legally enforceable right of set off in such circumstances. These payables are considered sufficient by the Directors torecover receivable balances should they default, and, accordingly, credit risk in this respect is minimal. In light of the above, the Directors do not consider that disclosure of an aging analysis of trade and other receivableswould provide useful additional information. Further information on the credit quality of financial assets is set out in note17. Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using thelifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed.This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetimeexpected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recordedin a separate provision account with the loss being recognised within cost of sales in the consolidated statement ofcomprehensive income. On confirmation that the trade receivable will not be collectable, the gross carrying value of theasset is written off against the associated provision. As at 30 June 2026 the lifetime expected loss provision for tradereceivables is £0.4m (31 December 2025: £0.3m). The movement in the impairment allowance for trade receivables hasbeen included in cost of sales in the consolidated statement of comprehensive income. Impairment provisions for loans to associates are recognised based on a forward-looking expected credit loss model. Themethodology used to determine the amount of the provision is based on whether there has been a significant increase incredit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantlysince initial recognition of the financial asset, twelve month expected credit losses along with gross interest income arerecognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the grossinterest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses alongwith interest income on a net basis are recognised. In determining the lifetime expected credit losses for loans toassociates, the Directors have considered different scenarios for repayments of these loans and have applied percentageprobabilities to each scenario for each associate where applicable. 14. Cash and cash equivalents 30 June 2026 31 December2025 Unaudited Audited £'000 £'000 Unrestricted cash and bank balances 6,858 8,147 Bank balances held in relation to retained commissions 18,681 18,040 Cash and cash equivalents 25,539 26,187 Bank balances held in relation to retained commissions earned on an indemnity basis from protection policies areheld to cover potential future lapses in Appointed Representatives commissions. Operationally the Group does nottreat these balances as available funds. An equal and opposite liability is shown within Trade and other payables(note 15). The Group also held short-term deposits with a total balance of £0.4m (2025: £0.4m) that are due to mature within12 months of the reporting date. These deposits are presented separately from cash and cash equivalents where theydo not meet the IAS 7 definition of a cash equivalent. 15. Trade and other payables 30 June 2026 31 December2025 Unaudited Audited £'000 £'000Appointed Representatives retained commission 18,681 18,040Other trade payables 13,985 13,256Trade payables 32,666 31,296Social security and other taxes* 4,605 4,206Other payables 135 61Accruals and deferred income 11,234 12,234Deferred consideration 4,587 3,919Total trade and other payables 53,227 51,716 *Trade and other payables have been retrospectively adjusted by £1,139k following a measurement period adjustmentin respect of liabilities identified as existing at the acquisition dates of businesses acquired in the prior period, with acorresponding increase in goodwill (see note 2). 30 June 2026 31 December2025 Unaudited Audited £'000 £'000Current 48,946 44,648Non-current 4,281 7,068Total trade and other payables 53,227 51,716 Should a protection policy be cancelled within four years of inception, a proportion of the original commission will beclawed back by the insurance provider. The majority of any such repayment is payable by the Appointed Representative,with the Group making its own liability for its share of any such repayment. It is the Group’s policy to retain a proportionof commission payable to the Appointed Representative to cover such potential future lapses; these sums remain a liabilityof the Group. This commission is held in a separate ring-fenced bank account as described in note 14.
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The non-current portion of trade and other payables relates to Appointed Representative retained commission andaccruals. As at 30 June 2026 and 31 December 2025, the carrying value of trade and other payables classified as financial liabilitiesmeasured at amortised cost approximates fair value. Six Months ended 30 June 30 June 2026 30 June 2025 Unaudited UnauditedReconciliation of movement in trade and other payables to cashflow £'000 £'000Movement per trade and other payables 1,511 5,310Acquired trade and other payables, net of intercompany balances (37) (267)Settlement of loans and accrued interest on acquisition 164 -Movement in deferred consideration related to acquisitions (668) (226)Share-based payment accruals (395) (363)Total movement per cash flow 575 4,454 16. Loans and borrowings 30 June 2026 31 December2025 Unaudited Audited £'000 £'000Bank loans 21,972 11,427Total loans and borrowings 21,972 11,427Less: non-current - Bank loans - -Current loans and borrowings 21,972 11,427 A summary of the maturity of loans and borrowings is as follows: 30 June 2026 31 December2025 Unaudited AuditedBank loans £'000 £'000Payable in 1 year 21,972 11,427Total bank loans 21,972 11,427 Loan covenants Under the terms of the Facilities Agreement, the Group is required to comply with the following financial covenants: Interest cover shall not be less than 5:1 Adjusted leverage shall not exceed 2:1 The Group is required to comply with covenants on a quarterly basis and has complied with these covenants since theFacilities Agreement was entered into. Based on group forecasts the directors expect the group to remain in compliancewith financial covenants. 17. Financial instruments - risk management The Group is exposed through its operations to the following financial risks: Credit risk Liquidity risk Market risk In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. Thisnote describes the Group’s objectives, policies and processes for managing those risks and the methods used to measurethem. Further quantitative information in respect of these risks is presented throughout these financial statements. Principal financial instruments Trade and other receivables Cash and cash equivalents Trade and other payables Loans and other borrowings A summary of financial instruments by category is provided below: 30 June 2026 31 December 2025 Unaudited AuditedFinancial assets £'000 £'000Cash and cash equivalents 25,539 26,187Trade and other receivables (amortised cost)* 4,490 4,058Total financial assets 30,029 30,245*Retrospectively restated – see note 13 for further details 30 June 2026 31 December 2025 Unaudited Audited
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Financial liabilities £'000 £'000Trade and other payables (amortised cost) 14,120 13,317Loans and borrowings (amortised cost) 21,972 11,427Accruals (amortised cost) 11,234 12,234Redemption liability (amortised cost) 9,947 8,892Clawback liability (amortised cost) 15,704 15,116Lease liabilities (amortised cost) 6,877 6,826Appointed representative retained commission (amortised cost) 18,681 18,040Total financial liabilities 98,535 85,852 General objectives, policies and processes The Board has overall responsibility for the determination of the Group’s risk management objectives and policies, anddesigns and operates processes that ensure the effective implementation of the objectives and policies to the Group’sfinance function. The Board sets guidelines to the finance team and monitors adherence to its guidelines on a monthlybasis. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting theGroup’s competitiveness and flexibility. Further details regarding these policies are set out below. Credit risk Credit risk is the risk of financial loss to the Group if a trading partner or counterparty to a financial instrument fails tomeet its contractual obligations. The Group is mainly exposed to credit risk from loans to its trading partners. It is Grouppolicy to assess the credit risk of trading partners before advancing loans or other credit facilities. Assessment of creditrisk utilises external credit rating agencies. Personal guarantees are generally obtained from the Directors of its tradingpartners. Quantitative disclosures of the credit risk exposure in relation to financial assets are set out below. 30 June 2026 31 December2025Financial assets- maximum exposure £'000 £'000Cash and cash equivalents 25,539 26,187Trade and other receivables (amortised cost) 4,490 4,058Total financial assets 30,029 30,245 The carrying amounts stated above represent the Group’s maximum exposure to credit risk for trade and other receivables.An element of this risk is mitigated by collateral held by the Group for amounts due to them. Trade receivables consist of a large number of unrelated trading partners and therefore credit risk is not concentrated. Dueto the large volume of trading partners the Group does not consider that there is any significant credit risk as a result of theimpact of external market factors on their trading partners. Additionally, within trade payables are AppointedRepresentative retained commission amounts due to the same trading partners that are included in trade receivables; thiscollateral of £0.3m (Dec 2025: £0.2m) reduces the credit risk. The Group’s credit risk on cash and cash equivalents is limited because the Group places funds on deposit with NationalWestminster Bank plc (rated A), The Royal Bank of Scotland plc (rated A+), Barclays plc (rated A), HSBC Bank plc(rated AA-) and Bank of Scotland plc (rated A+). Market risk Interest rate risks The Group’s main interest rate risk arises from borrowings, both short term facilities and long-term debt, with floatinginterest rates that are linked to SONIA. The Group manages the risk by continually reviewing expected future volatility inUK interest rates and will consider entering into hedges as deemed appropriate to fix the floating interest rate. Foreign exchange risk As the Group does not operate outside of the United Kingdom and has only one investment outside the United Kingdom,it is not exposed to any material foreign exchange risk. Liquidity risk Liquidity risk arises from the Group’s management of working capital. It is the risk that the Group will encounterdifficulty in meeting its financial obligations as they fall due. The Group’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they becomedue. The Group’s trade and other payables are repayable within one year from the reporting date and the contractualundiscounted cash flow analysis for the Group’s trade and other payables is the same as their carrying value. Capital management The Group monitors its capital which consists of all components of equity (i.e. share capital, share premium, capitalredemption reserve, share option reserve and retained earnings). The Group manages its capital with the objective that allentities within the Group continue as going concerns while maintaining an efficient structure to minimise the cost of capitaland deliver sustainable returns for shareholder in the form of distributions and capital growth through business performance. The Group is subject to financial resource requirements set by its regulator, the Financial Conduct Authority, which weensure has appropriate coverage at all times. The Excess Capital resources at 30 June 2026 was £57.2m (Dec: 2025:£56.7m) with the Group expected to continue meeting all requirements based on the latest Going Concern assessment.
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18. Share capital 30 June 2026 31 December2025 Unaudited AuditedIssued and fully paid £'000 £'000Ordinary shares of 0.1p each 58 58Total share capital 58 58 During the prior period 65,042 ordinary shares of 0.1p each were issued following partial exercise of options issued in2018, 2019 and 2020 at no premium. As at 30 June 2026, there were 58,021,831 ordinary shares of 0.1p in issue (31December 2025: 58,021,831). During the period the Company purchased 478,775 of its own ordinary shares of 0.1p each to be held in treasury, for atotal consideration of £2.8m, including transaction costs. During the period, 70,825 ordinary shares held in treasury werereissued to participants on the exercise of share options, the option holders paying the nominal value of 0.1p per share onexercise. At 30 June 2026 the Company held 407,950 ordinary shares in treasury (2025: nil). 19. Related party transactions The following table shows the total amount of transactions that have been entered into with related parties during the sixmonths ended 30 June 2026 and 2025, as well as balances with related parties as at 30 June 2026 and 31 December 2025. Relationship Amountsreceived/(paid)* Balance of retainedcommissions** Loans owed to MAB 30 June 30 June 30 June 31 December 30 June 31 December 2026 2025 2026 2025 2026 2025 £'000 £'000 £'000 £'000 £'000 £'000Buildstore Limited Associate (239) (616) 83 75 - -Sort Limited Associate 398 345 - - - - Clear MortgageSolutions Limited Associate (3,747) (3,249) 621 607 - - Evolve FS Ltd Associate*** - (2,095) - - - - The MortgageBroker Limited Associate (869) (849) 116 19 - 32 Meridian HoldingsGroup Ltd Associate*** - (4,085) - - - - M & R FM Ltd Associate*** - (2,254) - - - -Heron FinancialLimited Associate*** - (602) - - - - Pinnacle Surveyors(England & Wales)Ltd Associate (51) 147 - - 458 407 The Mortgage MumLimited Associate (316) (45) - - 300 245 MAB BrokerServices PTYLimited Joint Venture - - - - 15 15 * The amounts disclosed comprise commission income and expenses, loans advanced and repayments received, as well aspurchases of goods and services. ** Balances in relation to retained commissions are to cover future lapses. *** Transactions relating to these related parties are for the period in the year up to the date they became a subsidiaryinvestment. During the period the Group received dividends from associate companies as follows: 30 June 2026 31 December 2025 Unaudited Audited £'000 £'000Clear Mortgage Solutions Limited 147 301M & R FM Limited - 368 Heron FinancialLimited - 29Pinnacle Surveyors (England & Wales) Ltd 29 88Total dividends received 176 786
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20. Share-based payments Mortgage Advice Bureau Executive Share Option Plan On 15 June 2026 643,571 options over ordinary shares of 0.1 pence each in the Company, respectively, weregranted to Executive Directors and senior executives of the Group under the Mortgage Advice Bureau Long-TermIncentive Plan (the "Options"). Exercise of the Options is subject to the service conditions and achievement ofperformance conditions based on total shareholder return and earnings per share criteria. Subject to achievement ofthe performance conditions, the Options will be exercisable 34 months from the date of grant. The exercise price forthe Options is 0.1 pence, being the nominal cost of the Ordinary Shares. Upon reissuing shares held in treasury, the related amount held in the share option reserve of £0.3m was released,with the difference between the amount released from the share option reserve and the cost of the treasury shares of£0.1m transferred to retained earnings. Share-based remuneration expense The share-based remuneration costs for the period are made up as follows: Six months ended 30 June 2026 2025 Unaudited Unaudited £'000 £'000Charge for equity settled-schemes 44 607National Insurance on equity-settled schemes (235) 201Share incentive plan costs 110 66Free shares awarded to employees 89 169Charge for equity-settled acquisition options 90 723Charge for cash settled acquisition options 430 (6)Total costs 528 1,760 21. Events after the reporting date There were no material events after the reporting period which have a bearing on the understanding of these interimfinancial statements. Glossary of Alternative Performance Measures ("APMs") for theGroup's interim report and financial statements In the prior year, the Group presented an APM for Adjusted profit before tax excluding software capex and Adjusted dilutedearnings per share excluding software capex. These measures were relevant to that year to enable comparability due tocapitalising of software development costs relating to Midas Platform for the first time. In the current year, software capex is no longer considered a new item and management no longer monitor performanceon a basis excluding software capex. Accordingly, these APMs have been discontinued and are not presented as APMs inthe current year. Software capex continues to be disclosed within the financial statements and cash flow information, and the definitions ofthe remaining APMs are unchanged. Certain numerical information and other amounts and percentages presented have been subject to roundingadjustments. Accordingly, in certain instances, the sum of the numbers in a column or a row in tables may not conformexactly to the total figure given for that column or row or the sum of certain numbers presented as a percentage may notconform exactly to the total percentage given. APM Closestequivalentstatutorymeasure Definition and purpose Income statementmeasures Administrativeexpenses ratio None Calculated as administrative expenses as a percentage of revenue. Management uses thismeasure as an additional indicator of the Group’s administrative cost base relative torevenue and to help assess cost efficiency over time. AdjustedEBITDA None Calculated as EBITDA before acquisition and investment related items and otheradjusting items, as defined by the Group’s adjusting items policy. Management uses thismeasure as an additional indicator of the Group’s underlying operating performance. Acquisitions and investment related costs include: • non-cash charges such as amortisation of acquired intangible assets and the effect offair valuation of acquired assets, • non-cash operating expenses relating to put and call option agreements and cashcharges including transaction costs, • fair value movements on deferred and contingent consideration, and • fair value movements on derivative financial instruments. £m H1 2026 H1 2025 Gross profit 47.4 41.0 Administrative expenses (32.5) (26.7) Depreciation 1.4 0.9 Amortisation of other intangibleassets 0.7 0.6 Share of profit from associates 0.3 0.6
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AdjustedEBITDA 17.3 16.4 AdjustedEBITDAmargin None Calculated as Adjusted EBITDA divided by revenue. Adjustedoperatingprofit Operatingprofit Calculated as operating profit excluding acquisition and investment related items andother adjusting items, as defined by the Group’s adjusting items policy. Managementuses this measure as an additional indicator of underlying operating performance and tosupport comparability between periods where adjusting items may distort thecomparability of reported results. Acquisition and investment related items include: • non-cash charges such as amortisation of acquired intangible assets and the effect offair valuation of acquired assets, • non-cash operating expenses relating to put and call option agreements and cashcharges including transaction costs, • fair value movements on deferred and contingent consideration, and • fair value movements on derivative financial instruments. £m H1 2026 H1 2025 Operating profit 7.7 10.9 Amortisation of acquired intangible assets 4.1 2.6 Acquisition costs 0.2 0.1 Exceptional items 2.2 - Loss on disposal of associate - 0.3 Non-cash operating expenses relating to putand call option agreements 0.9 0.9 Fair value losses on contingent consideration 0.2 - Rounding difference (0.1) - Adjustedoperating profit 15.2 14.8 Adjustedprofit before tax Profitbefore tax Calculated as profit before tax excluding acquisition and investment related items andother adjusting items in accordance with the Group’s defined adjusting items policy.Management uses this measure as an additional indicator of underlying financialperformance before tax and to support comparability between periods where adjustingitems may affect the comparability of reported results. Acquisition and investment related items include: • non-cash charges such as amortisation of acquired intangible assets and the effect offair valuation of acquired assets, • non-cash operating expenses relating to put and call option agreements and cashcharges including transaction costs, • fair value movements on deferred and contingent consideration, and • fair value movements on derivative financial instruments. £m H1 2026 H1 2025 Profit before tax 6.2 9.6 Amortisation of acquired intangibleassets 4.1 2.6 Net loss on disposal of associate - 0.3 Acquisition costs 0.2 0.1 Exceptional items 2.2 - Net loss on fair value measurementof contingent consideration 0.2 - Non-cash operating expensesrelating to put and call optionagreements 0.9 0.9 Redemption liability charge 1.1 1.0 Rounding difference (0.1) - Adjusted profitbefore tax 14.8 14.5 Adjusted taxexpense Taxexpense Calculated as tax expense, adjusted to remove the tax effect of items excluded from theadjusted profit before tax. Management uses this measure as an additional indicator ofthe tax charge associated with the Group’s underlying performance. £m H1 2026 H1 2025 Tax expense 2.5 2.8 tax impact of: Amortisation of acquired intangibleassets 1.0 0.7 Rounding 0.1 - Adjusted tax expense 3.6 3.5 Adjustedearnings Profit aftertax Calculated as adjusted profit before tax less adjusted tax expense, allocated betweennon-controlling interests and equity holders of the Parent. It is used by management toprovide additional insight into the Group’s underlying post-tax performance attributableto equity holders of the Parent. Attributable to: H1 2026 -£m Parent NCI Group
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Adjusted profitbefore tax 14.0 0.8 14.8 Adjusted taxexpense (3.3) (0.3) (3.6) Adjustedearnings 10.7 0.5 11.2 Attributable to: H1 2025 -£m Parent NCI Group Adjusted profitbefore tax 13.9 0.6 14.5 Adjusted taxexpense (3.3) (0.2) (3.5) Adjusted earnings 10.6 0.4 11.0 Adjustedprofit beforetax margin None Calculated as adjusted profit before tax divided by revenue. Management uses thismeasure as an additional indicator of the Group’s underlying profitability before taxrelative to revenue. Adjustedearnings pershare Basicearningsper share Calculated as basic earnings per share after excluding the post tax effect of acquisitionand investment related items and other adjusting items, as defined by the Group’sadjusting items policy. Management uses this measure as an additional indicator of theGroup’s underlying earnings attributable to equity holders of the Parent. See note 9 forfurther details. Adjusteddilutedearnings pershare Dilutedearningsper share Calculated as diluted earnings per share after excluding the post-tax effect of acquisitionand investment related items and other adjusting items, as defined by the Group’sadjusting items policy. Management uses this measure as an additional indicator of theGroup’s underlying earnings performance attributable to equity holders of the Parent.See note 9 for further details. Cash flowmeasures Adjusted cash generated None Calculated as cash generated from operating activities, excluding movements inacquisition costs, exceptional items, loans to AR firms and associates and changes inrestricted cash balances. Management uses this measure as an additional indicator ofcash generated by the Group’s underlying operations. £m H1 2026 H1 2025 Cash generated from operating activities 12.7 17.6 Acquisition costs 0.2 0.1 Exceptional items 2.2 - Net loss on fair value measurement ofcontingent consideration 0.2 - Increase/ (decrease) in loans to AR firmsand associates 0.2 (0.5) Increase in restricted cash balances (0.6) (0.1) Rounding difference - 0.1 Adjusted cash generated 14.9 17.2 Adjusted cashconversion None Calculated as adjusted cash generated divided by adjusted operating profit, expressed asa percentage. Management uses this measure as an additional indicator of the extent towhich the Group’s underlying operating profit is converted into cash Balance sheet measures Net debt None Calculated as loans and borrowings less unrestricted cash and cash equivalents.Management uses this measure as an additional indicator of the Group’s level ofindebtedness. Leverage None Calculated as net debt divided by the trailing twelve month adjusted EBITDA, expressedas a multiple. Management uses this measure as an additional indicator of the Group’slevel of indebtedness relative to earnings
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This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary InformationProvider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.comor visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and toshare such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use thepersonal data you provide us, please see our Privacy Policy. END [1] Based on first charge mortgage contracts exchanged (net of reclaims) via the Legal & General Mortgage Club. This excludes secured personal loans (second charge mortgages), LaterLife Lending mortgages and bridging financing. 2 Excludes directly authorised advisers, later life advisers without a mortgage and protection license, and advisers in the process of being onboarded who are not yet able to trade. [3] Source: UK Finance. Other lending includes further advances and loans not classified under standard purchase and remortgage categories. Prior-period lending and market share figuresreflect the latest available industry data and may differ marginally from those previously reported.[4] Based on first charge mortgage contracts exchanged (net of reclaims), excluding secured personal loans (second charge mortgages), Later Life Lending mortgages and bridgingfinancing.[5] New lending market share includes “Other” lending within the market denominator[6] HMRC[7] Bank of England Money and Credit