Interim Results

Summary by AI ^BETAClose X

Mortgage Advice Bureau (Holdings) plc reported interim results for the six months ended 30 June 2026, with revenue increasing by 8.6% to £161.0m, driven by strong refinancing activity. Adjusted profit before tax rose by 2.1% to £14.8m, while statutory profit before tax decreased by 35.7% to £6.2m. The company maintained its market share of new mortgage lending at 8.2% and saw an increase in product transfer market share to 3.2%. The average number of mainstream advisers grew by 8.7% to 2,163. Despite a challenging market backdrop and revised expectations for 2026, the Group anticipates adjusted profit before tax growth of approximately 5% compared to 2025, and proposed an interim dividend of 7.9p per share, a 9.7% increase.

Disclaimer*

Mortgage Advice Bureau (Hldgs) PLC

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 property finance 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 usual weighting of the full-year dividend.
Market share of new mortgage lending [1] stable at 8.2% (H1 2025: 8.2%) and market share of Product Transfers up to 3.2% (H1 2025: 3.1%)
Average number of mainstream advisers increased 8.7% to 2,163 (H1 2025: 1,989) with revenue 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 for customers and advisers. Growth was led by refinancing, particularly Product Transfers, which supported 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 by interest rate cuts. Domestic and global developments have disrupted this outlook, increasing uncertainty around inflation and the path of borrowing costs. Market conditions softened during July and August. As set out in our revised guidance on 9 September, the activation and build-up of digital lead flows from Fluent’s partner relationships has taken longer than expected, with the associated profit contribution now expected to build through 2027.

While the revision to our expectations for 2026 was disappointing, we continue to expect Group adjusted profit before tax growth of approximately 5% compared with 2025, demonstrating the robustness of our business model against a challenging market backdrop.

We continue to strengthen the Group’s operating model through greater integration, centralisation and automation. Supported by our recent senior appointments, these initiatives are laying the foundations for improved efficiency and operating leverage from 2027.

Together with fixed-rate mortgage maturities in 2027 being around 30% higher year-on-year and the 2028 pipeline building well, these actions reinforce our confidence to deliver stronger performance next year and beyond.”

Enquiries:

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 analysts wishing 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, will provide a live presentation on the Group’s interim results via Investor Meet Company at 11:00am on 25 September 2026.

The presentation is open to all existing and potential shareholders. Investors can register for free and follow 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 invited automatically.

About Mortgage Advice Bureau:

MAB is a leading UK property finance platform that connects customers, advisers, lenders, and insurers throughout the homeownership journey. Through its scalable, technology-driven intermediary model, 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 advisers providing expert advice across mortgage, specialist lending, protection and general insurance products. MAB supports its AR firms with proprietary technology and services, including adviser recruitment and lead generation, learning and development, compliance auditing and supervision, and digital 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 or specified under the requirements of International Financial Reporting Standards (IFRS). The Group uses these APMs to improve the comparability of information between reporting periods by adjusting for certain items that impact IFRS measures, thereby aiding the user in understanding the activity across the Group's businesses. APMs are used by the Directors and management for performance analysis, planning, reporting and incentive purposes. A summary of APMs used 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 was concentrated in refinancing, with remortgage lending up 30%, while purchase lending declined by 2%. 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 transaction volumes 4% lower than in H1 2025.

A sustained recovery in the purchase market has been delayed by the uncertain macroeconomic backdrop. House prices are broadly flat in nominal terms and lower in real terms.

UK mortgage lending by type and MAB share

	Total Market [3]			Total MAB [4]			Market Share
£bn	H1 2026	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%
Product Transfers	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%

Business performance

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%. Remortgage lending 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’s market share to 3.2% (H1 2025: 3.1%). Across Remortgages and Product Transfers combined, the value 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 (H1 2025: £14.2bn).

Current trading and outlook

The housing and mortgage market backdrop has become more challenging over the summer. The easing in interest rates and gradual recovery in purchase activity that had been widely anticipated at the start of the year has not materialised, while local and global developments have added to uncertainty around inflation and the path of borrowing costs. We therefore do not expect a meaningful recovery in purchase activity in the short term. UK purchase transactions were 3% lower in the first seven 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-rate mortgage maturities through the remainder of the year and into 2027, presenting a significant refinancing opportunity. Product Transfers account for by far the largest share of refinancing activity and, with affordability remaining constrained, we expect the mix to remain weighted towards Product Transfers rather than remortgages.

MAB’s diversified model ordinarily provides resilience against weakness in individual market segments. 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 had been expected to deliver a significant step-up in 2026 through the activation and build-up of lead flows from partner relationships. For reasons outside Fluent’s control, these lead flows have taken longer than expected to activate and scale, with pilot and capacity costs incurred ahead of the associated revenue contribution. As a result, Fluent’s expected contribution to Group adjusted profit before 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, lead flows expected to build as launches complete, and additional growth anticipated from the scaling of existing partnerships. This supports our confidence in a stronger contribution from Fluent in 2027 and beyond.

Group adjusted profit before tax for the year ending 31 December 2026 is expected to be approximately £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 is translating into operational progress. Its three priorities – customer acquisition, retention and lifetime value; harnessing technology for scale; and very selective equity investment – are designed to broaden MAB’s reach, improve productivity and increase operating leverage.

During the first half, we continued to develop and deploy our Platform, data and AI capabilities across the customer and adviser journey. Our investment is focused on generating significant digital lead flow from our extensive partner relationships; improving lead nurturing and customer monitoring to enhance conversion, automating data capture and document processing, and enabling faster, more consistent case management. These capabilities will support greater resilience and consistency of lead flow across market conditions, reduce the administrative burden on advisers, strengthen case quality and enable them to devote more time to delivering high-quality advice. Our growing proprietary dataset also supports better targeting and personalisation, helping us identify refinancing and protection opportunities throughout the customer lifecycle.

Within our invested businesses, the focus has shifted from portfolio build-out to integration and value realisation. During the period, we continued to integrate the subsidiaries acquired in late 2025, simplifying processes, aligning technology and centralising administrative and support activities where appropriate. We have also commenced the process of merging a number of these firms. The resulting operational and commercial synergies are expected to build progressively during the second half 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 initiatives with clear revenue, productivity or efficiency benefits.

Whilst some of these initiatives will drive more purchase lead flow, the near-term growth opportunity remains concentrated in refinancing and protection. By combining access to national digital lead sources with monitoring-led retention and Platform-enabled customer journeys, MAB is continuing its transition from transaction-based revenue towards a more durable, recurring model. This provides an even 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 changes intended to give lenders greater flexibility to support creditworthy first-time buyers and underserved consumers, while maintaining responsible lending standards. It also launched a market study into lifetime and retirement interest-only mortgages, with interim findings expected in Q4 2026. These developments have the potential to broaden access to mortgage lending and reinforce the importance of high-quality advice and adviser judgement.

The FCA also published the findings of its review of the second-charge mortgage market, highlighting advice and customer understanding as areas of focus. MAB continues to monitor and engage on regulatory developments across these markets, while investing in its processes, technology, adviser training and oversight to support good and sustainable customer outcomes.

In protection, the FCA published the final report from its Pure Protection Market Study in September 2026. It concluded that competition in the distribution of pure protection products generally works well for existing policyholders and delivers good outcomes, while identifying a significant opportunity to narrow the UK protection gap – the number of households without adequate financial protection against death, illness or loss of income. The FCA set out a programme of industry-led initiatives to improve consumer awareness and access, including strengthening adviser engagement and 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 for advisers 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 (Commercial Companies) category of the Official List maintained by the FCA and to trading on the Main Market of the London Stock Exchange, with trading on AIM cancelled simultaneously. Admission marked an important milestone in MAB’s development, providing access to a broader pool of investors. MAB subsequently 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, bringing technology, product, data, AI, customer experience and certain operational responsibilities under unified leadership. Yaiza Luengo ceased to be Chief Operating Officer and a Director of the Company on 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 Chief Financial Officer and a Director on 30 September 2026. Jo Stent joined MAB as Group Chief Financial 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 and is 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 led will continue under the existing leadership team.

Sustainability

During the first half, we continued to progress our sustainability priorities, including publishing our first standalone Sustainability Report, which provides greater detail on our strategy, governance, climate-related work and reporting roadmap. We also advanced our double materiality assessment and stakeholder engagement, completed an external review of our climate risk methodology, and continued to develop our decarbonisation pathway and science-based targets.

Since the period end, we have progressed preparations for external assurance over selected sustainability data and continued to strengthen the governance and controls supporting our disclosures. This work supports our ambition to reduce operational emissions, improve reporting quality 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 key indicators:

Income statement (£m)	H1 2026	H1 2025	H1 2024	H1 2023
Revenue	161.0	148.2	123.9	117.5
Gross Profit	47.4	#41.0	37.7	32.9
Administrative Expenses	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%
Administrative expense (% revenue)	20.2%	#18.0%	19.1%	20.2%
Adjusted PBT (% revenue) *	9.2%	9.8%	9.9%	7.5%
Adjusted EBITDA (% revenue) *	10.7%	11.1%	11.1%	8.9%

Balance sheet & Cash flow	H1 2026	H1 2025	H1 2024	H1 2023
Unrestricted cash balance (£m)	6.9	3.2	4.9	5.0
Adjusted Cash conversion*	98%	116%	119%	131%
Free cash flow (£m)	11.8	14.6	14.3	10.6
Net 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’s integrated 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 comes against a challenging market backdrop, with subdued consumer confidence and continued volatility in mortgage pricing. Revenue growth was supported by strong refinancing activity, in contrast to H1 2025, when growth was primarily driven by purchase lending ahead of changes to Stamp Duty Land Tax relief.

Revenue continued to be generated from three core areas: mortgage procuration fees, protection and general insurance commission, and client fees. Revenue growth in the first half was driven in the main by 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 towards refinancing activity, particularly Product Transfers, which increased to 27% of lending by value (H1 2025: 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%	-8pp
Remortgage	27%	24%	+3pp
Product Transfer	27%	22%	+5pp
Total	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 opportunities across the network and invested businesses. The lending value of refinance mortgages completed 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 a robust performance given the higher refinancing mix compared to the prior year, where attachment rates were lower.
Client fees income rose by 1% to £30.1m (H1 2025: £29.9m), which reflects the shift to refinancing 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

Both the AR Network and Invested Businesses contributed to Group revenue growth during the period. AR Network revenue increased by 4% to £88.0m (H1 2025: £84.6m), while revenue from Invested Businesses increased by 15% to £73.0m (H1 2025: £63.6m). As a result, total revenue increased by 9% to £161.0m (H1 2025: £148.2m), with Invested Businesses’ share of Group revenue increasing 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 to 2,194 (2025: 2,135).

Adviser productivity remained in line with prior year, with the average revenue per mainstream adviser for the period of £74,400 (H1 2025: £74,500). Typically, new joiners in the year will not reach full 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).

	H1 2026		H1 2025
	Average number of advisers	Productivity per adviser (£000s)	Average number of advisers	Productivity per adviser (£000s)	Change in productivity
AR Network	1,502	59	1,452	58	+1%
Invested Businesses	661	110	537	118	-7%
Total	2,163	74	1,989	74	0%

Productivity in the AR Network remained broadly stable at £59,000 (H1 2025: £58,000), reflecting the subdued purchase market and increased levels of Product Transfers.

Productivity in Invested Businesses fell by 7% to £110,000 (H1 2025: £118,000), reflecting changes in the relative mix of mainstream and specialist lending, with the latter typically generating significantly higher revenue per adviser.

Gross profit and gross profit margin

	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%	+1.7pp
AR Network	25.2%	24.5%	+0.7pp
Invested Businesses	38.8%	36.2%	+2.6pp
Head office	n/a	n/a	n/a

Gross profit increased by 15.6% to £47.4m (H1 2025: £41.0m), reflecting revenue growth and the contribution 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 growth across 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 margin protection 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 margin improving to 38.8% (H1 2025: 36.2%).

The consolidation during the period of businesses in which MAB previously held non-controlling interests contributed an additional £4.7m of gross profit. As these businesses were already part of MAB’s network, this reflects the change in presentation following consolidation, with commission payments 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 less favourable lending mix, with a higher proportion of Product Transfers and lower protection attachment rates reducing the contribution from higher-margin protection income.

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%	2.2pp
Invested Businesses % IB revenue	18.4%	14.8%	3.6pp
Head Office % total revenue	11.9%	11.7%	0.2pp

Administrative expenses increased by 21.6% to £32.5m (H1 2025: £26.7m), principally reflecting the consolidation of acquisitions completed in 2025 and 2026, alongside investment to support the Group’s growth and higher activity levels. As a proportion of revenue, administrative expenses increased 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 2025 and 2026, with a £0.3m reduction across existing Invested Businesses.

As a proportion of Invested Businesses' revenue, administrative expenses increased to 18.4% (H1 2025: 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 planned investment in people and infrastructure to support the Group’s medium term growth plans, including key personnel hires and higher performance-related remuneration.

Head Office costs remained well controlled, with the investment being made expected to support greater 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 AR Network and Invested Businesses, with acquisitions completed in 2025 and 2026 contributing an additional £0.7m due to being fully consolidated. Continued investment in Head Office costs partially offsets this growth.

Adjusted PBT margin decreased by 60 basis points to 9.2% (H1 2025: 9.8%), reflecting the shift towards lower-value, lower-margin refinancing activity, particularly Product Transfers, alongside continued investment in central capabilities.

Statutory profit before tax

Statutory profit before tax was £6.2m (H1 2025: £9.6m). The adjustments between statutory and adjusted PBT mainly relate to acquisition-related costs and exceptional costs relating to the Main Market listing. Adjustments in H1 2026 were £3.7m higher than in 2025, with £2.1m of the increase linked 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 with the headline UK corporate tax rate.

The reported tax charge was £2.5m (H1 2025: £2.8m), representing an effective tax rate on statutory profit before tax of 40.0% (H1 2025: 28.8%), which is above the headline UK corporation tax rate of 25%, 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 per share was 6.3p (H1 2025: 11.8p). The 12.1p difference between adjusted and basic EPS in H1 2026 primarily 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 goodwill recognised on new acquisitions during the period, increased trade and other receivables and a corporation tax receivable

Trade and other receivables increased by £2.3m to £16.9m, principally due to higher prepayments and accrued income. These increases are largely seasonal and reflect the timing of annual supplier invoices, 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 year profits, 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 increased loans and borrowing as a result of acquisitions during the period, deferred payments from prior year acquisitions and costs relating to the Main Market listing. Trade and other payables have also increased by £1.5m due to £0.7m incremental deferred consideration relating to current year acquisitions, £0.7m higher amounts owed to Appointed Representatives and lead sources, linked to higher trading seasonality, and £0.6m higher Appointed Representatives retained commission. This is partially offset by a reduction in accruals.

Equity

Total equity reduced to £67.7m (Dec 25: £75.9m), with profits during the period offset by dividend payments and the share buyback.

Cash flow

Cash generated from operating activities reduced to £12.7m (H1 2025: £17.6m), reflecting £2.1m of non-recurring cash outflows relating to the Main Market listing, £0.4m of acquisition related outflows and one-off commercial incentives in H1. Net cash generated from operating activities was £8.5m (H1 2025: £13.8m) after interest and tax payments.

Net cash used in investing activities was £6.2m (H1 2025: £5.5m), primarily reflecting acquisition activity during the period, payment of deferred consideration relating to 2025 acquisitions, together with continued investment in technology.

Net cash used in financing activities was £2.9m (H1 2025: £9.3m), reflecting dividend payments, the share 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 an increase 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 cash generation partly offset by higher capital expenditure and one-off contractual operating cash flows in the period. Free cash flow is defined as operating cash flow before strategic investment, M&A and dividends.

Adjusted Cash conversion

The Group’s operations generate strong positive cash flow, as evidenced by net cash from operating activities of £8.5m (H1 2025: £13.8m). Adjusted cash conversion* was 98% (H1 2025: 116%), with conversion 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), consistent with the Group’s intention to adopt a progressive dividend policy. The interim dividend will be paid on 30 October 2026, representing a cash outlay of £4.5m. The ex-dividend date will be 1 October 2026, with a record date of 2 October 2026.

Capital allocation

Our capital allocation framework balances investment in growth initiatives with the delivery of sustainable shareholder returns. Our performance in H1 2026 is outlined below:

Financial resilience: The Group remains financially resilient, with significant headroom of £57.2m over its regulatory capital requirements, equivalent to 2.5% of regulated revenue in regulated entities and 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 growth initiatives during the year, with strategic expenditure of £7.6m (H1 2025: £4.5m), strengthening our plans 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 a further £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 held in 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 regularly considers the principal and emerging risks that could impact the delivery of the Group’s strategic objectives.

The Board has reviewed the principal risks and uncertainties facing the Group for the remaining six months of the financial year. These remain consistent with those set out in the Group’s 2025 Annual Report and Accounts and there have been no material changes to the nature of the principal risks, or to the 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;
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 out on pages 33 to 39 of the 2025 Annual Report and Accounts, which is available on the Group’s website.

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 the principal risks and uncertainties set out in the 2025 Annual Report and Accounts remain applicable for the 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 have materially affected the financial position or performance of the Group, and there have been no material changes in the related party transactions described in the Group’s 2025 Annual Report and Accounts.

Directors’ responsibility statement

The Directors confirm that, to the best of their knowledge:

the condensed consolidated interim financial statements have been prepared in accordance with UK-adopted IAS 34 Interim Financial Reporting and give a true and fair view of the assets, 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 DTR 4.2.7R 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 of the financial year and their impact on the condensed consolidated interim financial statements;
- a description of the principal risks and uncertainties for the remaining six months of the financial year;
- Details of related party transactions that have taken place during the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period; and
- any changes in the related party transactions described in the last annual report that could have a material effect on the financial position or performance of the Group during that period.

On behalf of the Board

Peter Brodnicki Emilie McCarthy

Chief Executive Officer Group Chief Financial Officer

21 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 condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34: Interim Financial Reporting and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority.

We have been engaged by Mortgage Advice Bureau (Holdings) Plc (the ‘Company’) to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 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

• 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 as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.

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 the Disclosure 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’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to 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 on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, 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 Company in meeting the requirements of the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

BDO LLP

Chartered Accountants

London, UK

21 September 2026

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

Interim condensed consolidated statement of comprehensive income for the six months ended 30 June 2026

		2026	2025
		Unaudited	Unaudited
	Note	£'000	£'000
Revenue	3	160,972	148,195
Cost of sales	4	(113,585)	(107,201)
Gross profit		47,387	40,994
Administrative expenses		(32,503)	(26,738)
Share of profit from associates	11	332	581
Costs 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)	-
Net loss on fair value measurement of contingent consideration	5	(232)	-
Net loss on fair value measurement of derivative financial instruments		-	(19)
Operating profit		7,653	10,933
Finance income	7	238	244
Finance expense	7	(636)	(572)
Unwinding of redemption liability	5	(989)	(457)
Net loss on remeasurement of redemption liability	5	(66)	(509)
Profit before tax		6,200	9,639
Tax expense	8	(2,457)	(2,779)
Profit for the period		3,743	6,860
Total comprehensive income		3,743	6,860

Profit is attributable to:
Equity owners of the Parent Company		3,626	6,817
Non-controlling interests		117	43
		3,743	6,860

Earnings per share attributable to the owners of the Parent Company

Basic	9	6.3p	11.8p
Diluted	9	6.2p	11.7p


Adjusted measures
Adjusted EBITDA		17,289	16,418
Adjusted profit before tax		14,818	14,509
Adjusted diluted earnings per share		18.4p	18.2p

Further details of adjusted measures are provided within the Glossary of Alternative Performance Measures.

Interim condensed consolidated statement of financial position as at 30 June 2026 and 31 December 2025

		2026	2025
		Unaudited	Audited
	Note	£'000	£'000
Assets
Non-current assets
Property, plant and equipment		5,274	5,578
Right of use assets		6,672	6,686
Goodwill	12	72,826	70,237
Other intangible assets	12	53,668	53,869
Investments in associates and joint venture	11	5,146	4,990
Trade and other receivables	13	927	692
Total non-current assets		144,513	142,052
Current assets
Trade and other receivables	13	15,969	13,903
Corporation tax asset		1,193	-
Cash and cash equivalents	14	25,539	26,187
Short term deposits	14	355	431
Total current assets		43,056	40,521
Total assets		187,569	182,573
Equity and liabilities
Share capital	18	58	58
Share premium		55,163	55,163
Capital redemption reserve		20	20
Share option reserve		7,063	7,336
Retained earnings		6,250	11,564
Treasury shares		(2,364)	-
Equity attributable to owners of the Parent Company		66,190	74,141
Non-controlling interests		1,480	1,758
Total equity		67,670	75,899
Liabilities
Non-current liabilities
Trade and other payables	15	4,281	7,068
Redemption liability	5	9,947	8,892
Lease liabilities		5,465	5,614
Deferred tax liability		12,172	12,527
Total non-current liabilities		31,865	34,101
Current liabilities
Trade and other payables	15	48,946	44,648
Clawback liability		15,704	15,116
Lease liabilities		1,412	1,212
Loans and borrowings	16	21,972	11,427
Corporation tax liability		-	170
Total current liabilities		88,034	72,573
Total liabilities		119,899	106,674
Total 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

Interim condensed consolidated statement of changes in equity for the six months ended 30 June 2026

				Attributable to owners of the Parent Company
		Share capital	Share premium		Capital redemption reserve	Share option reserve	Retained earnings		Total	Non-controlling interest	Total equity
		Share capital	Share premium		Capital redemption reserve	Share option reserve	Retained earnings	Treasury Shares	Total	Non-controlling interest	Total equity
	Note	£'000s	£'000s		£'000s	£'000s	£'000s	£’000	£'000s	£'000s	£'000s
Balance as at 1 January 2025		58	55,163		20	4,312	14,109	-	73,662	1,433	75,095
Profit for the year		-	-		-	-	6,817	-	6,817	43	6,860
Total comprehensive income		-	-		-	-	6,817	-	6,817	43	6,860
Transactions with owners
Acquisition of subsidiaries	5	-	-		-	-	(715)	-	(715)	-	(715)
Non-controlling interest on acquisition of subsidiaries		-	-		-	-	-	-	-	304	304
Share-based payment transactions	20	-	-		-	1,330	-	-	1,330	-	1,330
Current and deferred tax recognised in equity	8	-	-		-	190	-	-	190	-	190
Dividends paid	10	-	-		-	-	(8,578)	-	(8,578)	(740)	(9,318)

Total transactions with owners		-	-		-	1,520	(9,293)	-	(7,773)	(436)	(8,209)
Balance at 30 June 2025 (unaudited)		58	55,163		20	5,832	11,633	-	72,706	1,040	73,746
Balance as at 1 January 2026		58	55,163		20	7,336	11,564	-	74,141	1,758	75,899
Profit for the period		-	-		-	-	3,626	-	3,626	117	3,743
Total comprehensive income		-	-		-	-	3,626	-	3,626	117	3,743
Transactions with owners
Share-based payment transactions	20	-	-		-	134	-	-	134	-	134
Current and deferred tax recognised in equity	8	-	-		-	(109)	(20)	-	(129)	-	(129)
Purchase of treasury shares	18	-	-		-	-	-	(2,774)	(2,774)	-	(2,774)
Dividends paid	10	-	-		-	-	(8,850)	-	(8,850)	(395)	(9,245)
Dividends returned	10	-	-		-	-	42	-	42	-	42
Share options expired		-	-		-	(20)	20	-	-	-	-
Share options exercised		-	-		-	(278)	(132)	410	-	-	-
Total transactions with owners		-	-		-	(273)	(8,940)	(2,364)	(11,577)	(395)	(11,972)
Balance at 30 June 2026 (unaudited)		58	55,163		20	7,063	6,250	(2,364)	66,190	1,480	67,670

Interim condensed Consolidated statement of cash flows for the six months ended 30 June 2026

		2026	2025
	Note	£'000	£'000
Cash flows from operating activities
Profit for the period before tax		6,200	9,639
Adjustments for:
Depreciation of property, plant and equipment		616	549
Depreciation of right of use assets		765	396
Amortisation of intangibles	12	4,814	3,275
(Profit)/Loss of on disposal of fixed assets and associate investments		(8)	266
Share-based payments	20	528	1,760
Share of profit from associates	11	(332)	(581)
Dividends received from associates	11	176	549
Unwinding of redemption liability	5	989	457
Loss on remeasurement of redemption liability	5	66	509
Unwinding of loan arrangement fees		21	30
R&D Tax credit		(387)	-
Loss/ (Gain) on fair value measurement of derivative financial statements		-	19
Finance income	7	(238)	(244)
Finance expense	7	636	572
		13,846	17,196
Changes in working capital
Increase in trade and other receivables	13	(2,132)	(4,196)
Increase in trade and other payables	15	575	4,454
Increase in clawback liability		367	173
Cash generated from operating activities		12,656	17,627
Income taxes paid		(4,412)	(4,027)
Interest received		238	244
Net 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	3,000
Repayment 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 shareholders	10	(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	23,675
Cash and cash equivalents at the end of the period		25,539	22,755

Notes to the consolidated financial statements for the six months ended 30 June 2026

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 a resolution of the directors on 21 September 2026.

Mortgage Advice Bureau (Holdings) plc ("the Company") is a public limited company incorporated and domiciled in England. The Company's ordinary shares were admitted to the equity shares (commercial companies) category of the Official List maintained by the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange 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 in accordance with IAS 34 ‘Interim financial reporting’, the Disclosure Guidance and Transparency Rules of the United Kingdon’s Financial Conduct Authority and also in accordance with the measurement and recognition principles of UK adopted international accounting standards. They do not include all of the information required for full annual financial statements and should be read in conjunction with the 2025 Annual Report and Accounts, which were prepared in accordance with UK – adopted international accounting standards.

The comparative financial information for the year ended 31 December 2025 in this interim report does not constitute statutory accounts for that year. The statutory accounts for 31 December 2025 have been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, did not draw attention to any matters by way of emphasis, 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 statements for the year ended 31 December 2025. New or amended standards effective in the period have not had a material impact on the condensed consolidated interim financial statements.

Going concern

The Directors have assessed the Group’s prospects until 31 December 2027, taking into consideration the current operating environment, including the impact of geopolitical and macroeconomic uncertainty and inflationary pressures on property and lending markets. The Directors’ financial modelling considers the Group’s profit, cash flows, regulatory capital 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 the projections, including the effect of geopolitical and macroeconomic uncertainty and inflationary pressures and their impact on the UK property and lending markets and the Group’s business volumes and revenue mix, which the Directors consider to be severe but plausible stress tests on the Group’s cash position, banking covenants and regulatory capital adequacy. The Group’s financial modelling shows that the Group should continue to be cash generative, maintain a surplus 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 Group and its markets, the Directors are comfortable that the Group will continue to generate positive cash flow, maintain regulatory capital surpluses, continue to operate, comply with its existing financing arrangement and meet its liabilities for at least 12 months from the date of approval of these financial statements. The Directors continue to adopt the going concern basis for the preparation of the financial statements.

The judgements, estimates and assumptions applied in the interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Group’s last annual financial statements for the year ended 31 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 have performed an impairment assessment to the period ended 30 June 2026 and there are no matters which have arisen that indicate 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 and interim periods and therefore have not been applied in preparing these condensed consolidated interim financial statements. There are no changes in the future new standards and interpretations, which remains in line with the 2025 audited accounts.

Segment reporting

An operating segment is a distinguishable segment of an entity that engages in business activities from which it may earn revenues and incur expenses and whose operating results are reviewed regularly by the entity’s chief operating decision maker (“CODM”). The Board reviews the Group’s operations and financial position as a whole and therefore considers that it has only one operating segment, being the provision of financial services operating solely within the UK. The information presented to the CODM directly reflects that presented in the financial statements and they review the performance 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 methods used to determine operating segments and reported segment profit or loss.

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 in chronological order based on each transaction’s completion date, together with the principal terms and the related accounting 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 total consideration comprising cash consideration of £2.1m and deferred consideration of £0.8m, which will be paid one year from the transaction date.

HLS strengthens FMD's position in the Scottish new build mortgage market by combining the scale, expertise, and longstanding housebuilder relationships of both businesses, while preserving each firm's independent brand, team, and specialist proposition.

The business combination has been accounted for using the purchase method of accounting. At 26 March 2026, the assets and liabilities of HLS were consolidated at their fair value to the group, as set out below:

			Fair value at date of Acquisition
	Initial book value	Fair Value Adjustment
	Initial book value	Fair Value Adjustment
	£'000	£'000	£'000

Intangible assets - Customer Relationships	-	350	350
Intangible assets – Introducer Relationships	-	827	827
Property, plant and equipment	16	-	16
Right of use asset	27	-	27
Cash and cash equivalents	75	-	75
Trade receivables	292	-	292
Prepayments	11	-	11
Corporation tax	5	-	5
Total assets	426	1,177	1,603

Accruals	(102)	-	(102)
Lease liability	(27)	-	(27)
Other payables	(32)	-	(32)
Clawback liability	(221)	-	(221)
Social security and other taxes	(37)	-	(37)
Deferred tax	(4)	(294)	(298)
Total liabilities	(423)	(294)	(717)

Net Assets Acquired			886
Goodwill			2,040
Total Consideration			2,926

Satisfied by:
Cash			2,123
Deferred consideration			803
Total consideration			2,926

Analysis of cash flows on acquisition:

Cash consideration								2,123
Cash 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								555
Profit before tax								53
Adjusted profit before tax								98

The revenue disclosed above represents the gross revenue of the acquired business from the date of acquisition, in accordance with IFRS 3 Business Combinations. A significant portion is eliminated on consolidation as trading with the Group that existed prior to acquisition became intra-group thereafter. The amounts disclosed are therefore not directly comparable 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 of Homeowners Alliance Ltd ("HOA") for total consideration comprising cash consideration of £1.1m and deferred consideration 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 trusted advice, research, and campaigning capabilities, while preserving its independent brand, editorial independence, and consumer-first mission.

The business combination has been accounted for using the purchase method of accounting. At 31 March 2026, the assets and liabilities of HOA were consolidated at their fair value to the group, as set out below

			Fair value at date of Acquisition
	Initial book value	Fair Value Adjustment
	Initial book value	Fair Value Adjustment
	£'000	£'000	£'000
Intangible assets - Website	-	881	881
Property, plant and equipment	2	-	2
Cash and cash equivalents	570	-	570
Trade and other receivables	75	-	75
Total assets	647	881	1,528

Liabilities
Accruals	(2)	-	(2)
Social security and other taxes	(39)	-	(39)
Corporation tax	(11)	-	(11)
Other payables	(7)	-	(7)
Deferred tax	-	(220)	(220)
Total liabilities	(59)	(220)	(279)

Net Assets Acquired			1,249
Goodwill			549
Total Consideration			1,798

Satisfied by:
Cash			1,144
Deferred consideration			654
Total consideration			1,798

Analysis of cash flows on acquisition:

Cash consideration			1,144
Cash 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								142
Profit before tax								39
Adjusted 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 the period ended 30 June 2026 would have been £161.1m and £6.3m, respectively. These amounts have been calculated using the subsidiaries’ results and adjusting for:

difference in accounting policies between the Group and the subsidiary
the additional amortisation that would have been charged assuming the fair value adjustments to intangible assets had applied from 1 January 2026, and
intercompany 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 values relating 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 fair values are unchanged from the provisional amounts reported at 31 December 2025 and, accordingly, no measurement period 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 of M&R FM Limited, UK Moneyman Limited and Meridian Holdings Group Limited, relating to assets and liabilities found to have existed at the respective acquisition dates. Trade and other receivables and Trade and other payables have been restated accordingly and, in accordance with IFRS 3, this has been adjusted for retrospectively with a corresponding increase in goodwill of £495k.

3.Revenue

The Group operates in one segment being that of the provision of financial services in the UK. Revenue is derived as follows:

	Six Months ended 30 June
	2026	2025
	Unaudited	Unaudited
	£'000	£'000
Mortgage procuration fees	67,173	59,972
Protection and general insurance commission	60,055	55,728
Client fees	30,118	29,890
Other 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	£'000
Commissions paid	75,809	79,167
Lead Costs	11,483	10,907
Movement in provision for impairment of trade receivables	30	6
Other cost of sales	1,116	1,050
Wages 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 of sales, on the basis that they relate directly to the delivery of services to customers, as disclosed in the FY25 annual financial statements. The comparative information for the six months ended 30 June 2025 has accordingly been re-presented on the same basis, reclassifying £2.5m from administrative expenses to cost of sales. This is a reclassification only and has no impact on the Group's revenue or profit for the period.

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 comprehensive income 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 and valuation 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”)