Slides
Page 1
Admiral Group PLC 2026 Half Year results 6th August 2026 1978118 Great Place To Work . Andre
Page 2
2 Overview and strategic update Milena Mondini de Focatiis Group CEO
Page 3
3 HY26 highlights Cycle discipline in UK Motor and continued profitable growth in other personal lines 190% capital position and attractive shareholder returns now incl. share buybacks Well-positioned for UK Motor market turning and fully confident in ability to deliver growth ambitions across products Flock acquisition completed; new products and partnerships; good progress across Data, GenAI and Multi to better support our customers Good business performance Strong capital Successfully executing on strategy Confident outlook
Page 4
4 (1) On a continuing basis, excl. US business (2) Group non-unique customers or number of risks defined as total number of vehicles, households and pets on cover, total number of annual travel insurance customers (excl. single trips), and Admiral Money and Business customers (3) Turnover comprises total premiums written plus ‘other insurance revenue’, ‘other revenue’, and interest income from Admiral Money (4) HY26: estimated and non audited at the date of this report (5) Trustpilot or equivalent • +c.600k risks vs. HY25: UK Motor largely stable and 10% growth elsewhere • Turnover +11% vs. H2 25 from high single-digit rate increases in UK Motor in H1 26 and positive trends elsewhere; stable vs. HY25 • Strong group COR of 78.5% reflects good margins and discipline • Strong capital position after Flock acquisition and returns to shareholders of c.£259m (c.85p per share); internal model submitted for approval • Good retention trends, Top 3 Trustpilot5 across markets, and continuing to improve customer journeys 12.0m Risks1,2 +5% £429m Pre-tax profit1 -18% £3.1bn Turnover1,3 stable 109.0p EPS1 -18% 78.5% COR1 45% 190% Solvency ratio4Return on equity1 H1 performance underpinned by disciplined underwriting in more challenging UK market conditions Group metrics and movements vs. HY25 70.5p Interim ordinary DPS -18% £45m Share buyback to start in H2 c.£259m shareholder returns relating to H1
Page 5
5 Higher rates earlier than market (1) The Ogden Discount rate used in setting personal injury compensation was changed to +0.5% across the UK in H2 24. H2 24 UK Motor PBT includes a £100m benefit, H1 25 and H2 25 each include an estimated benefit of c.£15m (2) Average UK Motor market NB rate movement using Confused Index, ONS and Defaqto (3) H2 24, H1 25 and H2 25 comparatives adjusted to include “Homeowner loans”, consistent with H1 26 treatment Good cycle management and well-positioned for market turning in UK Motor; other personal lines continuing to increase profits 291 234 298 295 359 496 544 450 457 5.1 4.9 4.8 4.9 5.5 5.7 5.8 5.8 5.8 3.0 3.5 4.0 4.5 5.0 5.5 6.0 H1 22 H2 22 H1 23 H2 23 H1 24 H2 24 H1 25 H2 25 H1 26 Risks (m) PBT Ogden1 (£m) PBT excl. Ogden (£m) 0% Market NB premiums (YoY change)2 Higher rates earlier than market Admiral UK Motor • Discipline and resilience in softer part of current cycle; well-positioned to accelerate growth when the time is right • On track to deliver medium-term ambitions: Disciplined growth across cycle + maintain strong COR advantage vs. market Admiral Other Personal Lines -2 -28 13 6 12 8 38 51 59 3.6 4.0 4.3 4.5 4.8 5.1 5.5 5.7 6.0 0 1 2 3 4 5 6 7 H1 22 H2 22 H1 23 H2 23 H1 24 H2 24 H1 25 H2 25 H1 26 Risks (m) PBT (£m) Other UK personal lines, Europe Motor and Admiral Money3 • Businesses performing well: PBT 1.6x higher to £59m and 0.5m more insured risks vs. HY25 • On track to deliver medium-term ambitions: Increased scale at higher margins
Page 6
6 Good progress on strategic priorities Profitable growth everywhere + margin acceleration outside UK Motor Customer centricity, speed and GenAI adoption to increase customer lifetime value Talent and products fit to deliver greater long-term impact 1. Scale selectively and profitably 2. Future-proof our competitive advantage 3. Amplify the Admiral DNA • UK Household, Admiral Money and L ’olivier all delivering >20% margin1; good progress in all other lines • New More Than Household product; pleasing progress in car finance in Admiral Money • Growing commercial lines: Flock integration progressing at pace; new T axi offering • UK partnerships: insuring Wayve’s robotaxis following launch in H1 • #1 EV insurer: +27% insured vehicles and c.20% estimated market share • >10k hours of Data/AI skills training in H1 and a community of >1k people across markets • Recognitions incl. Winner of Financial Services Company of the Year at British Data Awards • >50 group NPS3; >25Y in Great Place to Work® (1) Defined relative to COR for insurance businesses and COR-equivalent for Admiral Money calculated as PBT on total income (net interest margin + other income) (2) Unique customers with ≥2 risks across UK Motor, Home, Travel, Pet and Admiral Money; FY25: 1.6m; HY25: 1.5m (3) Group average relational NPS for HY26 (HY25: >50) • UK growth boosted by Multi (1.6m customers2 with ≥2 risks, up 8% YoY) driving stronger retention and higher customer lifetime value • Further expansion of Predictive AI capability: 117 live models (+13% vs. YE); real-time models more than doubled • Scaling GenAI initiatives with focus on claims and customer communication (incl. voice- to-voice live in Money/Italy); >80% of code now generated with AI support in the UK
Page 7
7 Group Financials Rachel Lewis Group CFO
Page 8
8 H1 results driven by strong COR in softer UK market conditions Group profit before tax1 (£m) HY26 HY25 Change UK Insurance 485 584 (99) (17)% Motor 457 559 (102) (18)% of which Ogden benefit3 - 15 (15) nm Household, Travel and Pet 28 25 +3 +12% European Insurance 17 (1) +18 nm Admiral Money4 13 13 - - Share scheme cost (41) (36) (5) (14)% Other Group items4 (45) (40) (5) (13)% Total 429 521 (92) (18)% • Group COR of 78.5%: good CY LR of 70% (vs. 67%); favourable PY development; strong ER of 21% from efficiency focus on lower premium base; 76% UK COR and 89% Europe • Group PBT excl. Ogden down 15% vs. record HY25 and +2% vs. H2 25 • UK Insurance: £485m PBT with lower earned premiums and RI result ‐ Motor: see next page; pleasing progress in other lines with Household stable at £25m and Travel & Pet £3m PBT • Europe: good underlying Motor PBT of £5m vs. £1m HY25 from discipline and improved underwriting; continuing to invest in scalability ‐ New RI contracts and changes in accounting to better align expense and topline profiles, resulting in c.£13m one-off benefits in H1 • Admiral Money4: strong underlying trends, positive credit performance, continued cost discipline (42% CIR) and prudent loss provisions ‐ £2.4bn total loans under management (+20% vs. YE); £1.9bn on balance sheet • Higher share scheme and other group costs4 mainly driven by higher share price/vesting and non-recurring costs (internal model + Flock acquisition) Minor rounding differences might occur; nm: not meaningful (1) On a continuing basis, excl. US business (2) Reported ratios: total claims or expenses (excl. share scheme costs) net of excess of loss RI recoveries, divided by total insurance revenue (premiums & other insurance revenue) net of excess of loss premiums (incl. core & ancillaries) (3) Estimated impacts of the 2024 Ogden rate change from -0.25% to +0.5% (4) HY25 restated for “Homeowner loans” business line reported under Admiral Money from HY26 onwards (previously under Other Group items) Group combined ratio1 HY26 HY25 Change Loss ratio 1,2 57.3% 57.4% (0.1)pp Expense ratio 1,2 21.2% 20.3% +0.9pp Combined ratio 1,2 78.5% 77.7% +0.8pp
Page 9
9 UK Motor (£m) HY26 HY25 Change Turnover 2,147 2,269 (122) Underwriting result 338 441 (103) Investment income 91 91 - Finance expenses (54) (51) (3) Co-insurer profit commission 45 39 +6 Other net income 38 38 - Profit before tax 457 559 (102) PBT excl. Ogden benefit* 457 544 (87) Reported combined ratio1 74.2% 71.2% +3.0pp Core loss ratio2 60.3% 59.7% +0.6pp CY core LR 77.6% 72.3% +5.3pp PY releases (17.3)% (12.6)% (4.7)pp Core expense ratio2 18.5% 16.9% +1.6pp Core combined ratio2 78.8% 76.6% +2.2pp Lower UK Motor profit compared to very strong H1 25; performance largely in line with H2 25 Turnover 5% lower than HY25 with largely flat vehicle base; +11% vs. H2 25 from strong rating action in H1 26 Stable investment income; increased finance expenses from higher rates in recent years and bigger book Minor rounding differences might occur (*) Estimated impact of the 2024 Ogden rate change from -0.25% to +0.5% (1) Reported ratios based on total claims or expenses (excl. share scheme costs) net of excess of loss reinsurance recoveries, divided by total insurance revenue (premiums and other insurance revenue) net of excess of loss premiums (incl. core and ancillaries) (2) Core product ratios based on total claims or expenses (excl. share scheme costs) net of excess of loss reinsurance recoveries, divided by total insurance premium revenue net of excess of loss premiums (core product only) 1 1 3 24 Higher profit commission mainly from 2024 UWY 3 4 Strong core COR of 78.8%: 2pp deterioration from reduced average premiums partly offset by more favourable PY development; written ER of 17.6% (FY25: 18.4%; HY25: 16.3%) 5 5 2 UW result reflects strong COR and a higher reinsurance charge (following favourable LR movements on prior UWYs) Softer UK Motor market navigated with agility, underwriting discipline and prudent reserving; H1 PBT of £457m vs. £450m H2 25 (excl. Ogden)
Page 10
10 Booked LR at HY26 Booked LR at end of Y1 Booked LR at end of Y2 Financial years Loss ratios developing positively; prudent risk adjustment at 93rd percentile (1) Actuarial projection of booked LR shown on an UWY basis. Discounted LRs are based on cumulative claims costs recognised in retained earnings at transition (01/01/22), plus claims costs reported through insurance expenses line in income statement since 01/01/22, therefore exclude unwind of finance expense from 01/01/22 (2) LR movement rounded to one decimal place Underwriting year Ultimate loss ratios: • Favourable development across all UWYs as expected • Admiral estimate of FY26 burn cost inflation: mid-single digits (in line with FY25) Booked loss ratios: • Good first booking of 2026 at 78% (84% undiscounted) • Reserves risk adjustment prudent at 93rd percentile (down from 94th FY25); continue to expect to gradually move towards middle of RA corridor • Reserve releases at 17pp of premium with £247m vs. £197m HY25, reflecting higher BE and RA releases alongside lower average premiums; expecting to operate towards the top of the 10-15% range for FY26 See further details including ultimate loss ratios in appendix 73% 79% 67% 62% 76% 2021 2022 2023 2024 2025 92% 86% 97% 88% 86% 72% 71% 65% 78% HY26 Y1 Y2 (mvt vs. YE25)2 (-3pp) (-2pp) (-1pp) (-2pp) (-2pp) Evolution of discounted booked loss ratios1 by UWY
Page 11
11 Share purchase to offset employee plan dilution No change to disciplined capital management framework; gives flexibility for growth and returns Allocate capital to our operations and retain a rock-solid balance sheet • Typically retain c.10% of post-tax earnings to fund growth • Always ensure capital retained to meet regulatory requirement buffers plus strong liquidity 1 Ordinary dividend2 Invest in M&A if thresholds are met3 4 Return surplus to shareholders5 65% of post-tax profits via share buyback or special dividend c.3m shares each year; no more EPS dilution vs. +48m shares1 2004-24 T o accelerate diversification; subject to strong strategic fit and high financial hurdles c.90% of post-tax earnings allocated to: (1) Closing number of shares as reported
Page 12
12 Attractive shareholder returns: 79% payout ratio including £45m share buyback HY26 capital distribution: £259m to shareholders 65% 65% 65% 27% 23% 14% 15% HY24 HY25 HY26 92% 88% 94% Payout ratio of post-tax profit 154 261 214 59 88 45 HY24 HY25 HY26 213 349 259 Share buyback Interim special dividends Interim ordinary dividends 51 HY26 Share purchase for employee share schemes1 310£m Interim ordinary DPS (p) 71p86p 51p 79% • 70.5p interim ordinary DPS, in line with policy • £45m share buyback relating to H1 to start in September • HY26 payout ratio (dividends + buyback) = 79% reflecting: ‐ H1 performance ‐ Purchase of 1.5m shares (£51m) for employee plans in H1 26; no more EPS dilution vs. c.1% p.a. historically • Expect to: ‐ Purchase c.1.5m additional shares for employee plans in H2, in line with policy ‐ Return surplus capital via buyback following FY26 (1) Purchase of 1m shares (£32m) for employee share plans in Q4 ’25; no other purchase prior to Q4 ‘25
Page 13
13 Strong solvency position maintained after capital returns and Flock acquisition; internal model submitted for approval Note: estimated (and unaudited) capital positions as at the date of this report for HY26 and the date of FY25 results for FY25; based on standard formula plus capital add-on (1) Incl. reversal of unrealised losses as move closer to maturity Surplus Own Funds SCR Own fund generation Market impacts1 Change in SCR Flock acquisition Interim dividend Employee share purchase (completed in H1) 193% 41% 0% -5% -8% -22% -5% 195% -5% 190% HY26 (excl. H1- related buyback) HY26Share buyback (relating to H1; will start in H2) HY25 HY26 £0.87bn 1.84 (0.97) FY25 £0.88bn 1.83 (0.95) • Maintained strong surplus and cover ratio vs. YE25 ‐ Stable capital generation in H1 (reflecting performance) largely offset by 32pp of capital distribution and Flock acquisition ‐ Small increase in SCR mainly driven by growth in products outside UK Motor • Internal capital model submitted for approval to regulators in Q2; post approval, expect to transition to upper end of 150-170% over time • No change to approved regulatory capital add-on at £24m CY: 27% PY: 14%
Page 14
14 Good business performance in H1; expecting stronger group profits in H2 • Good underwriting strength; disciplined and very prudently reserved across all lines • High capital efficiency and flexible framework enabled c.£80m Flock acquisition to be absorbed whilst distributing c.£259m to shareholders re H1 and maintaining strong capital position • Expecting stronger H2 group profits vs. H1 26 with price increases earning through, continued positive underlying trends in other personal lines and a smaller RI charge; subject to weather, market pricing dynamics and other macro volatility • On track to deliver medium-term ambitions
Page 15
15 UK Insurance Alistair Hargreaves UK Insurance CEO
Page 16
1616 UK Insurance: good portfolio management from retention outperformance and rating discipline 5.5 2.7 HY24 5.8 3.6 HY25 5.8 4.0 HY26 8.2m 9.3m 9.7m Risks: 9.7m PBT: £485m 359 544 457 28 4 HY24 25 HY25 HY26 363 584 485 33% 38% 41% 1% 4% 6% Minor rounding differences might occur (1) The Ogden Discount rate used in setting personal injury compensation was changed to +0.5% across the UK in H2 24. HY25 UK Motor PBT includes an estimated Ogden benefit of c.£15m (2) Unique customers with ≥2 risks across UK Mo tor, Home, Travel, Pet and Admiral Money; FY25: 1.6m; HY25: 1.5m (3) Combined relational NPS for UK Motor, Household, Travel and Pet Jan-Jun 26 Other Personal Lines (OPL) Motor Motor - Ogden1 OPL % contribution ● Pleasing H1 performance, demonstrating disciplined pricing whilst achieving strong retention, continued growth in other personal lines and further progressing towards medium-term ambitions ● +c.400k insured risks vs. HY25 mainly from high retention ‐ Successful Multi proposition supports growth and drives improved insights and better data for all products, incl. Motor; customers with ≥2 risks up 8% to 1.6m 2 ● Turnover £2.5bn; +11% vs. H2 25 from strong rate increases in Motor/Household in H1 ● Motor PBT largely in line with H2 25 as rate decreases from early 2025 continued to earn through ● Continuing to improve propositions, capabilities and journeys to be there for our customers ‐ EV leadership, new Household proposition, strong support through Middle East travel disruption ‐ #1 on Trustpilot, >50 NPS3 ● Regulatory landscape more predictable
Page 17
17 Motor market pricing showing signs of turning; more action needed to protect market COR • Prices broadly flat YoY; average NB rates up low-single digit in H11 ‐ ABI NB/RN average paid premium2 flat YoY and +1% vs. Q4 25 • FY26 outlook: expected to keep pace with inflation but more increases needed to return to profitability; forecast 2026e market COR 108%3 • T otal frequency: broadly flat vs. 2025 • T otal severity: in line with historical averages of mid-single digit • FY26 outlook: continuation of trends; monitoring geopolitical risk Market pricing Market inflation (1) Management estimate of market NB rate movement Jun 26 vs Dec 25 using Confused Index, ONS and Defaqto (2) Q2 26 ABI moto r premium tracker: total average premium paid for NB and RN (3) Ernst & Young UK Motor market reported NCR forecast (published Jun 26) (4) Confused Index NB quote tracker using final month of each half year (5) ONS Motor Vehicle insurance price index using final month of each half year (6) Defaqto market pricing movements; average of 8 UK Motor peers -20% -10% 0% 10% 20% 30% 40% 50% 60% H1 22 H2 22 H1 23 H2 23 H1 24 H2 24 H1 25 H2 25 H1 26 Confused Index4 ONS5 Defaqto6 UK Motor – Market average NB premium YoY change
Page 18
18 Admiral Motor: strong rating action in H1 and sustained competitive advantages (1) ‘Times top’ represents the percentage of times Admiral brands appear in the top position on an aggregator search; excluding telematics quotes (average for H1 split by total Motor and EVs only) (2) Original Equipment Manufacturers Admiral share of new business Indexed 100 Q3 23 0 50 100 150 200 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 • Continuing to build on market-leading EV proposition to meet evolving customer needs: ‐ Very competitive and over-indexed for EVs vs. overall Motor at largely similar LRs ‐ Strong propositions, incl. new initiatives e.g. free Zoom EV benefit helping customers with charging costs ‐ Further improving EV repairability: strong relationships with OEMs2 and advanced repair strategies across garage network • Admiral: high-single digit rate increases in H1 26, earlier and well ahead of market; will continue to earn through over H2 26/2027 • Strong retention supporting relatively flat Motor portfolio and share of NB in softer market: ‐ Driven by pricing optimisation, Multi and improvements to customer engagement and online journeys ‐ Advantage in areas of market evolution: share of telematics NB market +17% YoY and continued growth of EV book FY26 outlook: remaining disciplined; monitoring macroeconomic trends and prudently reserved; ready to grow when the time is right Total Motor EVs only Admiral times top1 H1 26 average T op position >2x as often for EVs
Page 19
1919 Household, Travel and Pet: continuing to grow profitably in competitive markets Continued topline momentum… 77% 84% 78%Household COR Reported ● Household market continuing to soften1; outlook uncertain ─ Increased subsidence risk likely in 2026 ● Admiral Household more disciplined than market with rate increases in H1 ─ +3% risks YoY supported by strong retention; growth opportunity through new More Than brand ─ Continuation of largely benign weather; prudently reserved for subsidence risk ● Travel: +26% customers YoY despite shift in demand caused by Middle East disruption in H1 ─ Supported c.2k customers throughout uncertainty by waiving policy exclusions; c.£3m claims impact ─ LR performing well ● Pet: +17% customers YoY; balancing growth and margins after strong growth in 2024/25 Minor rounding differences might occur (1) ABI property premium tracker; average NB premium Q2 26 vs Q4 25 11 25 25 HY24 (0) HY25 HY26 Household Travel and Pet 4 25 28 (7) 3 PBT (£m) 2.2m 1.2m …at attractive margins 1.8m 2.1m 2.2m 0.9m 1.4m 1.7m HY24 HY25 HY26 Household Travel and Pet2.7m 3.6m 4.0m Risks Incl. one-off More Than costs in Pet
Page 20
20 Europe Insurance Costantino Moretti Head of Europe Insurance
Page 21
21 All businesses seeing good loss ratio improvement Advancing our distribution diversification strategy New pan-European reinsurance arrangements improving capital efficiency Accelerating operational synergies in Tech, Data/AI and pricing capabilities Performance Scale Efficiency Capital Europe: improved results and progress on strategic priorities Continued focus on profitable growth
Page 22
2222 • 2m risks, up 5% mainly driven by France ‐ L’ olivier: further scale at attractive margins (Motor +15%; Household +26% vs. HY25) ‐ ConT e: book stable HoH (+1% vs. YE25) ‐ Admiral Seguros: +8% risks vs. HY25 through Brokers and Direct • Turnover +11% from higher risk count and average premiums • Disciplined portfolio management in all markets sees a 4pp LR improvement ‐ €6m underlying Motor PBT vs. €1m HY25; c.€15m one-off benefit in H1 from accounting changes to better align expense and topline profiles ‐ Pre-tax Motor result1 gross of QS reinsurance €43m and €20m excl. one-offs ‐ Maintaining prudent reserving approach Stronger underwriting in H1 led by loss ratio improvements and favourable one-offs Total risks (m) Total turnover (€m) accounting one-offs Minor rounding differences might occur (1) Underwriting result, net of XoL, excluding quota-share reinsurance, onerous loss component and investment income 0.5 0.5 0.9 0.8 0.6 0.7 HY25 HY26 1.9 2.0 +5% 83 97 147 147 163 195 HY25 HY26 394 438 +11% L’olivier ConTe Admiral Seguros 1 6 15 HY25 HY26 21 Motor PBT (€m) 98 89 HY25 HY26 95% COR excl. one- offs Total COR (%)
Page 23
23 Wrap-up Milena Mondini de Focatiis Group CEO
Page 24
24 H1: pleasing progress towards delivering higher returns sustainably Well-positioned for UK Motor market turning and fully confident in ability to deliver growth ambitions across products Exceptional capital efficiency and attractive shareholder returns Continuing to innovate and strengthen capabilities to deliver for our customers and future-proof our competitive advantages Good underwriting with discipline in UK Motor and continued profitable growth elsewhere Stronger profitable growth and higher returns across cycle
Page 25
Appendix
Page 26
26 Admiral: our drivers of success Financials reflect the last reported FY results unless otherwise applicable and specified (1) Market: ABI for 2020-2024, E&Y for 2025 (note that market data includes Admiral; excluding Admiral would result in a higher market COR) Admiral: UK Motor core COR on IFRS 4 basis over 2020-21 and IFRS 17 from 2022 onwards (2) All other lines excl. UK Motor and discontinued US business (3) Other lines incl. UK Household, Travel and Pet, EU Motor, and Money (4) 2020-2024; 2025 market data split by LR/ER not yet available. Market: ABI data (note that market data includes Admiral; excluding Admiral would result in higher market LR and ER) Admiral: UK Motor core LR and ER on IFRS 4 basis over 2020-21 and IFRS 17 from 2022 onwards (5) Admiral group average total ROE excl. US business over 2020-24 vs peer average over 2020-24. IFRS 4 basis over 2020-21 and IFRS 17 from 2022- 2024 (6) Great Place to Work® World’s Best Workplaces rankings 2026 (7) All employees receive shares after 12 months of working at Admiral UK Motor: best-in- class returns through the cycle Scalable, diversified growth platform Market-leading data capabilities, underwriting and efficiency Capital-light, disciplined model with superior returns People- and customer-first culture; innovation & long- term performance Market-leading returns, scalable growth opportunities and proven structural advantages that compound; underpinned by differentiating culture >20pp Combined ratio advantage c.80% COR vs. market1 Turnover (2020-25 CAGR) +11% UK Motor All other lines2 Insured risks (m) c.30pp ROE outperformance; high conversion of capital to profits Total ROE 43% vs. peer average5 190% Solvency ratio (HY26) >50 Group relational NPS (HY26) Great Place To Work®6 Disciplined growth and agility driving resilience >12pp Loss ratio advantage from advanced AI/ML UW at scale c.60% LR vs. UK Motor market4 c.8pp Expense ratio advantage c.20% ER vs. UK Motor market4 Strong capital, prudent reserving and consistent PY releases Our People are shareholders and invested in our success7 4.84.7 5.8 2.7 6.0 2020 HY26 16 97 2020 2025 Other lines pre-tax profit3 (£m)
Page 27
2727 Group metrics overview Notes: 1. Financials on a continuing basis exclude the US business disposed of in 2025. Incl. discontinued, group metrics are: PBT: £955m FY25 vs. £839m PY; EPS: 246.4p vs. 216.6p; turnover: £6.1bn vs. £6.1bn. 2. The Ogden discount rate used in setting personal injury compensation was changed to +0.5% across the UK in H2 24. • The £100m Ogden benefit on FY24 PBT is split between £89m in underwriting result and £11m in co-insurer profit commission in UK Motor P&L. • FY25 group, UK Insurance and UK Motor PBT include an estimated additional Ogden benefit of c.£30m (HY25: c. £15m) 3. Group capital distribution policy was updated from 2026. Please see slides 11-12 for further detail 4. HY26 Admiral Money PBT includes contribution from the new secured homeowner loans product, previously included within the ‘Other’ segment. HY25 and FY25 have been re-presented accordingly. 5. Total loans balance includes backbook and forward flow loans originated and serviced by Admiral Money. nm: not meaningful HY26 HY25 FY24 FY23 Continuing 1 Total Ogden 2 Excl. Ogden 2 Continuing 1 As reported Ogden 2 Excl. Ogden 2 As reported Customers (m) 12 11.4 11.8 11.0 11.1 9.7 Turnover (£bn) 3.1 3.1 5.9 6.0 6.1 4.8 PBT 2 (£m) 429 521 958 30 928 827 839 100 739 443 Reported COR 78.5% 77.7% 80.1% (0.4)% 80.5% 76.9% 77.4% (2.3)% 79.7% 88.7% ROE 45% 57% 53% c.2% c.51% 56% 5% 51% 36% Solvency ratio 190% 194% 193% nm 203% 1% 202% 200% EPS 109.0p 132.5p 247.4p c.8p c.240p 212.8p 216.6p 26.4p 190.2p 111.2p DPS (FY=total; HY=interim) 70.5p 115.0p 205.0p c.7p c.198p 192.0p 23.0p 169.0p 103.0p Share buyback 3 (£m) 45 Customers (m) 9.7 9.3 9.6 8.8 7.4 Turnover (£bn) 2.5 2.7 5.0 5.1 3.8 PBT 2 (£m) 485 584 1,086 30 1,056 977 100 877 597 Motor reported COR 74.2% 71.2% 75.0% (0.6)% 75.6% 70.0% (3.2)% 73.2% 81.7% Motor core COR 78.8% 76.6% 80.5% (0.7)% 81.2% 74.7% (3.6)% 78.3% 88.2% o/w CY loss ratio 77.6% 72.3% 72.8% (0.7)% 73.5% 69.2% (0.9)% 70.1% 87.0% o/w PY releases (17.3)% (12.6)% (10.0)% - (10.0)% (12.7)% (2.7)% (10.0)% (20.2)% Motor PY releases (£m) 247 197 310 - 310 375 79 296 393 Motor other revenue per vehicle £68 £77 £71 £76 £62 Household reported COR 78.2% 83.9% 84.1% 77.4% 99.6% Customers (m) 2 1.9 1.9 2.0 2.0 Turnover (£m) 380 332 674 640 624 Profit/(loss) before tax (£m) 17 (1) 7 (20) 2 Reported COR 88.7% 98.3% 94.5% 105.7% 96.3% PBT (£m) 13 13 18 13 10 Total loans balance (£bn)5 2.4 1.6 1.8 1.2 1.0 FY24 Group Admiral Money 4 UK Insurance Europe Insurance FY25 (on continuing basis 1 )
Page 28
2828 UK Motor: loss ratio development by underwriting year 1 (1) LRs from 2022 financial year onwards (post IFRS 17 transition) are based on actuals; prior financial periods show proxy values, with assumptions being made around retrospective risk adjustment selections for booked LRs; undiscounted booked LRs are reflective of ultimate cash settlements expected (ultimate) plus risk adjustment (2) Discounted LRs are based on cumulative claims costs recognised in retained earnings at IFRS 17 transition (01/01/22), plus claims costs reported through insurance expenses line in income statement since 01/01/22, therefore exclude unwind of finance expense from 01/01/22 74 68 95 65 91 104 58 86 96 94 57 82 91 80 77 55 77 89 76 71 85 56 76 86 74 68 82 84 2020 2021 2022 2023 2024 2025 2026 FY20 FY21 FY22 FY23 FY24 (incl. Ogden to 0.5%) FY25 HY26 74 67 92 63 86 97 57 81 88 86 55 77 83 72 7154 74 82 69 65 78 54 73 79 67 62 76 78 2020 2021 2022 2023 2024 2025 2026 Development by financial year (colour-coded bars) and split by underwriting year (x-axis) Undiscounted booked LRs (%) Discounted booked LRs2 (%) HY26 FY25 2025 76% 76% 2024 65% 67% 2023 71% 72% 2022 85% 87% 2021 76% 76% 2020 55% 55% Undiscounted ultimateUWYs HY26 FY25 2025 71% 71% 2024 60% 62% 2023 66% 67% 2022 79% 80% 2021 73% 73% 2020 54% 54% UWYs Discounted ultimate 2
Page 29
2929 UK Motor: reserve releases by underwriting year Net of XoL Minor rounding differences might occur (1) Excludes £3m strengthening for HY26, £5m release in FY25 and £3m release in HY25 on non-core products FY25: £305m1 Risk adjustment: 94th percentile 31 47 23 86 119 UWY 2020 & prior 2021 2022 2023 2024 Reserve releases net of XoL HY25: £194m1 Risk adjustment: 95th percentile 18 41 16 56 62 UWY 2020 & prior 2021 2022 2023 2024 HY26: £250m1 Risk adjustment: 93rd percentile 12 18 39 43 89 50 UWY 2020 & prior 2021 2022 2023 2024 2025
Page 30
3030 194% 190% 55% 20% 1% 6% Own Fund generation - CY Own Fund generation - PY Market impacts -15% HY26Share Buy Backs Flock acquisition Employee share purchases Total dividend Impact of Elephant sale -8% -5% -50% -8% Change in SCR HY25 Solvency ratio movements – HY25 to HY26
Page 31
3131 Sensitivities: Solvency + IFRS risk adjustment The sensitivities below cover the 2 main material risk types for the Group: insurance and market risks. Within each risk type, the sensitivities performed cover the underlying drivers of the risk profile and have not been calibrated, unless stated, to individual return periods. 0% 50% 100% 150% 200% 250% Base SII ratio UK Motor: incurred loss ratio +5% UK Motor: 1 in 200 catastrophe event UK Household: 1 in 200 catastrophe event Interest rate: yield curve up 100bps1 Interest rate: yield curve down 100bps1 Credit spreads widen 100bps Currency: 10% adverse mvt in Euro&USD ASHE: long-term inflation up 100bps Loans: 100% weighting to ’severe’ scenario2 190 170 187 188 187 193 187 186 185 189 HY26 YE25 (20) (21) (3) (4) (2) (3) (3) (1) 3 1 (3) (2) (4) (3) (5) (6) (1) (1) Mvt vs. base (in pts) (1) The higher sensitivity of the interest rate yield stress is the results of the Group locking into higher yields at a greater duration, following the conflict in the Middle East: the greater duration combined with increased asset balances following underlying business growth cause an increase in the impact of the sensitivity to Solvency own funds (2) Refer to note 7 to the financial statements for further information on ‘severe’ scenario Solvency II sensitivities IFRS risk adjustment sensitivities This shows the impact on UK motor profit with all other assumptions held constant, both before and after risk mitigation from quota share reinsurance. Movements in assumptions are non-linear. Impact on IFRS PBT (£m) Gross of RI Net of RI HY26 FY25 HY26 FY25 Position (end of period) 93rd 94th 93rd 94th Increase to 95th percentile (60) nm (50) nm Decrease to 90th percentile 53 93 47 76 Decrease to 85th percentile 130 171 117 138
Page 32
3232 Admiral Group’s ESG ratings 2026 score: AAA 2025 1 score: C Prime 2026 score: 22 2025 1 score: B (1) 2026 rating not yet available
Page 33
3333 UK and Europe co- and reinsurance arrangements UK Car UK Household • Munich Re continues to underwrite 40% of the UK business ₋ 20% coinsurance in place until 2029 ₋ 10% quota share in place until end 2026 ₋ Remaining 10% quota share in place until end 2027 • 17.5% of ‘Other’ in place until end of 2027 • Remaining 20.5% ‘Other’ quota share in place until end 2028 38% 40% 22% 38% 40% 22% 38% 40% 22% 38% 40% 22% Other Munich Re Admiral 2023 2024 2025 2026 70% 30% 70% 30% 70% 30% 70% 30% QS Admiral 2023 2024 2025 2026 • Quota share contracts for 70% share in place until at least end 2027 • The Group has non-proportional reinsurance to cover the risk of catastrophes stemming from weather events Europe Motor • Pan-Europe quota-share contracts covering aggregate of Motor result across all 3 markets, alongside additional QS contract in France and Spain • Phased expiry dates c.55% c.45% 2026 QS Admiral
Page 34
3434 UK Car: co- and reinsurance arrangements1,2 Type Munich Re proportional co-insurance: 20% from 2022 underwriting year onwards Proportional reinsurance (quota share): 58% from 2022 underwriting year onwards (20% Munich Re, 38% other reinsurers) Cost to Admiral Variable, depending on combined ratio Fixed – c.2% of premium Risk protection Co-insurance Reinsurance: protection starts at 100% combined ratio + allowance for investment income Profit commission Key items in profit commission calculation include premium, claims, expenses, share scheme costs Profit share % variable based on combined ratio and calculated in tranches. Admiral’s share of profit was c.65% at typical combined ratios and c.75% from 2022 underwriting year onwards Recognised on an expected cashflow basis, including risk adjustment: this means that on funds withheld contracts (UK Motor) there is no recognition of profit commission (the only cashflows are payments of margin to the reinsurer, and collections of claims recoveries on unprofitable years) Recoveries N/A Recoveries made when reinsurer’s proportional share of claims costs (incl. risk adjustment) + expenses + margin – allowance for investment income exceeds premium Reductions in booked loss ratio (i.e. including risk adjustment) can lead to reductions in recoveries in subsequent periods Funds withheld No All Investment income Munich Re Admiral (although allowance for investment income is included when calculating recoveries if combined ratio > c.100%) Instalment income Admiral Admiral Commutation Not applicable Admiral has option to commute contracts and typically does this 36 months after the start of the underwriting year (1) Admiral Van is on a quota share basis, all 75% with Munich Re. Similar cost to Admiral as the Car QS contract, on a funds withheld basis; (2) Information for current year reinsurance agreements
Page 35
3535 Investment update Dec 20251 £5,563m 45% 18% 27% 5% 4% 1% 30% 24% 29% 10% 7% Corporate bonds Government bonds Money market funds & other FV Cash Deposit Other2 AAA AA A BBB Other3 (1) Money market and other funds have been re-presented for 2025 to use fund-level ratings rather than a look-through approach, better reflecting credit risk exposure and aligning with industry practice (2) ‘Other’ comprises of private debt, derivatives, and equity investments (3) ‘Other’ comprises of sub-BBB ratings and unrated securities. Unrated securities consists of an AAA rated money market fund backed by government securities and other unrated debt. Sub-BBB rated securities make up less than 1% of the total portfolio 45% 19% 25% 6% 4% 1% 45% 14% 30% 6% 2% 3% 26% 24% 32% 11% 7% June 2026 June 20251 30% 23% 28% 10% 8% £5,563m £5,552m £5,552m £5,433m £5,433m
Page 36
3636 Investment update Group (£m) HY26 HY25 FY25 Underlying investment income yield 4.1% 3.9% 4.1% Investment income 113 99 210 Movement in provision for expected credit losses 0 8 6 Total investment return 112 106 216 • No change in investment strategy in the period • Broadly similar allocations and ratings • Higher investment income reflects reinvestment at improved risk- free rates and increased asset balances following strong business growth • Movements due to interest rates well matched with changes in liability valuation for solvency measurement • Average duration of bond portfolio at 30 Jun 26 ~3.0Y (31 Dec 25 = ~2.9Y; 30 Jun 25 = ~3.0Y) • Current reinvestment rate of ~4.5% on average Minor rounding differences might occur
Page 37
3737 Analysis of other group items £m HY26 HY25 FY25 Share scheme charges (41) (36) (72) Other central costs (28) (21) (53) Admiral Pioneer result (5) (10) (11) Business development costs (11) (5) (11) Finance charges1 (11) (12) (24) Other interest & investment income 10 9 18 Total (86) (75) (153) • Share scheme charges relate to the Group’s two employee share schemes. Costs increased in H1 2026 primarily due to higher vesting assumptions, following strong performance in recent periods. • Other central costs include an allocation of Group employee costs as well as Group projects. In H1 2026 this included additional costs in relation to the Group’s internal model application • Pioneer reported a loss of £4.5m in 2026, with higher profits in Veygo being partially offset by increased loss on commercial insurance • Higher business development costs primarily due to costs incurred in relation to the Flock acquisition • Finance charges primarily related to interest on the £250m subordinated notes issued in July 2023 at a rate of 8.5% • Other interest and investment income increased to £9.5m (H1 2025: £9m), primarily attributable to higher investments held during H1 2026 Minor rounding or casting differences might occur (1) Finance charges within other group items include £nil million (H1 2025: £0.9 million, FY 2025: £1.1 million) that relate to intra-group arrangements, with the corresponding income presented within the UK Insurance results. AIGL and AICL loan balances have since been settled in 2025, resulting in a zero balance as at June 2026. (2) Business development costs included the results of secured homeowner loans for the periods ending 30 June 2025 and 31 December 2025. This has been re-presented and included within Admiral Money segment results.
Page 38
3838 Summary income statement Note: minor rounding and casting differences might occur; continuing operations only unless otherwise indicated (1) HY26 Admiral Money PBT includes contribution from the new secured homeowner loans product, previously included within the ‘Other’ segment. HY25 and FY25 have been re-presented accordingly. UK Insurance European Insurance Admiral Money1 Other1 Admiral Group £m HY26 HY25 FY25 HY26 HY25 FY25 HY26 HY25 FY25 HY26 HY25 FY25 HY26 HY25 FY25 Turnover 2,544 2,654 4,953 380 332 674 95 68 155 89 50 114 3,108 3,104 5,896 Insurance premium net of XoL 1,878 1,930 3,884 294 273 569 63 42 92 2,235 2,244 4,546 Other insurance revenue 100 121 228 27 26 54 127 147 282 Expenses (403) (381) (787) (72) (84) (175) (25) (22) (45) (500) (487) (1,008) Claims net of XoL (1,102) (1,134) (2,386) (212) (210) (414) (40) (27) (59) (1,355) (1,372) (2,860) Net of XoL UW result 473 535 939 36 5 35 (2) (7) (13) 507 533 961 Quota share result (116) (77) (96) (14) (7) (31) (130) (84) (127) Movement on OLC (7) (0) 1 (7) (0) 1 Underwriting result 357 458 843 15 (2) 4 (2) (7) (13) 370 449 835 Investment income 97 97 193 5 4 9 13 11 23 115 111 225 Net finance expenses (56) (52) (105) (3) (3) (6) (59) (55) (112) Net investment income 41 45 88 2 1 3 13 11 23 56 57 113 Profit commission 45 39 75 0 0 45 39 75 Other income and expenses 42 42 81 0 (1) 42 43 80 Total other income 87 82 155 0 (1) 87 82 155 Admiral Money result 13 13 18 13 13 18 Other Group Costs (56) (43) (91) (56) (43) (91) Share scheme costs (41) (36) (72) (41) (36) (72) Profit/(loss) before tax from continuing operations 485 584 1,086 17 (1) 7 13 13 18 (86) (76) (153) 429 521 958 Profit/(loss) from discontinued operations (5) (3) Profit before tax from continuing and discontinued operations 429 516 955
Page 39
3939 UK Motor: HY26 total premium to core product earned premium (1) As disclosed in Appendix 1b of Admiral Group’s financial statements; Total written premiums for UK Motor 1,992 1,652 1,559 1,476 1,445 Total written premiums Coinsurer share of total premiums Admiral gross written premiums Movement in unearned premiums Gross earned premiums Ancillary earned premiums Admiral core motor earned premiums XoL earned ceded premiums Admiral share of earned premiums net of XoL -340 -93 -83 -31 1 1 £m
Page 40
4040 UK Motor: HY26 cumulative profit recognition 2020 2021 2022 2023 2024 2025 2026 Total written premium, net of XoL cost 2,166 2,132 2,105 2,872 3,879 3,625 1,859 Total earned premium, net of XoL cost 2,166 2,132 2,105 2,872 3,879 3,245 473 Total Admiral premium net of XoL 1,562 1,551 1,722 2,342 3,165 2,655 387 Discounted combined ratio including RA 74% 94% 100% 85% 79% 97% N/A Cumulative Insurance service profit 401 95 1 358 659 90 (183) Quota share reinsurance (24) (27) (22) (54) (61) (53) (8) Net OLC 0 0 0 0 0 0 0 Profit commission - Co-insurance 112 0 (3) 1 103 3 0 Net other revenue excl instalments 130 132 130 136 153 140 17 Instalment income 106 100 125 150 199 141 19 Investment income 38 42 53 112 150 183 91 Finance expenses (11) (38) (64) (87) (68) (26) (1) Cumulative earned basis profit (booked) by UWY 752 304 220 616 1,135 478 (65) Booked discounted (exc. FE) LR 54% 73% 79% 67% 62% 76% 78% Booked undiscounted LR 56% 76% 86% 74% 68% 82% 84%
Page 41
4141 UK Motor: HY26 CY profit recognition Underwriting Year Prior 2020 2021 2022 2023 2024 2025 2026 TOTAL Total written premium, net of XoL cost 0 0 0 0 0 0 6 1,859 1,865 Total earned premium, net of XoL cost 0 0 0 0 0 0 1,293 473 1,766 Total Admiral premium net of XoL 0 0 0 0 0 0 1,058 387 1,445 Insurance service profit 13 (2) 18 39 43 89 289 (183) 306 Quota share reinsurance 0 0 0 (18) (2) (2) (50) (8) (80) Net OLC 0 0 0 0 0 0 0 0 0 Profit commission - Co-insurance 6 0 0 0 1 35 3 0 45 Net other revenue excl instalments 0 0 0 0 0 0 56 17 73 Instalment income 0 0 0 0 0 0 57 19 76 Investment income 0 0 0 0 0 0 0 91 91 Finance expenses (2) (1) (2) (5) (11) (16) (16) (1) (54) Profit recognised current period 17 (3) 16 16 31 106 339 (65) 457 Movement in loss ratio - booked discounted1 0% -1% -2% -2% -3% -2% Movement in loss ratio - booked undiscounted1 0% -1% -3% -2% -3% -3% Sensitivities 1 point improvement 11 21 34 23 1 point deterioration (13) (24) (34) (20) 5 point improvement 60 115 168 132 5 point deterioration (52) (123) (168) (94) 10 point improvement 136 239 336 275 10 point deterioration (95) (247) (336) (175) (1) Movements are based on loss ratios rounded to 1 decimal point
Page 42
4242 At financial year end 2018 2019 2020 2021 2022 2023 2024 2025 2026 Best Estimate, net of XoL FY23 9.8 15.7 13.8 41.1 85.1 74.3 FY24 5.1 10.8 17.2 38.0 64.4 107.1 81.5 FY25 3.9 5.6 8.8 17.2 51.8 71.0 113.2 78.7 HY26 3.6 5.8 9.1 11.3 35.3 60.3 90.7 105.1 17.1 BE+RA, net of XoL FY23 9.9 16.4 14.8 47.4 99.4 86.7 FY24 5.3 11.7 19.0 42.7 74.7 127.8 98.2 FY25 4.0 6.0 9.3 18.0 57.6 81.0 131.6 94.5 HY26 3.7 6.0 9.6 11.6 38.1 66.9 101.8 122.7 20.8 Undiscounted loss ratios • No discounting for time value of money • Reflective of expected ultimate cash settlements (best estimate); plus undiscounted risk adjustment (booked LR) Discounted loss ratios • Based on discounted incurred claims costs as reported through insurance expenses in income statement • Excludes unwind of finance expense (separately reported) • Finance expense based on expected payment of claims reserves (set at start of each financial year), at “locked-in” yield curves rates i.e. the yield curves in place when claim originally incurred UK Motor: loss ratios, discounting and finance expenses (1) Figures based on finance expense left to unwind on ultimate (best estimate) loss ratio (2) Based on gross net of XoL (i.e. excludes quota share) UK Motor: future finance expense remaining1,2 Finance expense gradually decreasing on prior UWYs, as claims are paid and reserves decrease in size As claims are incurred, the amount of discounting that will be unwound in future years increases Difference between undiscounted and discounted LR larger on UWYs with higher yield curves when accidents were incurred, leading to larger future unwind of finance expense. Cost of unwinding discounting (to reflect full cost of paid claims) recognised as insurance finance expenses and will align to profile of undiscounted claims liabilities.
Page 43
4343 Admiral Money: funding structure Balance Sheet Funding Seren One UPL, Auto Seren Two UPL, Auto Forward Flow Private Warehouse Premium Junior Funding £150m April 2029 £200m April 2028 Group Funding & RCF Drawdown / Repayment £750m March 2028 £600m October 2027 Funding type Maturity Size Group Loan 30-Apr-29 £150m RCF 30-Apr-28 £200m Seren One Warehouse 30-Mar-28 £750m Seren Two Warehouse 30-Oct-27 £600m Seren Three Warehouse 30-Dec-28 £450m £2.15bn 1. Investor commits capital via a Forward Flow Agreement. 2. Admiral Money receives the funds and originates loans to borrowers. 3. Admiral Money receives an upfront premium from the investor. 4. Admiral Money collects customer repayments and distributes to the Investor. 5. Admiral Money earn an ongoing servicing fee based on outstanding balances. Customer Partner 2 4 5 1 3 RCF Seren Three Homeowner Loans £450m December 2028
Page 44
4444 Capital distribution policy overview and dates Dividend dates Ex-dividend date: 3rd September 2026 Record date: 4th September 2026 Payment date: 2nd October 2026 Capital distribution guidance • As announced in March 2026, and set out in the 2025 Annual Report, the Group’s revised approach to shareholder distributions is to: - Pay a normal dividend equal to 65% of post-tax profits for the period - Pay either a special dividend or buy back and cancel shares to the value of surplus economic capital available at the dividend calculation date (considering Group solvency, buffers and required purchases of shares for the Group’s employee share scheme plans)
Page 45
4545 Admiral brands
Page 46
4646 Disclaimer For the purposes of this disclaimer, "presentation" means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed during the analyst presentation. The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the company, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this presentation. Unless otherwise stated, all financial information contained herein is stated in accordance with applicable law and UK adopted international accounting standards at the date hereof. All information in this presentation is subject to verification, correction, completion and change without notice. However, in giving this presentation, the Group does not undertake any obligation to amend, correct or update this presentation or provide any additional information that may arise in connection with it. This presentation contains certain forward-looking statements with respect to the financial condition, performance and position, results, businesses, strategy and objectives of the Group. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts and/or by the use of forward-looking terminology, including (without limitation) words such as “expects”, “believes”, "aims", "seeks", "likely", "goals", "milestones", "outlook", "guidance", "ambition", "potential", "objectives", "achieves", “may”, "might", “will”, “could”, “should”, "continues", “intends”, “plans”, “targets”, “estimates”, “anticipates”, “projects”, “forecasts” or other words of similar meaning, or their negatives. Forward-looking statements are based on management’s current beliefs, expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events, and the Group's plans and objectives, to differ materially from those expressed or implied. Forward-looking statements are not guarantees of future performance or outcomes and the Group does not provide any guarantee, warranty, assurance or representation that the occurrence of the events expressed or implied in any forward -looking statements in this presentation will actually occur. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future, many of which a re outside the control of the Group. There are a number of factors that may cause actual results, performance or events, and the Group's plans and objectives, to differ materially including (without limitation): changes in general economic, market, political and business conditions; inflation (including claims inflation) and interest rate movements; foreign exchange movements; competitive conditions; changes in the frequency and severity of insured events (including weather and other catastrophe events); reserving outcomes and the impact of prior-year claims development; reinsurance availability, pricing and counterparty performance; regulatory, policy and legal developments (including changes in prudential, conduct and tax requirements); operational, technology and third party risks (including cyber); and other risks and uncertainties described in the Group’s most recent Annual Report and Accounts. Forward-looking statements speak only as at the date on which they are made. Except as required by applicable law or regulation, the Group accepts no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers are cautioned not to place reliance on forward-looking statements. To the extent that any forward-looking statements contained in this presentation are based on past or current trends and/or activities of the Group, they should not be taken as a guarantee, warranty, assurance or representation that such tren ds or activities will continue in the future. Nothing in this presentation should be construed as a profit forecast or profit estimate for any period or as implying that the Group's earnings for the current or any future financial period will necessarily match or exceed its historical or published earnings. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained in this section. The information contained in this presentation does not constitute or form part of an offer or solicitation to sell or purchase any securities or other financial instruments, nor does it constitute any recommendation or advice in respect of any securities or other financial instruments or any other matter. The financial information set out in the presentation does not constitute the Company's statutory accounts in accordance with section 423 Companies Act 2006 for the half year period ending 30th June 2026. This presentation should be read in conjunction with the documents distributed by the Group through the Regulatory News Service (R NS).