Slides
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Chameleon Live Half Year2026 results
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2 H1 26 revenue and profit growth, building on 2025 Another standout six months Significant opportunity ahead Strong customer demand in a large, underserved market Focused strategy and product innovation Proprietary technology & data deepens our competitive moat Capital light platform built for further scale FY26 guidance upgraded and new buyback programme
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Record revenue performance in H1 26 with continued growth momentum £24m Profit before tax £3.3bn Assets under Management £138m Revenue 50% Yo Y £1.7bn Credit extended 52% Yo Y 4x growth 15% Yo Y 3 ANNA Cake Couture
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Multi-product strategy driving growth and loyalty 4 20 secs 38 seconds in 2025 30 minutes in 2021 Increased frequency of customer transactions Deep engagement with existing customers 31% with more than one product 0% in H1 2021 Attracting new customers 50% of credit card customers new to Funding Circle The trusted financial partner for UK SMEs Term Loans Marketplace FlexiPay line of credit Credit card
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Financial Performance
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Delivering against our plan: leaner, simpler and profitable Credit extended £m 52% vs H1 25 Revenue £m 50% PBT £m 302% 6 AuM £m 15%
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Strong growth trajectory and margin expansion £m H1 25 H1 26 Change Revenue 92.3 138.2 50% Operating expenses 77.9 98.9 27% Expected credit losses ECL 8.4 15.2 81% Profit before tax 6.0 24.1 302% PBT margins 6.5% 17.4% Assets under Management AuM 2,829 3,253 15% Credit extended 1,111 1,690 52% 7 Margin expansion to 17%Group P&L PBT margin Opex as % revenue
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Credit extended Originations) Term Loans: growth from expanded product suite and strong Q1 demand delivering operating leverage 8 Revenue 43% Assets under Management 11% 43% 26.4% PBT 16.7% Margins 21.3% £m
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Revenue PBTCredit extended Transactions) FlexiPay & Credit Card: continued momentum from repeat usage and new customer acquisition 9 ECLAssets under Management 83%78%71% 81% £m
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FlexiPay & Credit Card AuM by half year cohort £m FlexiPay & Credit Card: strong repeat usage and growth in all cohorts 48% Active customers 90% Revenue from prior cohorts 71% Transactions growth Strong growth Recurring revenue dynamics 10 81
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Marketing £m Scalable platform: revenue up 50%, costs up 27% from variable costs 1 Data and processing, IT, depreciation & amortisation, and other costs 11 Other operating expenses £m 30% SBP Other 1 31% Salaries 29% 54% 48% 43%% revenue % revenue Marketing
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FlexiPay & Credit Card credit performance (backward looking) FlexiPay & Credit Card: expected credit loss charge growing in line with book growth, loss rates stable Net annualised loss rate Expected credit loss charge (forward looking)1 Last 12 months £m Jun 25 Dec 25 Jun 26 AuM at period end 169 206 300 Average annual AuM 125 163 234 ECL as a % of avg. AuM 10.6% 11.8% 11.1% 12 2024 2025 2026 1 Expected credit loss charge is forward looking requiring i) Performing loans at 12 month loss rate ii) Delinquent loans at lifetime loss rate
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Assets under Management £m Capital light platform: right funding for right products 91% off-balance sheet funding Term Loans 13 £3.3bn 15% vs H1 25 9% balance sheet funding FlexiPay & Credit Card
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FlexiPay & Credit Card: Efficient capital usage Capital light platform: built for scale 14 £320m facility + equity of £71m Term Loans: Strong, diversified funding pipeline £2.4bn Future funding in place Capital cycles quickly (c.34m)
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Term Loans highly cash generative and FlexiPay now free cash flow breakeven Unrestricted cash deployed in the period £m DistributeInvestFree cash flow¹ 15 1 Free cash flow represents the cash flows of the trading businesses before investment (funding of loans and lines of credit)
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Capital allocation framework: further £25m buyback announced 16 £88m and growing, up from £76m at Dec ‘25 £m Share buyback (remaining c. £3m) Management Buffer¹ (c.£45m) ¹ Capital held for operational buffer £45m. We are not regulated like a bank with regulatory capital, but we hold a stress buffer for operational purposes Future cash generation Deployable cash Capital for future opportunities to accelerate the Groupʼs strategy Investment, e.g. R&D for new products and co-investment in government guarantee schemes Consideration of buybacks and other shareholder distributions Current cash generation delivers our medium-term plan Deliver MTP growth strategy Distribute to shareholders Invest to make platform stronger Future growth opportunities Capital allocation framework
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Outlook: upgrade to FY26 guidance and trending toward upper end of FY29 revenue guidance 17 Medium term FY29 Revenue of c.£300m-£350m FY26 Revenue > £255m (previously c.£235m) Growth Profitability PBT £40m (previously at least £35m) PBT margins of low to mid-20s %
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Looking ahead
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Backing small businesses and fuelling UK economic growth 19 117 ,000 jobs supported in 2025 135,000 small businesses funded since 2010 £7 .9bn GDP contribution in 2025 £18bn credit extended to SMEs since 2010 19 18,000 SMEs supported across the UK in H1
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Well-positioned to grow in large, addressable markets £80bn+ SME debt origination market £1.3trn SME B2B payments £80bn+ SME card transactions More customers More products More usage and better customer experience More data and better decisions 20
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Constructive & Co. Tech and data advantage deepens our competitive moat 6 min application time 75% instant decisions Continued product and feature innovation 3x better risk differentiation than bureau score 16 years of proprietary data with 10 billion data points 77 Customer NPS
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Team fluency Contributing to 20% improvement in revenue / person on FY25 AI is improving productivity and customer experience Bird & Blend >90% Circlers using Gen AI Engineering productivity 30% Speed to market improvement from AI-native team Operations productivity Faster Data Subject Access Request processing 6x
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Trusted financial partner for SMEs Strong platform for longer-term growth beyond our current product set 23 Deep competitive advantage, large market and focused strategy that enables us to continue to win Attractive medium-term financial opportunity fuelling more SME success stories
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Q&A Lisa Jacobs CEO Tony Nicol CFO
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Business finance that backs you Thank you.
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Disclaimer Information regarding forward-looking statements This Presentation includes forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Groupʼs control and all of which are based on the Groupʼs current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believeˮ, “expectsˮ, “mayˮ, “willˮ, “couldˮ, “shouldˮ, “shallˮ, “riskˮ, “intendsˮ, “estimatesˮ, “aimsˮ, “plansˮ, “predictsˮ, “continuesˮ, “assumesˮ, “positionedˮ, “anticipatesˮ or “targetsˮ or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Presentation and include statements regarding the intentions, beliefs or current expectations of the Group concerning, among other things, the future results of operations, financial condition, prospects, growth, strategies, and dividend policy of the Group and the industry in which it operates. These forward-looking statements and other statements contained in this Presentation regarding matters that are not historical facts involve predictions. No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing the Group. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed, or implied in such forward-looking statements. Such forward-looking statements contained in this Presentation speak only as of its date. The Group expressly disclaims any obligation or undertaking to update these forward-looking statements contained in the document to reflect any change in its expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law, the Listing Rules, the Disclosure Guidance and Transparency Rules of the FCA or the Market Abuse Regulation. 26
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Appendices
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Term Loan Loan for long term investment purposes to support business growth or long term cashflow management. • Six months to six years • £10,000 to £750,000 • Average: c.£78,000 loan, c.4-year term Marketplace Marketplace network of third-party finance providers allows us to support even more SMEs with access to a wider range of financing options, including term loans, shorter term loans, asset financing, invoice financing and merchant cash advances. 28 Credit Card Credit card for everyday business spending • Credit card with cashback • Credit limit £1,000 to £250,000 (average c. £23,000 FlexiPay line of credit Flexible line of credit for paying bills, supplier invoices and managing short term cashflow using bank transfer or card • Repay over 1, 3, 6, 9 or 12 months • Flat fee on each transaction • Credit limit £1,000 to £250,000 (average c. £23,000 Our products
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Diversified borrower base 29 Industry as % of 2025 AuM Note: Based on Term Loans core commercial lending since June 2022, representative of borrower base Source: Business population estimates 2025 gov.uk
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Institutional investors How our business model works 30 Borrowers Our multi-product offering combines long-term capital access with flexible tools for everyday cash flow Investors Capital light funding model that is built for scale Term Loans Unsecured loans, typically with a personal guarantee. 54% FlexiPay line of credit Credit Card Funding Circle platform Strong funding pipeline £2.4bn Robust loan returns Funding Circleʼs balance sheet With senior funding facility from Citi % credit extended in H1 26 % assets under management funding 38% 8% 91% 9% Marketplace Referrals to third party providers where they have more suitable products available Third party finance providers Panel of 28 lenders 80% brand consideration 10bn data points 77 Customer NPS 3x better risk differentiation 6 min application; 75% instant decisions
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How we make money 31 Business Unit Revenue stream Driver Typical yield Term Loans Transaction fees Credit extended c.7.5% Servicing fees Assets under management c.1.4% p.a. FlexiPay & Credit Card Drawdown fees & credit card interest Credit extended and assets under management Variable Interchange fees Credit extended c.1.75% 22% % of H1 26 revenue 78% % of H1 26 revenue
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Segmental AEBITDA 32 Term Loans FlexiPay & Credit Card Group £m H1 25 H2 25 H1 26 H1 25 H2 25 H1 26 H1 25 H2 25 H1 26 Revenue 75.9 91.5 108.2 16.4 20.5 30.0 92.3 112.0 138.2 AEBITDA1 20.1 26.5 37.0 5.1 3.6 1.8 15.0 22.9 35.2 Profit / (loss) before tax 12.7 19.5 28.6 6.7 5.2 4.5 6.0 14.3 24.1 1 AEBITDA is profit for the period before finance costs (being the discount unwind on lease liabilities), taxation, depreciation and amortisation and impairment (“AEBITDAˮ) and additionally excludes share-based payment charges and associated social security costs, foreign exchange and exceptional items
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Illustrative – FlexiPay & Credit Card unit economics • Upfront customer acquisition CPA reducing over time) • Upfront expected credit losses • Stable repeat usage • Payback period 1218 months • Wider portfolio benefits with high engagement and marketing efficiencies 33
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• Compared to the UK bureau delphi scores, our Gen 9 model achieves 3 times greater separation between lowest and highest risk borrowers • This supports better pricing of risk into each loan, resulting in a credit underwriting and commercial advantage Default rates (by deciles) Risk Band Bureau Delphi score) Funding Circle Gen 9 model) Highest Risk 1 23.4% 30.8% Lowest Risk 10 1.9% 0.7% x44 risk differentiation x13 risk differentiation Source: Funding Circle internal performance data for Term Loans originations, consisting of active performing portfolio in H1 25 Our models deliver 3x better risk differentiation than the bureau score Funding Circle Model 3x more powerful than Bureau Model 34
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Annualised net returns above cost of capital Annualised net returns by cohort Two-year weighted average swap rate Note: Core term loans only to show track record of investor returns • Annualised net returns in line with investor expectations • Strong competition driving lower investor return hurdles in H1 26 35