Interim report
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RNS Number : 7143UFintel PLC15 September 2026
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15th September 2026 Fintel plc ("Fintel", the "Company", the "Business" or the "Group") Half year results for the six months ended 30 June 2026 Strong first half performance and strategic execution Fintel (AIM: FNTL), a leading provider of software, data and support services to the UK Retail Financial Services sector, today announces its unaudited results for the six months ended 30 June 2026. Matt Timmins, CEO of Fintel plc “Fintel delivered a strong first half performance, with organic growth across our core businesses, continued expansion of recurring revenues and a 16.6% increase in EBITDA from continuing operations. The resulting incremental margin of over 90% demonstrates the strength of our operating model, operational gearing and the benefits of recent acquisitions being integrated across the Group. Alongside this financial momentum, we continue to execute our strategy, strengthening our proprietary data and increasing our focus on scalable, higher-margin revenues. The acquisition and integration of Pearson Ham's market pricing business enhanced our market intelligence capabilities and supported the continued rollout of our Market intelligence platform (Matrix 360). We further leveraged our data, technology and regulatory expertise through the launch of our AI-enabled compliance and oversight platform, strengthening our intermediary proposition and expanding technology adoption across adviser firms. In addition, the investment we have made into Plannr (CRM Operating System) has allowed the business to accelerate at a material pace. Plannr’s modern approach to design and engineering puts it at the forefront of the market in terms of capability, usability and flexibility. As a result, Plannr has a significant pipeline of licensees who have actively chosen the solution to power their businesses for the future. With a growing base of recurring revenues, enhanced proprietary data assets, expanding technology capabilities and increasing participation across adviser and provider value chains, Fintel is well positioned to deliver sustainable long-term growth. Current trading remains in line with Board expectations, and we therefore remain confident in delivering further strategic and financial progress in 2026.’’ Financial highlights – Organic growth, expanding recurring revenues and double-digit EBITDA growth Organic1 adjusted EBITDA2 growth of 11.2% to £11.8m (HY25: £10.6m), reflecting improved performance and efficiency in the business. Organic1 revenue increased 2.0% to £37.4m (HY25: £36.7m) driven by continued growth in Software and Data of 2.9% to £18.9m (HY25: £18.4m), and organic growth in Services of 1.1% to £18.5m (HY25: £18.3m). Continuing revenue¹ increased 5.3% to £38.6m (HY25: £36.7m), reflecting organic growth and the contribution from the acquisition of Pearson Ham's market pricing business ("MPN"). SaaS & Subscription revenue increased 7.9% to £26.1m (HY25: £24.2m), demonstrating continued growth in recurring and higher-quality revenue streams. Strong balance sheet with £7.3m cash and £76.5m of headroom in £120m Revolving Credit Facility. Net debt3 of £38.2m representing leverage of 1.4x adjusted EBITDA after significant investment in acquisitions, people, products and services. Strategic and operational highlights Enhancing technology, data and insight capabilities Completion of the acquisition of Pearson Ham's market pricing business, enhancing Fintel's data and market intelligence capabilities and strengthening the insight available to advisers, providers and financial institutions.
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Continued integration of Pearson Ham and RSMR, enhancing customer propositions and creating additional opportunities to deliver value across the Group's client base. Continued strong momentum in our data services, with the Group’s market intelligence platform (‘’Matrix360’’), expanding into the Banking and Wealth sectors and now supporting 27 institutional customers. Product innovation and AI adoption Our innovation agenda prioritises Plannr, our investment into CRM technology, and Matrix 360, our single source of product intelligence for retail financial services. Launch of AI-enabled compliance and oversight platform, extending technology adoption across adviser firms. Continued investment in workflow technology, AI and data-driven solutions to improve adviser efficiency, compliance and client outcomes. Strategic focus – Building a technology-driven platform for UK retail financial services Completion of the disposal of Gateway Surveying Services and APS Legal & Associates in April 2026, thereby increasing the Group’s focus on technology, data and professional services activities. Launch of a whole-of-market intelligent distribution platform (‘’Omnicore’’), expanding the Group’s distribution and mortgage propositions in strategically important markets Fintel enters the second half with a more streamlined operating structure, a clearer strategic focus and an enhanced platform from which to accelerate organic growth and deliver long-term value for shareholders. CHIEF EXECUTIVE’S STATEMENT Overview Fintel delivered a strong first-half performance, with revenue from continuing operations up 5.3% to £38.6m(HY25: £36.7m) and adjusted EBITDA from continuing operations up 16.6% to £12.4m (HY25: £10.6m). In addition to this financial momentum, we have made significant strategic progress. During the period, Fintelcontinued to execute its strategy of increasing participation across the retail financial services ecosystemthrough technology, data and professional services. The Group launched its AI-enabled compliance and oversight platform, extending technology adoption acrossadviser customers and creating new opportunities to improve regulatory efficiency and oversight. Fintel continued to build its proprietary data and insight capabilities through the acquisition of Pearson Ham'smarket pricing business in January 2026, enhancing its unique data assets and strengthening its ability to deliverintelligence, benchmarking and insight to customers across the financial services ecosystem. Momentum within Fintel's data businesses remained strong, with Matrix 360, our proprietary marketintelligence platform, expanding into the Banking and Wealth sectors and now supporting 27 institutionalcustomers. Fintel also continued the integration of Pearson Ham and RSMR, creating enhanced customerpropositions and increasing cross-sell opportunities across the platform. In April 2026, the Group completed thedisposal of Gateway Surveying Services and APS Legal & Associates, further increasing focus on our corescalable, higher-margin software, data, distribution and adviser support activities. Software & Data - Market-leading software & technology, product research and ratings This division brings together our market-leading technology platforms, proprietary data, and trusted research and ratings. Key propositions include Defaqto ratings, Defaqto Engage, VouchedFor and Matrix 360 - high- margin, scalable products that support better decision-making for hundreds of financial institutions, thousands of intermediaries, and millions of consumers. This division is focused on enhancing research and ratings, developing decision enhancing tools like Matrix 360(our single source platform for product intelligence) for key financial sectors, and building the most connectedsoftware platform in UK retail financial services. It also supports our ambition to be the partner of choice in thedirect-to-consumer space as we support intermediaries in delivering more targeted advice in line with recentregulatory change. During the period Software & Data revenue increased by 9.6% to £20.2m (HY25: £18.4m) with £14.4m in recurring revenue (HY25: £12.3m). Organic revenue increased by 2.9% to £18.9m. The acquisition of Pearson Ham in the period contributed inorganic revenues of £1.2m. Services - Integrated regulatory, business support and distribution This division encompasses our regulatory and business support services serving over 18,000 advisers, wealthmanagers, and mortgage and protection specialists through a comprehensive membership model. It alsoprovides data-driven distribution solutions helping hundreds of financial institutions to optimise their productdistribution strategies and support services to the UK mortgage market.
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This division is focused on deepening relationships, increasing products per customer, and driving distributionrevenue growth through our strong network of partnerships with financial institutions. Services revenue from continuing operations increased to £18.4m (HY25: £18.3m), with recurring revenues of£11.6m (HY25: £11.8m). Strategic priorities Fintel's strategy continues to focus on driving organic growth and selective value-enhancing acquisitions,underpinned by favourable long-term market dynamics. These include increasing demand for technology, dataand insights, accelerating adoption of AI-enabled solutions, and a growing regulatory burden across retailfinancial services, all of which create opportunities for Fintel to help firms operate more efficiently. The following core priorities underpin our strategy across the Group: Core Priority 1: Focus on innovation We continue to channel investment into the high-impact, scalable platforms that sit at the heart of our futuregrowth strategy. Our innovation agenda prioritises Plannr, our investment into CRM technology, and Matrix 360,our single source of product intelligence for retail financial services. Alongside these platforms, we are accelerating the development of AI-enabled capabilities across the Group. Bycombining trusted data, proprietary insights and workflow technology, we are creating solutions that helpadvisers and providers improve productivity, reduce complexity, enhance decision-making and deliver betterconsumer outcomes. We are also investing in digital compliance, protection solutions, research and ratingscapabilities to ensure we remain at the forefront of data-rich, customer-centric innovation. This disciplined focusis expected to drive organic growth, deepen customer engagement and strengthen the foundations for long-term value creation. Core Priority 2: Target high-growth intermediary markets We remain focused on markets where long-term structural growth, increasing complexity and the importance ofprofessional advice create attractive opportunities for expansion. In particular, we see significant potential in highly intermediated markets such as mortgages and protection,where technology, data and adviser support play a critical role in improving outcomes for consumers, advisersand providers. Outlook – well positioned to deliver sustainable growth through increasing participation across the retailfinancial services ecosystem With a growing base of recurring revenues, enhanced proprietary data assets, expanding technology capabilitiesand increasing participation across adviser and provider value chains, Fintel is well positioned to deliversustainable long-term growth. The Board remains focussed on its strategy of delivering organic growth whilstremaining open to value accretive M&A opportunities. Overall, the Group has had a solid first half and this hascontinued post period end with current trading remaining in line with the Board’s expectations. Matt Timmins Chief Executive Officer Footnotes 1 Organic performance measures represent the Group's continuing operations, excluding Gateway Surveying Services and APSLegal & Associates (disposed businesses) and the contribution from MPN, acquired during the Period. The tables below reconcile statutory results to organic continuing operations: H1 2026 H1 2025 Adjusted EBITDA £m £m % change Organic continuing operations 11.8 10.6 11.2% Inorganic – acquired business 0.6 - n/a Subtotal – continuing operations 12.4 10.6 16.6% Discontinued operations 0.3 0.6 n/a Total adjusted EBITDA2 12.7 11.2 13.3% H1 2026 H1 2025 Revenue £m £m % change Organic continuing operations 37.4 36.7 2.0% Inorganic – acquired business 1.2 - n/a Subtotal – continuing operations 38.6 36.7 5.3% Discontinued operations 3.5 5.7 n/a Statutory revenue 42.1 42.4 (0.6%) 2Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, share option charges and exceptional operatingcosts.
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3Net debt represents the Group's total borrowings less cash and cash equivalents. Net debt figures include lease liabilities andprepaid bank fees, with the prior year restated on a comparable basis to ensure consistency. Analyst presentation An analyst briefing is being held at 9:30 a.m. on 15 September 2026 via an online video conference facility. Toregister your attendance, please contact fintel@mhpgroup.com For further information please contact: Fintel plc Phil Smith (Non-Executive Chairman) Matt Timmins (Chief Executive Officer) David Thompson (Chief Financial Officer) via MHP Group Cavendish (Nominated Adviser & Joint Broker) Marc Milmo Neil McDonald Pearl Kellie +44 (0) 20 7220 0567 +44 (0) 13 1220 9771 +44 (0) 13 1220 9775 Panmure Liberum (Joint Broker) James Sinclair-Ford Rupert Dearden Inaya Rafiq +44 (0) 20 3100 2000 Peel Hunt (Joint Broker) Benjamin Cryer Kate Bannatyne Alice Lane +44 (0) 20 7418 8900 MHP Group (Financial PR) Reg Hoare Matthew Taylor Lexi Iles +44 (0)7831 406117 Fintel@mhpgroup.com Notes to Editors Fintel is a leading provider of software and services to the UK retail financial services sector. Through its two divisions, Software & Data and Services, and portfolio of trusted brands including Defaqto, Simplybiz and threesixty, Fintel provides technology and expert support services to thousands of intermediary businesses, data and distribution services to hundreds of financial institutions, and expert product ratings that empower millions of consumers to make better informed financial decisions. For more information about Fintel, please visit the website : www.wearefintel.com FINANCIAL REVIEW For the six months ended 30 June 2026 Period ended Period ended (restated) * 30 June 30 June 2026 2025 Continuing operations £m £m Group revenue 38.6 36.7 Expenses (26.2) (26.1) Adjusted EBITDA 12.4 10.6
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Adjusted EBITDA margin % 32.1% 28.9% Depreciation (0.2) (0.2) Depreciation of lease asset (0.4) (0.3) Amortisation of development expenditure and software (1.3) (1.1) Adjusted EBIT 10.5 9.0 Operating costs of an exceptional nature (1.0) (2.2) Share option charges (0.5) (0.4) Amortisation of other intangible assets (2.2) (1.9) Share of loss of associate (0.4) - Net finance costs (1.4) (1.3) Profit before tax 5.0 3.2 Taxation (1.4) (1.3) Profit after tax 3.6 1.9 Adjusted earnings per share (pence)** (“EPS”) 5.9 5.1 * Comparative period information has been restated to reflect the classification of Gateway Surveying Services and APS Legal & Associates as discontinued operations following their disposal in the current period. Accordingly, the financial statements and KPIs are presented on a continuing operations basis. ** Adjusted EPS excludes operating exceptional costs and amortisation of intangible assets arising on acquisition, divided by the average number of Ordinary Shares in issue for the period. Overall Summary During the first half of the year, Fintel continued to execute its strategy of building the UK's leading provider of technology, insights and business support services to the financial services sector. Following the successful completion of the Group's acquisition and integration programme, management focus has increasingly shifted towards simplification, operational efficiency and aligning the portfolio more closely to the Group's core strategic priorities. As part of this continued evolution, the Group has further refined its operating model around its two strategic divisions of Software and Data and Services, creating greater clarity over customer propositions, improving operational alignment and strengthening the foundations for sustainable long-term growth. This strategic focus has enabled the Group to concentrate investment in its highest-growth opportunities while continuing to enhance customer value through increased cross-sell and integration across the platform. The period also reflects proactive portfolio management. During April the Group completed the disposals of both Gateway Surveying Services and APS Legal & Associates, simplifying the portfolio and allowing management to focus resources on activities that are more closely aligned to Fintel's long-term growth strategy and capital allocation priorities. These actions represent a continuation of the Group's disciplined approach to creating a more focused, scalable and higher-quality earnings base. Alongside this streamlining activity, the Group further strengthened its market position in January through the acquisition of Pearson Ham, the leading provider of pricing, market intelligence and distribution insight services to the UK general insurance sector. The acquisition enhances Fintel's data and analytics capabilities, extends the Group's reach into attractive adjacent markets and supports the continued development of differentiated technology and insight-led propositions across the financial services value chain. While organisational simplification and portfolio optimisation have remained important areas of focus during the period, the Group has also continued to invest in its technology platform, data capabilities and customer propositions. As a result, Fintel enters the second half of the year with a more streamlined operating structure, a clearer strategic focus and an enhanced platform from which to accelerate organic growth and deliver long-term value for shareholders. Revenue Group revenue from continuing operations increased by 5.3% to £38.6m (HY25: £36.7m). Organic revenue grew by 2.0% to £37.4m, excluding £1.2m of revenue from acquisitions completed during H1 2026. Total Group revenue was £42.1m (HY25: £42.4m) reflecting the reduction in revenue from discontinued operations. Profitability Adjusted EBITDA from continuing operations increased by 16.6% to £12.4m (HY25: £10.6m). Organic adjusted EBITDA grew by 11.2% to £11.8m, excluding £0.6m contributed by acquired businesses. Total adjusted EBITDA increased by 13.3% to £12.7m (HY25: £11.2m), with growth partially offset by the reduction in EBITDA attributable to businesses disposed of during the period.
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Adjusted EBITDA margin is calculated as adjusted EBITDA (as defined in note 8), divided by revenue. Whilst adjusted EBITDA is not a statutory measure, the Board believes it is a highly useful measure of the underlying trade and operations, excluding one-off and non-cash items. To provide additional context around the financial results of the group now being presented on a continuing operations basis, we include in these results a restatement of FY25 on the same basis. On a continuing basis the Group delivered Adjusted EBITDA of £24.9m, representing a margin of 33.4%. Divisional performance The Group continues to operate under the simplified divisional structure introduced in 2025, comprising Software & Data and Services. The model aligns the Group's acquired capabilities, customer propositions and leadership teams, supporting operational efficiency, scalability and strategic focus across the business. The following performance commentary is presented on a continuing operations basis. Software & Data Divisional Overview The Software and Data division provides market-leading intermediary software, financial product and market data and trusted research and ratings to thousands of financial intermediaries, and hundreds of product providers and price comparison websites. Key propositions include Defaqto ratings, Defaqto Engage, VouchedFor and Matrix 360. It focuses on expanding research and ratings capabilities, developing decisioning tools like Matrix 360 for General Insurance, banking, and asset management sectors, and building the most connected software platform in UK retail financial services market. The division also supports our strategy to be the partner of choice in the direct-to-consumer market. Software and Data - Financial Performance Software and Data revenue increased by 10% to £20.2m (HY25: £18.4m) consisting of: £11.8m from software (HY25: £11.3) £6.9m from data (HY25: £5.2m) £1.5m from marketing and consultancy (HY25: £1.9m) During the first half of 2026, Fintel completed one acquisition within the Software & Data division (Pearson Ham’s market pricing business) which contributed £1.2m in Data revenue and delivered EBITDA of £0.6m. Software and Data Division Period ended Period ended Year ended 30 June 202630 June 202531 Dec 2025 Revenue breakdown £m £m £m Software 11.8 11.3 22.5 Financial Planning Risk Ratings 3.4 2.5 3.2 2.2 6.4 4.5 VouchedFor 2.1 1.8 3.8 Matrix 1.6 1.6 3.3 Other 2.2 2.5 4.5 Data 6.9 5.2 11.5 Ratings 4.5 4.3 9.1 Reviews 1.2 0.9 2.4 Market Pricing Data 1.2 - - Marketing and Consultancy 1.5 1.9 3.1 Total Software and Data Revenue 20.2 18.4 37.1 Of which recurring (%) 72% 67% 67%
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The Software and Data division delivered adjusted EBITDA of £8.5m (HY25: £6.9m) with EBITDA margin of 42.1% (HY25: 37.3%). Organic EBITDA was £7.9m in the period representing an EBITDA margin of 41.8%. Services Division Overview The Services division provides compliance and business support to FCA-regulated financial intermediariesincluding financial advisers, mortgage advisers and wealth managers, through a comprehensive membershipmodel. It also provides distribution solutions to hundreds of financial product providers. It focuses on strengthening customer relationships by increasing product adoption, enhancing loyalty, andgrowing distribution revenues via strong partnerships with key product providers. The division continues toinvest in and expand its mortgage and protection propositions, while refining its value proposition for largerintermediary and wealth management firms. Services - Financial Performance Services revenue (on a continuing basis) increased by 1% to £18.4m (HY25: £18.3m), consisting of: £9.7m from membership and compliance services (HY25: £10.2m) £8.7m from distribution (HY25: £8.1m) Services Division (Continuing) Period ended (Continuing) Period ended (Discontinued) Period ended (Reported) Period ended (Continuing) Year ended 30 June 202630 June 202530 June 202530 June 202531 Dec 2025 Revenue breakdown £m £m £m £m £m Membership and Compliance9.7 10.2 (0.8) 11.0 20.1 Simplybiz Membership 4.1 4.3 (0.1) 4.4 8.5 Threesixty Membership 2.8 2.8 - 2.8 5.6 Compliance 1.8 2.1 (0.7) 2.8 4.0 Software Reseller Arrangements 1.0 1.0 - 1.0 2.0 Distribution 8.7 8.1 8.1 17.4 Marketing 3.2 3.0 - 3.0 6.7 Events 1.1 0.9 - 0.9 1.8 Protection & Insurance 2.2 2.2 - 2.2 4.5 Mortgages 2.2 2.0 - 2.0 4.4 Surveying - - (4.9) 4.9 - Total Services Revenue 18.4 18.3 (5.7) 24.0 37.5 Of which recurring revenue (%) 63% 64% 2% 50% 63% The Services segment delivered adjusted EBITDA from continuing operations of £6.5m (HY25: £5.9m), representing an EBITDA margin of 35.3% (HY25: 32.7%). To provide additional context around the financial results of the services division now being presented on a continuing operations basis, we include in these results a restatement of FY25 on the same basis. On a continuing basis the services division delivered Adjusted EBITDA of £13.8m, representing a margin of 36.9%. Group Performance The Group has demonstrated strong momentum in the first half of 2026, with both divisions contributing positively to growth and profitability. Strategic acquisitions and continued investment are supporting long-term scalability, while operational efficiencies and margin enhancement initiatives position the business well for sustained value creation. Non-underlying adjustments These items are adjusted because of their nature or significance and because management does not consider them representative of the Group’s underlying trading performance. Operating costs of an exceptional nature of £1.0m (HY25: £2.2m) comprised the following: M&A transaction costs £0.9m (HY25: £2.0m) – consist of professional advisory fees on completed and pipeline acquisitions and fair value adjustments relating to contingent consideration Restructure costs £0.9m (HY25: £0.7m) – represents costs associated with the continued segmental reorganisation, comprising consultancy fees and restructuring expenses Fair value gain on investment (£0.8m) (HY25: (£0.5m)). Amortisation of other intangible assets relates to intangibles acquired on acquisition which are disclosed separately as they are considered non-operational in nature. The amortisation is not reflective of the ongoing
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trading performance of the business, but rather a consequence of acquisition accounting under IFRS 3. The revenue and costs from these businesses are included in underlying trading results. No other costs have been treated as exceptional in the period to 30 June 2026. Share-based payments Share-based payment charges of £0.5m (HY25: £0.4m) have been recognised in respect of the options in issue. Financial income and expense Finance costs of £1.6m (HY25: £1.5m) relate to the Group’s four-year revolving credit facility. Finance income of £0.2m (HY25: £0.2m) relates to interest earned on short term deposit of available funds. Taxation The tax charge for the period has been accrued using the tax rate that is expected to apply to the full financial year. The underlying tax charge of £2.2m for the period (HY25: £2.0m) represents a full year effective tax rate of 24.5% (HY25: 25.2%). As a significant UK corporation tax paying Group, we settle our liability for corporation tax on a quarterly basis in advance and have paid c.£1.4m in corporation tax during the six-month period. Earnings per share Earnings per share has been calculated using the weighted average number of shares in issue during the period. Adjusted earnings per share from continuing operations was 5.9 pence (HY25: 5.1 pence), reflecting the strong profitability of the continuing business. Statutory earnings per share was 1.2 pence (HY25: 2.3 pence), reflecting the impact of discontinued operations and the loss recognised on disposal during the period. Cash flow and closing cash position At 30 June 2026 the Group reported a robust liquidity position, featuring a total cash balance of £7.3m (FY25: £17.3m, HY25: £8.4m), £38.2m net debt (FY25: £31.1m, HY25: £31.8m) and substantial headroom in the revolving credit facility. Net debt to adjusted EBITDA ratio is 1.4 times (FY25: 1.2 times; HY25: 1.3 times). Underlying operating cash flow conversion remained strong at 144% (HY25: 126%), principally reflecting favourable working capital movements alongside the Group’s trading performance. Underlying cash flow from operations is calculated as adjusted operating profit, adjusted for changes in working capital, depreciation, amortisation, CAPEX and share-based payments. A reconciliation of free cash flow and underlying cash flow conversion is provided in note 8 to the financial statements. The Group's significant investment in capitalised development, recent acquisitions and the ongoing reorganisation reflects our strategy to invest for growth, which naturally impacts short‐term cash generation while supporting stronger, sustainable returns over the long term. Investments In the period to 30 June 2026, we advanced £0.7m in additional funding to support Plannr’s continued growth. As we own 49% of the business, we have recorded our proportional share of its operating loss of £0.4m
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reflecting ongoing investment in the product and accelerating the roll out to new customers. Plannr achieved an important milestone of £1.5m ARR in the period and continues to build a healthy order book. Acquisitions On 16 January 2026 the business acquired 100% of the issued share capital of Market Pricing Holdings Limited, a UK-based specialist provider of UK insurance pricing data and market intelligence. The total consideration for the acquisition was £11.3m, comprising an initial cash payment of £7.8m and deferred consideration of £3.5m, payable in two instalments of £2.0m in April 2026 and £1.5m in July 2026. Disposals During the period, the Group completed the disposal of APS Legal & Associates Limited ("APS") and Gateway Surveying Services Limited ("Gateway"), continuing the simplification of the Group and its strategic focus on technology, data and core financial services propositions. The disposals are consistent with the Group's strategy to focus investment and management attention on higher-growth, scalable software, data and distribution activities. APS and Gateway were classified as discontinued operations during the period and have therefore been excluded from continuing operations presented within the Group's underlying performance measures. As a result, comparative income statement measures have been restated to present the results of the disposed businesses separately within discontinued operations. This provides a more meaningful comparison of the performance of the continuing business. The Disposal is expected to generate gross proceeds of up to £1m for Fintel, of which £0.6m is in the form of fixed consideration payable in cash. The remaining is contingent consideration payable on achieving certain profitability targets in the first two years under new ownership. The disposal resulted in a loss on disposal of £2.5m recognised within discontinued operations. Capital allocation The Group’s approach is to balance organic growth, allocating capital to high return internal opportunities, with targeted M&A, pursuing value accretive and ready to integrate acquisitions that enhance divisional strategy. We also maintain optionality for strategic initiatives and future capital returns via balance sheet flexibility. The Group manages its capital structure through regular review by the Board ensuring alignment with the Group's objectives and responsiveness to changing market conditions. If the Group needs to adjust its policy, we retain an agile approach in order to meet the ever-changing needs of our business and market. Dividend Recognising the underlying financial strength of the business, the Board has announced an interim dividend of 1.35p (HY25: 1.3p). It is the Board’s intention that this will be paid on or around 30 October 2026 to shareholders on the register on 25 September 2026. The Board intends the ex-dividend date to be 24 September 2026. Accounting policies The accounting policies applied in these condensed consolidated interim financial statements are the same as those applied in the Group's consolidated financial statements in the 2025 Annual Report & Accounts. Going concern The Directors have undertaken a comprehensive assessment to consider the Company’s ability to trade as a going concern for a period of 18 months to March 2028. The Directors have robustly tested the going concern assumption in preparing these financial statements, taking into account a number of severe but plausible downside scenarios, which would collectively be considered remote. The Group continues to enjoy robust cash generation and benefits from a strong liquidity position at 30 June 2026. The Directors remain satisfied that the going concern basis of preparation in the financial statements is appropriate. On the basis of the Company’s current and forecast profitability and cash flows, and the availability of committed funding, the Directors consider and have concluded that the Company will have adequate resources to continue in operational existence for at least the next 18 months. As a result, they continue to adopt a going concern basis in the preparation of the financial statements.
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David Thompson Chief Financial Officer Consolidated statement of profit or loss and other comprehensive income for the six months 30 June 2026 2026 2026 2025 2025 2026 Underlying Period ended 2025 Underlying Period ended Underlying Adjustments 30 June Underlying adjustments 30 June Continuing operations Note £m £m £m £m £m £m Revenue 6 38.6 — 38.6 36.7 — 36.7Operating expenses 7–8 (28.6) (1.0) (29.6) (28.1) (2.2) (30.3) Amortisation of other intangible assets14 — (2.2) (2.2) — (1.9) (1.9) Group operating profit 10.0 (3.2) 6.8 8.6 (4.1) 4.5 Finance expense 9 (1.3) (0.1) (1.4) (1.2) (0.1) (1.3) Share of profit/(loss) of associates (0.3) (0.1) (0.4) — — — Profit before taxation fromcontinuing operations 8.4 (3.4) 5.0 7.4 (4.2) 3.2 Taxation (2.2) 0.8 (1.4) (2.0) 0.7 (1.3) Profit for the financial period fromcontinuing operations 6.2 (2.6) 3.6 5.4 (3.5) 1.9 Discontinued operations Profit/(loss) after tax for the period from discontinued operations (2.3) 0.6 Profit for the period 1.3 2.5 Profit attributable to shareholders: Owners of the Company 1.2 2.4Non-controlling interests 0.1 0.1 1.3 2.5 Earnings per share – adjustedcontinued operations (pence) 10 5.9p 5.1p Earnings per share – basic (pence)10 1.2p 2.3pEarnings per share – diluted (pence)10 1.2p 2.3p There are no items to be included in other comprehensive income in the current or preceding period. Consolidated statement of financial position as at 30 June 2026 Unaudited 30 June 2026 Unaudited 30 June 2025 Audited 31 December 2025 Note £m £m £m £m £m £m Non-current assets Fixed asset investments 11 2.5 3.2 1.7 Investment in associate 12 3.1 — 3.5 Property, plant and equipment 13 1.0 1.1 1.1 Lease assets 13 2.6 2.2 2.0 Intangible assets and goodwill 14 154.6 147.0 146.2 Trade and other receivables 4.5 3.8 3.5 Total non-current assets 168.3 157.3 158.0 Current assets Trade and other receivables 12.8 14.8 13.5 Contingent consideration receivable 0.2 — — Deferred consideration receivable 0.3 — — Current tax asset 0.7 1.6 1.3 Cash and cash equivalents 7.3 8.4 17.3 Total current assets 21.3 24.8 32.1 Total assets 189.6 182.1 190.1 Equity and liabilities Equity Share capital 16 1.0 1.0 1.0 Share premium account 16 67.4 67.4 67.4 Other reserves 18 (51.6) (52.4) (52.1) Retained earnings 86.9 85.9 88.5 Equity attributable to the owners of the Company 103.7 101.9 104.8 Non-controlling interest 0.4 0.4 0.6 Total equity 104.1 102.3 105.4 Liabilities Current liabilities Trade and other payables 26.7 25.3 22.4 Lease liabilities 15 0.9 0.5 0.6 Contingent consideration 0.4 2.9 4.3 Current tax liabilities 1.5 — — Total current liabilities 29.5 28.7 27.3 Non-current liabilities
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Loans and borrowings 42.9 38.5 46.8 Lease liabilities 15 1.9 1.5 1.2 Deferred tax liabilities 8.6 7.9 7.8 Deferred consideration — — 0.4 Contingent consideration 2.6 3.2 1.2 Total non-current liabilities 56.0 51.1 57.4 Total liabilities 85.5 79.8 84.7 Total equity and liabilities 189.6 182.1 190.1 Consolidated statement of changes in equity for the six months ended 30 June 2026 Share Share Other Non- controlling Retained Total capital premium reserves interest earnings equity £m £m £m £m £m £m Balance at 30 June 2025 1.0 67.4 (52.4) 0.4 85.9 102.3Total comprehensive income for the period Profit for the period — — — 0.2 3.8 4.0 Total comprehensive income for the period— — — 0.2 3.8 4.0 Transactions with owners, recorded directly in equity Dividends — — — — (1.2) (1.2)Share option charge — — 0.4 — — 0.4 Tax on share options exceeding P&L charge — — (0.1) — — (0.1) Total contributions by and distributions toowners — — (0.3) — (1.2) (0.9) Balance at 31 December 2025 1.0 67.4 (52.1) 0.6 88.5 105.4 Balance at 1 January 2026 1.0 67.4 (52.1) 0.6 88.5 105.4Total comprehensive income for the period Profit for the period — — — 0.1 1.2 1.3 Total comprehensive income for the period— — — 0.1 1.2 1.3 Transactions with owners, recorded directly in equity Dividends — — — (0.2) (2.6) (2.8)Share option charge — — 0.5 — — 0.5 Acquisition of additional interest in subsidiary— — — (0.1) (0.2) (0.3) Total contributions by and distributions toowners — — 0.5 (0.3) (2.8) (2.6) Balance at 30 June 2026 1.0 67.4 (51.6) 0.4 86.9 104.1 Consolidated statement of cash flows for the period to 30 June 2026 *restated* Period ended Period ended 30 June 30 June 2026 2025 Note £m £m Net cash generated from operating activities 19 13.8 9.8 Cash flows from investing activities Purchase of property, plant and equipment (0.1) (0.1) Development expenditure (1.8) (2.1)Cost of acquisitions – net of cash received (7.8) (4.8)Deferred consideration (4.9) (3.5) Net cash outflow on disposal of discontinued operations (0.2) Net proceeds from sale of property 0.3 Loan to associate (0.7) -Loan to equity interest - (1.6) Finance income 0.2 0.1 Net cash flows (used in)/from investing activities (15.0) (12.0) Cash flows from financing activities Finance costs (1.3) (1.3)Drawdown/(repayment) of loans (4.0) 8.5Payment of lease liability (0.4) (0.3) Purchase of non-controlling interest (0.3) —Dividends paid (2.8) (2.6) Net cash flows used in financing activities (8.8) 4.3 Net increase/(decrease) in cash and cash equivalents (10.0) 2.1Cash and cash equivalents at start of period 17.3 6.3 Cash and cash equivalents at end of period 7.3 8.4 Operating costs of an exceptional nature, as per note 7, are included in net cash generated from operatingactivities. Within net cash flows from investing activities, acquisitions include the acquisition of Pearson Ham andpayment of contingent and deferred consideration relates to consideration on previous acquisitions. NOTES TO THE INTERIM FINANCIAL INFORMATION 1 Reporting entity
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Fintel plc is a company domiciled in the UK. These condensed consolidated interim financial statements(“interim financial statements”) as at and for the six months ended 30 June 2026 comprise Fintel and itssubsidiaries (together referred to as “the Company”). The Company is the leading provider of digital, data ledand expert services to product providers, intermediaries, and consumers to help them navigate the increasinglycomplex world of retail financial services. Fintel provides technology, compliance and regulatory support tothousands of intermediary businesses, data and targeted distribution services to hundreds of product providersand empowers millions of consumers to make better informed financial decisions. 2 General information and basis of preparation These interim financial statements have been prepared in accordance with IAS 34 Interim financial reporting andshould be read in conjunction with the Company’s last annual consolidated financial statements as at and for theyear ended 31 December 2025 (“last annual financial statements”). They do not include all the informationrequired for a complete set of IFRS financial statements. However, selected explanatory notes are included toexplain events and transactions that are significant to an understanding of the Company’s financial position andperformance since the last annual financial statements. The financial information set out in these interim financial statements for the six months ended 30 June 2026and the comparative figures for the six months ended 30 June 2025 are unaudited. The comparative financialinformation for the period ended 31 December 2025 in this interim report does not constitute statutoryaccounts for that period under section 435 of the Companies Act 2006. Statutory accounts for the period ending 31 December 2025 have been delivered to the Registrar of Companies.The auditors' report on the accounts for 31 December 2025 was unqualified, did not draw attention to anymatters by way of emphasis, and did not contain a statement under section 498(2) or section 498(3) of theCompanies Act 2006. The interim financial statements comprise the financial statements of the Company and its subsidiaries at 30June 2026. Subsidiaries are consolidated from the date of acquisition, being the date on which the Companyobtained control, and continue to be consolidated until the date when such control ceases. The interim financial statements incorporate the results of business combinations using the acquisition method.In the consolidated balance sheet, the acquiree’s identifiable assets, liabilities and contingent liabilities areinitially recognised at their fair values at the acquisition date. These interim financial statements were authorised for issue by the Company’s Board of Directors on 15September 2026. 3 Critical accounting estimates and judgements In preparing these interim financial statements, management has made judgements and estimates that affectthe application of accounting policies and the reported amounts of assets and liabilities, income, and expense.Actual results may differ from these estimates. The significant judgements made by management in applying the Company's accounting policies and the keysources of estimation uncertainty were the same as those described in the last annual financial statements. 4 Changes in significant accounting policies The accounting policies applied in these condensed consolidated interim financial statements are the same asthose applied in the Company’s consolidated financial statements in the 2025 Annual Report & Accounts. 5 Going concern The Board has concluded that it is appropriate to adopt the going concern basis, having undertaken a rigorous review of financial forecasts and available resources. The Directors have robustly tested the going concern assumption in preparing these financial statements, taking into account the Group’s strong liquidity position at 30 June 2026 and a number of severe but plausible downside scenarios have been modelled, which collectively would be considered remote, and remain satisfied that the going concern basis of preparation is appropriate. 6 Segmental information During the period, the Company was domiciled in the UK and all revenue is derived from external customers inthe United Kingdom. Following the disposal of APS Legal & Associates Limited and Gateway Surveying Services Limited during theperiod, the results of these businesses have been presented as discontinued operations and prior yearcomparatives have been re-presented accordingly. Revenue from continuing operations, used throughout theseinterim financial statements, excludes the revenue attributable to discontinued operations. The table belowreconciles statutory revenue, to revenue from continuing operations as presented on the face of theconsolidated statement of profit or loss: Period ended Period ended 30 June 30 June 2026 2025 £m £m Statutory revenue 42.1 42.4Less revenue from discontinued operations (3.5) (5.7) Revenue from continuing operations 38.6 36.7 During the year ended 31 December 2025 the Group undertook a strategic reorganisation following the investment in 12 businesses over the last three financial years. This reorganisation aligned complementary capabilities and introduced a revised segmental and managerial structure effective 2 June 2025. As a result of the restructure, the composition of the Group’s CGUs was reassessed to reflect the new operatingmodel. Changes to the Group’s cash-generating units have resulted in the need to reallocate goodwill, applying
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requirements of IAS 36.87. With effect from 2 June 2025, the Group has two operating segments which are considered to be reportablesegments under IFRS. The two reportable segments are: • Software & Data; and • Services The Services division provides compliance and business support to FCA-regulated financial intermediariesincluding financial advisers, mortgage advisers and wealth managers, through a comprehensive membershipmodel. It also provides distribution solutions to hundreds of financial product providers who support ourfinancial intermediaries with compelling customer propositions. The Software and Data division provides market-leading intermediary software, financial product and marketdata and trusted research and ratings to thousands of financial intermediaries, and hundreds of productproviders and price comparison websites. Key propositions include Defaqto ratings and Matrix360. The reportable segments are derived on a product type basis. Management has applied its judgement on theapplication of IFRS 8, with operating segments reported in a manner consistent with the internal reportingproduced to the Chief Operating Decision Maker (“CODM”). For the purpose of making decisions about resource allocation and performance assessment, it is the operatingresults of the two core divisions listed above that are monitored by management and the Group’s CODM, beingthe Fintel plc Board. It is these divisions, therefore, that are defined as the Group’s reportable operatingsegments. The Group is now reporting its financial results under this structure providing enhanced transparency andalignment with our long-term Group strategic objectives. Comparatives have been restated under the revisedstructure in accordance with IFRS 8.29. The reallocation of goodwill and reorganisation impairment testing is discussed separately in Note 14. In addition to the change in reportable segments arising from the reorganisation, the change in internalreporting has resulted in a change to the profit measure being presented for segmental reporting. Under theprevious reporting structure, the group reported gross profit in its segmental analysis. Under the new structurethe segment profit measure is EBITDA. Software & Services Group TotalContinuing operations Data Division Functions GroupPeriod ended 30 June 2026 £m £m £m £m Revenue 20.2 18.4 - 38.6 Operating costs (11.7) (11.9) - (23.6) Segment EBITDA 8.5 6.5 - 15.0 Group central costs (2.6) (2.6) Group Adjusted EBITDA 12.4 Operating costs of an exceptional nature (1.0) Amortisation of other intangible assets (2.2) Amortisation of development costs andsoftware (1.3) Depreciation (0.2) Depreciation of leased assets (0.4) Share option charge (0.5) Operating profit 6.8 Net finance costsShare of loss from associate (1.4) (0.4)Profit before tax 5.0 Software & Services Group TotalContinuing operations Data Division Functions GroupPeriod ended 30 June 2025 £m £m £m £mRevenue 18.4 18.3 — 36.7 Direct operating costs (11.5) (12.4) — (23.9) Segment EBITDA 6.9 5.9 — 12.8 Administrative and support costs (2.2) (2.2) Adjusted EBITDA 10.6 Operating costs of an exceptional nature (2.2) Amortisation of other intangible assets (1.9) Amortisation of development costs andsoftware (1.1) Depreciation (0.2) Depreciation of leased assets (0.3) Share option charge (0.4) Operating profit 4.5 Net finance costs (1.3) Profit before tax 3.2 In determining the trading performance of the operating segments central group costs have been presentedseparately in the current and prior periods. The statement of financial position is not analysed between the reporting segments by management and theCODM considers the Group statement of financial position as a whole. No customer has generated more than 10% of total revenue during the period covered by the financialinformation.
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7 Operating profitOperating profit for the period has been arrived at after charging: Period ended Period ended 30 June 30 June 2026 2025 £m £mDepreciation of tangible assets – owned 0.2 0.2Depreciation of lease assets 0.4 0.3 Underlying adjustments Underlying adjustments include amortisation of other intangible assets and operating and finance costs of anexceptional nature. Period ended Period ended 30 June 30 June 2026 2025 £m £mExceptional costs - operating M&A costs 0.9 2.0Organisation restructure 0.9 0.7Fair value gain on investment (0.8) (0.5)Other underlying adjustmentsAmortisation of other intangible assets 2.2 1.9 Underlying adjustments – before tax 3.2 4.1 These are items which are non-recurring and are adjusted on the basis of either their size or their nature. As these items are one-off or non-operational in nature, management considers that their exclusion aids understanding of the Group’s underlying business performance. M&A costs consist of professional advisory fees on completed and pipeline acquisitions and fair value adjustments relating to contingent consideration. Organisation restructure relates to segment reorganisation costs and consists of consultancy costs and restructuring costs. The fair value gain on investment pertains to holdings without significant influence, which have been measured at fair value as of 30 June. Amortisation of other intangible assets relates to intangibles acquired on acquisition which are disclosed separately as they are considered non-operational in nature. The amortisation is not reflective of the ongoing trading performance of the business, but rather a consequence of acquisition accounting under IFRS 3. The revenue and costs from these businesses are included in underlying trading results. No other costs have been treated as exceptional in the period to 30 June 2026. 8 Reconciliation of GAAP to non-GAAP measuresThe Group uses a number of "non-GAAP" measures as comparable key performance indicators to assist inassessing the underlying performance of the business. Unless otherwise stated, all non-GAAP measurespresented are on a continuing operations basis and therefore exclude the results of Gateway Surveying ServicesLimited and APS Legal & Associates Limited, which are presented as discontinued operations. These measuresexclude the impact of certain non-cash items and items that are not considered part of ongoing underlyingtrading. Amortisation of acquired intangible assets has been excluded on the basis that it is a non-cash chargearising from acquisitions in prior periods. The Group's non-GAAP measures are not defined performancemeasures under IFRS and may not be directly comparable with similarly titled measures reported by otherentities. Adjusted EBITDA from continuing operations is calculated as follows: Period ended Period ended 30 June 30 June 2026 2025 £m £mOperating profit 6.8 4.5 Add back: Depreciation (note 13) 0.2 0.2 Depreciation of leased assets (note 13) 0.4 0.3 Amortisation of other intangible assets (note 14) 2.2 1.9 Amortisation of development costs and software (note 14) 1.3 1.1EBITDA 10.9 8.0Add back: Share option charge 0.5 0.4 Operating costs of exceptional nature (note 7) 1.0 2.2Adjusted EBITDA 12.4 10.6 Operating costs of an exceptional nature have been excluded as they are not considered part of the underlyingtrade. Share option charges have been excluded from adjusted EBITDA as a non-cash item.
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Adjusted operating profit from continuing operations is calculated as follows: Period ended Period ended 30 June 30 June 2026 2025 £m £mOperating profit 6.8 4.5Add back: Operating costs of exceptional nature (note 7) 1.0 2.2 Amortisation of other intangible assets (note 14) 2.2 1.9Adjusted operating profit 10.0 8.6 Adjusted profit before tax from continuing operations is calculated as follows: Period ended Period ended 30 June 30 June 2026 2025 £m £mProfit before tax 5.0 3.2 Add back: Finance cost of an exceptional nature 0.1 0.1 Operating costs of exceptional nature (note 7) 1.0 2.2 Amortisation of other intangible assets (note 14) 2.2 1.9Adjusted profit before tax 8.3 7.4 Adjusted profit after tax is calculated as follows: Period ended Period ended 30 June 30 June 2026 2025 £m £mProfit after tax 3.6 1.9 Add back: Operating costs (non-underlying) 0.8 2.0 Amortisation of other intangible assets (note 14), net of deferred tax 1.6 1.5Profit attributable to non-controlling interests (0.1) (0.1) Net finance costs (non-underlying) 0.1 -Share of profit of associate 0.1 - Adjusted profit after tax 6.1 5.3 Free cash flow conversion is calculated as follows: Period ended Period ended 30 June 30 June 2026 2025 £m £mAdjusted operating profit 10.0 8.6Adjusted for: Depreciation of tangible assets 0.2 0.2 Depreciation of lease assets 0.4 0.3 Amortisation of development costs and software 1.3 1.1 Share option charge 0.5 0.4Adjusted EBITDA 12.4 10.6 Net changes in working capital 4.4 2.4 (net of non-underlying working capital movements) (0.5) - Purchase of property, plant and equipment (0.1) (0.1) Development expenditure (1.8) (2.1)Underlying cash flow from operations 14.4 10.8Underlying operating cash flow conversion 144% 126% Net interest paid (1.1) (1.2) Income tax paid (1.4) (1.1) Payments of lease liability (0.4) (0.3) Free cash flow 11.5 8.2 Adjusted EBITDA 12.4 10.6Free cash flow conversion 93% 76% 9 Net finance expense Finance Interest - expense Period ended Period ended 30 June 30 June 2026 2025 £m £mInterest payable on financial liabilities at amortised cost 1.4 1.3Interest unwind on contingent consideration 0.1 0.1Finance charge of lease liability 0.1 0.1 Total finance expense 1.6 1.5 Finance Interest - income Period ended Period ended 30 June 30 June
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2026 2025 £m £mBank interest receivable 0.2 0.2 Total finance income 0.2 0.2 10 Earnings per share Period ended Period ended 30 June 30 JuneBasic earnings per share 2026 2025Profit attributable to equity shareholders of the parent (£m) 1.2 2.4Weighted average number of shares in issue 104,193,285 104,193,285 Basic profit per share (pence) 1.2 2.3 Period ended Period ended 30 June 30 JuneDiluted earnings per share 2026 2025Profit attributable to equity shareholders of the parent (£m) 1.2 2.4Weighted average number of shares in issue 104,193,285 104,193,285Diluted weighted average number of shares and options for the period 1,169 37,923 104,194,454 104,231,208Diluted profit per share (pence) 1.2 2.3 Period ended Period ended 30 June 30 JuneAdjusted basic earnings per share 2026 2025Adjusted profit after tax (note 8) (£m) 6.1 5.3Weighted average number of shares in issue 104,193,285 104,193,285 Adjusted earnings per share (pence) 5.9 5.1 11 Fixed asset investment Fixed AssetInvestments £mAt 31 December 2025 1.7Revaluation of equity interest 0.8Additions —Disposals —At 30 June 2026 2.5 12 Investment in associateIn July 2025, the Group acquired a further 24% equity interest in Plannr Technologies Limited ("Plannr"),increasing its shareholding from 25% to 49%. The additional interest was acquired for cash consideration of£2.7m under the terms of a pre-existing call option arrangement. Plannr develops business management software for independent financial advisers, complementing the Group’stechnology offering and strengthening its position as a provider of technology solutions to the UK financialservices sector. The Group's 49% shareholding in Plannr is accounted for as an associate using the equity method in accordancewith IAS 28. Although the Group holds a substantial minority interest, it does not control or jointly control Plannrand therefore does not consolidate the results of the entity. The investment is recognised as an associate andmeasured using the equity method, with the Group recognising its share of Plannr's results and net assets. Investment inassociate £mAt 31 December 2025 3.5Share of results before tax (0.3)Amortisation on other intangible assets (0.1)At 30 June 2026 3.1 The associate requires the Group’s consent to distribute its profits. The Group does not foresee giving such consent at the reporting date.
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13 Property, plant and equipment Leased assets Owned assets Plant and Office Property equipment Total Equipment TotalGroup £m £m £m £m £mCost At 1 January 2025 3.7 1.1 4.8 3.0 3.0Acquisitions 0.1 — 0.1 — —Additions 0.1 0.1 0.2 0.1 0.1Disposals — (0.1) (0.1) (0.1) (0.1)At 30 June 2025 3.9 1.1 5.0 3.0 3.0Acquisitions — — — — —Additions 0.1 0.1 0.2 0.2 0.2Disposals (0.1) (0.1) (0.2) (0.9) (0.9)At 31 December 2025 3.9 1.1 5.0 2.3 2.3Acquisitions — — — — —Additions 1.4 — 1.4 0.1 0.1Disposals (0.6) (0.2) (0.8) — —At 30 June 2026 4.7 0.9 5.6 2.4 2.4 Depreciation and impairment At 1 January 2025 1.7 0.9 2.6 1.8 1.8Depreciation charge for the period 0.3 — 0.3 0.2 0.2Disposals — (0.1) (0.1) (0.1) (0.1)At 30 June 2025 2.0 0.8 2.8 1.9 1.9Depreciation charge for the period 0.2 0.1 0.3 0.2 0.2Disposals (0.1) — (0.1) (0.9) (0.9)At 31 December 2025 2.1 0.9 3.0 1.2 1.2Depreciation charge for the period 0.4 — 0.4 0.2 0.2Disposals (0.3) (0.1) (0.4) — —At 30 June 2026 2.2 0.8 3.0 1.4 1.4 Net book value At 30 June 2026 2.5 0.1 2.6 1.0 1.0At 30 June 2025 1.9 0.3 2.2 1.1 1.1 Plant and equipment includes IT equipment and motor vehicles. 14 Intangible assets Goodwill Brand IntellectualpropertyCustomer list Total other intangibleassetsDevelopmentexpenditure TotalGroup £m £m £m £m £m £m £mCost At 1 January 2025 102.7 5.6 29.3 4.4 39.3 15.4 157.4 Additions 5.3 0.3 — 3.3 3.6 2.1 11.0At 30 June 2025 108.0 5.9 29.3 7.7 42.9 17.5 168.4Additions 0.3 — — — — 2.1 2.4At 31 December 2025 108.3 5.9 29.3 7.7 42.9 19.6 170.8Additions 7.4 — 0.8 4.5 5.3 1.8 14.5Disposals (2.6) (0.1) — (0.9) (1.0) — (3.6)At 30 June 2026 113.1 5.8 30.1 11.3 47.2 21.4 181.7 Amortisation and impairment At 1 January 2025 0.2 2.0 10.7 0.4 13.1 5.1 18.4Charge in the period — 0.3 1.2 0.4 1.9 1.1 3.0At 30 June 2025 0.2 2.3 11.9 0.8 15.0 6.2 21.4Charge in the period — 0.3 1.2 0.5 2.0 1.2 3.2At 31 December 2025 0.2 2.6 13.1 1.3 17.0 7.4 24.6Charge in the period — 0.4 1.2 0.6 2.2 1.3 3.5Disposals — (0.1) — (0.9) (1.0) — (1.0)At 30 June 2026 0.2 2.9 14.3 1.0 18.2 8.7 27.1Net book value At 30 June 2026 112.9 2.9 15.8 10.3 29.0 12.7 154.6At 30 June 2025 107.8 3.6 17.4 6.9 27.9 11.3 147.0 Capitalised development expenditure relates primarily to the development of the software platform in DefaqtoLimited. Goodwill During 2025, the Group simplified its operating structure from three cash-generating units ("CGUs") to twoCGUs: Services and Software & Data. As part of this reorganisation, goodwill was reallocated to the new CGUs inaccordance with IAS 36 using a relative fair value approach. Approximately £8.0m of goodwill was reallocatedfrom the former Intermediary CGU to the Software & Data CGU. Impairment assessments were performed immediately before and immediately after the reorganisation usingvalue-in-use calculations based on discounted cash flow forecasts. No impairment was identified and all goodwillbalances were determined to be recoverable.
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The Group performed its annual goodwill impairment review at 31 December 2025. Recoverable amountsexceeded the carrying values of all CGUs and no impairment charge was recognised. Sensitivity analysis wasperformed over key assumptions including discount rates and forecast growth rates. During the period, the Group disposed of APS Legal & Associates Limited and Gateway Surveying ServicesLimited. In accordance with IAS 36, goodwill attributable to the disposed businesses was included in thedetermination of the gain or loss on disposal using a relative value approach. Goodwill of £2.6m was allocated tothe disposal groups and derecognised on disposal. At 30 June 2026, goodwill amounted to £112.9m (30 June 2025: £107.8m), comprising £38.9m allocated toServices and £74.0m allocated to Software & Data. Management has considered whether any indicators ofimpairment existed during the period and concluded that no impairment charge is required. Period ended Period ended 30 June 30 June 2026 2025 £m £mServices 38.9 41.5Software & Data 74.0 66.3 112.9 107.8 15 Interest-bearing loans and borrowingsThis note provides information about the contractual terms of the Group’s and Company’s interest-bearing loansand borrowings. Period ended Period ended 30 June 30 June 2026 2025 £m £mCurrent Lease liability 0.9 0.5 0.9 0.5Non-current Lease liability 1.9 1.5Secured bank loan 42.9 38.5 44.8 40.0 In July 2025, Fintel refinanced its revolving credit facility, increasing it from £80m to £120m and adding a fourthbank to the lending syndicate. The updated facility offers improved terms, a longer maturity of four years with aone-year extension option, a 20-basis-point margin reduction, and unchanged covenants. The committed creditfacilities are available at pre agreed margins dependent on the net leverage of the company. 16 Capital and reserves Share capital Ordinary SharesNumber of fully paid shares (nominal value £0.01): At 30 June 2025 104,193,285Issue of share capital —At 31 December 2025 104,193,285Issue of share capital —At 30 June 2026 104,193,285 Share premium £mAt 30 June 2025 67.4Issue of share capital —At 31 December 2025 67.4Issue of share capital —At 30 June 2026 67.4 17 Share-based payment arrangements On 2 February 2026, the Group granted Growth Shares to certain employees of the Group through Fintel Group Holdings Limited, a wholly owned subsidiary of Fintel plc. The awards comprise B, C, D and E Growth Shares and are subject to market-based performance conditions linked to the market capitalisation of Fintel plc at 15 August 2028. Subject to satisfaction of the performance conditions, participants are entitled to receive ordinary shares in Fintel plc equivalent to the vested value of the Growth Shares. The awards have been accounted for as equity- settled share-based payment arrangements under IFRS 2. The fair value of the awards at grant date was determined by an independent valuation using a Monte Carlo simulation model. The valuation incorporated market-based performance conditions and assumptions including share price volatility, dividend yield and risk-free rates. The aggregate grant date fair value of the awards was £1.4m.
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There have been no other changes to the share-based payment arrangements in the period to those disclosed in the annual report and accounts for the period ended 31 December 2025. The share-based payment expense recognised in the Consolidated Statement of Comprehensive Income during the six months ended 30 June 2026 was £0.5m, with a corresponding credit recognised within equity. 18 Other reserves Merger Share option reserve reserve TotalGroup £m £m £mAt 30 June 2025 (53.9) 1.5 (52.4)Share option charge — 0.4 0.4Tax on share options exceeding profit or loss charge — (0.1) (0.1)At 31 December 2025 (53.9) 1.8 (52.1)Share option charge — 0.5 0.5Release of share option reserve — — —At 30 June 2026 (53.9) 2.3 (51.6) 19 Notes to the cash flow statement (restated) Period ended Period ended 30 June 30 June 2026 2025 £m £mCash flow from operating activities Profit after taxation 1.3 2.5Add back: Finance income (0.2) (0.2) Finance cost 1.6 1.5 Taxation 1.4 1.4 4.1 5.2Adjustments for: Amortisation of development expenditure and software (note 14) 1.3 1.1 Depreciation of leased assets 0.4 0.3 Depreciation of property, plant and equipment 0.2 0.2 Amortisation of other intangible assets 2.2 1.9 Share option charge 0.5 0.4 Loss on investment in associate 0.3 - Amortisation on other intangibles on investment in associate 0.1 - Fair value gain on investment (0.8) (0.5)Deferred income on acquisition 0.1 Loss on sale of disposed operations 2.5 M&A related transactions (0.1) (0.1)Operating cash flow before movements in working capital 10.8 8.5Increase in trade and other receivables (0.9) (1.3)Increase in trade and other payables 5.3 3.7Cash generated from operations 15.2 10.9Income taxes paid (1.4) (1.1)Net cash generated from operating activities 13.8 9.8 Comparative cash flow information has been restated to reclassify £1.5m from investing activities to operating activities in respect of acquisition-related consideration recognised following post-acquisition remeasurement. The adjustment affects presentation only and has no impact on total cash movement, cash balances, profit or net assets. 20 Acquisitions Acquisitions completed in the period ended 30 June 2026 Market Pricing Holdings Limited On 16 January 2026, Fintel, through its wholly owned subsidiary Regulus Bidco Limited, acquired 100% of theissued share capital of Market Pricing Holdings Limited ("MPH") for total consideration of £11.3m. Theacquisition strengthens Fintel's data and analytics offering to the UK insurance sector and complementsDefaqto's existing capabilities. The acquisition was completed through a pre-completion reorganisation which transferred the market pricingbusiness and associated assets into MPN 2024 UK Limited before the acquisition of MPH. Following completion,the acquired business has been integrated within the Group's Defaqto business. The acquisition broadens the Group's data and analytics capabilities, adding valuable customer relationships,proprietary technology and opportunities to deliver growth across the wider Fintel customer base. The deferred consideration was recognised at fair value at the acquisition date and subsequently measuredusing the effective interest method. The fair values of the assets and liabilities acquired during the period ended 30 June 2026 are summarisedbelow:
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During the period ended 30 June 2026 £m Customer relationships 4.5Intellectual property 0.8Trade and other receivables 0.5Trade and other payables (0.6)Deferred tax liability (1.3)Fair value of assets acquired 3.9Goodwill 7.4Consideration 11.3 Satisfied by fair values of: Cash consideration 7.8 Deferred consideration 3.5 Total committed spend on acquisitions completed in the period 11.3 The fair value of contingent consideration at the acquisition date represents the estimated most likely pay-outbased on management’s forecast of future trading and performance discounted at the Group’s incrementalborrowing rate. Contractual contingent consideration is not linked to post-acquisition services, and none of the contingentconsideration is contingent upon re-employment. The cash outflow during the period ended 30 June 2026 in respectof acquisitions completed in the same period comprised: TotalDuring the period ended 30 June 2026 £m Cash consideration 7.7Less: net cash acquired -Net investing cash outflow in respect of acquisitions completed inthe period 7.7Transaction costs and expenses paid 0.1 Total cash outflow in respect of acquisitions completed in theperiod 7.8 Acquisition of remaining shares in Newdez Limited On 18 June 2026, the Group acquired the remaining 30% shareholding in Newdez Limited for cash considerationof £300,000, increasing the Group's ownership from 70% to 100%. Newdez is a compliance technology providerserving the financial intermediary market and was originally acquired by the Group on 15 March 2024. As the Group controlled and fully consolidated Newdez immediately before the transaction, the acquisition ofthe non-controlling interest has been accounted for as an equity transaction in accordance with IFRS AccountingStandards. No gain or loss has been recognised in profit or loss, no assets or liabilities have been remeasured,and no additional goodwill has been recognised. The carrying amount of the non-controlling interest acquired was £76,000. The excess of the consideration paidover the carrying value of the non-controlling interest of £224,000 has been recognised directly within equityattributable to owners of the parent. Following completion of the transaction, the Group owns 100% of the issued share capital of Newdez Limitedand no non-controlling interest remains in respect of the subsidiary. 21 Disposals On 23 April 2026, the Group sold its share capital in Gateway Surveying Services Limited (“Gateway”) and APS Legal and Associates Limited (“APS”). Period ended 23 Apr 2026 Period ended 30 June 2025 Gateway APS Total Gateway APS Total Discontinued operations £m £m £m £m £m £m Revenue 3.0 0.5 3.5 4.9 0.8 5.7Operating expenses (2.8) (0.4) (3.2) (4.4) (0.7) (5.1) Group operating profit 0.2 0.1 0.3 0.5 0.1 0.6 Finance expense - - - - - -Profit before taxation fromdiscontinued operations 0.2 0.1 0.3 0.5 0.1 0.6 Taxation (0.1) - (0.1) - - - Post-tax profit of discontinuedoperations 0.1 0.1 0.2 0.5 0.1 0.6 Loss on sale of discontinued operations (2.5) - Post-tax gain / (loss) on the sale ofdiscontinued operations (2.3) 0.6
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Period ended 23 Apr 2026 Year ended 31 Dec 2025 Gateway APS Total Gateway APS Total £m £m £m £m £m £m Operating 0.2 0.1 0.3 0.2 - 0.2 Financing - - - - - -Investing - - - - 0.1 0.1Net cash inflow from disposed operations 0.2 0.1 0.3 0.2 0.1 0.3 The net cash flows generated from the sale of Gateway and APS are, as follows: £m Cash consideration received 0.3Less net cash disposed of (0.5) Net cash outflow on disposal (0.2)Deferred consideration 0.3Contingent consideration 0.2Potential future proceeds receivable 0.5 The net cash flows generated/(incurred) by Gateway and APS are, as follows: 22 Subsequent events Following the period end, the Group entered into three two-year SONIA interest rate swap agreements with HSBC, Santander and NatWest, each with a notional value of £8m (£24m in aggregate). The swaps convert £24m of floating-rate borrowings into an effective fixed interest rate of between 4.16% and 4.19% until August 2028, providing greater certainty over future financing costs and reducing exposure to movements in interest rates. The Group intends to apply cash flow hedge accounting under IFRS 9. The arrangements are considered non- adjusting subsequent events. There have been no other material events subsequent to 30 June 2026 and up to the date of approval of these condensed consolidated interim financial statements that require adjustment to, or disclosure in, the financial statements.
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