Interim report
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15 September 2026 Pollen Street Group Limited Interim Accounts H1 2026 Strong growth and momentum led by the Asset Manager Pollen Street Group Limited ("Pollen Street", together with its subsidiaries, the "Group") today publishes its Interim Report for the six months ended 30 June 2026. The Group delivered strong underlying growth in the Asset Manager with continued significant AuM progress driven by strong fundraising. The Group is confident of achieving its £10 billion AuM target with the next vintage of flagship funds, underpinned by strong investor demand and a robust deployment pipeline. Highlights for H1 2026 Assets Under Management ("AuM") increased by 39% to £8.5 billion (H1 2025: £6.1 billion) Fee-paying AuM up 18% to £5.5 billion (H1 2025: £4.7 billion) Private Credit Fund IV final close at £2.5 billion in April 2026, two and a half times higher than initial target Private Credit Fee-Paying AUM increased by £0.3 billion, with 43 per cent of Private Credit Fund IV deployed at the end of the period Investment Company’s Net Investment Return of 3.4% was below target, diluted by share price weakness in Shawbrook Group plc and equalisation effects from fundraising. All other segments of the portfolio performing in line with full year expectations Interim dividend declared of 28.5 pence per share, up 6% on a per share basis Full year guidance reaffirmed Commenting on the H1 2026 performance, Lindsey McMurray, Chief Executive Officer, said: "The Asset Manager delivered a strong and consistent performance in the first half of 2026. We completed the final close of Private Credit Fund IV and are successfully scaling deployment accordingly. We have also been pleased by the continued deployment in Private Equity Fund V as we progress exits in earlier funds. As we look across the market, the demand for European mid-market strategies continues to grow, acting as a powerful tailwind and complementing our robust and consistent investment performance. In the first half, our fee-paying AuM was up 18% year-on-year to £5.5 billion and we are confident of achieving our target AuM of £10 billion through our next vintage funds. I am pleased to announce an interim dividend of 28.5 pence per share, maintaining our progressive dividend policy and returning capital to shareholders." Financial Performance Management fees of £33.9 million, up 15% on an adjusted like-for-like basis (H1 2025 adjusted: £29.6 million, excluding £8.4 million of non-recurring catch-up fees) Fund Management income up 22% on an adjusted basis to £40.2 million (H1 2025 adjusted: £33.0 million) Fund Management EBITDA up 73% on an adjusted basis to £16.1 million (H1 2025 adjusted: £9.3 million), with Fund Management EBITDA margin of 40% (H1 2025 adjusted: 28%) Income on Net Investment Assets of £5.7 million (H1 2025: £13.3 million), reflecting mark-to-market weakness in Shawbrook Group Plc (-3.8% return dilution) and equalisation effects from the Private Credit Fund IV final close (-0.2% dilution) Reported Net Investment Return of 3.4% (H1 2025: 8.4%); underlying Net Investment Return of 7.4% (H1 2025: 8.8%), adjusting for the above items Profit after tax of £19.9 million (H1 2025: £27.9 million; Adjusted H1 2025: £19.6 million) Earnings per share (basic and diluted) decreased to 33.3 pence per share (H1 2025: 46.0 pence per share). Fundraising Private Credit Fund IV: final close in April 2026 at £2.5 billion, two and a half times the initial target; growing breadth of institutional investor base Hanover Square SCSp: first institutional open-ended credit fund launched during H1 2026, investing alongside Private Credit Fund IV in the established Senior Asset-Backed strategy; well-developed LP pipeline for H2 and expected to be a consistent, long-term contributor to AuM growth Deployment Continued disciplined capital deployment across both strategies, supporting further growth in Fee-Paying AuM and strong fund performance Private Equity: current fund now 74% deployed Private Credit: successfully scaling deployment in line with AuM growth. Private Credit Fund IV already 43% deployed as at 30 June Strategic priorities for remainder of 2026 Continue to deploy Private Equity Fund V: on track with the fund 74 per cent deployed Continue to deploy and build Private Credit AuM; well placed to outperform with strong AuM growth and accelerating deployment Prepare for marketing of Private Equity Fund VI: early investor engagement underway
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Maintain progressive dividend policy while strategically deploying capital for shareholder value: interim dividend of 28.5 pence is up 6 per cent on a per share basis Return surplus capital to shareholders through share buybacks, subject to relative attractiveness compared to other value-creation opportunities; £7.8 million of share buy-backs completed during H1 Guidance Reaffirmed H2 2026 outlook Fee-paying AuM: will continue to grow during H2 and beyond as £1.8 billion of undeployed capital is invested Investment Company returns: full year returns excluding mark-to-market investments expected in line with guidance Additional outlook AuM: £10 billion, confidence of achieving with the next vintage of flagship funds Dividend The Board has declared an interim dividend of 28.5 pence per share (H1 2025: 27.0 pence), amounting to £16.8 million, to be paid on 23 October 2026 to shareholders on the register at the record date 25 September 2026. The Interim Accounts can be found on the website: https://www.pollenstreetgroup.com/shareholders/results- centre/ About Pollen Street Group Limited Pollen Street is an alternative asset manager dedicated to investing within the financial and business services sectorsacross both Private Equity and Private Credit strategies. The business was founded in 2013 and has consistentlydelivered top tier returns alongside growing AuM. Pollen Street benefits from a complementary set of asset management activities focused on managing third-party AuM(the "Asset Manager") together with on-balance sheet investments (the "Investment Company"). The Asset Manager raises capital from high-quality investors and deploys it into its Private Equity and Private Creditstrategies. The strong recurring revenues from this business enable delivery of scalable growth. The Investment Company invests in the strategies of the group delivering attractive risk adjusted returns andaccelerating growth in third-party AuM of the Asset Manager through investing in Pollen Street funds, taking advantageof attractive investment opportunities and aligning interest with our investors to grow AuM. Today the portfolio is largelyinvested in credit assets with the allocation to Private Equity expected to increase to 30 per cent in the long term. Theportfolio consists of both direct investments and investments in funds managed by Pollen Street. POLN is listed on the London Stock Exchange (ticker symbol: POLN) and is a member of the FTSE 250 index. Furtherdetails are available at www.pollenstreetgroup.com. LEI: 894500LP94M98N8CY487 For investors: A presentation and Q&A will be held for analysts at 9 AM on 15 September 2026. The full presentation is available for on the website www.pollenstreetgroup.com. Register for the webinar: https://www.lsegissuerservices.com/spark- insights/POLLENSTREETGROUPLIMITED/events/1fe26cdb-f2e2-4231-a839-cec533955ec9. For further information about this announcement please contact: Pollen Street – Shareholder Relations shareholders@pollencap.com Barclays Bank plc - Joint Broker Neal West +44 (0)20 7623 2323 Investec Bank plc - Joint Broker Ben Griffiths / Kamalini Hull +44 (0)20 7597 4000 FGS Global Chris Sibbald / Anna Tabor PollenStreetCapital-LON@fgsglobal.com MUFG Corporate Governance Limited - Company Secretary POLNcosec@cm.mpms.mufg.com
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CEO Report Lindsey McMurray Chief Executive Officer We have maintained strong momentum in the Asset Manager platform during the first half of 2026. With £8.5 billion of Total AuM at 30 June and further significant fundraising underway during Q3, we are confident of achieving the £10 billion AuM target with the next vintage of flagship funds, Private Equity Fund VI and Private Credit Fund V. Fund Management EBITDA of £16.1 million for the period was up 73 per cent on a like-for-like basis from H1 2025 (adjusting for catch-up fees) and on track to meet consensus expectations for the full-year. In the Investment Company, the reported Net Investment Return of 3.4 per cent (£5.7 million) was significantly below target. This was led by share price weakness in Shawbrook Group Plc, which accounted for 3.2 per cent of invested assets at 30 June 2026 but diluted returns by 3.8 per cent. A further 0.2 per cent dilution came from equalisation effects relating to the above-target close of Private Credit Fund IV in the period. All other segments of the investment portfolio performed in line with expectations, noting the expected weighting of returns towards the second half of the year. Steady momentum in fundraising In the first half of 2026 we continued to deliver substantial AuM growth, driven largely by fundraising in Private Credit. During this period, we completed the final close of Private Credit Fund IV at £2.5 billion, significantly exceeding the initial target, as well as completing a first close of Hanover Square SCSp (“Hanover”), our institutional open-ended Credit Fund. We have a broad mix of Limited Partner (“LP”) investors - pension plans, insurers, sovereign wealth funds, asset managers, private banks, foundations and family offices. We are proud of the deep relationships we have with our long-standing investors and have also been pleased to welcome many new partners into our funds. Private Equity: Disciplined capital management During H1 2026 we agreed the acquisitions of a number of new investments, bringing Private Equity Fund V to 74 per cent capital deployed. Q1 also saw a disposal from Private Equity Fund III and we continue to pursue further exits. Private Credit: Accelerating execution on our pipeline In Private Credit, Fee-Paying AUM increased by £0.3 billion, with 43 per cent of Private Credit Fund IV deployed at the end of the period. Transactions were well balanced across the sectors we target, including real estate, specialist SME lending and renewable energy generation, and spanned the UK and Europe. The team has built a well-advanced and attractive pipeline, and the pace of deployment is expected to accelerate through the rest of the year with £0.4 billion already deployed in the first two months of Q3. Investment Company return below target Reported Net Investment Return for H1 2026 of 3.4 per cent was significantly below target. In November 2024 we acquired a position in PSC Marlin LP, a holding vehicle for the investment in Shawbrook Group Plc. The IPO of Shawbrook in October 2025 introduced mark-to-market volatility to this investment. The position was held at an overall gain as at 30 June 2026, despite the decline in the Shawbrook share price since the start of the year which diluted the Net Investment Return in the period by 3.8 per cent. The substantial fundraising which was achieved for Private Credit Fund IV ahead of its final close in April resulted in an equalisation impact which further diluted reported returns by 0.2 per cent. Adjusting for these two items, the underlying Net Investment Return was 7.4 per cent (H1 2025 underlying return: 8.8 per cent), consistent with the expected weighting of returns between H1 and H2. Within the rest of the portfolio, our GP Commitments to Private Equity funds performed in line with expectations with robust business growth in the portfolio companies. Looking ahead we expect a strong contribution in H2 from these fund investments given portfolio company performance and consistent with the seasonality we have seen in prior years. All other segments of the investment portfolio performed in line with their target returns. The mark-to-market position in PSC Marlin LP, which carries inherent volatility risk, accounted for 3.2 per cent of gross assets at 30 June. The full-year outlook excluding this position remains in line with expectations. Sector Outlook: Continued demand in European mid-market Demand for European, mid-market strategies continues to be resilient, acting as a powerful tailwind and complementing our robust and consistent investment performance and market research shows a substantial majority of LPs favour mid-market funds over large and mega buyouts. Private Credit is a growing area of interest for capital allocators, notwithstanding heightened scrutiny of the Private Credit market. Global AuM is projected to more than double to $4.5 trillion by 2030[1]. This is particularly true for sub-segments of the market, including asset-backed finance which is our focus. With our established track record, deep sector expertise and strong LP relationships, we are positioned to benefit from these attractive market dynamics.
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Looking Ahead: Building on strong performance Our successful fundraising, consistent performance and attractive sector tailwinds provide positive and sustained growth momentum for the rest of the year and for the longer term. Strategic Priorities: Continue to deploy Private Equity Fund V: on track with the fund 74 per cent deployed Continue to deploy and build Private Credit AuM; well placed to outperform with strong AuM growth and accelerating deployment Prepare for marketing of Private Equity Fund VI: early investor engagement underway Maintain our progressive dividend policy while strategically deploying capital for shareholder value; interim dividend of 28.5 pence is up 6 per cent on a per share basis Return surplus capital to shareholders through share buybacks, subject to relative attractiveness compared to other value-creation opportunities; £7.8 million of share buy-backs completed during H1 I am thankful for the support of our LP investors and shareholders; for the hard work of colleagues in delivering a strong start to the year; and for the continued guidance of the Board. Building on the performance we have delivered in H1, I look ahead to the rest of 2026 with confidence in what we can deliver for investors and shareholders. Lindsey McMurray Chief Executive Officer 14 September 2026
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CFO Report Crispin Goldsmith Chief Financial Officer I am pleased to report continued strong growth in the Asset Manager, led by continuing fundraising success across both Private Credit and Private Equity. In my interim report last year, I highlighted that income from catch-up fees of £8.4 million recognised during H1 2025 in relation to the Private Equity Fund V fundraise would not repeat following the final close of that fund. Excluding those catch-up fees, Fund Management Income grew 22 per cent[2] to £40.2 million (H1 2025 Adjusted: £33.0 million) and Fund Management EBITDA grew sharply by 73 per cent to £16.1 million (H1 2025 Adjusted EBITDA: £9.3 million). Income on Net Investment Assets was £5.7 million, a return on Net Investment Assets of 3.4 per cent (H1 2025: £13.3 million and 8.4 per cent). This below-target performance largely related to two isolated factors: mark-to- market volatility in the Shawbrook Group Plc share price, despite the continued strong underlying performance of the business, which reduced the return on Net Investment Assets by 3.8 per cent; and equalisation effects on our GP Commitment to Credit Fund IV following the substantial fundraising ahead of the final close, which diluted the reported return by 0.2 per cent. The performance of the Investment Company is analysed in further detail below. Accelerating Fundraising and Deployment In April we held the final close of Private Credit Fund IV at £2.5 billion, two and a half times its original £1 billion target, with commitments from a significant number of new LP investors alongside continuing support from a number of well-established relationships. Our breadth and depth of relationships with large institutional investment programs in both the EU and North America is continuing to grow. During H1 we further enhanced the credit product offering to LPs with the launch of our first institutional open- ended credit fund, Hanover follows the same asset-based lending (“ABL”) strategy as Private Credit Fund IV, with a similar fee basis, and will invest alongside it and our SMAs, opening the strategy to new pools of institutional investors. These fundraisings drove a 20 per cent increase in total AuM during H1, reaching £8.5 billion at the end of June 2026 (31 December 2025: £7.1 billion). Looking ahead, we are pleased with the level of early engagement we are seeing from both existing LPs and potential new investors in relation to Private Equity Fund VI, which we are targeting a first close of during H1 2027. Total AuM H1 2026(£ billion) 31-Dec-25(£ billion) H1 2025(£ billion) Private Equity 4.2 4.2 3.8 Credit 4.3 2.9 2.3 Total 8.5 7.1 6.1 We are successfully scaling credit deployment rates to match the fundraising momentum whilst maintaining investment discipline. In Private Credit we deployed £0.3 billion, bringing Private Credit Fund IV deployment to 43 per cent of committed capital as at 30 June. In Private Equity our current fund (Private Equity Fund V) is now 74 per cent deployed. Fee-Paying AuM grew 5 per cent during the period to £5.5 billion (31 December 2025: £5.2 billion) reflecting the Private Credit deployment during the period and bringing growth for the year since June 2025 to 18 per cent. The rate of growth in Fee-Paying AuM is lower than that of Total AuM because our Private Credit funds charge management fees on net invested capital, rather than commitments. Private Credit Fee-Paying AuM will therefore continue to grow during the second half of FY26 and into FY27 as we invest the £1.8 billion of committed capital which was not yet deployed as at 30 June 2026. Fee-Paying AuM H1 2026(£ billion) 31-Dec-25(£ billion) H1 2025(£ billion) Private Equity 3.1 3.1 2.9 Credit 2.4 2.1 1.8 Total 5.5 5.2 4.7 Robust Underlying Earnings Growth in the Asset Manager Fund Management Income consists of management fees and performance fees (largely carried interest). Management fees are charged at a fixed annual rate on Fee-Paying AuM, calculated and paid quarterly, throughout the life of each fund and derive from multi-year contractual commitments. Private Equity funds generally charge management fees on committed capital, in the case of the current flagship fund, or investment cost for all other funds. Private Credit funds generally charge fees on invested capital. This gives a long-term, stable fee basis, independent of fund valuations, with high revenue visibility across multi-year fund lives.
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The increase in Fee-Paying AuM has translated into strong underlying revenue and earnings growth. For the half year to June 2025, the business benefitted from £8.4 million of catch-up fees in relation to Private Equity Fund V which, as flagged at the time, did not recur during H1 2026 since we are not currently in a Private Equity fundraising period. Catch-up fees are retrospective management fees charged to investors joining a Private Equity fund after its first close, so that all investors pay fees from the date of the initial closing. Given the differing fee-basis they are not applicable to Private Credit funds, where fees are re-balanced with earlier investors rather than ‘caught-up’. We therefore review the Asset Manager results for H1 2026 in the context of the adjusted results for H1 2025, excluding the catch-up fees. On this basis, Fund Management Income grew 22 per cent to £40.2 million (H1 2025 Adjusted: £33.0 million) and Fund Management EBITDA stepped up 73 per cent to £16.1 million (H1 2025 Adjusted: £9.3 million). Asset Manager Profitability H1 2026(£ million) H1 2025Adjusted(£ million) H1 2025(£ million) Total Income 40.2 41.4 41.4 FY25 Catch-Up Fees - (8.4) - Fund Management Revenue 40.2 33.0 41.4 Administration Costs (24.1) (23.7) (23.7) Fund Management EBITDA 16.1 9.3 17.7 Fund Management EBITDA Margin 40% 28% 43% Both key revenue metrics we track, the Management Fee Rate and the Performance Fee Rate, were in line with long-term guidance. Asset Manager FinancialRatios H1 2026H1 2025AdjustedH1 2025Long-termguidance Management Fee Rate(% of Average Fee-Paying AuM) 1.26% 1.37% 1.76% 1.25% -1.50% Performance Fee Rate(% of Fund ManagementIncome) 16% 10% 8% 15% - 25% Management fee income for the period was £33.9 million (H1 2025 Adjusted: £29.6 million) up 15 per cent on an underlying basis. Excluding the Fund V catch-up fees, the underlying H1 2025 rate was 1.37 per cent. The 0.11 percentage point like-for-like reduction reflects the increasing weight of Private Credit within Fee-Paying AuM, which will adjust back in favour of Private Equity during the Private Equity Fund VI fundraising. In addition to management fees, the Group earns performance fees, which are largely carried interest, enabling it to share in the profits generated by its managed funds. These amounts are variable and depend on performance exceeding specific return thresholds (“hurdles”) over the life of each fund. The Group is entitled to up to 25 per cent of carried interest across all Private Equity funds from Private Equity Fund IV onwards, and all Private Credit funds from Private Credit Fund III onwards. Carried interest and performance fee income was £6.4 million (H1 2025: £3.4 million), an increase of 86 per cent, representing 16 per cent of Fund Management Income against 8 per cent in the comparative period (H1 2025 Adjusted: 10 per cent). This reflected strong performance in Private Equity Fund IV during the period as it continues to mature well. We expect this performance to continue during H2, which typically contributes a higher proportion of full year performance fee revenues than H1, consistent with portfolio company budgets that align with December year-ends and growing credit Fee-Paying AuM during the year. Investment Company Returns Below Target Assets by investment type as at the end of the period are summarised in the table below. Investment Company Assets Assets at June 2026(£ million) Private Credit GP Commitments 107.9 Private Equity GP Commitments 58.1 Other fund investments 13.9 Direct fair value investments 55.2 Direct credit 248.5 Direct mark-to-market investments 15.8
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Gross Investment Assets 499.4 The Reported Net Investment Return of 3.4 per cent (H1 2025: 8.4 per cent) was below target, largely impacted by an unrealised mark-to-market loss, which diluted returns by 3.8 per cent, and equalisation effects (the aim of which is to treat all investors as having come into a fund at the first close) relating to the strong final close of Private Credit Fund IV, which further diluted returns by 0.2 per cent. The mark-to-market loss related to our investment in Shawbrook Group Plc, which we hold through an investment in PSC Marlin LP, acquired in November 2024. The IPO of Shawbrook has introduced some mark-to-market volatility to this investment, even as the business continued its strong performance. Despite the adverse performance during H1, the position, which accounts for 3.2 per cent of gross assets, was held at a profit at end June. Our GP Commitments to Private Equity funds were resilient in the period, with strong underlying portfolio company performance. We are expecting the full year contribution from this portfolio to be in line with expectations. Investment returns for all other segments were in line with expectations. Mark-to-market positions, which carry inherent volatility risk, do not form part of our core investment strategy, arising only in a small number of partial exit scenarios. The full year outlook for Net Investment Return excluding these positions remains in line with previous expectations. Gross Investment Assets were £499 million at 30 June 2026 (30 June 2025: £520 million), and Net Investment Assets were £322 million (30 June 2025: £317 million). Net Investment Assets were slightly higher than June 2025, this increase during H1 is consistent with our stated aim to hold Net Investment Assets flat over the medium- to-long term. Interest-bearing borrowings were £190.6 million at 30 June 2026 (30 June 2025: £206.3 million), with cash and cash equivalents of £13.2 million (30 June 2025: £3.3 million). The net debt-to-gross investment asset ratio was 35.2 per cent (30 June 2025: 38.4 per cent) with available undrawn debt of £48.0 million giving a strong liquidity position. Investment Company Segment H1 2026 H1 2025 Gross Investment Assets £499 million £520 million Period end Net Investment Assets £322 million £317 million Average Net Investment Assets £333 million £319 million Income on Net Investment Assets £5.7 million £13.3 million Net Investment Return 3.4 per cent 8.4 per cent Underlying Net Investment Return 7.4 per cent 8.8 per cent Operating Profit and Tax Profit before Tax reduced by 31 per cent to £20.3 million (H1 2025: £29.6 million) on a reported basis, which largely related to the non-recurrence of Private Equity catch-up fees as well as the lower Investment Company return. The charge for depreciation and amortisation is £1.5 million (H1 2025: £1.2 million). This relates to a charge of £0.4 million (H1 2025: £0.2 million) associated with the depreciation of the Group’s fixed assets, a charge of £0.3 million (H1 2025: £0.3 million) associated with the amortisation of intangible assets representing the value of customer relationships, and a charge of £0.8 million (H1 2025: £0.8 million) associated with the depreciation of the Group’s leased assets. The corporation tax charge for the period was £0.4 million (H1 2025: £1.7 million) giving an effective tax rate of 2.0 per cent (H1 2025: 5.7 per cent). This included the benefit of a reduction in the deferred tax liability held at December following ongoing review with our advisers. The underlying tax charge for the period before this adjustment was £3.1 million, giving an underlying effective tax rate of 15.4 per cent (H1 2025: 14.2 per cent). Going forward the effective tax rate is expected to normalise in line with previous guidance. As detailed in Note 5 to the financial statements, the Group has a lower effective tax rate than the UK statutory rate. This is largely driven by timing differences on the taxation of management fee income and the tax treatment of certain other forms of income. H1 2026(£ million) H1 2025(£ million) Operating profit of Asset Manager 16.1 17.7 Operating profit of Investment Company 5.7 13.3 Operating loss of Central segment - (0.1) Operating profit of Group 21.8 30.9 Depreciation and amortisation (1.5) (1.2)
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Profit before Tax 20.3 29.6 Corporation tax (0.4) (1.7) Profit after Tax 19.9 27.9 Earnings Per Share and Dividend Earnings per share (basic and diluted) decreased to 33.3 pence per share (H1 2025: 46.0 pence per share) reflecting the non-recurrence of catch-up fees and the lower Investment Company return. The Board is pleased to confirm an interim dividend for the period ended 30 June 2026 of 28.5 pence per share, amounting to a total payment of £16.8 million (H1 2025: dividend of 27.0 pence per share, amounting to a total payment of £16.3 million). The interim dividend will be paid on 23 October 2026 to shareholders on the share register at the record date, being 25 September 2026. The ex-dividend date will be 24 September 2026. Pollen Street operates a Dividend Re-Investment Programme ("DRIP"), details of which are available from the Company's Registrars, Computershare. The final date for DRIP elections will be 2 October 2026. During H1 2026, we completed £7.8 million of share buybacks, bringing the total buybacks completed under the new share buyback programme announced on 5 November 2025 to £8.1 million. Share buybacks remain a key component of the Group’s capital allocation policy, evaluated against other value-creation opportunities available. Authority for continued share buybacks was confirmed by shareholders at the June 2026 Annual General Meeting. Outlook The results demonstrate marked underlying growth in the Asset Management platform. Given fundraising successes, we enter H2 with substantial committed capital which, together with an attractive investment pipeline, gives visibility on delivering sustained growth in fee-paying AuM through the second half of the year and beyond. Combined with robust fund performance, supporting performance fee recognition, and disciplined cost management, balanced with prioritising the investment in the team and platform which will drive the future growth of the business, the Asset Manager is on track to deliver Fund Management EBITDA in line with or ahead of full year consensus expectations and with confidence in achieving the £10 billion AuM target with the next vintage of flagship funds (Private Equity Fund VI and Private Credit Fund V). Excluding mark-to-market investments, Investment Company returns for the full year are expected to be in line with those delivered in FY25. Returns on GP Commitments to Private Equity funds are expected to be weighted towards the second half, with other segments continuing to perform as anticipated, consistent with our long track record of stable and attractive returns. Crispin Goldsmith Chief Financial Officer 14 September 2026
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Risk Management & Principal Risks and Uncertainties The Directors do not consider there to have been any material changes to the principal risks and uncertainties since the 2025 Annual Report and Accounts were published and the Directors expect the principal risks and uncertainties not to change over the second half of 2026. Details of the Group’s approach to risk management is set out within pages 49 to 54 of the 2025 Annual Report and Accounts, which is available in the financial information section of the Group’s website. The principal risks within the 2025 Annual Report and Accounts include: economic & market conditions, fundraising, management fee rates and other fund terms, investment underperformance and financial risks, talent and retention, and information security and resilience.
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Directors’ Responsibilities for the Financial Statements The directors confirm that these condensed interim financial statements have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely: an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report. Signed on behalf of the Board by: Lynn Fordham Chair 14 September 2026 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
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Condensed Consolidated Statement of Comprehensive Income For theperiod ended30 June 2026 For theperiod ended30 June 2025 Notes £’000 £’000 Management fee income 3 31,098 35,180 Carried interest and performance feeincome 3, 11 5,757 1,955 Interest income on Credit Assets held atamortised cost 3, 7 13,606 16,970 Gains on Investment Assets held at fairvalue net of equalisation 3, 8 3,877 9,733 Total income 54,338 63,838 Expected credit loss release 3, 7 374 762 Third-party servicing costs 3 (490) (566) Net operating income 54,222 64,034 Administration costs 3 (24,917) (24,882) Finance costs 3, 14 (7,476) (8,295) Operating profit 21,829 30,857 Depreciation 3 (1,220) (921) Amortisation 3, 10 (320) (320) Profit before tax 20,289 29,616 Tax charge 5 (410) (1,689) Profit after tax 19,879 27,927 Other comprehensive income Foreign currency translation reserve 539 (425) Total comprehensive income 20,418 27,502 Earnings per share(basic and diluted) 6 33.3 pence 46.0 pence The notes to the accounts form an integral part of these interim financial statements.
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Condensed Consolidated Statement of Financial Position As at30 June 2026 As at31 December2025 Notes £’000 £’000 Non-current assets Credit Assets at amortised cost 7 244,123 300,098 Investment Assets held at fair valuethrough profit or loss 8 255,054 236,054 Fixed assets 793 916 Lease assets 9 3,051 3,763 Goodwill and intangible assets 10 226,140 226,460 Carried interest 11 37,673 31,916 Total non-current assets 766,834 799,207 Current assets Trade and other receivables 12 33,920 32,475 Current tax receivable 4,570 7,275 Derivative financial assets 13 - 688 Cash and cash equivalents 14,733 11,899 Total current assets 53,223 52,337 Total assets 820,057 851,544 Current liabilities Interest-bearing borrowings 14 286 121 Trade and other payables 15 25,337 40,399 Lease liabilities 9 1,578 1,512 Derivative financial liabilities 13 324 - Total current liabilities 27,525 42,032 Total assets less current liabilities 792,532 809,512 Non-current liabilities Interest-bearing borrowings 14 190,351 199,538 Lease liabilities 9 1,585 2,352 Deferred tax liability 5 9,462 10,608 Total non-current liabilities 201,398 212,498 Net assets 591,134 597,014 Shareholders’ funds Ordinary share capital 16 593 601 Share premium 16 535,323 543,129 Retained earnings 16 54,379 52,984 Other reserves 16 839 300 Total shareholders’ funds 591,134 597,014 The notes to the accounts form an integral part of these interim financial statements.
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Condensed Consolidated Statement of Changes in Shareholders’ Funds For the period ended 30 June 2026 OrdinaryShareCapital SharePremiumRetainedEarnings ForeignCurrencyTranslationReserve TotalEquity £’000 £’000 £’000 £’000 £’000 Shareholders’funds as at 1January 2026 601 543,129 52,984 300 597,014 Profit aftertaxation - - 19,879 - 19,879 Dividends paid - - (18,484) - (18,484) Buybacks (8) (7,806) - - (7,814) Foreign currencytranslationreserve - - - 539 539 Shareholders’funds as at 30June 2026 593 535,323 54,379 839 591,134 For the year ended 31 December 2025 OrdinaryShareCapital SharePremiumRetainedEarnings ForeignCurrencyTranslationReserve TotalEquity £’000 £’000 £’000 £’000 £’000 Shareholders’funds as at 1January 2025 610 549,757 29,196 (207) 579,356 Profit aftertaxation - - 56,566 - 56,566 Dividends paid - - (32,778) - (32,778) Buybacks (9) (6,628) - - (6,637) Foreign currencytranslationreserve - - - 507 507 Shareholders’funds as at 31December 2025 601 543,129 52,984 300 597,014 The notes to the accounts form an integral part of these interim financial statements.
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Condensed Consolidated Statement of Cash Flows For the periodended30 June 2026 For the periodended30 June 2025 Notes £’000 £’000 Cash flows from operating activities: Cash generated from operations18 3,703 13,536 Investment in Credit Assets atamortised cost (44,719) (63,073) Distributions received on Credit Assetsat amortised cost 111,825 64,667 Purchase of investments at fair value8 (47,558) (19,082) Proceeds from disposal of investmentsat fair value 8 23,112 14,657 Tax paid - (1,050) Net cash inflow from operatingactivities 46,363 9,655 Cash flows from investing activities: Purchase of fixed assets (325) (296) Net cash outflow from investingactivities (325) (296) Cash flows from financing activities: Payment of lease liabilities 9 (845) (811) Drawdown of interest-bearingborrowings 14 57,020 64,205 Repayments of interest-bearingborrowings 14 (66,572) (47,000) Transaction costs for financing activities14 365 385 Interest paid on financing activities14 (6,874) (7,766) Share buybacks (7,814) (6,315) Dividends paid in the period 17 (18,484) (16,528) Net cash outflow from financingactivities (43,204) (13,830) Net change in cash and cashequivalents 2,834 (4,471) Cash and cash equivalents at thebeginning of the period 11,899 11,195 Cash and cash equivalents at theend of the period 14,733 6,724 Interest received for the Group for the period ended 30 June 2026 was £11.3 million (H1 2025: £15.3 million) The notes to the accounts form an integral part of these interim financial statements.
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Notes to the Financial Statements General information Pollen Street Group Limited is a public company limited by shares, incorporated and registered under the laws of Guernsey with registration number 70165. Pollen Street Group Limited is referred to as the “Company”, and together with its subsidiaries, the “Group”. The registered office of the Company is: Mont Crevelt House, Bulwer Avenue, St. Sampson, Guernsey, GY2 4LH. The principal place of business of the Company is 11-12 Hanover Square, London, W1S 1JJ. The principal activity of the Group is to act as an alternative asset manager investing within the financial and business services sectors across both Private Equity and Private Credit strategies, as well as holding on-balance sheet investments consisting of both direct investments and investments in funds managed by Pollen Street. The principal activity of the Company is to be the holding company for two 100 per cent owned subsidiaries engaged in these asset management and investment activities. Material accounting policies Basis of preparation These condensed consolidated interim financial statements (“interim financial statements”) for the six months ended 30 June 2026 have been prepared in accordance with UK-adopted International Accounting Standards, IAS 34 ‘Interim Financial Reporting’, and the Disclosure Guidance and Transparency Rules sourcebook of the UK’s Financial Conduct Authority (“FCA”). The interim financial statements should be read in conjunction with the Annual Report for the year ended 31 December 2025 including the statutory accounts for the year to 31 December 2025 (the “2025 financial statements”). The Group’s accounting policies, areas of significant judgement and significant accounting estimate, and the key sources of estimation uncertainty are consistent with those applied to the 2025 financial statements. The information in these interim financial statements is unaudited and does not constitute statutory accounts within the meaning of the Companies (Guernsey) Law, 2008, as amended. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the end of 2025. These interim financial statements were approved by the Board of Directors on 14 September 2026. The unaudited interim condensed consolidated financial statements included in the interim financial statements have been reviewed by the Group’s auditors, PwC, in accordance with International Standard on Review Engagements (UK) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Financial Reporting Council for use in the United Kingdom (“ISRE (UK) 2410”). The statutory accounts of Pollen Street Group Limited for the year ended 31 December 2025 have been prepared in accordance with the Companies (Guernsey) Law, 2008, as amended, and filed with the Guernsey Registry. The Group’s auditor, PwC, has reported on those accounts. Its report was unqualified, did not include a reference to any matters to which PwC drew attention by way of emphasis without qualifying its report and did not contain a statement under section 263(2) or 263(3) of the Companies (Guernsey) Law, 2008. Going concern The Directors have reviewed the financial projections of the Group, which show that the Group will be able to generate sufficient cash flows in order to meet its liabilities as they fall due within 12 months from the approval of these interim financial statements. These financial projections have been performed for the Group under stressed scenarios, and in all cases the Group is able to meet its liabilities as they fall due. The stressed scenarios included no new fundraising and late repayments of a number of structured facilities. The Directors consider these scenarios to be the most relevant risks to the Group’s operations. Finally, the Directors reviewed financial and non-financial covenants in place for all debt facilities within the subsidiaries of the Group with no breaches anticipated, even in the stressed scenario. The Directors are satisfied that the going concern basis remains appropriate for the preparation of the financial statements. Related party transactions All related party transactions that took place in the six months ended 30 June 2026 are consistent in nature with the disclosures in Note 23 to the 2025 financial statements. There have been no material changes to the nature or size of related party transactions since 31 December 2025, except for those disclosed in Note 19.
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Operating segments The Group has two operating segments: the Asset Manager segment and the Investment Company segment. The Asset Manager segment incorporates the activities of the Group that provide investment management and investment advisory services to a range of funds under management within Private Equity and Private Credit strategies. The primary revenue streams for the Asset Manager segment consist of management fees, performance fees and carried interest. Fund management services are also provided to the Investment Company segment, however fees from these services are eliminated from the Group consolidated financial statements. Fund Management EBITDA in the Strategic Report is the Operating Profit of the Asset Manager segment. The Investment Company segment holds the Investment Assets of the Group. The primary revenue stream for this segment is interest income and fair value gains on the Investment Asset portfolio. The Operating Profit of the Investment Company segment is referred to as the Income on Net Investment Assets in the Strategic Report. The following tables show the consolidated operating segments profit and loss movements for their respective periods: For the period ended 30 June 2026 Group AssetManager £’000 InvestmentCompany £’000 Central £’000 Group £’000 Management fee income 33,879 - (2,781) 31,098 Carried interest and performancefee income 6,365 - (608) 5,757 Interest income on Credit Assetsheld at amortised cost - 13,606 - 13,606 Gains on Investment Assets held atfair value[3] - 4,272 - 4,272 Equalisation on Investment Assetsheld at fair value - (395) - (395) Total income 40,244 17,483 (3,389) 54,338 Expected credit loss release - 374 - 374 Third-party servicing costs - (490) - (490) Net operating income 40,244 17,367 (3,389) 54,222 Administration costs (24,071) (4,235) 3,389(24,917) Finance costs (73) (7,403) - (7,476) Operating profit 16,100 5,729 - 21,829 Depreciation (1,220) - - (1,220) Amortisation - - (320) (320) Profit before tax 14,880 5,729 (320) 20,289 For the period ended 30 June 2025 Group AssetManager £’000 InvestmentCompany £’000 Central £’000 Group £’000 Management fee income 29,564 - (2,759) 26,805 Catch-up management fee income8,375 - - 8,375 Carried interest and performancefee income 3,424 - (1,469) 1,955 Interest income on Credit Assetsheld at amortised cost - 16,970 - 16,970 Gains on Investment Assets held atfair value[4] - 10,537 - 10,537
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Equalisation on Investment Assetsheld at fair value - (804) - (804) Total income 41,363 26,703(4,228) 63,838 Expected credit loss release - 762 - 762 Third-party servicing costs - (566) - (566) Net operating income 41,363 26,899(4,228) 64,034 Administration costs (23,596) (5,390) 4,104 (24,882) Finance costs (100) (8,195) - (8,295) Operating profit 17,667 13,314 (124) 30,857 Depreciation (921) - - (921) Amortisation - - (320) (320) Profit before tax 16,746 13,314 (444) 29,616
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Employees The following tables show the average monthly number of employees and the Directors during the period: Group – Average number of staff For the periodended30 June 2026 For the periodended30 June 2025 Directors 8 6 Professional staff 97 91 Total 105 97 The increase in the average number of Directors reflects the appointments of Lynn Fordham and James Gillies on 20 June 2025 and Robert Ohrenstein on 29 January 2026, partially offset by the retirements of Robert Sharpe on 19 June 2025 and Jim Coyle on 1 May 2026. The following table shows the total staff costs for the period. This includes the seven Non-Executive Directors of Pollen Street Group Limited (30 June 2025: seven). The total number of employees and directors as at the reporting date was 108 (30 June 2025: 100). Group – Staff costs For the periodended30 June 2026 £’000 For the periodended30 June 2025 £’000 Wages and salaries 16,977 15,518 Social security costs 2,487 2,012 Defined contribution pension cost 87 105 Other staff costs 675 897 Total 20,226 18,532
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Corporation tax Tax expense The tax charge for the Group for the period was £0.4 million (H1 2025: £1.7 million). Group For the periodended30 June 2026 £’000 For the periodended30 June 2025 £’000 Current tax expenses UK corporation tax charge for the period 1,250 3,622 Prior year adjustment 306 231 Total current tax 1,556 3,853 Deferred tax expense Origination and reversal of timing differences (630) (2,164) Prior year adjustment (516) - Total deferred tax (1,146) (2,164) Total tax charge 410 1,689 Factors affecting taxation charge for the period The taxation charge for the period is based on the standard rate of UK corporation tax of 25 per cent from 1 April 2026 (H1 2025: 25 per cent). A reconciliation of the taxation charge for the period based on the standard rate of UK corporation tax to the actual taxation charge is shown below. The effective tax rate for the period ended 30 June 2026 is 2.0 per cent (H1 2025: 5.7 per cent). This is primarily due to timing differences on taxation of management fee income and the tax treatment of certain other forms of income. Factors affecting taxation charge for the period Group For the periodended30 June 2026 £’000 For the periodended30 June 2025 £’000 Profit before taxation 20,289 29,616 Profit before taxation multiplied by the rate ofUK Corporation tax (25%) (H1 2025: 25%)5,072 7,404 Effects of: Non-taxable and non-deductible items (3,014) (3,292) Origination and reversal of timing differences (1,398) (2,605) Other permanent differences (40) (49) Prior year adjustment (210) 231 Total tax charge 410 1,689 The following table shows the deferred tax asset and liability for the period: For the period ended 30June 2026 For the year ended 31December 2025 Group Deferredtaxasset £’000 Deferredtaxliability £’000 Total £’000 Deferredtaxasset £’000 Deferredtaxliability £’000 Total £’000 Opening balance - (10,608)(10,608) 3,256 (8,866)(5,610) Credit / (charge)to profit or loss - 630 630 (3,256) (1,060)(4,316)
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Prior yearadjustment - 516 516 - (682) (682) Closing balance - (9,462)(9,462) - (10,608)(10,608) The deferred tax liability in respect of the recognition of fair value gains within the Investment Company and carried interest in the Asset Manager will crystallise as the realised gain from these begins to flow to the Group in the medium term.
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Earnings per share The following table shows the Group’s earnings per share for the period ended 30 June 2026: Group For the periodended30 June 2026 For the periodended30 June 2025 Profit after tax (£’000) 19,879 27,927 Weighted average number of shares (‘000)59,680 60,649 Earnings per ordinary share 33.3 pence 46.0 pence
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Credit Assets at amortised cost Credit Assets at amortised cost The allowance for ECL movement during the period was a release of £0.4 million (H1 2025: £0.8 million). The following table presents the gross carrying value of financial instruments to which the impairment requirements in IFRS 9 are applied and the associated allowance for ECL provision: Group As at 30 June 2026 As at 31 December 2025 GrossCarryingAmount £’000 Allowancefor ECL £’000 NetCarryingAmount £’000 GrossCarryingAmount £’000 Allowancefor ECL £’000 NetCarryingAmount £’000 CreditAssets atamortisedcost Stage 1 206,678 (453) 206,225262,056 (388) 261,668 Stage 2 5,794 (90) 5,704 7,182 (117) 7,065 Stage 3 37,940 (5,746) 32,194 37,523 (6,158) 31,365 Closingbalance 250,412 (6,289)244,123306,761 (6,663)300,098 The reduction in Credit Assets at amortised cost is driven by the rotation of the portfolio to focus on investing in Pollen Street managed funds from direct investments. The following table analyses ECL by staging for the Group: For the period ended 30 June 2026 Group Stage 1 £’000 Stage 2 £’000 Stage 3 £’000 Total £’000 As at 1 January 2026 388 117 6,158 6,663 Movement from stage 1 to stage 2 - 15 - 15 Movement from stage 1 to stage 3 - - 2 2 Movement from stage 2 to stage 1 - (24) - (24) Movement from stage 2 to stage 3 - (15) 28 13 Movement from stage 3 to stage 112 - (78) (66) Movement from stage 3 to stage 2 - - (53) (53) Movements within stage 9 (9) (211) (211) Decreases due to repayments (241) (5) (28) (274) Remeasurements due to modelling285 11 (72) 224 Allowance for ECL as at 30 June2026 453 90 5,746 6,289 For the year ended 31 December 2025 Group Stage 1 £’000 Stage 2 £’000 Stage 3 £’000 Total £’000 As at 1 January 2025 596 368 7,940 8,904 Movement from stage 1 to stage 2 - 35 - 35 Movement from stage 1 to stage 3 - - 99 99 Movement from stage 2 to stage 1 1 (67) - (66) Movement from stage 2 to stage 3 - (134) 224 90
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Movement from stage 3 to stage 1 - - (77) (77) Movement from stage 3 to stage 2 - 15 (57) (42) Movements within stage 156 (32) 1,723 1,847 Decreases due to repayments (263) (43) (624) (930) Remeasurements due to modelling(102) (25) (357) (484) Provision written off - - (2,713) (2,713) Allowance for ECL as at 31December 2025 388 117 6,158 6,663 Expected Credit Loss allowance for IFRS 9 Under the IFRS 9 expected credit loss model, impairment provisions are driven by changes in credit risk of instruments, with a provision for lifetime expected credit losses recognised where the risk of default of an instrument has increased significantly since initial recognition. The following table analyses Group loans by stage: Group For the periodended30 June 2026 £’000 For the yearended31 December2025 £’000 As at 1 January 6,663 8,904 Charge / (release) for period – Stage 1 65 (208) Release for period – Stage 2 (27) (251) (Release) / charge for period – Stage 3 (412) 931 (Release) / charge for period – total[5] (374) 472 Provision written off - (2,713) Allowance for ECL 6,289 6,663
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Investment Assets at fair value through profit or loss a) Investment Assets at fair value through profit or loss The following table shows the total Investment Assets at fair value through profit or loss of the Group, which includes Equity Assets and Credit Assets: For the period ended 30 June 2026 Group EquityAssets £’000 CreditAssets £’000 Total £’000 Opening balance 110,849 125,205 236,054 Additions at cost 3,196 44,362 47,558 Realisations (570) (32,300) (32,870) Unrealised gains through profit or loss(5,335) 6,023 688 Realised gains through profit or loss - 3,357 3,357 Foreign exchange revaluation 12 255 267 Closing balance 108,152 146,902 255,054 Comprising: Valued using net asset value 83,512 112,530 196,042 Valued using an earnings multiple 10,255 - 10,255 Valued using tangible book valuemultiple 14,385 - 14,385 Valued using discounted cash flows - 34,372 34,372 Closing balance 108,152 146,902 255,054 For the year ended 31 December2025 Group EquityAssets £’000 CreditAssets £’000 Total £’000 Opening balance 83,384 110,792 194,176 Additions at cost 14,635 22,594 37,229 Realisations (4,136) (18,864) (23,000) Unrealised gains through profit or loss12,839 4,477 17,316 Realised gains through profit or loss4,136 8,105 12,241 Foreign exchange revaluation (9) (1,899) (1,908) Closing balance 110,849 125,205 236,054 Comprising: Valued using net asset value 86,378 96,812 183,190 Valued using earnings multiple 9,086 - 9,086 Valued using tangible book valuemultiple 15,385 - 15,385 Valued using discounted cash flow - 28,393 28,393 Closing balance 110,849 125,205 236,054 b) Fair value classification of total Investment Assets The Group Investment Assets at fair value through profit or loss are classified as level 3 assets with a value as at 30 June 2026 of £255.1 million (31 December 2025: £236.1 million). There were no movements for the Group (31 December 2025: no movements) between the fair value hierarchies during the period.
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c) Sensitivity analysis of assets at fair value through profit or loss The investments are in Equity Assets, Private Equity Funds and Private Credit Funds, which are valued using different techniques, including net asset value (“NAV”), earnings multiple, tangible book value multiple and discounted cash flows (“DCF”). Sensitivity to the quantitative information regarding the unobservable inputs for the Group’s Level 3 positions as at 30 June 2026 and 31 December 2025 is given below: Valuation techniqueSensitivity applied As at30 June 2026 £’000 Impact ofsensitivity As at31 December2025 £’000 Impact ofsensitivity Net asset value NAV changed by 10% 19,604 18,319 Earnings multiple Earnings multiplechanged by 1.0x 5,378 4,821 Tangible book valuemultiple TBV multiple changedby 0.1x 679 874 Discounted cash flowCash flows changed by10% 3,437 2,839 d) Assets and liabilities not carried at fair value but for which fair value is disclosed For the Group as at 30 June 2026: CarryingValue Fair Value Group £’000 Level 1 £’000 Level 2 £’000 Level 3 £’000 Total £’000 Assets Credit Assets atamortised cost 244,123 - - 307,230 307,230 Carried interestreceivable 8,231 - - 8,231 8,231 Trade and otherreceivables 33,920 - 33,920 - 33,920 Cash and cashequivalents 14,733 14,733 - - 14,733 Total assets 301,007 14,733 33,920 315,461 364,114 Liabilities Trade and otherpayables (25,337) - (25,337) - (25,337) Interest-bearingliabilities (190,637) - (190,637) - (190,637) Total liabilities (215,974) - (215,974) - (215,974) For the Group as at 31 December 2025: CarryingValue Fair Value Group £’000 Level 1 £’000 Level 2 £’000 Level 3 £’000 Total £’000 Assets Credit Assets atamortised cost 300,098 - - 308,286308,286
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Carried interestreceivable 6,095 - - 6,095 6,095 Trade and otherreceivables 32,475 - 32,475 - 32,475 Cash and cashequivalents 11,899 11,899 - - 11,899 Total assets 350,567 11,899 32,475 314,381358,755 Liabilities Trade and otherpayables (40,399) - (40,399) - (40,399) Interest-bearingliabilities (199,659) - (199,659) - (199,659) Total liabilities (240,058) - (240,058) - (240,058) Note 7 provides further details of the loans at amortised cost held by the Group. The fair value of the receivable and payable balances approximates their carrying amounts due to the short-term nature of the balances.
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Leases The Group leases include office premises where the Group is a tenant which include fixed periodic rental payments over the fixed lease terms of no more than five years remaining from the reporting date. The total cash outflow during the period in relation to leases was £0.8 million (H1 2025: £0.8 million). The following table shows the carrying amounts of lease assets recognised and the movements during the period: Group – Lease assets For the periodended30 June 2026 £’000 For the yearended31 December2025 £’000 Cost Opening balance 7,804 7,367 Additions 71 437 Lease expiry (68) - Closing balance 7,807 7,804 Accumulated depreciation Opening balance (4,041) (2,507) Depreciation expense (783) (1,534) Lease expiry 68 - Closing balance (4,756) (4,041) Net book value 3,051 3,763 The following table shows the carrying amounts of lease liabilities and the movements during the period: Group – Lease liabilities For the periodended30 June 2026 £’000 For the yearended31 December2025 £’000 Opening balance 3,864 5,132 Additions 71 199 Accretion of interest 73 187 Payments (845) (1,654) Closing balance 3,163 3,864 The following table below shows the lease liabilities by maturity: Group – Lease liabilities For the periodended30 June 2026 £’000 For the yearended31 December2025 £’000 Current 1,578 1,512 Non-current 1,585 2,352 Closing balance 3,163 3,864 The following table shows the amounts recognised in the Condensed Consolidated Statement of Comprehensive Income: Group – Amounts recognised in profit orloss For the periodended30 June 2026 For the periodended30 June 2025
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£’000 £’000 Depreciation expense 783 751 Finance costs – Lease liability interest 73 100 Total 856 851
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Goodwill and intangible assets The following tables show the goodwill and intangible assets held by the Group for their respective periods: Group For the period ended 30 June2026 For the year ended 31December 2025 Goodwill £’000 Intangibles £’000 Total £’000 Goodwill £’000 Intangibles £’000 Total £’000 Cost Openingbalance 224,540 4,000228,540224,540 4,000228,540 Closingbalance 224,540 4,000228,540224,540 4,000228,540 Amortisation Openingbalance - (2,080)(2,080) - (1,440)(1,440) Amortisation - (320) (320) - (640) (640) Closingbalance - (2,400)(2,400) - (2,080)(2,080) Net bookvalue 224,540 1,600226,140224,540 1,920226,460 Goodwill Goodwill is calculated as the consideration for an acquisition less the value of the assets acquired. The goodwill relates to the acquisition of 100 per cent of the share capital of Pollen Street Capital Holdings Limited (“PSCHL”) by Pollen Street Limited (“PSL”) on 30 September 2022. The goodwill recognised was made up of one cash- generating unit, which includes future management and performance fees. In accordance with IAS 36 Impairment of Assets, goodwill is reviewed for indicators of impairment at each reporting date. As at 30 June 2026, management has undertaken a review to assess whether any indicators of impairment exist in respect of the goodwill recognised. No indicators of impairment have been identified during the period. Management has therefore concluded that no impairment testing is required as at the interim reporting date. The key assumptions, methodologies, and valuation models used in the impairment assessment performed for the year ended 31 December 2025 remain unchanged. There have been no significant changes in the cash flow forecasts, discount rate, or other key inputs that would give rise to a revision in the carrying value of goodwill. Management continues to monitor relevant internal and external factors and remains satisfied that there is appropriate headroom in the value in use model to support the carrying amount of goodwill. Intangible assets The intangible assets arose as part of the acquisition and represents existing customer relationships of PSCHL. The intangible assets have a finite life, which is estimated to be up to the end of 2028, and so the intangibles are amortised on a straight-line basis up to the end of 2028 and are included in Administration costs in the Condensed Consolidated Statement of Comprehensive Income.
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Carried interest assets The following table shows the total value of the carried interest held by the Group, which includes both the carried interest at fair value through profit or loss and the carried interest receivable: Group As at30 June 2026 £’000 As at31 December2025 £’000 Carried interest at fair value 29,442 25,821 Carried interest receivable 8,231 6,095 Closing balance 37,673 31,916 Carried interest assets at fair value through profit or loss a) Movements during the period Group For the periodended30 June 2026 £’000 For the yearended31 December2025 £’000 Opening balance 25,821 21,090 Net changes in fair value movement 3,621 5,048 Realised proceeds - (317) Closing balance 29,442 25,821 Gains through profit or loss are presented in the ‘Carried interest and performance fee income’ line on the Condensed Consolidated Statement of Comprehensive Income. b) Fair value classification of carried interest at fair value through profit or loss Carried Interest at fair value through profit or loss is classified as a level 3 asset with a value as at 30 June 2026 of £29.4 million (31 December 2025: £25.8 million). There were no movements between the fair value hierarchies during the period (31 December 2025: no movements). c) Sensitivity analysis of carried interest at fair value through profit or loss The following table shows the sensitivity impact on the inputs applied to the carried interest assets at fair value. The sensitivity parameters are considered reasonable movements in the input assumptions: As at 30 June 2026As at 31 December2025 Valuation ParameterSensitivityapplied Increase £’000 Decrease £’000 Increase £’000 Decrease £’000 Fund NAV +/- 10% 6,015 (5,949) 5,462 (5,353) Option volatility +/- 10% 395 (73) 699 (218) Option time to maturity+/- 1 Year 1,684 (1,599) 1,724 (1,726) Option risk free rate+/- 1% 427 (430) 496 (501) Carried interest receivable d) Movements during the period Group For the periodended30 June 2026 £’000 For the yearended31 December2025 £’000 Opening balance 6,095 3,983 Carried interest income recognised in the profitor loss 2,136 2,112 Closing balance 8,231 6,095
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Trade and other receivables The following table shows a breakdown of the Group’s receivables: Group As at30 June 2026 £’000 As at31 December2025 £’000 Management and performance fees 8,250 5,773 Prepayments and other receivables 25,670 26,702 Closing balance 33,920 32,475
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Derivative financial assets & liabilities The following table presents the movement in the undiscounted notional values of the foreign exchange forward contracts for the Group: For the period ended30 June 2026 £’000 For the year ended31 December 2025 £’000 Group EUR USD EUR USD Opening notional balance 68,984 41,821 28,772 43,522 Movement in notional value26,078 89,600 40,212 (1,701) Closing notional balance 95,062 131,421 68,984 41,821 The following table presents the mark to market of the foreign exchange forward contracts as at the end of the period for the Group: For the period ended30 June 2026 £’000 For the year ended31 December 2025 £’000 Group EUR USD Total EUR USD Total Opening balance 535 153 688 28 (1,495)(1,467) Fair value movement 328(1,340)(1,012) 507 1,648 2,155 Closing balance 863(1,187) (324) 535 153 688 Fair value classification of derivatives The Group derivatives are classified as level 2 in the fair value hierarchy with a GBP equivalent value of £(0.3) million (31 December 2025: £0.7 million). There were no movements between the fair value hierarchies during the period. The derivatives are valued using market forward rates and are contracts with a third party and so they are not traded on an exchange.
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Interest-bearing borrowings The following table sets out a breakdown of the Group’s interest-bearing borrowings: Group As at30 June 2026 £’000 As at31 December2025 £’000 Current liabilities Interest and commitment fees 286 121 Total current liabilities 286 121 Non-current liabilities Credit facility 191,719 201,270 Prepaid interest and commitment fees (1,368) (1,732) Total non-current liabilities 190,351 199,538 Total interest-bearing borrowings 190,637 199,659 The following table shows the related debt costs incurred by the Group during the period: Group For the periodended30 June 2026 £’000 For the periodended30 June 2025 £’000 Interest and commitment fees 7,039 8,195 Other finance charges 437 100 Total finance costs 7,476 8,295 The following table shows the movements in the Group’s interest-bearing borrowings: Group For the periodended30 June 2026 £’000 For the yearended31 December2025 £’000 Opening balance 199,659 188,265 Drawdowns of interest-bearing borrowings57,020 111,670 Repayments of interest-bearing borrowing(66,572) (100,900) Origination and legal fees 365 757 Finance costs 7,039 15,524 Interest paid on financing activities (6,874) (15,657) Closing balance 190,637 199,659 The following table analyses the Group’s financial liabilities into relevant maturity groupings: As at 30 June 2026 Group <1 year £’000 1 – 5years £’000 > 5years £’000 Total £’000 Credit facility - 190,351 - 190,351 Interest and commitment fees payable286 - - 286 Total exposure 286 190,351 - 190,637
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As at 31 December 2025 Group <1 year £’000 1 – 5years £’000 > 5years £’000 Total £’000 Credit facility - 199,538 - 199,538 Interest and commitment fees payable121 - - 121 Total exposure 121 199,538 - 199,659
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Trade and other payables The following table shows a breakdown of the Group’s payables: Group As at 30 June 2026 £’000 As at 31 December 2025 £’000 Trade and other payables 9,567 12,969 Accruals and deferred income 15,770 27,430 Closing balance 25,337 40,399 Accrued expenses include amounts that have been incurred but not yet invoiced, and accrued employee salaries and bonuses.
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Equity a) Share capital and premium The following table shows the movement in shares during the period: For the period ended30 June 2026For the year ended31 December 2025 No. Issued, allocated andfully paid ordinary shares of£0.01 each OrdinarysharesTreasuryshares OrdinarysharesTreasuryshares Opening number of shares60,153,4964,056,10160,987,3403,222,257 Number of shares bought back(902,367)902,367(833,844)833,844 Closing number of shares59,251,1294,958,46860,153,4964,056,101 b) Other reserves As at 30 June 2026, the Group had a retained earnings reserve balance of £54.4 million (31 December 2025: £53.0 million). The Foreign Currency Translation Reserve reflects the foreign exchange differences arising on translation that are recognised in the Condensed Consolidated Statement of Comprehensive Income.
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Dividends The following table shows the dividends in relation to or paid during the period ended 30 June 2026 and year ended 31 December 2025. PaymentDate Amountper Share(pence) Total£’000 Second interim dividend for the period to31 December 2024 May 2025 27.1p 16,528 Interim dividend for the period to 30 June2025 October 2025 27.0p 16,251 Second interim dividend for the period to31 December 2025 May 2026 31.0p 18,484 Interim dividend for the period to 30 June2026 October 2026 28.5p 16,822 The 30 June 2026 interim dividend of 28.5 pence was approved on 14 September 2026 and will be paid on 23 October 2026. The following table show the total dividends declared and the total dividends paid: For the periodended30 June 2026 £’000 For the periodended30 June 2025 £’000 Total dividend paid in period 18,484 16,528 Total dividend in relation to period 16,822 16,251
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Cash generated from operations Group For the periodended30 June 2026 For the periodended30 June 2025 Notes £’000 £’000 Profit before taxation 20,289 29,616 Adjustments for: Release in expected credit loss7 (374) (762) Gains on Investment Assets held atfair value 8 (4,045) (10,009) Net interest from Credit Assets atamortised cost (2,351) (1,622) Finance costs 14 7,476 8,295 Foreign exchange revaluation 284 (1,558) Gains in carried interest 11 (3,621) (1,546) Depreciation of fixed assets 437 169 Depreciation of lease assets 9 783 751 Amortisation of intangible assets10 320 320 Increase in receivables 12 (1,445) (3,333) Decrease in payables 15 (15,062) (4,455) Decrease / (increase) in derivatives13 1,012 (2,330) Cash generated from operations 3,703 13,536
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Related party transactions All related party transactions that took place in the six months ended 30 June 2026 are consistent in nature with the disclosures in Note 23 to the 2025 financial statements. There have been no material changes to the nature or size of related party transactions since 31 December 2025, except for those disclosed below. During the period, the Group sold a portion of its position in PSC Credit III (A) SCSp to a sister fund, Hanover Square SCSp. Hanover Square SCSp is a newly established institutional open-ended Credit fund which the Group has made a $45 million commitment to. Of this, $45 million has been called during the period settled via a transfer of assets from the Group to Hanover Square. Subsequent events On 14 September 2026 a dividend of 28.5 pence per ordinary share was approved for payment on 23 October 2026.
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SHAREHOLDERS’ INFORMATION
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Directors, Advisers and Service Providers Directors Financial Advisers and Brokers Lynn Fordham Barclays Bank plc Lindsey McMurray 1 Churchill Place Gustavo Cardenas Canary Wharf James Gillies London E14 5HP Joanne Lake England Richard Rowney Robert Ohrenstein Investec Bank plc all at the registered office below 30 Gresham Street London EC2V 7QP Registered Office England Mont Crevelt House Bulwer Avenue Registrar St Sampson Computershare Investor Services PLC Guernsey GY2 4LH The Pavilions, Bridgewater Road Bristol BS99 6ZZ England Company Secretary MUFG Corporate Governance LimitedWebsite 19th Floor http://www.pollenstreetgroup.com/ 51 Lime Street London EC3M 7DQ Share Identifiers ISIN: GG00BMHG0H12 Independent Auditors Sedol: BMHG0H1 PricewaterhouseCoopers LLPTicker: POLN 7 More London Riverside London SE1 2RT
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Website The Company’s website can be found at www.pollenstreetgroup.com. The site provides visitors with Company information and literature downloads. The Company’s profile is also available on third-party sites such as www.trustnet.com and www.morningstar.co.uk. Share prices and Net Asset Value information The Company’s ordinary shares of 1p each are quoted on the London Stock Exchange: SEDOL number: BMHG0H1 ISIN number: GG00BMHG0H12 EPIC code: POLN The codes above may be required to access trading information relating to the Company on the internet. Annual and half-yearly reports The Group’s Consolidated Annual Report & audited financial statements, half-yearly reports and other formal communications are available on the Company’s website. To reduce costs the Company’s half-yearly financial statements are not posted to shareholders but are instead made available on the Company’s website. Whistleblowing The Company has established a whistleblowing policy. The Audit Committee reviews the whistleblowing procedures of the Group to ensure that the concerns of their staff may be raised in a confidential manner. Warning to shareholders – share fraud scams Fraudsters use persuasive and high-pressure tactics to lure investors into scams. They may offer to sell shares that turn out to be worthless or non-existent, or to buy shares at an inflated price in return for an upfront payment. While high profits are promised, if you buy or sell shares in this way, you will probably lose your money. How to avoid share fraud Keep in mind that firms authorised by the FCA are unlikely to contact you out of the blue with an offer to buy or sell shares Do not get into a conversation, note the name of the person and firm contacting you and then end the call Check the Financial Services Register from www.fca.org.uk to see if the person and firm contacting you is authorised by the FCA Beware of fraudsters claiming to be from an authorised firm, copying its website or giving you false contact details Use the firm’s contact details listed on the Register if you want to call it back Call the FCA on 0800 111 6768 if the firm does not have contact details on the Register or you are told they are out of date Search the list of unauthorised firms to avoid at www.fca.org.uk/scams Consider that if you buy or sell shares from an unauthorised firm you will not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme. Think about getting independent financial and professional advice before you hand over any money Remember: if it sounds too good to be true, it probably is! 5,000 people contact the Financial Conduct Authority about share fraud each year, with victims losing an average of £20,000. Report a scam If you are approached by fraudsters, please tell the FCA using the share fraud reporting form at fca.org.uk /scams, where you can find out more about investment scams. You can also call the FCA Consumer Helpline on 0800 111 6768. If you have already paid money to share fraudsters, you should contact Action Fraud on 0300 123 2040.
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DEFINITIONS AND RECONCILIATION TO ALTERNATIVE PERFORMANCE MEASURES
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Definitions Asset-BasedLending Collateralised financing where loans are secured by acompany’s assets with credit limits determined by the assets’liquidation value. Asset Manager The business segment of the Group that is responsible formanaging third-party AuM and the Investment Company’sassets. All activities of this segment reside in Pollen StreetCapital Holdings Limited and its subsidiaries. AuM The assets under management of the Group, defined as: investor commitments for active Private Equity funds; invested cost for other Private Equity funds; the total assets for the Investment Company; and investor commitments for Private Credit funds. Average Fee-Paying AuM The fee-paying asset under management of the Group,defined as: investor commitments for active fee-paying Private Equity funds; invested cost for other fee-paying Private Equity funds; the total assets for the Investment Company; and net invested amount for fee-paying Private Credit funds. The average is calculated using the opening and closingbalances for the period. Average Number ofShares Average number of closing daily ordinary shares, excludingtreasury shares. Co-investment A direct investment made alongside or in a Fund taking apro-rata share of all instruments. Combination The acquisition of 100 per cent of the share capital of PollenStreet Capital Holdings Limited by Pollen Street Limited(formerly Honeycomb Investment Trust Plc) with newlyissued shares in Pollen Street Limited as the considerationthat completed on 30 September 2022. Credit Assets Loans made by the Group to counterparties, together withinvestments in Private Credit funds managed or advised bythe Group. Equity Assets Instruments that have equity-like returns; that is, instrumentsthat do not contain a contractual obligation to pay and thatevidence a residual interest in the issuer’s net assets.Examples include ordinary shares or investments in PrivateEquity funds managed or advised by the Group. Carriedinterest receivable by the Group is not classified as anEquity Asset. Fair Value The amount that would be received to sell an asset or paidto transfer a liability in an orderly transaction between marketparticipants. Fee-Paying AuM The fee-paying asset under management of the Group,defined as: investor commitments for active fee-paying Private Equity funds; invested cost for other fee-paying Private Equity funds; the total assets for the Investment Company; and net invested amount for fee-paying Private Credit funds. Fund ManagementEBITDA Fund Management Income less Fund ManagementAdministration Costs. Fund ManagementIncome The income of the Group’s Asset Manager according toIFRS reporting standards. Fund ManagementEBITDA Margin The ratio of the Fund Management EBITDA and the FundManagement Income, expressed as a percentage. Group Pollen Street Group Limited and its subsidiaries.
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IFRS International Financial Reporting Standards as adopted bythe United Kingdom. Internal Rate ofReturn The discount rate that makes the net present value of allcash flows from a particular investment equal to zero,effectively indicating the annualised rate of return that theinvestment is expected to generate. Investment Asset The Group’s portfolio of Equity Assets and Credit Assets. InvestmentCompany The business segment of the Group that holds theInvestment Asset portfolio and the debt facilities. Theactivities of this segment predominately reside within PollenStreet Limited, Pollen Street Investments Limited, StingFunding Limited and Bud Funding Limited. Management FeeRate The ratio of the Fund Management Income attributable tomanagement fees and the Average Fee-Paying AuM,annualised and expressed as a percentage. Multiple onInvested Capital The return on an investment by comparing the total valuerealised to the initial capital invested, indicating how manytimes the original investment has been multiplied. Net InvestmentAssets The Investment Assets plus surplus cash, net of debt. Performance FeesShare of profits that the Asset Manager is due once it hasreturned the cost of investment and agreed preferred returnto investors. Performance FeeRate The ratio of the Fund Management Income attributable tocarried interest and performance fees and the total FundManagement Income, expressed as a percentage. Private Credit The Group’s strategy for managing Credit Assets within itsprivate funds. Private Equity The Group’s strategy for managing Equity Assets within itsprivate funds. Registrar An entity that manages the Company’s shareholder register.The Company’s registrar is Computershare InvestorServices PLC. Reported NetInvestment Return The ratio of the income from Investment Company to theAverage Net Investment Assets, expressed as an annualisedratio. SMA Separately Managed Accounts Sterling OvernightInterbank AverageRate (“SONIA”) The effective overnight interest rate paid by banks forunsecured transactions in the British sterling market. Structured Loan Credit Asset whereby the Group typically has senior securedloans to speciality finance companies, with security on theassets originated by the speciality finance company and firstloss protection deriving from the speciality financecompany’s equity. Corporate guarantees are also typicallytaken. Underlying NetInvestment Return The annualised ratio of gross income on Investment Assets,adjusted to exclude equalisation effects and other non-recurring items, to Net Investment Assets.
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Reconciliation to Alternative Performance Measures The alternative performance measures are used to improve the comparability of information between reporting periods, either by adjusting for uncontrollable or one-off factors that impact upon IFRS measures or, by aggregating measures, to aid the user to understand the activity taking place. Alternative performance measures are not considered to be a substitute for IFRS measures but provide additional insight on the performance of the business. Management fee rate Group For the periodended30 June 2026 £’000 For the periodended30 June 2025 £’000 Management fee income for the Asset Manager 33,879 37,939 Average Fee-Paying AuM 5,387,857 4,312,085 Management fee rate 1.26% 1.76% The Management Fee Rate is calculated by dividing the management fee income for the Asset Manager by the Average Fee-Paying AuM. The Management Fee Rate is annualised. Performance fee rate Group For the periodended30 June 2026 £’000 For the periodended30 June 2025 £’000 Carried interest & performance fee income forthe Asset Manager 6,365 3,424 Fund Management Income for the AssetManager 40,244 41,363 Performance fee rate 16% 8% The Performance Fee Rate is calculated by dividing the Carried interest and performance fee income for the Asset Manager by the Fund Management Income for the Asset Manager. Fund Management EBITDA & Fund Management EBITDA Margin Group For the periodended30 June 2026 £’000 For the periodended30 June 2025 £’000 Operating profit of the Asset Manager 16,100 17,667 Fund Management EBITDA 16,100 17,667 Fund Management Income for the AssetManager 40,244 41,363 Fund Management EBITDA Margin 40% 43% The Fund Management EBITDA is equal to the statutory operating profit of the Asset Manager. The Fund Management EBITDA Margin is calculated by dividing the Fund Management EBITDA by the Fund Management Income.
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EBITDA Group For the periodended30 June 2026 £’000 For the periodended30 June 2025 £’000 Operating profit of the Asset Manager 16,100 17,667 Operating Profit of the Investment Company5,729 13,314 EBITDA 21,829 30,981 The Fund Management EBITDA is equal to the statutory operating profit of the Asset Manager. EBITDA of the Group is calculated as the sum of the Fund Management EBITDA and the Operating Profit of the Investment Company. Adjusted Fund Management EBITDA & Fund Management EBITDA Margin Group For the periodended30 June 2026 £’000 For the periodended30 June 2025 £’000 Fund Management Income 40,244 41,363 Less: Fund V Catch-up Fees - (8,375) Administration Costs (24,144) (23,696) Adjusted Fund Management EBITDA 16,100 9,292 Adjusted Fund Management EBITDA Margin 40% 28% The Adjusted Fund Management EBITDA is equal to the statutory operating profit of the Asset Manager less catch- up management fees. The Adjusted Fund Management EBITDA Margin is calculated by dividing the Adjusted Fund Management EBITDA by the Fund Management Income, less catch-up management fees. Adjusted Profit after Tax Group For the periodended30 June 2026 £’000 For the periodended30 June 2025 £’000 Operating profit of Group 21,829 30,857 Deduct: FY25 Catch-Up Fees - (8,375) Adjusted Operating profit 21,829 22,482 Depreciation and amortisation (1,540) (1,241) Adjusted Profit before tax 20,289 21,241 Corporation tax (410) (1,689) Adjusted Profit after tax 19,879 19,552 Adjusted Profit after Tax is equal to the statutory profit after tax of the Group, adjusted to deduct catch-up management fees. Dividends per share Group For the periodended30 June 2026 £ pence For the periodended30 June 2025 £ pence Interim dividend 28.5 27.0 Dividend per share (pence) 28.5 27.0 Reported and Underlying Net Investment Return
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Group For the periodended30 June 2026 For the periodended30 June 2025 Gross Investment Assets (£'m) 499 520 Average Net Investment Assets (£'m) 333 319 Income on Net Investment Assets (£'m) 5.7 13.3 Reported Net Investment Return (%) 3.4% 8.4% Average Net Investment Assets (excl. mark-to-market positions) (£'m) 314 319 Add back: Equalisation Impact (£'m) 0.4 0.7 Add back: Marlin Impact (£’m) 5.6 - Underlying Income on Net Investment Assets(£'m) 11.7 14.0 Underlying Net Investment Return (%) 7.4% 8.8% The Reported Net Investment Return is calculated by dividing the Income on Net Investment Assets by the Average Net Investment Assets and is annualised. The Underlying Net Investment Return excludes the average investment assets relating to mark-to-market positions, and adds back equalisation and other non-recurring impacts, net of performance fees, to the Income on Net Investment Assets. Gross Investment Assets, Debt-to-Gross Investment Asset Ratio & Net Debt-to-Gross Investment Asset Ratio Group As at30 June 2026 £’000 As at30 June 2025 £’000 Gross investment assets 499,177 520,334 Interest-bearing borrowings 190,637 206,284 Debt-to-Gross investment asset ratio 38.2% 39.6% Cash and cash equivalents 14,733 6,724 Net debt-to-gross investment asset ratio35.2% 38.4% The debt-to-gross investment asset ratio is calculated as the Group’s interest-bearing debt divided by the gross investment asset value, expressed as a percentage. The net debt-to-gross investment asset ratio is calculated as the Group’s interest-bearing debt less cash and cash equivalents, divided by the gross investment asset value expressed, as a percentage.
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This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial ConductAuthority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution ofthis information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services.For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our PrivacyPolicy. END [1] Preqin, 2025 Global Report: Private Debt, https://www.preqin.com/insights/global-reports/2025-private-debt [2] Percentage movements are calculated using the underlying unrounded figures; consequently, they may differ slightly from percentage movements derived from the rounded amounts presented. [3] The 'Gains on Investment Assets held at fair value' includes £168k from unrealised foreign exchange gains and realised & unrealised derivative gains, which are not included in Note 8. [4] The 'Gains on Investment Assets held at fair value' includes £277k from unrealised foreign exchange gains and realised & unrealised derivative gains, which are not included in Note 8. [5] The prior period comparative is for the year ended 31 December 2025, the equivalent release for the six month period ended 30 June 2025 was £762k.