Slides
Page 1
Interim Results 2026 A record period delivering strong growth
Page 2
Presentation Team Gareth Samples Chief Executive Officer Ben Dodds Chief Financial Officer
Page 3
Highlights1 Agenda Financial Review2 Strategy3 Outlook4 Q&A5
Page 4
Highlights INTERIM RESULTS 2026
Page 5
The UK’s largest multi-brand property franchisor 5 Track record of delivering growth underpinned by a resilient business model, with considerable opportunities arising from the Group’s increased scale and reach HIGHLIGHTS 18 Proven multi-brand franchise model Harnessing entrepreneurial self- motivated franchisees coupled with specialist central support Franchise brands 1,900 Large and growing network Lettings and estate agency businesses 290 Mortgage advisers 19 International opportunity Countries we operate across Highly experienced senior leadership team Supporting the enlarged group including Group MDs, General Counsel, Operations and Commercial Directors 8 Successful acquisition strategy Successful integration including two latest transformational acquisitions Acquisitions since 2013 46% High degree of recurring revenue Highly cash generative and underpinned by recurring revenues from lettings Of total revenues from lettings or licensing £13.4m Strong free cash generation 83% of Earnings converting to cash from operations +17% Progressive dividend policy Compound annual growth rate in dividends since 2014 25 years Average industry experience Interim Results 2026 8 new international offices added in 2025
Page 6
Divisional Business Structure 6Interim Results 2026 Network of independent businesses operating under our Brands, Procedures and Guidance. % of Revenue Business Model Three divisions underpinned by a scalable platform model Core, recurring engine Franchising Advisers earning commission on mortgages and protection products through an authorised network Financial Services Cross sell growth engine Network of independent businesses operating under our Brands. Fixed Fee Model Licensing Capital light, recurring income WHO WE ARE Platform model Value-add products and services, Technology & Innovation, Procurement, Customers & Data, and Shared expertise
Page 7
H1 2026 Operational Highlights 7Interim Results 2026 Solid operational progress across the Group, strengthening TPFG’s strategic position Managed portfolio of 149,000 managed properties (H1 2025: 150,000) Financial Services division delivered a record 13,400 mortgages (H1 2025: 12,800) First AI-enabled products launched commercially, with 14 (H1 2025: Nil) franchisees onboarded Strategic investment in Meridian, parent of Legal & General Surveying Services, extending the platform into residential surveying Privilege programme delivered £1.2m with Rent Guarantee now protecting over 72,000 managed properties HIGHLIGHTS Acquisition of SAFS completed in January 2026, successfully integrated and performing in line with the Board's expectations
Page 8
Financial Review INTERIM RESULTS 2026
Page 9
9Interim Results 2026 FINANCIAL REVIEW Revenue £43.3m +7% YoY H1 2025: £40.3m Net debt £8.1m H1 2025: 0.5x Adjusted profit before tax £15.5m +7% YoY H1 2025: £14.5m Recurring income 46% Adjusted basic EPS 19.8p +8% YoY H1 2025: 18.3p Interim Dividend 7.7p +10% YoY H1 2025: 7p Cash from operations £13.4m H1 2025: 47% Leverage 0.3x H1 2025: £13.2mH1 2025: £10.9m +2% YoY H1 2026 Key Highlights Strong financial performance delivering growth across KPIs
Page 10
10 Revenue and Profitability Robust group growth with Franchising continuing to deliver highest proportion of profitability FINANCIAL REVIEW Revenue Financial Services £13.0m £24.0m Franchising £6.3m Licensing +8% +10% 0% Adjusted operating profit Financial Services £2.6m £13.4m Franchising £1.7m Licensing +2% +74% -5% Interim Results 2026
Page 11
2% Lettings growth 1% Sales growth Interim Results 2026 KPIs • Remains at the core, delivering 78% of divisional adjusted operating profit • Privilege programme launched, generating £1.2m of income in H1 • Launch of self-managed landlord campaign across the network to leverage opportunity provided by the Renters Rights Act. Franchising Lettings income continues to make up c50% of all franchising income, supporting robust recurring revenues FINANCIAL REVIEW Revenue Lettings MSF Sales MSF 68% Recurring H1 2026 £24m£4m £11m £4m £5m H1 2025 £22m £10m£4m £3m £5m Own Offices Other Total managed lets 149,000 (H1 2025: 150,000) Total Sales 15,500 (H1 2025: 16,200) Average MSF per franchisee £20.6k (H1 2025: £19.2k) H1 2026 Progress 56% Adjusted operating profit margin 11 +8%
Page 12
12Interim Results 2026 KPIs • Acquisition of 85% stake in Smart Advice Financial Solutions, adding 34 advisers • Trial of AI lead generation tool to address franchise division cross-sell opportunity Financial Services Financial Services continues to grow with work ongoing to leverage the cross-sell opportunity in franchise. FINANCIAL REVIEW +6% Employed Advisers H1 2025 £12m £5m£7m Business Partners H1 2026 Progress Revenue 6% Revenue growth 20% Adjusted operating profit* 5% Recurring Number of advisors 290 (H1 2025: 293) Mortgage transactions 13,400 (H1 2025: 12,800) Revenue per adviser £44.9k (H1 2025: £40.2k) 12 H1 2026 £13m £4m £9m
Page 13
13 KPIs Licensing Number of licensees continues to grow with divisional recurring revenue >70% FINANCIAL REVIEW Revenue H1 2026 Progress • Fine & Country added 13 new licensees, including 8 new international offices • Value proposition has been strengthened and launched at the national conference in February 2026 with pricing change implemented in August. 0% Revenue growth 28% Adjusted operating profit 72% Recurring +0% Fine & Country H1 2025 £6m £3m£3m The Guild Number of licensees 1,039 (H1 2025: 1,035) Average license fee per licensee £689 (H1 2025: £706) 13 H1 2026 £6m £3m£3m Interim Results 2026
Page 14
4.0p 5.9p 6.5p 7.5p 8.4p 2.6p 8.7p 11.6p 13.0p 14.0p 18.0p 22.0p 23.7p 7.7p 11.6p 14.4p 14.0p 15.4p 16.2p 16.8p 27.9p 28.4p 29.7p 31.7p 40.3p 42.1p 14Full Year Results 2025 Consistent Delivery The Group has delivered consistent growth in Adj PBT, EPS and Dividend for more than a decade FINANCIAL REVIEW 2.1 3.1 3.8 4.2 4.8 4.9 5.3 9.4 10.7 11.2 22.3 31.0 33.4 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 17% Dividend CAGR 16% EPS CAGR 28% Adj PBT CAGR £66m 3Yr Cash Generation* Dividend Adjusted EPS Adjusted PBT (£m) *£22m of net cash from operations assumed over a 3 year period Market Consensus
Page 15
15 Capital Allocation The Group continues to deliver on its capital allocation strategy Interim Results 2026 FINANCIAL REVIEW Financial Resilience • Maintain low levels of leverage • Maintain appropriate cash reserves Bank debt remained at same levels due to RCF & loan to fund acquisition Organic Growth Investment • Strategic spend to support synergy growth • Support acquisitions • Invest in cost saving programmes Small Investment in AI to support future commercial opportunities and cost control Exploring financial incentive for agent conversion Progressive Dividend • Pay out ratio c.50% of earnings in dividend Increased half year dividend by 10% M&A Activity • Property Franchisors or complementary business models • Lettings Book acquisitions into owned Acquired Smart Advice FS in Feb 2026 Invested in Meridian, Survey opportunity in April 2026 Surplus Capital • Return to shareholders • Special dividends or buy-backs Initiated a programme to buy shares for future LTIP awards at economically beneficial value. 1 2 3 4 5 Focus H1 2026
Page 16
Strategy INTERIM RESULTS 2026
Page 17
17 Financial Services • Whilst new lending is down, Mortgage approvals are up +4% higher than H1 2025 driven by remortgages5 • Mortgage rates appear to have peaked in April 20266 , although recent market events may cause these to rise again Market Update Sales and FS markets have been subdued in H1 2026, with Lettings proving resilient STRATEGY Lettings • Landlord attrition has slowed following Renters’ Rights Act implementation • Tenant competition has eased slightly but remains above pre pandemic levels2 Sales • Middle East conflict and subsequent effects dampened buyer confidence • New buyer enquiries remained negative in June at (29%) but improved from (34)% in April and May8 1 ONS Private rent and house Prices, 2.Zoopla Rental Report June 2026, 3. Bank of England Base Rate tracker 4. Financial Conduct Authority, Mortgage Lending Statistics June 2026, 4. BoE Mortgage Approvals 5 BofE Mortgage Rate data 6.ONS UK monthly property transactions 7. ONS UK house price index 8. RICS Residential Survey June 26 ▬ 3.75% Bank Rate, flat in H1 20263 ▼ £69.6bn Q1 2026 advances, down 10%4 ▼ 0.55m H1 2026 sales, down 4%6 ▲ 2.1% UK house prices, vs H1 20257 ▲ 3.4% UK rents, vs H1 20251 Enquiries / rental home, down 0.5 vs May 25 ▼ 5.6 Interim Results 2026
Page 18
18Full Year Results 2025 STRATEGY Growth Strategy Roadmap • Grow the franchise, adviser, member and licensee networks that generate the Group's customer flow. • Expand recurring lettings income as rising landlord obligations strengthen the case for professional management. • Lift productivity across the network through training, technology and AI-enabled tools. • Convert more of the Group's property transactions into mortgage and protection advice. • Use our customer data to connect customers with services from across the Group. • Build shared services, technology and AI once, and deploy them across every division. • Add products and services our networks and their customers already buy. • Develop new AI and technology services for operators and end customers. • Invest selectively in adjacent property services 1 Grow the core business1 2 Drive cross-platform synergies2 3 Expand the platform3 DISCIPLINED ACQUISITION ACCELERATES THE CORE AND THE PLATFORM Franchise consolidation FS adviser businesses Lettings portfolios Complementary businesses Produces: customer flow, recurring income, cash Produces: more income per customer Produces: new income streams 14 franchisees onboarded onto AI enabled services Acquisition of SAFS Minority stake in Merdian (surveying business) Further rollout of Privilege Rent Guarantee Supported network through Renters’ Rights Act implementationUnderlying LFL growth in Franchising and FS Continued expansion of MarketMoreRelaunch of Guild Value Proposition FY26 Priorities Significant growth in partner income across the network Further progress in driving FS referrals from franchise network Interim Results 2026 Significant opportunity for TPFG to drive continued growth
Page 19
Outlook INTERIM RESULTS 2026
Page 20
Outlook 20Interim Results 2026 Commercial opportunities in 2026 supported by strong balance sheet, diversified income streams, and expanding platform AI initiatives providing tangible commercial benefits OUTLOOK Actively pursuing earnings accretive acquisition opportunities Boost revenue synergies via the Group’s scale and platform strengths Resilient business model supports continued growth despite subdued market Full year trading remains in line with expectations
Page 21
Q&A INTERIM RESULTS 2026
Page 22
Appendix INTERIM RESULTS 2026
Page 23
23Full Year Results 2025 APPENDIX The Board Ben Dodds Chief Financial Officer Paul Latham Non-Executive Chair Michelle Brook Financial Services Director Gareth Samples Chief Executive Officer Jon Di-Stefano Senior Independent Non-Executive Director Claire Noyce Independent Non-Executive Director Paul George Independent Non-Executive Director Interim Results 2026
Page 24
24Full Year Results 2025 APPENDIX Senior leadership team Gareth Samples Chief Executive Officer Ben Dodds Chief Financial Officer Michelle Brook Financial Services Director Ellie Hall Belvoir Group MD Rob Smith Hunters & Northwood Group MD Toby Smith Trad Brands Group MD Nick Neill Hybrid Group MD Iain Mckenzie Licensing Claire Devine General Counsel & Comp Sec Grace Milham Operations Director Adam Noonan Commercial Director Interim Results 2026