**Summary of XPS Pensions Group PLC Half-Year Report (H1 FY26, ended 30 September 2025)**
**Financial Performance Highlights**
**Revenue Growth** Total Group revenue increased by **13%** to **£128.5 million**, driven by strong client demand, project work, and expansion of services, including the **Polaris acquisition** in February 2025.
**Organic Growth** Organic revenue growth was **8%**, with **12%** growth excluding the one-off McCloud remedy project from the prior year.
**Advisory** Revenue grew **19%** (9% organic) to **£73.7 million**, with strong performance across all service lines.
**Administration** Revenue grew **6%** (16% excluding McCloud) to **£48.1 million**, with new client wins and inflationary fee increases.
**SIP** Revenue grew **10%** to **£6.7 million**, driven by higher sales and interest income.
**EBITDA** Adjusted EBITDA rose **8%** to **£33.4 million**, despite NI headwinds and investment in insurance consulting.
**Profit Before Tax** Increased **5%** to **£27.9 million** (adjusted).
**Earnings Per Share (EPS)** Adjusted fully diluted EPS grew **9%** to **9.7p**.
**Net Debt** Increased to **£62.2 million** due to the Polaris acquisition and EBT share purchases.
**Dividend** Interim dividend increased **11%** to **4.1p** per share.
**Strategic Developments**
**Acquisition of Polaris** Integrated successfully, expanding insurance consulting capabilities and opening opportunities in the insurance market.
**Client Wins** Secured major contracts, including a **long-term administration deal with the Metropolitan Police** (80,000 members).
**Technology Enhancements** Strengthened proprietary platforms like **Radar** and **Aurora** to support regulatory changes and client transitions.
**Employee Culture** Maintained high staff retention and a **+32** employee net promoter score, reflecting a strong culture.
**Outlook**
The pensions industry faces significant regulatory changes, driving demand for XPS’s advisory services.
The Board is confident of achieving full-year results in line with expectations, supported by a robust brand, service offerings, and growth strategy.
Continued focus on strategic M&A, technology innovation, and client expansion to drive future growth.
**Key Risks and Uncertainties**
Macroeconomic factors, including inflation and interest rates, are monitored but mitigated by inflation-linked contracts and modelled forecasts.
The Group remains well-positioned with a strong balance sheet, undrawn credit facilities, and compliance with banking covenants.
**Conclusion**
XPS Pensions Group delivered a strong H1 performance, underpinned by organic growth, strategic acquisitions, and operational efficiencies. The Group is well-placed to capitalize on industry changes and sustain its growth trajectory, supported by a positive employee culture and innovative technology.