Manolete Partners (MANO) H1 2026 earnings summary

Executive summary

• Leading UK insolvency litigation financing company, purchasing claims from insolvent estates and controlling litigation for optimal recoveries, with a unique business model and dominant market position.

• Completed over 1,300 cases, generating £175m in aggregate value, with a consistent high return over 16 years.

• Interim H1 FY26 revenue was £12.7m, down 12% year-on-year, with realised revenue at £14.0m, down 7%.

• Record 146 new case investments (+15.9% YoY) and 146 completions (+7% YoY) achieved, with 469 live cases as of November 2025.

• The first truck cartel case settlement resulted in a £3.2m cash receipt and a £1.9m portfolio write-down.

Financial highlights

• Realised revenue was £14.0m, down 7% YoY; total revenue fell 12.7% due to negative unrealised revenue from cartel write-downs.

• Gross profit was £4.0m, down 10% YoY; gross margin stable at 31% (up from 30%).

• EBIT was £0.1m (vs £0.7m prior year); adjusted EBIT £2.0m excluding £1.9m one-off cartel write-down.

• Net cash from completed cases up 4% to £7.9m; cash balance up 67% to £1.1m.

• Net debt decreased by 9% to £10.8m as of 30 September 2025.

Outlook and guidance

• Board expects higher average settlement values and realised revenues in H2 FY26, with new case referrals and expected settlement values at or near record levels.

• Gross margin anticipated to revert to higher historic levels as larger cases return.

• Strategy remains focused on UK insolvency claims, with selective consideration of exceptional non-UK opportunities.

• New CFO joining in December 2025.