Mortgage Advice Bureau (MAB1) H2 2025 TU earnings summary

Executive summary

• Group revenue rose 19% year-over-year to approximately £318m for 2025, with adjusted profit before tax up 12% to about £35.8m, in line with expectations.

• Adviser headcount increased 10% to 2,135, with 65% of growth from existing network firms and the rest from new Appointed Representatives.

• Adviser productivity improved, with average revenue per adviser up 13% to £157k, despite many new joiners not yet at full productivity.

• Remortgage and product transfer activity rose 12% year-over-year, while purchase activity was resilient despite a late-year slowdown.

Financial highlights

• Adjusted PBT reached £35.8m, a 12% increase from £32.0m in 2024.

• Revenue grew to £318m from £266.5m, a 19% year-over-year increase.

• Adviser productivity (revenue per adviser) increased 13% to £157k.

Outlook and guidance

• Entered 2026 with strong momentum and trading in line with Board expectations.

• Fixed-rate maturities for 2026 are 19% higher, outpacing the overall refinancing market's 3% growth.

• Expecting a modest release of pent-up purchase demand in early 2026, supported by improved affordability and lending rules.