Mortgage Advice Bureau (MAB1) H2 2025 earnings summary

Executive summary

• Revenue grew 20% year-over-year to £318.8m, driven by increased lending activity, adviser growth, and productivity gains.

• Adjusted profit before tax (PBT) rose 13% to £36.3m; adjusted EPS up 14% to 44.5p.

• Market share increased to 5.8%, with strong performance in product transfers and new lending.

• Adviser base grew 10% to 2,135, with productivity per adviser up 13% to £157k.

• Mortgage completions rose 23% to £32bn; total mortgages completed up 18% to 166,000.

Financial highlights

• Mortgage procuration fees increased 27% to £133.9m, with accelerated growth in H2.

• Protection and general insurance commission grew 12% to £117.5m; client fees up nearly 20% to £61.3m.

• Administrative expenses rose 23% to £56.2m, reflecting ongoing investment in scaling the platform.

• Free cash flow stable at £35.5m; cash conversion strong at 121%.

• Net debt reduced to £3.3m (0.1x leverage); unrestricted cash doubled to £8.1m.

Outlook and guidance

• Move from AIM to main market in Q2 to support ambitions of doubling size and 2.5x profitability.

• Management confident in resilience and growth, citing robust lead generation, digital initiatives, and scalable platform.

• AI and digital tools expected to further enhance lead flow, customer engagement, and operational efficiency.

• Regulatory-identified protection gap offers long-term growth potential.

• Geopolitical and macroeconomic uncertainty persists, but the business model has shown resilience.