The Pebble Group (PEBB) H2 2025 TU earnings summary

Executive summary

• FY25 results expected to align with market expectations, with revenue around £125m and adjusted EBITDA of at least £15.8m, reflecting a return to growth in H2 25 for Brand Addition.

• Strong cash generation and acceleration of new Partner wins at Facilisgroup, with nearly 100% growth in new Partner wins compared to 2024 and strong Partner retention.

• Board remains focused on unlocking shareholder value through strategic options, including further investments, capital returns, and group structure review.

Financial highlights

• Group revenue for FY25 expected to be circa £125m, compared to £125.3m in FY24.

• Adjusted EBITDA projected at not less than £15.8m, down from £16.7m in FY24, reflecting investment in Facilisgroup.

• Operating cash conversion increased to over 80% from 68% in FY24.

• Net cash (excluding IFRS 16 liabilities) at year-end 2025 was £9.6m, compared to £16.5m at year-end 2024.

• Cash distributions to shareholders totaled £11.7m, up from £3.4m in FY24.

Outlook and guidance

• Facilisgroup's expanded Partner base and strong retention provide a foundation for growth in 2026 and beyond.

• Brand Addition's strong gross margins and cost discipline expected to support profit growth, with new contract wins impacting revenue from 2026.

• Further details on growth strategy, profit delivery, and capital allocation to be provided with FY25 results in March 2026.