Fintel : Interim Results 2025 - Presentation

HY RESULTS|2025

Strong trading Acquisitions integrated Strategic transformation

2 F I N T E L H Y R E S U L T S 2025

1. Introduction

2. Operational Update

3. Financial overview

1. Summary

2. Appendices

3 F I N T E L H Y R E S U L T S 2025

HY RESULTS 2025

STRONG TRADING, ACQUISITIONS INTEGRATED, STRATEGIC TRANSFORMATION

3.

Strategic Transformation

Software & Data and Services.

One Fintel: Two Divisions for growth

2.

Acquisitions Integrated

9 acquisitions integrated into two Divisions

1.

Strong Trading H125

Positive Revenue and EBITDA Growth

MATT TIMMINS

CEO, FI NTEL PLC

DAVID THOMPSON

CFO, FI NTEL PLC

4 F I N T E L H Y R E S U L T S 2025

18.6%

REVENUE GROWTH

£42.4m (HY24: £35.7m)

17%

ADJUSTED EBITDA INCREASE

£11.2m (HY24: £9.6m)

21%

SAAS & SUBS REVENUE GROWTH

£24.2m (HY24: £20.0m)

1.3x

NET DEBT TO EBITDA RATIO

£8.4m

CASH

BALANCE SHEET

8%

DIVIDEND GROWTH

1.3pps (HY24: 1.2pps)

5 F I N T E L H Y R E S U L T S 2025

2002 2019 2023 2024 2025

Simplybiz founded

Launched compliance and regulatory support business

Acquired Defaqto

Pivoted from people and services to software & data

Acquired MICAP, AKG, Competent Advisor, VouchedFor

ng data, software Further 9 acquisitions extendi & technology capabilities

Acquired

Integrated acquisitions & delivered strategic transformation

Owen James, Synaptic ifa Dash, threesixty

One Fintel : Two Divisions

100

Revenue (£m)

80

60

40

20

0

Group Revenue

9.1% CAGR

2018 2019 2020 2021 2022 2023 2024 2025

Software & Data

Software: 24.2% CAGR

Data: 11.5% CAGR

Revenue (£m)

40

30

20

10

0

2018 2019 2020 2021 2022 2023 2024 2025

Technology powering UK advice

£49bn of Advised Wealth Transactions supported each year through our technology

Product Data powering Retail FS Largest UK financial product database rating over 45,000 financial products

Experts in Regulation

Providing subscription-based business & regulatory support to >1/3 of directly authorised financial advisers

Reseller Software Fintel Software Fintel Data

PRODUCT PROVIDERS

FINTECH

& SERVICES

INTERMEDIARIES

Insights and analytics

TRUSTED BRAND, EXPERT ANALYSIS

CONSUMERS

Regulatory services, Fintech & workflow

Product design and distribution

DISTRIBUTION ACROSS THE ENTIRE MARKET

LARGEST UK FINANCIAL PRODUCT DATABASE

LEADING REGULATORY & BUSINESS SUPPORT

SOFTWARE & DATA

6 F I N T E L H Y R E S U L T S 2025

7

F I N T E L H Y R E S U L T S 2025

IFAs, Mortgage Brokers, Wealth Managers, Discretionary Managers, Consolidators

>15,000

intermediary subscribers to service & technology platform

Banks, Building Societies, Insurers, Pension Providers, Asset Managers

>500

industry partners supported with market and product insight and product distribution

Price Comparison Websites, Aggregators

>13

PCW sites supported with product education and data

8 F I N T E L H Y R E S U L T S 2025

PREVI OUS OPERATING MODEL

Three seg ments supporting diverse business model.

D I S T R I B U TI ON C HA NN E L S

I N T E RM E D I A RY S ER V I C ES

F I NT E C H & RE S E A RC H

10 F I N T E L H Y R E S U L T S 2025

ONE F I NTEL: TWO GROWTH ENGI NES

SO F TW A R E & D A TA

S ER V I CES

S ER V I N G U K R ET A I L F I N A N C I A L S ER V I C ES

Product Providers, Intermediaries, Consolidators & Aggregators

D I S T IN CT , E X P E R T CA P A BI L I T IE S

Market-leading software & technology, product research and ratings

Integrated regulatory, business support and distribution solutions

R EC U R R I N G R EV EN U ES

SaaS & Data license revenues Membership subscription revenues

11 F I N TE L R E S U L TS H Y 2 5

Revenue -

-

-

EBITDA1

-

£15.8m £18.4m 16.5%

Revenue

HY25 Change

HY24

SOFTWARE & DATA

38.1%

EBITDA

margin2

EBITDA

margin2

30.0%

EBITDA

margin2

£6.0m

£6.9m

8.7%

£6.0m £6.5m

EBITDA1

£19.9m £24.0m 20.3%

Revenue

HY25 Change

HY24

SERVICES

37.5%

27.1%

14.7%

CENTRAL PLC COSTS

HY24

HY25

Change

EBITDA1

(£2.4m) (£2.2m) (8.9%)

-

• Total adjusted EBITDA = £11.2m (HY24: £9.6m), up 17.0%

• Total adjusted EBITDA gross margin 26.4% (HY24: 26.8%)

• EBITDA margin dilution of c.40bps attributable to acquisitions made at lower gross margin

1Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, share option charges and non-underlying operating costs.

2Adjusted EBITDA margin is calculated as adjusted EBITDA as a percentage of revenue.

12 F I N T E L H Y R E S U L T S 2025

1. Introduction

2. Operational update

3. Financial overview

1. Summary

2. Appendices

ONE FINTEL, TWO GROWTH ENGINES

Market leading technology, proprietary data and deep expertise.

SO F TW A R E & D A TA S ER V I CES

SOFTWARE

COMPLIANCE & MEMBERSHIP SERVICES

90%

Software solutions supporting over £49BN advised wealth transactions

80%

Regulatory and business support service platform supporting over 15,000 intermediary members.

DATA

DISTRIBUTION

Expert product ratings and insight helping consumers and financial professionals to make smarter financial decisions.

Data driven solutions helping financial institutions to optimise their product design and distribution strategies.

MARKETING & CONSULTANCY

SURVEYING

Marketing and consultancy services helping product providers differentiate their products.

Providing essential surveying and valuation services to the UK mortgage market.

COMPETITIVE LANDSCAPE

Focused UK retail financial services strategy Opportunities to consolidate a fragmented technology market

S O F T W A RE

S U PPO R T

ED

FINANCIAL TECHNOLOGY

REGULATORY & BUSINESS SUPPORT

D AT A

D I S T R I B U TI ON

EXPERT PRODUCT RATINGS

PRODUCT RESEARCH & DISTRIBUTION

COMPETITIVE LANDSCAPE

Market leading technology, proprietary data and deep expertise. Opportunities to consolidate a fragmented technology market

S O F T W A R E

>£49bn

of advised wealth transactions supported

through our technology ED

S U P P O R T

>15,000

Subscribers to regulatory and business support platform

FINANCIAL TECHNOLOGY REGULATORY & BUSINESS SUPPORT

D A T A

>70%

Consumer awareness of our Star Ratings

D I S T R I B U T I O N

>30%

Market share of directly authorised intermediary firms

EXPERT PRODUCT RATINGS PRODUCT RESEARCH & DISTRIBUTION

FOCUSED LEADERSHIP

Deep sector expertise and proven leadership skills.

SO F TW A R E & D A TA S ER V I CES

JOHN MILLIKEN

A technology focused leader, John has led Fintel's subsidiary Defaqto since 2021, previously scaling Saas, fintech, machine learning and

enterprise software businesses.

EXPERIENCE

CEO Defaqto CEO Speechmatics COO Infomedia Group

SPECIALISMS

Leadership and strategy Scaling technology, data and operations Integration and service optimisation

ALEX WHITSON

Passionate about the value of financial advice, Alex scaled VouchedFor, (acquired by Fintel in 2023), from inception.

Customer focused, with a background scaling start ups, scale-ups and corporates across a range of sectors.

EXPERIENCE

CEO VouchedFor

CMO Hatch Financial Planning Director Haymarket Media Group

SPECIALISMS

Growth strategy

Customer centricity and value creation Service design and proposition

• Strategic transformation delivered

• Teams successfully transitioned

• New leadership structure in place

• Organic growth drivers identified in each division

20 F I N T E L H Y R E S U L T S 2025

• Acquisitions integrated

• Nine acquisitions integrated into two new divisions

• Driving operational synergies and focus on organic growth opportunities

• Strong H1 trading

• Material growth in revenue and profitability

• Continued growth in revenue visibility

• Performance in line with FY expectations

21 F I N T E L H Y R E S U L T S 2025

1. Introduction

2. Operational update

3. Financial overview

1. Summary

2. Appendices

22 F I N TE L R E S U L TS H Y 2 5 - F I N AN C I AL HI G HL I G HT S

£35.7m

£9.6m

£11.2m

26.4%

26.8%

£42.4m

Group R evenue

Revenue growth

£6.7m +18.6%

Group EBI T DA 1

EBITDA growth

£1.6m +17.0%

GR OUP EBI T DA margi n

EBITDA Margin

26.4%

1Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, share option charges and non-underlying operating costs.

23 F I N TE L R E S U L TS H Y 2 5 - F I N AN C I AL HI G HL I G HT S

R evenue Grow th 1 Segment revenue mi x

S&D

£18.4m

S&D

£15.8m

Services

£19.9m

Services

£24.0m

£35.7m

£37.2m

£5.2m

HY 24 HY 25

Revenue growth 18.6% to £42.4m

£1.5m organic revenue £5.2m inorganic revenue

Software & Data growth £2.6m, 16.5% Services growth £4.1m, 20.3%

1Statutory revenue increased £6.6m in the period, supported by £5.2m inorganic revenue (FY24: £15m). Excluding the impact of acquired revenues organic revenue grew by 4%

24 F I N TE L R E S U L TS H Y 2 5 - F I N AN C I AL HI G HL I G HT S

Software & Data Revenue Mix

Services

Revenue Mix

£15.8m

£18.4m

£0.8m

£4.4m

£10.6m

£11.3m

£8.0m

£11.0m

£7.4m

£4.5m

£8.1m

£4.9m

£5.2m

£1.9m

£19.9m

£24.0m

HY 24 HY 25 HY 24 HY 25

Software Data Marketing & Consultancy

Membership & Compliance Distribution Surveying

Strong Growth in both divisions

25 F I N TE L R E S U L TS H Y 2 5 - F I N AN C I AL HI G HL I G HT S

3.0 24.2

0.9

20.0

0.7

(0.4)

H1 24 Membership Conversion to

Subscription Contracts

Organic Growth & New Wins

Threesixty Acquisition

H1 25

• £4.2m (21%) growth in SaaS/Subs revenue

• Software & Data Saas/Subs revenue of £12.3m, or 67%

  
  
  

• Services Saas/Subs revenue of £11.9m, or 50%

• Group SaaS/Subs revenue of £24.2m, or 57%

26 F I N TE L R E S U L TS H Y 2 5 - F I N AN C I AL HI G HL I G HT S

Software & Data EBI TDA Mix

Services EBI TDA Mix

Central 'plc' costs

£6.0m

£6.3m

£0.6m

(£2.2m)

(£2.4m)

£5.8m

£0.7m

£6.0m

• Organic ■ Acquisition ■ Organic ■ Acquisition

Software & data EBITDA growth of £0.9m, 14.7%

Services EBITDA growth of

£0.5m, 8.7%

Central 'plc' costs reduced by £0.2m

• Combined EBITDA growth of £1.6m period on period

• Previously reported segments at gross profit, now report to EBITDA

• Central 'plc' costs of £2.2m (down from £2.4m in H1 24)

27 F I N TE L R E S U L TS H Y 2 5 - F I N AN C I AL HI G HL I G HT S

SOFTWARE & DATA SERVICES

HY24		HY25	Change
Organic	£15.8m	£16.7m	5.6%
Inorganic	-	£1.7m	100%
Total revenue	£15.8m	£18.4m	16.5%
EBITDA1	£6.0m	£6.9m 37.5%	14.7%
EBITDA margin2	38.1%

HY24		HY25	Change
Organic	£19.9m	£20.5m	2.8%
Inorganic	-	£3.5m	100%
Total revenue	£19.9m	£24.0m	20.3%
EBITDA1	£6.0m	£6.5m 27.1%	8.7%
EBITDA margin2	30.0%

• Total EBITDA generated by the business was £11.2m (HY24: £9.6m), up 17.0%

• Total EBITDA gross margin of 26.4% (HY24: 26.8%)

• Overall EBITDA margin dilution of c.40bps attributable to acquisitions made at lower gross margin

  
  
  

• Central 'plc' costs of £2.2m (down from £2.4m in H1 24)

1Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, share option charges and non-underlying operating costs.

2Adjusted EBITDA margin is calculated as adjusted EBITDA as a percentage of revenue.

28 F I N TE L R E S U L TS H Y 2 5 - F I N AN C I AL HI G HL I G HT S

101%

£13.3m

HY 2 3

£1.7m

(£8.6m)

(£23.7m)

H Y 2 5

F Y2 4

H Y 2 3

124%

5.0p

5.7p

ADJUST ED EP S 1

Growing adjusted EPS

+14%

CASH FLOW 2

CONVER S I ON

Strong cash conversion after period of significant investment

NET DEBT P OSI TI ON

(£30.1m)

Investing cash resources for growth

1 Adjusted earnings per share is calculated as adjusted profit after tax attributable to owners of the company, which excludes non-underlying operating costs and amortisation of intangible assets arising on acquisition, divided by the average number of Ordinary Shares in issue for the period.

2 Cash flow conversion is calculated as underlying cash flow from operations (adjusted operating profit, adjusted for changes in working capital, depreciation, amortisation, CAPEX and share based payments) as a percentage of adjusted operating profit.

F I NTEL RESU LTS HY 2 5 - FINANCIAL HIGHLIGHTS 29

De-leverage phase

Investment phase

15.0

10.0

5.0

NET DEBT TO EBI TDA RATI O

FY 1 9 FY 2 0 FY 2 1 FY 2 2 FY 2 3 FY 2 4 H Y 25

ROBUST LIQUIDITY POSITION

Positive cash position of £8.4m (FY24: £6.3m), and

net debt £30.1m (FY24: £23.7m)

• Strategic headroom for future organic and M&A investments

• Leverage remains at a comfortable 1.3x following substantial investment in acquisitions and product development

• >£40m headroom within the existing £80m revolving credit facility

• In H2: Refinanced revolving credit facility;

increasing facility to £120m

1.0

0.5

0.0

Net Debt (£m)

(5.0)

Ratio

0.0

(10.0) (0.5)

(15.0)

(20.0)

(1.0)

(25.0)

(30.0)

(1.5)

(35.0) (2.0)

STRONG CASH GENERATION - INVESTING FOR GROWTH

Positive cash of £8.4m (FY24: £6.3m)

Supporting strategic expenditure/investments:

• Upfront cost of acquisitions in H1 (RSMR), net of cash received £4.8m

• Deferred consideration on previous acquisitions, £5.0m

• Development expenditure £2.1m, Capex £0.1m

• Non-underlying cash costs of £1.2m consists of:

  • M&A transaction costs: £0.5m

  • Restructuring costs: £0.7m

• £1.6m loan to equity investments

30 F I N TE L R E S U L TS H Y 2 5 - F I N AN C I AL HI G HL I G HT S

Cash inflows Investment

Shareholder return

Tax & debt servicing

30.0

25.0

Cash generation (£m)

20.0

15.0

10.0

5.0

6.3

13.6

8.5

28.4

(5.0)

(4.8)

(1.6)

(1.2)

(2.2)

(2.6)

(1.1)

(1.2) (0.3)

8.4

FY24 cash position

Cash from operations

Loan drawdown

Sources of income

Acquisitions (deferred)

Acquisitions (net)

Loan to equity interest

Non-underlying costs

Devex & Capx

Dividends paid

Income tax paid

Financing costs

Lease costs

HY25 cash position

0.0

£22.1m

(£14.8m)

(£2.6m)

31 F I N TE L R E S U L TS H Y 2 5 - F I N AN C I AL HI G HL I G HT S

Group operating profit	7.6		9.2
Depreciation and amortisation	1.2		1.6
Share based payments	0.8		0.4
Adjusted EBITDA		9.6		11.2
Net changes in working capital 0.3 Net capitalisation (2.2)			2.4 (2.2)
Underlying cash flow from operations	7.7		11.4
Underlying operating cash flow conversion 1	101%		124%
Adjusted EBITDA to operating cash flow conversion	80%		102%
Tax	(1.7)		(1.1)
Interest	(0.5)		(1.2)
Lease payments	(0.2)		(0.3)
Free Cash Flow	5.3		8.8
Cash flow conversion of adjusted EBITDA	55%		79%

£m HY24 HY25

124% UNDERLYING OPERATING

INVESTMENT FOR GROWTH

£2.2m

£2.2m

£1.9m

CASH FLOW CONVERSION 1

• £2.1m increase in net working capital driven by timing differences due to acquisitions made across the periods.

• Capital investment remains steady at £2.2m (HY24: £2.2m)

1Underlying operating cash flow conversion is calculated as underlying cash flow from operations (adjusted operating profit, adjusted for changes in working capital, depreciation, amortisation, CAPEX and share based payments) as a percentage of adjusted operating profit.

32 F I N TE L R E S U L TS H Y 2 5 - F I N AN C I AL HI G HL I G HT S

SO F TW A R E & D A TA

16.0% IRR

Transition to software, data and recurring revenues

S ER V I CES

15.8% IRR

PROGRESSIVE DIVIDEND POLICY

HY24:

1.3pps INTERIM DIVIDEND

DEPLOYING FINANCIAL RESOURCES

STRONG CASH GENERATION

HIGH QUALITY REVENUES IN BUSINESS

STRONG FINANCIAL PERFORMANCE

33 F I N TE L R E S U L TS H Y 2 5 - F I N AN C I AL HI G HL I G HT S

34 F I N T E L H Y R E S U L T S 2025

1. Introduction

2. Financial overview

3. Operational update

1. Summary

2. Appendices