International Personal Finance (IPF) investor relations material

Executive summary

• Delivered GBP 47.4 million (£47.4m) pre-exceptional profit before tax for the six months to June 30, 2026, down 5% year-over-year, in line with plans despite higher impairment charges and continued investment in growth.

• Customer numbers increased by 5.4% to 1.74 million, with growth across all divisions and successful integration of the Express Cash acquisition in Czechia.

• Net receivables rose 17% to GBP 1.17 billion, driven by strong demand and operational execution, especially among under-banked and under-served customers.

• Next Gen strategy and investments in technology and new channels supported product and channel expansion and operational efficiency.

• Last financial presentation as a listed FTSE entity due to acquisition by Basepoint/Bidco, with transaction effective August 2026.

Financial highlights

• Profit before tax of GBP 47.4 million (£47.4m), with exceptional costs of GBP 4.6 million (£4.6m) related to Czechia reorganization and transaction costs; statutory profit before tax was £42.8m.

• Revenue increased 18.8% to £413.2m; annualized revenue yield at 52.0% (down from 53.3%).

• Lending growth accelerated to 18.5% at constant exchange rates, with double-digit growth in all divisions.

• Annualized impairment rate increased to 10.0% (up from 8.3%), reflecting IFRS 9 charges from strong growth in new channels.

• Cost-income ratio improved by 1.5 percentage points to 60.4%, supported by revenue growth and scale benefits.

• Pre-exceptional return on required equity (RORE) fell from 15.4% to 12.9%; statutory ROE at 9.1%.

Outlook and guidance

• Confident in delivering on strategy, with continued investment in technology and growth, targeting GBP 5 million additional spend per annum for the next three years.

• Returns expected to remain below 15%-20% target through 2026-2027, returning to target in 2028 as scale increases.

• Well positioned for continued growth, supported by robust credit quality and strong balance sheet.