Manolete Partners (MANO) investor relations material

Executive summary

• Litigation funding model centers on acquiring insolvency claims, providing full control, faster settlements, and a dominant 67% UK market share, with 1,600+ claims invested in and £166m in settlements over 16 years.

• Achieved record case completions in FY25, with 291 cases completed and 284 new cases signed, reflecting strong operational momentum and market demand.

• Demonstrated robust cash generation and high returns, with a 2.1x money multiple, 113% ROI, and 130% IRR.

• Operational leverage and in-house legal expertise enable high efficiency and scalability, supporting future growth as market conditions normalize.

• Continued strategic focus on UK insolvency claims, with selective opportunistic investments in similar jurisdictions.

Financial highlights

• Total revenue rose 16% year-over-year to £30.5m, with realized revenue up 22% to £29.5m and comprising 97% of total revenue.

• Gross profit increased 3% to £10.4m, while EBIT grew 19% to £3m, maintaining a 10% margin.

• Net cash from completed cases reached £15.2m, enabling full coverage of expenses, new investments, and a reduction in net debt from £12.3m to £11.1m.

• Gross margin declined to 34% from 39% due to higher legal spend and a greater share of smaller case completions.

• Profit before tax was £1.3m, up from £1.0m in FY24.

Outlook and guidance

• Strong start to the new financial year with 56 new investments signed in the first quarter, up 27% from the same period last year.

• Larger case values are beginning to return, expected to drive average case size back toward the pre-COVID norm of £200,000 and improve gross margin.

• The company is positioned to scale further as market opportunities expand, with additional in-house lawyers joining to support growth and nationwide coverage.