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XPS Pensions Group (XPS) investor relations material
XPS Pensions Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary20 Nov, 2025
Executive summary
Revenue grew 13% year-over-year to £128.5m, with 8% organic growth and the remainder from the Polaris acquisition, reflecting strong client demand and expansion into insurance consulting.
Adjusted EBITDA increased 8% and adjusted EPS rose 9% year-over-year, despite strong prior-year comparators and one-off McCloud Remedy project revenues.
The business continues to benefit from high demand across all services, driven by significant changes in the pensions market and regulatory environment.
Major new client wins include the Metropolitan Police and West Midlands Police, expanding the public sector client base.
Integration of Polaris has opened new opportunities in insurance consulting and enhanced cross-selling, with a strong employee-centric culture and multiple industry awards.
Financial highlights
Group revenue reached £128.5m, up 13% year-over-year, with organic revenue growth at 8%.
Adjusted EBITDA was £33.4m (margin 26.0%), down from 27.2% due to one-offs, but normalized margin improved to 26.3%.
Adjusted diluted EPS increased 9% to 9.7p; interim dividend up 11% to 4.1p per share.
Adjusted operating cash inflow of £22.8m, with a 68% conversion rate.
Net debt at £62.2m, with leverage at 0.88x and £47m undrawn from a £120m facility.
Outlook and guidance
Full-year expectations remain on track, with further margin improvements anticipated over the medium term.
Strong pipeline of new business opportunities in both public and private sectors, supported by regulatory changes.
Continued investment in technology, people, and propositions to differentiate and support growth.
Anticipated continued high demand for project work and administration services.
Polaris acquisition remuneration impact?
Adjusted EBITDA margin decline drivers?
How do 2024 valuation rules drive Advisory?
Quantify run-on vs buyout revenue impact
Polaris's organic growth contribution and insurer strategy
Aurora migration and tech: future margin impact
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Frequently asked questions
XPS Pensions Group plc, together with its subsidiaries, provides employee benefit consultancy and related business services in the United Kingdom. The company offers advisory services to pension schemes, corporate sponsors and self-invested personal pension (SIPP) customers; advisory services for DC master trust schemes; and independent investment advisory services. It also provides administer services, such as scheme administration, outsourcing and member communication, scam identification and protection, payroll, pension scheme accounting, de-risking projects, technical consultancy and GMP equalization. The company was formerly known as Xafinity Plc and changed its name to XPS Pensions Group Plc in May 2018.
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