Mortgage Advice Bureau (MAB1) Trading update summary

H1 2026 performance

• Adjusted profit before tax for H1 2026 is expected to be approximately £14.8m, slightly above H1 2025 levels.

• Interim results for the six months ended 30 June 2026 will be published on 22 September 2026.

Revised 2026 outlook

• Adjusted profit before tax for 2026 is now expected to be around £38.0m, below the previous consensus of £43.4m.

• Delays in new lead flows at Fluent have reduced expected profit contribution by about £5m.

• Market conditions have softened, with no meaningful recovery in purchase activity anticipated in the short term.

• UK purchase transactions fell 3% in the first seven months of 2026; mortgage approvals dropped 15% year-on-year in July.

Operational and strategic initiatives

• Centralisation of administrative and support activities is underway, with increased automation and closer integration of invested businesses.

• Operational and commercial synergies are becoming more visible, supporting efficiency and operating leverage.

• The business remains positioned for profit growth in 2026 and further strengthening into 2027.