XPS Pensions Group (XPS) Q2 2026 TU earnings summary

Executive summary

• Revenue grew 13% year-over-year for the six months ended 30 September 2025, with 8% organic growth, building on a 67% aggregate increase over the last three years.

• Advisory revenues increased 18% year-over-year, with growth across all service lines.

• Administration revenues rose 6% despite the roll-off of significant McCloud remedy project revenues; SIP revenues grew 10% year-over-year.

• Strong demand driven by regulatory changes, new client wins, and project wins in Risk Transfer, Insurance Consulting, and Administration.

• Polaris Actuaries and Consultants Limited, acquired in February 2025, has integrated well and is performing in line with expectations, enhancing cross-referral and insurance sector capabilities.

Outlook and guidance

• Board remains confident of achieving full-year results in line with previous expectations due to strong revenue growth and disciplined cost management.

• Anticipates continued growth in Insurance Consulting and Administration in both private and public sectors for FY26 and beyond.

• Regulatory changes, especially the Pensions Act 2025, expected to drive additional consulting demand.

Segment performance

• Advisory segment led growth with an 18% year-over-year increase.

• Administration segment grew 6% year-over-year, even as McCloud remedy project revenues declined.

• SIP segment posted 10% year-over-year growth.