Half-year Financial Report

LEI Number: 213800CYIZKXK9PQYE87

20 May 2026

IntegraFin Holdings plc

Half year results for the six months ended 31 March 2026

Delivering strong earnings growth momentum

IntegraFin Holdings plc ("IHP", or "the Group") operator of Transact, the UK's premium investment platform for clients and UK financial advisers, is pleased to report its half year results.

IHP continued to deliver strong growth in earnings, with underlying profit before tax (PBT) up 16% to £43.9m and underlying earnings per share (EPS) up 14% to 10.0p. This was driven by strong net inflows and favourable market movements in the period, in combination with the ongoing delivery of cost management initiatives and the operational leverage inherent in the Group's business model. The Group's cost management programme is progressing in line with guidance.

Financial and operational highlights

Outlook and guidance

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Financial information

* Alternative performance measures (APMs)

Alex Scott, IHP Group Chief Executive Officer, commented:

"I am pleased to report that the Group has delivered a strong first half of the year. Transact has demonstrated its resilience and grown its FUD by attracting increased net inflows to the platform, driven by the strength of its client service focused proposition and leading proprietary technology.

With strong net inflows and broadly supportive market movements, average daily FUD rose, driving higher revenue. Additionally, the implementation of our cost management programme drove increasing profitability, and a PBT margin for the period over 51%.

The Group continues to make ongoing improvements to our proprietary technology proposition, and we are delivering on our integrations-focused strategy. Through the development of a new Transact Application Programming Interface (API), we have enabled greater reliability, richer data flows, and enhanced opportunities for automation.

We also recognise recent rapid improvements in AI capability. Our investment programme incorporates automation and AI opportunities to enhance our proprietary technology platform and the productivity of the Group's support functions. We have commenced activities to incorporate AI enhancements through the Group's activities including software development, Group support functions, and the Transact platform proposition for clients and advisers.

We are also confident in the ability of UK financial advice firms to leverage the productivity benefits of new AI tools to expand their businesses. More efficient advice firms can serve a larger client base, which will drive growth of assets under advice and consequently over time drive growing FUD onto the Transact platform. Alongside this however, we are clear in our view that the human relationship element of financial advice will remain critical, with AI augmenting but not replacing the trust and accountability elements of regulated personal financial advice.

Three core levers drive our earnings growth: enhancements to our market-leading adviser platform proposition; our FUD and revenue growth dynamics; and our cost management initiatives. We continue to execute on all three levers to grow shareholder returns and we look forward to the second half of the year."

Change of Company Secretary

IntegraFin Holdings plc announces that David Johnson, the current Company Secretary, is stepping down effective from 1 June 2026. David will be replaced as Company Secretary by Stephanie Wallace, who is an experienced General Counsel and Company Secretary within the financial services sector.

2026 Half year results presentation

IHP will be hosting an audio webcast presentation at 09:30am on 20 May 2026. This will be available at https://brrmedia.news/IHP_HY_26

A recording of the presentation for playback after the event and the slides accompanying the analyst presentation will also be available this morning at https://www.integrafin.co.uk/investors/reports-and-presentations/

Cautionary Statement

These Interim Results have been prepared in accordance with the requirements of English Company Law and the liabilities of the Directors in connection with these Interim Results shall be subject to the limitations and restrictions provided by such law.

These Interim Results are prepared for and addressed only to the Company's shareholders as a whole and to no other person. The Company, its Directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom these Interim Results are shown or into whose hands it may come, and any such responsibility or liability is expressly disclaimed.

These Interim Results contain forward looking statements, which are unavoidably subject to risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. It is believed that the expectations set out in these forward-looking statements are reasonable, but they may be affected by a wide range of variables which could cause future outcomes to differ from those foreseen. All statements in these Interim Results are based upon information known to the Company at the date of this report. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Financial review

Headlines

During HY26 the Group's platform business continued to demonstrate strong performance in attracting and retaining advised business. The primary measure of this success was FUD growth, which was up 18% to £77.8 billion (HY25: £65.9 billion)* as a result of both record gross inflows and market growth, despite increased volatility in global financial markets towards the end of the period. The Group also continued to grow its market penetration, with platform clients up 6% at 254,667 (HY25: 241,197)*.

As a result of the FUD growth, Group revenue increased strongly, up 11% to £85.8 million (HY25: £77.2 million).

The growth in Group revenue was partly offset by the 4% increase in underlying administrative expense from £44.7 million in HY25 to £46.4 million in HY26, with expense growth in comparison to prior periods slowing as a result of the cost management initiatives being implemented.

Profit before tax of £43.9 million (both statutory and underlying) rose by 16% compared with HY25 underlying profit before tax of £37.9 million*, as a result of the above, and by 47% compared with HY25 statutory profit before tax of £29.8 million, which included a £7.5 million impairment of goodwill and other intangible assets.

Diluted earnings per share (EPS) were 10.0p, compared with HY25 diluted EPS of 6.3p and underlying diluted EPS 8.8p*.

* Alternative performance measures (APMs) are indicated with an asterisk.

APMs are financial measures which are not defined by IFRS. They are used in order to provide better insight into the performance of the Group. Further details are provided in the glossary.

Operational performance

Platform

HY26 FUD closed the period up 18% on HY25 at £77.8 billion.

Net flow performance improved by 14% year on year, to £2.4 billion (HY25: £2.1 billion), or 3.2% (HY25: 3.3%) of opening FUD, which was 6.4% (HY25: 6.6%) on an annualised basis, driven by growth of net transfers in from competitor platforms.

HY26 has seen record levels of gross inflows and strong net flow performance. Advisers have continued to be attracted to the Group's Transact platform as a result of our proposition, including market-leading service and continued functionality enhancements, resulting in an increase of 18% in gross inflows to £6.0 billion (HY25: £5.1 billion).

Outflows increased 20% to £3.6 billion (HY25: £3.0 billion) with the annualised outflow rate as a percentage of FUD, increasing from 9% in HY25 to 10% in HY26.

Back-office technology

At the end of HY26 the number of CURO licence users was 3,393 (HY25: 3,094), an increase of 10%.

Group financial performance

* The "Platform" columns represent the activities conducted on Transact and excludes the activities of T4A, the Group's adviser back-office technology provider.

The T4A activities are included in the Group column. Platform is equivalent to the investment administration services and insurance and life assurance business segments in note 3.

Revenue

There are two streams of Group revenue: investment platform revenue and back-office technology revenue.

HY26 investment platform revenue increased by £8.5 million to £83.2 million (HY25: £74.7 million). Investment platform revenue comprises three elements, 99% (HY25: 99%) of which is from a recurring source.

Annual charge income (an annual, ad valorem tiered fee on FUD) and wrapper fee income (quarterly fixed wrapper fees for certain available tax wrapper types) are recurring. Other income is composed primarily of dealing charges.

Average daily FUD for the year, arising from the performance of the assets in client portfolios, increased by 17% in HY26 to £77.5 billion (HY25: £66.3 billion). Annual charge income increased 14% to £76.4 million (HY25: £67.3 million). The lower percentage increase in annual charge income in comparison to average FUD resulted from a reduction in the blended rate annual charge payable by clients. This naturally occurs as a result of a greater proportion of individual client FUD benefits from progressively lower fees as portfolios increase in value.

Recurring wrapper fee income decreased by 10% to £6.0 million (HY25: £6.7 million), with the impact of the introduction of a single wrapper fee per pension type within family-linked pensions in April 2025 more than offsetting the increase in wrapper numbers.

Other income rose marginally to £0.8 million with HY25 at £0.7 million.

HY26 CURO licence revenue was £2.6 million (HY25: £2.5 million), an increase of 4%. This was driven by an increase in recurring revenue from additional CURO user licences.

Administrative expenses increased by £1.7 million (4%) to £46.4 million on an underlying basis, but fell by £6.4 million (12%) on a statutory basis mainly due to the £7.5 million impairment of goodwill and other intangible assets recognised in HY25.

Employee costs increased by 8% due to a combination of factors including increased headcount, which grew by 2% from an average of 672 in HY25 to an average of 684 in HY26, and providing competitive remuneration to our employees, including annual salary reviews which took place in H2 FY25.

Occupancy costs decreased by £1.0 million to £0.3 million, following the receipt of rebates and the release of provisions in relation to costs previously recognised on both the new and previous London office.

Regulatory and professional fees increased by £0.3 million.

Depreciation and amortisation decreased by £0.5 million to £1.0 million, driven by lower depreciation of the right of use asset on the lease of the new London office compared with the previous office.

Other costs increased by £0.5 million in HY26, predominantly caused by higher IT costs as a result of the continued investment in enhancing the operational performance of the business.

There were no non-underlying expenses in HY26. HY25 non-underlying administrative expenses totalled £8.1 million, primarily comprising £7.5 million costs relating to an impairment of goodwill and intangible assets arising from the T4A acquisition.

Tax relief due to shareholders amounted to £1.4 million in HY26 (HY25: £1.5 million). This represents the net amount arising from gains or losses attributable to policyholder returns, offset by the related policyholder charge or credit, as presented in the Statement of Comprehensive Income. The amount arises from life insurance company tax requirements and is therefore subject to period‑end valuation, which is inherently sensitive to market conditions prevailing at the reporting date.

The Group has operations in three tax jurisdictions: the UK, Australia and the Isle of Man. This results in profits being subject to tax at three different rates. However, 96% of the Group's profit is earned in the UK.

Shareholder tax on ordinary activities for the period increased by £2.3 million (27%), to £10.9 million (HY25: £8.6 million) due to the increase in taxable profit.

The Group's effective rate of tax over the period was 25% (HY25: 29%). The main reason for the fall compared to HY25 is that the prior period included impairment of the goodwill and intangible assets relating to the T4A acquisition, which were not allowable expenses for corporation tax purposes.

The Group tax strategy can be found at: https://www.integrafin.co.uk/ legal-and-regulatory-information/.

During the six month period to 31 March 2026, IHP paid a second interim dividend of £26.3 million to shareholders in respect of financial year 2025 (second interim dividend in respect of financial year 2024: 23.9 million). This was in addition to the first interim dividend of £10.9 million (first interim dividend in respect of financial year 2024: £10.6 million), which was paid in July 2025.

In respect of the six months to 31 March 2026, the Board has declared a first interim dividend of 3.8 pence per ordinary share, or £12.6 million (March 2025: 3.3 pence per ordinary share, £10.9 million). This will be payable on 26 June 2026 to ordinary shareholders on the register on 29 May 2026. The ex-dividend date will be 28 May 2026.

Net assets increased 3%, or £7.4 million, in the period to £232.3 million, and the material movements on the Consolidated Statement of Financial Position were as follows:

Non-current assets have decreased due to investments moving to current assets as they matured within one year of the reporting date, and the depreciation of Property, Plant and Equipment and Right of Use assets.

Current assets increased by 9%, or £25.9 million, during the period to £316.6 million. This was as a result of the cash flows generated from operating activities, some of which have subsequently been invested in gilts.

Current liabilities increased by 25%, or £10.9 million, during the period to £54.1 million. This was largely due to an increase in the current provision relating to IntegraLife UK Ltd (ILUK) policyholder reserves.

Non-current liabilities increased by 5%, or £3.0 million, during the period to £66.2 million. This was largely due to an increase in the ILUK policyholder deferred tax liability.

ILUK and IntegraLife International Ltd (ILInt) write only unit-linked insurance policies. They match the assets and liabilities of their linked policies such that, in their own individual statements of financial position, these items always net off exactly. These line items are required to be shown under IFRS in the Interim Condensed Consolidated Statement of Comprehensive Income, the Interim Condensed Consolidated Statement of Financial Position and the Interim Condensed Consolidated Statement of Cash Flows but have zero net effect.

Cash and investments held for the benefit of ILUK and ILInt policyholders have risen to £35,426.7 million (September 2025: £33,744.9 million). This increase of 5% is entirely consistent with the rise in total FUD on the investment platform.

Capital

Integrafin Financial Arrangements Ltd (IFAL) is subject to Investment Firms Prudential Regime (IFPR) regulatory capital and liquidity rules. These prudential rules require the calculation of capital requirements reflecting "K factor" requirements that cover potential harms arising from business activities. The K factors are calculated using formulae for assets and cash under administration and client orders handled.

The regulatory capital requirements and resources in ILUK and ILInt are calculated by reference to economic capital-based regimes, which are Solvency UK for ILUK and the Isle of Man Risk-Based Capital Regime for ILInt.

Each of the regulated entities maintains a healthy surplus of regulatory capital over their requirement, as shown in the below tables:

The Group holds liquid assets in the form of cash and cash equivalents and UK Government securities ('UK gilts'), the majority of which are available with immediate effect.

The main uses of liquid assets include:

§ holdings for regulatory and operational purposes, including risk appetite; and

§ coverage of policyholder returns in the life insurance businesses.

The liquidity buffer, which allows the Group to operate without triggering internal risk appetites, having sufficient capacity to manage potential future changes to regulatory capital requirements, and managing the timing of intra-group dividend payments from subsidiaries to the group company, has increased by £2.1 million during the first six months of the financial year.

*Differs from the balances per the Group's Interim Condensed Statement of Financial Position due to the exclusion of cash held by ILInt for bonds awaiting approval of £9.2 million (September 2025: £7.0 million). These balances can be found in note 18 to the condensed financial statements.

Euan Marshall

Chief Financial Officer

19 May 2026

Directors' responsibilities statement

The Directors are responsible for preparing the condensed consolidated financial statements in accordance with applicable law and regulations. A list of current directors is maintained on the Group's website: https://www.integrafin.co.uk.

The Directors confirm that, to the best of their knowledge, the condensed consolidated financial statements have been prepared in accordance with UK adopted International Accounting Standard 34, and give a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer, or the undertakings included in the consolidation as a whole as required by DTR 4.2.4 R. a

The Directors further confirm that the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely:

· an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of consolidated financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

· material related-party transactions in the first six months and any material changes in the related party transactions described in the last Annual Report.

By Order of the Board

Euan Marshall

Director

Registered Office

4th Floor, 2 Gresham Street

London

EC2V 7AD

19 May 2026

INDEPENDENT REVIEW REPORT TO INTEGRAFIN HOLDINGS PLC

Conclusion

We have been engaged by IntegraFin Holdings plc (the 'Company') to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March 2026 which comprises the Interim Condensed Consolidated Statement of Comprehensive Income, the Interim Condensed Consolidated Statement of Financial Position, the Interim Condensed Consolidated Statement of Cash Flows, the Interim Condensed Consolidated Statement of Changes in Equity and the related notes 1 to 23. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March 2026 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Basis for Conclusion

We conducted our review in accordance with International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE) issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 1, the annual financial statements of the Company are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

Conclusions Relating to Going Concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of the directors

The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

In preparing the half-yearly financial report, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

This report is made solely to the Company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed.

Ernst & Young LLP

Edinburgh

Date: 19 May 2026

Interim condensed consolidated statement of comprehensive income

All activities of the Group are classed as continuing.

Notes 1 to 23 form part of these Financial Statements.

Interim condensed consolidated statement of financial position

These interim condensed consolidated financial statements were approved by the Board of Directors on 19 May 2026 and are signed on their behalf by:

Euan Marshall, Director

Company Registration Number: 08860879

Notes 1 to 23 form part of these Financial Statements.

Interim condensed consolidated statement of cash flows

Interim condensed consolidated statement of cash flows (continued)

Notes 1 to 23 form part of these Financial Statements.

Interim condensed consolidated statement of changes in equity

Notes 1 to 23 form part of these Financial Statements.

Notes to the Financial Statements (unaudited)

The interim condensed consolidated financial statements (financial statements) have been prepared in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules (the DTR) of the UK's Financial Conduct Authority (the UK FCA).

The set of financial statements has been prepared by applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 30 September 2025, which were prepared in accordance with UK-adopted International Accounting Standards (IASs).

The financial information contained in these financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The information has been reviewed by the company's auditor, Ernst & Young LLP, and their report is presented on pages 11-12.

The comparative financial information for the year ended 30 September 2025 in this interim report constitute statutory accounts for that year.

The statutory accounts for 30 September 2025 have been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

These financial statements should be read in conjunction with the Annual Report and Accounts for the year ended 30 September 2025. The Group's accounting policies, areas of significant judgement and the key sources of estimation uncertainty are consistent with those applied to the consolidated financial statements as at, and for, the year ended 30 September 2025.

The financial statements have been prepared on a going concern basis, following an assessment by the board.

Going concern is assessed over the 12 month period from when the Interim Results are approved, and the board has concluded that the Group has adequate resources, liquidity and capital to continue in operational existence for at least this period. This is supported by:

· The current financial position of the Group;

o  The Group maintains a conservative balance sheet and manages and monitors solvency and liquidity on an ongoing basis, ensuring that it has sufficient financial resources for the foreseeable future.

o  As at 31 March 2026, the Group had £258.9 million of shareholder cash and cash equivalents and £31.7 million gilt investments on the Interim Condensed Consolidated Statement of Financial Position, demonstrating that liquidity remains strong.

· Detailed cash flow and working capital projections.

· Stress testing of liquidity, profitability and regulatory capital, taking account of principal risks and possible adverse changes in both the economic and geopolitical climate. These scenarios provide assurance that the Group has sufficient capital and liquidity to operate under stressed conditions.

When making this assessment, the board has taken into consideration both the Group's current performance and the future outlook, including political and geopolitical instability, and the high degree of unpredictability affecting global markets and economies around the world. The environment remains challenging, but our financial and operational performance has been positive throughout, and the Group's fundamentals remain strong.

Stress and scenario testing has been carried out, in order to understand the potential financial impacts of severe, yet plausible, scenarios on the Group. This assessment incorporated a number of stress tests covering a broad range of scenarios, including a cyber attack, system and process failures, depressed markets, and climate-related impacts.

Having conducted detailed cash flow and working capital projections, and stress-tested liquidity, profitability and regulatory capital; taking account of the economic challenges mentioned above; the board is satisfied that the Group is well placed to manage its business risks. The board is also satisfied that it will be able to operate within the regulatory capital limits imposed by the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and Isle of Man Financial Services Authority (IoM FSA).

The board has concluded that the Group has adequate resources to continue its operations, including operating in surplus of the regulatory capital and liquidity requirements imposed by regulators, for a period of at least 12 months from the date this Interim Report is approved. For this reason, they have adopted the going concern basis for the preparation of the financial statements.

Changes to International Reporting Standards

Interpretations and standards which became effective during the year

The following amendment and interpretation became effective during the period. Its adoption has not had any significant impact on the Group.

Interpretations and standards in issue but not yet effective

While the introduction of IFRS 18 will give rise to presentational changes, there are no changes to the underlying numbers and accounting principles. The Group has performed an initial assessment and will continue to monitor developments ahead of implementation.

(i) Principal financial instruments

The principal financial instruments, from which financial instrument risk arises, are as follows:

· Trade and other receivables

· Accrued fees

· Investments - gilts

· Investments - listed shares and securities

· Trade and other payables

· Funds held for bonds pending approval

· Loans receivable

· Policyholder balances of investments and cash

· Liabilities for linked investment contracts

· Cash and cash equivalents - instant access and notice accounts

· Cash and cash equivalents - money market funds

(ii) Financial instruments measured at fair value and amortised cost

Financial assets and liabilities have been classified into categories that determine their basis of measurement. For items measured at fair value, their changes in fair value are recognised in the Interim Condensed Consolidated Statement of Comprehensive Income.

The following tables show the carrying values of assets and liabilities for each of these categories for the Group:

(iii) Financial instruments not measured at fair value

Financial instruments not measured at fair value include cash and cash equivalents (excluding money market funds), cash held for policyholders, accrued income, investments held in gilts, loans, leases, trade and other receivables and trade and other payables. Due to their short-term nature and/or expected credit losses recognised, the carrying value of these financial instruments approximates their fair value.

(iv) Financial instruments measured at fair value - fair value hierarchy

The table below classifies financial instruments that are recognised on the Interim Condensed Consolidated Statement of Financial Position at fair value in a hierarchy that is based on significance of the inputs used in making the measurements.

The following table shows the three levels of the fair value hierarchy:

· Level 1: quoted prices (unadjusted) in active markets for identical instruments;

· Level 2: instruments which are not actively traded but provide regular observable prices; and

· Level 3: inputs that are based on Level 1 or Level 2 data, but for which the last known price is over a year old (unobservable inputs).

The following table shows the Group's financial instruments measured at fair value and split into the three levels:

At 31 March 2026

At 30 September 2025

Level 1 valuation methodology

Financial instruments included in Level 1 are measured at fair value using quoted mid prices that are available at the reporting date and are traded in active markets. These are mainly open-ended investment companies (OEICs), unit trusts, investment trusts and exchange traded funds.

The price is sourced from our third party provider, who sources this directly from the stock exchange or obtains the price directly from the fund manager.

Level 2 valuation methodology

Financial instruments included in Level 2 are measured at fair value using observable mid prices traded in markets that have been assessed as not active but which provide regular observable prices. These are mainly Structured products and OEICs.

The price is sourced from the structured product provider or from our 3rd party provider, who obtain the price directly from the fund manager.

Level 3 valuation methodology

Financial instruments included in Level 3 are measured at fair value using the last known price and for which the price is over a year old. These are mainly OEICs and Unit Trusts. These instruments have unobservable inputs as the current observable market information is no longer available. Where these instruments arise management will value them based on the last known observable market price or other relevant information, including consideration of the length of time elapsed since the last observable market price. These factors may result in the last known price being adjusted by management, where it is considered prudent to do so.

The prices are sourced as noted in level 1 and level 2 above.

For the purposes of identifying level 3 instruments, unobservable inputs means that current observable market information is no longer available. Where these instruments arise management will value them based on the last known observable market price or other relevant information. No other valuation techniques are applied.

Level 3 sensitivity to changes in unobservable measurements

For financial instruments assessed as Level 3, based on its review of the prices used, the Group believes that any change to the unobservable inputs used to measure fair value would not result in a significantly higher or lower fair value measurement at 31 March 2026, and therefore would not have a material impact on its reported results.

Review of prices

As part of its pricing process, the Group regularly reviews whether each instrument can be valued using a quoted price and if it trades on an active market, based on available market data and the specific circumstances of each market and instrument.

The Group regularly assesses instruments to ensure they are categorised correctly and Fair Value Hierarchy (FVH) levels adjusted accordingly. The Group monitors situations that may impact liquidity such as suspensions and liquidations while also actively collecting observable market prices from relevant exchanges and asset managers. Should an instrument price become observable following the resumption of trading the FVH level will be updated to reflect this.

Transfers between Levels

The Group's policy is to assess each financial instrument it holds at the period end, based on the last known price and market information, and assign it to a Level.

The Group recognises transfers between Levels of the fair value hierarchy at the end of the reporting period in which the changes have occurred. Changes occur due to the availability of (or lack thereof) quoted prices, whether a market is now active or not.

Transfers between Levels between 30 September 2025 and 31 March 2026 are presented in the table below at their valuation at 31 March 2026:

The reconciliation between opening and closing balances of Level 3 assets and liabilities are presented in the table below:

Any resultant gains or losses on financial assets held for the benefit of policyholders are offset by a reciprocal movement in the linked liability.

(v) Capital maintenance

The regulated companies in the Group are subject to capital requirements imposed by the relevant regulators as detailed below:

Group capital requirements for 2026 are driven by the regulated entities, whose minimum capital resources and requirements as detailed below:

The Group's policy for managing capital is to ensure each regulated entity maintains capital well above the minimum regulatory requirement plus any additional capital requirement imposed by the regulator as a result of its supervisory review and evaluation processes.

The revenue and PBT are attributable to activities carried out in the UK and the Isle of Man.

The Group has three classes of business, which have been organised primarily based on the products they offer, as detailed below:

· Investment administration services - this relates to services performed by IFAL, which is the provider of the Transact wrap service. It is the provider of the general investment account (GIA), is a self-invested personal pension (SIPP) operator, an ISA manager and the custodian for all assets held on the platform (except for those held by third party custodians).

· Insurance and life assurance business - this relates to ILUK and ILInt, insurance companies which provide the Transact Personal Pension, Executive Pension, Section 32 Buy-Out Bond, Transact Onshore and Offshore Bonds, and Qualifying Savings Plan on the Transact platform.

· Adviser back-office technology - this relates to T4A, provider of financial planning technology to adviser and wealth management firms via the CURO adviser support system.

Other Group entities relate to the rest of the Group, which provide services to support the Group's core operating segments.

Analysis by class of business is given below.

Statement of condensed consolidated comprehensive income - segmental information for the six months ended 31 March 2026