Year End Trading Update

21 May 2026

BTG Consulting plc

Year end trading update & notice of full year results

Full year results expected to be above the top end of market expectations

BTG Consulting plc (the 'group'), the financial and real estate advisory firm, announces an update on trading for its financial year ended 30 April 2026.

Financial highlights

The group expects its results* for the year to be above the top end of market expectations**:

· Revenue of c.£169m (2025: £153.7m) - increase of c.10% (c.8% organic)

· Adjusted EBITDA of c.£33.3m (2025: £31.7m) - increase of c.5%

· Adjusted PBT of c.£25.0m (2025: £23.5m) - increase of c.6%

· Net debt of £1.0m (2025: net cash of £0.9m) - after acquisition payments

This performance reflects the continued growth across the group's service lines, and the breadth of its advisory services.

Operating highlights

The restructuring team delivered another strong year, with continued organic growth and strong activity levels across both new and ongoing engagements. The group has strengthened its market position, retaining its ranking as number one by volume of UK corporate appointments and second nationally for administrations.

We increased our number of administration appointments in the year, including notable engagements such as the administration and subsequent sale of Sheffield Wednesday FC, alongside activity undertaken in relation to the Market Financial Solutions (MFS) group.

The real estate advisory businesses delivered a strong performance, building on prior year investment and benefiting from demand across valuations, building consultancy and planning. The group's property auctions platform continued to perform well, providing a reliable flow of instructions and reinforcing the resilience of earnings across the cycle.

The financial advisory team benefitted from completions of corporate finance transactions in the second half, albeit the transactional advisory market remains influenced by the macroeconomic environment, as anticipated. The group has continued to complete a solid level of instructions throughout the year, driven by the breadth of the group's advisory services.

Financial position and capital allocation

The group remains in a robust financial position. At 30 April 2026, the group had net debt of £1.0m (2025: net cash of £0.9m) after investing c.£8.1m in acquisitions and earn outs, utilising c.£1.2m for share buybacks to offset dilution and paying c.£6.9m in dividends during the year.

This disciplined capital allocation reflects the group's continued investment in its service offering alongside a progressive shareholder return policy.

As reported during the year, the group completed two acquisitions to enhance our real estate advisory offering: Kirkby Diamond, extending geographic coverage, and Network Auctions expanding the auctions platform in the south east. Both businesses have integrated well and strengthen the group's platform for growth.

Outlook

We start the new financial year with an increased pipeline of restructuring engagements and continued activity across our advisory businesses. A backdrop of increased macroeconomic uncertainty is expected to continue to drive demand for our restructuring and advisory services.

The group's diversified mix of advisory services, combined with ongoing investment in its people and platform, positions it well to deliver further growth, supporting continued progress against its medium-term growth objectives and extending its track record of profitable growth.

Notice of results

The group will report its final results for the year ended 30 April 2026 on Monday 6 July 2026. There will be an in-person presentation and conference call for analysts at 9.00am, hosted by Ric Traynor, Executive Chairman; Mark Fry, CEO; and Nick Taylor, CFO.

Please contact [email protected] if you would like to receive details.

* All numbers in this statement are subject to audit

** Market expectations (as compiled by the group): revenue of £165.0m-£167.3m (consensus £166.1m), adjusted EBITDA of £31.2m-£32.5m (consensus £32.0m), adjusted PBT of £23.7m-£24.4m (consensus £24.1m), net debt of £1.0m-£3.0m (consensus £1.7m)

Mark Fry, CEO of BTG Consulting plc, commented:

"The group has delivered a strong performance for the year, with results expected to be above the top end of market expectations and another record for the business. This reflects growth across our core service lines, underpinned by the breadth of our advisory services and the resilience of our model across market conditions.

"We expect a backdrop of increased macroeconomic uncertainty to continue to drive demand across our restructuring and advisory services, and we enter the new financial year with an increased pipeline of instructions. We remain focused on delivering further growth through continued investment in our people and service offering."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for arranging the release of this announcement on behalf of BTG Consulting plc is Nick Taylor, its Chief Financial Officer.

Enquiries please contact:

BTG Consulting plc 0161 837 1700

Ric Traynor - Executive Chairman

Mark Fry - CEO

Nick Taylor - CFO

Canaccord Genuity Limited 020 7523 8350

(Nominated Adviser and Joint Broker)

Emma Gabriel / Harry Pardoe

Shore Capital 020 7408 4090

(Joint Broker)

Mark Percy / Oliver Jackson / James Thomas

MHP Communications 07595 461 231

Reg Hoare / Katie Hunt / Charles Hirst [email protected]

Information on BTG Consulting plc can be accessed via the group's website at www.btguk.com