This announcement contains inside information for Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. The person responsible for this announcement is Emilie McCarthy, CFO.

23 September 2025

Mortgage Advice Bureau (Holdings) plc

("MAB" or the "Group")

Interim Results for the six months ended 30 June 2025

Mortgage Advice Bureau (Holdings) plc (AIM: MAB1), a leading technology-driven UK mortgage network and broker, is pleased to announce its interim results for the six months ended 30 June 2025.

Financial summary

Highlights

·    Revenue up 19.6% to £148.2m (H1 2024: £123.9m)

·    Adjusted profit before tax (PBT) up 18.4% to £14.5m (H1 2024: £12.3m)

·    Adjusted diluted EPS up 23.3% to 18.2p (H1 2024: 14.8p)

·    Market share of new mortgage lending1 up to 8.3% (H1 2024: 8.2%) and market share of

Product Transfers up to 3.0% (H1 2024: 2.7%)

·    Closing mainstream advisers2 up 5.2% to 2,041 (2024: 1,941).

·    Revenue per mainstream adviser2 up 14.2% to £74.6k (H1 2024: £65.3k)

·    Proposed interim dividend in line with the new capital allocation framework and dividend policy announced in February 2025

·    Trading momentum has remained strong beyond the period end, and the Group continues to trade in line with the Board's expectations for 2025

Peter Brodnicki, Founder and Chief Executive, commented:

"I am pleased to report a strong first-half performance in 2025, supported by clear delivery of the strategic priorities and growth targets set out at our Capital Markets Day earlier this year. Adviser recruitment is accelerating, productivity is rising, and we are evolving our business model with technology and lead generation playing a central role in driving efficiency and future organic revenue growth.

Over the past five years, MAB has made record investments in people and in-house technology, building a strong platform to achieve its ambitions. These efforts will be enhanced by a new data team and strategy, alongside AI-driven innovation, enabling greater lead flow, higher conversion rates, and accelerated growth. Together, these initiatives underpin MAB's medium-term goals and position the business strongly for organic growth.

Our M&A strategy continues to complement our AR platform model. Since the start of 2025, we have taken majority ownership of Heron - our most productive AR firm - together with Evolve and Meridian, our leading businesses in the New Build sector. We have also invested in The Mortgage Mum and Lucra. These transactions broaden our regional presence, strengthen adviser capability, deliver economies of scale, and reinforce MAB's position at the forefront of a rapidly evolving market.

We welcome the Government's prioritisation of housebuilding and home ownership initiatives, alongside the constructive stance of financial regulators. Together, these measures are beginning to foster more supportive market conditions, creating greater opportunities for First Time Buyers (FTBs), home movers and those seeking to refinance.

MAB is preparing for the next stage of its journey with a planned move to the Main Market of the London Stock Exchange in 2026. This transition is expected to broaden our investor base, enhance our market profile, and position the Group for its next phase of growth. The Group continues to trade in line with the Board's expectations and remains well positioned to deliver strong, sustainable shareholder returns over the long term."

Enquiries:

Analyst presentation

There will be an in-person analyst presentation to discuss the results at 9:30am today. Those analysts wishing to attend are asked to contact investor.relations@mab.org.uk. If you are unable to attend in person, but would like to join virtually, please contact IR for details.

About Mortgage Advice Bureau:

MAB is one of the UK's leading consumer intermediary brands and specialist networks for mortgage

advisers.

Through its partner firms known as Appointed Representatives (ARs), MAB has over 2,000 advisers providing expert advice to customers on a range of mortgage, specialist lending, protection, and general insurance products. MAB supports its AR firms with proprietary technology and services, including adviser recruitment and lead generation, learning and development, compliance auditing and supervision, and digital marketing and website solutions.

For more information, visit www.mortgageadvicebureau.com

Chief Executive's Review

Market environment

New mortgage lending reached £134bn in H1 2025, an increase of 22% compared with H1 2024. This follows a rise of 7% in 2024, to £242bn, which marked the start of a gentle recovery after the slowdown triggered by the 2022 mini budget.

Within this, the purchase segment rose 35% compared to H1 2024, with many house purchase transactions being brought forward to Q1 ahead of changes to Stamp Duty Land Tax (SDLT) relief from April 2025.

Refinancing activity remained subdued through most of H1 2025, with the remortgage segment broadly stable and Product Transfers down 10%. However, as expected, refinancing lending returned to strong growth in June. UK Finance estimates that approximately 1.6m fixed-rate mortgages will mature in 2025, compared with 1.4m in 2024. Demand is expected to strengthen through H2 2025 and into 2026, supported by greater lender stress-test flexibility, improved affordability, and sharp increases in product maturities.

UK mortgage lending by segment and MAB share

Business performance

MAB's total mortgage completions1 rose by 17% to £14.2bn (H1 2024: £12.1bn), significantly outperforming the market, where lending was up 6% over the same period. We are pleased that MAB's market share of new mortgage lending1 in the first half increased to 8.3% (H1 2024: 8.2%), while our share of Product Transfers rose to 3.0% (H1 2024: 2.7%).

Purchase completions accounted for 54% of lending value in H1 2025 (H1 2024: 47%), with refinancing representing 46% (H1 2024: 53%). MAB's purchase lending increased by 35% compared with H1 2024, in line with the market, despite our footprint under-indexing in London and the Southeast, where activity was buoyed by a rush to complete home moves ahead of SDLT changes.

MAB's remortgage lending was modestly ahead of H1 2024 in an otherwise flat market. As anticipated, performance in June 2025 was robust, with refinancing lending rising 24% versus the January-May average, reflecting the first of several expected spikes in product maturities.

The Bank of England has reduced the Base Rate three times so far this year, while swap rates and mortgage pricing have trended lower, broadly returning towards long-term historical averages. Lender appetite remains strong, with around 26,000 mortgage products now available - an all-time high5.

Current trading and outlook

MAB delivered a strong performance in the first half of 2025, with momentum continuing beyond the period end. Mortgage applications in July and August increased by 17% year-over-year, and refinancing volumes are expected to continue building through the second half of 2025 and into 2026. The Group continues to trade in line with the Board's expectations.

The impact of past economic shocks is now receding for both borrowers and lenders, creating a more stable operating environment. While uncertainty ahead of the November 2025 Budget may weigh on market sentiment in the near term, certain housing policy measures under discussion could provide opportunities for both MAB and our customers.

Intention to move to the Main Market

MAB confirms that, further to its announcement of 4 February 2025 and following consultation with shareholders, the Board intends to move to the Equity Shares (Commercial Companies) listing category of the Main Market of the London Stock Exchange in 2026. The Board believes that admission to the Main Market will provide access to a broader pool of investors and further enhance the Group's profile, with the ambition of meeting the criteria for inclusion in the FTSE 250 index. Further updates will be provided as appropriate.

Board and Executive Appointments

MAB has made a number of significant appointments to strengthen its governance and position the Group for the delivery of its medium-term strategy. Yaiza Luengo has been appointed to the newly created role of Chief Operating Officer, with responsibility for driving the delivery of MAB 2.0 growth targets. Yaiza joined the business on 8 September 2025. Ben Thompson, Deputy CEO, will transition into a newly created strategic role, focusing on developing new value by extending MAB's proposition.

In addition, MAB has strengthened its non-executive Board through the appointments of Mandy Donald and Dr Orlando Machado as Independent Non-Executive Directors. Rachel Haworth succeeded Nathan Imlach as Senior Independent Non-Executive Director, with Nathan remaining on the Board as a Non-Independent Non-Executive Director.

Strategic progress towards MAB 2.0

In February 2025, we hosted a Capital Markets Day to set out the Group's strategic priorities and ambitious medium-term growth targets, including plans to double revenue and market share. We are making good progress in adapting and evolving our business model, with data, technology, and AI playing an increasingly important role in broadening our consumer reach, driving lead flows, lead conversion, as well as improving productivity, efficiency, and margins.

MAB has consistently prioritised investment in its people and in-house technology, with the past five years representing our highest level of commitment yet. This approach has ensured we have built the strongest possible team and platform to deliver on MAB's ambitions.

Looking ahead, the benefits of these investments will be amplified by the launch of a new data team and strategy, alongside significant advances in AI that will accelerate innovation and unlock even greater opportunities. A key advantage of these initiatives will be our ability to drive substantially more lead flow from existing sources and achieve higher conversion rates.

This momentum will support continued organic growth to underpin our medium-term ambitions, while also positioning MAB exceptionally well to pursue non-organic growth opportunities. We will provide a fuller update alongside our 2025 results.

Our M&A strategy continues to complement our AR platform model. In H1 2025, cash consideration on M&A activity totalled £3.2m6.

In March 2025, MAB acquired a further 25.5% interest in Heron Financial Ltd ("Heron"), increasing its shareholding to 74.5%. Heron consistently delivers the highest levels of adviser productivity within the Group. Following the transaction, Heron has been consolidated as a subsidiary of MAB.

During the period, MAB also acquired Lucra Mortgages Ltd ("Lucra"), an established AR firm, together with an additional 12% of M&R FM Ltd ("FM Northeast"), both through its subsidiary First Mortgage Direct Ltd ("FMD"). The acquisition supports FMD's expansion into the South of England, including the opening of a new office in Bath.

MAB also made a 49% investment in The Mortgage Mum ("Mortgage Mum"), which has joined the Group as an AR. The firm has a strong ethos that mortgages should evolve in line with changing customer needs and lifestyles, and founder Sarah Tucker's advocacy has led to her participation in government policy discussions.

Since the period end, MAB has acquired a further 51% interest in Evolve FS Ltd ("Evolve"), taking its shareholding to 100%, and a further 36% interest in Meridian Holdings Group Ltd ("Meridian"). We have also committed to acquire the remaining shares in Meridian before year end, which will increase our shareholding to 100%. This presents a compelling opportunity to consolidate and integrate two leading New-Build specialist firms, leveraging highly capable execution teams and regionally complementary operations.

We expect cash consideration of c.£4.6m6 in H2 2025 and c.£1.5m.6 In 2026, in relation to the above activity.

Sustainability

We have made more progress on net zero initiatives by engaging a consultancy partner to support the development of a decarbonisation strategy aligned with the Science Based Targets initiative (SBTi), and by initiating the installation of a solar PV system at Capital House, Derby. This investment will reduce reliance on grid energy, enhance financial resilience through cost savings, and underline our commitment to achieving operational net zero (scope 1 & 2) by 2035.

Regulatory update

Mortgage Rule Review - Simplifying responsible lending and advice rules for mortgages

In March 2025, the FCA unveiled its five-year strategy to support a pro-growth regulation framework, with a central strand being the Mortgage Rule Review to improve access to sustainable home ownership. We welcome this agenda, which simplifies responsible lending rules and introduces greater borrower flexibility.

In July, the FCA published its Policy Statement setting out permissive reforms - including removal of the 'advice trigger', streamlined processes for term reduction, and wider scope for modified affordability assessments. These measures should make it easier for customers to remortgage between lenders and for advisers to retain clients beyond Product Transfers, while providing a more efficient route for confident execution-only borrowers who wish to self-serve.

Alongside, the FCA launched a public Discussion Paper on the future of the mortgage market, exploring responsible lending, later life lending, innovation and risk appetite. We believe the reforms are well-judged, striking an appropriate balance between prudence and growth. If implemented, they should help more renters transition to FTBs and broaden refinancing options, supporting affordability and market mobility while creating a structural tailwind for MAB's future growth.

1  Based on first charge mortgage completions arranged via the Legal & General Mortgage Club. This excludes secured personal loans (second charge mortgages), later life lending products, and bridging finance.

2  Excludes directly authorised advisers, later life advisers without a mortgage and protection license, and advisers in the process of being onboarded who are not yet able to trade.

3 Source: UK Finance. Other lending includes further advances and loans not classified under standard purchase and remortgage categories.

4  First charge mortgage completions arranged via the Legal & General Mortgage Club. This excludes secured personal loans (second charge mortgages), later-life lending products, and bridging finance.

5  Twenty7Tec

6  Cash consideration does not include deferred consideration, and includes deals closed between end of period and interim results release.

Financial Review

Revenue

The Group achieved strong growth in the period, with revenue rising 19.6% to £148.2m (H1 2024:

£123.9m), significantly outperforming the UK gross mortgage lending market's 6% growth. This performance reflects the deliberate strategy to prioritise productivity while also expanding our adviser base. All revenue growth was organic.

Revenue continued to be generated from three core areas: procuration fees, protection and general insurance commission, and client fees:

The business mix, by lending value, is outlined below.

This performance was driven by growth across all income streams:

·      Procuration fees increased by 22.9% to £60.0m, supported by stronger house purchase activity, a 5% rise in average mortgage size, and continued growth in Fluent's specialist lending business.

·      Protection and general insurance commission grew by 14.4% to £55.8m, driven by increased purchase activity. Attachment rates were marginally lower than in H1 2024, reflecting increased adviser focus on protection during a softer lending market last year.

·      Client fees rose by 24.3% to £29.8m, driven by increased house purchase activity and higher volumes of specialist lending, which carries a higher client fee attachment rate.

·      Other income rose by 9.2% to £2.6m.

The business mix shifted favourably, with purchase activity rising to 54% (H1 2024: 47%), positively impacting both procuration fees and client fee income. Remortgage activity reduced to 24% (H1 2024: 27%), while Product Transfers reduced to 22% (H1 2024: 26%).

The proportion of revenue from each income stream remained broadly consistent, underlining the

strength and balance of MAB's diversified model.

Revenue per mainstream adviser (productivity)

Revenue per mainstream adviser increased by 14.2% in 2025, rising from £65,300 to £74,600, and the number of advisers at the end of the period grew by 5%, reaching 2,041 (1,941 in 2024). Productivity gains were primarily driven by our network AR firms, while the majority of adviser growth came from our invested businesses, which will reach full productivity in 2026.

Gross profit and gross profit margin

Gross profit increased by 15.4% to £43.5m (H1 2024: £37.7m), mainly due to the increase in the proportion of house purchase transactions, a 5% increase in mortgage size resulting in a proportionate rise in procuration fee. Specialised lending at Fluent also continues to grow.

Gross profit margin moderated by 100bp to 29.4% (H1 2024: 30.4%), reflecting deliberate investment in long-term growth, notably adviser onboarding within our invested businesses and centralised lead generation. We expect this margin dynamic to normalise over time as new advisers reach full productivity and customer engagement programmes.

Client fees performed strongly, rising 24% in the first half of 2025. However, as our lowest-margin revenue stream, movements in client fees on first charge have only a limited impact on Group profitability.

Administrative expenses

Administrative expenses increased by £3.8m (+15.0%) to £29.3m in H1 2025, while the administrative expenses ratio decreased from 20.5% in H1 2024 to 19.8% in H1 2025. MAB has continued to invest in the Group's capabilities to support long-term organic growth. The absolute increase was driven by strategic investment, alongside higher performance-related bonuses and share-based payments, which reflect the Group's strong performance and its progress towards meeting the Board's 2025 targets. H1 2025 also reflects a part-year impact from the consolidation of Heron.

Adjusted Profit Before Tax (PBT) and margin

Adjusted PBT increased by 18.4% to £14.5m (H1 2024: £12.3m), with the adjusted margin broadly unchanged at 9.8% compared to 9.9% in H1 2024. The modest reduction in adjusted PBT margin reflects a lower gross profit margin, partially offset by a lower ratio of administrative expenses.

All areas of the business contributed to the £2.2m profit growth, with Fluent continuing to demonstrate its path to sustained profitability and contributing £0.9m of the increase.

Statutory profit before tax

Statutory profit before tax was £9.6m (H1 2024: £6.2m), benefiting from £1.2m lower acquisition- related costs in the period. As a result, the statutory PBT margin improved slightly to 6.5% (H1 2024: 6.4%).

Taxation

The effective tax rate on adjusted profit before tax was 23.8% (H1 2024: 24.7%), with the reduction reflecting tax adjustments for share options and disallowable expenditure, together with higher profits from associates in 2025, which are not taxed. The adjusted effective tax rate is slightly below the headline UK corporate tax rate, primarily due to the non-taxable contribution from associates.

The reported tax charge was £2.8m (H1 2024: £2.4m), representing an effective tax rate on statutory profit before tax of 28.8% (H1 2024: 38.2%). This remains above the UK corporation tax rate of 25%, mainly due to disallowable acquisition-related costs, albeit lower than in H1 2024.

Earnings per share

Adjusted diluted earnings per share increased by 23% to 18.2p (H1 2024: 14.8p), ahead of adjusted PBT growth. This primarily reflects the accounting for FMD, with 100% of FMD's profits contributing to EPS following exercise of the remaining 20% option in May 2024.

Basic earnings per share increased to 11.8p (H1 2024: 6.5p). In H1 2025, the difference between adjusted and basic EPS is mainly due to £3.8m of acquisition-related costs net of any tax impact attributable to the parent.

Dividend

The Board is pleased to propose an interim dividend of 7.2p per share (H1 2024: 13.4p), consistent with our 2025 commitment to distribute approximately 50% of full-year adjusted post-tax and minority interest profits, with approximately one-third paid as an interim dividend and two-thirds as a final dividend.

The interim dividend will be paid on 31 October 2025, representing a cash outlay of £4.2m. MAB ordinary shares will trade ex-dividend on 2 October 2025, with a record date of 3 October 2025. Following payment, the Group will continue to maintain significant surplus regulatory reserves.

Adjusted cash conversion

The Group continues to generate strong positive cash flow, with adjusted cash generated rising to

£17.2m (H1 2024: £15.0m). Adjusted cash conversion* was 116% (H1 2024: 119%), which supports our expectation that adjusted cash conversion will continue to exceed 100%.

Capital allocation

Our capital allocation framework strikes a balance between funding growth initiatives and delivering returns to shareholders. Our performance in H1 2025 is outlined below:

Financial resilience. The Group remains financially resilient, with significant headroom of £50.7m over the regulatory capital requirement and net debt of £11.7m (H1 2024: £16.7m), representing a low leverage ratio of 0.3x (H1 2024: 0.6x).

Organic growth investment. The Group's strong cash generation has supported both investment in organic growth during the period - with strategic expenditure of c.£4.5m underpinning the Group's long-term objectives.

Ordinary dividends. In respect of 2025, an interim ordinary dividend of £4.2m will be paid on 31 October 2025.

M&A. M&A activity totalled £3.2m in H1 2025 in terms of cash consideration. These investments are

expected to generate returns in excess of our hurdle rate of >20% IRR.

Surplus capital. The Board will assess the potential to distribute surplus capital at the year-end results.

INDEPENDENT REVIEW REPORT TO MORTGAGE ADVICE BUREAU (HOLDINGS) PLC

Conclusion

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 30 June 2025 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the London Stock Exchange AIM Rules for Companies.

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 which comprises interim condensed consolidated statement of comprehensive income, interim condensed consolidated statement of financial position, interim condensed consolidated statement of changes in equity, interim condensed consolidated statement of cash flows and the related explanatory notes that have been reviewed.

Basis for conclusion

We conducted our review in accordance with the International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410"). 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 group 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 the directors have inappropriately adopted the going concern basis of accounting or that the directors 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 ISRE (UK) 2410, however future events or conditions may cause the group to cease to continue as a going concern.

Responsibilities of directors

The directors are responsible for preparing the half-yearly financial report in accordance with the London Stock Exchange AIM Rules for Companies which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the Company's annual accounts having regard to the accounting standards applicable to such annual accounts.

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 statement 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

Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting the requirements of the rules of the London Stock Exchange AIM Rules for Companies for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

BDO LLP

Chartered Accountants London, UK

22 September 2025

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

Interim condensed consolidated statement of comprehensive income for the six months ended 30 June 2025

Interim condensed consolidated statement of financial position as at 30 June 2025 and 31 December 2024