XPS Pensions Group (XPS) H2 2026 earnings summary

Executive summary

• Group revenue increased by 13% year-over-year to £262.7m, with 7% organic growth and further uplift from the Polaris acquisition.

• Adjusted EBITDA rose 9% to £75.7m, with margin at 28.8%.

• EPS was just under 5% ahead of market expectations, and adjusted diluted EPS rose 8% year-over-year, 4% ahead of consensus.

• Strong demand in core pensions market and successful integration of Polaris expanded addressable market and opened new opportunities, especially in insurance consulting.

• Won four major industry awards and received external recognition for workplace culture and client service.

Financial highlights

• Revenue: £262.7m (+13% YoY); organic revenue growth 7%.

• Adjusted EBITDA: £75.7m (+9% YoY); margin 28.8%.

• Adjusted diluted EPS: 22.3p (+8% YoY); full-year dividend up 11% to 13.2p.

• Advisory division revenue grew 20% (8% organic, excluding Polaris); administration grew 5% (18% excluding McCloud); SIPP delivered double-digit growth.

• Operating cash flow conversion at 91%; net debt at £46.2m with covenant leverage of 0.64x.

Outlook and guidance

• Targeting mid to high single-digit organic revenue growth and further EBITDA margin improvement for FY 2027 and medium term.

• CapEx guidance for FY 2027 is £12m–13m, including tech and AI investments and new London office fit-out.

• Progressive dividend policy to continue; disciplined approach to M&A with focus on earnings-enhancing opportunities.