PIB Group interim results for the period ended 30 June 2025

September 30 2025

Unaudited Operating Performance and Key Highlights 1 :

Organic revenue growth of 1%, underpinned by strong performance in UK & Ireland advisory, and continued growth across key European Advisory markets – notably Spain, Germany and Poland.
Total Group EBITDAE declined year-on-year as revenue growth across most divisions was offset by higher staffing and IT costs. Execution of the target operating model initiative has resumed after being delayed in H1 2025 and is expected to drive margin improvement in 2026.
New market entry in Portugal in 2025 and an additional 6 acquisitions since June 2025.

1. Refer to page 40 of the PIB Group Annual Report and Financial Statements for the Year ended 31 December 2024 for the Alternative Performance Measures

2. Countries include all trading entities and branch locations

M&A Update:

In the first half of 2025, The Group successfully completed eighteen acquisitions, furthering the growth momentum established in prior years. This includes four acquisitions in Spain and one acquisition in Portugal, significantly enhancing The Group’s presence in Europe and reinforcing its vision to become a leading and dominant player in both the UK and European insurance brokerage market.

During the first half of the year The Group has made the following acquisitions:

Group Fresse – Commercial Insurance Broker in France
Thoma – Commercial Insurance Broker in Netherlands
John O’Donohue Insurance Ltd – Commercial Insurance Broker in Ireland
Transbrokers - Commercial Insurance Broker in Poland
Residents Line Limited – Commercial Insurance Broker in United Kingdom
Elleti Broker – Commercial Insurance Broker in Italy
GM portfolio – Commercial Insurance Broker in Poland
Litica – MGA in United Kingdom
Insurance 4 Group ta Therapist Insurance – Commercial Insurance Broker in United Kingdom
Amba People Limited – Employee Benefits Insurance Broker in United Kingdom
Fincon – Reinsurance Broker in Poland
Blansegur – Commercial Insurance Broker in Spain
Schippers – Commercial Insurance Broker in Spain
RCU – Motor Insurance Broker in Poland
Feast Noble – Commercial Insurance Broker in United Kingdom
Vitorinos – Commercial Insurance Broker in Portugal*
Seguros Torres – Commercial Insurance Broker in Spain*
Alba- Vera – Commercial Insurance Broker*

*Completed acquisitions in H1 2025, not onboarded into financial results

Capital Management:

The Group aims to maintain an affordable and efficient level of debt aligned with our target leverage, interest cover, debt maturity profile, and sustainable capital structure. The current debt facilities and utilisation as of 30 June 2025 are summarised in the table below:

Facility	Original Facility size (£’m)	Facility Amount Outstanding (£’m)	Unutilised Facility Amount (£’m)	Maturity Date
B3	1,170	1,170	-	May-2031
PIK	275	316	0	Mar-2033
ACF4	300	307	0	May-2031
ACF5	400	0	400	May -2031
RCF	161	60	101	Nov-2030
Total	2,308	1,853	501

In June 2025, a new £400m ACF5 facility was agreed with existing lenders to fund future M&A activity and support continued growth and expansion across Europe. This finance will provide the Group with significant capacity to fuel planned growth as an insurance broker focused on European Markets.

PIB Group Chief Financial Officer; David Winkett commented:

“The outlook for the second half of 2025 and beyond remains positive, as PIB Group continues to build on its impressive growth trajectory. This momentum is being driven by a combination of strategic acquisitions and sustained organic growth across our core markets”.

“PIB Group remains committed to making significant investments in new and established operational hubs. These investments are designed to support our ongoing expansion and to ensure we are well positioned to capitalise on emerging opportunities, all while maintaining a strong focus on delivering robust and improving margins”.

"Our M&A pipeline is currently the strongest it has been in several years, reflecting both the quality of opportunities available and our reputation as a trusted partner in the market. We anticipate that the volume and scale of deals completed in 2025 will exceed those achieved in 2024, further accelerating our growth and market presence”.

“The additional financing secured will enable PIB Group to bring to life its ambition of becoming a unique pan-European insurance distribution platform. This funding will support our efforts to innovate, expand our service offering, and deliver enhanced value to our clients and partners”.

“PIB Group remains confident in its significant opportunities for future growth. We are committed to realising these ambitions in close collaboration with our partners, Apax Funds and The Carlyle Group, whose ongoing support and expertise are instrumental to our success”.