Trading Update

B.P. Marsh & Partners Plc (AIM: BPM), the specialist venture capital investor in early-stage financial services businesses, provides an update on trading for the Group's financial year ended 31 January 2026.

Highlights

Continued strong portfolio performance

o Eight new investments completed in specialist sectors of the financial services space

o Two disposals completed, generating £30.7m upfront proceeds from £1.9m invested capital

o Robust pipeline of new opportunities

• Group funds of £49.5m at 31 January 2026 (31 January 2025: £74.1m)
• £8.0m dividends paid to shareholders in FY2026 totalling 21.64p per share
• Intention to pay dividends of £13.0m in FY2027 and a minimum of £5.0m in FY2028
• Annual results for FY2026 to be announced on 27 May 2026

Liquidity and Loan Portfolio

Group funds were £49.5m as at 31 January 2026 (31 July 2025: £52.6m, 31 January 2025: £74.1m) and the Group remains debt-free.

During the financial year, the Group made realisations of £30.7m in respect of its disposals of SSRU and Sterling.

The Group invested £37.8m in equity funding into the portfolio, £27.8m of which was new investments, and £10.0m follow-on funding into the existing portfolio.

The Group's loan portfolio balance increased to £40.8m at 31 January 2026 from £27.6m at 31 January 2025.

Disposals

During the financial year, the Group announced the completion of two disposals:

Stewart Specialty Risk Underwriting Limited ("SSRU") (October 2025): The Group delivered an internal rate of return of 89.9% on the disposal of its investment in SSRU, a leading Canadian Managing General Underwriter, to Ryan Specialty, LLC.

Sterling Insurance Pty Limited (June 2025): The Group delivered an internal rate of return of 8.8% on the disposal of its investment in Sterling to ATC Insurance Solutions Pty Limited, a Group holding. The Group took equity as consideration from this transaction allowing the Group to increase its shareholding in ATC from 25.6% to 27.0%.

New Investments

During the financial year, the Group announced eight new investments:

iO Finance Partners Topco Limited (April 2025): The Group subscribed £10.0m for an 8% shareholding in iO Finance, a UK-based alternative financing platform for SMEs.

Oneglobal Broking Holdings Limited (September 2025): The Group subscribed £10.0m for a Cumulative Convertible Preferred Shareholding which will, on conversion, equate to a 10% fully diluted shareholding. Oneglobal specialises in marine, property, aviation, financial lines, energy and casualty, internationally.

Sodalis Capital Limited (November 2025): The Group invested £5.3m for Cumulative Preferred Shares representing approximately 26.67% of Sodalis, alongside Alliant Insurance Services, Inc. and Sodalis-founder Colin Thompson. Sodalis is pursuing a buy-and-build strategy in international underwriting and wholesale broking across the UK, Europe and the Middle and Far East.

Cameron Specialty HoldCo Limited (June 2025): The Group acquired a 27% shareholding in London-based underwriting agency, Cameron Specialty, and agreed funding of up to £1.7m via a combination of equity and loan facility.

Gambit Risk Finance LLC (August 2025): The Group committed up to US$5.0m (US$1.9m funded on completion) for an 8.25% preferred equity shareholding in Gambit Re, a newly formed reinsurance vehicle supporting XPT Group LLC ("XPT") in which the Group owns 30.33%.

XPT Producer Acquisition Co LLC (September 2025): The Group subscribed for a 35% preferred equity shareholding and committed up to US$12.5m in loan funding (US$3.0m drawn at completion). XPT Producer Co has been established to recruit and incubate experienced, revenue-generating producers, accelerating XPT's growth strategy.

Amiga Speciality Holdings Limited (June 2025): The Group acquired a 49% shareholding in Amiga, a newly established specialty underwriting business, for a nominal consideration and provided a five-year £10.0m loan facility.

Salus Capital Partners Limited (September 2025): The Group acquired a 35% Cumulative Preferred Ordinary shareholding, providing funding of up to £2.0m via a combination of equity and a loan facility. Salus is a start-up insurance intermediary group specialising in Professional Indemnity insurance.

Follow-On Funding

Pantheon Specialty Group Limited: In June 2025, the Group acquired a further 2% stake for £5.5m, increasing its shareholding from 37% to 39%. In September 2025, the Group then provided additional loan funding to support Pantheon's acquisition of a 25% shareholding in Fraction Insurance Brokers Asia Limited, a Hong Kong-based specialist broker focused on digital asset insurance.

New Business Opportunities

The Group continues to see strong levels of inbound interest, receiving 67 new business enquiries in FY2026 (FY2025: 63). This sustained origination activity reflects the continued appeal of the Group's partnership-led approach and deep sector expertise to high-quality management teams across its target markets. It also reflects the strength of the Group's reputation and brand, which continue to attract attractive new opportunities.

The Group is currently assessing nine prospective opportunities, each aligned with B.P. Marsh's disciplined investment strategy and long-standing focus on insurance and broader financial intermediary businesses.

Dividend and Share Buy-Back Programme

In line with the continued strong performance of realisations from the Group's portfolio, in FY2026, a total of £8.0m was paid to shareholders in dividends via an interim, final and special payment (£4.0m in FY2025, £2.0m in FY2024, £1.0m in FY2023 and, since flotation, £42.7m in aggregate).

The Company has subsequently announced the payment of the following dividends in FY2027:

• an interim dividend of 6.98p per ordinary share (£2.5m in aggregate) in February 2026 to all shareholders on the register on 30 January 2026, an increase of 2.91% on the interim dividend paid in February 2025; and
• a special dividend of 22.33p per ordinary share (£8.0m in aggregate) in March 2026 to all shareholders on the register on 6 March 2026, following consideration received from the disposal of SSRU.

The Company intends to pay a final dividend of £2.5m in FY2027, bringing total dividends payable for FY2027 to £13.0m. The Board retains discretion to recommend a higher or lower final dividend for FY2027, for example in the event of significant realisations or capital commitments.

The Company intends to pay dividends of not less than £5.0m in FY2028, however this figure will remain subject to review and potential upward revision in the event of significant realisations.

During FY2026, the Company repurchased 277,583 shares for £1.9m at an average price of 676.7p per share, which are currently held in Treasury.

These dividends and share buy-backs reflect the Group's strong cash generation and the Board's continued commitment to delivering regular and meaningful returns to shareholders, in line with the Group's capital allocation policy.

Insurance Market Outlook

The Group continually monitors key trends across the wider risk transfer market, with particular focus on premium rate developments and mergers & acquisitions ("M&A") activity. Downward pressure on reinsurance pricing and heightened consolidation remain the most relevant sector-wide dynamics for B.P. Marsh's portfolio companies.

While capacity remains abundant and the sector continues to attract institutional capital, overall profitability within insurance distribution remains broadly stable, especially within the more specialist segments in which the Group invests.

The fee- and commission-based revenue of brokers and MGAs provide a degree of insulation from rating pressures. In addition, rate volatility in specialist risk segments, where many of the Group's portfolio companies operate, has typically been more moderate. The Board, therefore, remains confident in the resilience of underlying revenue generation. The Group works closely with investee management teams to ensure their businesses remain robust and well positioned to mitigate emerging risks.

Consolidation across the insurance market appears to be accelerating into 2026, potentially driven by pricing dynamics and boards pursuing inorganic growth. Recent high-profile transactions underline this trend. In prior waves of consolidation, the Group has benefited as entrepreneurial teams seek to establish or grow independent platforms outside consolidating organisations. The Board therefore views ongoing M&A activity as a source of opportunity, both within the existing portfolio and in respect of new investments.

Notice of Results

The Company will announce its audited results for the year ended 31 January 2026 on 27 May 2026.