Conduit Holdings Limited Com Shs

CRE · Main Market · Insurance · mcap £606m · 443.5p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 29 Jul 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £621.1m
Owner’s net cash: £223.4m
Net cash / market cap: 36%
Revenue: £685.4m
Operating profit: £159.6m
Price / tangible book: 0.73×
Net income (owners): £158.8m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 29 Jul 26 · read the results ↗

Source ↗

	Six months ended 30 June 2026 $m	Six months ended 30 June 2025 $m	Twelve months ended 31 Dec 2025 $m
Reinsurance revenue	455.9	433.3	897.1
Reinsurance service expenses	(297.9)	(414.2)	(688.4)
Ceded reinsurance expenses	(73.3)	(53.4)	(119.1)
Ceded reinsurance recoveries	2.2	19.1	20.3
Reinsurance service result	86.9	(15.2)	109.9
Net investment income	46.7	38.8	80.7
Net realised gains (losses) on investments	0.3	(0.5)	(0.4)
Net unrealised gains (losses) on investments	(21.7)	25.5	39.2
Net investment result	25.3	63.8	119.5
Net reinsurance finance income (expense)	(13.3)	(40.9)	(77.2)
Net foreign exchange gains (losses)	(0.2)	-	(0.1)
Net reinsurance and financial result	98.7	7.7	152.1
Equity-based incentive expense	(6.0)	(4.2)	(9.3)
Other operating expenses	(11.9)	(16.4)	(24.8)
Results of operating activities	80.8	(12.9)	118.0
Financing costs	(0.5)	(0.6)	(1.2)
Total comprehensive income (loss) for the period	80.3	(13.5)	116.8
Earnings (loss) per share
Basic $(0.09)	$0.53	$0.75	–
Diluted $(0.09)	$0.52	$0.74	–

Source ↗

	30 June 2026 $m	30 June 2025 $m	31 Dec 2025 $m
Assets
Cash and cash equivalents	296.1	227.7	339.2
Accrued interest receivable	16.6	14.5	15.6
Investments	2,047.4	1,754.2	1,907.4
Ceded reinsurance contract assets	92.2	87.1	51.4
Other assets	23.8	4.8	11.1
Right-of-use lease assets	0.3	1.0	0.7
Total assets	2,476.4	2,089.3	2,325.4
Liabilities
Reinsurance contract liabilities	1,338.4	1,068.7	1,210.5
Other payables	16.5	12.7	11.7
Lease liabilities	0.4	1.2	0.8
Total liabilities	1,355.3	1,082.6	1,223.0
Shareholders' equity
Share capital	1.7	1.7	1.7
Own shares	(87.6)	(42.7)	(52.7)
Other reserves	1,072.9	1,065.8	1,070.9
Retained earnings (loss)	134.1	(18.1)	82.5
Total shareholders' equity	1,121.1	1,006.7	1,102.4
Total liabilities and shareholders' equity	2,476.4	2,089.3	2,325.4

Source ↗

	Six months ended 30 June 2026 $m	Six months ended 30 June 2025 $m	Twelve months ended 31 Dec 2025 $m
Cash flows from operating activities
Comprehensive income (loss)	80.3	(13.5)	116.8
Depreciation	0.6	0.6	1.1
Net investment income	(47.4)	(39.3)	(82.1)
Net realised (gains) losses on investments	(0.3)	0.5	0.4
Net unrealised (gains) losses on investments	21.7	(25.5)	(39.2)
Net unrealised foreign exchange (gains) losses	(0.1)	0.7	0.7
Equity-based incentive expense	6.0	4.2	9.3
Change in operational assets and liabilities
- Reinsurance assets and liabilities	91.5	184.0	363.2
- Other assets and liabilities	(14.3)	(4.9)	(8.6)
Net cash flows from operating activities	138.0	106.8	361.6
Cash flows used in investing activities
Purchase of investments	(502.3)	(478.8)	(964.1)
Proceeds on sale and maturity of investments	349.2	276.9	621.4
Interest received	44.3	34.0	73.5
Net cash flows used in investing activities	(108.8)	(167.9)	(269.2)
Cash flows used in financing activities
Lease liabilities paid	(0.4)	(0.4)	(0.8)
Dividends paid	(28.7)	(29.7)	(59.4)
Purchase of own shares	(38.9)	(5.5)	(15.5)
Net cash flows used in financing activities	(68.0)	(35.6)	(75.7)
Net (decrease) increase in cash and cash equivalents	(38.8)	(96.7)	16.7
Cash and cash equivalents at the beginning of the period	339.2	313.2	313.2
Effect of exchange rate fluctuations on cash and cash equivalents	(4.3)	11.2	9.3
Cash and cash equivalents at end of period	296.1	227.7	339.2

Source ↗

	2025 $m	2024 $m
Assets
Cash and cash equivalents	339.2	313.2
Accrued interest receivable	15.6	12.4
Investments	1,907.4	1,526.3
Ceded reinsurance contract assets	51.4	48.9
Other assets	11.1	4.0
Right-of-use lease assets	0.7	1.4
Total assets	2,325.4	1,906.2
Liabilities
Reinsurance contract liabilities	1,210.5	834.5
Other payables	11.7	18.9
Lease liabilities	0.8	1.6
Total liabilities	1,223.0	855.0
Shareholders' equity
Share capital	1.7	1.7
Own shares	(52.7)	(40.6)
Other reserves	1,070.9	1,065.0
Retained earnings	82.5	25.1
Total shareholders' equity	1,102.4	1,051.2
Total liabilities and shareholders' equity	2,325.4	1,906.2

Source ↗

	2025 $m	2024 $m
Cash flows from operating activities
Comprehensive income	116.8	125.6
Depreciation	1.1	1.1
Interest expense on lease liabilities	-	0.1
Net investment income	(82.1)	(65.3)
Net realised (gains) losses on investments	0.4	(0.1)
Net unrealised (gains) losses on investments	(39.2)	(1.0)
Net unrealised foreign exchange (gains) losses	0.7	1.5
Equity-based incentive expense	9.3	7.1
Change in operational assets and liabilities
- Reinsurance assets and liabilities	363.2	337.1
- Other assets and liabilities	(8.6)	1.2
Net cash flows from operating activities	361.6	407.3
Cash flows used in investing activities
Purchase of investments	(964.1)	(736.3)
Proceeds on sale and maturity of investments	621.4	462.2
Interest received	73.5	55.1
Purchase of property, plant and equipment	-	(0.7)
Net cash flows used in investing activities	(269.2)	(219.7)
Cash flows used in financing activities
Lease liabilities paid	(0.8)	(0.8)
Dividends paid	(59.4)	(59.5)
Purchase of own shares	(15.5)	(9.4)
Net cash flows used in financing activities	(75.7)	(69.7)
Net increase in cash and cash equivalents	16.7	117.9
Cash and cash equivalents at the beginning of the year	313.2	199.8
Effect of exchange rate fluctuations on cash and cash equivalents	9.3	(4.5)
Cash and cash equivalents at end of year	339.2	313.2

	LTM Jun 26	FY 25	FY 24
Insurance and banking
Gross written premium	–	943.4	909.6
Insurance revenue	–	–	636.7
Insurance service result	–	83.4	103.0
Combined ratio	–	89.1%	86.0%
Investment income	–	90.7	51.7
Revenue to operating profit
Revenue	685.4	680.9	–
Operating profit	159.6	89.6	99.2
Share-based payments	(8.3)	(7.1)	(5.6)
Operating profit to net income
Finance costs	(0.8)	(0.9)	(0.9)
Net income (owners)	158.8	88.6	98.3
Per share
EPS basic	102.2p	55.7p	63.7p
EPS diluted	100.7p	54.9p	63.0p
Dividend per share	27.2p	26.7p	28.7p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	339.0	+1%	346.4	334.4
Operating profit	60.1	n/m	99.5	(10.0)
Share-based payments	(4.5)	+38%	(3.8)	(3.2)
Operating profit to net income
Finance costs	(0.4)	−20%	(0.4)	(0.5)
Net income (owners)	59.7	n/m	99.1	(10.4)
Per share
EPS basic	40.0p	–	62.3p	(6.6p)
EPS diluted	39.2p	–	61.5p	(6.6p)
Dividend per share	13.6p	–	13.6p	13.1p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	294.6	274.4	318.7
Investing activities
Capex (PP&E)	–	–	(0.5)
Financing activities
Lease principal paid	(0.6)	(0.6)	(0.6)
Dividends paid	(43.5)	(45.1)	(46.6)
Share buybacks	(36.4)	(11.8)	(7.4)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	102.6	+24%	192.0	82.4
Financing activities
Lease principal paid	(0.3)	−4%	(0.3)	(0.3)
Dividends paid	(21.3)	−7%	(22.2)	(22.9)
Share buybacks	(28.9)	n/m	(7.5)	(4.2)

	30 Jun 26	31 Dec 25	31 Dec 24
Insurance and banking
Financial investments	–	1,416.3	1,216.3
Reinsurance assets	–	38.2	39.0
Insurance contract liabilities	–	898.9	665.0
Current assets
Cash	223.4	251.9	249.6
Total assets	1,868.4	1,726.7	1,519.0
Current liabilities
Trade payables	12.4	8.7	15.1
Non-current liabilities
Lease liabilities, non-current	0.3	0.6	–
Total liabilities	1,022.6	908.1	681.3
Equity
Total equity	845.9	818.6	837.7
Net cash and other figures
Shares in issue	165.2m	165.2m	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Insurance and banking
Financial investments	–	1,416.3	–	1,216.3
Reinsurance assets	–	38.2	–	39.0
Insurance contract liabilities	–	898.9	–	665.0
Current assets
Cash	223.4	251.9	166.0	249.6
Total assets	1,868.4	1,726.7	1,522.8	1,519.0
Current liabilities
Trade payables	12.4	8.7	9.3	15.1
Non-current liabilities
Lease liabilities, non-current	0.3	0.6	0.9	–
Total liabilities	1,022.6	908.1	789.1	681.3
Equity
Total equity	845.9	818.6	733.8	837.7
Net cash and other figures
Shares in issue	165.2m	165.2m	165.2m	–

Read automatically from each results announcement. Check the source before relying on a figure.

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Company filings. Not investment advice.