Replacement LendInvest H1 FY26 Financial Statement

The following announcement replaces the announcement from LendInvest Plc yesterday morning, December 8 2025, titled 'LendInvest plc H1 FY26 Interim Financial Statement' - RNS reference 5468K.

In that announcement, in the table headed Segmental Analysis on page 11, the row titled 'New Lending' included incorrect figures. The amended announcement below now includes the correct figures in that row. Other than the table headed Segmental Analysis on page 11, all other references to New Lending figures throughout the document referenced the correct figure of £663.6m. No other changes have been made. The amended announcement in full is included below:

HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

LendInvest H1 FY26: Strong Lending Drives Profitability.

LendInvest plc (LSE: LINV; "LendInvest", the "Company" or the "Group") is a leading alternative property finance platform in the UK. The LendInvest Mortgages Division provides a range of long- term and short-term mortgages to both professional Buy-to-Let landlords and Homeowners. The LendInvest Capital Division provides larger, more structured finance primarily to property developers and investors.

Introduction

LendInvest plc today reports its unaudited results for the six months ended 30 September 2025. The Group has maintained its recent momentum, profitable for the second consecutive period, supported by strong lending volumes and continued operational efficiency. The strategy to grow through a capital-efficient, technology-enabled platform is now embedded, with performance reflecting sustained delivery across the business.

Summary Financials

1 Definitions are consistent with the FY 2025 Annual Report

2 New lending includes all new lending originated for third-party Funding and Principal Investments

3 Comparisons where the percentage change is >200% or <200% are deemed not meaningful (n/m)

CEO's Statement (Rod Lockhart)

Delivering Profitable and Scalable Growth

H1 FY26 marks another period of consistent execution, confirming that the structural realignment and disciplined focus initiated in FY24 are now firmly embedded in our business-as-usual operations.

Our financial performance demonstrates this progress. Adjusted EBITDA for the 6 months to 30th September 2025 rose to £3.7m, underscoring the scalability and efficiency of our platform. Profit before tax increased to £1.2m, marking our second consecutive half of positive PBT profitability and extending a clear upward trajectory in earnings up from a Loss before tax of £(2.4)m for the same period in FY25. Meanwhile we also delivered a £0.9m Profit After Tax result.

Our model combines recurring fee income from third-party capital with interest income from our own principal investments - a balanced, capital-efficient platform designed to deliver sustainable growth.

In the first six months, new lending increased 23% to £663.6m, driven by a leaner, more automated operation that continues to enhance productivity and throughput, particularly across Buy-to-Let, and increasingly through a focus on easier product transfer. This growth was achieved without increasing fixed overheads, highlighting the strength of our operating leverage.

Our funding and capital position remains robust, with Platform Assets under Management up 17% to £3.45bn and Funds under Management reaching £5.31bn - providing unutilised funding facilities of £1.87bn. The continued commitment of tier-one institutional partners demonstrates confidence in our platform and provides a strong foundation for further expansion. Outside of the reporting period, in October, we completed our seventh consecutive RMBS securitisation - a pool of £270m mortgages and £40m pre-funding of UK Prime mortgages; and we also delivered our fifth Retail Bond, raising £75m to help support further growth in lending and pay down shorter term, higher cost, debt.

As we look ahead, our focus remains on disciplined execution - scaling lending, protecting margins, and compounding profitability. While we experienced some temporary slowdown in property purchase activity ahead of the November Budget, performance for the full year is expected to remain in line with market expectations. With a proven model and growing momentum, LendInvest is well positioned to capture the next phase of growth as market conditions improve.

Rod Lockhart,

CEO, LendInvest

Analysts and investors presentation: 9.00am on December 8th 2025

A webcast for analysts and investors will be hosted by Rod Lockhart, Chief Executive Officer; Hugo Davies, Chief Capital Officer and MD LendInvest Mortgages; and Stephen Shipley, Chief Financial Officer at 9.00am today, December 8 2025. A playback facility will also be available in due course.

To access the webcast, please register here

Our Business Model

LendInvest originates, manages and distributes alternative property lending across Buy-to-Let, Residential, Development and Short-Term Mortgages to both individuals and businesses. Our proprietary platform supports origination, underwriting, servicing and portfolio management, enabling consistent decision-making, efficient processing and a high level of control over credit outcomes.

We deploy capital from a diversified range of institutional and private investors, including banks, pension funds, insurance companies, asset managers and retail bondholders. Capital is allocated across separate accounts, bank facilities, securitisations and funds, allowing funding to be matched to product type, duration and risk profile.

How we generate income

Our revenue model is built around three complementary streams:

Third-party Revenue

Recurring fees earned on assets managed on behalf of institutional investors, including:

• Management fees
• Performance fees
• Servicing fees
• Origination & Structuring Fees

Fees generated when new loans are originated, regardless of whether they are retained on balance sheet or transferred to third-party funding partners.

Principal Investment Income

Net interest income earned on loans that we retain on our own balance sheet.

This creates a balanced, capital-efficient revenue model, combining predictable recurring fees with margin from selectively retained assets.

Why the model scales

Our platform is built to increase throughput without expanding fixed cost. Automation, case-handling workflow and data-led / AI powered underwriting mean that loan volumes can grow while headcount remains broadly stable.

As originations increase, Fee income scales, Servicing income scales, Fixed costs remain flat, and profitability increases. This is our operating leverage, and it is now being delivered in practice, evidenced by:

• Growing lending volumes
• Higher product retention
• Lower fixed cost base
• Growing profitability

Risk profile and discipline

Credit risk is managed through:

• Credit appetite and models iterated through more than £8.57bn of lending across 17-years
• Real-time portfolio monitoring and early-warning analytics
• Distribution of credit risk through institutional partnerships and securitisation

This approach allows the Group to grow lending while maintaining risk discipline and capital efficiency, supporting sustainable returns through the cycle.

Business Performance

Overview

The Group delivered another period of consistent progress, with strong new lending, continued operational leverage, and a second consecutive half of positive profitability. The strategy to scale lending through a capital-efficient platform is now firmly embedded, with earnings reflecting continued progress in operational leverage.

Lending Performance

Lending grew strongly year-on-year, supported by a scalable platform and strong broker demand.

• New lending increased 23% to £663.6m (HY25: £539.1m), reflecting sustained momentum across core products.
• Buy-to-Let remained the primary driver of growth, supported by improved process efficiency and continued product transfer activity.

o YoY increase of 82% in Bridge to Let - helping more customers move faster from initial finance products to longer term BTL mortgages.

• Short-Term Mortgages and Development Finance remained stable, with disciplined deployment and a strong forward pipeline.
• Retention strategy successful: The introduction of a new retention strategy and two Retention Specialist roles helped increase the retention rate by 63% in H1 FY26 (31%) compared to the whole of FY25 (19%).
• The business has now lent more than £8.57bn since inception (as of 18 November 2025).

We enter the second half with a well-diversified lending pipeline and continued momentum across brokers and repeat borrowers.

• Strong uplift across all customer journeys: We delivered significant year-on-year (Sept 30 2024 compared to Sept 30 2025) Net Promoter Score ("NPS") improvements, starting with a 17.6% increase in Offer NPS (from 85 to 100 points) and a 20.0% rise in Completion NPS (from 50 to 60 points). Most notably, our Customer Onboarding NPS increased by 62 points (from 12 to 74), reflecting the successful impact of operational enhancements in this key area.

Operational Efficiency

Operational efficiency continues to strengthen, providing clear operating leverage as lending scales.

• Underlying headcount reduced c.4.8% year-on-year, with capacity maintained through platform efficiency and workflow automation.
• Underlying fixed costs reduced, with the increase in total administrative expenses reflecting:

o normalisation of share-based payment charges (HY26: £0.4m vs HY25: £0.7m credit),

o the return of performance-linked incentive accruals, and

o a £0.2m non-recurring restructuring charge.

• Following work to streamline our Product Transfer journey, we removed the requirement for pound-for-pound borrowing to be underwritten, enabling our underwriters to support 20% more new business than in FY25.
• Offer to completion average for BTL in H1 FY26 is 32 days, down from 36 days in March.

This demonstrates that the platform is scaling efficiently, and supports further earnings progression as lending grows.

Profitability

The Group delivered a second consecutive profitable half, with earnings improving year-on-year.

• Adjusted EBITDA improved to £3.7m (HY25: £(0.3)m).
• Profit before tax increased to £1.2m, compared to a £2.4m loss in HY25.
• Profit after tax £0.9m, compared to a £1.9m loss in HY25
• Earnings quality continued to improve, with growth driven by both net interest income (up 55% to £9.3m) and net fee income (up 9% to £11.6m).

Profitability is now sustainable, with earnings increasingly reflecting operating leverage rather than one-off movements.

Funding & Capital

The Group's capital position remains strong and continues to be diversified.

• Platform Assets under Management increased 17% to £3.45bn (HY25: £2.95bn).
• Funds under Management increased 14% to £5.31bn, supported by continued commitment from institutional partners.

Post period end:

• Seventh RMBS securitisation completed post-period, with a pool of £270m prime UK mortgages alongside £40m in pre-funding; further validating asset quality and providing additional capacity to scale lending.
• The Group also extended its debt maturity profile through the issuance of its fifth retail bond, a 8.25% Note due in 2030, replacing shorter-dated debt with longer-term more cost-effective funding and creating greater flexibility to support continued lending growth.

This capital base provides the platform and flexibility to support sustained lending growth.

Market Context

The UK housing market continues to be shaped by long-term supply constraints. New build activity remains subdued, with planning approvals and housing delivery levels well below the Government's stated ambitions. Recent construction PMI data indicates contraction in residential building activity, and industry surveys continue to highlight the effect of capacity and regulatory bottlenecks on the timing and feasibility of development projects, particularly for small and medium-sized builders.

Delays associated with planning and building safety regulation remain a significant factor influencing project timelines and development confidence. While policy reform measures are underway, resource pressures in local planning departments and evolving regulatory requirements continue to lengthen approval cycles. This environment has particularly affected SME house builders, who play an important role in local housing delivery.

Borrower sentiment also continues to reflect broader economic conditions. While inflation has moderated and interest rate expectations have stabilised, swap rate movements and uncertainty over the near-term monetary policy path have resulted in careful decision-making among property investors, landlords, and developers. Build costs, while easing from last year's peaks, remain elevated in key trades and materials, affecting development appraisals and project viability.

For professional landlords, regulatory considerations and evolving rental market dynamics have encouraged a focus on upgrading, repositioning and retaining properties rather than rapid portfolio expansion. This has supported increased demand for bridge-to-term and product transfer solutions, where borrowers seek flexible funding during refurbishment, improvement or change-of-use phases before transitioning to longer-term financing structures.

Against this backdrop, specialist lenders continue to provide an important source of finance to both SME developers and professional landlords. The ability to underwrite complex property transactions, support refurbishment and upgrade activity, and provide continuity of funding through different stages of the investment cycle remains central to sustaining activity across the residential investment and development sectors. The Group's platform and funding model are well positioned to support this segment of the market as conditions continue to evolve.

Outlook

We enter the second half with a strong lending pipeline, a scalable operating platform, and a clear trajectory of earnings progression. The recent bond exchange carries a modest one-off short-term cost as higher-rate notes are converted into longer-term, lower-cost debt, but it strengthens our balance sheet, drives down our cost of funding, and enhances earnings capacity over the medium term. While we also experienced a slight temporary slowdown in property purchase activity ahead of the November Budget, performance for the full year is expected to remain in line with market expectations.

The strategy is now embedded and delivering; the focus is on scaling profitability.

Financial Statements

Condensed Consolidated Income Statement

The summary consolidated statement of profit and loss account for the 6 months ended 30 September 2025 is shown below. The prior year 6 months ended 30 September 2024 has been restated as described in Note 1.4.

Net Interest Income

Net interest income increased 55% to £9.3m for the six months ended 30 September 2025 (HY25: £6.0m), reinforcing the central role of interest income in supporting our return to profitability. Growth was underpinned by a 51% increase in Principal Investment AuM as we built out our balance sheet ahead of securitisation and a 5bps improvement in NIM to 2.42% (HY25: 2.37%).

This increase reflects disciplined allocation into higher risk-adjusted return segments while we continue to transition towards a more capital-efficient platform composition. The proportion of Platform AuM held on balance sheet increased modestly to 24% (HY25: 19%) as we selectively retained assets to optimise execution and earnings capture. In parallel, 32% of platform assets under management are securitised, with our seventh RMBS securitisation completed post-period, with a pool of £270m prime UK mortgages alongside £40m in pre-funding, enabling capital recycling, strengthening liquidity and reducing concentration risk and credit risk exposure.

Although securitised assets remain on balance sheet under IFRS, they carry materially lower capital intensity than directly funded loans. This supports the strategic trajectory: balancing targeted interest income capture with scalable, lower-risk, third-party capital solutions, driving more repeatable, capital-efficient earnings through the cycle.

Net Fee Income & Net gains on derecognition of financial assets

Net fee income increased 9% to £11.6m for the six months ended 30 September 2025 (HY25: £10.6m), continuing the shift towards a third-party asset management revenue mix long term strategy. When including Net gains on derecognition of financial assets, albeit impacted by the timing of third-party originations, income growth rises to 15% over the period.

During the period we prioritised origination into Principal Investment AuM to support our seventh RMBS securitisation. We expect the mix to rotate towards third-party originations in the next six months.

Our strategic emphasis on capital-light, fee-based income is beginning to bear fruit: delivering structurally higher operating margins, with lower balance sheet intensity and reduced earnings volatility, thereby reinforcing the sustainability and scalability of long-term shareholder value creation.

Impairment Losses on Financial Assets

Impairment charges decreased by 9% to £2m for the six months ended 30 September 2025 (HY25: £2.2m).

Administrative Expenses: Total administrative expenses increased £1.4m (8%) to £18.3m (HY25: £16.9m). However, after normalising for prior-year one-off Share-Based Payment credits, incentive accrual timing effects, and re-structure costs underlying costs reduced 2.84%, demonstrating that the core run-rate expense base continues to trend down.

This evidences ongoing cost discipline and an increasingly efficient operating footprint, even against a backdrop of higher volumes and intensified delivery activity.

Key drivers of this increase include:

Wages and Salaries: increased £0.1m (1%) to £8.0m (HY25: £7.9m) reflecting the impact of targeted organisational redesign. Total headcount reduced 4.8% year-on-year as roles were rationalised and redeployed into higher-productivity areas. The period includes £0.6m of staff incentive costs, whereas no incentives were provided in HY25; excluding this timing effect, underlying wages and salaries reduced 6.7% YoY. The operating-model transition continues to embed successfully, with the Glasgow hub now accounting for 43% of total office-based headcount (HY25: 28%), reinforcing a structurally lower-cost and more scalable delivery platform. Overall, the modest uplift reflects disciplined cost management alongside improved execution capacity in priority growth areas.

Depreciation & Amortisation: Decreased £0.1m (6%) to £1.7m (HY25: £1.8m), reflecting reduced capitalised investment as the business shifts from build-out into optimisation, extracting greater leverage from the existing platform and technology estate.

Audit Fees: Fees for the audit of the current-year financial statements remained flat at £1.0m (HY25: £1.0m). Fees relating to the prior-year audit decreased 75% to £0.1m (HY25: £0.4m).

Share-Based Payment (SBP) Charge: Moved to a charge of £0.4m (HY25: £0.7m credit), a 157% swing year-on-year. The prior period benefited from one-off favourable adjustments linked to leavers, true-ups and timing effects across the company share and option plans. The current period therefore reflects a more normalised run-rate of SBP expense.

Other Operating Expenditure: Increased by 14% to £6.7m (HY25: £5.9m), primarily reflecting £0.4m lower capitalised development costs as major platform investments transition to optimisation phases, alongside £0.4m higher loan servicing costs in line with the continued expansion of the loan book.

Corporation Tax: Tax charge (HY25: credit) comprising 25% Corporation tax charge on HY26 results.

Adjusted EBITDA

The reconciliation between profit/(loss) after taxation and Adjusted EBITDA for the 6 months' period ended 30 September 2025 is show below:

1 Exceptional operating expenses in FY25 relate to restructuring costs

Segmental analysis

Our Mortgages Division provides mortgages to both professional BTL landlords and Residential homeowners as well as a range of Short-term Mortgages. The Capital Division provides larger, more structured finance primarily to property developers and large property companies. An analysis of the first six months ended 30 September 2025 based on these segments is presented below:

Funds under Management (FuM) reconciliation to and Platform Assets under Management (AuM)

The reconciliation between Funds under Management (FuM) and Platform Assets under Management (AuM) at 30 September 2025 is presented below.

Principal Investments FuM grew significantly, increasing by 35% year-on-year, primarily driven by the successful execution of the Mortimer 2024-MIX securitisation. This transaction has materially strengthened our funding capacity and supported the scaling of Principal Investment Assets under Management (AuM).

Third-Party FuM increased 8% year-on-year, underpinned by continued commitments from strategic funding partners and reflects the latest securitisation completed by our third-party capital provider. Together, these flows reinforce the capital-light model, broadening revenue streams, increasing fee scalability and further validating the depth of demand across our core growth segments.

This dual-track growth underscores the successful execution of our strategy to simultaneously scale principal investments while accelerating Third Party capital deployment, enhancing both capital efficiency and recurring fee-based income.

Balance Sheet

Summary of assets, liabilities, and equity for the period.

Net Assets: Net assets have increased by 10% to £72.7m (31 March 2025: £66.3m) primarily driven by portfolio growth and performance. This uplift enhances balance sheet resilience and provides additional headroom to support the Group's medium-term strategic objectives, including planned capital-markets activity and ongoing investment in scalable growth.

Other Payables/Receivables: Receivables increased due to fee income due from third parties. Payables increased due to timing of transfers to third party funders.

Loans & Advances: Loans and advances increased by 23% to £850.8m (31 March 2025: £694.2m), underpinned by a 23% year-on-year increase in new lending. This reflects the successful execution of our lending strategy, with continued momentum in origination activity for principal investments using the balance sheet as well as for third parties.

Investment Securities: Declined in line with the shift towards on-balance sheet securitisation, positioning the Group for future residual sale opportunities. No new residual sales were made during the period.

Interest-bearing liabilities: Increased 18% to £855.8m (31 March 2025: £725m), broadly tracking AuM expansion. The uplift primarily reflects higher utilisation of existing revolving facilities and the completion of a new securitisation, positioning the Group for future residual sale opportunities. Corporate debt facilities reduced 3.1% over the period, evidencing disciplined leverage management and alignment with a scalable, capital-efficient growth model.

Dividend

The Board is not recommending an interim dividend for the six months ended 30 September 2025. The Board remains committed to commencing a dividend as soon as it is prudent to do so.

Cash Flow Statement

As at 30 September 2025, the Group held cash and cash equivalents of £85.2m, representing a 19% increase year-on-year (30 September 2024: £71.6m). This growth reflects strong financing inflows and improved operational and funding efficiency.

Of the total balance, £78.4m is restricted for designated loan funding purposes (30 September 2024: £57.3m), supporting continued origination activity within structured funding vehicles.

Unrestricted cash decreased to £6.8m (30 September 2024: £14.3m), reflecting strategic investment into principal investment growth ahead of securitisation. Post securitisation the unrestricted cash is now £11.6m (17 November 2025).

Going Concern

The Group's business activities together with the factors likely to affect its future development and position are set out above.

The Directors also considered the impact of the funding lines maturing in the next 12 months from the date of approval of the financial statements. In line with the normal operations of the Group, there are a number of facilities which mature or maybe refinanced during this period, however these are not considered to be a significant factor in going concern uncertainty.

Directors have a reasonable expectation that the Group will have adequate resources to continue to operate for a period of at least 12 months from the signing of these accounts, including severe yet plausible downside scenarios, and that Group will have sufficient funds to meets its liabilities as they fall due for that period.

Directors have continued to prepare the accounts on a going concern basis. More information on the Directors' assessment of going concern is set out in the Directors' report.

Post-period, the Group completed its Seventh RMBS securitisation (£310m pool including £40m prefund) and launched Retail Bond 5, alongside an exchange offer for Bond 3 and Bond 4. These transactions generated £15.5m of gross new proceeds and extended funding maturities by 4 and 5 years, further strengthening liquidity.

Key Performance Indicators

Platform Assets Under Management (AuM)

Definition:

Platform Funds Under Management (FuM)

Definition:

We raise funding from a diverse array of financial institutions, institutional investors, and individuals. Our funding partners, including BNP Paribas, HSBC, Barclays, Societe Generale, and Lloyds, primarily support our LendInvest Mortgages products via the Group's balance sheet. Additionally, we manage third party accounts on behalf of JP Morgan, Chetwood Financial, and other institutional investors, and serve as the servicer and mortgage originator for various securitisation programmes. In the LendInvest Capital division, we raise capital through funds, separate accounts, syndications, and strategic partnerships.

New Lending

Definition:

New Lending represents total gross originations across both the third-Party Funding platform and Principal Investment channels, inclusive of all product transfer activity.

How we measure value for our shareholders

Net Operating Income (NOI)

Definition:

Adjusted EBITDA

Definition:

Profit Before Tax (PBT)

Definition:

Diluted Earnings Per Share (EPS)

Definition:

INDEPENDENT REVIEW REPORT TO LENDINVEST PLC

Conclusion

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 September 2025 which comprises the Condensed consolidated interim statement of profit and loss, Condensed consolidated interim statement of other comprehensive income, Condensed consolidated interim statement of financial position, Condensed consolidated interim statement of changes in equity, Condensed consolidated interim statements of cash flows and notes to the Condensed consolidated interim financial statements.

Basis for conclusion

Conclusions relating to 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.

Auditor's responsibilities for the review of the financial information

Use of our report

BDO LLP

Chartered Accountants

London , UK

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT AND LOSS

Other comprehensive income:

Items that will or may be reclassified to profit or loss

These condensed consolidated interim financial statements of LendInvest plc, with registered number 08146929, were approved by the Board of Directors and authorised for issue on 5th December 2025. Signed on behalf of the Board of Directors by:

Rod Lockhart

Director

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (continued)

1Cash and cash equivalents include cash of £3.8m (30 September 2024 £3.1m) received from Platform Investors (treated as restricted) and these are held on account for the benefit of investors in the Self-Select Platform, prior to then either investing in loans or withdrawing their capital. Operationally, the company does not treat the Trustees' balances as available funds and these are included within the payables balance.

Interest received was £29.5m during the six months ended 30 September 2025 (the six months ended September 2024: £23.9m) and interest paid was £25.2m during the six months ended 30 September 2025 (the six months ended September 2024: £20.7m).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Basis of preparation

1.1 General information

LendInvest plc is a public company incorporated on 17 July 2012 in the United Kingdom under the Companies Act. The company listed on AIM on 14 July 2021. The address of its registered office is 4 - 8 Maple Street, London, W1T 5HD.

1.2 Basis of accounting

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" and have been prepared on a historical cost basis, except as required in the valuation of certain financial instruments which are carried at fair value. These condensed consolidated interim financial statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published financial statements for the year ended 31 March 2025 and should be read in conjunction with the March 2025 annual report.

1.2.1 Going Concern

The Group's business activities together with the factors likely to affect its future development and position are set out above. The Directors also considered the impact of the funding lines maturing in the next 12 months from the date of approval of the financial statements. In line with the normal operations of the Group, there are a number of facilities which mature during this period.

Post-period, the Group completed its Seventh RMBS securitisation (£310m pool including £40m prefund) and launched Retail Bond 5, alongside an exchange offer for Bond 3 and Bond 5. These transactions generated £15.5m of gross new proceeds and extended funding maturities by 4 and 5 years, further strengthening liquidity.

1.3 Accounting policies

1.4- Prior Period Adjustments

The Group has restated its Consolidated Statement of Profit and Loss, Consolidated Statement of Other Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Changes in Equity and the Consolidated Statement of

Flows due to the following prior period adjustments:

PPA 1 -

To reflect a reversal of fee income in relation to platform loans (£0.7m) that didn't meet the recognition

criteria of IFRS15. This is consistent with the treatment applied for the full year ended 31/03/2025.

PPA1 is reflected in the table which follows:

The impact of the restatement has been reflected in the Condensed Consolidated Interim Statement of Changes in Equity.

1.4- Prior Period Adjustments (continued)

PPA 2 -

To reflect the group tax impact from a prior period adjustment with the interest expense within LendInvest BTL Limited. The entity previously omitted off-market swap premiums in determining realised gains and losses made by subsidiary entities which are Special Purpose Vehicles. Realised gains/loss impacts expenses (deferred consideration) reported by LendInvest BTL Limited. Whilst this does not have an impact on the overall group profit/loss before tax, there is a tax impact due to the recognition of expense in an entity which is not under the securitisation regime for tax. In the half-year financial information, the adjustment is only reflected in the prior year results in the condensed consolidated interim statement of financial position and condensed consolidated interim statement of changes in equity which present results to 31 March 2025. There is no impact shown for the half year condensed consolidated interim statement of profit and loss, condensed consolidated interim statement of comprehensive income and condensed consolidated interim statement of cash flows as their prior period results are only shown up to 30 September 2024.

PPA2 is reflected in the table which follows:

Segmental analysis

Current year

The Group's lending operations are carried out solely in the UK, under the Groups LendInvest Mortgages and Capital Divisions, reflective of the product offerings. The results and net assets of the Group are derived from the provision of property related loans only. The following describes the operations of the two reportable segments for the 6 months ended 30 September 2025:

LendInvest Mortgages

LendInvest Capital

Net gains on derecognition of financial assets includes the gain on sale of individual loans to third parties throughout the normal course of business.

Share-based payments

Company Share and Share Option Plans

The grant of shares or options under these schemes may be made on an annual or on an ad hoc basis.

During the period ended 30 September 2025, the Group granted awards under the Long Term Incentive Plan (LTIP) to certain employees.

In the period to 30 September 2025 3,025,000 options were granted in the LTIP (2025: 5,100,000). No options or awards were granted in the Deferred Bonus Plan (DBP), the Share Incentive Plan (SIP) or the Company Share Option Plan (CSOP) during the period.

During the period ended 30 September 2025 a total of 184,053 awards vested under the SIP. No options or awards vested under the LTIP, or DBP, or CSOP during the period.

Share and Share Option expense recognised

During the six months ended 30 September 2025, the Group recognised a £0.4 million expense in relation to the company share and share option plans.

Cash and cash equivalents

The Group separates cash earmarked for payments to trading partners by holding the cash in segregated bank accounts. A corresponding amount is included within other payables reflecting the Group's obligation to these counter parties.

Taxation on (loss) on ordinary activities

As of 30 September 2025, the Group had nil net deferred tax (31 March 2025: net deferred tax asst of £1.5m). These DTAs/DTLs include:

• Assets of £0.5m (31 March 2025: Assets of £0.2m) related to temporary differences arising between the tax base of share-based payments and the carrying amount;
• Liabilities of £7.3m (31 March 2025: Liabilities of £5.7m) related to the fair value reserve on loans and advances and fair value hedge reserve;
• Liabilities of £0.1m (31 March 2025: Assets of £0.1m) related to accelerated deductions from research and development activity;
• Assets of £6.9m (31 March 2025: Assets of £7.0m) related to tax losses carried forward.

A deferred tax asset has been recognised in respect of all £27.6m of unused tax losses to the extent that it is probable that future taxable profit will be available against which the losses can be utilised. This assessment is based on management forecasts concerning the expected timing of the reversal of taxable temporary differences and projected future taxable income.

Loans and advances

1 The ECL provision of £15.0m (March 2025: £12.3m) is stated including the expected credit losses incurred on the interest income recognised on stage 3 loans and advances. The net ECL impact on the income statement for the period to 30 September 2025 is £2.9m (September 2024: £3.1m). This includes the £2.0m (September 2024: £2.4m) of additional impairment provision in the income statement and £0.9m (September 2024: £0.7m) of reduced net interest income recognised on stage 3 loans and advances using the effective interest rate.

Loans and advances (continued)

2Loans that are written off can still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amounts due. The contractual amount outstanding on loans and advances that have previously been written off and are still subject to enforcement activity is £8.6m (March 2025: £8.4m).

Analysis of loans and advances by stage

The maximum LTV on stage 1 loans is 91%. The maximum LTV on stage 2 loans is 135%. The maximum LTV on Stage 3 loans is 808% and the total value of collateral (capped at the gross loan value) held on stage 3 loans is £70.9m.

The maximum LTV on stage 1 loans is 91%. The maximum LTV on stage 2 loans is 229%. The maximum LTV on stage 3 loans is 91%. The average LTV on stage 1 loans is 71%. The average LTV on stage 2 loans is 72%. The average LTV on stage 3 loans is 65% and the total value of collateral (capped at the gross loan value) held on stage 3 loans is £88.7m.

Credit risk on gross loans and advances

The table below provides information on the Group's loans and advances by stage and risk grade.

• Loans and advances (continued)
• The borrower is currently more than one month in arrears.
• The borrower has sought some form of forbearance.
• LTV exceeds 85% for Buy-to-Let, Bridging and Residential.
• LTGDV exceeds 75% for development loans.
• The loan is a short term bridging loan and has less than one month before maturity.
• The development will not meet practical completion by the date anticipated at origination.
• There is less than one month to maturity for bridging loans.
• repayment of arrears;
• improved credit worthiness; and
• term extensions and the ability to service outstanding debt.

Critical accounting estimates relating to the impairment of financial assets:

Loans and advances (continued)

Additional information about both of these areas is set out below.

As at 30 September 2025

The weightings were changed for September 2025 after discussion with Oxford Economics.

Loans and advances (continued)

Impairment charge sensitivity analysis

Analysis shows the sensitivity of the impairment charge under different macroeconomic scenarios.

Model estimations

A summary of the key assumptions and sensitivity analysis as at 30 September 2025 is provided in the following table:

Critical judgements relating to the impairment of financial assets

Assessing whether there has been a significant increase in credit risk ('SICR')

• Where a borrower is currently one month or more in arrears;
• Where a borrower has sought some form of forbearance;
• Where a short-term bridging loan has less than one month before maturity; and
• Loans and advances (continued)
• Stage 2 stability: this includes stability of inflows and outflows from Stage 2 and 3.

Determining whether a financial asset is in default or credit impaired

Loans and advances (continued)

The Company and Group applies a more stringent quantitative default criterion than the rebuttable presumption of 90 days past due, ensuring that all quantitative triggers occur no later than 90 days past due

Residential Loans - These are longer term loans to borrowers looking to purchase or refinance their primary residence. Loan terms are typically for more than 20 years and will be repaid in monthly instalments of capital and interest. A residential loan is defined as being default when the level of arrears reaches the equivalent of 3 monthly instalments or the borrower is declared bankrupt.

Buy-To-Let Loans - These are longer term loans to borrowers looking to purchase or refinance an investment property. The loan must be secured against a residential property and the borrower must not reside in the property. Loan terms are typically for more than 20 years and will be repaid on an interest only basis with the principle being repaid at the end of the loan. A residential loan is defined as being default when the level of arrears reaches the equivalent of 3 monthly instalments or the borrower is declared bankrupt.

Improvement in credit risk or cure

There is no SICR cure period assumed for loans showing improvement in credit risk. This means that any loan that does not meet the SICR criteria is assigned to Stage 1.

Investment securities

The investment securities balance of £20.4m (2025: £34.7m) represents the retained risk held by the Group. This risk is in the form of debt securities issued by unconsolidated structured entities as part of the Mortimer 2021 and Mortimer 2023 securitisation transactions. The £14.3m decrease in investment securities is attributed to two main events:

• The repayment of the Class A notes for Mortimer 2021 and Mortimer 2023 that occurred during the quarterly interest payment dates.
• The exercise of the Mortimer 2022 call option on June 23, 2025, at which point the Group's holding of the Risk Retention notes was redeemed at par.
• Property, plant and equipment

In the year ended March 31, 2025, the company signed new commercial leases for employee office space in London & Glasgow. Following a review completed in connection with the prior year-end audit, the carrying amounts of the lease liabilities and associated right-of-use (ROU) assets were re-assessed. The balances for the current period reflect this re-assessment. Depreciation on right-of-use assets charged to the statement of profit and loss for the six-month period ended September 30, 2025 amounted to £0.3m, split between £0.2m for the London office space and £0.1m for the Glasgow office space.

Intangible fixed assets

Internally developed software has been capitalised as an intangible fixed asset and is being amortised over a useful economic life of five years. During this period, the Group capitalised internal costs of £0.8m (the six months ended 30 September 2024: £1.2m).

Amortisation: During the six months ended 30 September 2025, the Group amortised £1.7m against intangible fixed assets (the six months ended 30 September 2024: £1.7m).

Interest bearing liabilities

Funds from investors and partners increased by net £130m primarily driven by repayment to existing funders of £43.9m offset by funding received from existing funders of £173.8m.

• Reconciliation of liabilities arising from financing activities

Other receivables

Other receivables was £16.3m (FY25: £12.8m) primarily due to increased fee income due from third parties

Other payables

Other payables was £56.6m (FY25: £35.2) primarily due to the timing of transfers to third party funders. Other payables include amounts due for settlement on set days with funds specifically held and separated from other operational cash. These funds are held in designated bank accounts and reported as cash and cash equivalents.

Financial instruments

Principal financial instruments

The principal financial instruments used by the Group, from which financial instrument risk arises, are loans and advances, other receivables, cash and cash equivalents, loans and borrowings, derivatives, and other payables.

Categorisation of financial assets and financial liabilities

With the exception of loan commitments classified as fair value through profit or loss, all financial assets of the Group are carried at amortised cost or fair value through other comprehensive income as at 30 September 2024 and 31 March 2024 depending on the business model under which the Group manages the financial assets. All financial liabilities of the Group are carried at amortised cost as at 30 September 2024 and 31 March 2024 due to the nature of the liability, with the exception of derivatives that are measured at fair value.

Financial instruments measured at amortised cost, rather than fair value, include cash and cash equivalents, other receivables, other payables and interest-bearing liabilities. Due to their short-term nature, the carrying value of cash and cash equivalents, other receivables, and other payables approximates their fair value.

Carrying amount of financial instruments

A summary of the financial instruments held by category is provided below:

The fair value of Retail Bond 3 interest bearing liabilities is calculated based on the mid-market price of 99.33 on 30 September 2025 (price of 97.48 on 31 March 2025).

The fair value of Retail Bond 4 interest bearing liabilities is calculated based on the mid-market price of 104.95 on 30 September 2025 (price of 105.6 on 31 March 2025).

Loans and advances are classified as fair value through other comprehensive income and any changes to fair value are calculated based on a fair value model using level 3 inputs and recognised through the Statement of Other Comprehensive Income. Interest bearing liabilities are classified at amortised cost and the fair value measured using either level 1 inputs or discounted cash flow valuations in the table above is for disclosure purposes only.

• Financial instruments (continued)
• Fair value hierarchy
• ​Quoted​ ​prices​ ​(unadjusted)​ ​in​ ​active​ ​markets​ ​for​ ​identical​ ​assets​ ​or​ ​liabilities;

Information about sensitivity to change in significant unobservable inputs

Sensitivity Analysis

The balance on the share capital account represents the aggregate nominal value of all ordinary shares in issue. There is no maximum number of shares authorised by the articles of association.

The balance on the share premium account represents the amounts received in excess of the nominal value of the ordinary shares. All ordinary shares have a nominal value of £0.0005.

Reconciliation of movements during the period

The profit after tax reported in the consolidated statement of profit and loss, £0.9m (30 September 2024: loss after tax £1.2m), is the numerator (earnings) used in calculating earnings per share.

Dividends

No dividends (2024: £0.0mil) were paid during the period. No final dividend in respect of the year ended 31 March 2025 was paid during the period. The Board is not recommending the payment of an interim dividend in respect of the 6 months ended 30 September 2025.

Related party transactions

Key management personnel compensation

There were no other related party transactions during the period to 30 September 2025 that would materially affect the position or performance of the Group.

Events after reporting date

On 27 October 2025, the business successfully completed its seventh public market securitisation transaction in respect of a £310.6m mixed BTL and owner-occupied loan portfolio. This transaction generated an unrestricted cash inflow of c£5.5m which is available for new lending and general business purposes.

On 18 November 2025 £17.0m and £34.9m of Retail Bond 3 and 4 exchanged into Retail Bond 5 within LendInvest Secured Income III PLC (LSI III PLC). These were exchanged at par and a premium of 4.5% (£1.6m) respectively. On the same day £14.6m of new funding was subscribed, with a further £6.9m retained by the Issuer through Retail Bond 5 into LSI III PLC. This has been assessed under IFRS9 as an extinguishment event.

Glossary

Alternative Performance Measures

Assets under Management ('AuM')

The following table provides a reconciliation from the Group's reported gross loans and advances.

Funds under Management ('FuM')

New lending/loan origination -

Diluted earnings per share -