Half Year Trading Update

Manolete (AIM: MANO), the UK’s leading insolvency claims acquisition and management company, announces a trading update for the six months to 30 September 2026 (“H1”, “H1 27” or “the period”).

Positive performance in H1 underpins confidence for FY27

Realised revenue1 grew by 23% in H1 to £17.4m (H1 262: £14.1m) – the highest realised revenue the Company has ever generated over a half year period – and underpins the Board’s confidence in achieving market consensus expectations for the full year of £30.6m realised revenue and adjusted realised profit before tax3 of £1.5m.

The increase in realised revenue in the first half was driven by an improvement in both the volume of cases completed to 161 (HY26: 146) and average value, with growth in the number of large cases4 completed.

Gross cash receipts in the first half were £1.7m lower at £12.8m (H1 26: £14.5m), reflecting a large case that settled for £3m at the end of the period (as announced on 2 October 2026) which consequently was not collected in H1 27. Alongside continued investment in new and ongoing cases, this dynamic contributed to a £2.1m increase in net debt in H1 to £13.6m (31 March 2026: £11.5m; 30 September 2025: £10.8m). Enforcement action against the two large debtors that didn’t pay as anticipated in FY26, as detailed in the Company’s annual results, remains ongoing. Excluding these two large debtors, collection of overdue debtors has improved with overdue debtors having reduced in the period.

The Group’s forward book5 continued to grow, driven by higher value new case signings, and stood at a record £69m at 30 September 2026 (31 March 2026: £67m; 30 September 2025: £56m). The forecast revenue value of signed cases in the period was £17.3m, the highest in any half year period and a 26% increase year-on-year (H1 26: £13.7m).

Commenting, Mena Halton, Chief Executive Officer said:

“We performed strongly in the first half, with record realised revenue in the period and further growth in the value of our forward book. This was supported by our continued focus on larger, more profitable cases, and underpins our confidence for FY276 and beyond.”

Notice of H1 27 Results and Investor Meet Company presentation

The Group will announce its Half Year Results on 19 November 2026.

Management will host a presentation for all current shareholders and interested investors to join via the Investor Meet Company platform at 11:00 on 20 November 2026. A recording of the event will be available on the Investor Meet Company platform afterwards.

Investors can sign up to Investor Meet Company for free via: https://www.investormeetcompany.com/manolete-partners-plc/register-investor

1 Realised revenue represents revenue on completed cases.

2 H1 26 Realised Revenue has been restated to adjust for the discounting of non-current receivables. This reflects the change in accounting treatment introduced in the FY26 accounts to better align with the requirements of IFRS9. The reported realised revenue figure for H1 26 was £0.1m lower at £14.0m.

3 Adjusted Realised Profit Before Tax is defined as Realised Profit Before Tax before Adjusting Items comprising reorganisation and restructuring costs and share based payment charges.

4 Large cases classified as cases generating realised revenue value of at least £0.5m.

5 The forward book represents the estimated revenue value of open cases (excluding Cartel cases). Note 2.7 to the FY26 accounts provides detail on how cases are valued.

6 The Company believes market expectations of the year ended 31 March 2027 (FY27) to be realised revenues of £30.6m and adjusted realised profit before tax of £1.5m.