Interim Accounts H126

Pollen Street Group Limited ("Pollen Street", together with its subsidiaries, the "Group") today publishes its Interim Report for the six months ended 30 June 2026. The Group delivered strong underlying growth in the Asset Manager with continued significant AuM progress driven by strong fundraising. The Group is confident of achieving its £10 billion AuM target with the next vintage of flagship funds, underpinned by strong investor demand and a robust deployment pipeline.

Highlights for H1 2026

Assets Under Management ("AuM") increased by 39% to £8.5 billion (H1 2025: £6.1 billion)

Fee-paying AuM up 18% to £5.5 billion (H1 2025: £4.7 billion)

Private Credit Fund IV final close at £2.5 billion in April 2026, two and a half times higher than initial target

Private Credit Fee-Paying AUM increased by £0.3 billion, with 43 per cent of Private Credit Fund IV deployed at the end of the period

Investment Company’s Net Investment Return of 3.4% was below target, diluted by share price weakness in Shawbrook Group plc and equalisation effects from fundraising. All other segments of the portfolio performing in line with full year expectations

Interim dividend declared of 28.5 pence per share, up 6% on a per share basis

Full year guidance reaffirmed

Commenting on the H1 2026 performance, Lindsey McMurray, Chief Executive Officer, said:

"The Asset Manager delivered a strong and consistent performance in the first half of 2026. We completed the final close of Private Credit Fund IV and are successfully scaling deployment accordingly. We have also been pleased by the continued deployment in Private Equity Fund V as we progress exits in earlier funds.

As we look across the market, the demand for European mid-market strategies continues to grow, acting as a powerful tailwind and complementing our robust and consistent investment performance. In the first half, our fee-paying AuM was up 18% year-on-year to £5.5 billion and we are confident of achieving our target AuM of £10 billion through our next vintage funds.

I am pleased to announce an interim dividend of 28.5 pence per share, maintaining our progressive dividend policy and returning capital to shareholders."

Financial Performance

Management fees of £33.9 million, up 15% on an adjusted like-for-like basis (H1 2025 adjusted: £29.6 million, excluding £8.4 million of non-recurring catch-up fees)

Fund Management income up 22% on an adjusted basis to £40.2 million (H1 2025 adjusted: £33.0 million)

Fund Management EBITDA up 73% on an adjusted basis to £16.1 million (H1 2025 adjusted: £9.3 million), with Fund Management EBITDA margin of 40% (H1 2025 adjusted: 28%)

Income on Net Investment Assets of £5.7 million (H1 2025: £13.3 million), reflecting mark-to-market weakness in Shawbrook Group Plc (-3.8% return dilution) and equalisation effects from the Private Credit Fund IV final close (-0.2% dilution)

Reported Net Investment Return of 3.4% (H1 2025: 8.4%); underlying Net Investment Return of 7.4% (H1 2025: 8.8%), adjusting for the above items

Profit after tax of £19.9 million (H1 2025: £27.9 million; Adjusted H1 2025: £19.6 million)

Earnings per share (basic and diluted) decreased to 33.3 pence per share (H1 2025: 46.0 pence per share).

Fundraising

Private Credit Fund IV: final close in April 2026 at £2.5 billion, two and a half times the initial target; growing breadth of institutional investor base

Hanover Square SCSp: first institutional open-ended credit fund launched during H1 2026, investing alongside Private Credit Fund IV in the established Senior Asset-Backed strategy; well-developed LP pipeline for H2 and expected to be a consistent, long-term contributor to AuM growth

Deployment

Continued disciplined capital deployment across both strategies, supporting further growth in Fee-Paying AuM and strong fund performance

Private Equity: current fund now 74% deployed

Private Credit: successfully scaling deployment in line with AuM growth. Private Credit Fund IV already 43% deployed as at 30 June

Strategic priorities for remainder of 2026

Continue to deploy Private Equity Fund V: on track with the fund 74 per cent deployed

Continue to deploy and build Private Credit AuM; well placed to outperform with strong AuM growth and accelerating deployment

Prepare for marketing of Private Equity Fund VI: early investor engagement underway

Maintain progressive dividend policy while strategically deploying capital for shareholder value: interim dividend of 28.5 pence is up 6 per cent on a per share basis

Return surplus capital to shareholders through share buybacks, subject to relative attractiveness compared to other value-creation opportunities; £7.8 million of share buy-backs completed during H1

Guidance Reaffirmed

H2 2026 outlook

Fee-paying AuM: will continue to grow during H2 and beyond as £1.8 billion of undeployed capital is invested

Investment Company returns: full year returns excluding mark-to-market investments expected in line with guidance

Additional outlook

AuM: £10 billion, confidence of achieving with the next vintage of flagship funds

Dividend

The Board has declared an interim dividend of 28.5 pence per share (H1 2025: 27.0 pence), amounting to £16.8 million, to be paid on 23 October 2026 to shareholders on the register at the record date 25 September 2026.

The Interim Accounts can be found on the website: https://www.pollenstreetgroup.com/shareholders/results-centre/

For investors:

A presentation and Q&A will be held for analysts at 9 AM on 15 September 2026.

The full presentation is available for on the website www.pollenstreetgroup.com.

Register for the webinar: https://www.lsegissuerservices.com/spark-insights/POLLENSTREETGROUPLIMITED/events/1fe26cdb-f2e2-4231-a839-cec533955ec9.

We have maintained strong momentum in the Asset Manager platform during the first half of 2026. With £8.5 billion of Total AuM at 30 June and further significant fundraising underway during Q3, we are confident of achieving the £10 billion AuM target with the next vintage of flagship funds, Private Equity Fund VI and Private Credit Fund V.

Fund Management EBITDA of £16.1 million for the period was up 73 per cent on a like-for-like basis from H1 2025 (adjusting for catch-up fees) and on track to meet consensus expectations for the full-year.

In the Investment Company, the reported Net Investment Return of 3.4 per cent (£5.7 million) was significantly below target. This was led by share price weakness in Shawbrook Group Plc, which accounted for 3.2 per cent of invested assets at 30 June 2026 but diluted returns by 3.8 per cent. A further 0.2 per cent dilution came from equalisation effects relating to the above-target close of Private Credit Fund IV in the period. All other segments of the investment portfolio performed in line with expectations, noting the expected weighting of returns towards the second half of the year.

Steady momentum in fundraising

In the first half of 2026 we continued to deliver substantial AuM growth, driven largely by fundraising in Private Credit. During this period, we completed the final close of Private Credit Fund IV at £2.5 billion, significantly exceeding the initial target, as well as completing a first close of Hanover Square SCSp (“Hanover”), our institutional open-ended Credit Fund.

We have a broad mix of Limited Partner (“LP”) investors - pension plans, insurers, sovereign wealth funds, asset managers, private banks, foundations and family offices. We are proud of the deep relationships we have with our long-standing investors and have also been pleased to welcome many new partners into our funds.

Private Equity: Disciplined capital management

During H1 2026 we agreed the acquisitions of a number of new investments, bringing Private Equity Fund V to 74 per cent capital deployed.

Q1 also saw a disposal from Private Equity Fund III and we continue to pursue further exits.

Private Credit: Accelerating execution on our pipeline

In Private Credit, Fee-Paying AUM increased by £0.3 billion, with 43 per cent of Private Credit Fund IV deployed at the end of the period. Transactions were well balanced across the sectors we target, including real estate, specialist SME lending and renewable energy generation, and spanned the UK and Europe.

The team has built a well-advanced and attractive pipeline, and the pace of deployment is expected to accelerate through the rest of the year with £0.4 billion already deployed in the first two months of Q3.

Investment Company return below target

Reported Net Investment Return for H1 2026 of 3.4 per cent was significantly below target.

In November 2024 we acquired a position in PSC Marlin LP, a holding vehicle for the investment in Shawbrook Group Plc. The IPO of Shawbrook in October 2025 introduced mark-to-market volatility to this investment. The position was held at an overall gain as at 30 June 2026, despite the decline in the Shawbrook share price since the start of the year which diluted the Net Investment Return in the period by 3.8 per cent.

The substantial fundraising which was achieved for Private Credit Fund IV ahead of its final close in April resulted in an equalisation impact which further diluted reported returns by 0.2 per cent.

Adjusting for these two items, the underlying Net Investment Return was 7.4 per cent (H1 2025 underlying return: 8.8 per cent), consistent with the expected weighting of returns between H1 and H2.

Within the rest of the portfolio, our GP Commitments to Private Equity funds performed in line with expectations with robust business growth in the portfolio companies. Looking ahead we expect a strong contribution in H2 from these fund investments given portfolio company performance and consistent with the seasonality we have seen in prior years.

All other segments of the investment portfolio performed in line with their target returns.

The mark-to-market position in PSC Marlin LP, which carries inherent volatility risk, accounted for 3.2 per cent of gross assets at 30 June. The full-year outlook excluding this position remains in line with expectations.

Sector Outlook: Continued demand in European mid-market

Demand for European, mid-market strategies continues to be resilient, acting as a powerful tailwind and complementing our robust and consistent investment performance and market research shows a substantial majority of LPs favour mid-market funds over large and mega buyouts.

Private Credit is a growing area of interest for capital allocators, notwithstanding heightened scrutiny of the Private Credit market. Global AuM is projected to more than double to $4.5 trillion by 2030[1]. This is particularly true for sub-segments of the market, including asset-backed finance which is our focus. With our established track record, deep sector expertise and strong LP relationships, we are positioned to benefit from these attractive market dynamics.

Looking Ahead: Building on strong performance

Our successful fundraising, consistent performance and attractive sector tailwinds provide positive and sustained growth momentum for the rest of the year and for the longer term.

Strategic Priorities:

Continue to deploy Private Equity Fund V: on track with the fund 74 per cent deployed

Continue to deploy and build Private Credit AuM; well placed to outperform with strong AuM growth and accelerating deployment

Prepare for marketing of Private Equity Fund VI: early investor engagement underway

Maintain our progressive dividend policy while strategically deploying capital for shareholder value; interim dividend of 28.5 pence is up 6 per cent on a per share basis

Return surplus capital to shareholders through share buybacks, subject to relative attractiveness compared to other value-creation opportunities; £7.8 million of share buy-backs completed during H1

I am thankful for the support of our LP investors and shareholders; for the hard work of colleagues in delivering a strong start to the year; and for the continued guidance of the Board. Building on the performance we have delivered in H1, I look ahead to the rest of 2026 with confidence in what we can deliver for investors and shareholders.

Lindsey McMurray

Chief Executive Officer

CFO Report

Crispin Goldsmith

Chief Financial Officer

I am pleased to report continued strong growth in the Asset Manager, led by continuing fundraising success across both Private Credit and Private Equity.

In my interim report last year, I highlighted that income from catch-up fees of £8.4 million recognised during H1 2025 in relation to the Private Equity Fund V fundraise would not repeat following the final close of that fund. Excluding those catch-up fees, Fund Management Income grew 22 per cent[2] to £40.2 million (H1 2025 Adjusted: £33.0 million) and Fund Management EBITDA grew sharply by 73 per cent to £16.1 million (H1 2025 Adjusted EBITDA: £9.3 million).

Income on Net Investment Assets was £5.7 million, a return on Net Investment Assets of 3.4 per cent (H1 2025: £13.3 million and 8.4 per cent). This below-target performance largely related to two isolated factors: mark-to-market volatility in the Shawbrook Group Plc share price, despite the continued strong underlying performance of the business, which reduced the return on Net Investment Assets by 3.8 per cent; and equalisation effects on our GP Commitment to Credit Fund IV following the substantial fundraising ahead of the final close, which diluted the reported return by 0.2 per cent. The performance of the Investment Company is analysed in further detail below.

Accelerating Fundraising and Deployment

In April we held the final close of Private Credit Fund IV at £2.5 billion, two and a half times its original £1 billion target, with commitments from a significant number of new LP investors alongside continuing support from a number of well-established relationships. Our breadth and depth of relationships with large institutional investment programs in both the EU and North America is continuing to grow.

During H1 we further enhanced the credit product offering to LPs with the launch of our first institutional open-ended credit fund, Hanover follows the same asset-based lending (“ABL”) strategy as Private Credit Fund IV, with a similar fee basis, and will invest alongside it and our SMAs, opening the strategy to new pools of institutional investors.

These fundraisings drove a 20 per cent increase in total AuM during H1, reaching £8.5 billion at the end of June 2026 (31 December 2025: £7.1 billion).

Looking ahead, we are pleased with the level of early engagement we are seeing from both existing LPs and potential new investors in relation to Private Equity Fund VI, which we are targeting a first close of during H1 2027.

We are successfully scaling credit deployment rates to match the fundraising momentum whilst maintaining investment discipline. In Private Credit we deployed £0.3 billion, bringing Private Credit Fund IV deployment to 43 per cent of committed capital as at 30 June.

In Private Equity our current fund (Private Equity Fund V) is now 74 per cent deployed.

Fee-Paying AuM grew 5 per cent during the period to £5.5 billion (31 December 2025: £5.2 billion) reflecting the Private Credit deployment during the period and bringing growth for the year since June 2025 to 18 per cent.

The rate of growth in Fee-Paying AuM is lower than that of Total AuM because our Private Credit funds charge management fees on net invested capital, rather than commitments. Private Credit Fee-Paying AuM will therefore continue to grow during the second half of FY26 and into FY27 as we invest the £1.8 billion of committed capital which was not yet deployed as at 30 June 2026.

Robust Underlying Earnings Growth in the Asset Manager

Fund Management Income consists of management fees and performance fees (largely carried interest).

Management fees are charged at a fixed annual rate on Fee-Paying AuM, calculated and paid quarterly, throughout the life of each fund and derive from multi-year contractual commitments. Private Equity funds generally charge management fees on committed capital, in the case of the current flagship fund, or investment cost for all other funds. Private Credit funds generally charge fees on invested capital. This gives a long-term, stable fee basis, independent of fund valuations, with high revenue visibility across multi-year fund lives.

The increase in Fee-Paying AuM has translated into strong underlying revenue and earnings growth.

For the half year to June 2025, the business benefitted from £8.4 million of catch-up fees in relation to Private Equity Fund V which, as flagged at the time, did not recur during H1 2026 since we are not currently in a Private Equity fundraising period. Catch-up fees are retrospective management fees charged to investors joining a Private Equity fund after its first close, so that all investors pay fees from the date of the initial closing. Given the differing fee-basis they are not applicable to Private Credit funds, where fees are re-balanced with earlier investors rather than ‘caught-up’. We therefore review the Asset Manager results for H1 2026 in the context of the adjusted results for H1 2025, excluding the catch-up fees.

On this basis, Fund Management Income grew 22 per cent to £40.2 million (H1 2025 Adjusted: £33.0 million) and Fund Management EBITDA stepped up 73 per cent to £16.1 million (H1 2025 Adjusted: £9.3 million).

Both key revenue metrics we track, the Management Fee Rate and the Performance Fee Rate, were in line with long-term guidance.

Management fee income for the period was £33.9 million (H1 2025 Adjusted: £29.6 million) up 15 per cent on an underlying basis.

Excluding the Fund V catch-up fees, the underlying H1 2025 rate was 1.37 per cent. The 0.11 percentage point like-for-like reduction reflects the increasing weight of Private Credit within Fee-Paying AuM, which will adjust back in favour of Private Equity during the Private Equity Fund VI fundraising.

In addition to management fees, the Group earns performance fees, which are largely carried interest, enabling it to share in the profits generated by its managed funds. These amounts are variable and depend on performance exceeding specific return thresholds (“hurdles”) over the life of each fund. The Group is entitled to up to 25 per cent of carried interest across all Private Equity funds from Private Equity Fund IV onwards, and all Private Credit funds from Private Credit Fund III onwards. Carried interest and performance fee income was £6.4 million (H1 2025: £3.4 million), an increase of 86 per cent, representing 16 per cent of Fund Management Income against 8 per cent in the comparative period (H1 2025 Adjusted: 10 per cent). This reflected strong performance in Private Equity Fund IV during the period as it continues to mature well. We expect this performance to continue during H2, which typically contributes a higher proportion of full year performance fee revenues than H1, consistent with portfolio company budgets that align with December year-ends and growing credit Fee-Paying AuM during the year.

Investment Company Returns Below Target

Assets by investment type as at the end of the period are summarised in the table below.

The Reported Net Investment Return of 3.4 per cent (H1 2025: 8.4 per cent) was below target, largely impacted by an unrealised mark-to-market loss, which diluted returns by 3.8 per cent, and equalisation effects (the aim of which is to treat all investors as having come into a fund at the first close) relating to the strong final close of Private Credit Fund IV, which further diluted returns by 0.2 per cent.

The mark-to-market loss related to our investment in Shawbrook Group Plc, which we hold through an investment in PSC Marlin LP, acquired in November 2024. The IPO of Shawbrook has introduced some mark-to-market volatility to this investment, even as the business continued its strong performance. Despite the adverse performance during H1, the position, which accounts for 3.2 per cent of gross assets, was held at a profit at end June.

Our GP Commitments to Private Equity funds were resilient in the period, with strong underlying portfolio company performance. We are expecting the full year contribution from this portfolio to be in line with expectations.

Investment returns for all other segments were in line with expectations.

Mark-to-market positions, which carry inherent volatility risk, do not form part of our core investment strategy, arising only in a small number of partial exit scenarios. The full year outlook for Net Investment Return excluding these positions remains in line with previous expectations.

Gross Investment Assets were £499 million at 30 June 2026 (30 June 2025: £520 million), and Net Investment Assets were £322 million (30 June 2025: £317 million). Net Investment Assets were slightly higher than June 2025, this increase during H1 is consistent with our stated aim to hold Net Investment Assets flat over the medium-to-long term.

Interest-bearing borrowings were £190.6 million at 30 June 2026 (30 June 2025: £206.3 million), with cash and cash equivalents of £13.2 million (30 June 2025: £3.3 million). The net debt-to-gross investment asset ratio was 35.2 per cent (30 June 2025: 38.4 per cent) with available undrawn debt of £48.0 million giving a strong liquidity position.

Operating Profit and Tax

Profit before Tax reduced by 31 per cent to £20.3 million (H1 2025: £29.6 million) on a reported basis, which largely related to the non-recurrence of Private Equity catch-up fees as well as the lower Investment Company return.

The charge for depreciation and amortisation is £1.5 million (H1 2025: £1.2 million). This relates to a charge of £0.4 million (H1 2025: £0.2 million) associated with the depreciation of the Group’s fixed assets, a charge of £0.3 million (H1 2025: £0.3 million) associated with the amortisation of intangible assets representing the value of customer relationships, and a charge of £0.8 million (H1 2025: £0.8 million) associated with the depreciation of the Group’s leased assets.

The corporation tax charge for the period was £0.4 million (H1 2025: £1.7 million) giving an effective tax rate of 2.0 per cent (H1 2025: 5.7 per cent). This included the benefit of a reduction in the deferred tax liability held at December following ongoing review with our advisers. The underlying tax charge for the period before this adjustment was £3.1 million, giving an underlying effective tax rate of 15.4 per cent (H1 2025: 14.2 per cent). Going forward the effective tax rate is expected to normalise in line with previous guidance.

As detailed in Note 5 to the financial statements, the Group has a lower effective tax rate than the UK statutory rate. This is largely driven by timing differences on the taxation of management fee income and the tax treatment of certain other forms of income.

Earnings Per Share and Dividend

Earnings per share (basic and diluted) decreased to 33.3 pence per share (H1 2025: 46.0 pence per share) reflecting the non-recurrence of catch-up fees and the lower Investment Company return.

The Board is pleased to confirm an interim dividend for the period ended 30 June 2026 of 28.5 pence per share, amounting to a total payment of £16.8 million (H1 2025: dividend of 27.0 pence per share, amounting to a total payment of £16.3 million).

The interim dividend will be paid on 23 October 2026 to shareholders on the share register at the record date, being 25 September 2026. The ex-dividend date will be 24 September 2026. Pollen Street operates a Dividend Re-Investment Programme ("DRIP"), details of which are available from the Company's Registrars, Computershare. The final date for DRIP elections will be 2 October 2026.

During H1 2026, we completed £7.8 million of share buybacks, bringing the total buybacks completed under the new share buyback programme announced on 5 November 2025 to £8.1 million. Share buybacks remain a key component of the Group’s capital allocation policy, evaluated against other value-creation opportunities available. Authority for continued share buybacks was confirmed by shareholders at the June 2026 Annual General Meeting.

Outlook

The results demonstrate marked underlying growth in the Asset Management platform. Given fundraising successes, we enter H2 with substantial committed capital which, together with an attractive investment pipeline, gives visibility on delivering sustained growth in fee-paying AuM through the second half of the year and beyond. Combined with robust fund performance, supporting performance fee recognition, and disciplined cost management, balanced with prioritising the investment in the team and platform which will drive the future growth of the business, the Asset Manager is on track to deliver Fund Management EBITDA in line with or ahead of full year consensus expectations and with confidence in achieving the £10 billion AuM target with the next vintage of flagship funds (Private Equity Fund VI and Private Credit Fund V).

Excluding mark-to-market investments, Investment Company returns for the full year are expected to be in line with those delivered in FY25. Returns on GP Commitments to Private Equity funds are expected to be weighted towards the second half, with other segments continuing to perform as anticipated, consistent with our long track record of stable and attractive returns.

Crispin Goldsmith

Chief Financial Officer

Risk Management & Principal Risks and Uncertainties

The Directors do not consider there to have been any material changes to the principal risks and uncertainties since the 2025 Annual Report and Accounts were published and the Directors expect the principal risks and uncertainties not to change over the second half of 2026.

Details of the Group’s approach to risk management is set out within pages 49 to 54 of the 2025 Annual Report and Accounts, which is available in the financial information section of the Group’s website.

The principal risks within the 2025 Annual Report and Accounts include: economic & market conditions, fundraising, management fee rates and other fund terms, investment underperformance and financial risks, talent and retention, and information security and resilience.

Directors’ Responsibilities for the Financial Statements

Signed on behalf of the Board by:

Lynn Fordham

Chair

Condensed Consolidated Interim Financial Statements

Condensed Consolidated Statement of Comprehensive Income

The notes to the accounts form an integral part of these interim financial statements.

Condensed Consolidated Statement of Financial Position

The notes to the accounts form an integral part of these interim financial statements.

Condensed Consolidated Statement of Changes in Shareholders’ Funds

For the period ended 30 June 2026

The notes to the accounts form an integral part of these interim financial statements.

Condensed Consolidated Statement of Cash Flows

Interest received for the Group for the period ended 30 June 2026 was £11.3 million (H1 2025: £15.3 million)

The notes to the accounts form an integral part of these interim financial statements.

Notes to the Financial Statements

General information

Pollen Street Group Limited is a public company limited by shares, incorporated and registered under the laws of Guernsey with registration number 70165. Pollen Street Group Limited is referred to as the “Company”, and together with its subsidiaries, the “Group”. The registered office of the Company is: Mont Crevelt House, Bulwer Avenue, St. Sampson, Guernsey, GY2 4LH. The principal place of business of the Company is 11-12 Hanover Square, London, W1S 1JJ.

The principal activity of the Group is to act as an alternative asset manager investing within the financial and business services sectors across both Private Equity and Private Credit strategies, as well as holding on-balance sheet investments consisting of both direct investments and investments in funds managed by Pollen Street. The principal activity of the Company is to be the holding company for two 100 per cent owned subsidiaries engaged in these asset management and investment activities.

Material accounting policies

Basis of preparation

These condensed consolidated interim financial statements (“interim financial statements”) for the six months ended 30 June 2026 have been prepared in accordance with UK-adopted International Accounting Standards, IAS 34 ‘Interim Financial Reporting’, and the Disclosure Guidance and Transparency Rules sourcebook of the UK’s Financial Conduct Authority (“FCA”).

The interim financial statements should be read in conjunction with the Annual Report for the year ended 31 December 2025 including the statutory accounts for the year to 31 December 2025 (the “2025 financial statements”). The Group’s accounting policies, areas of significant judgement and significant accounting estimate, and the key sources of estimation uncertainty are consistent with those applied to the 2025 financial statements.

The information in these interim financial statements is unaudited and does not constitute statutory accounts within the meaning of the Companies (Guernsey) Law, 2008, as amended. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the end of 2025.

These interim financial statements were approved by the Board of Directors on 14 September 2026. The unaudited interim condensed consolidated financial statements included in the interim financial statements have been reviewed by the Group’s auditors, PwC, in accordance with International Standard on Review Engagements (UK) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Financial Reporting Council for use in the United Kingdom (“ISRE (UK) 2410”). The statutory accounts of Pollen Street Group Limited for the year ended 31 December 2025 have been prepared in accordance with the Companies (Guernsey) Law, 2008, as amended, and filed with the Guernsey Registry. The Group’s auditor, PwC, has reported on those accounts. Its report was unqualified, did not include a reference to any matters to which PwC drew attention by way of emphasis without qualifying its report and did not contain a statement under section 263(2) or 263(3) of the Companies (Guernsey) Law, 2008.

Going concern

The Directors have reviewed the financial projections of the Group, which show that the Group will be able to generate sufficient cash flows in order to meet its liabilities as they fall due within 12 months from the approval of these interim financial statements. These financial projections have been performed for the Group under stressed scenarios, and in all cases the Group is able to meet its liabilities as they fall due. The stressed scenarios included no new fundraising and late repayments of a number of structured facilities.

The Directors consider these scenarios to be the most relevant risks to the Group’s operations. Finally, the Directors reviewed financial and non-financial covenants in place for all debt facilities within the subsidiaries of the Group with no breaches anticipated, even in the stressed scenario. The Directors are satisfied that the going concern basis remains appropriate for the preparation of the financial statements.

Related party transactions

All related party transactions that took place in the six months ended 30 June 2026 are consistent in nature with the disclosures in Note 23 to the 2025 financial statements. There have been no material changes to the nature or size of related party transactions since 31 December 2025, except for those disclosed in Note 19.

Operating segments

The Group has two operating segments: the Asset Manager segment and the Investment Company segment.

The Asset Manager segment incorporates the activities of the Group that provide investment management and investment advisory services to a range of funds under management within Private Equity and Private Credit strategies. The primary revenue streams for the Asset Manager segment consist of management fees, performance fees and carried interest. Fund management services are also provided to the Investment Company segment, however fees from these services are eliminated from the Group consolidated financial statements. Fund Management EBITDA in the Strategic Report is the Operating Profit of the Asset Manager segment.

The Investment Company segment holds the Investment Assets of the Group. The primary revenue stream for this segment is interest income and fair value gains on the Investment Asset portfolio. The Operating Profit of the Investment Company segment is referred to as the Income on Net Investment Assets in the Strategic Report.

The following tables show the consolidated operating segments profit and loss movements for their respective periods:

For the period ended 30 June 2026

Employees

The following tables show the average monthly number of employees and the Directors during the period:

The increase in the average number of Directors reflects the appointments of Lynn Fordham and James Gillies on 20 June 2025 and Robert Ohrenstein on 29 January 2026, partially offset by the retirements of Robert Sharpe on 19 June 2025 and Jim Coyle on 1 May 2026.

The following table shows the total staff costs for the period. This includes the seven Non-Executive Directors of Pollen Street Group Limited (30 June 2025: seven). The total number of employees and directors as at the reporting date was 108 (30 June 2025: 100).

Corporation tax

Tax expense

The tax charge for the Group for the period was £0.4 million (H1 2025: £1.7 million).

Factors affecting taxation charge for the period

The taxation charge for the period is based on the standard rate of UK corporation tax of 25 per cent from 1 April 2026 (H1 2025: 25 per cent). A reconciliation of the taxation charge for the period based on the standard rate of UK corporation tax to the actual taxation charge is shown below.

The effective tax rate for the period ended 30 June 2026 is 2.0 per cent (H1 2025: 5.7 per cent). This is primarily due to timing differences on taxation of management fee income and the tax treatment of certain other forms of income.

Factors affecting taxation charge for the period

The following table shows the deferred tax asset and liability for the period:

The deferred tax liability in respect of the recognition of fair value gains within the Investment Company and carried interest in the Asset Manager will crystallise as the realised gain from these begins to flow to the Group in the medium term.

Earnings per share

The following table shows the Group’s earnings per share for the period ended 30 June 2026:

Credit Assets at amortised cost

Credit Assets at amortised cost

The allowance for ECL movement during the period was a release of £0.4 million (H1 2025: £0.8 million).

The following table presents the gross carrying value of financial instruments to which the impairment requirements in IFRS 9 are applied and the associated allowance for ECL provision:

The reduction in Credit Assets at amortised cost is driven by the rotation of the portfolio to focus on investing in Pollen Street managed funds from direct investments.

The following table analyses ECL by staging for the Group:

For the period ended 30 June 2026

Expected Credit Loss allowance for IFRS 9

Under the IFRS 9 expected credit loss model, impairment provisions are driven by changes in credit risk of instruments, with a provision for lifetime expected credit losses recognised where the risk of default of an instrument has increased significantly since initial recognition.

The following table analyses Group loans by stage:

Investment Assets at fair value through profit or loss

Investment Assets at fair value through profit or loss

The following table shows the total Investment Assets at fair value through profit or loss of the Group, which includes Equity Assets and Credit Assets:

For the period ended 30 June 2026

Fair value classification of total Investment Assets

The Group Investment Assets at fair value through profit or loss are classified as level 3 assets with a value as at 30 June 2026 of £255.1 million (31 December 2025: £236.1 million). There were no movements for the Group (31 December 2025: no movements) between the fair value hierarchies during the period.

Sensitivity analysis of assets at fair value through profit or loss

The investments are in Equity Assets, Private Equity Funds and Private Credit Funds, which are valued using different techniques, including net asset value (“NAV”), earnings multiple, tangible book value multiple and discounted cash flows (“DCF”). Sensitivity to the quantitative information regarding the unobservable inputs for the Group’s Level 3 positions as at 30 June 2026 and 31 December 2025 is given below:

Assets and liabilities not carried at fair value but for which fair value is disclosed

For the Group as at 30 June 2026:

Note 7 provides further details of the loans at amortised cost held by the Group.

The fair value of the receivable and payable balances approximates their carrying amounts due to the short-term nature of the balances.

Leases

The Group leases include office premises where the Group is a tenant which include fixed periodic rental payments over the fixed lease terms of no more than five years remaining from the reporting date. The total cash outflow during the period in relation to leases was £0.8 million (H1 2025: £0.8 million).

The following table shows the carrying amounts of lease assets recognised and the movements during the period:

The following table shows the carrying amounts of lease liabilities and the movements during the period:

The following table below shows the lease liabilities by maturity:

The following table shows the amounts recognised in the Condensed Consolidated Statement of Comprehensive Income:

Goodwill and intangible assets

The following tables show the goodwill and intangible assets held by the Group for their respective periods:

Goodwill

Goodwill is calculated as the consideration for an acquisition less the value of the assets acquired. The goodwill relates to the acquisition of 100 per cent of the share capital of Pollen Street Capital Holdings Limited (“PSCHL”) by Pollen Street Limited (“PSL”) on 30 September 2022. The goodwill recognised was made up of one cash-generating unit, which includes future management and performance fees.

In accordance with IAS 36 Impairment of Assets, goodwill is reviewed for indicators of impairment at each reporting date. As at 30 June 2026, management has undertaken a review to assess whether any indicators of impairment exist in respect of the goodwill recognised. No indicators of impairment have been identified during the period. Management has therefore concluded that no impairment testing is required as at the interim reporting date.

The key assumptions, methodologies, and valuation models used in the impairment assessment performed for the year ended 31 December 2025 remain unchanged. There have been no significant changes in the cash flow forecasts, discount rate, or other key inputs that would give rise to a revision in the carrying value of goodwill.

Management continues to monitor relevant internal and external factors and remains satisfied that there is appropriate headroom in the value in use model to support the carrying amount of goodwill.

Intangible assets

The intangible assets arose as part of the acquisition and represents existing customer relationships of PSCHL. The intangible assets have a finite life, which is estimated to be up to the end of 2028, and so the intangibles are amortised on a straight-line basis up to the end of 2028 and are included in Administration costs in the Condensed Consolidated Statement of Comprehensive Income.

Carried interest assets

The following table shows the total value of the carried interest held by the Group, which includes both the carried interest at fair value through profit or loss and the carried interest receivable:

Carried interest assets at fair value through profit or loss

Movements during the period

Gains through profit or loss are presented in the ‘Carried interest and performance fee income’ line on the Condensed Consolidated Statement of Comprehensive Income.

Fair value classification of carried interest at fair value through profit or loss

Carried Interest at fair value through profit or loss is classified as a level 3 asset with a value as at 30 June 2026 of £29.4 million (31 December 2025: £25.8 million). There were no movements between the fair value hierarchies during the period (31 December 2025: no movements).

Sensitivity analysis of carried interest at fair value through profit or loss

The following table shows the sensitivity impact on the inputs applied to the carried interest assets at fair value. The sensitivity parameters are considered reasonable movements in the input assumptions:

Trade and other receivables

The following table shows a breakdown of the Group’s receivables:

Derivative financial assets & liabilities

The following table presents the movement in the undiscounted notional values of the foreign exchange forward contracts for the Group:

The following table presents the mark to market of the foreign exchange forward contracts as at the end of the period for the Group:

Fair value classification of derivatives

The Group derivatives are classified as level 2 in the fair value hierarchy with a GBP equivalent value of £(0.3) million (31 December 2025: £0.7 million). There were no movements between the fair value hierarchies during the period. The derivatives are valued using market forward rates and are contracts with a third party and so they are not traded on an exchange.

Interest-bearing borrowings

The following table sets out a breakdown of the Group’s interest-bearing borrowings:

The following table shows the related debt costs incurred by the Group during the period:

The following table shows the movements in the Group’s interest-bearing borrowings:

The following table analyses the Group’s financial liabilities into relevant maturity groupings:

As at 30 June 2026

Trade and other payables

The following table shows a breakdown of the Group’s payables:

Group

As at

£’000

As at

£’000

Trade and other payables

9,567

12,969

Accruals and deferred income

15,770

27,430

Closing balance

25,337

40,399

Accrued expenses include amounts that have been incurred but not yet invoiced, and accrued employee salaries and bonuses.

Equity

Share capital and premium

The following table shows the movement in shares during the period:

Other reserves

As at 30 June 2026, the Group had a retained earnings reserve balance of £54.4 million (31 December 2025: £53.0 million).

The Foreign Currency Translation Reserve reflects the foreign exchange differences arising on translation that are recognised in the Condensed Consolidated Statement of Comprehensive Income.

Dividends

The following table shows the dividends in relation to or paid during the period ended 30 June 2026 and year ended 31 December 2025.

The 30 June 2026 interim dividend of 28.5 pence was approved on 14 September 2026 and will be paid on 23 October 2026.

The following table show the total dividends declared and the total dividends paid:

Related party transactions

All related party transactions that took place in the six months ended 30 June 2026 are consistent in nature with the disclosures in Note 23 to the 2025 financial statements. There have been no material changes to the nature or size of related party transactions since 31 December 2025, except for those disclosed below.

During the period, the Group sold a portion of its position in PSC Credit III (A) SCSp to a sister fund, Hanover Square SCSp. Hanover Square SCSp is a newly established institutional open-ended Credit fund which the Group has made a $45 million commitment to. Of this, $45 million has been called during the period settled via a transfer of assets from the Group to Hanover Square.

Subsequent events

On 14 September 2026 a dividend of 28.5 pence per ordinary share was approved for payment on 23 October 2026.

Shareholders’ Information

Directors, Advisers and Service Providers

7 More London Riverside

London SE1 2RT

​

Website

The Company’s website can be found at www.pollenstreetgroup.com. The site provides visitors with Company information and literature downloads.

The Company’s profile is also available on third-party sites such as www.trustnet.com and www.morningstar.co.uk.

Share prices and Net Asset Value information

The Company’s ordinary shares of 1p each are quoted on the London Stock Exchange:

The codes above may be required to access trading information relating to the Company on the internet.

Annual and half-yearly reports

The Group’s Consolidated Annual Report & audited financial statements, half-yearly reports and other formal communications are available on the Company’s website. To reduce costs the Company’s half-yearly financial statements are not posted to shareholders but are instead made available on the Company’s website.

Whistleblowing

The Company has established a whistleblowing policy. The Audit Committee reviews the whistleblowing procedures of the Group to ensure that the concerns of their staff may be raised in a confidential manner.

Warning to shareholders – share fraud scams

Fraudsters use persuasive and high-pressure tactics to lure investors into scams. They may offer to sell shares that turn out to be worthless or non-existent, or to buy shares at an inflated price in return for an upfront payment. While high profits are promised, if you buy or sell shares in this way, you will probably lose your money.

How to avoid share fraud

Keep in mind that firms authorised by the FCA are unlikely to contact you out of the blue with an offer to buy or sell shares

Do not get into a conversation, note the name of the person and firm contacting you and then end the call

Check the Financial Services Register from www.fca.org.uk to see if the person and firm contacting you is authorised by the FCA

Beware of fraudsters claiming to be from an authorised firm, copying its website or giving you false contact details

Use the firm’s contact details listed on the Register if you want to call it back

Call the FCA on 0800 111 6768 if the firm does not have contact details on the Register or you are told they are out of date

Search the list of unauthorised firms to avoid at www.fca.org.uk/scams

Consider that if you buy or sell shares from an unauthorised firm you will not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme.

Think about getting independent financial and professional advice before you hand over any money

Remember: if it sounds too good to be true, it probably is!

5,000 people contact the Financial Conduct Authority about share fraud each year, with victims losing an average of £20,000.

Report a scam

If you are approached by fraudsters, please tell the FCA using the share fraud reporting form at fca.org.uk /scams, where you can find out more about investment scams.

You can also call the FCA Consumer Helpline on 0800 111 6768.

If you have already paid money to share fraudsters, you should contact Action Fraud on 0300 123 2040.

Definitions and Reconciliation to Alternative Performance Measures

Definitions

Reconciliation to Alternative Performance Measures

The alternative performance measures are used to improve the comparability of information between reporting periods, either by adjusting for uncontrollable or one-off factors that impact upon IFRS measures or, by aggregating measures, to aid the user to understand the activity taking place. Alternative performance measures are not considered to be a substitute for IFRS measures but provide additional insight on the performance of the business.

Management fee rate

The Management Fee Rate is calculated by dividing the management fee income for the Asset Manager by the Average Fee-Paying AuM. The Management Fee Rate is annualised.

Performance fee rate

The Performance Fee Rate is calculated by dividing the Carried interest and performance fee income for the Asset Manager by the Fund Management Income for the Asset Manager.

Fund Management EBITDA & Fund Management EBITDA Margin

The Fund Management EBITDA is equal to the statutory operating profit of the Asset Manager. The Fund Management EBITDA Margin is calculated by dividing the Fund Management EBITDA by the Fund Management Income.

EBITDA

The Fund Management EBITDA is equal to the statutory operating profit of the Asset Manager. EBITDA of the Group is calculated as the sum of the Fund Management EBITDA and the Operating Profit of the Investment Company.

Adjusted Fund Management EBITDA & Fund Management EBITDA Margin

The Adjusted Fund Management EBITDA is equal to the statutory operating profit of the Asset Manager less catch-up management fees. The Adjusted Fund Management EBITDA Margin is calculated by dividing the Adjusted Fund Management EBITDA by the Fund Management Income, less catch-up management fees.

Adjusted Profit after Tax

Adjusted Profit after Tax is equal to the statutory profit after tax of the Group, adjusted to deduct catch-up management fees.

Dividends per share

The Reported Net Investment Return is calculated by dividing the Income on Net Investment Assets by the Average Net Investment Assets and is annualised. The Underlying Net Investment Return excludes the average investment assets relating to mark-to-market positions, and adds back equalisation and other non-recurring impacts, net of performance fees, to the Income on Net Investment Assets.

Gross Investment Assets, Debt-to-Gross Investment Asset Ratio & Net Debt-to-Gross Investment Asset Ratio

The debt-to-gross investment asset ratio is calculated as the Group’s interest-bearing debt divided by the gross investment asset value, expressed as a percentage. The net debt-to-gross investment asset ratio is calculated as the Group’s interest-bearing debt less cash and cash equivalents, divided by the gross investment asset value expressed, as a percentage.

[1] Preqin, 2025 Global Report: Private Debt, https://www.preqin.com/insights/global-reports/2025-private-debt

[2] Percentage movements are calculated using the underlying unrounded figures; consequently, they may differ slightly from percentage movements derived from the rounded amounts presented.

[3] The 'Gains on Investment Assets held at fair value' includes £168k from unrealised foreign exchange gains and realised & unrealised derivative gains, which are not included in Note 8.

[4] The 'Gains on Investment Assets held at fair value' includes £277k from unrealised foreign exchange gains and realised & unrealised derivative gains, which are not included in Note 8.

[5] The prior period comparative is for the year ended 31 December 2025, the equivalent release for the six month period ended 30 June 2025 was £762k.