Post-close Trading Update

XPS Pensions Group plc ("XPS" or the "Group") is pleased to provide its post-close trading update (unaudited) for the six months ended 30 September 2025 ahead of announcing its half year results on 20 November 2025.

Trading update

The Group has continued to perform strongly with revenues growing 13%, including organic growth of 8%, which is particularly pleasing given the very strong performance in the prior year first half. This builds on exceptionally strong aggregate revenue growth of 67% over the last three financial years.

Within this, Advisory revenues grew 18% year on year, with healthy growth across all service lines. Administration revenues grew 6% despite the significant revenues from the McCloud remedy project rolling off, whilst SIP revenues grew 10% year on year.

Strong demand from ongoing regulatory change, new client wins in all service lines and project wins in Risk Transfer, Insurance Consulting and Administration, continue to drive strong Group revenue growth.

Polaris Actuaries and Consultants Limited ("Polaris") which was acquired on 28 February 2025 has integrated well and the business is performing in-line with our expectations. We have been particularly pleased with the success in cross-referrals and in winning mandates to deploy broader XPS capabilities into large insurers.

Pensions Act 2025 is the most significant regulatory change of recent times. Among other provisions, it proposes to enable well-funded defined benefit schemes to access surpluses to be deployed for the benefit of members and the sponsoring companies. This will drive additional consulting demand with regards to the best and most appropriate long-term strategy for the schemes. Whilst many large schemes are considering the run-on route, we continue to see strong demand for Risk Transfer: with either route requiring continued consulting support which XPS is well placed to provide. In addition to these two drivers of growth for the Group, other opportunities in FY26 and beyond include continued growth in Insurance Consulting and Administration in both the private and public sector.

With strong revenue growth and disciplined cost management, the Board is confident of achieving full year results in line with its previous expectations.

Paul Cuff, Co-CEO commented:

"The pensions industry continues to be a very busy place at the moment. Our clients have a wide range of opportunities in front of them to achieve great things for the members and sponsors of their pension schemes, and we are proud to be supporting them on the development and implementation of their strategies.

We have also been very pleased with the successful integration of our Polaris acquisition, which has boosted our capability to support insurance companies with the challenges and opportunities they are facing too, and it has been brilliant to see joint XPS and Polaris teams combining to provide excellent service to clients in this area."