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 2026 ahead of announcing its half year results on 19 November 2026.

Strong revenue growth, coupled with continued disciplined cost management and delivery of operating efficiencies, means the Board is confident of achieving full year results slightly ahead of its expectations.

Trading update

The Group has continued to perform strongly with revenues growing 12%, of which 11% is organic growth.

Within this, Advisory revenues grew 14% year on year, including organic growth of 12%. Administration revenues grew 10%, whilst SIP revenues grew 7% year on year.

We have seen strong demand arising from ongoing regulatory change, including from pension schemes seeking advice about running-on for surplus extraction. We have also seen high activity in Risk Transfer, where we have been busy providing support to both pension schemes and insurance companies, and we have seen growing demand for services from our Insurance Consulting division more widely. All of this, combined with new client wins, has continued to drive strong Group revenue growth.

Austin Professional Resourcing LLP (“APR”), acquired on 31 July 2026, is integrating well and performing in line with expectations. We have been particularly pleased by how quickly APR resources have been deployed to enhance insurance opportunities across the Group.

Pensions Act 2025 received Royal Assent in April 2026, and DB surplus release is set to begin from 6 April 2027. This is expected to increase demand for advice as well-funded defined benefit schemes consider whether to run on for surplus or pursue an insurer buyout. XPS is well placed to support either route by providing expert consultancy every step along the way, following the members and providing award-winning pensions administration services either directly or on behalf of insurers.

Paul Cuff, Co-CEO commented:

"The pensions industry continues to be very busy, and our clients have a wide range of opportunities in front of them, particularly with the new surplus release regulations coming in April next year. We are really well placed to help them whether running on is on their agenda, or if they want to access one of the many options emerging in the risk transfer market.

We have been particularly pleased with the continued development of our insurance consulting practice, where we are seeing growing demand for our services. The acquisition of APR means we now have a business of real scale with wide ranging capabilities. We have been delighted to welcome new colleagues to the Group and it has been great to see the very positive reaction to this transaction from our clients and prospects.”

XPS Pensions Group

Geoffrey Pelham-Lane Rosie Driscoll Phoebe Pugh