LendInvest plc H1 FY26 Interim Financial Statement

8 December 2025

LendInvest plc

 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 30^th 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 8^th 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 

Enquiries:

LendInvest

Rod Lockhart, Chief Executive Officer   

Hugo Davies, Chief Capital Officer & MD of LendInvest Mortgages

Stephen Shipley, Chief Financial Officer

Chris Semple, Head of Corporate Communications & Investor Relations                                                                           

[email protected]

[email protected]

+44 (0)7575582855

Panmure Liberum (NOMAD and Broker)  

Atholl Tweedie / David Watkins

+44 (0)20 7886 2500

Forward-looking statements

Certain statements in this announcement are forward-looking statements. In some cases, these forward looking statements can be identified by the use of forward looking terminology including the terms "anticipate", "believe", "intend", "estimate", "expect", "may", "will", "seek", "continue", "aim", "target", "projected", "plan", "goal", "achieve" and words of similar meaning or in each case, their negative, or other variations or comparable terminology. Forward-looking statements are based on current expectations and assumptions and are subject to a number of known and unknown risks, uncertainties and other important factors that could cause results or events to differ material from what is expressed or implied by those statements. Many factors may cause actual results, performance or achievements of LendInvest to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results, performance or achievements of LendInvest to differ materially from the expectations of LendInvest, include, among other things, general business and economic conditions globally, industry trends, competition, changes in government and changes in regulation and policy, changes in its business strategy, political and economic uncertainty and other factors. As such, undue reliance should not be placed on forward-looking statements. Any forward-looking statement is based on information available to LendInvest as of the date of the statement. All written or oral forward-looking statements attributable to LendInvest are qualified by this caution. Other than in accordance with legal and regulatory obligations, LendInvest undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Nothing in this announcement should be regarded as a profit forecast. 

Inside information

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (as it forms part of retained EU law as defined in the European Union (Withdrawal) Act 2018).

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:

1. Third-party Revenue
Recurring fees earned on assets managed on behalf of institutional investors, including:

·      Management fees

·      Performance fees

·      Servicing fees

2. 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.

3. 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 30^th September 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 Assets Under Management (AuM) represents the total loan balance we have provided to our customers, encompassing both the LendInvest Mortgages and Capital divisions. This balance reflects the outstanding amount that has not been repaid by a diverse clientele, including homeowners, property investors, SME developers, and landlords.

Revenue from our AuM is generated through fee and interest income. Fees associated with the origination process, such as product, application, valuation, and legal fees, are charged to the customer. Additional fees, including servicing, asset management, and performance fees, are charged to our investors and funding partners. For intermediated loans, expenses such as procuration fees are paid to brokers, and these costs can vary by product.

AuM can be held either on the Group's balance sheet or off-balance sheet. On-balance sheet AuM generates interest income, partially offset by funding costs, including interest and hedging expenses. Strategically, we aim to grow the proportion of off-balance sheet AuM, where assets are managed on behalf of investors, generating recurring fee income without associated liquidity and credit risk.. 

Platform Funds Under Management (FuM) 

Definition: 

Platform Funds Under Management (FuM) is the total funding available for lending from our investors and funding partners. This includes both the funds already utilised against our Platform AuM and the funding that is either drawn but unutilised or committed but not yet drawn. FuM excludes any pipeline capital or ongoing fundraising projects.

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.

The funding provided through these investment solutions is used to originate larger and more complex property finance opportunities. The difference between FuM and AuM indicates the remaining lending capacity before the need to raise additional funds or capital for lending.

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: 

Net Operating Income (NOI) aggregates all revenue from fees and interest income, subtracting the total interest and fee expenses associated with our AuM and FuM.  

Adjusted EBITDA 

Definition:  

Earnings before Interest, Tax, Depreciation, and Amortisation (EBITDA) is a key measure of underlying profitability. We use an Adjusted EBITDA figure to exclude non-cash income or expenses. This KPI is important as it supports our cash flow, supporting reinvestment opportunities or potential distributions. Our Earnings line, which includes Net Operating Income, already accounts for directly attributable financing and funding costs against the AuM and FuM. 

Profit Before Tax (PBT) 

Definition:  

Profit Before Tax (PBT) represents the Group's profits before the deduction of corporation tax, which is the net of NOI and total operating expenses. In a loss-making year, we may benefit from tax relief. 

Diluted Earnings Per Share (EPS) 

Definition:  

Diluted Earnings Per Share (EPS) measures our Profit After Tax (PAT) earnings per share, considering all issued share capital plus outstanding options and equity grants across the Group's share plans. This metric assumes the conversion of all outstanding equity, providing a comprehensive view of shareholder value. 

INDEPENDENT REVIEW REPORT TO LENDINVEST PLC

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2025 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the London Stock Exchange AIM Rules for Companies.

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

We conducted our review in accordance with Revised International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410 (Revised)"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 1.2, the annual financial statements of the group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410 (Revised), however future events or conditions may cause the group to cease to continue as a 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.

In preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting the requirements of the rules of the London Stock Exchange AIM Rules for Companies for no other purpose.  No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent.  Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

BDO LLP

Chartered Accountants

London , UK

05 December 2025

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT AND LOSS

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION                                                                                                     

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

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

1. 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.

These condensed consolidated interim financial statements of LendInvest plc, for the six month period ended 30 September 2025, comprise the results of the Company and its subsidiaries (together referred to as "the Group") (collectively "these financial statements").

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.

These condensed consolidated interim financial statements are not statutory accounts. The Group statutory accounts for the year ended 31 March 2025 have been reported on by its auditor and delivered to the Registrar of Companies. The report of the auditor on those statutory accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.

All amounts are presented in pounds sterling, which is the functional currency of the Company and all its subsidiaries. Amounts are rounded to the nearest million, except where otherwise indicated.

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.

The Directors believe that the Group will be able to refinance these facilities either with the existing funding provider or with new third parties to continue its growth trajectory. If these facilities were not to be refinanced, the Group would be able to sell individual loans or portfolio of loans to facilitate the repayment of the outstanding amounts. This strategy is in line with the existing approach of the Group to both hold assets on its balance sheet and sell to the third parties.

The Directors do not consider that this creates a material uncertainty in the going concern assessment of the Group. 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 and therefore it is on this basis that the 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.

1.3 Accounting policies

The accounting policies and methods of computation are consistent with those set out in the Annual Report 2025.

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: