Notes to the Condensed Consolidated Financial Statements

For the Period from 1 January 2026 to 30 June 2026

1.     Corporate Information

PensionBee Group plc (the 'Company') is the parent company of PensionBee Limited, PensionBee Trustees Limited and PensionBee Inc. (the 'Subsidiaries') (together the 'Group').

The Condensed Consolidated Financial Statements of the Group for the six months ended 30 June 2026 were authorised for issue in accordance with a resolution of the Directors on 12 August 2026.

PensionBee Group plc is a public limited company, whose shares are listed on the London Stock Exchange ('LSE'), incorporated and domiciled in England and Wales.

The address of its registered office is:

209 Blackfriars Road

London

SE1 8NL

United Kingdom

Principal Activity

The principal activity of the Group is that of an online retirement savings provider. The Group seeks to make its customers 'Pension Confident' by giving them complete control and clarity over their retirement savings. The Group helps its customers to combine their retirement savings into one new online plan where they can contribute, forecast outcomes, invest effectively and withdraw their retirement savings, all from the palm of their hand.

2.     Accounting Policies

Basis of Preparation

The Annual Financial Statements of PensionBee Group plc will be prepared in accordance with United Kingdom adopted International Financial Reporting Standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with United Kingdom adopted International Accounting Standard 34 'Interim Financial Reporting'. The Group has prepared the Condensed Consolidated Financial Statements on the basis that it will continue to operate as a going concern. The Directors consider that there are no material uncertainties that may cast significant doubt over this assumption. The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report.

The Condensed Consolidated Financial Statements do not include all the information and disclosures required in the Annual Financial Statements, and should be read in conjunction with PensionBee Group's Annual Report and Financial Statements 2025.

The Condensed Consolidated Financial Statements are presented in GBP and all values are rounded to the nearest thousand (£'000), except when otherwise indicated. The functional currency of the Company is GBP because it is the primary currency in the economic environment in which the Company operates and cash flows from financing activities are generated.

Basis of Consolidation

The Condensed Consolidated Financial Statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 30 June 2026.

A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The Company reassesses whether it controls an entity if facts and circumstances indicate there are changes to one or more elements of control.

The Group comprises PensionBee Group plc and its wholly owned subsidiaries, PensionBee Limited, PensionBee Inc. and PensionBee Trustees Limited. PensionBee Trustees Limited holds the scheme's assets and liabilities under a bare trust arrangement, which are not recognised within its financial statements. The subsidiary is non-operational.

All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.

Summary of Accounting Policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented and the interim period policies consistently comply with International Accounting Standard 34 'Interim Financial Reporting', unless otherwise stated.

Audit Requirements

The financial information for the six months ended 30 June 2026 has not been audited by Deloitte LLP and accordingly no opinion has been given. The comparative financial information for the year ended 31 December 2025 has been extracted from the Annual Report and Financial Statements 2025. The financial information contained in this Interim Report does not constitute statutory accounts as defined in section 435 of the Companies Act 2006 and does not reflect all of the information contained in PensionBee Group plc's Annual Report and Financial Statements 2025. The Annual Financial Statements for the year ended 31 December 2025, which were approved by the Board of Directors on 11 March 2026, received an unqualified audit report, did not contain a statement under section 498 (2) or (3) of the Companies Act 2006 and have been filed with the Registrar of Companies.

Changes in Accounting Policy

The following amendments were effective for the period beginning 1 January 2026:

None of the standards, interpretations and amendments effective for the first time from 1 January 2026 have had a material effect on the Condensed Consolidated Financial Statements.

New Standards, Interpretations and Amendments not yet Effective and Not Early Adopted

The new standard which is not yet effective is not expected to have a material impact on recognition or measurement, but will affect presentation and disclosure on the financial statements.

IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, applied retrospectively, and has not been early adopted. IFRS 18 does not change the recognition or measurement of items in the financial statements, but will affect their presentation and disclosure. In particular, the consolidated statement of comprehensive income will be presented using defined operating, investing and financing categories with new required subtotals, including operating profit. Certain management-defined performance measures will be disclosed in the notes together with reconciliations to IFRS subtotals. The standard introduces revised requirements on the aggregation and disaggregation of information. The Group is assessing the impact of IFRS 18 on the presentation of its financial statements and expects to adopt it from 1 January 2027, with comparatives restated.

Foreign Currency Translation

Functional and presentation currency

Items included in the financial statements of each of the Group entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency').

Foreign currency transactions and balances

In preparing the financial statements of the Group entities, transactions in currencies other than the entity's functional currency ('foreign currencies') are recognised at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in the Condensed Consolidated Statement of Comprehensive Income in the period in which they arise.

Foreign operations

For the purpose of presenting the Condensed Consolidated Financial Statements, the results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

●      assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;

●      income and expenses for each statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the  transaction dates, in which case income and expenses are translated at the dates of the transactions); and

●      all resulting exchange differences are recognised in the Condensed Consolidated Statement of  Comprehensive Income and accumulated in a foreign currency translation reserve.

Internally Generated Intangible Assets - research and development expenditure

Expenditure on research activities is recognised as an expense in the period in which it is incurred.

An intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following conditions have been demonstrated:

●      the technical feasibility of completing the intangible asset so that it will be available for use or sale;

●      the intention to complete the intangible asset and use or sell it;

●      the ability to use or sell the intangible asset;

●      how the intangible asset will generate probable future economic benefits;

●      the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

●      the ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognised for intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no intangible asset can be recognised, development expenditure is recognised in the Condensed Statement of Comprehensive Income in the period in which it is incurred.

Subsequent to initial recognition, intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. The estimated useful lives are as follows:

Intangible assets are amortised from the point at which the assets are available for use.

Taxation

Tax expense represents the sum of current tax and deferred tax. Current tax expense is recognised based on management's best estimate of the weighted average annual effective income tax rate expected for the full financial year, applied to the pre-tax income of the interim period, in accordance with IAS 34.

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets are recognised for deductible temporary differences and unused tax losses to the extent that it is probable that future taxable profit will be available against which they can be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

3.     Critical Accounting Judgements and Key Sources of Estimation Uncertainty

In the application of the Group's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Recognition of Deferred Tax Asset

For the first time, PensionBee Limited (a UK subsidiary) recognised a Deferred Tax Asset ('DTA') of £11.5m as at 30 June 2026 (period ended 30 June 2025: £nil), reflecting carried-forward trading losses and deductible temporary differences expected to be utilised over the next four and a half years from the reporting date, to 31 December 2030, at the UK corporate tax rate of 25% and subject to HMRC restrictions on the utilisation of carry-forward losses. As PensionBee Limited had a history of recent losses, IAS 12 requires convincing evidence that sufficient taxable profit will be available. The Directors assessed and concluded that convincing evidence exists, reflected by PensionBee Limited's first audited profit before tax of £2.5m in FY2025 and the predictability of the recurring revenue model. As a result, PensionBee Limited recorded a DTA of £11.5m for the period (period ended 30 June 2025: £nil), of which £11.2m was recognised in the Condensed Consolidated Statement of Comprehensive Income and £0.3m directly in equity, as set out in Note 7.

The recognition of a DTA in respect of PensionBee Limited's carried forward trading losses represents both a critical accounting judgement and a key source of estimation uncertainty. Recognition requires the Directors to assess, in accordance with IAS 12, whether it is probable that sufficient future taxable profits will be available against which the carried-forward losses can be utilised.

The assessment applies a tax rate of 25%, being the UK corporation tax rate substantively enacted as of 30 June 2026 and is expected to apply when the asset is realised. The forecast taxable profits ('Plan') are derived from a financial plan approved by the Directors. The Plan was risk-assessed around its two most sensitive input variables, capital-market return ('CMR') and Gross Inflows per British pound of marketing ('GI/M'), through a range of outcomes spanning a severe downside case (capital-market crisis and softer trading) to a strong upside case. The cases were probability-weighted, informed by historical trends, to derive the expected outlook. In concluding that convincing evidence exists, the Directors consider the sustainability of forecast profitability (excluding one-off items), PensionBee Limited's track record of trading in line with forecast, the reversal of taxable temporary differences, which provides an independent source of taxable profits and the absence of factors that would prevent utilisation of the carry-forward losses within the forecast horizon.

The recognised DTA reflects the UK carried-forward loss restriction, under which carried-forward losses may be offset in full against taxable profits up to the UK group deductions allowance (currently £5m per year), and against only 50% of taxable profits above that threshold. Utilisable losses have accordingly been calculated year by year (the allowance plus 50% of profits above it), rather than assuming full offset against forecast profits.

Actual utilisation of these losses may differ from the amount recognised, principally as a result of movements in the two most sensitive inputs: CMR and GI/M. The probability-weighted case assumes a CMR of approximately 6.6% and GI/M of £123. Changing one input at a time, with the other held at the Plan assumption, a -5%/+5% movement in CMR would change the DTA amount by -£1.3m/+£1.3m respectively, and a -£10/+£10 movement in GI/M would change the DTA amount by -£1.0m/+£1.0m respectively; these changes are not additive.

4.     Revenue

The analysis of the Group's Revenue for the period from continuing operations is as follows:

5.     Other Income

During the year ended 31 December 2024 the Company (through its subsidiary, PensionBee Inc.) entered into an agreement with State Street, under which State Street provides marketing support in the form of reimbursement of marketing costs incurred by PensionBee Inc. The annual amount of the marketing costs reimbursement is based on the achievement of certain net new asset thresholds. Other Income relates to marketing costs reimbursement received from State Street. Amounts received in advance are accounted for as deferred income and released to Other Income to the extent that a qualifying marketing cost has been incurred by PensionBee Inc.

6.     Operating Segments

Operating segments and reporting segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ('CODM'). The Group considers that the role of CODM is performed by the Board of Directors. The Board of Directors regularly reviews the Group's operating results from a geographical perspective and has identified two reportable segments of the business: the United Kingdom (PensionBee Group plc and PensionBee Limited), and the United States (PensionBee Inc.). PensionBee Trustees Limited is a non-operational company domiciled in the United Kingdom. Both segments provide the same service as an online retirement savings provider.

The Board of Directors uses Operating Profit/(Loss) to assess the performance of the operating segments. The Board of Directors also reviews the assets and liabilities of the segments on a quarterly basis.

Operating Profit

For the six months to 30 June 2026:

For the six months to 30 June 2025:

Segment Assets and Liabilities

As at 30 June 2026:

As at 31 December 2025:

Adjusted EBITDA

Adjusted EBITDA excludes the effects of significant items of income and expenditure which might have an impact on the quality of earnings and the effects of equity-settled Share-based Payments. See Note 19 for the reconciliation of the Operating Profit/(Loss) to Adjusted EBITDA.

7.     Tax

Tax credited in the Condensed Consolidated Statement of Comprehensive Income:

The Current Tax Charge in the Condensed Consolidated Statement of Comprehensive Income comprises threshold driven tax charges in New York City and New York State.

Deferred Taxation Asset

The Deferred Tax Asset is presented as a non-current asset and is measured at the UK corporation tax rate of 25%, being the rate substantively enacted as at 30 June 2026 and expected to apply when the asset is realised.

The Group has £85.0m of non-expiring carry-forward tax losses as at 30 June 2026 (31 December 2025: £86.0m). A Deferred Tax Asset of £11.5m has been recognised at 30 June 2026, representing the tax effect of losses of £38m and deductible temporary differences of £8.2m that the Directors consider it probable will be utilised against taxable profits arising in the four and a half year period ending 31 December 2030, based on forecasts derived from the Board-approved business plan. This represents a change from the position at 31 December 2025, when no Deferred Tax Asset was recognised as it was considered less probable that sufficient future taxable profits would be available against which the carry-forward losses could be utilised. The recoverability of the Deferred Tax Asset, and of the remaining unrecognised losses, will be reassessed at each reporting date.

8.     Earnings per Share

Basic Earnings per Share is calculated by dividing the Profit/(Loss) for the period Attributable to Ordinary Equity Holders of the Company by the weighted average number of ordinary shares in issue during the period.

Diluted Earnings per Share is calculated by dividing the Profit/(Loss) for the period Attributable to Ordinary Equity Holders of the Company by the Weighted Average Number of ordinary shares in issue during the period. For the period ended 30 June 2025, the weighted average number of ordinary shares in issue during the period has not been adjusted for the effect of the weighted average number of shares that would be issued on the conversion of all the potential ordinary shares under option and conditional share awards because the potential ordinary shares are anti-dilutive. For the period ended 30 June 2025, the following potential ordinary shares under option and conditional share awards are anti-dilutive and are therefore excluded from the weighted average number of ordinary shares for the purpose of Diluted Earnings per Share.

For the first time, the Group recognised a Deferred Tax Asset, resulting in a positive Basic Earnings per Share of 3.45p (for the period 30 June 2025: (2.14)p) and Diluted Earnings per Share of 3.26p (for the period 30 June 2025: (2.14)p). Earnings per Share, excluding the recognition of the Deferred Tax Asset, was (1.24)p (for the period 30 June 2025: (2.14)p).

9.     Intangible Assets

Capitalised development costs consist of employee costs and directly attributable supplier costs incurred in the development of the technology platform and mobile application.

10.   Trade and Other Receivables

Trade and Other Receivables are measured at amortised cost and management assessed that the carrying value is approximately their fair value due to the short-term maturities of these balances.

11.   Share Capital

Allotted, Called Up and Fully Paid Shares

During the period, PensionBee Group plc issued ordinary shares, to satisfy the exercise of share options totalling 952,207 ordinary shares (2025: 1,786,530) of £0.001 each. The exercise price for each exercised share option was £0.001 (2025: £0.001).

Each ordinary share carries one vote per share and ranks pari passu with respect to dividends and capital.

12.   Trade and Other Payables

Trade and Other Payables are measured at amortised cost and management assessed that the carrying value is approximately their fair value due to the short-term maturities of these balances.

Deferred income arises as a result of marketing funding received in advance from State Street, a US-based global financial institution, see Note 5.

13.   Leases

In December 2021, the Group entered into a property lease for its registered office at 209 Blackfriars Road, London SE1 8NL, with a five-year lease term ending in December 2026. The lease terms have not been amended since inception, and there were no new leases, modifications or remeasurements during the period.

As the lease now expires less than twelve months after the reporting date, the remaining lease liability and the related dilapidations provision are presented in full as current liabilities. The carrying amount of the Right of Use Asset was £59,000 as at 30 June 2026 (31 December 2025: £129,000), the lease liability was £35,000 (31 December 2025: £125,000), and the dilapidations provision was £58,000 (31 December 2025: £56,000). The dilapidations provision represents the present value of the estimated cost of restoring the premises to their original condition on expiry of the lease.

The Group intends to negotiate new property arrangements, but no agreement has been reached as at the reporting date and no amounts have been recognised in respect of any future arrangement.

14.   Financial Assets and Financial Liabilities

The carrying values of the financial assets and liabilities are not materially different from their fair values.

15.   Share-based Payments

PensionBee Enterprise Management Incentive ('EMI') and Non-EMI Share Option Scheme

Scheme Details and Movements

Under the PensionBee EMI and Non-EMI Share Option Scheme, share options were historically granted to eligible employees. The exercise price of all share options is £0.001 per share.

The share options normally vest in the following tranches: 25% of the shares vest on the first anniversary of the vesting commencement date, with the remaining 75% of the shares vesting quarterly in equal instalments over the following three years.

The fair value of the share options granted is estimated on the date of grant by reference to the prevailing share price. Before the Company was listed in 2021, the fair value was determined by reference to the price paid by external investors as part of periodic funding rounds.

During the year ended 31 December 2021, share options could be exercised upon the occurrence of an exit event, a takeover, reconstruction, liquidation and sale of the business, to the extent they had vested. In the event that there had been no exit event before the tenth anniversary of the date of grant, the Directors were able to determine that an option holder could exercise their option in the 30 day period before such anniversary.

Following the listing of the Company in 2021, share options can be exercised upon satisfying the service condition.

Under this scheme, no share options were granted during the six months ended 30 June 2026 (30 June 2025: nil).

The total number of share options exercised during the six months ended 30 June 2026 was 500 (30 June 2025: 336,506) and the weighted average remaining contractual life is nil months (30 June 2025: nil months).

Omnibus Plan

Deferred Share Bonus Awards

Scheme Details and Movements

Under the PensionBee Omnibus Plan, Deferred Share Bonus Awards ('DSB Awards') are granted to eligible employees who are, or were, an employee (including an Executive Director) of the Group and have been granted a bonus. DSB Awards are granted in the subsequent financial year following the determination of the annual bonus outturn. The exercise price of all DSB Awards is £0.001 per share.

DSB Awards vest in three equal tranches over a service period of three years from grant date, with the exception of some of the DSB Awards granted in 2025. DSB Awards granted in 2025 to employees in the entry to middle management levels vest after a service period of one year from the grant date. Some of the DSB Awards granted during the six months ended 30 June 2026 vest in three equal tranches over a service period of three years from the grant date, with the exception of those granted by way of EMI options, which vest in full on the third anniversary of the grant date. DSB Awards vest upon satisfying the service condition.

The fair value of the DSB Awards is the share price on grant date. DSB Awards granted by way of share option can be exercised to the extent they have vested. DSB Awards granted by way of conditional share awards will automatically be released upon vesting.

1,460,466 DSB Awards were granted during the six months ended 30 June 2026 (30 June 2025: 1,942,412). The weighted average fair value of DSB Awards granted during the six months ended 30 June 2026 was £1.36 (30 June 2025: £1.47).

The total number of DSB Awards exercised during the six months ended 30 June 2026 was 951,707 (30 June 2025: 558,820) and the weighted average remaining contractual life is one year and four months (30 June 2025: one year and two months).

Long Term Incentives

Scheme Details and Movements

Under the PensionBee Omnibus Plan, Long Term Incentives in the form of Restricted Share Plan Awards ('RSP Awards') are granted to eligible employees who are, or were, employees (including an Executive Director) of the Group, at mid-level management or higher, and have been granted a bonus. RSP Awards are granted in the subsequent year following a bonus grant. The exercise price of all RSP Awards is £0.001 per share.

The RSP Awards granted up to the year ended 31 December 2025 vest in tranches, a third of the RSP Awards vest on the third anniversary, a third on the fourth anniversary and the last third on the fifth anniversary of the vesting commencement date. The fair value of the RSP Awards is the share price on grant date discounted for the restricted selling period. RSP Awards granted up to the year ended 31 December 2025 can be exercised to the extent they have vested and after a five year holding period. RSP Awards granted by way of conditional share awards will be released after the five year holding period.

RSP Awards granted during the six months ended 30 June 2026, including those granted by way of EMI options vest in full on the third anniversary of the vesting commencement date. The fair value of the RSP Awards is the share price on grant date discounted for the restricted selling period. The RSP Awards granted during the six months ended 30 June 2026 can be exercised to the extent they have vested and after a two year holding period. RSP Awards granted by way of conditional share awards will be released after the two year holding period.

1,979,743 RSP Awards were granted during the six months ended 30 June 2026 (30 June 2025: 1,823,217). The weighted average fair value of RSP Awards granted during the six months ended 30 June 2026 was £1.30 (30 June 2025: £1.41).

The total number of RSP Awards exercised during the six months ended 30 June 2026 was nil (30 June 2025: 84,578) and the weighted average remaining contractual life is one year and nine months (30 June 2025: two years and four months).

Charge/Credit arising from Share-based Payments

The total charge during the six months ended 30 June 2026 for the Share-based Payments was £2,027,000 (30 June 2025: £2,546,000), all of which related to equity-settled share-based payment transactions.

16.   Principal Risks and Uncertainties

The Board continually reviews the principal risks and uncertainties facing the Group that could pose a threat to the delivery of the strategic objectives. The Board believes that the nature of the principal risks and uncertainties that may have a material effect on the Group's performance over the remainder of the financial year remain unchanged from those presented within the Annual Report and Financial Statements 2025.

17.   Related Party Transactions

There were no related party transactions during the six months ended 30 June 2026 (30 June 2025: none).

18.   Events After the Reporting Period

There were no events of material impact to the financial statements that occurred after the reporting date

19.   Alternative Performance Measures

The Group uses a variety of alternative performance measures ('APMs') which are not defined or specified by IFRS, in particular Adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation ('Adjusted EBITDA') and Basic Earnings per Share excluding Deferred Tax Asset movements. The Directors use a combination of APMs and IFRS measures when reviewing the performance and position of the Group and believe that each of these measures provides useful information with respect to the Group's business and operations. The Directors consider that these APMs illustrate the underlying performance of the business by excluding non-cash items and, where relevant, non-recurring items.

The APMs used by the Group are defined below and reconciled to the related IFRS financial measures:

Adjusted EBITDA

Adjusted EBITDA represents the Operating Profit/(Loss) for the period before Taxation, Finance Costs, Finance Income, Depreciation, Amortisation and Share-based Payments.

The Adjusted EBITDA for the Group:

Notes:

1.     Relates to the total Share-based Payments charge as detailed in Note 15.

PensionBee Trustees Limited is a non-operational company domiciled in the United Kingdom.

The Adjusted EBITDA for PensionBee UK (PensionBee Group plc and PensionBee Limited):

Notes:

1.     Operating Profit/(Loss) includes income generated from the provision of services from PensionBee Limited to PensionBee Inc. during the six months to 30 June 2026 amounting to £759,000 (30 June 2025: £702,000). All intercompany transactions are on an arm's length basis.

2.     Relates to the Share-based Payments charge as detailed in Note 15.

The Adjusted EBITDA for PensionBee US (PensionBee Inc.):

Notes:

20.    Operating Profit/(Loss) includes expenses incurred from the provision of services from PensionBee Limited to PensionBee Inc. during the six months to 30 June 2026 amounting to £759,000 (30 June 2025: £703,000). All intercompany transactions are on an arm's length basis.

21.    Relates to the Share-based Payments charge as detailed in Note 15.

Basic Earnings per Share excluding Deferred Tax Asset Movements

The Group uses Basic Earnings per Share excluding the impact of recognition and remeasurement of the DTA on carried-forward losses, which is non-cash in nature and not reflective of the Group's underlying trading operations.

The Group recognised a DTA for the first time in the period ended 30 June 2026. Basic Earnings per Share excluding DTA can be reconciled back to reported Basic Earnings per Share as follows:

Definitions

Group Financial Performance Measures