Preliminary Results and Final Dividend

24 March 2026

Personal Group Holdings plc

("the Company", "Personal Group" or "Group")

Preliminary Results and Final Dividend

Double-digit revenue growth and adjusted EBITDA ahead of market expectations**

41% increase in full year dividend

Personal Group Holdings Plc (AIM: PGH), the workforce benefits and insurance provider, is pleased to announce its preliminary results for the year ended 31 December 2025 ("FY25").

Financial Highlights

* Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation of intangible assets, goodwill impairment, share-based payment expenses, profit or loss on disposal of subsidiaries, corporate acquisition costs and restructuring costs.

** For the purpose of this announcement, the Company believes market expectations for FY25 to be Adjusted EBITDA of £11.6m.

Operational Highlights

Outlook

Paula Constant, Chief Executive of Personal Group, commented: "It's been a brilliant year of progress for the Group, with double-digit growth, adjusted EBITDA ahead of market expectations and continued high retention levels of over 80%. Insurance sales delivered another record year, driven by the strength of our face-to-face model and improved operational grip, and Benefits & Rewards saw growing levels of ARR and new and expanded partnerships.

Against a backdrop of increasing cost-of-living pressures, high levels of workforce illness and ongoing challenges for employers to attract and retain employees, our Insurance and Benefits offerings are more relevant than ever, and we are proud at Personal Group to deliver products that have such meaningful impact.

We have entered 2026 with momentum and a laser focus on further delivering across our strategic pillars of Adoption, Expansion, Innovation and Partnering, supported by a strong balance sheet and growing levels of recurring revenues."

Investor Presentation

Personal Group Holdings will host a webinar for investors at 9.00am on Friday, 27 March 2026. If you would like to register for the webinar, please follow this link: https://www.investormeetcompany.com/personal-group-holdings-plc/register-investor

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 Notes to Editors

Personal Group Holdings Plc (AIM: PGH) is a workforce benefits and insurance provider. Its vision is to be the champion of affordable and accessible insurance and benefits, keeping businesses and their employees happy, healthy and protected. The Group is proud to support the health and wellbeing of c. 1.25 million UK employees.

The Group's insurance provides employees with access to affordable, individual policies for hospital, recovery and death benefit plans. The Group's award-winning benefits platform, Hapi, brings together extensive employee benefits, discounts and rewards, in one responsive platform. As well as being sold direct to employers, the Hapi platform supports Sage's Employee Benefits offerings for SMEs.

This comprehensive range of offerings, powerful platform and unique sales model of face-to-face, one-to-one engagement with employees, provides Personal Group with a strong market position from which to grow. 

Head-quartered in Milton Keynes, the Group has built an extensive blue-chip customer list over its 40-year history, including Airtanker, B & Q, Barchester Healthcare, British Transport Police, British Airways, Merseyrail, Office of National Statistics, Randstad, Royal Mail Group, The Royal Mint, Stagecoach Group plc, and The University of York.

For further information on the Group please see www.personalgroup.com

CHAIR'S STATEMENT

2025 has been a strong year of execution, building on the foundations put in place during 2024. The management team has delivered across every dimension - customer acquisition, customer penetration, retention, and strong operational and financial discipline - and the resulting substantial increases in customer satisfaction, profitability and cash generation are extremely pleasing.

Relevance of offerings against a backdrop of increased financial pressure

The relevance of, and demand for, Personal Group's offerings remain strong due to the clear value provided to employees with otherwise limited benefits and protections. This is reflected in the Group's high retention rates at both partner and customer level, providing the Group with a long runway of growth ahead.

Strategic execution delivering strong financial performance

The team's relentless focus on the execution of the growth strategy has resulted in excellent progress in all financial and operational KPIs. Revenue grew 11% to £48.4m (2024: £43.8m), adjusted EBITDA was up 22% to £12.1m (2024: £10.0m) and our balance sheet remains robust, with a cash position of £29.0m at 31 December 2025 (2024: £27.4m) and no debt. The Group continues to build its recurring revenues across all business lines, with over 90% of reported revenue for 2025 deriving from the recurring revenue sources of insurance and SaaS subscriptions, providing clear visibility into FY26 and beyond.

Strong and passionate team

The Group continues to benefit from an experienced leadership team, strengthened in the year through key hires across sales and delivery. As the scale and ambition of the business increase, we have remained focused on ensuring the team has the experience and capacity required to execute the strategy effectively and support sustainable growth.

Reinforced governance

I am particularly pleased to have strengthened our Board across a number of areas.

Earlier in the year, we were pleased to welcome Rachel Webb to the Board as Non-Executive Director and as Chair of the Audit and Risk Committees, bringing with her over 20 years' of experience in financial services. Rachel has brought a strong commercial focus to the Board as well as a thorough refresh of our audit and risk governance. In addition, Ciaran Astin assumed the position of Remuneration Chair in late H2, bringing strong discipline and critical thinking to our Executive remuneration plans as we continue to ensure a motivating trajectory aligned with our shareholder delivery plans. Subsequently, Maria Darby Walker assumed a dedicated role as Senior Independent Director, increasing our governance rigour.

As announced in December 2025, Sarah Mace, CFO, will step down from the Board at the time of the Company's Annual General Meeting in May 2026, after 12 years at Personal Group. On behalf of the Board, I would like to thank Sarah for her considerable contribution to Personal Group during her tenure, successfully steering the business through the challenges of the pandemic and leaving it on a strong financial footing. Sarah has also been instrumental in working alongside Paula to implement and execute the refined strategy, placing the Group on a strong growth trajectory.

We look forward to welcoming Matthew Cohen to the Group as CFO, joining from the end of H1 FY26. Matthew will bring to the role significant insurance experience and depth of knowledge, and the Board is confident that Matthew will help the team drive growth and deliver on its ambitions.

ESG

Our ESG strategy is closely aligned to our purpose: to improve people's health, happiness and financial wellbeing, and we operate with a clear, and crucially, shared responsibility. We met all targets set for our ESG initiatives in 2025, across energy consumption, DEI, volunteering and governance, testament to the commitment and enthusiasm across the organisation.

Dividend

As announced in our FY25 Interim Results in September 2025, the Group continues to grow strongly whilst generating significant cash to augment a very strong balance sheet. In light of this, the Board reviewed the dividend policy at that time and concluded that given the continued confidence in the Group's business model and prospects, it is appropriate to amend the dividend policy to enhance returns to shareholders. For FY25 and going forward, the Group intends to pay dividends equivalent to approximately one times basic earnings per share for the full year, confident that dividends will continue to grow in line with increased earnings.

As a result, I am pleased to announce that the Board has recommended a final ordinary dividend of 15.1 pence per share which will be paid on 12 May 2026 to members on the register as at 7 April 2026 (the record date). Shares will be marked ex-dividend on 2 April 2026. This makes a total ordinary dividend for 2025 of 23.3 pence per share, representing an increase of 41% year-on-year (2024: 16.5p).

Outlook

The successes and operational vigour of the past year have given us more scope to grow than ever before, providing the opportunity for further momentum. The strength of the Group's balance sheet, power of its offerings, growth of its recurring revenue streams, ongoing cash generation and depth of its senior leadership team provide the Board with confidence in continued progress in the year ahead.

Martin Bennett

Non-Executive Chair
24 March 2026

GROUP CHIEF EXECUTIVE'S STATEMENT

I am thrilled to report on a brilliant year of progress for Personal Group, which has seen the team execute with pace and passion, resulting in double-digit growth, continued strong retention levels of 80%+, adjusted EBITDA ahead of market expectations, and considerable growth in our addressable customer base.

At Personal Group we are proud to deliver products that are genuinely meaningful against a backdrop of increasing financial pressure. Affordable, simple to understand and providing significant cover, our insurance products and benefits platform help employers protect their employees, reduce absences and create workplaces where people feel supported, valued and secure. In the current economic environment, with increasing cost-of-living pressures, continued high levels of workforce illness and a growing struggle for employers to attract and retain their workforce, our products and services are more relevant than ever.

It is a privilege to lead a business with this degree of purpose, and I am excited by the significant opportunity we see to expand our reach to serve more of the UK workforce beyond the 1+ million employees we support today.

Operational Review

Affordable Insurance

2025 was another strong year for our Insurance division, driven by our unique face-to-face sales model, increased operational grip and growing relevance of our offerings. As a result, the Group delivered another record sales performance, with new annualised insurance sales up 11% to £15.4m, and API up 12% to £40.5m, supported by strong retention of over 80%.

Adoption

Our efforts to improve operational grip continue to increase the penetration of our existing customer base. In particular, the sales team has been focused on further penetrating our top 100 sites through increased field force efficiency, improved time-to-competence across every competency level in our workforce and continued focus on effective planning of field force visits. As a result, we reached penetration levels of 20%+ in our top 100 sites and an overall improved penetration rate of 14.5% as at 31 December 2025 (31 December 2024: 13.0%). Policies sold are up 6.8% year-on-year; enrolments (new customers signed) are up 6%, and the average value of our policy sales per person per day has increased by 7%.

We have continued to invest effort in improving the customer experience, once again achieving a Trustpilot score of 4.9 (out of 5), which we believe to be outstanding in our industry. In addition, claims processes have improved throughout the year, with the business processing more than 98% of claims within 48 hours in Q4. We expect this standard to be maintained going forward. We have retained excellent compliance standards in the field, retaining scores of 97%+, in addition to improving early life cancellations with enhanced data and insight. All customer service metrics pertaining to resolving and answering queries have improved year on year and our continued spotlight on vulnerable customer treatment has been recognised through our win of the Customer Focus (SME) award at the Institute of Customer Service awards in March 2026.

Expansion

An increased focus on winning new insurance clients added over 50,000 new employees to our addressable customer base at the end of the year, providing a significant opportunity for further growth in the year ahead. This is a result of the success of our reinvigorated go-to-market initiatives, including the introduction of a more rigorous process for targeting clients and progressing leads, particularly in the food distribution and logistics sectors. Notable wins include Avery, Securitas and Harbour Healthcare.

Innovation

New Digital Insurance offerings have the potential to accelerate growth further in the year ahead, expanding our portfolio, increasing our routes to market, and adding to our recurring revenue stream. We are pleased to have started the testing of our new digital insurance propositions for hospital cover and death plan, which have proved out various test cases. We plan to test these digital offerings across our wider base in 2026. We have also finalised the development of our Group Cash plan offerings, which we intend to test on our direct base as well as through partnership.

Partnering

We are progressing a number of interesting Insurance partnerships, including the provision of face-to-face and digital employee-paid cash plans.

In March 2025, we were pleased to announce the tender award from a significant employee benefits business for the provision of both employee and employer-paid insurances to their clients. In our FY25 Interim Results in September 2025, we confirmed an additional contract with Sante to supplement its insurance offerings with our own digital and face-to-face employee-paid insurance options. Initial referrals from these partners are now starting to come through.

Post-period end, the Group secured a partnership with Simplyhealth, the UK's leading healthcare services and cash plan provider, providing access to Simplyhealth's 12,000 business relationships to deliver face-to-face employee engagement to support the sale of both Personal Group and Simplyhealth's insurance plans.

These partnerships provide accelerated access to clients and employees that we would otherwise pursue through individual direct B2B sales channels.

Benefits & Rewards

The Group's digital benefits platform, comprising Hapi and SEB, saw continued uptake, resulting in ARR growth to £7.3m (2024: £6.7m). Importantly, we renewed and expanded our multi-year partnership with Sage, providing a long-term growth platform, which saw us launch our proposition into Ireland in Q2. Innecto, our Rewards consultancy, also delivered a suitably strong performance, driven by new contract wins and the introduction of the Pathfinder SaaS platform, contributing to digital ARR growth of 14% and in excess of 80 live digital platforms to date.

Adoption

Post completion of the migration of our clients to Hapi 2.0 our Net Retention Rate (NRR) increased to 93.6% (2024: 91.0%) and we have seen an increased uptake of benefits, resulting in a 23% increase in monetisation from commission on the third-party products that sit on the platform. Alongside that our Trustpilot score for Hapi has increased to 4.4 (2024: 4.3) evidencing the quality of our offerings.

Expansion

Hapi's steady performance in the year resulting in ARR of £2.71m as at 31 December 2025 was underpinned by 30 new Benefits clients won in 2025, an increase of 15% on the previous year. Notable new client wins for Hapi include University of St Andrews, Rehability UK and Hampshire Trust Bank.

The new contract for Sage Employee Benefits (SEB) commits to expanding the volume of clients across additional UK customer segments in addition to new geographies and with additional products and services including digital insurance and in July 25 we entered our first new territory of Ireland. We were also excited to launch our first new partner, EB Now, in Q3, with 15 clients already live on the platform.

The Group's Pay & Reward division enjoyed impressive new wins, including De Beers, FSCS and B&Q. We secured c. 200 project wins, including 36 new clients and 17 new digital platform sales.

Partnering

We see considerable opportunity to expand our market reach into new business segments through partnerships. We were delighted to secure our first new partnership in the year, with EB Now, an employee benefits provider for the small and midsize business market, with the first customers going live via the platform in H2 FY25.

Innovation

We were excited to bring to market our new Innecto Digital offering, Pathfinder, which facilitates career mapping across all roles in a Company, and to secure initial sales orders at the end of Q4. Together with our RoleSense proposition, which provides an umbrella stand-alone digital capability for our existing pay and reward toolkits, we enter 2026 with an impressive opportunity to really exploit digital sales which will further strengthen our ARR opportunity alongside Hapi and SEB.

Progressing towards our aspirational targets

Important progress was made in FY25, putting in place the foundations to enable us to progress towards our 2030 ambitions. We are delivering across our four pillars of Adoption, Expansion, Innovation & Partnering, and are well positioned to enter the first full year of our 5-year strategy.

Looking ahead, in Insurance, we are focused on the continued growth of our existing book of business (Adoption), whilst winning an increased level of new customers through improved commercial focus (Expansion); and we see these initiatives as the key drivers of growth for Insurance in the short- to medium-term. Alongside this, we plan to fully launch our new insurance offering and our digital sales channel (Innovation), and secure new partners (Partnering).

In Benefits & Rewards, Partnerships presents the greatest avenue for growth, both in terms of Expanding with our existing partner, Sage, and reaching new Hapi SME customers through additional partnerships. We will also continue the monetisation of our award-winning Hapi platform (Adoption), as well as Expanding through winning new Hapi Enterprise customers and new Pay & Reward customers. Also, following the strong progress this year, we will take the Innecto Digital offering to market more widely (Innovation).

Passionate about our Purpose

At Personal Group, our Purpose is at our core: to keep businesses and their employees happy, healthy and protected. Our already impressive internal engagement score increased from 73% to 80% at the end of the year. We have continued to add industry-leading people policies and were pleased to feature in the HR magazine as an example of living and breathing our employee benefit values in our own practices.

Outside of the organisation, Personal Group is committed to ensuring our customers are cared for above and beyond the FCA's Consumer Duty regulations, and last year we established an internal working group to deliver these requirements.

Practising our Purpose within our community is also incredibly important to us as an organisation, and we continue to do this through our targeted Personal Assurance Charitable Trust donations, where we pledge at least 1% of EBITDA or a minimum of £100k each year. In 2025 alone, PACT have donated to over 65 charities, helping organisations make a real difference where it matters most. There was also a pleasingly high uptake of our volunteering programme across all levels of the business, supporting a range of community projects.

Outlook

We are delighted with our performance during 2025 with double digit growth, adjusted EBITDA ahead of market expectations, further strong cash generation and enhanced returns to shareholders through an increased dividend.  As such, given the backdrop of our continued delivery of customer and shareholder outcomes, we enter 2026 with strong momentum, well positioned to capture the growth opportunities our strategic aspirations outline, and with growing market demand for our products and services. We are laser focused on executing against our strategic initiatives of adoption, expansion, innovation and partnering. It is fantastic to lead a business with such highly motivated individuals, delivering our purpose with passion and pace, and I look forward with confidence to another fruitful year in 2026.

Paula Constant

Group Chief Executive

24 March 2026

CHIEF FINANCIAL OFFICER'S STATEMENT

Group revenue

Group revenue from continuing operations grew by 11% to £48.4m (2024: £43.8m), reflecting continued momentum across all business lines.

Our Affordable Insurance segment delivered further growth, supported by another strong year of new policies written and continued high retention levels. Annualised Premium Income increased to £40.5m (2024: £36.0m), with the majority of policies continuing to renew on weekly or monthly rolling contracts, providing a high degree of revenue visibility.

The Benefits & Reward segment continued to grow, with income increasing to £10.9m (2024: £10.3m). Growth was driven by a combination of SaaS subscription income and consultancy revenues, supported by further expansion of our platform footprint and strong customer engagement.

Other income again delivered to £1.3m (2024: £1.3m), reflecting continued optimisation of cash deposits held by the insurance subsidiaries despite falling deposit interest rates.

The Group continues to build its recurring revenues across all business lines, with over 90% of reported revenue for 2025 deriving from the recurring revenue sources of insurance and SaaS subscriptions. This provides confidence and visibility as we continue to execute against our strategy.

Adjusted EBITDA*

Adjusted EBITDA* from continuing operations increased by 22% to £12.1m (2024: £10.0m). This reflects increased contribution from the insurance segment, where underwriting profit continued to deliver strong margins while growing broadly in line with the size of the insurance book.

The Benefits & Reward segment continued to drive growth in adjusted EBITDA, with contribution increasing to £6.1m (2024: £5.2m). This was driven by new platform sales across both Hapi and Sage Employee Benefits, as well as continued strong performance across consultancy and digital reward solutions.

During the year, we completed the Hapi 2.0 client migration, an important milestone that enhances platform capability and positions the business for future scalability.

Group administration and central costs increased modestly year on year, reflecting inflationary pressures and continued investment in people, systems and infrastructure to support long-term growth.

We believe adjusted EBITDA* remains the most appropriate measure of performance for the Group, reflecting the underlying profitability of the business and removing the impact of non-underlying items arising from historic acquisitions. The definition remains unchanged.

Profit before and after tax

Statutory profit before tax from continuing operations for the year was £8.4m (2024: £6.8m). The tax charge for the year was £1.1m (2024: £1.3m), reflecting the benefit of a £0.4m R&D tax claim in respect of benefits platform development, resulting in profit after tax from continuing operations of £7.3m (2024: £5.5m).

EPS

Earnings per share from continuing operations increased to 23.3p (2024: 17.7p), reflecting improved profitability enhanced by the reduced tax rate.

Dividend

During the year, the Board implemented its new policy to increase returns to shareholders, reflecting confidence in the Group's cash generation, balance sheet strength and long-term prospects.

The Board has recommended a final ordinary dividend of 15.1p per share making a total ordinary dividend for 2025 of 23.3 pence per share (2024: 16.5 pence per share). This level is in line with the revised dividend policy announced in September 2025 which was determined after considering the Group's underlying growth, strong cash generation and capital requirements to support future investment.

Balance sheet

As at 31 December 2025, the Group's balance sheet remained strong, with cash and deposits of £29.0m (31 December 2024: £27.4m) and no debt.

The Group's underwriting subsidiaries continued to maintain prudent solvency positions well in excess of regulatory requirements. This conservative approach underpins the resilience of the insurance business and supports sustainable growth.

 Personal Assurance Plc (PA), continues to maintain a conservative solvency ratio of 299% (unaudited), with a £10.1m surplus over its Solvency Capital Requirement of £5.1m. The Company has consistently maintained a prudent position in relation to its Solvency UK requirement. Personal Assurance (Guernsey) Limited, the Group's subsidiary which underwrites the death benefit policy, also maintained a healthy solvency ratio of 487% (unaudited), with a £3.7m surplus under its own regime.

Cash flow

Cash generation remains a key strength of the Group. Cash generated from operating activities in 2025 was £9.9m (2024: £11.4m including £3.9m generated by the sale of Let's Connect which was disposed of on 9 July 2024), reflecting the Group's strong underlying trading and disciplined working capital management.

With capital requirements of approximately £12.0m to support the insurance business and working capital, the Group retains flexibility to invest in product development and platform enhancement, maintain increased returns to shareholders through dividends and consider suitable acquisitions which could accelerate growth.

Segmental results

The Group reports across two core segments as detailed in the table below.

For each of the segments, the adjusted EBITDA contribution comprises the gross profit of that segment together with any costs associated directly with the operation of that segment. Sales and marketing costs and other central costs that are not directly attributable to a segment, such as Finance, HR, depreciation, amortisation and Group Board expenses are not allocated to a segment and are shown separately as 'Group Admin and Central Costs'.

We believe this presentation provides transparency to enable the impact of top line growth on adjusted EBITDA contribution for each area of the business to be better understood.

Affordable insurance

Insurance revenue increased by 13% to £36.2m (2024: £32.2m).

Our face-to-face sales activity delivered another record year, with new policies written of £15.4m (2024: £13.8m). This remains a key differentiator for the Group, directly engaging employees with their employers' benefit provision and supporting strong retention.

As at 31 December 2025, Annualised Premium Income stood at £40.5m (2024: £36.0m), with over 103,000 insurance payers.

The claims ratio for the year reduced slightly to 27.1% (2024: 29.1%) but remained within our expected range.

Adjusted EBITDA contribution from the segment was £14.6m (2024: £12.4m), reflecting increased revenue and disciplined cost control alongside the benefit of a lower claims ratio.

Benefits & Reward

Revenue from digital platform subscriptions and commissions on our benefits platform increased to £8.1m (2024: £7.8m).

Subscriptions for Hapi continued to build, supported by the completion of the v2 migration and new client wins during the year. ARR increased slightly to £2.71m (2024: £2.66m), with 30 new clients added (2024: 27).

Our relationship with Sage continued to strengthen, with Sage Employee Benefits driving further SME market penetration. ARR increased to £4.6m (2024: £4.1m), and, with the new contract signed in March 2025, we remain focused on maximising the opportunity presented by this partnership.

Consultancy and proprietary digital reward solutions also performed well, building on the 2024 performance with further significant client wins.

Adjusted EBITDA contribution from the segment increased to £6.1m (2024: £5.2m), highlighting the scalability of the platform-led model.

Group administration expenses and central costs

Group administration and central costs of £9.8m (2024: £8.9m) reflects investment in sales and go to market activity and recruitment of senior hires alongside increased staff bonus payments and inflationary cost increases.

Outlook

The Group enters 2026 with strong momentum. Our priorities remain clear: continued growth of our face-to-face sales activity, maximising our Sage relationship, exploring additional white-labelled partnership opportunities, increasing shareholder returns through a progressive dividend policy.

The strength of our recurring revenue base, combined with strong cash generation and a robust balance sheet, positions the Group well to deliver sustainable long-term value for shareholders.

Sarah Mace

Chief Financial Officer
24 March 2026