Slide 1: Well positioned for growth in FY27 and beyond
Well positioned for growth in FY27 and beyond FY26 Results June 2026 www.manolete-partners.com
Slide 2: Refreshed leadership team
Refreshed leadership team • Joined 2014 | Appointed to the Board 2022 | Appointed CEO August 2025 • Driving force behind Manolete’s success for over a decade • Leads 17-strong team of in-house lawyers • Market-Leading Expertise: Insolvency Solicitor ranked Band 1 by Chambers & Partners for insolvenc
Slide 3: The Manolete Model
The Manolete Model 3
Slide 4: Manolete purchases, manages and monetises insolvency claims
Manolete purchases, manages and monetises insolvency claims We unlock recoveries for creditors We uphold accountability for wrongdoing [ Purchase & Highly manage National Proven track Clear market experienced claims in- coverage record leader legal team house Significant market opportunity 4
Slide 5: An established route to market
An established route to market Average = 14 months Average = 12 months Company enters Manolete Claims Case Cash insolvency purchases identified [ completed collected & IP claim appointed IP has duty to realise Insufficient monies in Strict investment Over 90% of cases assets, including estate to fun
Slide 6: Case study: £0.2m investment realised £0.9m net proceeds
Case study: £0.2m investment realised £0.9m net proceeds Case duration: Cash collected: 2 years 1 month within 1 month Nov 2023 Dec 2025 Dec 2025 Company enters Manolete Claims Case Cash insolvency purchases identified completed collected & IP claim [ appointed IP identifies potential Manolete Settl
Slide 7: Cash flow on illustrative case
Cash flow on illustrative case A typical case that settles for £100k (realised revenue) generates £37k in net proceeds (realised gross profit) £37k Net proceeds £74k £100k [ £37k £0 £2k £24k Payment to IP External legal Gross IP share of net Manolete to purchase costs proceeds proceeds share of net
Slide 8: FY26 Performance
FY26 Performance 8
Slide 9: Well positioned for growth in FY27 and beyond
Well positioned for growth in FY27 and beyond Refreshed leadership team, with clear growth strategy in place Strong H2 performance, delivering realised revenue in line with expectations and growth in gross cash Strategic progress building growth platform to support operational leverage Record forwar
Slide 10: Resilient financial performance despite short-term earnings timing and provisioning
Resilient financial performance despite short-term earnings timing and provisioning Realised revenue (£m) 29.8 27.9 Realised revenue of £27.9m in line with expectations FY25 FY26 Adj. Realised PBT (£m) 0.8 Adj. Realised PBT2 impacted by £1.8m specific bad debt provision 0.1 [ FY25 FY26 Gross cash re
Slide 11: Positive performance amid variability in case completion timing
Positive performance amid variability in case completion timing Income Statement FY26 FY254 YoY % Realised Revenue1 £27.9m £29.8m (6%) Realised gross profit £10.4m £9.6m 8% Realised gross profit margin 37% 32% 5%pts Overheads (£5.6m) (£5.8m) (4%) Bad debt (£3.6m) (£1.3m) 167% Key points Finance cost
Slide 12: Higher GP margins more than offset dip in revenue
Higher GP margins more than offset dip in revenue Realised Revenue (£m) FY22-FY25 average = £24m Revenue 16% up on 29.8 27.9 average over 26.8 24.2 previous 4 years [ 15.2 FY22 FY23 FY24 FY25 FY26 Realised gross margin % 34% 36% 33% 32% 37% Higher margins driven by larger, higher margin cases includ
Slide 13: Increase in Net Asset Value
Increase in Net Asset Value FY26 FY252 YoY % Statement of Financial Position Net debt (£11.5m) (£11.1m) 4% Overdue gross debtors £12.3m £15.0m (18%) Key points: Current debtors as % of total gross debtors 62% 57% 5%pts Net debt increased by £0.4m due to investment in new cases, restructuring costs a
Slide 14: Gross cash receipts increased to £26.6m
Gross cash receipts increased to £26.6m Gross cash receipts from completed cases (£m) [ £1.0m increase in gross cash receipts driven by: 26.7 25.6 26.6 • Strong completions in year • Renewed focus on cash collection 17.7 15.5 FY22 FY23 FY24 FY25 FY26 14
Slide 15: Increased investment for growth despite one-off cash impacts
Increased investment for growth despite one-off cash impacts FY26 Cashflow Investment for growth £11.6m • New & on-going cases £7.2m • Investment in legal team £0.2m £26.6m £7.2m [ One-off impact • Restructuring £0.8m • Delayed receipts from two large debtors1 £2.7m £6.1m £1.1m (£0.2m) £0.8m Gross c
Slide 16: Strategic and operational progress
Strategic and operational progress 16
Slide 17: Enhanced market-leading reputation
Enhanced market-leading reputation • Over 1,900 claims financed and almost 1,500 completed to Proven track record date • Completed investments have generated strong historic returns [ • Only firm awarded Band 1 for Insolvency Litigation Funding Exemplary award- in the Chambers Guide every year from
Slide 18: Strengthened platform driving new business momentum
Strengthened platform driving new business momentum Investment in legal team New business development initiatives Record number of new case referrals 23% increase in the value of new cases being signed [ No. of new case referrals Value of signed cases (£m) 1,027 £32m 733 890 £26m 698 540 FY22 FY23 F
Slide 19: Strategic framework to deliver strong growth
Strategic framework to deliver strong growth Focus Grow realised revenues and profitability, delivering net cashflows to support ongoing growth and shareholder returns in the medium-term Strategic enablers 1. Scale the business 2. Improve portfolio quality 3. Enhance operational efficiency [ Focus o
Slide 20: Path to medium term growth
Path to medium term growth Medium-term FY26 target Realised Revenue £28m Higher case values £42m [ Realised PBT £0.1m ARRCC* £150k £5m Gross Cash Receipts £27m Operational leverage £37m ARR per lawyer* £2.3m Net cashflow (£0.2m) £2.5m 20 * ARR is Average Realised Revenue and ARRCC is Average Realise
Slide 21: Capital allocation priorities
Capital allocation priorities Maintain robust Invest in forward Return capital to balance sheet book and platform shareholders [ Target net debt under 50% Invest in new & on-going As portfolio matures and of gross cash receipts cases and growth initiatives leverage declines, through dividends, share
Slide 22: Outlook
Outlook 22
Slide 23: Record forward book with £18m increase to £67m
Record forward book with £18m increase to £67m Value of forward book excluding Cartel cases as at 31 March (£m) £67m £11m £49m 37% YoY increase driven by higher- margin, larger cases £11m £24m [ Larger cases typically take longer but Small cases (<£0.1m) are higher margin £17m Mediium cases (£0.1-0.
Slide 24: Cartel cases provide significant upside opportunity
Cartel cases provide significant upside opportunity The Cartel claim Manolete purchased a portfolio of claims from companies that bought or leased trucks and paid higher prices due to major truck manufacturers unlawfully colluding over pricing and commercial terms as determined by the European Commi
Slide 25: Significant opportunity to increase 5% share of £500m market
Significant opportunity to increase 5% share of £500m market Over last 10 years insolvencies have risen by 63% Current 5% share of market Company insolvencies by type, England and Wales 30,000 25,000 20,000 [ 15,000 10,000 Market value 5,000 £500m p.a.1 Administrations Compulsory liquidations 0 Cred
Slide 26: Well positioned for growth in FY27 and beyond
Well positioned for growth in FY27 and beyond Established market leader with Highly experienced Exec Team unique proposition [ Cartel cases provide significant Strong forward book upside opportunity Strategic plan to scale business Strong market drivers 26
Slide 27: Q&A
Q&A 27
Slide 28: Appendix
Appendix 28
Slide 29: Consistent portfolio investment performance over 16 years
Consistent portfolio investment performance over 16 years • 1,477 case completions, representing 78% of lifetime investments now complete • £189m recovered in total of which Manolete has retained £56m • Average case completed in 14.1 months Open case Closed case Total Total Manolete Duration No. of
Slide 30: Majority of claims relate to misconduct by directors
Majority of claims relate to misconduct by directors Proportion of revenue by claim type If directors breach the duties set out in law they can be pursued to Misfeasance / compensate the company for any losses suffered e.g. a director has Breach of Duty misapplied money or property in breach of thei
Slide 31: Expertise and scale
Expertise and scale • 17 senior in-house insolvency lawyers Highly experienced drawn from partner and senior associate legal team levels at leading law firms • Deep relationships with IPs & insolvency lawyers across UK National coverage • Strategic partnerships with all 3 insolvency regulatory & tra
Slide 32: Quotes from the insolvency market
Quotes from the insolvency market “Working with Manolete offers me as officeholder the ability to consider alternative solutions “Manolete are our ‘go to’ litigation funder because we know the cases will be dealt when pursue claims and recover funds of the benefit of the estate and creditors, often