Manolete Partners Plc · LSE:MANO
Manolete Partners — Q2 2026 Earnings Presentation
45 slides from Manolete Partners's earnings presentation, Nov 19, 2025
Slide 1: Results presentation
Results presentation Interim results for 6 months ended 30 September 2025 www.manolete-partners.com
Slide 2: Presenters
Presenters Mena Halton Chief Executive Officer . Mena Halton was appointed Chief Executive Officer in August 2025. She joined Manolete in 2014 to lead the legal team and was appointed to the board as managing director in 2022. Mena qualified as a solicitor in 1985 and has specialised in contentious
Slide 3: Agenda
Agenda Financial highlights Company Overview KPIs H1 FY26 Financial Results Current Trading, Strategy and Investment Case Q&A Results Presentation for 6 months ended 30 September 2025 3
Slide 4: Financials – highlights
Financials – highlights Total revenue Gross margin Net cash generated- completed cases £12.7m -12% 31% +2% £7.8m +3% HY 2025: £14.4m HY 2025: 30% HY 2025: £7.6m Realised revenue Overheads Cash balance £14.0m -7% £3.9m +4% £1.1m +67% HY 2025: £15.0m HY 2025: £3.7m HY 2025: £0.6m Gross profit EBIT Net
Slide 5: The UK’s leading insolvency litigation financing company
The UK’s leading insolvency litigation financing company Unique business model • Manolete purchases claims from insolvent UK companies – taking assignments via the Liquidator or Administrator of insolvent companies. • Liquidators, Administrators or Trustees in Bankruptcy (together “Office Holders”)
Slide 6: The Manolete solution to the market problem
The Manolete solution to the market problem Office Holders routinely uncover actionable claims in insolvency – breach of duty, antecedent transactions, overdrawn DLAs, and claims against advisors or the bank. However, insolvent estates typically lack funds to pursue litigation, and Office Holders ar
Slide 7: The market
The market Creditors Voluntary Liquidations Director instigated liquidations Typically give rise to lower and mid value claims Overdrawn directors loan account, breach of duty and antecedent transaction claims Source: UK Insolvency Service: Company insolvency statistics September 2025 Results Presen
Slide 8: The market
The market Compulsory Liquidations Post Covid, compulsory liquidations have increased year on year. HMRC is a major petitioning creditor. Claims arising in compulsory liquidations on HMRC petitions can give rise to high value claims against directors and connected parties relating to tax avoidance,
Slide 9: The market
The market Administrations Administrations – more commonly the insolvency path for larger UK company insolvencies – took longer to return to pre-pandemic levels of activity. After the UK Government withdrew its widescale financial support for businesses in April 2022, the first wave of insolvencies
Slide 10: Manolete – the dominant TPF
Manolete – the dominant TPF Five-time winner of the industry’s TRI Award for Litigation Funding. Only firm ranked Band 1 for Insolvency Litigation Funding in the Chambers Guide every year from 2021–2025. Results Presentation for 6 months ended 30 September 2025 9
Slide 11: Market positioning
Market positioning Scotla nd National network Full UK nationwide coverage ensuring rapid engagement with Insolvency Practitioners and Insolvency Solicitors across the country. Market-leading legal team 18 senior in-house insolvency litigators, all recruited from private practice = Manolete firms at
Slide 12: Business Mix
Business Mix Case types The seven typical case types Purchased versus Funded Major creditor: HMRC As previously guided, the portfolio H1 FY26 Completed Cases New Investments is now almost entirely comprised Purchased 144 99% 146 100% of purchased cases Funded 2 1% 0 0% Total 146 100% 284 100% Result
Slide 13: Route to Market
Route to Market Company Manolete enters into IP Claims purchases insolvency appointed identified claim process • Creditors Voluntary • IP duty to investigate • Insufficient monies in • Manolete rigorous Liquidation the dealings and affairs the estate to fund selection process • Compulsory Liquidatio
Slide 14: The “Funnel”: the lifecycle of Manolete’s cases
The “Funnel”: the lifecycle of Manolete’s cases No impact on Manolete's financial statements 1. New case enquiry – excellent leading indicator for the business Generates initial “unrealised revenue/unrealised profit” – adjusted monthly (up or down) by in-house legal 2. Offer accepted & signed – 29%
Slide 15: Manolete in action – case study: completed case
Manolete in action – case study: completed case • Company X was wound up and IPs appointed • Liquidators referred the claims to Manolete to liquidators. purchase for an initial consideration of £10k and agreed split of net realisation. • Liquidators carried out investigations and identified that com
Slide 16: Manolete in action – case study: current ongoing case
Manolete in action – case study: current ongoing case • Company Y was wound up on the petition of HMRC and IPs were appointed liquidators • Liquidators carried out an investigation and identified claims against the former directors in relation to a large-scale VAT fraud. Urgent action was needed to
Slide 17: KPIs
Manolete — PARTNERS PLC —
Slide 18: Key performance indicators: (1) new case enquiries
Key performance indicators: (1) new case enquiries Results Presentation for 6 months ended 30 September 2025 17
Slide 19: Key performance indicators: (2) new signed cases
Key performance indicators: (2) new signed cases Results Presentation for 6 months ended 30 September 2025 18
Slide 20: Key performance indicators: (3) expected gross settlement values
Key performance indicators: (3) expected gross settlement values Case values are on an upward trajectory. Results Presentation for 6 months ended 30 September 2025 19
Slide 21: Key performance indicators: (4) completed cases
Key performance indicators: (4) completed cases Note the strong resilience of case completions during the challenging Note 1: FY23 included a one-off very large settlement of a funded case, Covid period. which contributed £4.9m to realised revenues in that year. Results Presentation for 6 months end
Slide 22: Key performance indicators: (5) net cash receipts from completed cases
Key performance indicators: (5) net cash receipts from completed cases after payment of IP and legal costs Net cash receipts H1 FY23 – H1 FY26 including large one-off case completion £4.6m net cash received in H1 FY23 Results Presentation for 6 months ended 30 September 2025 21
Slide 23: Key performance indicators: (6) portfolio investment performance
Key performance indicators: (6) portfolio investment performance – this analysis shows returns on investments made in each FY Duration No. of No. % No Open case Closed case Total Total Total IP Manolete completed Case investments completed completion outstanding investments investments invested reco
Slide 24: Cartel cases
Cartel cases The truck cartel claims arise from the 2016 European Commission decision as to the involvement of various truck manufacturers in a price fixing cartel within the European Economic Area from 1997-2011. We have purchased 22 antitrust claims from insolvent companies impacted by the 2016 Eu
Slide 25: HY26 Financial Results
HY26 Financial Results Rachel Lindley-Janes Interim Head of Finance
Slide 26: Trading performance – H1 FY26
Trading performance – H1 FY26 Gross total revenue of £12.7m decreased by 12% in H1 FY26, a result of Revenue composition a lower value of realized revenue and a negative contribution from unrealised revenue. HY25 HY26 HY24 • Realised revenue of £14.0m (H1 FY25: £15.0m) decreased during the 6 months
Slide 27: Trading performance – H1 FY26
Trading performance – H1 FY26 Overheads of £3.9m H1 FY26 increased by £132k, due to an increase in specific bad debt charges (£679k H1 FY26 compared to £475 H1 FY25). All H1 FY26 H1 FY25 other overheads remained relevantly flat with a small decrease in staff costs £'000's £'000's % Variance offsetti
Slide 28: Admin expenses – H1 FY26
Admin expenses – H1 FY26 Overheads of £3.9m H1 FY26 increased by £132k, 4%. H1 FY26 H1 FY25 Staff costs have remained stable. 2 new members of the in-house legal team £'000's £'000's % Variance joined in H1 FY26. Staff costs are expected to increase slightly for H2 due to Staff costs 2,183 2,319 -6%
Slide 29: Balance sheet as at 30 September 2025
Balance sheet as at 30 September 2026 Investment in cases (non-current and current) of £40.2m (H1 FY25: £39.5m) comprised As at 30 As at 30 446 live cases as at 30 September 2025 (413 live cases 30 September 2024), a net September 2025 September 2024 increase of 33 cases. The value of investments in
Slide 30: Ageing of trade receivables – 58% of trade debtors are ‘not due’
Ageing of trade receivables – 58% of trade debtors are ‘not due’ Ageing by due date, as at 30 September 2025 which takes into account the legally-binding phasing of settlements, 58% of trade receivables (excluding the large case of £6.6m) are not due and a further 9% are within 6 months overdue. A n
Slide 31: Direct cashflow statement
Direct cashflow statement H1 FY26 Gross cash receipts of £14.5m H1 FY26 (H1 FY25: £14.3m) were driven by both payment schedules of prior year completions as well as current H1 FY26 H1 FY25 year case completions. H1 FY26 included a cash payment following a £m £m Variance % settlement with a single ma
Slide 32: Cartel settlement
Cartel settlement H1 FY26 As communicated to the market in July 2025 the Company settled with a single manufacturer in relation to its portfolio of truck Cartel portfolio. The settlement resulted in a quick cash settlement and lead to Manolete retaining £3.2m. This represented full reimbursement of
Slide 33: Current trading, strategy and investment case
Current trading, strategy and investment case
Slide 34: Current trading: H2 FY26
Current trading: H2 FY26 A strong start to the second half of the financial year As at 10 November 2025 the Company had already signed 38 new case investments since 30 September 2025. During the same period, the Company completed 23 cases. Therefore, the number of live cases in progress as at 10 Nov
Slide 35: Strategy
Strategy Strategic focus Manolete’s strategic focus remains firmly centred on UK insolvency claims, the largest and most established market for assignments. Opportunities in adjacent jurisdictions (e.g., Channel Islands) may be assessed selectively but will remain exceptional rather than core. Portf
Slide 36: Investment case
Investment case The UK’s leading insolvency litigation financing company Manolete is the only listed funder whose model is based on buying claims rather than simply funding them. This structure is unique to the UK insolvency regime, enabled by the Insolvency Act 1986 and expanded under the Small Bus
Slide 37: Q&A
Q&A
Slide 38: Appendix I
Appendix I Our process Manolete — PARTNERS PLC — O
Slide 39: Our process: case onboarding and assessment
1. Case opportunities submitted to Manolete: 60-80 new enquiries per month (i.e. every business day 2-3 new case investment opportunities arrive from our proprietary referral network of UK IPs and solicitors) 2. Manolete net worth team assess financial viability of defendant(s) 3. If net worth passe
Slide 40: Manolete’s core insolvency litigation financing business: case execution
1. Usually, we retain the IP’s solicitors and then issue a re-vamped letter before action 2. As encouraged by the Courts, we repeatedly offer ADR 3. Majority of defendants settle (to avoid needless cost escalation on both sides) pre-issue 4. If not, issuing the claim will reinforce our full commitme
Slide 41: Manolete’s core insolvency litigation financing business: enforcement
1. Vast majority of cases settled long before the expense and risk of a trial 2. Instead, the usual outcome is a commercial settlement between Manolete and the defendant 3. Unlike a judgment – a settlement agreement has been consented to by the defendant(s) 4. We always aim for significant immediate
Slide 42: Appendix II
Appendix II Revenue recognition
Slide 43: Appendix – revenue recognition
Appendix – revenue recognition 1. Sign a case and regular monitoring On signing a case, we recognise the “value” (expected realistic settlement figure less expected legal costs including initial payment, less IP share) of the case to Manolete in investments (balance sheet), credit to unrealised reve
Slide 44: Appendix – revenue recognition
Appendix – revenue recognition 2. Completion of a case On completion of a case, the estimated Investment value is removed from the balance sheet and from Unrealised revenue, and replaced with the actual completion value to Realised revenue, with the debit either to cash (if collected) or more likely
Slide 45: IMPORTANT NOTICE
IMPORTANT NOTICE This Presentation is exempt from the general restriction set out in section 21 of the Financial Services and Markets Act 2000 on the communication of invitations or inducements to engage in investment activity on the grounds that the communication is made only to persons who fall wi