FY25 Results (Presentation)

A record year delivering strong growth

‌Presentation Team

Gareth Samples

Chief Executive Officer

Ben Dodds

Chief Financial Officer

Financial Review

‌FINAL RESULTS 2025

‌HIGHLIGHTS

Successful 6cquisitiofi

str6tegy

Acquisitions since 2013

Successful integration including two latest transformational acquisitions

7

High degree of recurrifig revefiue

51%

Of total revenues from lettings

or licensing

Highly cash generative and underpinned by recurring revenues from lettings

Strofig free c6sh gefier6tiofi

£22.1m

116% of Earnings converting to cash from operations

Progressive dividefid policy

+17%

Compound annual growth rate in dividends since 2014

L6rge 6fid growifig fietwork

1,900

Lettings and estate agency businesses

315

Mortgage advisers

‌WHO WE ARE

Three divisions underpinned by a scalable platform model

Fifi6fici6l Services

Advisers earning commission on mortgages and protection products through an authorised network

Cross sell growth engine

Licefisifig

Network of independent businesses operating under our Brands. Fixed Fee Model

Capital light, recurring income

Pl6tform model

Shared services, Technology, AI, Compliance, Recruitment, Procurement and Scalability

‌HIGHLIGHTS

Solid operational progress across the Group, strengthening TPFG's strategic position

Managed portfolio of 149,000 properties

(2024: 153,000)

35,000 residential sales transactions

(2024: 30,000)

Launch of Privilege programme a set of lettings-focused offerings for franchisees

Financial Services division delivered a

record 25,000 mortgages in 2025

(2024: 23,000)

In Licensing, Fine and Country added a further 13 new licensees including 8 new international offices

Enhanced Board and senior leadership team to support the next phase of growth

Significant progress in AI- focused

initiatives, with rollout started in 2026

‌FINAL RESULTS 2025

FINANCIAL REVIEW

Strong financial performance delivering growth across KPIs

‌FINANCIAL REVIEW

The franchising division continues to deliver the highest proportion of profitability

Revenue

£12.6m

£24.2m £47.5m

Adjusted operating profit

£3.5m

£4.2m

£27.9m

EBITDA

£3.8m

£4.3m

£28.7m

Franchising

+9%

Franchising

+17%

Franchising

+17%

Financial Services

+10%

Financial Services

+15%

Financial Services

+24%

Licensing

+3%

Licensing

+8%

Licensing

+10%

* % increases on a pro-forma basis

‌FINANCIAL REVIEW

Lettings income continues to make up c50% of all franchising income, supporting robust recurring revenues

KPIs

149,000

Total managed lets

35,000

Total Sales

£40.5k

Revenue

£6m

£7m

+16%

£7m

£48m

£22m

14%

Lettings growth

13%

Sales growth

Average MSF per franchisee

FY25 Progress

• Remains at the core, delivering 78% of divisional

  adjusted operating profit

• Privilege programme launched, generating

  £1.5m of incremental Group income

  £41m £19m

  £9m

  2024

  £8m

  £11m

  2025

  59%

  Adjusted

  operating profit margin

• Launch of AI sales agent in February 2026, generating 25% more valuation appointments in the month than in-person processes

  Lettings MSF Sales MSF

  Own Offices Other

  68%

  Recurring

  Full Year Results 2025 11

  
  
  

  ‌FINANCIAL REVIEW

  Fifi6fici6l Services

  Financial Services has grown significantly with the acquisition of Brook through Belvoir Group

  KPIs

  315*

  Number of advisors

  25,000

  Mortgage transactions

  £83k

  Revenue

  +26%

  26%

  Revenue growth

  Revenue per adviser

  FY25 Progress

• Post-period acquisition of 85% stake in Smart Advice Financial Solutions, adding 34 advisers

  £9m

  £19m £10m

  2024

  £14m £24m £10m

  2025

  18%

  Adjusted operating profit**

  *following post-period end acquisition of Smart Advice Financial Solutions

  **calculated on a net commissions basis adjusted operating profit is 63%

  Full Year Results 2025

  Employed Advisers

  Business Partners

  6%

  Recurring

  12

  12

  
  
  

  ‌FINANCIAL REVIEW

  Licefisifig

  Acquisition of GPEA adds a licensing division, where a regular recurring monthly fee is paid in return for use of the Brands

  KPIs

  1,042

  Number of licensees

  £696.0

  Average license fee per licensee

  FY25 Progress

• Fine & Country added 13 new licensees, including 8

  new international offices

• Guild numbers contracted as anticipated, value proposition has been strengthened and launched at national conference in February 2026

  75%

  Revenue growth

  28%

  Adjusted operating profit

  74%

  Recurring

  13

  Full Year Results 2025 13

  Revenue

  +75%

  £4m

  £7m

  £3m

  £7m

  £13m

  £6m

  2024

  2025

  Fine & Country

  The Guild

  
  
  

  ‌FINANCIAL REVIEW

  C6sh

  Cash flow continues to be strong and has increased by 14% per share

  Cash at 31st December 2024	£4.2m
  Net cash from operations	£22.1m
  Payment of deferred consideration	£(3.7m)
  Bank Loans Drawn	£6.5m
  Bank Loans Repaid	£(6.6m)
  Dividends paid	£(12.0m)
  Employee Benefit Trust Loan	£1.6m
  Other movements Cash at 31st December 2025	£(1.2m)
  	£10.9m

  *2024 removed the exceptional acquisition cashflows

  Full Year Results 2025

• Highly cash generative with a strong balance sheet

• Cash conversion against earnings

  was 116% in 2025 (2024: 145%),

  reflecting higher levels of accrued income from initiatives such as the Privilege programme

• As at 31 December 2025, £3.0m was drawn on the RCF and

£10.2m remained outstanding on the term loan with Barclays, leaving bank debt of £13.2m (2024: £13.2m)

£10.9m

Cash as at 31 Dec 2025

34.2p

Free cash flow per share

£22.1m

Net cash generated from operations

14

‌FINANCIAL REVIEW

The Group has delivered consistent growth in Adj PBT, EPS and Dividend over the last 10 years

17%

Dividend CAGR

16%

EPS CAGR

4.0p

5.9p

6.5p 7.5p 8.4p

2.6p

8.7p

11.6p

13.0p 14.0p

18.0p

22p

40.3p

28%

Adj PBT CAGR

£66m

3Yr Cash Generation*

7.7p

11.6p

14.4p 14.0p 15.4p 16.2p 16.8p

27.9p 28.4p 29.7p 31.7p

22.3

9.4 10.7 11.2

31.0

2.1

3.1

3.8

4.2 4.8 4.9 5.3

*£22m of net cash from operations assumed over a 3 year period

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Dividend Adjusted EPS Adjusted PBT (£m)

Full Year Results 2025

15

‌FINANCIAL REVIEW‌

The Group continues to deliver on its capital allocation strategy

Focus

2025

Financial Resilience

1

‌FINAL RESULTS 2025

‌STRATEGY

The market was supportive of our growth in 2025 and presents opportunities for 2026

Lettings

• Landlord attrition and slower pace of new lettings portfolio acquisitions ahead of the Renters Rights Bill

• UK rents are expected to rise around

  2.5% in 2026

• Shift towards more balanced rental market after years of severe tenant competition

Financial Services

• Mortgage rates continued to come down ending the year at 3.75%

• Value of gross mortgage advances has increased to £80.4bn* in Q3 2025, 23% higher than Q3 2024

• Increased market activity since mortgage rates started to decrease in 2024

Sales

• In 2025 housing sales hit 1.2m - the highest in three years

• House prices forecast to increase by

  1.5% over 2026

• Improved affordability with lower mortgage rates and eased affordability rules

• Monitoring potential impact of Middle East conflict

*Source: Financial Conduct Authority

‌STRATEGY

Mitigating the impact through TPFG's attractive proposition

How TPFG is responding

When will it become law?

• Became law in October 2025, with provisions coming into effect from May 2026

Rent Guarantee Product

• Delivered through HomeLet at a uniquely commercial price, ensuring franchisees can offer enhanced protection to landlords while also generating additional revenue

  What is it?

  • Ends fixed term tenancies, removes no fault evictions and brings in hefty fines for non-compliant landlords

  Compliance Product

• A suite of compliance-themed services for agents, backed by Propertymark and packaged at a materially lower combined cost compared to the market

  What are the implications?

  • May result in some landlords moving from self managed

    to letting agents, or in some cases exit

  • Whilst this presents potential challenges, it also presents significant opportunity for TPFG

  Educational landlord events

• Opportunity to engage self managed landlords which we are doing through local briefing events

‌STRATEGY

Growth strategy

Growth Str6tegy & FY26 Priorities

Fifi6fici6l Services

Maximise opportunity across Group's franchise network and existing customer base

Increase productivity and develop a market leading buy-to-let proposition

Licefisifig

Expand brand across UK and internationally, and attract more licensees and members

Expand F&C internationally and attract more members to the Guild

FY26

priorities

Pl6tform model

Growth strategy

FY26

priorities

Deliver greater value across the divisions by adding additional services and capabilities

Lettings

Fr6fichisifig

Sales

Keep lettings at our core and increase market penetration

Develop sales productivity and sales-led activities in the high-street-led brands

Help franchisees navigate regulatory changes

Relaunch the sales programme

‌STRATEGY

Growth Str6tegy & FY26 Priorities

Criteria:

+15% ROCI

+25%

Margin

Cash generative

‌FINAL RESULTS 2025

‌OUTLOOK

Commercial opportunities in 2026 supported by strong balance sheet, diversified income streams, and expanding platform

Actively pursuifig 6cquisitiofi opportufiities

Q1 tr6difig ifi lifie with expect6tiofis

Boost revefiue syfiergies vi6 the Group's sc6le 6fid pl6tform strefigths

Growth supported by diversified revefiue stre6ms & strefigthefied le6dership

Well-positiofied to t6ke 6dv6fit6ge of m6rket cofiditiofis ifi 2026

‌FINAL RESULTS 2025

‌FINAL RESULTS 2025

‌APPENDIX

The Bo6rd

Paul Latham

Non-Executive Chair

Gareth Samples

Chief Executive Officer

Ben Dodds

Chief Financial Officer

Michelle Brook

Financial Services Director

Jon Di-Stefano

Senior Independent Non-Executive Director

Claire Noyce

Independent

Non-Executive Director

Paul George

Independent

Non-Executive Director

‌APPENDIX

Sefiior le6dership te6m

Adam Noonan

Commercial Director

Grace Milham

Operations Director

Claire Devine

General Counsel & Comp Sec

Iain Mckenzie

Licensing

Nick Neill

Hybrid Group MD

Toby Smith

Trad Brands Group MD

Rob Smith

Hunters & Northwood Group MD

Ellie Hall

Belvoir Group MD

‌APPENDIX

Profit & Loss

‌APPENDIX

B6l6fice Sheet Summ6ry