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Investing.com -- XPS Pensions Group (LSE:XPS) on Thursday reported first-half results for the six months ending September 30, 2025, that were in line with expectations, with the company maintaining its full-year outlook.
The pensions advisory firm posted revenue of £128.5 million, representing 13% year-over-year growth, consistent with its October 16 trading update.
Adjusted EBITDA came in at £33.4 million, growing 8% compared to the same period last year. This figure aligned with expectations but fell slightly below consensus estimates of £35.9 million from three sources.
The company’s EBITDA margin decreased by 1.3 percentage points year-over-year to 26.0%, which the company attributed to increased employer’s National Insurance Contributions implemented from April 1, 2025, investments in Insurance Consulting, and the completion of significant McCloud remedy work from the previous financial year.
Net debt increased to £62.2 million, primarily to fund Employee Benefit Trust share purchases, though the net debt to EBITDA ratio remained below 1x at 0.88x.
XPS declared an interim dividend of 4.1 pence per share.
Looking ahead, the company maintained its full-year 2026 guidance, with the board expressing confidence in achieving results in line with previous expectations. The firm continues to see demand driven by ongoing upheaval in the pensions industry.
Growth is expected to benefit from "Run-on," Risk Transfer, and Insurance consulting opportunities, with forecasts suggesting approximately 6% earnings per share compound annual growth rate from fiscal 2025 to 2028.
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