09 December 2025, 07:00

Source - LSE Regulatory

RNS Number : 7332K

Lendinvest PLC

09 December 2025

8 December 2025

LendInvest plc

The following announcement replaces the announcement from LendInvest Plc yesterday morning, December 8 2025, titled 'LendInvest plc H1 FY26 Interim Financial Statement' - RNS reference 5468K.

In that announcement, in the table headed Segmental Analysis on page 11, the row titled 'New Lending' included incorrect figures. The amended announcement below now includes the correct figures in that row. Other than the table headed Segmental Analysis on page 11, all other references to New Lending figures throughout the document referenced the correct figure of £663.6m. No other changes have been made. The amended announcement in full is included below:

HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

LendInvest H1 FY26: Strong Lending Drives Profitability.

LendInvest plc (LSE: LINV; "LendInvest", the "Company" or the "Group") is a leading alternative property finance platform in the UK. The LendInvest Mortgages Division provides a range of long- term and short-term mortgages to both professional Buy-to-Let landlords and Homeowners. The LendInvest Capital Division provides larger, more structured finance primarily to property developers and investors.

Introduction

LendInvest plc today reports its unaudited results for the six months ended 30 September 2025. The Group has maintained its recent momentum, profitable for the second consecutive period, supported by strong lending volumes and continued operational efficiency. The strategy to grow through a capital-efficient, technology-enabled platform is now embedded, with performance reflecting sustained delivery across the business.

Summary Financials

Unaudited	As at	As at	Change
	30 September 2025	30 September 2024 (restated)
	£m	£m
Funds under management (FuM)	5,312.6	4,670.0	14%
Platform assets under management (AuM)	3,445.2	2,945.1	17%
Of which: Third Party assets under management	2,605.3	2,388.8	9%
Net assets	72.7	56.4	29%

Unaudited	6 months ended	6 months ended	Change
	30 September 2025	30 September 2024 (restated)
	£m	£m
New lending	663.6	539.1	23%
Net interest income	9.3	6.0	55%
Net fee income	11.6	10.6	9%
Net operating income	21.5	16.7	29%
Total operating expenses	(20.3)	(19.1)	6%
Gain/(loss) in adjusted EBITDA	3.7	(0.3)	n/m
Profit/(loss) before tax	1.2	(2.4)	150%
Profit/(loss) after tax	0.9	(1.9)	147%
Diluted earnings per share	0.6p	(1.3p)	146%

1 Definitions are consistent with the FY 2025 Annual Report

2 New lending includes all new lending originated for third-party Funding and Principal Investments

3 Comparisons where the percentage change is >200% or <200% are deemed not meaningful (n/m)

CEO's Statement (Rod Lockhart)

Delivering Profitable and Scalable Growth

H1 FY26 marks another period of consistent execution, confirming that the structural realignment and disciplined focus initiated in FY24 are now firmly embedded in our business-as-usual operations.

Our financial performance demonstrates this progress. Adjusted EBITDA for the 6 months to 30^th September 2025 rose to £3.7m, underscoring the scalability and efficiency of our platform. Profit before tax increased to £1.2m, marking our second consecutive half of positive PBT profitability and extending a clear upward trajectory in earnings up from a Loss before tax of £(2.4)m for the same period in FY25. Meanwhile we also delivered a £0.9m Profit After Tax result.

Our model combines recurring fee income from third-party capital with interest income from our own principal investments - a balanced, capital-efficient platform designed to deliver sustainable growth.

In the first six months, new lending increased 23% to £663.6m, driven by a leaner, more automated operation that continues to enhance productivity and throughput, particularly across Buy-to-Let, and increasingly through a focus on easier product transfer. This growth was achieved without increasing fixed overheads, highlighting the strength of our operating leverage.

Our funding and capital position remains robust, with Platform Assets under Management up 17% to £3.45bn and Funds under Management reaching £5.31bn - providing unutilised funding facilities of £1.87bn. The continued commitment of tier-one institutional partners demonstrates confidence in our platform and provides a strong foundation for further expansion. Outside of the reporting period, in October, we completed our seventh consecutive RMBS securitisation - a pool of £270m mortgages and £40m pre-funding of UK Prime mortgages; and we also delivered our fifth Retail Bond, raising £75m to help support further growth in lending and pay down shorter term, higher cost, debt.

As we look ahead, our focus remains on disciplined execution - scaling lending, protecting margins, and compounding profitability. While we experienced some temporary slowdown in property purchase activity ahead of the November Budget, performance for the full year is expected to remain in line with market expectations. With a proven model and growing momentum, LendInvest is well positioned to capture the next phase of growth as market conditions improve.

Rod Lockhart,

CEO, LendInvest

Analysts and investors presentation: 9.00am on December 8^th 2025

A webcast for analysts and investors will be hosted by Rod Lockhart, Chief Executive Officer; Hugo Davies, Chief Capital Officer and MD LendInvest Mortgages; and Stephen Shipley, Chief Financial Officer at 9.00am today, December 8 2025. A playback facility will also be available in due course.

To access the webcast, please register here

Enquiries:

LendInvest

Rod Lockhart, Chief Executive Officer

Hugo Davies, Chief Capital Officer & MD of LendInvest Mortgages

Stephen Shipley, Chief Financial Officer

Chris Semple, Head of Corporate Communications & Investor Relations

press@lendinvest.com

investorrelations@lendinvest.com

+44 (0)7575582855

Panmure Liberum (NOMAD and Broker)

Atholl Tweedie / David Watkins

+44 (0)20 7886 2500

Forward-looking statements

Certain statements in this announcement are forward-looking statements. In some cases, these forward looking statements can be identified by the use of forward looking terminology including the terms "anticipate", "believe", "intend", "estimate", "expect", "may", "will", "seek", "continue", "aim", "target", "projected", "plan", "goal", "achieve" and words of similar meaning or in each case, their negative, or other variations or comparable terminology. Forward-looking statements are based on current expectations and assumptions and are subject to a number of known and unknown risks, uncertainties and other important factors that could cause results or events to differ material from what is expressed or implied by those statements. Many factors may cause actual results, performance or achievements of LendInvest to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results, performance or achievements of LendInvest to differ materially from the expectations of LendInvest, include, among other things, general business and economic conditions globally, industry trends, competition, changes in government and changes in regulation and policy, changes in its business strategy, political and economic uncertainty and other factors. As such, undue reliance should not be placed on forward-looking statements. Any forward-looking statement is based on information available to LendInvest as of the date of the statement. All written or oral forward-looking statements attributable to LendInvest are qualified by this caution. Other than in accordance with legal and regulatory obligations, LendInvest undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Nothing in this announcement should be regarded as a profit forecast.

Inside information

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (as it forms part of retained EU law as defined in the European Union (Withdrawal) Act 2018).

Our Business Model

LendInvest originates, manages and distributes alternative property lending across Buy-to-Let, Residential, Development and Short-Term Mortgages to both individuals and businesses. Our proprietary platform supports origination, underwriting, servicing and portfolio management, enabling consistent decision-making, efficient processing and a high level of control over credit outcomes.

We deploy capital from a diversified range of institutional and private investors, including banks, pension funds, insurance companies, asset managers and retail bondholders. Capital is allocated across separate accounts, bank facilities, securitisations and funds, allowing funding to be matched to product type, duration and risk profile.

How we generate income

Our revenue model is built around three complementary streams:

1. Third-party Revenue
Recurring fees earned on assets managed on behalf of institutional investors, including:

· Management fees

· Performance fees

· Servicing fees

2. Origination & Structuring Fees
Fees generated when new loans are originated, regardless of whether they are retained on balance sheet or transferred to third-party funding partners.

3. Principal Investment Income
Net interest income earned on loans that we retain on our own balance sheet.

This creates a balanced, capital-efficient revenue model, combining predictable recurring fees with margin from selectively retained assets.

Why the model scales

Our platform is built to increase throughput without expanding fixed cost. Automation, case-handling workflow and data-led / AI powered underwriting mean that loan volumes can grow while headcount remains broadly stable.

As originations increase, Fee income scales, Servicing income scales, Fixed costs remain flat, and profitability increases. This is our operating leverage, and it is now being delivered in practice, evidenced by:

· Growing lending volumes

· Higher product retention

· Lower fixed cost base

· Growing profitability

Risk profile and discipline

Credit risk is managed through:

· Credit appetite and models iterated through more than £8.57bn of lending across 17-years

· Real-time portfolio monitoring and early-warning analytics

· Distribution of credit risk through institutional partnerships and securitisation

This approach allows the Group to grow lending while maintaining risk discipline and capital efficiency, supporting sustainable returns through the cycle.

Business Performance

Overview

The Group delivered another period of consistent progress, with strong new lending, continued operational leverage, and a second consecutive half of positive profitability. The strategy to scale lending through a capital-efficient platform is now firmly embedded, with earnings reflecting continued progress in operational leverage.

Lending Performance

Lending grew strongly year-on-year, supported by a scalable platform and strong broker demand.

· New lending increased 23% to £663.6m (HY25: £539.1m), reflecting sustained momentum across core products.

· Buy-to-Let remained the primary driver of growth, supported by improved process efficiency and continued product transfer activity.

o YoY increase of 82% in Bridge to Let - helping more customers move faster from initial finance products to longer term BTL mortgages.

· Short-Term Mortgages and Development Finance remained stable, with disciplined deployment and a strong forward pipeline.

· Retention strategy successful: The introduction of a new retention strategy and two Retention Specialist roles helped increase the retention rate by 63% in H1 FY26 (31%) compared to the whole of FY25 (19%).

· The business has now lent more than £8.57bn since inception (as of 18 November 2025).

We enter the second half with a well-diversified lending pipeline and continued momentum across brokers and repeat borrowers.

· Strong uplift across all customer journeys: We delivered significant year-on-year (Sept 30 2024 compared to Sept 30 2025) Net Promoter Score ("NPS") improvements, starting with a 17.6% increase in Offer NPS (from 85 to 100 points) and a 20.0% rise in Completion NPS (from 50 to 60 points). Most notably, our Customer Onboarding NPS increased by 62 points (from 12 to 74), reflecting the successful impact of operational enhancements in this key area.

Operational Efficiency

Operational efficiency continues to strengthen, providing clear operating leverage as lending scales.

· Underlying headcount reduced c.4.8% year-on-year, with capacity maintained through platform efficiency and workflow automation.

· Underlying fixed costs reduced, with the increase in total administrative expenses reflecting:

o normalisation of share-based payment charges (HY26: £0.4m vs HY25: £0.7m credit),

o the return of performance-linked incentive accruals, and

o a £0.2m non-recurring restructuring charge.

· Following work to streamline our Product Transfer journey, we removed the requirement for pound-for-pound borrowing to be underwritten, enabling our underwriters to support 20% more new business than in FY25.

· Offer to completion average for BTL in H1 FY26 is 32 days, down from 36 days in March.

This demonstrates that the platform is scaling efficiently, and supports further earnings progression as lending grows.

Profitability

The Group delivered a second consecutive profitable half, with earnings improving year-on-year.

· Adjusted EBITDA improved to £3.7m (HY25: £(0.3)m).

· Profit before tax increased to £1.2m, compared to a £2.4m loss in HY25.

· Profit after tax £0.9m, compared to a £1.9m loss in HY25

· Earnings quality continued to improve, with growth driven by both net interest income (up 55% to £9.3m) and net fee income (up 9% to £11.6m).

Profitability is now sustainable, with earnings increasingly reflecting operating leverage rather than one-off movements.

Funding & Capital

The Group's capital position remains strong and continues to be diversified.

· Platform Assets under Management increased 17% to £3.45bn (HY25: £2.95bn).

· Funds under Management increased 14% to £5.31bn, supported by continued commitment from institutional partners.

Post period end:

· Seventh RMBS securitisation completed post-period, with a pool of £270m prime UK mortgages alongside £40m in pre-funding; further validating asset quality and providing additional capacity to scale lending.

· The Group also extended its debt maturity profile through the issuance of its fifth retail bond, a 8.25% Note due in 2030, replacing shorter-dated debt with longer-term more cost-effective funding and creating greater flexibility to support continued lending growth.

This capital base provides the platform and flexibility to support sustained lending growth.

Market Context

The UK housing market continues to be shaped by long-term supply constraints. New build activity remains subdued, with planning approvals and housing delivery levels well below the Government's stated ambitions. Recent construction PMI data indicates contraction in residential building activity, and industry surveys continue to highlight the effect of capacity and regulatory bottlenecks on the timing and feasibility of development projects, particularly for small and medium-sized builders.

Delays associated with planning and building safety regulation remain a significant factor influencing project timelines and development confidence. While policy reform measures are underway, resource pressures in local planning departments and evolving regulatory requirements continue to lengthen approval cycles. This environment has particularly affected SME house builders, who play an important role in local housing delivery.

Borrower sentiment also continues to reflect broader economic conditions. While inflation has moderated and interest rate expectations have stabilised, swap rate movements and uncertainty over the near-term monetary policy path have resulted in careful decision-making among property investors, landlords, and developers. Build costs, while easing from last year's peaks, remain elevated in key trades and materials, affecting development appraisals and project viability.

For professional landlords, regulatory considerations and evolving rental market dynamics have encouraged a focus on upgrading, repositioning and retaining properties rather than rapid portfolio expansion. This has supported increased demand for bridge-to-term and product transfer solutions, where borrowers seek flexible funding during refurbishment, improvement or change-of-use phases before transitioning to longer-term financing structures.

Against this backdrop, specialist lenders continue to provide an important source of finance to both SME developers and professional landlords. The ability to underwrite complex property transactions, support refurbishment and upgrade activity, and provide continuity of funding through different stages of the investment cycle remains central to sustaining activity across the residential investment and development sectors. The Group's platform and funding model are well positioned to support this segment of the market as conditions continue to evolve.

Outlook

We enter the second half with a strong lending pipeline, a scalable operating platform, and a clear trajectory of earnings progression. The recent bond exchange carries a modest one-off short-term cost as higher-rate notes are converted into longer-term, lower-cost debt, but it strengthens our balance sheet, drives down our cost of funding, and enhances earnings capacity over the medium term. While we also experienced a slight temporary slowdown in property purchase activity ahead of the November Budget, performance for the full year is expected to remain in line with market expectations.

The strategy is now embedded and delivering; the focus is on scaling profitability.

Financial Statements

Condensed Consolidated Income Statement

The summary consolidated statement of profit and loss account for the 6 months ended 30 September 2025 is shown below. The prior year 6 months ended 30 September 2024 has been restated as described in Note 1.4.

Unaudited	6 months ended	6 months ended	Change
	30 September 2025	30 September 2024 (restated)
	£m	£m
Net interest income	9.3	6.0	55%
Net fee income	11.6	10.6	9%
Net gains on derecognition of financial assets	0.6	-	N/A
Net other operating income	-	0.1	(100%)
Net operating income	21.5	16.7	29%
Administrative expenses	(18.3)	(16.9)	(8%)
Impairment losses on financial assets	(2.0)	(2.2)	9%
Total operating expenses	(20.3)	(19.1)	(6%)
Proft/(loss) before tax	1.2	(2.4)	150%
(Gains)/losses from derivative hedge accounting	(0.3)	0.4	175%
Restructuring costs	0.2	-	N/A
Underlying profit/(loss) before tax	1.1	(2.0)	155%
Profit/(loss) after tax	0.9	(1.9)	147%
Gain/(loss) in adjusted EBITDA	3.7	(0.3)	n/m

Net Interest Income

Net interest income increased 55% to £9.3m for the six months ended 30 September 2025 (HY25: £6.0m), reinforcing the central role of interest income in supporting our return to profitability. Growth was underpinned by a 51% increase in Principal Investment AuM as we built out our balance sheet ahead of securitisation and a 5bps improvement in NIM to 2.42% (HY25: 2.37%).

This increase reflects disciplined allocation into higher risk-adjusted return segments while we continue to transition towards a more capital-efficient platform composition. The proportion of Platform AuM held on balance sheet increased modestly to 24% (HY25: 19%) as we selectively retained assets to optimise execution and earnings capture. In parallel, 32% of platform assets under management are securitised, with our seventh RMBS securitisation completed post-period, with a pool of £270m prime UK mortgages alongside £40m in pre-funding, enabling capital recycling, strengthening liquidity and reducing concentration risk and credit risk exposure.

Although securitised assets remain on balance sheet under IFRS, they carry materially lower capital intensity than directly funded loans. This supports the strategic trajectory: balancing targeted interest income capture with scalable, lower-risk, third-party capital solutions, driving more repeatable, capital-efficient earnings through the cycle.

Net Fee Income & Net gains on derecognition of financial assets

Net fee income increased 9% to £11.6m for the six months ended 30 September 2025 (HY25: £10.6m), continuing the shift towards a third-party asset management revenue mix long term strategy. When including Net gains on derecognition of financial assets, albeit impacted by the timing of third-party originations, income growth rises to 15% over the period.

During the period we prioritised origination into Principal Investment AuM to support our seventh RMBS securitisation. We expect the mix to rotate towards third-party originations in the next six months.

Our strategic emphasis on capital-light, fee-based income is beginning to bear fruit: delivering structurally higher operating margins, with lower balance sheet intensity and reduced earnings volatility, thereby reinforcing the sustainability and scalability of long-term shareholder value creation.

Impairment Losses on Financial Assets

Impairment charges decreased by 9% to £2m for the six months ended 30 September 2025 (HY25: £2.2m).

Administrative Expenses: Total administrative expenses increased £1.4m (8%) to £18.3m (HY25: £16.9m). However, after normalising for prior-year one-off Share-Based Payment credits, incentive accrual timing effects, and re-structure costs underlying costs reduced 2.84%, demonstrating that the core run-rate expense base continues to trend down.

This evidences ongoing cost discipline and an increasingly efficient operating footprint, even against a backdrop of higher volumes and intensified delivery activity.

Unaudited	6 months ended 30 September 2025	6 months ended 30 September 2024	Change
	£m	£m
Wages and salaries	8.0	7.9	(1)%
Depreciation and amortisation	1.7	1.8	6%
Depreciation of right-of-use asset	0.3	0.4	25%
Fees payable to the auditors for the audit of the financial statements	1.0	1.0	0%
Fees payable to the auditors for the audit of the prior year financial statements	0.1	0.4	75%
Lease finance expense	0.1	0.2	50%
Share-based payment charge/(credit)	0.4	(0.7)	(157)%
Other operating expenditure	6.7	5.9	(14)%
Total administrative expenses	18.3	16.9	(8)%
Share-based payment charge/(credit)	0.4	(0.7)	(157)%
Company bonus	0.6	-	N/A
Re-structuring costs	0.2	-	N/A
Underlying administrative expenses	17.1	17.6	2.84%

Key drivers of this increase include:

Wages and Salaries: increased £0.1m (1%) to £8.0m (HY25: £7.9m) reflecting the impact of targeted organisational redesign. Total headcount reduced 4.8% year-on-year as roles were rationalised and redeployed into higher-productivity areas. The period includes £0.6m of staff incentive costs, whereas no incentives were provided in HY25; excluding this timing effect, underlying wages and salaries reduced 6.7% YoY. The operating-model transition continues to embed successfully, with the Glasgow hub now accounting for 43% of total office-based headcount (HY25: 28%), reinforcing a structurally lower-cost and more scalable delivery platform. Overall, the modest uplift reflects disciplined cost management alongside improved execution capacity in priority growth areas.

Depreciation & Amortisation: Decreased £0.1m (6%) to £1.7m (HY25: £1.8m), reflecting reduced capitalised investment as the business shifts from build-out into optimisation, extracting greater leverage from the existing platform and technology estate.

Audit Fees: Fees for the audit of the current-year financial statements remained flat at £1.0m (HY25: £1.0m). Fees relating to the prior-year audit decreased 75% to £0.1m (HY25: £0.4m).

Share-Based Payment (SBP) Charge: Moved to a charge of £0.4m (HY25: £0.7m credit), a 157% swing year-on-year. The prior period benefited from one-off favourable adjustments linked to leavers, true-ups and timing effects across the company share and option plans. The current period therefore reflects a more normalised run-rate of SBP expense.

Other Operating Expenditure: Increased by 14% to £6.7m (HY25: £5.9m), primarily reflecting £0.4m lower capitalised development costs as major platform investments transition to optimisation phases, alongside £0.4m higher loan servicing costs in line with the continued expansion of the loan book.

Corporation Tax: Tax charge (HY25: credit) comprising 25% Corporation tax charge on HY26 results.

Adjusted EBITDA

The reconciliation between profit/(loss) after taxation and Adjusted EBITDA for the 6 months' period ended 30 September 2025 is show below:

Unaudited	6 months ended 30 September 2025 £m	6 months ended 30 September 2024 (restated) £m	Change
Profit/(loss) after tax	0.9	(1.9)	147%
Corporation tax	0.3	(0.5)	(160%)
(Gains)/losses from derivative hedge accounting	(0.3)	0.4	(175%)
Share based payment expense/(credit)	0.4	(0.7)	(157%)
Depreciation and amortisation	1.7	1.8	6%
Depreciation of right-of-use asset	0.3	0.4	25%
Interest expense - lease liabilities	0.1	0.2	50%
Gain/(loss) in EBITDA	3.4	(0.3)	n/m
Exceptional operating expenses	0.2	-	N/A
Gain/(loss) in adjusted EBITDA	3.7	(0.3)	n/m

¹ Exceptional operating expenses in FY25 relate to restructuring costs

Segmental analysis

Our Mortgages Division provides mortgages to both professional BTL landlords and Residential homeowners as well as a range of Short-term Mortgages. The Capital Division provides larger, more structured finance primarily to property developers and large property companies. An analysis of the first six months ended 30 September 2025 based on these segments is presented below:

Unaudited	6 months ended 30 September 2025	6 months ended 30 September 2025	6 months ended 30 September 2025	6 months ended 30 September 2025
Unaudited	Mortgages £m	Capital £m	Central £m	Group £m
Total AuM	3,033.1	412.1	-	3,445.1
Principal investments	730.6	109.3	-	839.9
Third party funded	2,302.4	302.8	-	2,605.2
New lending	570.7	92.9	-	663.6
Net interest income	7.1	2.2	-	9.3
Net fee income	8.0	3.6	-	11.6
Net gains on derecognition of financial assets	0.1	0.5	-	0.6
Net other income	-	-	-	0.0
Net operating income	15.2	6.3	-	21.5
Administrative expenses	(9.2)	(1.4)	(7.7)	(18.3)
Impairment on financial assets	(0.8)	(1.2)	-	(2.0)
Total operating expenses	(10.0)	(2.6)	(7.7)	(20.3)
Profit/(loss) before taxation	5.2	3.7	(7.7)	1.2

Funds under Management (FuM) reconciliation to and Platform Assets under Management (AuM)

The reconciliation between Funds under Management (FuM) and Platform Assets under Management (AuM) at 30 September 2025 is presented below.

Unaudited	As at 30 September 2025 £m	As at 30 September 2024 £m	Change
Platform assets under management (AuM)	3,445.2	2,945.1	17%
Principal investments	839.9	556.3	51%
Third party funded	2,605.3	2,388.8	9%
Un-utilised funding facilities	1,867.4	1,724.9	8%
Principal investments	468.1	409.7	14%
Third party funded	1,399.3	1,315.2	6%
Funds under management (FuM)	5,312.6	4,670.0	14%
Principal investments	1,308.0	966.0	35%
Third party funded	4,004.6	3,704.0	8%

Principal Investments FuM grew significantly, increasing by 35% year-on-year, primarily driven by the successful execution of the Mortimer 2024-MIX securitisation. This transaction has materially strengthened our funding capacity and supported the scaling of Principal Investment Assets under Management (AuM).

Third-Party FuM increased 8% year-on-year, underpinned by continued commitments from strategic funding partners and reflects the latest securitisation completed by our third-party capital provider. Together, these flows reinforce the capital-light model, broadening revenue streams, increasing fee scalability and further validating the depth of demand across our core growth segments.

This dual-track growth underscores the successful execution of our strategy to simultaneously scale principal investments while accelerating Third Party capital deployment, enhancing both capital efficiency and recurring fee-based income.

Balance Sheet

Summary of assets, liabilities, and equity for the period.

	As At 30 September 2025 £m Unaudited	As At 31 March Audited 2025 (restated) £m Audited	Change
Cash and cash equivalents	85.2	68.2	25%
Other receivables	16.3	12.8	27%
Loans and advances	850.8	694.2	23%
Investment securities	20.4	34.7	(41%)
Derivative financial assets	2.2	1.9	16%
Other assets	16.4	20.2	(19%)
Total assets	991.3	832.0	19%

Other payables	(56.6)	(35.2)	61%
Lease liabilities	(5.1)	(5.5)	(7%)
Derivative financial liabilities	(1.1)	-	N/A
Interest bearing liabilities	(855.8)	(725.0)	18%
Total liabilities	(918.6)	(765.7)	20%

Net assets	72.7	66.3	10%

Share capital	0.1	0.1	0%
Share premium	55.2	55.2	0%
Other reserves	23.7	18.6	27%
Retained Losses	(6.3)	(7.6)	17%
Total equity	72.7	66.3	10%

Net Assets: Net assets have increased by 10% to £72.7m (31 March 2025: £66.3m) primarily driven by portfolio growth and performance. This uplift enhances balance sheet resilience and provides additional headroom to support the Group's medium-term strategic objectives, including planned capital-markets activity and ongoing investment in scalable growth.

Other Payables/Receivables: Receivables increased due to fee income due from third parties. Payables increased due to timing of transfers to third party funders.

Loans & Advances: Loans and advances increased by 23% to £850.8m (31 March 2025: £694.2m), underpinned by a 23% year-on-year increase in new lending. This reflects the successful execution of our lending strategy, with continued momentum in origination activity for principal investments using the balance sheet as well as for third parties.

Investment Securities: Declined in line with the shift towards on-balance sheet securitisation, positioning the Group for future residual sale opportunities. No new residual sales were made during the period.

Interest-bearing liabilities: Increased 18% to £855.8m (31 March 2025: £725m), broadly tracking AuM expansion. The uplift primarily reflects higher utilisation of existing revolving facilities and the completion of a new securitisation, positioning the Group for future residual sale opportunities. Corporate debt facilities reduced 3.1% over the period, evidencing disciplined leverage management and alignment with a scalable, capital-efficient growth model.

Dividend

The Board is not recommending an interim dividend for the six months ended 30 September 2025. The Board remains committed to commencing a dividend as soon as it is prudent to do so.

Cash Flow Statement

As at 30 September 2025, the Group held cash and cash equivalents of £85.2m, representing a 19% increase year-on-year (30 September 2024: £71.6m). This growth reflects strong financing inflows and improved operational and funding efficiency.

Of the total balance, £78.4m is restricted for designated loan funding purposes (30 September 2024: £57.3m), supporting continued origination activity within structured funding vehicles.

Unrestricted cash decreased to £6.8m (30 September 2024: £14.3m), reflecting strategic investment into principal investment growth ahead of securitisation. Post securitisation the unrestricted cash is now £11.6m (17 November 2025).

Unaudited	6 months to 30 September 2025 £m	6 months to 30 September 2024 £m
Cash (used in) operating activities	(125.3)	(71.4)
Net cash generated from investing activities	13.4	2.8
Net cash generated from financing activities	128.9	84.5
Net increase in cash and cash equivalents	17.0	15.9
Cash and cash equivalents at beginning of the year	68.2	55.7
Cash and cash equivalents at end of the year	85.2	71.6

Going Concern

The Group's business activities together with the factors likely to affect its future development and position are set out above.

The Directors also considered the impact of the funding lines maturing in the next 12 months from the date of approval of the financial statements. In line with the normal operations of the Group, there are a number of facilities which mature or maybe refinanced during this period, however these are not considered to be a significant factor in going concern uncertainty.

Directors have a reasonable expectation that the Group will have adequate resources to continue to operate for a period of at least 12 months from the signing of these accounts, including severe yet plausible downside scenarios, and that Group will have sufficient funds to meets its liabilities as they fall due for that period.

Directors have continued to prepare the accounts on a going concern basis. More information on the Directors' assessment of going concern is set out in the Directors' report.

Post-period, the Group completed its Seventh RMBS securitisation (£310m pool including £40m prefund) and launched Retail Bond 5, alongside an exchange offer for Bond 3 and Bond 4. These transactions generated £15.5m of gross new proceeds and extended funding maturities by 4 and 5 years, further strengthening liquidity.

Key Performance Indicators

Platform Assets Under Management (AuM)

Definition:

Platform Assets Under Management (AuM) represents the total loan balance we have provided to our customers, encompassing both the LendInvest Mortgages and Capital divisions. This balance reflects the outstanding amount that has not been repaid by a diverse clientele, including homeowners, property investors, SME developers, and landlords.

Revenue from our AuM is generated through fee and interest income. Fees associated with the origination process, such as product, application, valuation, and legal fees, are charged to the customer. Additional fees, including servicing, asset management, and performance fees, are charged to our investors and funding partners. For intermediated loans, expenses such as procuration fees are paid to brokers, and these costs can vary by product.

AuM can be held either on the Group's balance sheet or off-balance sheet. On-balance sheet AuM generates interest income, partially offset by funding costs, including interest and hedging expenses. Strategically, we aim to grow the proportion of off-balance sheet AuM, where assets are managed on behalf of investors, generating recurring fee income without associated liquidity and credit risk..

Platform Funds Under Management (FuM)

Definition:

Platform Funds Under Management (FuM) is the total funding available for lending from our investors and funding partners. This includes both the funds already utilised against our Platform AuM and the funding that is either drawn but unutilised or committed but not yet drawn. FuM excludes any pipeline capital or ongoing fundraising projects.

We raise funding from a diverse array of financial institutions, institutional investors, and individuals. Our funding partners, including BNP Paribas, HSBC, Barclays, Societe Generale, and Lloyds, primarily support our LendInvest Mortgages products via the Group's balance sheet. Additionally, we manage third party accounts on behalf of JP Morgan, Chetwood Financial, and other institutional investors, and serve as the servicer and mortgage originator for various securitisation programmes. In the LendInvest Capital division, we raise capital through funds, separate accounts, syndications, and strategic partnerships.

The funding provided through these investment solutions is used to originate larger and more complex property finance opportunities. The difference between FuM and AuM indicates the remaining lending capacity before the need to raise additional funds or capital for lending.

New Lending

Definition:

New Lending represents total gross originations across both the third-Party Funding platform and Principal Investment channels, inclusive of all product transfer activity.

How we measure value for our shareholders

Net Operating Income (NOI)

Definition:

Net Operating Income (NOI) aggregates all revenue from fees and interest income, subtracting the total interest and fee expenses associated with our AuM and FuM. 

Adjusted EBITDA

Definition:

Earnings before Interest, Tax, Depreciation, and Amortisation (EBITDA) is a key measure of underlying profitability. We use an Adjusted EBITDA figure to exclude non-cash income or expenses. This KPI is important as it supports our cash flow, supporting reinvestment opportunities or potential distributions. Our Earnings line, which includes Net Operating Income, already accounts for directly attributable financing and funding costs against the AuM and FuM.

Profit Before Tax (PBT)

Definition:

Profit Before Tax (PBT) represents the Group's profits before the deduction of corporation tax, which is the net of NOI and total operating expenses. In a loss-making year, we may benefit from tax relief.

Diluted Earnings Per Share (EPS)

Definition:

Diluted Earnings Per Share (EPS) measures our Profit After Tax (PAT) earnings per share, considering all issued share capital plus outstanding options and equity grants across the Group's share plans. This metric assumes the conversion of all outstanding equity, providing a comprehensive view of shareholder value.

INDEPENDENT REVIEW REPORT TO LENDINVEST PLC

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2025 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the London Stock Exchange AIM Rules for Companies.

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2025 which comprises the Condensed consolidated interim statement of profit and loss, Condensed consolidated interim statement of other comprehensive income, Condensed consolidated interim statement of financial position, Condensed consolidated interim statement of changes in equity, Condensed consolidated interim statements of cash flows and notes to the Condensed consolidated interim financial statements.

Basis for conclusion

We conducted our review in accordance with Revised International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410 (Revised)"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 1.2, the annual financial statements of the group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410 (Revised), however future events or conditions may cause the group to cease to continue as a going concern.

Responsibilities of directors

The directors are responsible for preparing the half-yearly financial report in accordance with

the London Stock Exchange AIM Rules for Companies which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the Company's annual accounts having regard to the accounting standards applicable to such annual accounts.

In preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting the requirements of the rules of the London Stock Exchange AIM Rules for Companies for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

BDO LLP

Chartered Accountants

London , UK

05 December 2025

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT AND LOSS

Unaudited	Note ref	Half Year ended 30 September 2025	Half Year ended 30 September 2024 (restated)
	Note ref	£m	£m
Interest income calculated using the effective interest rate method	4	35.6	28.9
Other interest and similar income	4	0.3	(0.3)
Interest expense and similar charges	5	(26.6)	(22.6)
Net interest income		9.3	6.0
Fee income	6	15.3	15.0
Fee expenses	6	(3.7)	(4.4)
Net fee income		11.6	10.6
Net gains on derecognition of financial assets	7	0.6	-
Net other operating income		-	0.1
Net operating income		21.5	16.7
Administrative expenses		(18.3)	(16.9)
Impairment losses on financial assets	11	(2.0)	(2.2)
Total operating expenses		(20.3)	(19.1)
Profit/(loss) before taxation		1.2	(2.4)
Income tax (charges)/credit	10	(0.3)	0.5
Profit/(loss) after taxation		0.9	(1.9)

Unaudited	Note ref	Half Year ended 30 September 2025 Pence/share	Half Year ended 30 September 2024 Pence/share (restated)
Basic earnings per share	22	0.6	(1.3)
Diluted earnings per share	22	0.6	(1.3)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

Unaudited	Note Ref	6 months ended 30 September 2025	6 months ended 30 September 2024 (Restated)
Unaudited	Note Ref	£m	£m
Profit/(loss) after taxation		0.9	(1.9)
Other comprehensive income:
Items that will or may be reclassified to profit or loss
Fair value gain on loans and advances measured at fair value through other comprehensive income	19	6.5	2.3
Deferred tax charge on fair value movement	10	(1.6)	(0.6)
Other comprehensive income for the year		4.9	1.7
Total comprehensive income/(loss) for the year		5.8	(0.2)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

	Note ref	As at 30 September 2025	As at 31 March 2025 (restated)
	Note ref	£m	£m
Assets		Unaudited	Audited
Cash and cash equivalents	9	85.2	68.2
Other receivables	17	16.3	12.8
Corporation tax receivable		2.2	3.2
Loans and advances	11	850.8	694.2
Investment securities	12	20.4	34.7
Derivative financial assets	20	2.2	1.9
Property, plant and equipment	13	5.3	5.8
Intangible assets	14	8.3	9.2
Investment in third parties		0.6	0.5
Deferred taxation asset	10	-	1.5
Total assets		991.3	832.0

Liabilities
Other payables	18	(56.6)	(35.2)
Interest bearing liabilities	15	(855.8)	(725.0)
Lease liabilities		(5.1)	(5.5)
Derivative financial liabilities	20	(1.1)	-
Total liabilities		(918.6)	(765.7)

Net assets		72.7	66.3

Equity
Share capital	21	0.1	0.1
Share premium	21	55.2	55.2
Employee share reserve		2.2	2.0
Own share reserve		(0.4)	(0.4)
Fair value reserve	19	21.9	17.0
Retained losses		(6.3)	(7.6)
Total equity		72.7	66.3

These condensed consolidated interim financial statements of LendInvest plc, with registered number 08146929, were approved by the Board of Directors and authorised for issue on 5th December 2025. Signed on behalf of the Board of Directors by:

Rod Lockhart

Director

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

	Share Capital	Share premium	Own share reserve	Employee share reserve	Fair value reserve	Retained earnings/(losses)	Total
	£m	£m	£m	£m	£m	£m	£m
Balance at 1 April 2024 (audited)	0.1	55.2	(0.1)	3.8	6.4	(9.9)	55.5
Loss after taxation	-	-	-	-	-	(1.6)	(1.6)
Fair value adjustments on loan and advances through OCI	-	-	-	-	10.6	-	10.6
Employee share scheme tax	-	-	-	-	-	0.2	0.2
Shares issued from own share reserve	-	-	(0.3)	-	-	0.3	-
Transfer of share option costs	-	-	-	(1.5)	-	1.5	-
Employee share options schemes	-	-	-	(0.3)	-	-	(0.3)
Balance at 31 March 2025 (audited)	0.1	55.2	(0.4)	2.0	17.0	(9.5)	64.4
Prior period adjustment	-	-	-	-	-	1.9	1.9
Balance at 1 April 2025 (restated)	0.1	55.2	(0.4)	2.0	17.0	(7.6)	66.3
Profit after taxation	-	-	-	-	-	0.9	0.9
Fair value adjustments on loan and advances through OCI	-	-	-	-	4.9	-	4.9
Employee share options schemes	-	-	-	0.4	-	-	0.4
Employee share scheme tax	-	-	-	-	-	0.2	0.2
Transfer of share option costs	-	-	-	(0.2)	-	0.2	-
Balance at 30 September 2025 (unaudited)	0.1	55.2	(0.4)	2.2	21.9	(6.3)	72.7

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

Unaudited		6 month period ended 30 September 2025	6 month period ended 30 September 2024 (restated)
Cash flow from operating activities	Note ref	£m	£m
Profit/(loss) after taxation		0.9	(1.9)
Adjusted for:
Amortisation of intangible assets	14	1.7	1.7
Movement in accrued interest on interest bearing liabilities	15	-	0.5
Income tax credit	10	0.1	(0.5)
Derivative and hedge accounting		(0.8)	(4.2)
Amortisation of Funding line costs	5	1.6	1.6
Impairment provision	11	2.7	2.8
Depreciation of right of-use asset	13	0.3	0.4
Interest expense of lease liability	16	0.3	0.2
Share-based payment charge/(credit)	8	0.4	(0.7)
Net fee and interest income and cost deferrals		1.3	2.2
Net gains on derecognition of loans	7	0.6	-
Income from sublease		-	(0.1)
Change in working capital
Movement in loans and advances (New originations net of redemptions)		(152.2)	(80.1)
Derivative settlements		1.0	0.8
Swap initial exchange		(1.9)	1.8
Increase in trade and other receivables		(3.5)	0.7
Increase in trade and other payables		21.3	3.4
Income taxes paid		0.9	(0.0)
Cash (used in) operating activities		(125.3)	(71.4)
Cash flow from investing activities
Purchase of property, plant and equipment	13	-	(0.1)
Additions to intangibles (capitalised development costs)	14	(0.8)	(1.2)
Proceeds from repayment of investment securities	12	14.2	4.0
Income from sublease		-	0.1
Net cash from investing activities		13.4	2.8
Cash flow from financing activities
Repayments of funding obtained for risk retention roles		(14.4)	(4.0)
Repayment of funder liabilities (excluding risk retention funding)		(29.4)	(84.9)
Funding received from Institutional lenders (excluding risk retention funding)	15	173.8	168.1
Proceeds from issuance of retail bonds		-	7.4
Payment of principal elements of finance leases	16	(0.3)	(0.4)
Payment of interest expense of finance leases	16	(0.1)	(0.2)
Payment of funding line costs		(0.7)	(1.5)
Net cash generated from financing activities		128.9	84.5
Net increase in cash and cash equivalents		17.0	15.8
Cash and cash equivalents at beginning of the period		68.2	55.7
Cash and cash equivalents at end of the period1		85.2	71.5

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (continued)

¹Cash and cash equivalents include cash of £3.8m (30 September 2024 £3.1m) received from Platform Investors (treated as restricted) and these are held on account for the benefit of investors in the Self-Select Platform, prior to then either investing in loans or withdrawing their capital. Operationally, the company does not treat the Trustees' balances as available funds and these are included within the payables balance.

Interest received was £29.5m during the six months ended 30 September 2025 (the six months ended September 2024: £23.9m) and interest paid was £25.2m during the six months ended 30 September 2025 (the six months ended September 2024: £20.7m).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Basis of preparation

1.1 General information

LendInvest plc is a public company incorporated on 17 July 2012 in the United Kingdom under the Companies Act. The company listed on AIM on 14 July 2021. The address of its registered office is 4 - 8 Maple Street, London, W1T 5HD.

These condensed consolidated interim financial statements of LendInvest plc, for the six month period ended 30 September 2025, comprise the results of the Company and its subsidiaries (together referred to as "the Group") (collectively "these financial statements").

1.2 Basis of accounting

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" and have been prepared on a historical cost basis, except as required in the valuation of certain financial instruments which are carried at fair value. These condensed consolidated interim financial statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published financial statements for the year ended 31 March 2025 and should be read in conjunction with the March 2025 annual report.

These condensed consolidated interim financial statements are not statutory accounts. The Group statutory accounts for the year ended 31 March 2025 have been reported on by its auditor and delivered to the Registrar of Companies. The report of the auditor on those statutory accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.

All amounts are presented in pounds sterling, which is the functional currency of the Company and all its subsidiaries. Amounts are rounded to the nearest million, except where otherwise indicated.

1.2.1 Going Concern

The Group's business activities together with the factors likely to affect its future development and position are set out above. The Directors also considered the impact of the funding lines maturing in the next 12 months from the date of approval of the financial statements. In line with the normal operations of the Group, there are a number of facilities which mature during this period.

Post-period, the Group completed its Seventh RMBS securitisation (£310m pool including £40m prefund) and launched Retail Bond 5, alongside an exchange offer for Bond 3 and Bond 5. These transactions generated £15.5m of gross new proceeds and extended funding maturities by 4 and 5 years, further strengthening liquidity.

The Directors believe that the Group will be able to refinance these facilities either with the existing funding provider or with new third parties to continue its growth trajectory. If these facilities were not to be refinanced, the Group would be able to sell individual loans or portfolio of loans to facilitate the repayment of the outstanding amounts. This strategy is in line with the existing approach of the Group to both hold assets on its balance sheet and sell to the third parties.

The Directors do not consider that this creates a material uncertainty in the going concern assessment of the Group. Directors have a reasonable expectation that the Group will have adequate resources to continue to operate for a period of at least 12 months from the signing of these accounts and therefore it is on this basis that the Directors have continued to prepare the accounts on a going concern basis. More information on the Directors' assessment of going concern is set out in the Directors' report.

1.3 Accounting policies

The accounting policies and methods of computation are consistent with those set out in the Annual Report 2025.

1.4- Prior Period Adjustments

The Group has restated its Consolidated Statement of Profit and Loss, Consolidated Statement of Other Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Changes in Equity and the Consolidated Statement of

Flows due to the following prior period adjustments:

PPA 1 -

To reflect a reversal of fee income in relation to platform loans (£0.7m) that didn't meet the recognition

criteria of IFRS15. This is consistent with the treatment applied for the full year ended 31/03/2025.

PPA1 is reflected in the table which follows:

	30 September 2024 (Reported)	Impact of PPA 1	30 September 2024 (Restated)
	£m	£m	£m
CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT AND LOSS
Fee income	15.7	(0.7)	15.0
Net fee income	11.3	(0.7)	10.6
Net gains on derecognition of financial assets			0.0
Net operating income	17.4	(0.7)	16.7
Loss before tax	(1.6)	(0.7)	(2.3)
Loss after taxation	(1.2)	(0.7)	(1.9)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
Loss for the period	(1.2)	(0.7)	(1.9)
Total comprehensive income/(loss) for the period	0.6	(0.7)	(0.1)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
Equity
Retained losses	(8.7)	(0.7)	(9.4)
Total equity	56.4	(0.7)	55.7

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
Cash flows from operating activities
Loss after taxation:	(1.2)	(0.7)	(1.9)
Decrease in other receivables	-	0.7	0.7

The impact of the restatement has been reflected in the Condensed Consolidated Interim Statement of Changes in Equity.

1.4- Prior Period Adjustments (continued)

PPA 2 -

To reflect the group tax impact from a prior period adjustment with the interest expense within LendInvest BTL Limited. The entity previously omitted off-market swap premiums in determining realised gains and losses made by subsidiary entities which are Special Purpose Vehicles. Realised gains/loss impacts expenses (deferred consideration) reported by LendInvest BTL Limited. Whilst this does not have an impact on the overall group profit/loss before tax, there is a tax impact due to the recognition of expense in an entity which is not under the securitisation regime for tax. In the half-year financial information, the adjustment is only reflected in the prior year results in the condensed consolidated interim statement of financial position and condensed consolidated interim statement of changes in equity which present results to 31 March 2025. There is no impact shown for the half year condensed consolidated interim statement of profit and loss, condensed consolidated interim statement of comprehensive income and condensed consolidated interim statement of cash flows as their prior period results are only shown up to 30 September 2024.

PPA2 is reflected in the table which follows:

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	31 March 2025 (Reported)	Impact of PPA 2	31 March 2025 (Restated)
	£m	£m	£m

Deferred taxation asset	-	1.5	1.5
Deferred taxation liability	(0.4)	0.4	-
Net Assets	64.4	1.9	66.3

Equity
Retained losses	(9.5)	1.9	(7.6)
Total equity	64.4	1.9	66.3

2. Financial risk management

General objectives, policies and processes

The Board has the overall responsibility for the establishment and oversight of the Group's risk management framework. The Group's risk management activities and exposure to credit, liquidity and market risk are consistent with those set out in the Annual Report 2024. The tables below analyse the Group's contractual undiscounted cash flows of its financial assets and liabilities:

As at 30 September 2025	Carrying amount £m	Gross nominal inflow/ (outflow) £m	Amounts due within 6 months £m	Amounts due within one year £m	Amounts due post one, less than five year £m	Amounts due in greater than 5 years £m
Financial assets
Cash and cash equivalents	85.2	85.2	85.2	-	-	-
Other receivables	12.8	12.8	12.8	-	-	-
Loans and advances	850.8	1,574.1	185.8	126.7	128.9	1,132.7
Investment securities	20.4	32.2	0.7	9.4	22.1	-
Derivative financial assets	2.2	2.2	0.3	0.2	1.7	-
	971.4	1,706.5	284.8	136.3	152.7	1,132.7
Financial liabilities
Other payables	(44.7)	(44.7)	(44.7)	-	-	-
Lease liabilities	(5.1)	(6.4)	(0.4)	(0.4)	(3.1)	(2.5)
Derivative financial liabilities	(1.1)	(1.1)	(0.2)	(0.1)	(0.7)
Interest bearing liabilities	(855.8)	(948.9)	(16.1)	(144.6)	(496.4)	(291.8)
	(906.7)	(1,001.0)	(61.4)	(145.1)	(500.2)	(294.3)

As at 31 March 2025	Carrying amount £m	Gross nominal inflow/ (outflow) £m	Amounts due within 6 months £m	Amounts due within one year £m	Amounts due post one, less than five year £m	Amounts due in greater than 5 years £m
Financial assets
Cash and cash equivalents	68.2	68.2	68.2	-	-	-
Trade and other receivables	9.7	9.7	9.7	-	-	-
Derivative financial assets	1.9	1.9	0.3	0.2	1.4	-
Loans and advances	694.2	1,246.8	172.4	129.4	100.9	844.1
Investment securities	34.7	48.9	12.2	1.0	35.7	-
	808.7	1,375.5	262.8	130.6	138.0	844.1
Financial liabilities
Trade and other payables	(26.2)	(26.2)	(26.2)	-	-	-
Interest bearing liabilities	(725.0)	(867.2)	(26.8)	(22.2)	(499.4)	(318.8)
Lease liabilities	(5.5)	(6.8)	(0.4)	(0.4)	(3.1)	(2.9)
	(756.7)	(900.2)	(53.4)	(22.6)	(502.5)	(321.7)

3. Segmental analysis

Current year

The Group's lending operations are carried out solely in the UK, under the Groups LendInvest Mortgages and Capital Divisions, reflective of the product offerings. The results and net assets of the Group are derived from the provision of property related loans only. The following describes the operations of the two reportable segments for the 6 months ended 30 September 2025:

LendInvest Mortgages

LendInvest Mortgages provides mortgages to both professional BTL landlords and Homeowners as well as a range of short-term mortgages.

LendInvest Capital

The LendInvest Capital division provides larger, more structured finance primarily to property developers and larger Bridging loans & houses the Fund and Self-Select Platform.

The segmental analysis of the condensed consolidated interim statement of profit and loss is as follows:

6 months to 30 September 2025 Unaudited	Mortgages	Capital	Central	Total
Consolidated statement of profit and loss information	£m	£m	£m	£m
Interest income calculated using the effective interest rate method	28.6	7.0	-	35.6
Other interest and similar income	0.3	-	-	0.3
Interest expense and similar charges	(21.8)	(4.8)	-	(26.6)
Net interest income	7.1	2.2	-	9.3
Fee income	11.1	4.2	-	15.3
Fee expenses	(3.1)	(0.6)	-	(3.7)
Net fee income	8.0	3.6	-	11.6
Net gains on derecognition of financial assets	0.1	0.5	-	0.6
Net other operating	-	-	-	-
Net operating income	15.2	6.3	-	21.5
Administrative expenses	(9.2)	(1.4)	(7.7)	(18.3)
Impairment losses on financial assets	(0.8)	(1.2)	-	(2.0)
Total operating expenses	(10.0)	(2.6)	(7.7)	(20.3)
Profit/(loss) before taxation	5.2	3.7	(7.7)	1.2

Central administrative expenses represent the cost of providing central services that are not directly attributable to the operating segments.

3. Segmental analysis (continued)

6 months to September 2024 (restated) Unaudited	Mortgages	Capital	Central	Total
Consolidated statement of profit and loss information	£m	£m	£m	£m
Interest income calculated using the effective interest rate method	19.1	9.8	-	28.9
Other interest and similar income	(0.3)	-	-	(0.3)
Interest expense and similar charges	(16.2)	(6.4)	-	(22.6)
Net interest income	2.6	3.4	-	6.0
Fee income	10.5	4.2	-	14.7
Fee expenses	(3.5)	(0.9)	-	(4.4)
Net fee income	7.0	3.3	-	10.3
Net gains on derecognition of financial assets	-	0.3	-	0.3
Net other operating income	0.1	-	-	0.1
Net operating income	9.7	7.0	-	16.7
Administrative expenses	(7.7)	(0.8)	(8.4)	(16.9)
Impairment losses on financial assets	(1.0)	(1.4)	0.2	(2.2)
Total operating expenses	(8.7)	(2.2)	(8.2)	(19.1)
Profit/(loss) before taxation	1.0	4.8	(8.2)	(2.4)

The segmental analysis of the condensed consolidated interim statement of financial position is as follows:

As at 30 September 2025 Unaudited	Mortgages	Capital	Central	Total
Consolidated statement of financial position information	£m	£m	£m	£m
Assets
Loans and advances	753.1	97.7	-	850.8
Total segment assets	753.1	97.7	-	850.8
Cash and cash equivalents	-	-	85.2	85.2
Trade and other receivables	-	-	16.3	16.3
Corporate tax receivable	-	-	2.2	2.2
Property, plant and equipment	-	-	5.3	5.3
Investment securities	-	-	20.4	20.4
Derivative financial assets	-	-	2.2	2.2
Investment in third parties	-	-	0.6	0.6
Intangible fixed assets	-	-	8.3	8.3
Total assets	-	-	140.5	991.3
Liabilities
Interest bearing liabilities	(569.1)	(286.7)	-	(855.8)
Total segment liabilities	(569.1)	(286.7)	-	(855.8)
Trade and other payables	-	-	(56.6)	(56.6)
Lease liabilities	-	-	(5.1)	(5.1)
Derivative financial liabilities			(1.1)	(1.1)
Total liabilities			(62.8)	(918.6)

3. Segmental analysis (continued)

As at 31 March 2025 Audited	Mortgages	Capital	Central	Total
Consolidated statement of financial position information (restated)	£m	£m	£m	£m
Assets
Loans and advances	566.8	127.4	-	694.2
Total segment assets	566.8	127.4	-	694.2
Cash and cash equivalents	-	-	68.2	68.2
Trade and other receivables	-	-	12.8	12.8
Corporate tax Receivable	-	-	3.2	3.2
Property, plant and equipment	-	-	5.8	5.8
Investment securities	-	-	34.7	34.7
Derivative financial asset	-	-	1.9	1.9
Investment in third parties	-	-	0.5	0.5
Deferred taxation asset	-	-	1.5	1.5
Intangible fixed assets	-	-	9.2	9.2
Total assets	-	-	137.8	832.0
Liabilities
Interest bearing liabilities	(445.1)	(279.9)	-	(725.0)
Total segment liabilities	(445.1)	(279.9)	-	(725.0)
Trade and other payables	-	-	(35.2)	(35.2)
Lease liabilities	-	-	(5.5)	(5.5)
Total liabilities			(41.1)	(766.1)

4. Interest and similar income

Unaudited	6 months to 30 September 2025	6 months to 30 September 2024
Interest income calculated using the effective interest rate method	£m	£m
On loans and advances to customers	34.2	27.0
On investment securities	0.8	1.3
On cash deposits	0.6	0.6
Total interest income calculated using the effective interest rate method	35.6	28.9
Other interest and similar income
Gain/(loss) on derivative financial instruments and hedge accounting	0.3	(0.3)
Total other interest and similar income	0.3	(0.3)
Total interest and similar income	35.9	28.6

5. Interest expense and similar charges

Unaudited	6 months to 30 September 2025	6 months to 30 September 2024
	£m	£m
On amounts due to funding partners	(12.7)	(16.2)
On debt securities in issue	(12.3)	(4.8)
Funding line cost amortisation	(1.6)	(1.6)
Total interest expense and similar charges	(26.6)	(22.6)

6. Net fee income

Unaudited	6 months to 30 September 2025	6 months to 30 September 2024 (restated)
	£m	£m
Fee income on loans and advances	1.2	5.3
Fee income on asset management	5.4	6.5
Fee income on origination of loans to third parties	8.7	3.2
Fee income	15.3	15.0
Fee expense on origination of loans to third parties	(3.5)	(0.2)
Fee expense on asset management	(0.2)	(4.2)
Fee expense	(3.7)	(4.4)
Net fee and commission income	11.6	10.6

7. Derecognition of financial assets

Unaudited	6 months to 30 September 2025	6 months to 30 September 2024
	£m	£m
Net gains on derecognition of financial assets	0.6	-
Net gains on derecognition of financial assets	0.6	-

Net gains on derecognition of financial assets includes the gain on sale of individual loans to third parties throughout the normal course of business.

8. Share-based payments

Company Share and Share Option Plans

The grant of shares or options under these schemes may be made on an annual or on an ad hoc basis.

During the period ended 30 September 2025, the Group granted awards under the Long Term Incentive Plan (LTIP) to certain employees.

Share plan	Number of options/awards granted during 6 months ended 30 September 25	Number of options/awards granted during 12 months ended 31 March 25
	Unaudited	Audited
LTIP	3,025,000	5,100,000
DBP	-	92,611
SIP	-	1,452,854

In the period to 30 September 2025 3,025,000 options were granted in the LTIP (2025: 5,100,000). No options or awards were granted in the Deferred Bonus Plan (DBP), the Share Incentive Plan (SIP) or the Company Share Option Plan (CSOP) during the period.

During the period ended 30 September 2025 a total of 184,053 awards vested under the SIP. No options or awards vested under the LTIP, or DBP, or CSOP during the period.

Share and Share Option expense recognised

During the six months ended 30 September 2025, the Group recognised a £0.4 million expense in relation to the company share and share option plans.

	6 months ended 30 September 2025	6 months ended 30 September 2024
	£m	£m
	Unaudited	Unaudited
The expense / (credit) is included in administrative expenses	0.4	(0.7)

9. Cash and cash equivalents

The Group separates cash earmarked for payments to trading partners by holding the cash in segregated bank accounts. A corresponding amount is included within other payables reflecting the Group's obligation to these counter parties.

10. Taxation on (loss) on ordinary activities

The Group is subject to all taxes applicable to a commercial company in the United Kingdom. The UK business profits of the Group are subject to UK income tax at the prevailing basic rate of 25% (2024: 25%).

As of 30 September 2025, the Group had nil net deferred tax (31 March 2025: net deferred tax asst of £1.5m). These DTAs/DTLs include:

· Assets of £0.5m (31 March 2025: Assets of £0.2m) related to temporary differences arising between the tax base of share-based payments and the carrying amount;

· Liabilities of £7.3m (31 March 2025: Liabilities of £5.7m) related to the fair value reserve on loans and advances and fair value hedge reserve;

· Liabilities of £0.1m (31 March 2025: Assets of £0.1m) related to accelerated deductions from research and development activity;

· Assets of £6.9m (31 March 2025: Assets of £7.0m) related to tax losses carried forward.

A deferred tax asset has been recognised in respect of all £27.6m of unused tax losses to the extent that it is probable that future taxable profit will be available against which the losses can be utilised. This assessment is based on management forecasts concerning the expected timing of the reversal of taxable temporary differences and projected future taxable income.

11. Loans and advances

	As at 30 September	As at 31 March
	2025	2025
	£m	£m
	Unaudited	Audited
Gross loans and advances	834.3	683.9
ECL provision	(15.0)	(12.3)
Fair value adjustment (*)	31.5	22.6
Loans and advances	850.8	694.2

(*) Fair value adjustment to gross loans and advances due to classification as FVTOCI. Fair value adjustments are a function of changes in discount rates on the Group's loan assets. The changes in the underlying variables during the period and effect on fair value is discussed in Note 18.

ECL provision

Movement in the period	£m
Under IFRS 9 at 1 April 2025 (Audited)	(12.3)
Additional provisions made during the period1	(2.9)
Utilised in the period2	0.2
Under IFRS 9 at 30 September 2025 (Unaudited)	(15.0)

Movement in the period	£'m
Under IFRS 9 at 1 April 2024 (Audited)	(8.5)
Additional provisions made during the period1	(3.2)
Utilised in the period2	0.4
Under IFRS 9 at 30 September 2024 (Unaudited)	(11.3)

¹ The ECL provision of £15.0m (March 2025: £12.3m) is stated including the expected credit losses incurred on the interest income recognised on stage 3 loans and advances. The net ECL impact on the income statement for the period to 30 September 2025 is £2.9m (September 2024: £3.1m). This includes the £2.0m (September 2024: £2.4m) of additional impairment provision in the income statement and £0.9m (September 2024: £0.7m) of reduced net interest income recognised on stage 3 loans and advances using the effective interest rate.

11. Loans and advances (continued)

²Loans that are written off can still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amounts due. The contractual amount outstanding on loans and advances that have previously been written off and are still subject to enforcement activity is £8.6m (March 2025: £8.4m).

Analysis of loans and advances by stage

As at 30 September 2025 Unaudited	Stage 1	Stage 2	Stage 3	Total
	£m	£m	£m	£m
Gross loans and advances	632.4	130.9	71.0	834.3
ECL provision	(0.3)	(0.9)	(13.8)	(15.0)
Fair value adjustment	27.8	4.0	(0.3)	31.5
Loans and advances	659.9	134.0	56.9	850.8

The maximum LTV on stage 1 loans is 91%. The maximum LTV on stage 2 loans is 135%. The maximum LTV on Stage 3 loans is 808% and the total value of collateral (capped at the gross loan value) held on stage 3 loans is £70.9m.

As at 31 March 2025 Audited	Stage 1	Stage 2	Stage 3	Total
As at 31 March 2025 Audited	£m	£m	£m	£m
Gross loans and advances	464.7	129.4	89.8	683.9
ECL provision	(0.2)	(0.7)	(11.4)	(12.3)
Fair value adjustment	19.8	2.8	-	22.6
Loans and advances	484.3	131.5	78.4	694.2

The maximum LTV on stage 1 loans is 91%. The maximum LTV on stage 2 loans is 229%. The maximum LTV on stage 3 loans is 91%. The average LTV on stage 1 loans is 71%. The average LTV on stage 2 loans is 72%. The average LTV on stage 3 loans is 65% and the total value of collateral (capped at the gross loan value) held on stage 3 loans is £88.7m.

Credit risk on gross loans and advances

The table below provides information on the Group's loans and advances by stage and risk grade.

Risk grades detailed in the table range from 1 to 10 with a risk grade of 1 being assigned to cases with the lowest credit risk and 10 representing cases in default. Equifax Risk Navigator (RN) scores are used to assign the initial Risk Grade score with additional SICR rules used to generate the final Risk Grade.

As at 30 September 2025 Unaudited	Stage 1	Stage 2	Stage 3	Total
As at 30 September 2025 Unaudited	£m	£m	£m	£m
Risk Grades 1 - 5	615.3	73.9	-	689.2
Risk Grades 6 - 9	17.1	57.0	-	74.1
Default	-	-	71.0	71.0
Total	632.4	130.9	71.0	834.3

As at 31 March 2025 Audited	Stage 1	Stage 2	Stage 3	Total
As at 31 March 2025 Audited	£m	£m	£m	£m
Risk Grades 1 - 5	453.1	74.5	-	527.6
Risk Grades 6 - 9	11.6	54.9	-	66.5
Default	-	-	89.8	89.8
Total	464.7	129.4	89.8	683.9

11. Loans and advances (continued)

Impairment provisions are calculated on an expected credit loss ('ECL') basis. Financial assets are classified individually into one of the categories below:

Stage 1 - assets are allocated to this stage on initial recognition and remain in this stage if there is no significant increase in credit risk since initial recognition. Impairment provisions are recognised to cover 12-month ECL, being the proportion of lifetime ECL arising from default events expected within 12 months of the reporting date.

Stage 2 - assets where it is determined that there has been a significant increase in credit risk since initial recognition, but where there is no objective evidence of impairment. Impairment provisions are recognised to cover lifetime probability of default. An asset is deemed to have a significant increase in credit risk where:

• The creditworthiness of the borrower deteriorates such that their risk grade increases by at least one grade compared with that at origination.

• The borrower is currently more than one month in arrears.

• The borrower has sought some form of forbearance.

• LTV exceeds 85% for Buy-to-Let, Bridging and Residential.

• LTGDV exceeds 75% for development loans.

• The loan is a short term bridging loan and has less than one month before maturity.

• The development will not meet practical completion by the date anticipated at origination.

• There is less than one month to maturity for bridging loans.

Stage 3 - assets where there is objective evidence of impairment, i.e. they are considered to be in default. Impairment provisions are recognised against lifetime ECL. For assets allocated to stage 3, interest income is recognised on the balance net of impairment provision.

Purchased or originated credit impaired ('POCI') - POCI assets are financial assets that are credit impaired on initial recognition. On initial recognition, they are recorded at fair value. ECLs are only recognised or released to the extent that there is a subsequent change in the ECLs. Their ECLs are always measured on a lifetime basis.

Where there is objective evidence that asset quality has improved, assets will be allocated to a lower risk category. For example, loans no longer in default (stage 3) will be allocated to either stage 2 or stage 1. Evidence that asset quality has improved will include:

• repayment of arrears;

• improved credit worthiness; and

• term extensions and the ability to service outstanding debt.

If a loss is ultimately realised, it is written off against the provision previously provided for with any excess charged to the impairment provision in the statement of profit and loss.

Critical accounting estimates relating to the impairment of financial assets:

The calculation of ECLs requires the Company to make a number of assumptions and estimates. The accuracy of the ECL calculation would be impacted by movements in the forward-looking economic scenarios used, or the probability weightings applied to these scenarios and by unanticipated changes to model assumptions that differ from actual outcomes.

The key assumptions and estimates that, depending on a range of factors, could result in a material adjustment in the next financial year relate to the use of forward-looking information in the calculation of ECLs and the inputs and assumptions used in the ECL models.

11. Loans and advances (continued)

Additional information about both of these areas is set out below.

Forward-looking information

The Company incorporates forward-looking information into the calculation of ECLs and the assessment of whether there has been a significant increase in credit risk ('SICR'). The use of forward-looking information represents a key source of estimation uncertainty. The Company uses three forward-looking economic scenarios:

• The baseline scenario reflects the most profitable economic outlook;

• while a downside scenario accounts for plausible stress conditions; and

• an upside scenario represents the impact of modest improvements to assumptions used in the baseline scenario.

The macroeconomic data inputs applied in determining the Group's expected credit losses are sourced from Oxford Economics (a third-party provider of global economic forecasting and analysis).

Oxford Economics combines two decades of forecast errors with its quantitative assessment of the current risks facing the global and domestic economy to produce robust forward-looking distributions for the economy.

Using specific percentile points in the distribution of several key metrics such as GDP, unemployment, house prices and commercial real estate prices, we receive three alternative scenarios relating to a base case (most likely), downside (broadly equivalent to a 1-in-10 year event) and a moderate upside scenario. Our assumptions on the likely out turn represents a weighted average of these three scenarios provided by Oxford Economics, and are detailed below:

As at 30 September 2025

Macro Assumptions	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034
Real GDP Growth (% Growth YoY)
Base	1.35%	1.02%	1.53%	1.76%	1.61%	1.57%	1.59%	1.57%	1.51%	1.51%
Upside	3.49%	4.73%	2.66%	2.42%	1.47%	1.43%	1.45%	1.43%	1.37%	1.37%
Downside	-1.05%	-1.33%	0.98%	1.34%	1.73%	1.69%	1.71%	1.69%	1.63%	1.63%
Unemployment (%)
Base	4.86%	4.96%	4.69%	4.30%	4.10%	4.02%	4.00%	4.00%	4.00%	4.00%
Upside	4.39%	3.33%	2.44%	2.21%	2.20%	2.32%	2.47%	2.63%	2.78%	2.93%
Downside	5.26%	6.26%	6.79%	6.73%	6.41%	6.17%	5.99%	5.83%	5.67%	5.51%
House Price Inflation (Residential, % Growth YoY)
Base	1.34%	1.98%	3.12%	5.75%	6.61%	5.23%	3.63%	2.84%	2.75%	3.01%
Upside	3.07%	5.43%	7.14%	8.83%	6.38%	5.01%	3.40%	2.61%	2.52%	2.78%
Downside	-1.29%	-5.19%	-1.78%	1.88%	7.04%	5.65%	4.04%	3.24%	3.15%	3.41%
Commercial Real Estate (% Growth YoY)
Base	-0.99%	4.08%	3.44%	2.55%	2.04%	1.64%	1.36%	1.27%	1.03%	0.94%
Upside	4.10%	11.91%	3.99%	1.56%	-0.28%	-0.01%	0.17%	0.40%	0.40%	0.47%
Downside	-5.12%	-0.44%	3.73%	3.50%	3.90%	2.96%	2.30%	1.95%	1.52%	1.30%

11. Loans and advances (continued)

As at 31 March 2025

Macro Assumptions	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034
Real GDP Growth (% Growth YoY)
Base	0.97%	1.46%	1.66%	1.83%	1.68%	1.60%	1.59%	1.58%	1.59%	1.53%
Upside	3.76%	4.68%	2.86%	2.51%	1.53%	1.45%	1.44%	1.43%	1.44%	1.38%
Downside	-1.60%	-0.78%	1.18%	1.67%	1.79%	1.71%	1.70%	1.69%	1.70%	1.64%
Unemployment (%)
Base	4.50%	4.46%	4.32%	4.14%	4.05%	4.01%	4.00%	4.00%	4.00%	4.00%
Upside	3.93%	2.74%	2.14%	2.05%	2.11%	2.22%	2.35%	2.50%	2.64%	2.79%
Downside	4.97%	5.88%	6.59%	6.71%	6.47%	6.25%	6.07%	5.90%	5.73%	5.56%
House Price Inflation (Residential, % Growth YoY)
Base	1.93%	2.60%	3.92%	5.05%	5.06%	3.89%	3.02%	2.81%	2.93%	3.18%
Upside	5.68%	6.09%	7.88%	6.30%	4.82%	3.66%	2.79%	2.58%	2.70%	3.08%
Downside	-4.29%	-3.39%	-1.13%	4.31%	5.47%	4.29%	3.42%	3.21%	3.33%	3.57%
Commercial Real Estate (% Growth YoY)
Base	2.85%	3.43%	3.40%	2.36%	1.60%	1.35%	1.09%	1.08%	0.96%	0.83%
Upside	13.29%	5.83%	3.64%	0.48%	0.19%	0.09%	0.04%	0.05%	0.05%	0.04%
Downside	-5.97%	2.95%	3.97%	4.23%	3.09%	2.41%	1.85%	1.64%	1.37%	1.13%

GDP, unemployment rates and HPI are key metrics that indicate the appetite for credit within the economy, the ability of borrowers to service debt and value of underlying securities that underpin credit risk management; all of which directly impact the Group's operational activities and success.

The probability weightings applied to the above scenarios are another area of estimation uncertainty. They are generally set to ensure that there is an asymmetry in the ECL. The probability weightings applied to the three economic scenarios used are as follows:

	6 months ended 30 September 2025	12 months ended 31 March 2025
Base	60%	40%
Upside	10%	20%
Downside	30%	40%

The Group undertakes a review of its economic scenarios and the probability weightings applied at least quarterly and more frequently if required. The results of this review are recommended to the Audit Committee and the Board prior to any changes being implemented.

The weightings were changed for September 2025 after discussion with Oxford Economics.

11. Loans and advances (continued)

Impairment charge sensitivity analysis

Analysis shows the sensitivity of the impairment charge under different macroeconomic scenarios.

Single factor scenarios	Overall impairment charge £m	Increase / (Decrease) £m
A 20% increase in unemployment	15.0	-
10% increase in Forced Sale Discount	16.8	1.8
Systemic macroeconomic scenarios
100% Downside	16.5	1.5
100% Upside	13.2	(1.8)

Model estimations

ECL calculations are outputs of complex models with a number of underlying assumptions regarding the choice of variable inputs and their interdependencies. The Group considers the key assumptions impacting the ECL calculation to be within the PD and LGD. Sensitivity analysis is performed by the Group to assess the impact of changes in these key assumptions on the loss allowance recognised on loans and advances.

A summary of the key assumptions and sensitivity analysis as at 30 September 2025 is provided in the following table:

Assumption	Sensitivity analysis
Forced sale discount	A 10% absolute increase in the forced sale discount would increase the loss allowance cost on loans and advances to customer by £1.8m

Critical judgements relating to the impairment of financial assets

The Company reviews and updates the key judgements relating to impairment of financial assets bi-annually, in advance of the Interim Financial Report and the Annual Report and Accounts. All key judgements are reviewed and recommended to the Audit & Risk Committee for approval prior to implementation.

Assessing whether there has been a significant increase in credit risk ('SICR')

If a financial asset shows a SICR, it is transferred to Stage 2 and the ECL recognised changes from a 12-month ECL to a lifetime ECL. The assessment of whether there has been a SICR requires a high level of judgement. The assessment of whether there has been a SICR also incorporates forward-looking information. The Company considers that a SICR has occurred when any of the following have occurred:

1. The overall creditworthiness of the borrower has materially worsened, indicated by a migration to a higher risk grade (see below for risk grades and probability of default ("PDs") by product);

2. Where a borrower is currently one month or more in arrears;

3. Where a borrower has sought some form of forbearance;

4. Where the overall leverage of the account has surpassed a predetermined level. 75% Loan to Gross Development Value for bridging loans and 85% for all other products;

5. Where a short-term bridging loan has less than one month before maturity; and

6. Where there is a material risk that a development loan will not reach practical completion on time.

These factors reflect the credit lifecycle for each product and are based on prior experience as well as insight gained from the development of risk ratings models (probability of default).

11. Loans and advances (continued)

Stage 2 criteria are designed to be effective indicators of a SICR. As part of the bi-annual review of key impairment judgements, the Company undertakes detailed analysis to confirm that the Stage 2 criteria remain effective. This includes (but is not limited to):

• Criteria effectiveness: this includes the emergence to default for each Stage 2 criterion when compared to Stage 1; Stage 2 outflow as a percentage of Stage 2; percentage of new defaults that were in Stage 2 in the months prior to default; time in Stage 2 prior to default; and percentage of the book in Stage 2 that are not progressing to default or curing.

• Stage 2 stability: this includes stability of inflows and outflows from Stage 2 and 3.

• Portfolio analysis: this includes the percentage of the portfolio that is in Stage 2 and not defaulted; the percentage of the Stage 2 transfer driven by Stage 2 criterion other than the backstops; and back-testing of the defaulted accounts.

For low credit risk exposures, it is permitted to assume, without further analysis, that the credit risk on a financial asset has not increased significantly since initial recognition if the financial asset is determined to have low credit risk at the reporting date. The Group has opted not to apply this low credit risk exemption.

A summary of the Risk grade distribution is provided in the table below. As the Company utilises three different risk rating models, three separate PDs have been provided for each portfolio. Risk Grades 1-9 are for non-defaulted accounts with 10 indicating default. Therefore, all Stage 3 loans are assigned to this grade. As stated above, degradation in a borrower's creditworthiness is an indication of SICR. Therefore, as shown in the table below, Stage 2 loan distributions are in the main assigned to risk grades higher than Risk Grade 1.

	Gross loans and advances £m			ECL £m			Probability of default
Risk Grade	Stage 1	Stage 2	Stage 3	Stage 1	Stage 2	Stage 3	Bridging	Development	Buy to let	Residential
RG1	436.4	0.8	-	(0.1)	-	-	2%	0%	0%	0%
RG2	49.7	25.3	-	-	(0.1)	-	4%	0%	1%	1%
RG3	57.0	19.2	-	(0.1)	(0.1)	-	8%	1%	2%	2%
RG4	46.0	13.9	-	(0.1)	(0.1)	-	14%	1%	3%	3%
RG5	26.2	14.8	-	-	(0.1)	-	25%	2%	4%	4%
RG6	16.3	14.3	-	-	-	-	40%	4%	6%	6%
RG7	0.8	6.2	-	-	-	-	57%	7%	8%	8%
RG8	-	3.9	-	-	-	-	73%	12%	11%	11%
RG9	-	32.5	-	-	(0.5)	-	84%	19%	15%	15%
RG10	-	-	71.0	-	-	(13.8)	100%	100%	100%	100%
Total	632.4	130.9	71.0	(0.3)	(0.9)	(13.8)	-	-	-	-

Determining whether a financial asset is in default or credit impaired

When there is objective evidence of impairment and the financial asset is considered to be in default, or otherwise credit-impaired, it is transferred to Stage 3. The Company's definition of default follows product-specific characteristics allowing for the provision to reflect operational management of the portfolio. Below is a short description of each product type and the Company's definition of default as specific to each product.

Bridging Loans - Bridging loans are short-term loans designed for customers requiring timely access to funds to facilitate property purchases. Typically, loans involve residential securities, however, commercial, semi-commercial and land is also taken as security. A bridging loan is considered to be in default if a borrower fails to repay their loan after 30 days and does not seek an authorised extension; or it is structured and the loan is two months in arrears.

11. Loans and advances (continued)

Development Loan - Development loans support borrowers looking to undertake a significant property or site development. The resulting site should be for residential purposes only. Loan terms are typically for the short term (less than three years) with no structured repayments. A development loan is defined as being in default if it has not been redeemed 60 days after the maturity of the loan.

The Company and Group applies a more stringent quantitative default criterion than the rebuttable presumption of 90 days past due, ensuring that all quantitative triggers occur no later than 90 days past due

Residential Loans - These are longer term loans to borrowers looking to purchase or refinance their primary residence. Loan terms are typically for more than 20 years and will be repaid in monthly instalments of capital and interest. A residential loan is defined as being default when the level of arrears reaches the equivalent of 3 monthly instalments or the borrower is declared bankrupt.

Buy-To-Let Loans - These are longer term loans to borrowers looking to purchase or refinance an investment property. The loan must be secured against a residential property and the borrower must not reside in the property. Loan terms are typically for more than 20 years and will be repaid on an interest only basis with the principle being repaid at the end of the loan. A residential loan is defined as being default when the level of arrears reaches the equivalent of 3 monthly instalments or the borrower is declared bankrupt.

Improvement in credit risk or cure

There is no SICR cure period assumed for loans showing improvement in credit risk. This means that any loan that does not meet the SICR criteria is assigned to Stage 1.

12. Investment securities

Unaudited	As at 30 September 2025	As at 31 March 2025 Audited
	£m	£m
Retained interest in:
Mortimer BTL 2021-1 PLC	8.6	9.4
Mortimer BTL 2022-1 PLC	-	11.1
Mortimer BTL 2023-1 PLC	11.8	14.2
Total	20.4	34.7

The investment securities balance of £20.4m (2025: £34.7m) represents the retained risk held by the Group. This risk is in the form of debt securities issued by unconsolidated structured entities as part of the Mortimer 2021 and Mortimer 2023 securitisation transactions. The £14.3m decrease in investment securities is attributed to two main events:

1. The repayment of the Class A notes for Mortimer 2021 and Mortimer 2023 that occurred during the quarterly interest payment dates.

2. The exercise of the Mortimer 2022 call option on June 23, 2025, at which point the Group's holding of the Risk Retention notes was redeemed at par.

13. Property, plant and equipment

Cost	Computer equipment	Furniture and fittings	Leasehold improvements	Right of use asset	Total
	£m	£m	£m	£m	£m
Balance as at 31 March 2024 (audited)	0.4	0.1	0.4	5.2	6.1
Additions	-	-	0.2	5.8	6.0
Disposals	-	-	-	(5.1)	(5.1)
Balance as at 31 March 2025 (audited)	0.4	0.1	0.6	5.9	7.0
Additions	-	-	-	-	-
Disposals	-	-	-	(0.2)	(0.2)
Balance as at 30 September 2025 (unaudited)	0.4	0.1	0.6	5.7	6.8

Accumulated Depreciation	Computer equipment	Furniture and fittings	Leasehold improvements	Right of use asset	Total
	£m	£m	£m	£m	£m
Balance as at 31 March 2024 (audited)	0.3	0.1	0.3	4.1	4.8
Charge for the year	0.1	-	0.1	0.8	1.0
Disposals	-	-	-	(4.6)	(4.6)
Balance as at 31 March 2025 (audited)	0.4	0.1	0.4	0.3	1.2
Charge for the year	0.0	-	-	0.3	0.3
Disposals	-	-	-	-	-
Balance as at 30 September 2025 (unaudited)	0.4	0.1	0.4	0.6	1.5
Net carrying value as at 31 March 2025 (audited)	-	-	0.2	5.6	5.8
Net carrying value as at 30 September 2025 (unaudited)	-	-	0.2	5.1	5.3

In the year ended March 31, 2025, the company signed new commercial leases for employee office space in London & Glasgow. Following a review completed in connection with the prior year-end audit, the carrying amounts of the lease liabilities and associated right-of-use (ROU) assets were re-assessed. The balances for the current period reflect this re-assessment. Depreciation on right-of-use assets charged to the statement of profit and loss for the six-month period ended September 30, 2025 amounted to £0.3m, split between £0.2m for the London office space and £0.1m for the Glasgow office space.

14. Intangible fixed assets

Internally developed software has been capitalised as an intangible fixed asset and is being amortised over a useful economic life of five years. During this period, the Group capitalised internal costs of £0.8m (the six months ended 30 September 2024: £1.2m).

Amortisation: During the six months ended 30 September 2025, the Group amortised £1.7m against intangible fixed assets (the six months ended 30 September 2024: £1.7m).

15. Interest bearing liabilities

	As at 30 September 2025 Unaudited	As at 31 March 2025 Audited
	£m	£m
Funds from investors and partners	855.3	725.3
Accrued interest	4.4	4.5
Unamortised funding line costs	(3.9)	(4.8)
Total	855.8	725.0

Funds from investors and partners increased by net £130m primarily driven by repayment to existing funders of £43.9m offset by funding received from existing funders of £173.8m.

16. Reconciliation of liabilities arising from financing activities

	Interest bearing liabilities	Leases	Derivatives
	£m	£m	£m
31 March 2024 (audited)	(514.6)	(2.3)	(2.0)
Cash flows	(211.3)	1.5	3.4
Deconsolidation of subsidiaries	(0.6)	-	-
Movement in accrued interest	1.5	-	-
Fair value changes	-	-	0.5
Lease liability interest	-	(0.3)	-
Release of dilapidations provision	-	0.1	-
ROU asset addition	-	(5.7)	-
ROU asset disposal	-	1.2	-
31 March 2025 (audited)	(725.0)	(5.5)	1.9
Cash flows	(129.9)	0.4	0.8
Lease liability interest	-	(0.2)	-
ROU asset - adjustment	-	0.2	-
Amortisation of funding line costs	(0.9)	-	-
Fair value changes	-	-	(1.6)
30 September 2025 (unaudited)	(855.8)	(5.1)	1.1

17. Other receivables

Other receivables was £16.3m (FY25: £12.8m) primarily due to increased fee income due from third parties

18. Other payables

Other payables was £56.6m (FY25: £35.2) primarily due to the timing of transfers to third party funders. Other payables include amounts due for settlement on set days with funds specifically held and separated from other operational cash. These funds are held in designated bank accounts and reported as cash and cash equivalents.

19. Financial instruments

Principal financial instruments

The principal financial instruments used by the Group, from which financial instrument risk arises, are loans and advances, other receivables, cash and cash equivalents, loans and borrowings, derivatives, and other payables.

Categorisation of financial assets and financial liabilities

With the exception of loan commitments classified as fair value through profit or loss, all financial assets of the Group are carried at amortised cost or fair value through other comprehensive income as at 30 September 2024 and 31 March 2024 depending on the business model under which the Group manages the financial assets. All financial liabilities of the Group are carried at amortised cost as at 30 September 2024 and 31 March 2024 due to the nature of the liability, with the exception of derivatives that are measured at fair value.

Financial instruments measured at amortised cost, rather than fair value, include cash and cash equivalents, other receivables, other payables and interest-bearing liabilities. Due to their short-term nature, the carrying value of cash and cash equivalents, other receivables, and other payables approximates their fair value.

(a) Carrying amount of financial instruments

A summary of the financial instruments held by category is provided below:

	As at 30 September 2025	As at 31 March 2025
	£m	£m
Financial assets at amortised cost	Unaudited	Audited
Cash and cash equivalents	85.2	68.2
Other receivables	12.8	9.7
Investment securities	20.4	34.7
Financial assets at fair value through other comprehensive income
Loans and advances	850.8	694.2
Financial assets at fair value through profit and loss
Derivative financial assets	2.2	1.9
Total financial assets	971.4	808.7

	As at 30 September 2025	As at 31 March 2025
	£m	£m
Financial liabilities at amortised cost	Unaudited	Audited
Other payables	(56.6)	(35.2)
Interest bearing liabilities	(855.8)	(725.0)
Lease liability	(5.1)	(5.5)
Financial liabilities at fair value through profit and loss
Derivative financial liabilities	(1.1)	-
Total financial liabilities	(918.6)	(765.7)

19. Financial instruments (continued)

(b) Carrying amount versus fair value

The following table compares the carrying amounts and fair values of the Group's financial assets and financial liabilities.

	As at 30 September 2025 Unaudited	As at 30 September 2025 Unaudited	As at 31 March 2025 Audited	As at 31 March 2025 Audited
	Carrying amount	Fair value	Carrying amount	Fair value
	£m	£m	£m	£m
Cash and cash equivalents	85.2	85.2	68.2	68.2
Other receivables	12.8	12.8	9.7	9.7
Loans and advances	850.8	850.8	694.2	694.2
Investment securities	20.4	21.6	34.7	34.8
Derivative financial assets	2.2	2.2	1.9	1.9
Investment in third parties	0.6	0.6	0.5	0.5
Total financial assets	972.0	973.2	809.2	809.3


Other payables	(56.6)	(56.6)	(35.2)	(35.2)
Interest bearing liabilities	(855.8)	(860.0)	(725.0)	(727.8)
Derivative financial liabilities	(1.1)	(1.1)	-	-
Lease liabilities	(5.1)	(5.1)	(5.5)	(5.5)
Total financial liabilities	(918.6)	(922.8)	(765.7)	(768.5)

The fair value of Retail Bond 3 interest bearing liabilities is calculated based on the mid-market price of 99.33 on 30 September 2025 (price of 97.48 on 31 March 2025).

The fair value of Retail Bond 4 interest bearing liabilities is calculated based on the mid-market price of 104.95 on 30 September 2025 (price of 105.6 on 31 March 2025).

Loans and advances are classified as fair value through other comprehensive income and any changes to fair value are calculated based on a fair value model using level 3 inputs and recognised through the Statement of Other Comprehensive Income. Interest bearing liabilities are classified at amortised cost and the fair value measured using either level 1 inputs or discounted cash flow valuations in the table above is for disclosure purposes only.

19. Financial instruments (continued)

The level in the fair value hierarchy within which the financial asset or financial liability is categorised is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and liabilities are classified in their entirety into only one of the three levels. The fair value hierarchy has the following levels:

1. Quoted prices (unadjusted) in active markets for identical assets or liabilities;

2. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices); and

3. Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The objective of valuation techniques is to arrive at a fair value measurement that reflects the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date.

	As at 30 September 2025	Level 1	Level 2	Level 3
Financial instruments	£m	£m	£m	£m
Interest rate swap * (Unaudited)	1.1	-	1.1	-
Loans and advances* (Unaudited)	850.8	-	-	850.8

*Measured at fair value

For all other financial instruments, the fair value is equal to the carrying value and has not been included in the table above.

	As at 31 March 2025	Level 1	Level 2	Level 3
Financial instruments	£m	£m	£m	£m
Interest rate swap* (Audited)	1.9	-	1.9	-
Loans and advances* (Audited)	694.2	-	-	694.2

*Measured at fair value

Level 2 instruments include interest rate swaps which are either two, three or five years in length. These lengths are aligned with the fixed interest periods of the underlying loan book. These interest rate swaps are valued using models used to calculate the present value of expected future cash flows and may be employed when there are no quoted prices available for similar instruments in active markets.

Level 3 instruments include loans and advances. The valuation of the asset is not based on observable market data (unobservable inputs). Valuation techniques include net present value and discounted cash flow methods. The assumptions used in such models include benchmark interest rates and borrower risk profile. The objective of the valuation technique is to determine a fair value that reflects the price of the financial instrument that would have been used by two counterparties in an arm's length transaction.

Financial instrument	Valuation techniques used	Significant unobservable inputs	Range
Loans and advances	Discounted cash flow valuation	Prepayment Rate	1% - 16%
		Probability of default	0% - 100%
		Discount Rate	5% - 11%

19. Financial instruments (continued)

(d) Fair value reserve

Fair Value Reserve

	Gross	Deferred tax	Net
6 months to 30 September 2025	£m	£m	£m
Fair value reserve balance as at 1 April 2025	22.7	(5.7)	17.0
Fair value movement on loans during the period	9.0	(2.2)	6.8
Less: Recycled to profit and loss as part of sale and maturity of portfolio	-	-	-
Less: Release of fair value on hedged items to profit and loss	(2.5)	0.6	(1.9)
Fair value reserve as at 30 September 2025	29.2	(7.3)	21.9

Information about sensitivity to change in significant unobservable inputs

The significant unobservable inputs used in the fair value measurement of the reporting entity's loans and advances are prepayment rates, probability of default and discount rates. Significant increase / (decrease) in any of those inputs in isolation would result in a lower / (higher) fair value measurement. A change in the assumption of these inputs will not correlate to a change in the other inputs.

Sensitivity Analysis

Impact of changes in unobservable inputs

+100bps

£m

-100bps

£m

Prepayment rates (Unaudited)

(0.7)

0.7

Discount rate (Unaudited)

(22.2)

22.1

20. Derivatives held for risk management and hedge accounting

	As at 30 September 2025 Unaudited		Year ended 31 March 2025 Audited
Instrument Type	Asset	Liability	Asset	Liability
	£m	£m	£m	£m
SONIA indexed interest rate swaps	2.2	(1.1)	1.9	-
Total	2.2	(1.1)	1.9	-

All derivatives are accounted for at fair value for the purpose of hedging fair value risk exposures associated with the BTL and Homeowner mortgage portfolios. The net notional principal amount of the outstanding interest rate swap contracts at 30 September 2025 was £538.8m (31 March 2025: £390.3m).

21. Share capital

	As at 30 September 2025	As at 31 March 2025
	Number	Number
Issued and fully paid up
Ordinary shares	142,782,025	142,782,025
Total number of shares issued	142,782,025	142,782,025
Ordinary shares held in EBT Trust	(773,829)	(889,319)
Forfeited ordinary shares held in SIP Trust	(317,626)	(151,415)
Total number of shares in circulation	141,690,570	141,741,291

	As at 30 September 2025	As at 31 March 2025
	£	£
	Unaudited	Audited
Issued and fully paid up
Ordinary shares of £0.0005 each	0.1	0.1

	As at 30 September 2025 £'m	As at 31 March 2025 £'m
Share premium	Unaudited	Audited
As at 1st April 2024	55.2	55.2
As at 31st March 2025	55.2	55.2

The balance on the share capital account represents the aggregate nominal value of all ordinary shares in issue. There is no maximum number of shares authorised by the articles of association.

The balance on the share premium account represents the amounts received in excess of the nominal value of the ordinary shares. All ordinary shares have a nominal value of £0.0005.

Reconciliation of movements during the period

Reconciliation of movements during the period	Ordinary shares
As at 1 April 2025	142,782,025
Issue of shares into the Employee Benefit Trust	-
As at 30 September 2025	142,782,025

22. Earnings per share

(a) Basic and diluted earnings per share

Unaudited	Half Year ended 30 September 2025 Pence/share	Half Year ended 30 September 2024 Pence/share (restated)
Basic earnings per share	0.6	(1.3)
Diluted earnings per share	0.6	(1.3)

22. Earnings per share (continued)

(b) Number of shares used as denominator

Unaudited	Half Year ended 30 September 2025		Half Year ended 30 September 2024
Number of shares used as denominator
Number of ordinary shares used as the denominator in calculating basic earnings per share	139,798,822		141,282,696
Adjustment for calculations of diluted earnings per share	4,778,801		-
Number of ordinary shares and potential ordinary shares used as denominator in calculating diluted earnings per share	144,577,623	141,282,696

The profit after tax reported in the consolidated statement of profit and loss, £0.9m (30 September 2024: loss after tax £1.2m), is the numerator (earnings) used in calculating earnings per share.

23. Dividends

No dividends (2024: £0.0mil) were paid during the period. No final dividend in respect of the year ended 31 March 2025 was paid during the period. The Board is not recommending the payment of an interim dividend in respect of the 6 months ended 30 September 2025.

24. Related party transactions

Key management personnel compensation

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group. Key management is defined as the directors of LendInvest plc.

	6 months ended 30 September 2025	6 months ended 30 September 2024
	£m	£m
	Unaudited	Unaudited
Salary & bonus	0.5	0.5
Short-term non-monetary benefits	-	-
Defined contribution pension cost	-	-
Share based payments	-	-
Total	0.5	0.5

There were no other related party transactions during the period to 30 September 2025 that would materially affect the position or performance of the Group.

25. Events after reporting date

On 27 October 2025, the business successfully completed its seventh public market securitisation transaction in respect of a £310.6m mixed BTL and owner-occupied loan portfolio. This transaction generated an unrestricted cash inflow of c£5.5m which is available for new lending and general business purposes.

On 18 November 2025 £17.0m and £34.9m of Retail Bond 3 and 4 exchanged into Retail Bond 5 within LendInvest Secured Income III PLC (LSI III PLC). These were exchanged at par and a premium of 4.5% (£1.6m) respectively. On the same day £14.6m of new funding was subscribed, with a further £6.9m retained by the Issuer through Retail Bond 5 into LSI III PLC. This has been assessed under IFRS9 as an extinguishment event.

Glossary

Alternative Performance Measures

In the reporting of financial information, the Directors have adopted various alternative performance measures (APMs). APMs should be considered in addition to IFRS measurements. The Directors believe that these APMs assist in providing useful information on the underlying performance of the Group, enhance the comparability of information between reporting periods, and are used internally by the Directors to measure the Group's performance. They are not necessarily comparable to other entities' APMs.

Assets under Management ('AuM')

The Group defines AuM as the sum of (i) the total amount of outstanding loans and advances (including accrued interest, before impairment provisions and fair value adjustments), as reported on an IFRS basis in the notes to the accounts in the Group's Financial Statements, and (ii) off-balance sheet assets, which represents the total amount of outstanding loans and advances (including accrued interest) that the Group originates but does not hold on its balance sheet, comprising those loans that are held by its off-balance sheet entities. Off-Balance Sheet Assets are not presented net of any impairment provisions relating thereto.

The Directors view AuM as a useful measure because it is used to analyse and evaluate the volume of revenue-generating assets of the platform on an aggregate basis and is therefore helpful for understanding the performance of the business.

The following table provides a reconciliation from the Group's reported gross loans and advances.

Unaudited	As at 30 September 2025 £'m	As At 31 March 2025 £'m	Change
Gross loans and advances	834.3	683.9	22%
Off-balance sheet assets	2,610.9	2,548.9	2%
Platform AuM	3,445.2	3,232.8	7%
Gross loans and advances % of platform AuM	24%	21%	14%

Funds under Management ('FuM')

The Group defines FuM as the aggregate sum available to the Group under each of its funding lines. The Group's FuM are used to originate revenue generating AuM. The Directors view the difference between the Group's FuM and Platform AuM as the headroom for future growth.

New lending/loan origination -

The Group defines new lending as the total new money lent on loans which have originated in the period, or when an existing product has been refinanced with a new loan.

Diluted earnings per share -

The Group defines diluted earnings per share as earnings per share divided by the weighted average number of dilutive shares including adjustments for share options.

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IR FFFFLFFLTIIE

LendInvest plc

HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

Introduction

Summary Financials

Our Business Model

How we generate income

Why the model scales

Overview

Lending Performance

Operational Efficiency

Profitability

Funding & Capital

Market Context

Outlook

Condensed Consolidated Income Statement

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT AND LOSS

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

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LendInvest plc

HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

Introduction

Summary Financials

Our Business Model

How we generate income

Why the model scales

Overview

Lending Performance

Operational Efficiency

Profitability

Funding & Capital

Market Context

Outlook

Condensed Consolidated Income Statement

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT AND LOSS

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

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