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Mortgage Advice Bureau (Holdings)Announcement

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RNS Number : 8619P  Mortgage Advice Bureau (Hldgs) PLC  22 January 2026

 

22 January 2026

Mortgage Advice Bureau (Holdings) plc

("MAB" or the "Group")

 

Trading Update

 

Mortgage Advice Bureau (Holdings) plc (AIM: MAB1.L), a leading
technology-driven UK mortgage network and broker, today issues a trading
update for the year ended 31 December 2025, ahead of publishing its final
results on 17 March 2026.

 

Year ended 31 December 2025

Group revenue increased by 19% to c.£318m (2024: £266.5m), and the Board
expects to report Adjusted PBT of c.£35.8m, representing 12% growth on the
equivalent period last year (2024: £32.0m). The Group has traded in line
with expectations for the year.

 

The Group's number of mainstream advisers(1) at 31 December 2025 was up 10% on
the prior year end to 2,135 (31 December: 1,941), with 65% of this growth
driven by organic expansion from firms already in MAB's network, and the
balance reflecting new Appointed Representative ("AR") firms joining MAB. This
marks the first year of material growth since 2022, signalling increased
confidence in the outlook.

 

Adviser productivity continued to grow, with the average revenue per
mainstream adviser for the period increasing to £157k, a 13% increase from
2024 (£139k). This is a considerable achievement, given many new joiners in
the year will not reach full productivity until 2026.

 

As expected, refinancing activity strengthened through the second half of 2025
as a greater volume of fixed-rate products matured. The number of remortgages
and Product Transfers completed by our ARs during the year was up 12% compared
to 2024.

 

In the purchase segment, the year started strongly as buyers brought forward
transactions ahead of changes to Stamp Duty relief. The anticipated autumn
pick-up in purchase activity did not materialise, reflecting buyer caution in
the long run-up to the Budget on 26 November 2025. Nevertheless, underlying
demand remained resilient, supported by strong lending appetite, with around
33,000 mortgage products available - an all-time high(2).

 

The Group increased its M&A activity during the year. In 2025, we acquired
majority ownership of Heron - our AR firm with the highest adviser
productivity - alongside Evolve and Meridian, our leading New Build sector
businesses. We also invested in the expansion of First Mortgage in the South
through the acquisitions of Lucra and London-based Kinleigh Financial
Services. We also acquired a majority stake in UK MoneyMan, further
strengthening our later-life lending proposition, and invested in a business
with an extremely exciting future, The Mortgage Mum.

In addition, MAB acquired full ownership of Dashly, the technology and data
company behind its mortgage monitoring and nurturing tool for £2.8m,
reinforcing MAB's position at the forefront of a rapidly evolving market. The
combined cash consideration of these transactions totalled £12.4m.

 

We welcome the Financial Conduct Authority's ("FCA") continued work to evolve
the mortgage regulatory framework, including its December 2025 updates on the
Mortgage Rule Review and its stated priorities for 2026. The regulators' focus
on proportionate, pro-growth reform will positively support both borrowers'
ability to access credit and the level of borrowing achievable.

 

Current trading and outlook

The impact of prior economic shocks is now receding for both borrowers and
lenders, supporting a more stable operating environment. The Group has entered
2026 with good momentum and continues to trade in line with the Board's
expectations.

 

The outlook for refinance lending is particularly strong: MAB's fixed-rate
maturities are 19% higher in 2026, materially ahead of the overall refinancing
market, which is estimated to increase by 3%(3). We are also seeing a gradual
normalisation in product preferences, with 2-year fixed-rate products
accounting for a larger share than 5-year fixes. This shift has been supported
by the easing of stress-testing and is further strengthening our refinance
pipeline for 2027 and 2028.

 

After a lull in house purchase activity towards the end of 2025, we expect a
modest release of pent-up demand in early 2026. With affordability metrics
improving, lending rules easing in certain areas and enhanced access to
credit, there is strong underlying support for a gradual and sustainable
recovery in purchase transactions.

 

Capital Markets update

As previously announced, MAB will host a virtual Capital Markets update via
webcast on 28 January 2026 at 15:00 GMT.  The event will feature:

 

·    Progress on MAB 2.0 strategic priorities outlined at the CMD in
February 2025

·    Harnessing technology, data and AI to boost adviser performance and
Group efficiency

·    Demonstration of MAB's platform

·    Leveraging scale to enhance profitability

·    Q&A session

 

If you would like to register your interest for the event, please contact
Camarco on mab@camarco.co.uk.

 

Main Market listing

MAB confirms that, further to the announcement of 23 September 2025, the Board
intends to proceed with the move to the ESCC listing category of the Main
Market of the London Stock Exchange (the "Main Market"). This move is expected
to facilitate access to a broader group of investors and further enhance the
Group's profile. Subject to FCA approval, MAB expects to complete the move to
the Main Market in Q2 2026. Further updates will be provided as appropriate.

 

Peter Brodnicki, Founder and CEO of MAB, commented:

"MAB delivered a strong financial performance in 2025, and I am pleased that
our ARs are capitalising on a buoyant refinancing market which gathered
momentum in the second half of the year and offers significant opportunities
in 2026 and beyond.

 

Optimism is returning among many of our ARs. It is particularly encouraging to
see organic adviser numbers returning to meaningful growth, alongside
improving adviser productivity and we see that trend continuing.

 

2025 was an active year for M&A, as we consolidated our holdings in a
number of existing businesses and added some high-quality strategic
investments to strengthen our proposition. In 2026 and 2027, we expect to
focus on integration and on optimising the margins and profitability of
businesses brought into the group, which much of the M&A last year will
support.

 

Over the past five years, MAB has made record investments in people and
in-house technology, building a strong platform to deliver on its ambitions.
Since joining MAB as COO in September, Yaiza Luengo is already having the
expected impact driving operational efficiency across the group.  Her
expertise in leveraging technology, data, and AI, to optimise performance and
growth will provide important leadership in what will be a period of
significant opportunity for MAB that will be leading the digital
transformation of our sector.

 

We remain focused on delivering our strategic priorities and medium-term
growth targets, and my team and I look forward to updating investors on these
topics at our Capital Markets update on 28 January."

 

 1  Twenty7tec.

 

2 Excludes directly authorised advisers, later life advisers without a
mortgage and protection license, and advisers in the process of being
onboarded who are not yet able to trade.

3 UK Finance Mortgage Market Forecasts, December 2025. Includes Product
Transfers.

 

 

 

Enquiries:

 Mortgage Advice Bureau (Holdings) plc             Via Camarco
 Peter Brodnicki, Chief Executive Officer

 Emilie McCarthy, Chief Financial Officer

 Yaiza Luengo, Chief Operating Officer

 Nominated Adviser and Joint Broker

 Keefe, Bruyette & Woods, a Stifel Company           +44 (0) 20 7710 7600

 Erik Anderson / Jason Grossman / Francis North

 Joint Broker

 Berenberg                                         +44 (0) 20 3207 7800

 James Felix / Michael Burke / Dan Gee-Summons

 Joint Broker

 Peel Hunt LLP                                     +44 (0) 20 7418 8900

 Andrew Buchanan / Thomas Philpott / Rob Parker

 Media Enquiries

 Camarco                                           mab@camarco.co.uk

 Tom Huddart / Letaba Rimell

 Investor Relations                                Investor.relations@mab.org.uk

About MAB:

MAB is one of the UK's leading consumer intermediary brands and specialist
networks for mortgage advisers.

Through its partner firms known as Appointed Representatives (ARs), MAB has
over 2,000 advisers providing expert advice to customers on a range of
mortgage, specialist lending, protection, and general insurance products. MAB
supports its AR firms with proprietary technology and services, including
adviser recruitment and lead generation, learning and development, compliance
auditing and supervision, and digital marketing and website solutions.

For more information, visit www.mortgageadvicebureau.com
(http://www.mortgageadvicebureau.com)

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