Manolete Partn. Regulatory News (MANO)

25 June 2026

Manolete Partners PLC

("Manolete" or the "Company")

Audited results for the year ended 31 March 2026

Well positioned for growth in FY27 and beyond; launch of medium-term growth targets

Manolete (AIM:MANO), the UK's leading insolvency claims financing company, today announces its audited results for the year ended 31 March 2026 ("FY26").

Commenting, Mena Halton, Chief Executive Officer said:

"FY26 was a year of strategic progress for Manolete, as we strengthened our team and new business development function to support the next phase of our growth. Our performance remained resilient over the year despite variability in the timing of case completions, and we made strong progress focusing on higher value cases to drive future margin growth.

We have today launched medium-term targets to scale the business, demonstrating our ambition and how we will achieve it and we welcome the accountability this provides to shareholders.

I am confident we're on track to realise the Company's potential: we are the established market leader with a unique proposition, we are continuing to invest in the platform to scale the business, we have a strong forward book, there are strong market drivers and we have a highly experienced Board and team that are driven and ambitious."

Highlights for the year:

· Strong H2 trading performance drove Realised Revenue1 in line with expectations

· Increased strong gross cash receipts

· Progress against strategic priorities led to more referrals, more signed cases and more cases under management

· Significant forward book3 growth provides confidence for increased realised revenue and realised PBT in FY27 and beyond

FY26 Financial Highlights

Realised revenue of £27.9m (FY25: £29.8m) in line with expectations

· 6% reduction year-on-year due to some large case completions moving into FY27.

· Higher gross margins of 37% (FY25: 32%) driven by the Cartel settlement in H1 and an increase in the number of higher value, higher margin case completions in H2.

Strong gross cash receipts of £26.6m (FY25: £25.6m)

· Net debt increased from £11.1m to £11.5m as the increase of £1.0m in gross cash receipts was offset by continued investment in new and on-going cases, restructuring costs and the delayed payment from two large debtors.

Adjusted Realised PBT2 of £0.1m (FY25: £0.8m) includes £1.8m provision in relation to two debts

· Two debtors did not pay when anticipated in the year and the total net exposure to these debtors is £4.7m. The Board remains confident in substantial recovery of these balances, although timing remains uncertain. A £1.8m provision has been made in relation to these debtors. Excluding this provision Adjusted Realised PBT was £1.9m (FY25: £0.8m).

· Including unrealised profits of £2.7m in the year (FY25: £1.0m), which reflect the significant increase in the value of the forward book, Adjusted PBT was £2.8m (FY25: £1.9m), up 54% year-on-year.

Forward book increased significantly in value to £67m (FY25: £49m), with a significant increase in higher value, higher margin cases

· £18m or 37% increase in value of forward book provides confidence for increased realised revenue and realised PBT in FY27.

· Driven by 3 new hires in legal team and new business development initiatives.

· Large cases with a forecast revenue value of at least £0.5m comprise £32m of the forward book, up from £21m at prior year end.

· Average claim value in the forward book has risen from £124k at the end of FY25 to £158k at the end of FY26

Net Asset Value increased by 3% to £42.4m (FY25: £41.1m), driven by the increased value of case investments

FY26 Operational Highlights

Delivered measurable progress against strategic priorities

· Expanded legal team and referral network: The Company made three new hires into the legal team and implemented new business development initiatives to expand the Company's nationwide referral network which helped drive continued growth in the number of new case referrals, which were up 15% to 1,027 in FY26 (FY25: 896 referrals).

· Growth momentum in number and value of new cases: These initiatives and investments have led to £32m of new cases being signed in FY26 (FY25: £26m), representing a 23% increase year-on-year, and this is expected to increase further during FY27 as the enlarged team continues to drive new case signings at higher levels of volume and value.

Refreshed leadership team

· New executive team: During the year, the Company refreshed its leadership team, with Manolete's Managing Director Mena Halton appointed as Chief Executive Officer in August 2025 and highly experienced public markets CFO Will Sawyer appointed as Chief Financial Officer in December 2025.

Market leading reputation maintained

· Manolete was ranked Band 1 for "Litigation Funding: Insolvency" for the fifth consecutive year in the prestigious Chambers Guide.

FY27 Trading and Outlook

· A positive start to FY27: Case signings of £6m and completions of almost £4m in the first two months of FY27 are ahead of the prior year.

· Additional significant upside opportunity: Provided by the remaining Cartel cases which have a balance sheet value of £10m.

· Strong market and forward order book provide confidence in growth prospects for FY27: Given the growth in the forward book and the backdrop of an improving insolvency market, the Board are confident of increasing Realised Revenue and Realised PBT in FY27.

· Launch of medium-term targets to scale the business: the plan includes growing realised revenues by 50% and improving Adjusted Realised PBT margin4  to 12%, while driving higher cash receipts and net cash flow to fund continued investment in new cases to support sustained growth.

1 Realised revenue represents revenue on completed cases.

2 Adjusted Realised PBT and Adjusted PBT are defined as Realised Profit Before Tax and Profit Before Tax before Adjusting Items comprising reorganisation and restructuring costs and share based payment charges totalling £1.2m (see note 8 for more detail).

3 The forward book represents the estimated revenue value of open cases (excluding Cartel cases). Note 2.7 to the accounts provides detail on how cases are valued.

4 Adjusted Realised PBT margin is Adjusted Realised PBT divided by Realised Revenue

The information contained in this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement this inside information is now considered to be in the public domain.

Investor Presentation

Chief Executive Officer, Mena Halton, and Chief Financial Officer, Will Sawyer, will host a live presentation via the Investor Meet Company platform on Friday 26 June 2026, commencing at 09:30 BST.

Manolete welcomes all current shareholders and interested investors to join and encourages investors to pre-submit questions via the Investor Meet Company dashboard up until 09:00 BST on 25 June 2026. Investors can also submit questions at any time during the live presentation.

Investors can sign up to Investor Meet Company for free via: https://www.investormeetcompany.com/manolete-partners-plc/register-investor

A recording of the event will be available on the Investor Meet Company platform afterwards.

For further information please contact:

Manolete Partners

Mena Halton (Chief Executive Officer) via Houston

Will Sawyer (Chief Financial Officer)

Canaccord (NOMAD and Sole Broker) +44 (0)20 7523 8000

Stuart Andrews

Emma Gabriel

Harry Rees

Houston (Financial PR) +44 (0)77 3303 2695

Charlie Barker +44 (0)20 4529 0549

Nick Jackman

Manolete@houston.co.uk

About Manolete Partners PLC

Manolete Partners Plc is the UK's leading insolvency claims financing company. Serving a growing market worth over £500 million annually, the Company has a highly experienced team with coverage across the UK and a proven track record of generating strong historic returns across over 1,400 cases financed and completed to date.

Chairman's Statement

The year to 31 March 2026 has been one of strategic progress for Manolete, as we have strengthened the platform for the next phase of growth.

During the year, we refreshed the leadership team. We were delighted to appoint Mena Halton as Chief Executive Officer in August 2025 and Will Sawyer as Chief Financial Officer in December 2025. This combination of deep sector expertise and public markets experience provides a strong foundation to execute our strategy. The Board comprises a highly experienced group with a balanced mix of financial, legal and governance expertise.

Financial performance remained resilient despite variability in the timing of case completions. Realised revenue was in line with expectations, while gross cash receipts increased. Adjusted realised profit before tax was impacted by a prudent provision in respect of two debtors who did not pay when anticipated and excluding this, underlying performance was ahead of the prior year, reinforcing confidence in the quality of the portfolio.

Operationally, the business has made significant progress. Investment in the legal team and targeted business development has driven a 23% increase in the value of new cases signed to £32m. As a result, the forward book, excluding Cartel cases, increased by 37% to £67m, providing strong visibility on future revenue and profit growth. We are increasingly focused on higher-value cases, which are typically longer duration but deliver higher margins and improved returns.

The UK insolvency market remains structurally supportive, underpinned by elevated levels of corporate distress and a continued need for specialist funding and expertise. As the market leader, Manolete is well positioned to capture a greater share of this opportunity.

A key development during the year has been the launch of our medium-term targets, including growing realised revenues by 50% and improving profit before tax margins to 12%. These targets provide a clear framework for scaling the business and underpin our commitment to delivering sustainable growth and increasing shareholder value.

The Board remains confident in the Company's prospects. With a strengthened leadership team, a growing forward book, and a clear strategic focus, Manolete is well positioned to deliver improved financial performance in FY27 and beyond.

I would like to thank our colleagues, partners and shareholders for their continued support.

Lord Leigh

Non-Executive Chairman

24 June 2026

CEO's Report

Strategic and operational progress

We are focused on growing realised revenues and realised PBT, delivering net cashflows to support ongoing growth and shareholder returns over the medium-term. To achieve this our strategic priorities are:

1. Scaling the business;

2. Improving portfolio quality; and

3. Enhancing operational efficiency

There has been considerable progress made against each priority during the year:

1. Scaling the business

During the year the Company made three new hires into the legal team to drive continued growth in the number of new case referrals and implemented new business development initiatives to grow the Company's nationwide referral network with targeted marketing. This has led to:

· A record number of referrals: new case referrals originate from insolvency practitioners and insolvency and restructuring departments within solicitor firms and they have increased by 15% to 1,027 (FY25: 896).

· A 23% increase in the value of new cases being signed: £32m of new cases were signed in FY26 (FY25: £26m), and this is expected to increase further during FY27 as the enlarged team continues to drive new case signings at higher levels of volume and value.

· A record number of live cases and record forward book value: the number of live cases at year end increased by 6% to 446 (FY25: 429) and the forward book value (excluding Cartel cases) increased by 37% to £67m (FY25: £49m).

The Company has continued to engage with the public sector on a number of volume referral initiatives.

2. Improving portfolio quality

Our strategy is to maintain a wide portfolio of claims but with a focus on higher value cases. These cases typically take longer to complete but are also higher margin.

We have built on our expertise, our proven track record and our reputation to source increasing numbers of higher value claims while continuing to provide a full service to the insolvency market.

Our extensive programme of business development and marketing projects throughout the UK on a wide variety of platforms emphasises the value we add to all insolvency claims, and in relation to high value and complex cases in particular. We have expanded our "lunch and learn sessions" which are very popular with IPs and extended our reach into the market with a series of well attended webinars in addition to maintaining our market leading presence with presentations at international and national industry events As the market leader we are known for delivering results on the full range of claims arising in insolvencies and we highlight our expertise in the areas of auditor professional negligence, the Quincecare duty for banks1 and director misconduct in relation to tax avoidance, VAT fraud and PAYE fraud which are typically higher value claims.

This has resulted in more large cases being signed: cases with a forecast revenue value of at least £0.5m comprise £32m of the forward book at the end of FY26 (FY25: £21m), a 52% increase year-on-year.

Data on claims, referrals, offers and acceptances is collated and analysed to ensure we are assessing and pricing risk to maximise conversion to signed cases and realisations on signed cases.

1 The "Quincecare duty" refers to a bank's duty to exercise reasonable care when processing payments, including (in certain circumstances) refraining from executing instructions given by an authorised agent where there are reasonable grounds to suspect fraud until appropriate enquiries are made.

3. Enhancing operational efficiency

Our legal team is becoming more efficient and able to work a higher case volume through economies of scale as the legal team grows. The enlarged team enables the lawyers to focus on an optimum balance between legal work and business development that drives increased profitability. This helps to provide operational leverage.

In FY27, the Company is investing in a customer relationship management (CRM) system to support further operational efficiencies and scalability. This investment is expected to enhance the management of referral relationships and case pipelines, improve internal coordination and reporting, and support disciplined growth as case volumes and values increase.

Management have a renewed focus on cash collection and has reduced overdue debtors by 18% to £12.3m (FY25: £15.0m).

Medium-term objectives

By focusing on our three strategic priorities and implementing actions described above, the business will generate higher revenue, margins and revenue per head and we have set the following targets for the medium-term:

2Net cashflow is the movement in cash and borrowings (i.e. net debt) excluding the capitalisation and amortisation of borrowing set up costs which are non-cash movements

Capital allocation

Our primary capital allocation priority remains investment in new and on-going cases, particularly higher‑value claims that enhance returns and support economies of scale. We continue to invest selectively in our legal team, business development and operational efficiencies to drive operational gearing and sustainable growth.

We consider leverage with net debt under 50% of gross cash receipts to be appropriate to support portfolio growth and to manage timing mismatches between case investment and cash realisation. In assessing balance sheet capacity, the Board looks to gross cash receipts as the most relevant measure of debt serviceability. We do not view debt as a permanent feature of the business and expect leverage to decline structurally as the current portfolio is realised and cash receipts increase.

We are committed to maintaining a prudent balance sheet and using debt as a flexible funding tool. We will prioritise maintaining leverage within an appropriate range and returning surplus capital to shareholders. Over the medium term, we expect net debt to reduce as a proportion of gross cash receipts. Shareholder returns are expected to form a recurring element of the capital allocation framework in the medium term and will be delivered through dividends, share buybacks or a combination of both.

The strategic priorities are summarised below.

Focus: Grow realised revenues and profitability, delivering net cashflows to support ongoing growth and shareholder returns in the medium-term

Strategic enablers:

1. Scale the business - volume referrals and investment in growing legal team and referral network

2. Improve portfolio quality - focus on higher value, higher margin cases; reduce very small, less profitable claims while maintaining portfolio balance

3. Enhance operational efficiency - economies of scale enable optimum balance between legal work and business development; investment in CRM

Manolete's proposition

Manolete continues to be the UK's leading insolvency claims financing company, purchasing, managing and monetising insolvency claims and providing increased returns to creditors.

We offer Insolvency Practitioners a fast, risk-free and cost-effective means of securing optimal returns for creditors and across the full range of claims arising in insolvencies whether against the former directors or third parties.

Our proposition is based on:

· Unlocking recoveries for creditors: we benefit the wider economic community by increasing returns to creditors including HMRC on claims that otherwise wouldn't be pursued where Insolvency Practitioners lack the capital or risk appetite.

· Upholding accountability for wrongdoing: we hold directors and third parties to account.

· Our unique selling point is the ability to swiftly analyse claims, to make fast investment decisions and to optimise returns on claims. Purchasing claims ensures we control the claims which are project managed by our in-house experts. The experienced 17 strong legal team have expertise in all aspects of contentious insolvency and the legal and commercial skills needed to develop claims, successfully navigate the litigation process, control costs and maximise realisations.

· Our differentiated network of experienced lawyers across the UK provides national coverage and they have built strong relationships with Insolvency Practitioners and external lawyers specialising in insolvency, which generates a high level of repeat business. We have strategic partnerships with all three insolvency regulatory and trade bodies which helps to underpin deal flow and case quality.

· An exemplary award-winning reputation. We're the only firm that's been awarded the prestigious Band 1 for Insolvency Litigation Funding in the Chambers Guide every year from 2021-2025. We have also been awarded The Financial Times Europe Long-Term Growth Champion 2025.

· Proven track record with over 1,900 claims financed and almost 1,500 completed to date. Our investment track record, by vintage, continues to demonstrate strong results, with £189m having been recovered in total and demonstrable short case durations averaging 14.1 months3. On average, cash collection takes around 12 months after legal completion. The vintage table is shown in the CFO Report.

3 The Company calculates case duration from the date the investment agreement is signed to the date the case is legally concluded.

The Status of the UK Insolvency Market4

Insolvencies in England and Wales rose marginally in 2025 to 23,942 (2024: 23,881) and were the second highest on record. Over the last 10 years insolvencies have risen by 63%.

Creditors' Voluntary Liquidations (CVLs) account for the majority of company insolvencies in the UK (77% in 2025) and the past four years have seen the highest four numbers for CVLs since 1960. CVLs are the largest source of referrals to Manolete.

In 2025, compulsory liquidations were at the highest levels since 2012, having increased by 15% compared to 2024. This is a continued increase from record low levels seen in 2020 and 2021 while restrictions applied to the use of statutory demands and certain winding up petitions (leading to compulsory liquidations). HMRC is often the petitioner on winding up petitions and compulsory liquidations are a good source of referrals to Manolete where there has been director misconduct in relation to tax issues.

Administrations have continued to recover from the 18-year low seen during the COVID-19 pandemic in 2021. Administrations typically give rise to higher value claims referrals.

The UK insolvency market continues to be significant and provides visible opportunities for Manolete to expand its share of the claim opportunities in that market and the 37% increase in forward book value demonstrates positive progress on claims acquisition.

4 Sources: Insolvency Service (compulsory liquidations only); Companies House (all other insolvency procedures)

Current Trading and Outlook

The forward book at 31 March 2026 was £67m and has grown by £18m or 37% year-on-year. This has been driven by the investment in the legal team and business development initiatives which has resulted in higher value cases being signed. Large cases with a forecast revenue value of at least £0.5m comprise £32m of the forward book, up from £21m at prior year end.

The Company is focusing on higher value cases, which typically take longer but are higher margin, and the average claim value in the forward book has risen from £124k to £158k.

Case signings and completions in the first two months of FY27 are significantly ahead of the prior year and given the growth in the forward book and the backdrop of an improving insolvency market, the Board are confident of increasing Realised Revenue and Realised PBT in FY27.

We have launched our medium-term targets to scale the business, demonstrating our ambition and how we will achieve it and we welcome the accountability this provides to shareholders.

I am confident we're on track to realise the Company's potential: we are the established market leader with a unique proposition, we are continuing to invest in the platform to scale the business, we have a strong forward book, there are strong market drivers and we have a highly experienced Board and team that are driven and ambitious.

Mena Halton

Chief Executive Officer

24 June 2026

CFO's Report

Comparative information has been restated to reflect the discounting of long-term debtor and creditor balances and the alignment of presentation of contract assets and liabilities. See Note 3 for more detail.

Statement of Comprehensive Income

1. Revenue from completed cases

2. Realised PBT excluding adjusting items

3. Total PBT excluding adjusting items

FY26 represents a year of underlying operational progress alongside short-term earnings volatility, primarily driven by case timing and specific debtors not making payment when anticipated.

The modest reduction in realised revenue was primarily driven by the timing of larger case completions shifting into FY27. This was more than offset operationally by improved realised gross margins (37% vs 32%) driven by the Cartel settlement in H1 and an increase in the number of higher value, higher margin case completions in H2.

Despite a 6% reduction compared to FY25, realised revenue in FY26 was still considerably higher than previous years.

Two debtors did not pay when anticipated in the year and the total net exposure to these debtors is £4.7m. The Board remains confident in substantial recovery of these balances, although timing remains uncertain and has made a £1.8m provision. Excluding this provision, Adjusted Realised PBT was £1.9m (FY25: £0.8m).

The divergence between Adjusted Realised PBT of £0.1m and Adjusted PBT of £2.8m reflects the significant growth in the forward book and associated gross profit on unrealised cases of £2.7m, being the fair value movement on open cases. PBT, which includes Adjusting Items of £1.2m that predominantly relate to Board restructuring, was £1.6m (FY25: £1.6m). The reconciliation between profitability measures is as follows:

Income statement presentation

The presentation of the income statement has been revised so that profits attributable to unrealised cases are recognised within gross profit only, rather than being reflected within both gross revenue and gross profit. The Board believes this change enhances the clarity and transparency of the Company's performance.

Operating expenses

Operating overheads excluding one-off and non-cash items fell by 4% year-on-year to £5.6m. The continued investment in scaling the platform with three new legal team hires was more than offset by a saving in management costs due to the Company restructuring its leadership team, including the CEO and CFO roles, and making changes to operational roles to improve efficiency and decision making. The non-recurring element of the costs has been presented as adjusting to enable a more refined evaluation of financial performance.

Finance costs have reduced considerably from £1.6m to £1.1m due to a negotiated reduction in the interest charged on the loan facility from March 2025 from 4.7% above SONIA to 4.0% above SONIA and due to interest rates having fallen considerably since the beginning of FY26. Although they are expected to increase over the next 12 months, they are expected to remain under the level at the beginning of FY26.

The Company has benefited from utilising brought forward tax losses which has reduced the amount of corporation tax expected to become payable in respect of FY26 to £0.3m.

Earnings per share

Earnings per share remained broadly the same at 2.50 pence (FY25: 2.52 pence as restated), as earnings remained flat at £1.1m.

Dividend

The Board has not recommended a dividend in respect of this financial year (FY25: £nil). The priority of the Company is to retain cash reserves for investment in current and future cases and reduce net debt.

Statement of Financial Position

Net debt increased from £11.1m to £11.5m as the increase of £1.0m in gross cash receipts was offset by continued investment in new cases, restructuring costs and the delayed payment from the two large debtors.

Despite two debtor payments not received as anticipated, overdue debtors fell by 18% to £12.3m as the Company renewed its focus on collections, and consequently current debtors within term increased from 57% to 62% of total debtors.

Investment in cases are shown at fair value, based on the Company's estimate of the future realised profit, plus prepaid capitalised costs. The investment value has increased by almost £5m to £46.0m due to an increase in signed cases, an increase in the value of cases signed in previous years and an increase in work-in-progress relating to on-going cases.

Management review valuations of cases quarterly, following discussion on a case-by-case basis with the in-house legal team, to reflect management's view of fair value. In addition, at the final reporting periods, a sample of material valuations are corroborated with the external lawyers working on the case and an independent legal expert, who provide legal opinions as to the status of the case. The Company does not capitalise any internal costs, such as salaries.

As at 31 March 2026 the Company had drawn down £13.25m (FY25: £12.5m) of its £17.5m HSBC loan facility and continued to deploy loan capital during the year to finance investment in cases. The Company held cash reserves of £1.2m at 31 March 2026.

The Company met all its covenants in FY26 in relation to the loan facility. HSBC waived the requirement for former CEO Steven Cooklin to maintain a minimum shareholding in the Company.

Net Asset Value has increased by 3% to £42.4m (FY25: £41.0m), driven by the increased value of case investments.

Cashflow

Gross cash receipts of £26.6m were £1.0m higher than the previous year due to the strong completions in the year, including the Cartel case settlement, and a renewed focus on cash collection relating to completions in prior years.

The business continues to demonstrate strong cash generation dynamics with cash generated before reinvestment of £8.1m (FY25: £9.4m) and reinvestment in new and existing cases of £7.2m (FY25: £6.9m). The reduction in cash generated before reinvestment is due to one-off restructuring costs. The Company has increased the amount invested in new and on-going cases as part of the deliberate strategy to drive future growth.

Net cashflow is the movement in cash and borrowings (i.e. net debt) excluding the capitalisation and amortisation of borrowing set up costs which are non-cash movements. The reconciliation between the net movement in cash per the cashflow statement and net cashflow is as follows:

Signed cases and forward book

The most significant indicator of future performance is the forward book, which increased materially to £67m (+37%), excluding Cartel cases. The forward book represents management's estimate of future realised revenue from open cases. The principal driver of the increase was £32m of new cases signed (+23%), together with a rise in the average case value within the forward book from £124k to £158k. This reflects an increasing proportion of larger, higher-value claims, which are typically associated with higher margins.

This supports improving portfolio quality, scale and earnings visibility, and underpins confidence in increased revenue and profits in FY27.

Over the medium term, the Company expects a gradual normalisation of the current higher level of the forward book.

Historic Returns

The vintage table demonstrates consistent portfolio investment performance over 17 years. 1,477 cases have been completed, representing 76% of lifetime investments, with an average case completed in 14.1 months. Gross margins have been steadily increasing in recent years from 26% for cases signed in FY22 to over 40% for cases signed in FY25 and FY26.

The combination of a significantly larger forward book, improved portfolio quality and continued investment in legal capability positions the business to deliver improved realised revenues and cash generation in FY27 and beyond.

Will Sawyer

CFO

24 June 2026

Statement of Comprehensive Income

The above results were derived from continuing operations. See Note 3 for details of the restatement.

The notes form part of these financial statements.

Statement of Financial Position

The notes form part of these financial statements. See Note 3 for details of the restatement.

The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2026.

Statement of Changes in Equity