1 October 2025

Peel Hunt Limited

("Peel Hunt")

Half Year Trading Update: Strategic progress and a strong H1

Peel Hunt, a leading UK investment bank, today issues a trading update for the six-month period ended 30 September 2025 (H1 FY26).

Group revenue for H1 FY26 is expected to be approximately £73.8m, up from £53.8m in H1 FY25, an increase of over 37% year-on-year.

At the time of our IPO in 2021, Peel Hunt outlined clear strategic ambitions. Despite the challenging macro-economic and market environment in the period since, the Group has been successful in delivering against those ambitions. We are now pleased to see this progress reflected in our financial performance.

Over the period, we have significantly enhanced our corporate client base, with a particular focus on adding high-quality mid-cap and growth companies. Our FTSE 350 client base has grown by 78%, from 32 FTSE 350 companies at the time of IPO to 57 companies today, comprising 5 FTSE 100 and 52 FTSE 250 clients. The aggregate market capitalisation of our client base has increased from £116bn to £152bn over the same period, a rise of 31%, and while we act for a broad range of companies, the average market capitalisation of our clients now stands at over £1bn.

Our strategy to diversify beyond our core ECM business, acting as a trusted advisor to our clients, has delivered strong results. In H1 FY26, we acted as lead financial advisor on 11 M&A transactions with a total deal value of £8.4bn, ranking third in the UK M&A league tables behind only global investment banks. M&A fees have been a significant contributor to Investment Banking revenues over the past three years.

We have continued to invest in our distribution capabilities, particularly internationally. In addition to our New York office, we opened an office in Copenhagen in 2024, reinstating pre-Brexit access to European investors, and will shortly launch Peel Hunt Middle East in Abu Dhabi. With one of the largest global sales teams targeting international and domestic funds focused on UK equities, we believe we offer the leading platform for UK mid-cap and growth companies.

Our ambition to enhance competitiveness through technology has also yielded strong results. Execution Services delivered its best half-year performance since the record-breaking Covid lockdown period, despite increased market competition.

Earlier this year, the Board made a strategic decision to refocus the business on delivering sustainable profitability through the economic cycle. This included a reduction in fixed costs, alongside a commitment to continue investing in our client service capabilities. As a result of these changes, our strong revenue performance is now supported by a leaner and better aligned cost base, which we expect to be reflected in the profitability of the Group over this financial year.

Outlook

Following the typically quieter summer holiday period, trading activity resumed in September. Our Investment Banking pipeline remains healthy, benefitting from several announced transactions expected to complete in the second half of the financial year. While ECM activity, including IPOs, is beginning to emerge, transactions continue to be weighted towards M&A. Despite the ongoing economic and geopolitical uncertainty, we remain optimistic about our performance for the remainder of the year.

Peel Hunt will announce half year results for the six-month period ended 30 September 2025 on 1 December 2025.

For further information, please contact:

Peel Hunt: via Sodali & Co
Steven Fine, CEO

Michael Lee, COO

Billy Neve, Group Finance Director

Sodali & Co (Financial PR): +44 (0)20 7100 6451
Justin Griffiths

Gilly Lock

Russ Lynch
peelhunt@sodali.com

Grant Thornton UK LLP (Nominated Adviser): +44 (0)20 7383 5100
Philip Secrett
Colin Aaronson
Elliot Peters

Keefe, Bruyette & Woods (Corporate Broker): +44 (0) 20 7710 7600
Alistair McKay
Alberto Moreno Blasco
Fred Walsh

Notes to editors

About Peel Hunt

Peel Hunt is a leading UK investment bank that specialises in supporting mid-cap and growth companies. It provides integrated investment banking advice and services to UK corporates, including equity capital markets, private capital markets, M&A, debt advisory, investor relations and corporate broking. The Company's joined up approach combines these services with expert research and distribution and an execution services hub that provides liquidity to the UK capital markets, delivering value to global institutions and trading counterparties alike. The Company is admitted to trading on AIM (LON: PEEL) and has offices in London, New York and Copenhagen.