Fintel Reports Robust FY25 Performance with EBITDA Exceeding Expectations

Fintel FY25 Trading Update: Revenue Up, EBITDA Ahead, and a Leaner Operating Model

Fintel plc has wrapped up 2025 with a solid trading update. Revenue grew c.10% to £85.9 million and adjusted EBITDA came in slightly ahead of market expectations, up c.17% to £25.9 million. The business also completed a major tidy-up of its operating structure into two divisions – Software & Data and Services – positioning itself more squarely as a tech and data platform for the UK retail financial services market.

Here’s what stood out, why it matters, and what to watch next.

Key FY25 numbers at a glance

Metric	FY25	FY24	Comment
Revenue	£85.9m	£78.3m	c.10% growth
SaaS & Subscription revenue	£48.7m	£44.1m	c.10% growth; 57% of total revenue
Adjusted EBITDA	£25.9m	£22.2m	c.17% growth; slightly ahead of market expectations
Organic revenue growth	£0.6m	-	Modest; bulk of growth was inorganic
Inorganic revenue growth	£7.0m	-	Reflects timing of prior-year acquisitions
Cash	£17.3m	-	Supports further investment
RCF headroom	£72.5m	-	On a £120m revolving credit facility
Net debt	£31.1m	£25.3m	Includes IFRS 16 lease liabilities
Leverage	1.2x	1.1x	Comfortable level

Adjusted EBITDA is a profit measure before interest, tax, depreciation, amortisation, share option charges and exceptional operating costs. It’s commonly used to assess underlying trading performance.

SaaS and subscriptions now 57% of revenue

The mix shift towards recurring revenue continues. SaaS & Subscription revenue rose to £48.7 million and now represents 57% of group revenue. That is strategically important because recurring revenue tends to be more predictable and scalable than one-off services.

On the flipside, organic revenue growth was only £0.6 million, with £7.0 million of growth coming from acquisitions, largely due to prior-year deal timing. The transition is working, but investors will want to see the organic engine pick up pace in 2026 as integrations bed in.

Two-division structure: Software & Data and Services

Fintel has implemented a simplified operating model comprising two divisions: Software & Data, and Services. The aim is to accelerate the shift to software, data and recurring revenue while embedding a single technology platform across the Group.

Notable progress includes a unified product and sales team, a single customer data view, and clearer product lines. That should help cross-sell and upsell to Fintel’s significant membership base and institutional customers, which is key to unlocking higher organic growth.

Product launches: Matrix360, Omnicore and digital compliance

• Defaqto Matrix360: the new market intelligence software has onboarded 23 institutional customers. Early adoption is a good signal for demand and pricing power in analytics.
• Omnicore platform: a whole-of-market distribution platform with Protection and Mortgage panels launched. This broadens the distribution toolkit and deepens Fintel’s role between advisers and product providers.
• Digital compliance: solutions are ready to deploy across a large membership base. With regulatory obligations only rising, this is a timely, sticky proposition.

Fintel also continued to invest in AI, customer experience and data sets. None of that instantly shows up in revenue, but it tends to strengthen the product moat and supports premium pricing over time.

M&A integration and operational leverage

The update emphasises continued focus on integrations, synergy capture and improving operational leverage. Practically, that means consolidating acquired assets into clear product lines, aligning sales coverage, and using one data view to expand wallet share per customer.

Given the modest organic growth disclosed, execution here is pivotal. If cross-sell and upsell ramp as planned, organic momentum should improve in FY26.

Balance sheet: cash, headroom and leverage

Fintel closed the year with £17.3 million of cash and £72.5 million of undrawn headroom on its £120 million revolving credit facility. Net debt was £31.1 million, including IFRS 16 lease liabilities, with leverage at 1.2x – a comfortable level for a business with a growing recurring revenue base.

Net debt rose from £25.3 million, reflecting acquisitions and investment in the new operating model. That is a reasonable trade-off if the investments drive higher organic growth and margins through FY26.

Outlook 2026: accretive deal and confidence maintained

Fintel heads into 2026 with a simplified structure and a recurring revenue model that provides a solid footing for organic growth. The January acquisition of Pearson Ham’s Market Pricing Business bolsters the Software & Data division and is expected to be earnings accretive in FY26. In plain English, “earnings accretive” means it should increase earnings per share versus not doing the deal.

The Board remains confident of further progress during 2026, supported by rising demand for technology, data and regulatory support in UK retail financial services.

My take: the positives and the watch-outs

What looks good

• Adjusted EBITDA slightly ahead of market expectations and up c.17% to £25.9 million shows disciplined execution.
• SaaS & Subscription revenue now 57% of group revenue – a healthier, more predictable model.
• Product momentum: 23 institutions on Matrix360, Omnicore launched, and digital compliance ready to roll out.
• Ample financing flexibility with £72.5 million of RCF headroom and a comfortable 1.2x leverage.

What to monitor

• Organic growth was only £0.6 million. With integrations progressing, investors will expect a stronger organic contribution in FY26.
• Net debt increased to £31.1 million. It remains manageable, but future M&A and investment need to translate into visible revenue and EBITDA growth.
• Execution risk as the new divisional model scales. Cross-sell and upsell plans are compelling, but delivery is what counts.

Key dates for your diary

• Full Year Results: 17 March 2026
• Capital Markets Event: 23 April 2026 (details to follow)

Overall, this is a confident update from Fintel. The strategy is coherent, the balance sheet looks supportive, and the product pipeline is doing its job. The next leg is all about converting that platform into stronger organic growth through 2026 – if they can do that, the investment case strengthens markedly.