Personal Group Holdings Reports Strong FY2025 Results with EBITDA Ahead of Expectations

Personal Group FY 2025 trading update: double-digit growth and an EBITDA beat

Personal Group Holdings has delivered a tidy set of numbers for FY 2025, with revenue up 11% to approximately £48.4 million and adjusted EBITDA up 21% to approximately £12.1 million. Crucially, EBITDA is ahead of market expectations of £11.6 million – a clear positive signal on execution and operating leverage.

The company will publish its full FY 2025 results and confirm the final dividend on 24 March 2026. Until then, this trading update gives us a good read on momentum across both insurance and the digital benefits platform.

Key numbers at a glance

Metric	FY 2025	FY 2024	Change
Revenue	c.£48.4m	£43.8m	+11%
Adjusted EBITDA	c.£12.1m	£10.0m	+21% (ahead of £11.6m expectations)
Insurance API	£40.5m	£36.0m	+c.12%
New insurance sales (API)	£15.4m	£13.9m	+11% (record)
Benefits Platform ARR	c.£7.1m	£6.7m	+c.6%
Pay & Reward digital ARR	£0.81m	£0.71m	+14%
Cash balance (31 Dec 2025)	c.£29m	£27.4m (date in RNS shown as 31 Dec 2025)	No debt

Insurance engine is humming: record sales and strong retention

Insurance remains the growth driver. New annualised insurance sales hit a record £15.4 million, up 11%. Total Insurance API rose to £40.5 million, up approximately 12%. Retention stayed robust at over 80% year-on-year, and claims levels dipped slightly in H2 as anticipated – both helpful for profitability.

Importantly, new client wins in the period will open the door to around 50,000 additional employees during 2026. For a business that sells through a face-to-face model, expanding the reachable workforce is the raw material for future policy growth.

Innovation is starting to show up in the pipeline too. Digital Insurance was trialled with 17 customers and received positive feedback, and the new Group Cash Plan has landed its first customers with a partnership in place with a major benefits provider.

Benefits platform and SaaS momentum: ARR ticking up

The digital benefits platform – Hapi and Sage Employee Benefits – grew ARR to approximately £7.1 million, up around 6%. The partnership with Sage was renewed and expanded, with Ireland going live in July 2025. There is also a new SMB partner, EB Now, with the first 15 clients live in H2 FY 2025.

Separately, the Pay & Reward division launched its new SaaS platform, Pathfinder, and saw digital ARR increase 14% to £0.81 million. It is still a relatively small base, but the direction of travel is encouraging and aligns with the Group’s longer-term SaaS ambitions.

Balance sheet strength: cash pile and no debt

Personal Group closed the year with approximately £29 million of cash and no debt. That gives the company flexibility to keep investing in product and distribution while weathering any bumps in claims or the macro backdrop.

The RNS also shows a comparator figure of £27.4 million in brackets with the same date (31 December 2025) noted. The prior period date is not clearly stated in the release.

Why this update matters for investors

• Beat on profitability – Adjusted EBITDA of approximately £12.1 million versus expectations of £11.6 million. That suggests good cost control and operating leverage as revenue scales.
• Quality of revenue improving – Growth in recurring insurance API and platform ARR provides visibility into FY 2026 and beyond.
• Distribution expanding – Access to circa 50,000 new employees in 2026 is a meaningful pipeline addition for both insurance and digital benefits cross-sell.
• Product innovation landing – Digital Insurance trials, a Group Cash Plan launch, and the Pathfinder SaaS platform all point to a broader, more modern offering.
• Financial resilience – Approximately £29 million of cash and no debt gives room to execute the 5-year strategy.

Balanced view: the good, the gaps, and the watchouts

Overall, this is a positive trading update with broad-based growth, an EBITDA beat, and healthy cash. Insurance continues to lead, and the digital ecosystem is gaining pace through Sage, EB Now, and Pathfinder.

On the flip side, benefits platform ARR growth of around 6% is steady rather than spectacular, and we will want to see that accelerate if the Group is to reach its 2030 SaaS ARR ambition. Retention and claims trends were favourable in H2, but both are variables to monitor given their impact on margins.

What to watch into 2026 and the 24 March results

• Dividend details – The final dividend will be confirmed with the FY results on 24 March 2026.
• Margin drivers – More colour on the mix, claims performance, and cost discipline behind the EBITDA beat.
• ARR acceleration – Evidence that platform ARR can step up from c.6% growth, including traction from Sage Ireland and EB Now.
• Digital Insurance rollout – Conversion from the 17-customer trial to scaled deployment and revenue impact.
• Pipeline conversion – How quickly the c.50,000 new employee access translates to API growth.
• Cash deployment – Any indication of investment priorities given the near-£29 million cash position and no debt.
• 2030 ambition roadmap – Progress markers toward at least £100 million revenue, £30 million EBTIDA and £20 million SaaS ARR.

Outlook: a clear growth agenda and long-term targets

Management’s focus is on sales execution, product innovation, and widening the addressable employee base through new customers and partnerships. If they keep delivering along those lines, the stated 2030 ambitions – at least £100 million revenue, £30 million EBTIDA and £20 million SaaS ARR – look a credible north star.

The tone of the update is confident, backed by hard numbers. For now, the combination of recurring revenue growth, record new insurance sales, and a cash-rich, debt-free balance sheet makes for a constructive setup heading into March.

Quick jargon buster

• Adjusted EBITDA – A profit measure before interest, tax, depreciation, and amortisation, adjusted to exclude items like share-based payments, acquisition and restructuring costs, and certain other charges.
• API (Annualised Premium Income) – The yearly value of active insurance policies, a proxy for recurring insurance revenue.
• ARR (Annual Recurring Revenue) – The annualised value of contracted, repeating software or platform revenues.
• SaaS – Software as a Service, subscription-based software delivered via the cloud.
• SMB/SME – Small and mid-sized businesses/enterprises.