TPFG’s record FY25: bigger, faster, and paying out more
TPFG has posted a record set of final results for the year to 31 December 2025. Revenue rose 25% to £84.3m, EBITDA jumped 49% to £30.3m, and adjusted profit before tax climbed 39% to £31.0m. Cash generation stayed strong and the full year dividend is up 22% to 22p per share.
The bigger story: 2024’s acquisitions (Belvoir and The Guild/Fine & Country) have clearly bedded in, with 9% growth on a pro-forma basis. Half the top line is recurring (51%), which matters in a cyclical sector. Management is leaning into its platform model to extract synergies and launch new products for franchisees.
Headline numbers investors will care about
| Revenue | £84.3m (+25%; +9% pro-forma) |
| EBITDA | £30.3m (+49%) |
| Adjusted profit before tax | £31.0m (+39%) |
| Diluted EPS | 29.9p (+70%) |
| Adjusted basic EPS | 40.3p (+27%) |
| Operating cash flow | £22.1m (conversion 116%) |
| Net debt | £2.3m (down from £9.1m; leverage <0.1x) |
| Recurring revenue share | 51% |
| Dividend | 22.0p FY (+22%); final 15.0p proposed |
| Key dates | Ex-div 7 May 2026; Record 8 May 2026; Pay 1 June 2026 |
Why this performance matters
Three things stand out. First, quality of earnings: lettings-weighted Management Service Fees (MSF) rose 14% to £32.4m and cash conversion was 116%. Second, scale advantage: the Privilege programme added £1.5m of high-margin revenue in year one, and Financial Services delivered record volumes. Third, balance sheet: net debt is down to £2.3m with £10.9m of cash. That gives TPFG room to keep investing, keep buying, and keep paying.
Franchising: lettings resilience with a small portfolio dip
Franchising remains the engine, contributing 56% of Group revenue and 78% of adjusted operating profit. Divisional revenue rose to £47.5m, up 9% on a pro-forma basis.
- Lettings MSF: £21.9m, up 15% (6% pro-forma). Managed properties eased to 149,000 (2024: 153,000) as landlords took stock ahead of the Renters’ Rights Act and franchisees slowed portfolio buys. Rental inflation helped bridge the gap.
- Sales MSF: £10.5m, up 13% (9% pro-forma), buoyed by lower borrowing costs and pre-March 2025 stamp duty behaviour.
- Privilege programme: launched to support landlords and franchisees with compliance, rent guarantee and deposit-interest solutions; delivered £1.5m incremental revenue in year one.
What to like: recurring lettings income remains dominant and TPFG is monetising its scale. What to watch: another year of managed-portfolio shrinkage would be a yellow flag, even if pricing and add-ons offset volume.
Financial Services: record mortgages and rising productivity
Financial Services revenue grew 26% to £24.2m (+10% pro-forma) with 25,000 mortgages completed, representing £4.4bn of lending. Adviser productivity improved thanks to better lead allocation, CRM use and early AI trials. Net commissions hit £6.7m (2024: £4.9m).
Strategically, there is more runway. TPFG sees scope to lift penetration across its enlarged estate agency footprint, target the remortgage cycle in FY26, and build a buy-to-let proposition for its landlord base. Post period, TPFG bought 85% of Smart Advice Financial Solutions in January 2026, adding 34 advisers and taking the division to 315 advisers – immediately earnings accretive, per the RNS.
Licensing: Fine & Country expands; The Guild resets
Licensing revenue rose 75% to £12.6m (+3% pro-forma), with adjusted operating profit up 8% pro-forma. Fine & Country added 13 new licensees, including eight international offices across Uruguay, South Africa, Italy, Spain and the Isle of Man – a nice validation of brand equity.
The Guild’s member count moved from 749 to 725, as anticipated given the 12-month notice period. Management has refreshed the value proposition, launched at the February 2026 conference. The aim is simple: better retention, more pricing power, and returning to growth.
AI toolkit and platform effects are starting to show
AI-enabled tools are moving from slide deck to shop floor. An AI sales agent launched in early 2026 is generating 25% more valuation appointments than traditional processes, freeing teams to focus on conversion. A property management automation programme has been trialled in owned offices and will roll out to franchisees from H2 FY26. Expect incremental MSF and productivity gains rather than a single step-change.
Acquisitions: 2024 deals now compounding
Belvoir and The Guild/Fine & Country are delivering as promised. TPFG cites Belvoir’s effective multiple moving from c.10.5x at purchase to c.7.2x on a £14.9m EBITDA run-rate, and The Guild’s from c.5.3x to c.4.9x on a £3.8m EBITDA run-rate. Net operating cash generation equated to c.9.5% cash returns on consideration for both in 2025. That is exactly what you want to see post-integration.
Dividends and balance sheet: paid to wait, funded to grow
The Board proposes a 15.0p final dividend, taking FY25 to 22.0p (up 22%). Dividend cover on adjusted basic EPS is 1.8x. With leverage below 0.1x and £10.9m of cash, the payout looks well underpinned. Management continues to prioritise organic investment and earnings-accretive M&A; buy-backs or specials remain on the table if surplus capital builds.
What could go wrong from here
- Lettings stock: the managed portfolio slipped to 149,000. Prolonged regulatory uncertainty linked to the Renters’ Rights Act could keep some landlords cautious. TPFG’s compliance offering helps, but volumes still matter.
- Licensing friction: The Guild’s membership dip needs to stabilise. The refreshed proposition in 2026 is the test.
- Costs and options: share-based payment charges rose to £2.2m. Not a thesis breaker, but worth tracking given EPS optics.
- Macro and rates: sales momentum benefited from better mortgage affordability and stamp duty dynamics in 2025. If conditions reverse, sales MSF could soften, though the lettings-heavy mix provides cushion.
Outlook: sensible confidence for FY26
Management is guiding to more revenue synergies from scale, a continued Privilege rollout, deeper Financial Services penetration, and AI-enabled productivity. The model is deliberately diversified across Franchising, Financial Services and Licensing, with recurring income at the core. The Board expects to pursue complementary acquisitions that are accretive and strengthen the platform.
My take: this is a high-quality, cash-generative roll-up with defensible lettings exposure, a growing advice arm, and clear operating leverage. The small decline in managed units and the Guild membership reset are the main watch items. Otherwise, this reads like a well-executed integration year that sets a solid base for 2026.
Quick facts and KPIs
- Managed portfolio: 149,000 properties (2024: 153,000)
- Residential sale transactions: 35,000 (2024: 30,000)
- Sales pipeline: £33.0m (2024: £33.4m)
- Financial Services: 25,000 mortgages; £4.4bn lending
- Licensing: 13 new Fine & Country licensees; eight international
- Cash generated from operations: £22.1m (2024: £14.7m)
- Net debt: £2.3m; cash: £10.9m; bank debt: £13.2m
Bottom line
TPFG has emerged from a transformative year with higher profits, stronger cash flow and a fatter dividend. The platform approach is starting to monetise through programmes like Privilege and early AI tools, while the balance sheet gives room to keep compounding. If the Guild reboot sticks and lettings stock stabilises, FY26 could be another step up.
