EarningsQ4 2026 Earnings Report

Manolete Partners Plc (2BE) Q4 2026 Earnings Report

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Previous Report: Q2 2026

DE:2BE Q4 2026 EPS Results

Actual EPS€0.04

Consensus EPS―

Beat/Miss―

One Year Ago EPS€0.03

DE:2BE Q4 2026 Revenue Results

Actual Revenue€15.63M

Expected Revenue―

Beat/Miss―

YoY Revenue Growth-7.57%

Earnings Announcement Details

QuarterQ4 2026

Date06/25/2026

TimeBefore Open

Conference CallThursday, June 25, 2026

DE:2BE Upcoming Earnings

Manolete Partners Plc's next earnings date is estimated for November 5, 2026, based on past reporting schedules.

Q4 2026 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q4 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q4 2026 Earnings Call Summary

Q4 2026

Earnings Call Date:Jun 25, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call presents a balanced picture: strong forward-looking indicators (a materially larger forward book, higher average claim values, improved gross margins, and strategic hires/BD initiatives) suggest meaningful future revenue and margin upside. However, near-term financials show constraining factors — a very modest adjusted realized PBT after a significant specific provision, ECL charges, a small net cash outflow, capital tied up in non-core cartel claims, and a modest increase in net debt. Management has set clear medium-term targets and emphasized operational levers to drive growth, but investor concerns about debtor risk, timing of cash realization and capital allocation (including no near-term buybacks) temper the outlook.

Company Guidance

Management guided to a clear medium‑term (3–5 year) plan to drive realized revenues, profits and cash by increasing average realized revenue per completed case from £93k to £150k and average revenue per lawyer from £1.9m to £2.3m; supporting metrics include a record forward book of £67m (+£18m, +37% YoY) with average forward‑book claim value up to £158k (from £124k) and £32m of large cases (≥£0.5m, up from £21m). FY2026 trading showed realized revenue ~£28m, gross cash receipts £26.6m (+£1m, +4% YoY), adjusted realized PBT £0.1m (or £1.9m excluding a £1.8m specific bad‑debt provision), gross margin 37% (vs 32%), investment value of cases £46m (≈+£5m), £7.2m invested in new/ongoing cases (+5% YoY), and net debt slightly higher at £11.5m versus an HSBC RCF of £17.5m. Operational guidance emphasises keeping net debt under 50% of gross cash receipts, prioritising reinvestment in higher‑value cases and the legal team (three hires in FY26, selective future hires), converting the forward book (average case life ~14 months, ~12 months to collect, >90% settled by agreement), resolving cartel exposures and overdue debt (trade debtors overdue fell 18% to £12.3m; ECL charge £3.6m including £1.8m for two debtors with £4.7m net exposure), and returning capital to shareholders in the medium term (dividends/share buybacks possible, but no buybacks planned today).

Strong Forward Book Growth

Forward book increased by GBP 18 million (37% year-on-year) to GBP 67 million (excluding cartel cases); average claim value in the forward book rose from GBP 124,000 to GBP 158,000, with large cases (>= GBP 0.5m) now comprising GBP 32 million (up from GBP 21 million).

Realized Revenue and Cash Receipts

Realized revenue for FY 2026 was almost GBP 28 million. Gross cash receipts were GBP 26.6 million, up GBP 1.0 million (4%) year-on-year.

Improved Gross Margins

Gross margin improved by 5 percentage points to 37% in FY 2026 (from 32% prior year), driven by a cartel settlement in H1 and a higher number of higher-value, higher-margin case completions in H2.

Operational and Strategic Progress

Signed-case value on the books increased by 23% year-on-year; three experienced lawyers were added to the in-house legal team; investment in CRM and BD initiatives launched to scale referrals and improve portfolio quality.

Medium-Term Targets and Unit Metrics

Management set medium-term targets: increase average realized revenue per completed case from GBP 93,000 to GBP 150,000 and raise average revenue per lawyer from GBP 1.9m to GBP 2.3m (3–5 year horizon).

Balance Sheet and Investment in Cases

Investment in cases (fair value) increased by almost GBP 5 million to GBP 46 million; net asset value increased by ~3%; investment in new and ongoing cases was GBP 7.2 million (up 5% year-on-year).

Market Position and Reputation

Maintained market leadership with Chambers Band 1 ranking for a sixth consecutive year, reinforcing access to high-value referrals and supporting future deal flow.

DE:2BE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 05, 2026	2027 (Q2)	- / -	-0.013	―
Jun 25, 2026	2026 (Q4)	- / 0.04	0.029	44.00% (+0.01)
Nov 19, 2025	2026 (Q2)	- / -0.01	-0.006	-120.00% (>-0.01)
Jun 26, 2025	2025 (Q4)	- / 0.03	0.008	257.14% (+0.02)
Nov 19, 2024	2025 (Q2)	- / >-0.01	0.016	-135.71% (-0.02)
Sep 03, 2024	2024 (Q4)	- / <0.01	0.035	-76.67% (-0.03)
Nov 16, 2023	2024 (Q2)	- / 0.02	-0.001	1500.00% (+0.02)
Jun 22, 2023	2023 (Q4)	- / 0.04	0.042	-16.67% (>-0.01)
Nov 10, 2022	2023 (Q2)	- / >-0.01	0	―
Jun 23, 2022	2022 (Q4)	- / 0.04	0.015	176.92% (+0.03)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed