IntegraFin Holdings PLC (IHPGF) Q2 2026 Earnings Report

The call presented a broadly positive performance: strong record gross inflows, double‑digit revenue growth, robust profit growth (PBT +16%) and margin expansion to 51%, supported by excellent cash conversion and an increased interim dividend. Operational initiatives—APIs, automation and selective AI adoption—are intended to drive further efficiency and scalability. Headwinds are manageable: revenue margin moderation from tiered pricing and prior fee reductions, a one‑off rise in regulatory capital requirements, and some non‑recurring cost benefits that temper sustainable cost declines. Management reiterated conservative cost guidance (3% admin growth) and maintained capital allocation discipline. On balance, the strengths and momentum materially outweigh the manageable challenges.

Management reiterated no change to revenue and cost guidance, targeting underlying administrative expense growth of 3% in FY26 and FY27 (FY26 admin expense target ~£94m) with H2 cost growth expected to slow versus H1, upgraded net interest income to £10m (FY26) and £11m (FY27) and expecting net policyholder gains of ~£2m pa; they expect revenue‑margin moderation to slow (c.1bp YoY impact from tiered pricing and prior family‑linked fee cuts, with roughly 3/4 of FUD growth flowing into annual charge income), and continued strong cash conversion of ~100% (HY26: PAT £33m, liquidity generated £34m). The board retains a 60–65% payout policy and declared a 3.8p interim dividend (+15%); H1 operational/financial context: average daily FUD +17% to £77.5bn, gross inflows >£6bn, net inflows £2.4bn (+14%), platform revenue £83.2m (+11%), group revenue £85.8m (+11%), underlying PBT £43.9m (+16%) and PBT margin 51%.