Half Year 2025 IntegraFin Holdings plc Earnings Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ben Bathurst - Royal Bank of Canada - Analyst : Good morning. I'd like to ask questions on two areas, if I may, starting with Time4Advice. I just wondered. What was the change in the value-in-use calculation which meant that an impairment was necessary now and not in earlier impairment testing? So maybe put another way, what has changed with T4A in the last 6 months? Also on T4A, you disclosed the joint user funds under direction of GBP4 billion. I wondered if you could guide on an acceptable growth rate for that FUD figure looking forwards. And second area of questioning is around costs. Employee costs increased by 10%, with head count growth of 1%, in the first half. I wondered. Could you provide some color on the expected split of head count growth versus remuneration growth for the full year? Should we be expecting a sort of similar dynamic to play out there with a greater contribution from remuneration growth than head count? And also, to what extent is the guidance around moderating expense growth in FY '26 and beyond predicated on lower future annual salary increases than those that we've seen in the first half? Thank you.

Question: James Allen - Panmure Liberum - Analyst : Hi, good morning, Alex. Good morning Euan. Three for me, if I can one on T4A, which I'll start with. How much has actually been paid for T4A since acquisition? I think it was up to [26 million] consideration originally, and I was just wondering whether any remaining deferred consideration has now been written off. Second question the digitalization appears to be going well. You can see from the presentation 90% of new portfolios are now opened fully online by advisers. I was just wondering how that compares to peers. Is that improvement in digitalization kind of catch-up, or are you now ahead of the curve versus competition? And then finally, what proportion of the clients on the platform are classed as non-advised for whom you've reduced charges from January 1, 2025? Thanks.

Question: Rahim Nizar Karim - Investec Bank plc - Analyst : Good morning. Two questions, if I may, one to follow up from Ben's around the impairment and write-down for T4A. Euan, you mentioned the fact that pricing was one of the big drivers. Could you just elaborate on that a little bit? Is that because you're trying to win these enterprise solutions and therefore there is a different pricing level to the one that you previously anticipated being able to achieve? Or is there something else going on? And then the second is probably a slightly bigger picture question. And what kind of lessons have you learned from the T4A deal given it's several years now since that was done and fully bedded in? And does it create the desire to do further deals, whether it's in terms of consolidating your space in the platform market or perhaps broadening your offering to make it more attractive to the adviser network? It would just be useful to get your thoughts on both of those 2 points. Thank you.

Question: Rahim Nizar Karim - Investec Bank plc - Analyst : That's very helpful. And apologies, Euan, for misrepresenting what you said. That wasn't my intention.

Question: Greg Simpson - BNP Paribas Exane - Analyst : Yeah. Good morning. Three from my end. Firstly, on gross outflows or -- relative to funds [in] direction. They've been about 9% annualized this period. How do you -- what's your view about how that evolves going forwards given it was more like a 5% to 7% in some of the older periods? Do you see scope for it to continue to fall as interest rates fall? Second question is given you're quite a client-friendly platform in terms of interest paid to clients. So is it fair to think there's less need to reduce the headline annual platform charge today, in terms of how you're thinking about kind of pricing changes going forwards? And then the third question. It just would be interesting to hear what the penetration of MPS is on the Transact platform and how the partnership with BlackRock has scaled, if possible. Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 21, 2025 / 8:30AM, IHPI.L - Half Year 2025 IntegraFin Holdings plc Earnings Presentation

Question: Vivek Raja - Shore Capital Group Ltd - Analyst : Hi, morning. Apologies. I was on mute. And apologies it's more on T4A. I wanted to understand what exactly -- if you can sort of specify, what further integrations or enhancements you planned for rolling this out in full in terms of sales attention. And I just wondered if I could sort of push you to suggest over medium term how much overlap do you think is achievable between Transact and CURO. I know that's at about GBP4 billion now. What do you sort of aspire to for that over the medium term? Thanks.