Annual Report 2026
Annual Report and Accounts 2026
What we want to achieve
We will constantly challenge the status quo to drive better outcomes for members and policyholders, offering our people exciting and rewarding careers, whilst achieving profitable growth.
Our values
We are ambitious
We do the right thing
We are agile
We are helpful
We are experts
Our strategic priorities
Regulatory change
Expand services
Mergers and acquisitions
Grow market share
Financial highlights
Revenue
+13%
Adjusted EBITDA1
+9%
Adjusted diluted earnings per share2
+8%
FTE employees3
+6%
Proposed full year dividend
+11%
Net debt/adjusted EBITDA4
+12%
Profit before tax
-5%
Basic earnings per share
-12%
- Adjusted EBITDA excludes the impact of exceptional and non-trading items (see note 5 in the financial statements). See table 1 in the appendix to the Chief Financial Officer’s Review for more detail.
- Adjusted diluted earnings per share is based on adjusted profit after tax, which excludes the impact of exceptional and non-trading items and the tax impact of these items (see note 5 in the financial statements). Also see table 3 in the appendix to the Chief Financial Officer’s Review.
- As at year end.
- For banking covenant purposes, net debt is the drawn revolving credit facility less cash held. This includes any amount owed as contingent consideration, but excludes lease liabilities.
Operational highlights
Number of transactions for which we provided risk transfer advice
37
2025: 32
Number of schemes that we advise over £1bn of assets
86
2025: 86
Members under administration
1.2m
2025: 1.2m
High eNPS score for the second year in a row
+32 eNPS
2025: +24 eNPS
Continuing investment in software assets to drive operational efficiencies and improve customer experience
£7.5m
2025: £6.3m
Sustainability highlights
Senior management positions held by women
39%
Number of clients in Sustainable funds
48
Electricity sourced from no carbon sources
100%
Investment case
We are purpose-led and operate with a defined strategic direction and robust foundational principles in a dynamic, growing market. We are a sustainable business focused on delivering value to all stakeholders.
Co-Chief Executives’ review
This year marks our ninth consecutive year of revenue growth, reflecting the strength of our business and giving us confidence in our future prospects.
We are proud of our achievements, and we are especially proud of our people who are the driving force behind our success.”
Ben Bramhall
Co-Chief Executive Officer
Our platform and our people position us well to take advantage of the expanding opportunity set we see in front of us.”
Paul Cuff
Co-Chief Executive Officer
Shaping a better future
At XPS, sustainability is integral to our purpose – to deliver safe and robust pensions for people and society. By embedding sustainability into our decision-making process and day-to-day operations, we aim to create long-term resilience, drive meaningful, positive impact for all stakeholders and ensure that the actions we take today contribute to a stronger, better future.
Our sustainability framework is focused on:
Responsible business
Our people
Our communities
Our clients and members
Our environment
Sustainability lies at the core of our business strategy and governance framework. Not only does this allow us to navigate the evolving landscape of risks and opportunities we face, but it also ensures that, as a Group, we remain resilient, effective and well placed to maintain our long-term track record of growth.”
Snehal Shah
Chief Financial Officer
Governance report
This year’s Board changes reflect a continued focus on renewal, succession and maintaining the skills and perspectives needed for effective governance. Against an evolving governance landscape, we remain committed to high standards.”
Martin Sutherland
Independent Non-Executive Chair
Downloads
Annual Report and Accounts 2026
Governance report
Sustainability report
Strategic report
Financial statements
Co-CEO's review
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