HALF YEAR RESULTS TO 30 JUNE 2026

LSL Property Services PLC

15 September 2026

15 September 2026

LSL Property Services plc (“LSL” or “Group”)

HALF YEAR RESULTS TO 30 JUNE 2026

Further profit and margin growth, transformation programme launched to deliver efficiencies, on track to meet full year expectations

LSL Property Services, one of the UK’s largest providers of services to the property and mortgage market, reports its interim results for the six months ended 30 June 2026.

Adam Castleton, Group Chief Executive Officer of LSL, commented:

“LSL performed well in the first half, delivering further profit and margin growth and strong cash generation. Our markets developed broadly as expected despite prevailing negative sentiment.

We launched a Group-wide transformation programme expected to improve our structural cost-effectiveness and leverage our scale. The programme will simplify how we operate, strengthen our capabilities and support further structural improvement in margins.”

FINANCIAL HIGHLIGHTS1

·Group Revenue increased 3% to £92.3m(H1 2025: £89.7m) with LSL maintaining strong market shares.

·Group Underlying Operating Profit increased 11% to £15.9m (H1 20252: £14.4m).

·Group Underlying Operating Margin increased to 17% (H1 20252: 16%).

·Statutory Group Operating Profit increased 14% to £12.5m (H1 20252: £10.9m).

·Adjusted Diluted Earnings per Share increased 14% to 11.7p (H1 20252: 10.3p).

·ROCE (LTM) increased to36% (H1 2025 LTM: 31%), well above historic levels, with cash conversion (LTM) consistently high at 91% (31 December 2025: 91%).

·Net Cash4 of £22.0m at 30 June 2026 (30 June 2025: £22.0m).

·Executing cost control with previous restructuring benefits coming through and also central costs reduced by 8% to £4.5m (H1 2025: £5.0m).

·Interim Dividend maintained at 4.0p per share (H1 2025: 4.0p).

·£12m Share Buyback Programme progressed during the period and is on track to complete by January 2027.

STRATEGIC AND OPERATIONAL HIGHLIGHTS

Transformation programme launched to improve structural effectiveness

·To deliver a simpler operating structure and remove duplication we have launched a Group-wide transformation programme.

·This will support our ambition to increase Group Underlying Operating Margin above 20% and the delivery of a more connected and profitable organisation.

·This programme is expected to deliver at least £5m of annualised benefit, which builds as implementation progresses through 2027. Exceptional implementation costs of £4m will be spread over 2026 and 2027 with benefits building through 2027.

Resilient markets and business model

·End markets developing broadly in line with our expectations, despite prevailing negative sentiment.

·Lettings remain resilient, with the Renters’ Rights Act successfully supported and implemented across our franchise network and underlying landlord activity remaining stable.

·Mortgage activity continues to benefit from the structural demand for remortgaging.

·Residential sales transactions were down 4% compared to H1 2025 which included a Stamp Duty spike. The market in London was softer where we have limited exposure.

·We benefit from a diversified mix of income, including lettings, remortgaging, platform and other fees. Therefore, the majority of Group income is not directly dependent on residential property transactions.

·Regulatory developments broadly positive for us, including supportive FCA interim findings on the pure protection market, successful implementation of the Renters’ Rights Act across our network, and the Government’s roadmap for reform of the home buying and selling process well aligned with our capabilities across the residential property and mortgage ecosystem.

PROGRESS ACROSS OUR BUSINESSES

Surveying & Valuation Division

·Revenue increased by 6% to £56.2m (H1 2025: £53.2m), including the benefit from allocation wins.

·Underlying Operating Profit rose by 11% to £13.1m (H1 2025: £11.9m), with Underlying Operating Margin increasing to 23% from 22%, including the benefit from cost efficiencies and a strong performance in Asset Management.

Financial Services Division

·Mortgage revenue increased by 8% with a market share of total mortgage lending maintained at 8.9% (H1 2025: 8.9%) and an increase in revenue per adviser.

·Total revenue in the period was £22.8m (H1 2025: £23.5m) and Underlying Operating Profit was £3.4m (H1 20252: £4.3m) principally the impact of the prior year strategic exit of a number of protection only firms and ongoing investment in the new CRM.

·We made a small regional acquisition after the period end which we expect will add around 50 advisers to the PRIMIS network.

Estate Agency Franchising Division

·Very strong performance in the Estate Agency Franchising Division with Underlying Operating Profit increased 24% to £3.9m and Underlying Operating Margin increased to a record first half margin of 30%, supported by the benefits of prior year restructuring. Revenue increased 2% to £13.2m.

·We made investments to support our end-to-end conveyancing proposition to provide an enhanced service to our franchisees and to create propositions which can be sold across the Group.

·Our franchise branch footprint grew by 13 reflecting the acquisition of a small franchise network on the South Coast and growth across our existing franchise partners.

·We supported our franchisees with seven lettings books bringing our total properties under management to 38,660, up 4% from the prior year period.

Pivotal Growth Investment (JV)

·Continued to build scale and value, with three acquisitions completed in 2026 and trading EBITDA ahead of the prior year.

·The deal pipeline remains strong and acquisitions are self-funded.

CURRENT TRADING AND GUIDANCE

Trading since the period end has been as anticipated and the Board's expectations for FY2026 are on track, with our expectation to deliver a further increase in profits.

The business continues to deliver financially with strong cash generation and high returns. We are focused on disciplined execution, delivering the benefits of the Group-wide transformation programme and continuing to invest selectively to strengthen the Group and deliver attractive returns for shareholders.

FINANCIAL SUMMARY

Key Financials1	Unaudited 6 months to 30.06 2026	Restated2 Unaudited 6 months to 30.06 2025	Period on period change
Group Revenue (£m)	92.3	89.7	3%
Group Underlying Operating Profit2,3 (£m)	15.9	14.4	11%
Group Underlying Operating Margin2 (%)	17%	16%	130bps
Group Operating Profit2(£m)	12.5	10.9	14%
Profit Before Tax (£m)	12.1	11.3	7%
Cash Flow from Operations (Adjusted)5 (£m)	9.2	7.4	24%
Net Cash4 at 30 June (£m)	22.0	22.0	-
Basic Earnings per Share (pence)	8.6	8.0	8%
Adjusted Basic Earnings per Share5 (pence)	11.9	10.4	14%
Interim Dividend per share (pence)	4.0	4.0	-

Results presentation

This announcement together with the associated investors’ presentation are available on: https://www.lslps.co.uk/investor-information/investor-communications

For further information, please contact:

LSL Property Services plc
Adam Castleton, Group Chief Executive Officer
David Tilak, Group Chief Financial Officer
Patrick Yau, Head of Investor Relations	+44 7884 654179 / investorrelations@lslps.co.uk
Burson Buchanan	+44 207 466 5000 / LSL@buchanan.uk.com
Helen Tarbet
Sophie Wills
Toto Berger
Jesse McNab

Notes:

1. Stated on basis of continuing operations unless otherwise stated. Following the conversion of the entire owned estate agency network to franchises in H1 2023, the previously owned network was classified as a discontinued operation and is now presented as such in the Financial Statements. Refer to note 6 to the Financial Statements.
2. Comparative restated due to revised definition of Group Underlying Operating Profit. Refer to note 5.
3. Group (and Divisional) Underlying Operating Profit represents the Group's operating profit adjusted for share-based payments, amortisation of intangible assets, contingent consideration movements and exceptional items, and excludes all income and expenses arising from joint ventures, associates, and equity-accounted investments.

Refer to note 5 to the Financial Statements for reconciliation of Group and Divisional Underlying Operating Profit to operating profit/(loss) for continuing operations.

1. Refer to note 12 to the Financial Statements for the calculation.
2. Refer to note 5 to the Financial Statements for the calculation.

About LSL

LSL is one of the UK’s largest providers of services to mortgage intermediaries and estate agent franchisees and surveying and valuations services, supplying five out of the six largest lenders in the UK. With over 20 years of experience, the Group operates across the UK through three core businesses:

·The Surveying & Valuations Division provides surveyor-led valuations to UK mortgage lenders and operates one of the UK’s largest networks of RICS qualified surveyors.

·The Financial Services Division offers an extensive product panel, compliance and other services to over 2,500 advisers and 1,000 firms accounting for around 12% of the total purchase and remortgage market. It also has a joint venture investment, Pivotal Growth, established in 2021 with Pollen Street Capital.

·The Estate Agency Franchising Division has 70 franchisees operating in over 320 locations across the UK.

The Group’s mission is to deliver trusted property services powered by data and expertise to enable people and businesses to thrive.

For further information please visit LSL's website: www.lslps.co.uk

Legal Entity Identifier: 213800T4VM5VR3C7S706

GROUP CHIEF EXECUTIVE’S REVIEW

We performed well in the first half of 2026, delivering further profit and margin growth, high cash generation and returns. Our markets developed broadly in line with our expectations, and we remain on track to deliver a further increase in profits.

The shape of our business continues to provide important resilience. We are predominantly B2B and capital-light, with the majority of Group income not directly dependent on residential property transactions. Together with high returns on capital and strong cash generation, this gives us a solid base from which to continue improving the performance of the Group.

We are making progress on our mission to leverage the scale of the business, data and customer relationships. The transformation programme is an important enabler of this, creating a more effective operating platform from which we can continue to develop and grow.

Transformation programme launched

We have launched a Group-wide transformation programme, focused initially on Finance and Procurement. We expect this to deliver at least £5m of annualised benefits, with the benefits building through 2027.

Transformation will continue to be an important part of how we strengthen LSL. Looking ahead, technology is likely to become an increasingly important focus as we consider how we can use it more effectively to simplify processes, improve how we work and support our businesses.

We make these changes from a position of strength: it is more than cost reduction. It is about creating a simpler, more effective LSL, making better use of our scale and capabilities, creating new revenue opportunities and providing a stronger platform for future growth.

Market performance

Mortgage market

The mortgage market showed recovery during the period and gross new mortgage lending1 increasing by 8% to £145 billion, with total mortgage approvals2 increasing by approximately 5% year-on-year to 701,000. Purchase activity remained around 2% below its long-term average and purchase lending represented approximately 60% of total new lending, broadly consistent with the 10-year average.

As expected, remortgaging was the principal driver of growth. Significant volumes of two- and five-year fixed-rate mortgages reached maturity, increasing remortgage and other approvals2 by 17%, with associated lending 29% ahead of H1 2025. Approximately 1.8 million fixed-rate products are expected to mature during 20268. Remortgaging represents around one-third of Group revenue, creating a significant and sustained opportunity across our Financial Services and Surveying & Valuation businesses. The adviser channel also remains structurally important, accounting for 85% of UK mortgage lending³.

Housing market – residential sales and lettings

Conditions in the UK housing market were broadly in line with our expectations during H1 2026. Transactions⁴ reduced by 4% year-on-year to 552,000, primarily reflecting the acceleration of activity ahead of the Stamp Duty changes introduced on 1 April 2025. At the end of H1 2026, average house prices in England and Wales⁵ were 2% higher year-on-year, although London lagged, with prices down 3%. Our exposure to London is limited, protecting us from this market.

Lettings remained resilient following the first phase of the Renters’ Rights Act 2025. The changes have been successfully implemented across our network, with underlying landlord activity remaining stable. We have seen no evidence of the material landlord withdrawal anticipated by some industry commentators. UK private rents⁶ increased by 4% in the six months to June 2026, based on provisional estimates. The additional regulatory and administrative requirements placed on landlords should increase demand for professional support, creating further opportunities for our estate agency franchisees to attract self-managing landlords and grow recurring revenues.

Regulation has been supportive

The regulatory backdrop has also developed positively for us. The FCA's interim findings on the distribution of pure protection products were broadly supportive of the market and identified a gap in protection coverage among its findings. The Renters' Rights Act has been successfully implemented across our network with underlying landlord activity remaining stable and the Government's roadmap for reform of the home buying and selling process is also well aligned with capabilities we have across LSL.

More broadly, increasing regulation and complexity favour businesses with market presence and specialist expertise. These are established competencies within LSL and position us to benefit as professional standards rise.

H1 2026 financial performance and operational activity

Against this backdrop Group revenue increased by 3% to £92.3m, once again demonstrating the quality of our underlying businesses and our market positions. This revenue performance, together with disciplined execution, converted into operating profit growth and margin expansion. We maintained our focus on costs with an 8% reduction in central costs and benefits in the divisions, including prior year period restructurings.

Cash generation remained high as the Group maintained its last 12-month cash conversion rate of 91% and record return on capital employed (ROCE) of 36%. This financial position provides us with the flexibility to invest for growth while continuing to return capital to shareholders. The interim dividend was maintained at 4.0p per share and £4.8m was deployed through the ongoing £12m share buyback programme.

Alongside this financial performance, we have remained active across the Group: investing in our businesses, strengthening management and expertise, progressing the transformation programme and deploying capital selectively, while Pivotal Growth has continued to build market reach and value.

PROGRESS ACROSS OUR BUSINESSES

Surveying & Valuation

Surveying & Valuation delivered another good performance, with revenue up 6%, Underlying Operating Profit7 up 11% and further margin progression. The performance benefited from allocation wins, improved contract terms and cost efficiencies, alongside a positive performance from Asset Management.

Our market position remains strong, underpinned by long-standing lender relationships and surveying market share of 36%. All contracts due for renewal during the period were successfully renewed. Our proprietary Automated Valuation Model (AVM) is performing well and discussions with a number of partners are progressing.

Financial Services

The Financial Services business delivered 8% growth in mortgage revenue during the first half, supported by high levels of demand in the remortgage market, with market share maintained or increased across our principal mortgage channels and a 12% increase in revenue per adviser.

Revenue reduced by 3% and underlying operating profit reduced by £0.9m, principally reflecting investment in the new CRM and lower adviser numbers, including the departure of protection-only firms last year.

We have refreshed management and restructured governance, and are focused on improving adviser productivity, product penetration and recruitment of new firms.

With around 8.9% of all UK mortgages flowing through our adviser network, we have genuine scale and reach and our priority is to translate that position into stronger growth and returns.

We made a small regional acquisition after the period end which we expect will add around 50 advisers to the PRIMIS network.

Estate Agency Franchising

Very strong performance in the Estate Agency Franchising Division with Underlying Operating Profit increased 24% to £3.9m and Underlying Operating margin increased to a record first half margin of 30%, supported by the benefits of prior year restructuring. This demonstrates the attractive characteristics of our capital-light franchise model.

We made investments to support our end-to-end conveyancing proposition to provide an enhanced service to our franchisees and to create propositions which can be monetised across the Group.

We acquired a small six branch franchise network on the South Coast to extend our footprint, while seven lettings books acquisitions added around 1,380 properties under management and increased recurring income and were converted into six branches. We also invested selectively in our franchisee offering, including conveyancing, that broaden the support and services we can provide to franchisees and their customers.

Pivotal Growth

Pivotal Growth, our joint venture with Pollen Street Capital, grew profitably and grew further during the period. Three further acquisitions were completed in 2026, taking the business to over 600 advisers and making it one of the UK's largest mortgage and protection brokers.

Pivotal continues to execute its buy-and-build strategy, supported by its own external funding and a strong acquisition pipeline. As the business continues to scale and improve profitability, we believe it has the potential to represent a significant source of value for us.

Disciplined capital allocation

Our business model and high cash generation give us significant flexibility in how we allocate capital, and we remain focused on deploying it where we believe it can generate attractive returns for shareholders.

During the first half, we invested for growth both organically and with small bolt-on acquisitions and investments. We deployed capital selectively to meet our return criteria. Our cash generation and disciplined capital allocation increased ROCE to 36% from 31%, well above historical levels of around 18%.

Alongside investment for growth, we returned capital to shareholders. The interim dividend was maintained at 4.0p per share and £4.8m was deployed through our ongoing £12m share buyback programme as at 30 June 2026. After these investments and returns, cash was £22.0m at the period end, providing flexibility to pursue further attractive growth opportunities. Our approach remains disciplined: investing organically, pursuing selective bolt-on acquisitions, maintaining an attractive dividend, using buybacks where appropriate and preserving balance-sheet strength.

Outlook

The business continues to deliver financially, with strong cash generation and high returns. We have launched a transformation programme that will further improve the economics and capabilities of the Group.

We have a very distinct position with our businesses providing services right across the UK residential property and mortgage ecosystem. One LSL is about connecting our businesses more effectively, making better use of our relationships, expertise, data and technology across the Group.

We have already started that journey. The transformation programme is part of it, but it is broader than that. It is about getting more value from the strengths we already have.

We’ve delivered another good first half, we remain on track for the year, and we are continuing to improve the quality and economics of the Group. We have strong businesses, a highly cash-generative model, and a growing opportunity to create more value by bringing those strengths together.

Adam Castleton

Group Chief Executive Officer

14 September 2026

Notes:

1. New mortgage lending by purpose of loan, Bank of England Table A5.3 – (29 July 2026).
2. Approvals for lending secured on dwellings, Bank of England Table A5.4 (29 July 2026).
3. New residential lending sold direct and via intermediaries, UK Finance Table RL8 (13 August 2026).
4. Number of residential property transaction completions with value £40,000 or above, HMRC (31 July 2026).
5. House price index, England and Wales, LSL Acadata (July 2026).
6. Index of Private Housing Rental Prices, UK, ONS (July 2026).
7. Group (and Divisional) Underlying Operating Profitrepresents the Group's operating profit adjusted for share-based payments, amortisation of intangible assets, contingent consideration movements and exceptional items, and excludes all income and expenses arising from joint ventures, associates, and equity-accounted investments.

Refer to note 5 to the Financial Statements for reconciliation of Group and Divisional Underlying Operating Profit to operating profit/(loss) for continuing operations.

1. 2026 Mortgage market forecast, UK Finance (15 December 2025).

BUSINESS & FINANCIAL REVIEW

Business review

H1 P&L (£m)	2026	2025	Var
Divisional Group Revenue
Surveying & Valuation	56.2	53.2	6%
Financial Services	22.9	23.5	(3)%
Estate Agency Franchising	13.2	13.0	2%
Group Revenue	92.3	89.7	3%
Divisional Underlying Operating Profit/(loss) 1
Surveying & Valuation	13.1	11.9	11%
Financial Services3	3.4	4.3	(20)%
Estate Agency Franchising	3.9	3.2	24%
Central Costs	(4.5)	(5.0)	8%
Group Underlying Operating Profit from continuing operations1,3	15.9	14.4	11%
Divisional Operating Profit/(loss)2
Surveying & Valuation	12.3	11.6	7%
Financial Services3	3.9	2.2	74%
Estate Agency Franchising	3.1	2.7	15%
Central Costs	(6.8)	(5.6)	(23)%
Group operating profitfrom continuing operations	12.5	10.9	14%
Estate Agency - discontinued operations	0.4	(0.2)	300%
Group Operating Profit from total operations	12.9	10.7	21%

Notes:

1. Group (and Divisional) Underlying Operating Profit represents the Group's operating profit adjusted for share-based payments, amortisation of intangible assets, contingent consideration movements and exceptional items, and excludes all income and expenses arising from joint ventures, associates, and equity-accounted investments.
2. Following the conversion of the entire owned estate agency network to franchises in H1 2023, the previously owned network was classified as a discontinued operation and is now presented as such in the Financial Statements. Refer to note 6 to the Financial Statements

Refer to note 5 to the Financial Statements for reconciliation of Group and Divisional Underlying Operating Profit to operating profit/(loss) for continuing operations

1. Comparative restated due to revised definition of Group Underlying Operating Profit. Refer to note 5

Financial Review

Group Income Statement1 summary

Group Revenue increased 3% to £92.3m (H1 2025: £89.7m). Surveying & Valuation delivered 6% revenue growth, supported by new volume wins and growth of our B2C and data income streams. In Financial Services, we increased market share slightly in both the purchase market (H1 2026: 12.7%, H1 2025: 12.6%) and the remortgage market (H1 2026: 8.9%, H1 2025: 8.7%) whilst also increasing our share of the product transfer market to 6.7% (H1 2025: 5.8%). Revenue in the Financial Services Division reduced by 3%, with mortgage income up 8% offset by lower protection and other income driven by a reduction in adviser numbers which includes the exit of protection-only firms in 2025. Revenue in Estate Agency Franchise grew by 2% against a housing market that was 4% smaller and a broadly flat letting market.

Group Underlying Operating Profit2 increased to £15.9m (H1 20253: £14.4m), with a year-on-year improvement in Surveying & Valuation, Estate Agency Franchising and Central costs, whilst the fall inFinancial Services was a result of investment in the new adviser platform and lower adviser numbers, including the departure of protection-only firms last year. Group Underlying Operating Margin increased to 17%, maintaining the highest margin for over 15 years.

Group Operating Profit increased to £12.5m (H1 2025: £10.9m). Excluding net exceptional gains in the period of £0.2m (H1 2025: £1.8m costs) the movement has remained relatively flat. Employee costs increased by £2.0m, with other operating costs increasing to £19.5m (H1 2025: £17.9m), although Central operating costs reduced by £0.5m to £4.5m following targeted savings in consultancy, professional and audit fees. These increases were partly offset by a £1.5m reduction in the expected credit loss charge to £0.5m.

Exceptional items: exceptional gains totalled £2.1m (H1 2025: £nil), principally comprising a £2.0m gain following the settlement with Tenet Group’s administrators of the post-acquisition support arrangements relating to TenetLime Limited. Exceptional costs were £1.8m (H1 2025: £1.8m), comprising £1.2m of Group transformation costs, £0.5m of costs associated with the Tenet Group administration and £0.1m of acquisition-related costs.

Taxation: the tax charge of £3.7m (H1 2025: £2.9m) represents an effective tax rate of 30.6% (H1 2025: 26.0%). The increase principally reflects the tax treatment of certain non-deductible items and movements in the expected tax benefits associated with share-based payments.

Dividend: the Board has declared an interim dividend of 4.0 pence per share (2025: 4.0 pence). The Group’s dividend policy continues to be a pay-out of 30% of Group Underlying Operating Profit after finance and normalised tax charges4. The ex-dividend date for the interim dividend is 1 October 2026, with a record date of 2 October 2026 and a payment date of 6 November 2026. Shareholders can elect to reinvest their cash dividend and purchase additional shares in LSL through a dividend reinvestment plan. The election date is 16 October 2026.

Share buyback: in January 2026, we completed our £7.0m share buyback programme which was announced on 25 April 2024 and commenced a new share buyback programme in respect of our ordinary shares of 0.2 pence each for up to a maximum consideration of £12.0m from 27 January 2026. As of 30 June 2026, £4.8m of the share buyback programme announced has been deployed and the Company remains on track to complete the programme by January 2027.

Pivotal Growth joint venture: in 2026, we enhanced the presentation of the Group’s joint venture results, with its share of post-tax profit from joint venture now presented separately below Group operating profit. This provides clearer disclosure of the operating performance of the Group’s businesses in preparation for the adoption of IFRS 18 Presentation and Disclosure in Financial Statements.

Transformation programme financial impact

During the period, we launched a transformation programme to simplify our operating model and further leverage our scale. This will focus on creating leaner and more efficient support functions across the Group and is anticipated to continue through 2026 and 2027, with benefits being delivered as the implementation progresses. Achieving the cost efficiencies we have identified will incur exceptional costs of circa £4m, predominantly people-related cash costs across 2026 and 2027.

Group Statement of Cash Flows summary

Cash generation: the Group maintains a healthy cash balance at £22.0m at 30 June 2026, in line with the prior period. Net cash generated from operating activities increased by £1.7m to £4.5m (H1 2025: £2.8m), reflecting a £1.3m increase in profit before tax. Cash generation was supplemented by the £10.7m repayment of Pivotal Growth loan notes, received in January 2026.

The Group invested £9.1m in acquisitions and capital expenditure, including settlement of the deferred consideration relating to the 2024 TenetLime Limited acquisition and support franchisees for lettings books. The Group absorbed normal seasonal working-capital movements and c.£1.2m exceptional cash costs relating to the transformation programme, whilst returning over £12m to shareholders through dividends and share buybacks. The balance sheet remains in good shape, providing flexibility to invest selectively in growth while continuing to deliver attractive shareholder returns.

Group Balance Sheet summary

Robust balance sheet: the Group retains a healthy balance sheet with good liquidity. In addition to cash balances of £22.0m, the bank facility of £60m remains unutilised. The capital-light model of franchising leads to high and increasing Group ROCE of 36% over the last 12 months, up from 31%.

Key assets

Loans to joint venture: The Group previously provided funding of £13.8m to its joint venture in the form of 10% unsecured loan notes. In January 2026, Mottram Topco Limited repaid £10.7m out of the £13.8m loan notes outstanding in cash.The remaining £3.2m was converted to ordinary shares in Mottram Topco Limited, representing an increase in the investment balance in the joint venture.

Loans to franchisees and appointed representatives (Network firms): This total balance increased from £3.7m to £5.7m in the period. The Group provides loans to franchisees and appointed representatives as part of its normal commercial arrangements. During the period, aggregate cash advances under these arrangements were £3.6m (H1 2025: £1.9m). Principal repayments received during the period were £1.2m (H1 2025: £0.6m).

Key liabilities

Financial liabilities: Current and non-current financial liabilities decreased to £6.5m (31 December 2025: £9.8m). Contingent consideration liabilities reduced to £0.8m from £3.3m following settlement of the TenetLime contingent consideration. The closing contingent consideration liability principally relates to the acquisition of NSS Franchising Ltd, with a smaller amount relating to the acquisition of Meyers Franchising Limited.

Provision for liabilities: Provisions were broadly stable at £11.5m (31 December 2025: £11.3m). Professional indemnity claim provisions increased slightly from £4.3m to £4.5m, while dilapidation and restructuring provisions reduced by £0.5m to £4.9m as the remaining obligations associated with the 2023 Estate Agency franchising programme unwound.

Notes:

1. Based on continuing operations unless otherwise stated. Following the conversion of the entire owned Estate Agency network to franchisees in H1 2023, this was classified as a discontinued operation and is now presented as such in the Financial Statements. Refer to note 6 to the Financial Statements
2. Group (and Divisional) Underlying Operating Profit represents the Group's operating profit adjusted for share-based payments, amortisation of intangible assets, contingent consideration movements and exceptional items, and excludes all income and expenses arising from joint ventures, associates, and equity-accounted investments.

Refer to note 5 to the Financial Statements for reconciliation of Group and Divisional Underlying Operating Profit to operating profit/(loss) for continuing operations

1. Comparative restated due to revised definition of Group Underlying Operating Profit. Refer to note 5
2. Refer to note 5

Principal risks and uncertainties

The principal risks and uncertainties relating to the Group's operations are disclosed on pages 28 to 30 of the Group's Annual Report and Accounts 2025 (which can be accessed on the Group's website: www.lslps.co.uk). Having considered the principal risks and uncertainties, applicable for the six months ended 30 June 2026, the Board has concluded that these remain the same as those included within the Annual Report and Accounts 2025.

Directors’ responsibility statement

Each of the Directors (as listed below) confirms that to the best of their knowledge:

• The Interim Condensed Consolidated Group Financial Statements for the period ended 30 June 2026 have been prepared in accordance with IAS 34 'Interim Financial Reporting'.

• The interim management report includes a fair view of the information required by the Disclosure and Transparency Rules sections 4.2.7R and 4.2.8R, namely:

(a) an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements;

(b) a description of the principal risks and uncertainties for the remaining six months of the financial year;

(c)details of related-party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the company during that period; and

(d) any changes in the related-party transactions described in the last annual report that could have a material effect on the financial position or performance in the period.

By order of the Board of Directors

Adam CastletonDavid Tilak
Group Chief Executive Officer    Group Chief Financial Officer 
14 September 202614 September 2026  

Board of Directors

Adrian Collins
Gabrielle Appleton
Adam Castleton

David Tilak
Darrell Evans
Sonya Ghobrial
James Mack
Michael Stoop

Interim Group Income Statement

for the six months ended 30 June 2026

		Unaudited Six months ended
		30 June 2026	Restated1 30 June 2025
Continuing operations:	Note	£'000	£'000
Revenue	4	92,308	89,671
Operating expenses:
Employee costs		(55,652)	(53,680)
Expected credit loss charge2		(527)	(2,070)
Depreciation on property, plant and equipment and right-of-use assets		(1,704)	(1,642)
Other operating costs1,2		(19,462)	(17,906)
Other income		979	-
Share-based payments		(2,028)	(152)
Amortisation of intangible assets	10	(1,622)	(1,527)
Exceptional costs	7	(1,831)	(1,753)
Exceptional gains	7	2,050	-
Group operating profit1		12,511	10,941
Share of post-tax profit from joint venture1	15	134	89
Finance income		941	1,160
Finance costs		(1,514)	(890)
Net finance (cost)/income		(573)	270
Profit before tax from continuing operations		12,072	11,300
Taxation charge	9	(3,698)	(2,936)
Profit for the period from continuing operations		8,374	8,364
Discontinued operations
Gains/(losses) for period from discontinued operations	6	266	(121)
Profit for the period		8,640	8,243
Attributable to:
Owners of the parent		8,609	8,186
Non-controlling interest		31	57
		8,640	8,243
Earnings per share from total operations (expressed as pence per share):
Basic		8.6	8.0
Diluted		8.5	7.9
Earnings per share from continuing operations (expressed as pence per share):
Basic		8.4	8.1
Diluted		8.2	8.0

1Following a review of the Group’s performance measures, share of post-tax profit from joint venture is now presented below operating profit. Comparative restated. Refer to note 5 for further detail.

2 Comparative restated to present expected credit loss charge separately from other operating costs.

Interim Group Statement of Comprehensive Income

There was no other comprehensive income during the six months ended 30 June 2026 (six months ended 30 June 2025: £nil).

Interim Group Balance Sheet

as at 30 June 2026

		Unaudited	Audited
		30 June 2026	31 December 2025
	Note	£'000	£'000
Non-current assets
Goodwill	10	19,050	16,855
Other intangible assets	10	30,552	29,881
Property, plant and equipment and right-of-use assets		6,704	7,700
Financial assets	11	1,613	963
Investment in sublease	11	82	131
Investment in joint venture	15	18,301	14,988
Loans to franchisees and appointed representatives	11	3,818	1,823
Total non-current assets		80,120	72,341
Current assets
Trade and other receivables		27,406	25,026
Loans to joint venture	11	-	13,840
Investment in sublease	11	74	164
Current tax asset		1,096	725
Loans to franchisees and appointed representatives	11	1,895	1,827
Cash and cash equivalents	12	53,923	67,050
Total current assets		84,394	108,632
Total assets		164,514	180,973
Current liabilities
Financial liabilities	13	(2,776)	(5,613)
Trade and other payables		(31,685)	(36,810)
Bank overdrafts	12	(31,938)	(39,253)
Provisions for liabilities	14	(5,383)	(6,266)
Total current liabilities		(71,782)	(87,942)
Non-current liabilities
Financial liabilities	13	(3,677)	(4,148)
Deferred tax liability		(2,638)	(1,999)
Provisions for liabilities	14	(6,090)	(5,002)
Total non-current liabilities		(12,405)	(11,149)
Total liabilities		(84,187)	(99,091)
Net assets		80,327	81,882
Equity
Share capital		210	210
Share premium account		5,629	5,629
Share-based payment reserve		5,147	3,355
Shares held by employee benefit trust and share incentive plan		(1,112)	(1,316)
Treasury shares		(14,668)	(9,876)
Fair value reserve		(385)	(385)
Retained earnings		85,668	84,458
Equity attributable to the owners of the parent		80,489	82,075
Non-controlling interest		(162)	(193)
Total equity		80,327	81,882

Interim Group Statement of Cash Flows

for the six months ended 30 June 2026

		Unaudited
		Six Months Ended
	Note	30 June 2026	Restated1 30 June 2025
Profit before tax from continuing operations		12,072	11,300
Profit/(loss) before tax from discontinued operations		356	(151)
Profit before tax		12,428	11,149
Adjustments for:
Exceptional costs	7	1,831	1,923
Exceptional gains	6,7	(2,404)	-
Depreciation of tangible assets		1,704	1,642
Amortisation of intangible assets	10	1,622	1,527
Share-based payments		2,028	152
Profit on disposal of fixed assets (other income)		(319)	-
Share of post-tax profit from joint venture		(134)	(89)
R&D expenditure credit (other income)		(660)	-
Finance income		(941)	(1,160)
Finance costs		1,514	890
Expected credit loss charge1		527	2,070
Operating cash flows before interest, tax, exceptional items and movements in working capital		17,196	18,104
Movements in working capital
Increase in trade and other receivables1		(2,368)	(6,016)
Decrease in trade and other payables		(5,641)	(4,608)
Increase in provisions		859	1,067
		(7,150)	(9,557)
Cash generated from operations before interest, tax and exceptional items		10,046	8,547
Interest paid (leases)		(258)	(244)
Interest received (leases)		5	21
Income taxes paid		(3,364)	(3,142)
Exceptional costs paid		(1,890)	(2,392)
Net cash generated from operating activities		4,539	2,790
Cash flows used in investing activities
Interest received		503	778
Payment of contingent consideration	13	(3,330)	-
Receipt from settlement	7	1,830	-
Receipt of contingent consideration		-	58
Franchisees and appointed representatives loans granted	11	(3,634)	(1,855)
Franchisees and appointed representatives loan repayments	11	1,187	612
Receipt of lease income		95	280
Purchase of property, plant and equipment		(298)	(921)
Purchase of intangible assets		(1,218)	(1,610)
Acquisition of subsidiaries (net of cash acquired)	18	(1,866)	-
Investment in financial asset	11	(650)	-
Repayment of loan notes from joint venture	11	10,683	-
Net cash generated/(expended) on investing activities		3,302	(2,658)
Cash flows used in financing activities
Repurchase of treasury shares		(4,792)	(1,356)
Proceeds from the exercise of share options		4	174
Refinance costs		-	(540)
Commitment and non-utilisation fees on RCF		(239)	-
Payment of lease liabilities		(1,213)	(1,215)
Dividends paid		(7,413)	(7,638)
Net cash expended in financing activities		(13,653)	(10,575)
Net decrease in cash and cash equivalents		(5,812)	(10,443)
Cash and cash equivalents at the beginning of the period		27,797	32,399
Cash and cash equivalents at the end of the period	12	21,985	21,956

Cash and cash equivalents are net of bank overdrafts, see note 12.

1Comparative figure for the expected credit loss charge was reclassified from trade and other receivables

Interim Group Statement of Changes in Equity
Unaudited – for the six months ended 30 June 2026

	Share capital	Share premium account	Share- based payment reserve	Shares held by employee benefit trust and share incentive plan	Treasury shares	Fair value reserve	Retained earnings	Equity attributable to owners of the parent	Non- controlling interest	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 January 2026	210	5,629	3,355	(1,316)	(9,876)	(385)	84,458	82,075	(193)	81,882
Profit for the period	-	-	-	-	-	-	8,609	8,609	31	8,640
Total comprehensive income for the period	-	-	-	-	-	-	8,609	8,609	31	8,640
Exercise of options	-	-	(101)	204	-	-	(99)	4	-	4
Vested share options lapsed during the period	-	-	(113)	-	-	-	113	-	-	-
Dividend paid	-	-	-	-	-	-	(7,413)	(7,413)	-	(7,413)
Share-based payments	-	-	2,043	-	-	-	-	2,043	-	2,043
Tax on share-based payments	-	-	(37)	-	-	-	-	(37)	-	(37)
Shares repurchased into treasury	-	-	-	-	(4,792)	-	-	(4,792)	-	(4,792)
Transactions with owners	-	-	1,792	204	(4,792)	-	(7,399)	(10,195)	-	(10,195)
At 30 June 2026	210	5,629	5,147	(1,112)	(14,668)	(385)	85,668	80,489	(162)	80,327

During the six-month period to 30 June 2026 a total of 64,808 share options were exercised relating to LSL’s various share option schemes resulting in the shares being sold by the Trust. LSL received £0.0m on exercise of these options.

During the six-month period to 30 June 2026, LSL had repurchased 2,013,935 LSL shares at an average cost of £2.38 per share.

Interim Group Statement of Changes in Equity
Unaudited – for the six months ended 30 June 2025

	Share capital	Share premium account	Share- based payment reserve	Shares held by employee benefit trust and share incentive plan	Treasury shares	Fair value reserve	Retained earnings	Equity attributable to owners of the parent	Non- controlling interest	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 January 2025	210	5,629	2,634	(1,510)	(4,831)	(385)	80,417	82,164	(280)	81,884
Profit for the period	-	-	-	-	-	-	8,186	8,186	57	8,243
Total comprehensive income for the period	-	-	-	-	-	-	8,186	8,186	57	8,243
Exercise of options	-	-	(140)	115	-	-	201	176	-	176
Vested share options lapsed during the period	-	-	(96)	-	-	-	96	-	-	-
Dividend paid	-	-	-	-	-	-	(7,638)	(7,638)	-	(7,638)
Share-based payments	-	-	152	-	-	-	-	152	-	152
Tax on share-based payments	-	-	19	-	-	-	-	19	-	19
Shares repurchased into treasury	-	-	-	-	(1,356)	-	-	(1,356)	-	(1,356)
Transactions with owners	-	-	(65)	115	(1,356)	-	(7,341)	(8,647)	-	(8,647)
At 30 June 2025	210	5,629	2,569	(1,395)	(6,187)	(385)	81,262	81,703	(223)	81,480

During the six-month period to 30 June 2025 a total of 53,052 share options were exercised relating to LSL’s various share option schemes resulting in the shares being sold by the Trust. LSL received £0.2m on exercise of these options.

During the six-month period to 30 June 2025, LSL had repurchased 479,828 LSL shares at an average cost of £2.82 per share.

Notes to the Interim Condensed Consolidated Group Financial Statements

1. Basis of preparation

The Interim Condensed Consolidated Group Financial Statements for the period ended 30 June 2026 were approved by the LSL Board on 14 September 2026. LSL Property Services plc ('the Company' or 'LSL') is a public limited company incorporated and domiciled in England, United Kingdom. LSL and its subsidiaries (together the ‘Group’) operate Financial Services, Surveying & Valuation and Estate Agency Franchising businesses. Its registered address is First Floor, Victoria House Hampshire Court, East Newcastle Business Park, Scotswood Road, Newcastle Upon Tyne, England, NE4 7YJ.

These condensed interim financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.The financial information for the year ended 31 December 2025 is extracted from the audited statutory accounts for the year ended 31 December 2025, which were approved by the Board of Directors on 18 March 2026 and have been filed with the Registrar of Companies. The auditor’s report on those 2025 full year statutory accounts was unqualified and did not contain an emphasis of matter paragraph and did not make a statement under section 498 (2) or (3) of the Companies Act 2006.

These Interim Condensed Consolidated Group Financial Statements have been reviewed, not audited.

The Interim Condensed Consolidated Group Financial Statements for the period ended 30 June 2026 have been prepared in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority, and should be read in conjunction with the Group’s annual Financial Statements as at 31 December 2025 which are included in LSL’s Annual Report and Accounts 2025. The Group’s annual Financial Statements for the year ending 31 December 2026 will be prepared in accordance with UK adopted International Accounting Standards.

The Interim Condensed Consolidated Group Financial Statements do not include all the information and disclosures required for a complete set of IFRS Financial Statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual Financial Statements.

Going Concern

The UK Corporate Governance Code and IAS 1, Presentation of financial statements, require the Board to assess and report on the prospects of the Group and whether the business is a Going Concern. In considering this requirement, the Directors have taken into account the Group’s forecast cash flows, liquidity, borrowing facilities and related covenant requirements and the expected operational activities of the Group.

The Group expects to continue to meet its day-to-day working capital requirements through cashflows generated by its trading activities and available cash resources (30 June 2026: £22.0m). The Group's banking facility, a £60 million committed revolving credit facility has a maturity date of January 2030. The Group have not currently utilised the facility leaving £60 million of available undrawn committed borrowing facilities in respect of which all conditions precedent had been met. The facility agreement contains financial covenants, including minimum net debt to EBITDA ratio, which mean that, under downside scenarios, the full facility would not be available in the going concern period.

The Directors have continued to run a variety of scenario models throughout the year to help the ongoing assessment of risks and opportunities covering the period to 31 December 2027 ("the going concern period"). The Directors considered the period to December 2027, which exceeds the minimum required period, because it captures the covenant test that could significantly affect the use of the going concern basis.

In the scenarios, the Directors considered both current trading and external industry data. In developing a base case forecast the Directors have assumed inflation and interest rates of 3.00% and 4.25%, respectively, by the end of 2026 and 3.0% and 4.25%, respectively, for 2027.

The Directors have performed a reverse stress test to determine the events and circumstances which would need to arise in order to threaten the Group's ability to continue as a going concern. Such scenarios would require a significant reduction in market transaction volumes below the low point experienced during the Global Financial Crisis and in turn reduce Group revenue by approximately 40% compared to current performance. Under such a scenario, all available cash balances would be utilised, and the facility would be unavailable due to financial covenants. If severe downside scenarios arose, there are cost mitigations that could be applied, as well as cash conservation action such as pausing dividend payments and planned investments. The Directors have concluded that the likelihood of such a severe scenario arising is remote and have concluded that there are no material uncertainties to the Group's ability to continue through the going concern period. Therefore, the financial information has been prepared under the going concern basis of preparation.

Having due regard to the scenarios above and after making appropriate enquiries, the Directors have a reasonable expectation with no material uncertainties that the Group have adequate resources to remain in operation to 31 December 2027. The Board have therefore continued to adopt the going concern basis in preparing the Interim Condensed consolidated Financial Statements.

1. Significant accounting policy information

There are no accounting pronouncements which have become effective from 1 January 2026 that have a significant impact on the Interim Condensed Consolidated Group Financial Statements.The accounting policies adopted in the preparation of the Interim Condensed Consolidated Group Financial Statements are consistent with those followed in the preparation of the Group’s Financial Statements for the year ended 31 December 2025, apart from the following:

Alternative Performance Measures (APMs)

During the period, Management reviewed the Group’s Alternative Performance Measure (“APM”) framework to ensure that it continues to provide clear, balanced and decision-useful information and reflects the Group’s current operating model.

Following this review, the Group has revised the definition of Group Underlying Operating Profit (“GUOP”) and has ceased presenting Adjusted Operating Expenditure and Net Cash/(Debt) as formal APMs. These changes reduce the number of formal APMs reported by the Group.

With effect from 1 January 2026, GUOP will reflect the underlying operating performance of businesses controlled and managed by the Group and excludes all income and expenses arising from joint ventures, associates, and equity-accounted investments. Under the new definition, GUOP is the Group's operating profit adjusted for share-based payments, amortisation of intangible assets, contingent consideration movements and exceptional items, and excludes all income and expenses arising from joint ventures, associates, and equity-accounted investments.

Comparative APM information affected by the revised definition has been restated on a consistent basis, see note 5.

Forward-Looking Statements

This announcement contains certain statements that are forward-looking. They appear in a number of places throughout this announcement and include statements regarding our intentions, beliefs or current expectations and those of our officers, Directors and employees concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this update and, unless otherwise required by applicable law, LSL undertakes no obligation to update or revise these forward-looking statements. Nothing in this update should be construed as a profit forecast. LSL and its Directors accept no liability to third parties in respect of this update save as would arise under English law.

Any forward-looking statements in this update speak only at the date of this document and LSL undertakes no obligation to update publicly or review any forward-looking statement to reflect new information or events, circumstances or developments after the date of this document.

1. Judgements and estimates

In preparing these Condensed Consolidated Interim Financial Statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Group Financial Statements for the year ended 31 December 2025.

1. Segment analysis of revenue and operating profit

For the six months ended 30 June 2026 LSL has reported three operating segments: Financial Services; Surveying & Valuation; and Estate Agency Franchising.

The Chief Operating Decision Maker (“CODM”) being the Board, monitors the operating results of its segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from operating profit or loss in the Group Financial Statements. Head office costs, Group financing (included in finance costs and finance income) and income taxes are managed on a Group basis and are not allocated to operating segments.

Within the Estate Agency Franchising operating segment, the only remaining non-franchised operations relate to the Group’s new build residential sales and conveyancing packaging businesses which are LSL Land & New Homes Ltd and Homefast Property Services Limited, representing less than 10% of the Group’s total revenue.

The Group’s asset management business is included within the Surveying & Valuation Division.

Operating segments

The following tables present revenue followed by profit information regarding the Group’s operating segments for the six months ended 30 June 2026 and for the six months ended 30 June 2025.

a) Revenue and operating profit by segment

Unaudited - Six months ended 30 June 2026

Income statement information	Financial Services £’000	Surveying & Valuation £’000	Estate Agency Franchising £’000	Central £’000	Total £’000
Total revenue from external customers	22,841	56,228	13,239	-	92,308
Segmental result:
Underlying operating profit/(loss)	3,419	13,141	3,931	(4,549)	15,942
Operating profit / (loss)	3,964	12,327	3,068	(6,848)	12,511
Share of post-tax profit from joint venture					134
Finance income					941
Finance costs					(1,514)
Profit before tax					12,072
Profit before tax from discontinued operations					356
Taxation					(3,788)
Profit for the period					8,640

Group Underlying Operating Profit is as defined in note 5 to these Consolidated Condensed Financial Statements.

	Financial Services	Surveying & Valuation	Estate Agency Franchising	Central	Total
Balance sheet information	£’000	£’000	£’000	£’000	£’000
Segment assets – intangible	16,522	14,715	18,365	-	49,602
Segment assets – other	25,492	19,605	13,703	56,112	114,912
Total Segment assets	42,014	34,320	32,068	56,112	164,514
Total Segment liabilities	(15,768)	(19,340)	(13,014)	(36,065)	(84,187)
Net assets	26,246	14,980	19,054	20,047	80,327

The Group’s interests in joint ventures are reported within the Financial Services segment. This classification reflects how the CODM monitors the joint venture’s operating results for the purposes of resource allocation.

Central net assets comprise property, plant and equipment £0.4m, cash £53.9m, other assets £1.8m, accruals and other payables of £4.1m, overdraft of £31.9m. Central result comprises costs relating to the Parent Company.

Unaudited - Six months ended 30 June 2025 (restated)1

Income statement information	Financial Services £’000	Surveying & Valuation £’000	Estate Agency Franchising £’000	Central £’000	Total £’000
Total revenue from external customers	23,490	53,151	13,030	-	89,671
Segmental result:
Underlying operating profit/(loss)1	4,295	11,875	3,169	(4,966)	14,373
Operating profit / (loss)2	2,280	11,566	2,679	(5,584)	10,941
Share of post-tax profit from joint venture2					89
Finance income					1,160
Finance costs					(890)
Profit before tax					11,300
Loss before tax from discontinued operations					(151)
Taxation					(2,906)
Profit for the period					8,243

1 Restated due to revised definition of Group Underlying Operating Profit.

2Following a review of the Group’s performance measures, share of post-tax profit from joint venture is now presented below operating profit. Comparative restated. Refer to note 5 for further detail.

Group Underlying Operating Profit is as defined in note 5 to these Consolidated Condensed Financial Statements.

	Financial Services	Surveying & Valuation	Estate Agency Franchising	Central	Total
Balance sheet information	£’000	£’000	£’000	£’000	£’000
Segment assets – intangible	17,215	13,550	16,035	-	46,800
Segment assets – other	35,219	17,585	11,953	51,586	116,343
Total Segment assets	52,434	31,135	27,988	51,586	163,143
Total Segment liabilities	(20,751)	(18,214)	(13,593)	(29,105)	(81,663)
Net assets	31,683	12,921	14,395	22,481	81,480

The Group’s interests in joint ventures are reported within the Financial Services segment. This classification reflects how the CODM monitors the joint venture’s operating results for the purposes of resource allocation and performance evaluation.

Central net assets comprise PPE £0.5m, cash £49.0m, other assets £2.1m, accruals and other payables of £2.1m, overdraft of £27.0m. Central result comprises costs relating to the Parent Company.

b) Disaggregation of revenue from contracts with customers:

Unaudited - Six months ended 30 June 2026

Revenue Split by Stream - Unaudited - Six Months ended 30 June 2026
	Financial Services £’000	Surveying & Valuation £’000	Residential sales exchange £’000	Estate Agency Franchising income £’000	Asset Management £’000	Conveyancing £’000	Total £’000
Timing of revenue recognition
Services transferred at a point in time	22,841	52,103	1,247	3,101	3,721	1,697	84,710
Services transferred over time	-	404	-	7,194	-	-	7,598
Total revenue from contracts with customers	22,841	52,507	1,247	10,295	3,721	1,697	92,308

Unaudited - Six months ended 30 June 2025 (restated)

Revenue Split by Stream - Unaudited - Six Months ended 30 June 2025
	Financial Services £’000	Surveying & Valuation £’000	Residential sales exchange £’000	Estate Agency Franchising income £’000	Asset Management £’000	Conveyancing £’000	Total £’000
Timing of revenue recognition
Services transferred at a point in time	23,490	50,565	1,604	3,464	2,587	661	82,371
Services transferred over time	-	-	-	7,300	-	-	7,300
Total revenue from contracts with customers	23,490	50,565	1,604	10,764	2,587	661	89,671

1The above note to the Interim Condensed Consolidated Group Financial Statements has been restated for the prior year period to reflect the classification of revenue generated by the Group into the correct category of Services transferred at a point in time and Services transferred over time in line with IFRS 15 requirements. The reclassification had no effect on total revenue, operating profit or net assets.

1. Alternative performance measures (APMs)

In reporting financial information, the Group presents APMs which are not defined or specified under the requirements of IFRS. The Group believes that the presentation of APMs provides stakeholders with additional helpful information on the performance of the business but does not consider them to be a substitute for or superior to IFRS measures.

During the period, Management reviewed the Group’s APM framework to ensure that it continues to provide clear, balanced and decision-useful information and reflects the Group’s current operating model.

Following this review, the Group has revised the definition of Group Underlying Operating Profit (“GUOP”) and has ceased presenting Adjusted Operating Expenditure and Net Cash/(Debt) as formal APMs. These changes reduce the number of formal APMs reported by the Group.

With effect from 1 January 2026, GUOP will reflect the underlying operating performance of businesses controlled and managed by the Group and excludes all income and expenses arising from joint ventures, associates, and equity-accounted investments. Under the new definition, GUOP is the Group's operating profit adjusted for share-based payments, amortisation of intangible assets, contingent consideration movements and exceptional items, and excludes all income and expenses arising from joint ventures, associates, and equity-accounted investments.

Comparative APM information affected by the revised definition has been restated on a consistent basis.

Definitions and reconciliations of the financial APMs used to IFRS measures, are included below.

The Group reports the following APMs:

1. Group and Divisional Underlying Operating Profit/(Loss)

Underlying Operating Profit/(Loss) represents the Group's operating profit adjusted for share-based payments, amortisation of intangible assets, contingent consideration movements and exceptional items, and excludes all income and expenses arising from joint ventures, associates, and equity-accounted investments.

Period ended 30 June 2026

	Financial Services	Surveying & Valuation	Estate Agency Franchising	Central	IFRS reported total from continuing operations
	£’000	£’000	£’000	£’000	£’000
Profit/(loss) before tax	4,245	12,298	2,554	(7,025)	12,072
Net finance (income)/cost	(147)	29	514	177	573
Share of post-tax profit from Joint Venture	(134)	-	-	-	(134)
Operating profit/(loss) per income statement	3,964	12,327	3,068	(6,848)	12,511
margin	17.4%	21.9%	23.2%	-	13.6%
Adjustments:
Share-based payments	290	420	365	953	2,028
Amortisation of intangible assets	709	394	519	-	1,622
Exceptional gains(note 7)	(2,029)	-	(21)	-	(2,050)
Exceptional costs(note 7)	485	-	-	1,346	1,831
Underlying operating profit/(loss)	3,419	13,141	3,931	(4,549)	15,942
Underlying Operating Margin	15.0%	23.4%	29.7%	-	17.3%

Period ended 30 June 2025 (restated)1

	Financial Services	Surveying & Valuation	Estate Agency Franchising	Central	IFRS reported total from continuing operations
	£’000	£’000	£’000	£’000	£’000
Profit/(loss) before tax	3,194	11,908	2,590	(6,392)	11,300
Net finance (income)/cost	(825)	(342)	89	808	(270)
Share of post-tax profit from joint venture2	(89)	-	-	-	(89)
Operating profit/(loss) per income statement2	2,280	11,566	2,679	(5,584)	10,941
Operating Margin	9.7%	21.8%	20.6%	-	12.2%
Adjustments:
Share-based payments	5	146	64	(63)	152
Amortisation of intangible assets	938	163	426	-	1,527
Exceptional costs(note 7)	1,072	-	-	681	1,753
Underlying Operating profit/(loss)	4,295	11,875	3,169	(4,966)	14,373
Underlying Operating Margin	18.3%	22.3%	24.3%	-	16.0%

1 Restated due to revised definition of Group Underlying Operating Profit.

2Following a review of the Group’s performance measures, share of post-tax profit from joint venture is now presented below operating profit. Comparative restated. Refer to note 5 for further detail.

1. Group and Divisional Underlying Operating Margin

Underlying Operating Margin is defined as Underlying Operating Profit divided by revenue. Refer to above for the calculation of both Group and Divisional Underlying Operating Margin. The closest equivalent IFRS measure to Underlying Operating Margin is operating margin, refer to above for a reconciliation between operating margin and Group Underlying Operating Margin.

1. Adjusted basic earnings per share, adjusted diluted earnings per share and adjusted profit after tax

Adjusted basic earnings per share is defined as Group Underlying Operating profit/(loss) adjusted for profit/(loss) attributed to non-controlling interests, net finance costs (excluding exceptional and contingent consideration items, discounting on leases) less normalised tax (to arrive at adjusted profit after tax), divided by the weighted average number of shares in issue during the financial period. The effect of potentially dilutive ordinary shares is incorporated into the diluted measure. The closest equivalent IFRS measures are basic and diluted earnings per share.

	Unaudited Six months ended
	30 June 2026 £’000	Restated1 30 June 2025 £’000
Group Underlying Operating Profit	15,942	14,373
Profit attributable to non-controlling interest	(31)	(57)
Net finance costs (excluding exceptional items, contingent consideration items and discounting on lease liabilities)	(152)	(170)
Normalised taxation (tax rate 25% (2025: 25%))	(3,940)	(3,537)
Adjusted profit after taxbefore exceptional items, share-based payments and amortisation	11,819	10,609

1 Restated due to revised definition of Group Underlying Operating Profit.

Unaudited - Six months ended 30 June

	Adjusted profit after tax £'000	Weighted average number of shares	2026 Per share amount Pence	Restated1 Adjusted profit after tax £'000	Weighted average number of shares	Restated1 2025 Per share amount Pence
Adjusted basic EPS	11,819	99,678,549	11.9	10,609	102,430,171	10.4
Effect of dilutive share options		1,687,914			922,288
Adjusted diluted EPS	11,819	101,366,463	11.7	10,609	103,352,459	10.3

1 Restated due to revised definition of Group Underlying Operating Profit.

1. Adjusted cash flow from operations

Adjusted cash flow from operations is defined as cash generated from operations before exceptional items, less the repayment of the principal portion of lease liabilities, plus the utilisation of PI provisions.

	30 June 2026	30 June 2025
	£’000	£’000
Net cash generated from operating activities	4,539	2,790
Exceptional costs paid	1,890	2,392
Income taxes paid	3,364	3,142
Interest received (leases)	(5)	(21)
Interest paid (leases)	258	244
Cash generated from operations	10,046	8,547
Payment of principal portion of lease liabilities	(1,213)	(1,215)
PI provision utilisation	325	31
Adjusted cash flow from operations	9,158	7,363

1. Cash flow conversion rate

Cash flow conversion rate is defined as adjusted cash flow from operations, divided by Group underlying operating profit.

	30 June 2026	Restated1 30 June 2025
	£’000	£’000
Adjusted cash flow from operations	9,158	7,363
Group underlying operating profit from continuing operations	15,942	14,373
Cash flow conversion rate	57%	51%

1 Restated due to revised definition of Group Underlying Operating Profit.

1. Discontinued operations

In 2023, the Group franchised its entire owned estate agency network of 183 branches, with the operations of the previously owned network disposed to a combination of new and existing franchisees between 3 May and 31 May 2023. The operations of the branches were sold to the franchisees through either asset or share sales. The operations of the owned branch network were classified as a discontinued operation and presented as such in the Consolidated Condensed Group Financial Statements, please refer to note 6 in the Group Financial Statements for the year ended 31 December 2025 for further information.

During the six months to 30 June 2026 the Group recognised post tax profits from discontinued operations of £0.3m (six months to 30 June 2025: £0.1m loss) due to reductions in dilapidation and restructuring provisions recognised as part of the original asset and share sales, as per note 25 of the Group Financial Statements for the year ended 31 December 2025.

1. Exceptional items

	Unaudited Six months ended
	30 June 2026	30 June 2025
	£'000	£'000
Exceptional costs:
Central CEO and CFO change costs	-	681
Acquisition related costs	126	-
Financial Services restructuring costs	-	563
Financial Services appointed representative costs	6	-
Financial Services post-acquisition support costs	479	509
Group transformation costs	1,220	-
	1,831	1,753
Exceptional gains:
Financial Services post-acquisition support gains	2,029	-
Estate Agency restructuring gains	21	-
	2,050	-

Exceptional costs

Acquisition related costs

During the period, the Group incurred £0.1m of acquisition related costs.

Financial Services post-acquisition support costs

On 2 February 2024, the Group acquired the entire issued share capital of TenetLime Limited ("TenetLime"), a subsidiary of Tenet Group Limited ("Tenet Group"). As part of the purchase agreement, Tenet Group agreed to provide a number of services to LSL after the transaction. Subsequent to the purchase, LSL was notified that Tenet Group Limited entered administration on 5 June 2024.

During the period, the Group reached a settlement with the administrators of Tenet Group and recognised total exceptional gains of £2.0m. In connection with the settlement, the Group also recognised provisions of £0.5m for costs for which it has become liable. These provisions have been recognised as exceptional costs during the period.

All exceptional costs incurred to date have been recovered through the settlement. Management does not expect the Group to incur any further irrecoverable costs beyond those costs recovered in the settlement.

Group transformation costs

Transformation costs of £1.2m have been recognised as exceptional costs in the period. These costs relate to the Group’s Board approved transformation programme to simplify its operating model by moving selected activities previously performed within Divisional teams into a central hub. The programme is intended to improve efficiency, standardise processes, reduce duplication while strengthening Group-wide operational capabilities and creating new revenue opportunities.

Implementation will progress through 2026 and 2027, with the programme expected to deliver at least £5m of annualised benefits and support our ambition to increase Group underlying operating margin above 20%. Costs incurred to date included dedicated programme resources and restructuring related costs.

Exceptional gains

Financial Services post-acquisition support gains

On 6 May 2026, the Group entered into a settlement agreement with Tenet Group’s administrators, under which Tenet Group was released from its obligation to provide post-acquisition services to the Group under the original purchase agreement. As a result of the settlement, all exceptional costs incurred to date have been recovered and management estimates that the Company will not incur any further irrecoverable costs beyond those additional costs recovered in the settlement.

1. Dividends paid and declared

A final dividend in respect of the year ended 31 December 2025 of 7.4 pence per share (December 2024: 7.4 pence per share) was paid to its equity shareholders in the period ended 30 June 2026.An interim dividend has been declared amounting to 4.0 pence per share (June 2025: 4.0 pence per share).Interim dividends are recognised when paid.

1. Taxation

The major components of continuing income tax charge in the interim Group income statements are:

		Unaudited Six Months Ended
		30 June 2026	30 June 2025
		£'000	£'000
UK corporation tax:
- current year charge		3,233	2,862
- adjustment in respect of prior years		112	-
		3,345	2,862
Deferred tax:
Origination and reversal of temporary differences		(62)	74
Adjustment in respect of prior year		415	-
		353	74
Total tax charge in the income statement		3,698	2,936

The total tax charge in the income statement split between continuing and discontinued operations is:

		Unaudited Six Months Ended
		30 June 2026	30 June 2025
		£'000	£'000
Continuing operations		3,698	2,936
Discontinued operations		90	(30)
Total tax charge in the income statement		3,788	2,906

The headline UK rate of corporation tax for the period is 25% (2025: 25%), and the rate at which deferred tax has been provided is 25% (2025: 25%).

Income tax expense for the interim period is determined by applying management’s best estimate of the weighted-average income tax rate for the annual period, adjusted for certain items fully applicable to the interim period if needed, to profit or loss before tax.

1. Goodwill and other intangible assets

	Goodwill	Brand	Franchise agreements	Software	Relationship Assets	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Cost
At 01 January 2026	16,855	6,911	12,766	24,542	9,295	70,369
Additions	-	-	-	1,218	-	1,218
Acquisitions through business combinations (note 18)	2,195	-	1,054	21	-	3,270
At 30 June 2026	19,050	6,911	13,820	25,781	9,295	74,857
Amortisation and impairment
At 01 January 2026	-	-	2,749	19,336	1,548	23,633
Amortisation	-	-	515	720	387	1,622
At 30 June 2026	-	-	3,264	20,056	1,935	25,255
Net book value
At 30 June 2026	19,050	6,911	10,556	5,725	7,360	49,602
At 31December 2025	16,855	6,911	10,017	5,206	7,747	46,736

1. Financial assets

	Unaudited	Audited Year Ended
	30 June 2026	31 December 2025
	£’000	£’000
(a)Financial assets at fair value through other comprehensive income (FVOCI)
Unquoted shares at fair value	-	-
(b)Financial assets at fair value through income statement (FVPL)
Unquoted shares at fair value	1,613	963
(c)Financial assets at amortised cost
Investment in sublease	156	295
Loans to joint venture	-	13,840
Loans to franchisees and appointed representatives	5,713	3,650
	7,482	18,748
Non-current assets	5,513	2,917
Current assets	1,969	15,831
	7,482	18,748

1. Financial assets at fair value through other comprehensive income

Financial assets at fair value through other comprehensive income (FVOCI) include unlisted equity instruments which are carried at fair value and measured using level 3 valuation techniques. The Group holds equity instruments in NBC Property Master Limited and Global Property Ventures Limited which are carried at £nil value.

1. Financial assets at fair value through income statement

Financial assets through profit or loss (FVPL) include unquoted units in Twenty7Tec Group Limited, Openwork Partnership LLP and Collaborative Conveyancing Limited, which are carried at fair value and measured using level 2 valuation technique. During the period no gains/(losses) were recognised in the income statement:

	30 June 2026	31 December 2025
	£’000	£’000
Fair value gains on equity investments at FVPL recognised in other operating costs	-	201
Net fair value gain on contingent consideration recognised as exceptional	-	(230)

Openwork units

As at 30 June 2026, the fair value of the Group’s investment in units held in The Openwork Partnership LLP remained unchanged at £0.6m (31 December 2025: £0.6m). The Group’s valuation is based on the traded price from the most recent trading window.

Twenty7Tec

The Group’s holdings in equity instrument in Twenty7Tec Group Limited remained at £0.4m (31 December 2025: £0.4m). This is based on a recent external valuation of the business and is therefore indicative of a fair value.

Collaborative Conveyancing

In April 2026, the Group subscribed for 22,346 ordinary shares in Collaborative Conveyancing Limited for total cash consideration of £0.7m. The consideration is a recent valuation of the business and is therefore indicative of a fair value.

Fair values of financial assets

There is no difference in the book amounts and fair values of all the Group’s financial assets that are carried in these Interim Condensed Consolidated Group Financial Statements.

Fair value hierarchy

As at 30 June 2026, the Group held the following financial assets measured at fair value. The Group uses the following hierarchy for determining and disclosing the fair value of the financial assets by valuation technique:

• Level 1: quoted (unadjusted) prices in active markets for identical assets;
• Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and
• Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.

Unaudited - 30 June 2026	Total	Level 1	Level 2	Level 3
	£’000	£’000	£’000	£’000
Assets measured at fair value
Financial assets	1,613	-	1,613	-

Audited - 31 December 2025	Total	Level 1	Level 2	Level 3
	£’000	£’000	£’000	£’000
Assets measured at fair value
Financial assets	963	-	963	-

1. Financial assets measured at amortised cost

Financial assets measured at amortised cost include investment in subleases and loans to franchisees and appointed representatives.

Investment in subleases

The Group recognises an investment in sublease in scenarios where it is an intermediate lessor, and the sublease is classified as a finance lease. On recognition, the investment in sublease is valued as the remaining fixed payments due from the sublessor, discounted at the discount rate implicit in the headlease. The Group recognises finance income over the remaining life of the leases. An expected credit loss has been provided against the investment in sublease of £0.1m, applying a 12-month expected credit loss model.

Loans to franchisees and appointed representatives

The loans to franchisees and appointed representatives balance includes loans to franchisees in the Estate Agency Franchising segment and loans to appointed representatives in Financial Services segment.

The Group provides loans to franchisees and appointed representatives as part of its normal commercial arrangements. Loans to franchisees typically have terms of up to five years, while loans to appointed representatives typically have terms of up to three years.

During the period, aggregate cash advances under these arrangements were £3.6m (H1 2025: £1.9m). In accordance with IFRS 9, the loans were initially recognised at fair value of £3.0m (H1 2025: £1.4m), comprising £2.6m of franchisee loans and £0.4m of appointed representative loans.

Principal repayments received during the period were £1.2m (H1 2025: £0.6m), comprising £1.0m from franchisees and £0.2m from appointed representatives. At 30 June 2026, loss allowances measured applying a 12-month expected credit loss model were £0.2m against franchisee loans (2025: £0.1m) and £0.1m against appointed representative loans.

Loan notes receivable

In January 2026, Mottram Topco Limited repaid £10.7m out of the £13.8m loan notes outstanding in cash. £3.2m was converted to ordinary shares in Mottram Topco Limited, representing an increase in the investment balance in the joint venture.

1. Cash and cash equivalents

Bank overdrafts reflect the aggregate overdrawn balances of Group companies (even if those companies have other positive cash balances). The overdrafts are held with the Group’s relationship banks.

For the purpose of the statement of cash flows, the Group’s cash and cash equivalents position is presented net, as shown below:

	Unaudited	Audited Year Ended
	30 June 2026	31 December 2025
	£’000	£’000
Cash and cash equivalents	53,923	67,050
Bank overdrafts	(31,938)	(39,253)
Cash and cash equivalents	21,985	27,797

1. Financial liabilities

	Unaudited	Audited Year Ended
	30 June 2026	31 December 2025
	£’000	£’000
Current
IFRS 16 lease financial liabilities	1,936	2,354
Contingent consideration liabilities	840	3,259
	2,776	5,613
Non-current
IFRS 16 lease financial liabilities	3,677	4,148
	3,677	4,148

Contingent consideration liabilities:

	Unaudited	Audited Year Ended
	30 June 2026	31 December 2025
	£’000	£’000
TenetLime	-	3,259
NSS	792	-
Meyers	48	-
	840	3,259
Opening balance	3,259	3,306
Additions	817	-
Repaid	(3,330)	-
Amounts recorded through the income statement	94	(47)
Closing balance	840	3,259

TenetLime Limited

On 2 February 2024, LSL Property Services plc (“LSL”) acquired the entire issued share capital of TenetLime Limited (“TenetLime”), which was previously a subsidiary of Tenet Group Limited (“Tenet Group”). As part of the purchase agreement, Tenet Group agreed to provide certain services to the Group following completion.

Tenet Group entered administration on 5 June 2024 and were unable to provide these services to the Group.

On 6 May 2026, the Group entered into a settlement agreement with Tenet Group’s administrators, under which Tenet Group was released from its obligation to provide post-acquisition services to the Group under the original purchase agreement. The Group has settled the £3.3m consideration outstanding in full in 2026. See note 7 for further details.

NSS Franchising Ltd

See note 18 for further detail.

Meyers Franchising Limited

See note 18 for further detail.

Fair values of financial liabilities

There is no difference in the book amounts and fair values of all the Group’s financial liabilities that are carried in these Interim Condensed Consolidated Group Financial Statements.

Fair value hierarchy

As at 30 June 2026, the Group held the following financial liabilities measured at fair value. The Group uses the following hierarchy for determining and disclosing the fair value of the financial instruments by valuation technique:

• Level 1: quoted (unadjusted) prices in active markets for identical liabilities;
• Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and
• Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.

As at 30 June 2026, the Group held financial liabilities valued using level 3 valuation technique of £0.8m (31 December 2025: £3.3m)

Risk management

The Group’s principal financial instruments comprise cash and cash equivalents with access to a further £60m revolving credit facility which is undrawn at the balance sheet date. The main purpose of these financial instruments is to raise finance for the Group’s operations and support its capital allocation policy. The Group has various financial assets and liabilities such as trade receivables, cash and short term deposits and trade payables, which arise directly from its operations.

The Group is exposed through its operations to the following financial risks:

• interest rate risk;
• liquidity risk; and
• credit risk.

The policy for managing these risks is established by the Board following recommendations from the Group Chief Financial Officer. Certain risks are managed centrally, while others are managed locally following communications from the Centre, and the methods used to manage these risks have not changed since 31 December 2025. Further details of the risk management policies of the Group are disclosed in note 31 of the Group’s Financial Statements for the year ended 31 December 2025.

1. Provisions

	PI claim provisions	Dilapidation provision	Restructuring provision	Appointed representative provision	Post acquisition support provision1	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Balance at 1January 2026	4,321	4,336	996	1,615	-	11,268
Provided in the period	640	309	56	188	460	1,653
Amount utilised	(325)	(232)	(156)	(102)	-	(815)
Amount released	(153)	(495)	(150)	(49)	-	(847)
Unwinding of discount	-	214	-	-	-	214
Balance at 30 June 2026	4,483	4,132	746	1,652	460	11,473
Current liabilities	1,128	2,163	746	886	460	5,383
Non-current liabilities	3,355	1,969	-	766	-	6,090
	4,483	4,132	746	1,652	460	11,473

1Refer to note 7

1. Investment in joint venture

	Unaudited	Audited Year Ended
	30 June 2026	31 December 2025
	£’000	£’000
Opening balance	14,988	11,585
Equity investment	3,179	2,605
Equity accounted profit	414	1,195
Adjustment for non-controlling interests	(280)	(397)
Closing balance	18,301	14,988

In January 2026, Mottram Topco Limited repaid £10.7m out of the £13.8m loan notes outstanding in cash. £3.2m was converted to ordinary shares in Mottram Topco Limited, representing an increase in the investment balance in the joint venture.

1. Related party transactions

The Group is party to one joint venture, Mottram TopCo Limited.

Transactions with Mottram TopCo Limited (Pivotal Growth) and its subsidiaries

	Unaudited
	Six Months Ended
	30 June	30 June
	2026	2025
	£’000	£’000
Revenue recognised	1,519	1,347

	Unaudited	Audited Year Ended
	30 June 2026	31 December 2025
	£’000	£’000
Trade receivable	575	522
Loan notes receivable	-	13,840

In January 2026, Mottram Topco Limited repaid £10.7m out of the £13.8m loan notes outstanding in cash. £3.2m was converted to ordinary shares in Mottram Topco Limited, representing an increase in the investment balance in the joint venture.

1. Events after the reporting period

In July 2026, the Group paid the first contingent consideration of £0.6m for the acquisition of NSS. See note 18 for further details.

1. Business Combination

Acquisition of NSS Franchising Ltd

On 22 January 2026, the Group acquired 100% of the issued share capital of NSS Franchising Ltd (“NSS”) through LSLI Limited, a subsidiary of LSL Property Services plc. NSS operates a property search franchise business. The acquisition provides the Group with access to an established property search franchise network and opportunities to expand the Group’s property search capability. The acquisition has been accounted for as a business combination under IFRS 3.

The provisional fair values of the identifiable assets and liabilities of NSS Franchising Ltd as at the date of acquisition were:

	2026
	£’000
Fair value of consideration transferred
Amount settled in cash	2,542
Fair value of contingent consideration	774
Total	3,316
Recognised amounts of identified net assets
Property, plant and equipment and right-of-use assets	114
Other intangible assets	707
Total non-current assets	821
Trade and other receivables	75
Cash and cash equivalents	1,097
Total current assets	1,172
Financial liabilities	(17)
Trade and other payables	(381)
Total current liabilities	(398)
Financial liabilities	(83)
Deferred tax liability	(180)
Total non-current liabilities	(263)
Identifiable net assets	1,332
Goodwill on acquisition (note 10)	1,984
Consideration transferred settled in cash	(2,542)
Cash and cash equivalents acquired	1,097
Net cash outflow on acquisition	(1,445)
Acquisition costs charged to expenses	24

The fair value assessment of the assets and liabilities acquired has not been finalised by the date the interim financial statements were approved for issue by the Board of Directors. Thus, the net assets acquired may be subsequently adjusted with a corresponding adjustment to goodwill and deferred tax prior to 22 January 2027 (one year after the transaction), as permitted by IFRS 3 Business Combinations.

The acquisition of NSS was settled in cash amounting to £2.5m.

As part of the acquisition, the Group agreed additional contingent consideration arrangements with the sellers. The contingent consideration comprises two elements. First contingent consideration of £0.6m, payable six months after completion subject to the satisfaction of specified operational-readiness conditions following completion; and second contingent consideration of up to £0.5m, payable by reference to the gross profit performance of NSS during the first twelve months following completion.

The Group paid the first contingent consideration of £0.6m in July 2026.

The contingent consideration has been accounted for as part of the consideration transferred for the acquisition and recognised at fair value at the acquisition date. The fair value reflects management’s assessment of the expected amount payable, the probability of achieving the relevant conditions and the timing of expected settlement. Any subsequent remeasurement of the contingent consideration liability is recognised in the Group Income Statement.

Acquisition related costs amounting to £0.02m are not included as part of consideration transferred and have been recognised as an expense in the Interim Group Income Statement, as part of other operating costs.

The Group has preliminarily recognised a separately identifiable franchise agreement intangible asset of £0.7m. The asset represents the value of contractual rights arising from NSS’s existing franchise agreements. A deferred tax liability of £0.2m has been preliminarily recognised in relation to this asset on the basis that the franchise agreement intangible has a nil tax base.

Goodwill of £2.0m has been preliminarily recognised. Goodwill principally represents expected future growth opportunities, the assembled workforce, integration benefits, synergies and other benefits that do not meet the recognition criteria for separate identifiable intangible assets.

NSS made a profit before tax of £0.1m since acquisition and revenue of £1.1m. If NSS had been acquired on 1 January 2026, revenue of the Group for H1 2026 could have increased by £0.1m and profit for the period would have increased by £0.01m.

Acquisition of Meyers Franchising Limited

On 31 March 2026, the Group acquired 100% of the issued share capital of Meyers Franchising Limited (“Meyers”) through LSLI Limited, a subsidiary of LSL Property Services plc. Meyers operates a franchise model offering estate agency franchise opportunities in the UK. The acquisition provides the Group with access to an established estate agency franchise network and opportunities to expand the Group’s estate agency franchise network. The acquisition has been accounted for as a business combination under IFRS 3.

The provisional fair values of the identifiable assets and liabilities of Meyers Franchising Limited as at the date of acquisition were:

	2026
	£’000
Fair value of consideration transferred
Amount settled in cash	611
Fair value of contingent consideration	43
Total	654
Recognised amounts of identified net assets
Other intangible assets	368
Total non-current assets	368
Trade and other receivables	24
Cash and cash equivalents	191
Total current assets	215
Trade and other payables	(53)
Total current liabilities	(53)
Deferred tax liability	(87)
Total non-current liabilities	(87)
Identifiable net assets	443
Goodwill on acquisition (note 10)	211
Consideration transferred settled in cash	(611)
Cash and cash equivalents acquired	191
Net cash outflow on acquisition	(420)
Acquisition costs charged to expenses	3

The fair value assessment of the assets and liabilities acquired has not been finalised by the date the interim financial statements were approved for issue by the Board of Directors. Thus, the net assets acquired may be subsequently adjusted with a corresponding adjustment to goodwill and deferred tax prior to 31 March 2027 (one year after the transaction), as permitted by IFRS 3 Business Combinations.

The acquisition of Meyers was settled in cash amounting to £0.6m.

The sale and purchase agreement includes contingent consideration of up to £0.05m, payable in cash to the seller. The amount payable is dependent on the achievement of certain performance related and operational conditions over 12 months post-acquisition. Any amount payable is determined after that period and is settled shortly after the calculation is agreed.

The contingent consideration has been accounted for as part of the consideration transferred for the acquisition and recognised at fair value at the acquisition date. The fair value reflects management’s assessment of the expected amount payable, the probability of achieving the relevant conditions and the timing of expected settlement. Any subsequent remeasurement of the contingent consideration liability is recognised in the Group Income Statement.

Acquisition related costs amounting to £0.003m are not included as part of consideration transferred and have been recognised as an expense in the Interim Group Income Statement, as part of other operating costs.

The Group haspreliminarily recognised a separately identifiable franchise agreement intangible asset of £0.3m. The asset represents the value of contractual rights arising from Meyers’ existing franchise agreements. A deferred tax liability of £0.1m has been preliminarily recognised in relation to this asset on the basis that the franchise agreement intangible has a nil tax base.

Goodwill of £0.2m has been preliminarily recognised. Goodwill principally represents expected future growth opportunities, the assembled workforce, integration benefits, synergies and other benefits that do not meet the recognition criteria for separate identifiable intangible assets.

Meyers made a profit before tax of £0.1m since acquisition and revenue of £0.1m. If Meyers had been acquired on 1 January 2026, revenue of the Group for H1 2026 could have increased by £0.1m and profit for the period would have increased by £0.02m.

Independent review report to LSL Property Services plc

Conclusion

We have been engaged by LSL Property Services plc (the ‘company’) to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprises the Interim Group Income Statement, Interim Group Balance Sheet, Interim Group Statement of Cash Flows, Interim Group Statement of Changes in Equity and the notes to the Interim Condensed Consolidated Group Financial Statements. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with UK-adopted International Accounting Standard (IAS) 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by Financial Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 1, the annual financial statements of the group are prepared in accordance with UK-adopted international accounting standards. The condensed set of financial statements included in this half yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, ‘Interim Financial Reporting’.

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis of conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with this ISRE (UK), however future events or conditions may cause the entity to cease to continue as a going concern.

In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the group’s business model including effects arising from macro-economic uncertainties such as inflationary pressures, geopolitical uncertainty and tightening credit conditions, and we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the group’s financial resources or ability to continue operations over the going concern period.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with UK-adopted International Accounting Standard (IAS) 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.