2025 Full Year Results

Panmure Liberum, a leading independent investment bank and the largest adviser to UK listed companies by number of clients, has published its audited results for the year ended 31 December 2025 ("FY25") and provides an update on its outlook for 2026.

FY25 Financial performance

• Revenue increased to £64.2m (FY24: £61.8m), driven by sustained momentum across investment banking and equities and the investment in partnerships and new business lines

• Adjusted EBITDA and Adjusted PBT significantly improved to £6.1m (FY24: £1.6m loss) and £1.4m (FY24: £6.0m loss), respectively

• Statutory loss, including non-cash items such as share based payments, reduced to £2.2m (FY24: £11.4m loss )

2025 Strategic highlights

• Successful strategy of focussing on higher-value clients, adding 28 new corporate mandates during the year

• Added five FTSE 350 companies

• Completed 66 transactions, raising £1.6bn for clients (2024: £0.7bn)

• Advised on 10 completed M&A transactions totalling over £3bn, demonstrating the depth and breadth of the bank’s capabilities

• Strong momentum in diversifying the business, evidenced by arranging more than £300m through the Debt Advisory business and raising £65m through the bank’s Private Capital network, serving clients across a broad range of business lines

• Strong growth in Equities, with commission and trading income delivering double digit growth, reflecting several strategic hires in the US and in the Execution business.

• Expanded global Investment Banking, distribution and execution capabilities through new strategic partnership agreements with the Bank of Bahrain and Kuwait in the Middle East, Nedbank CIB in South Africa and Petra Capital in Australia; adding to our existing network of partnerships

• Liberum Wealth grew revenues by 25% and continued to see significant growth in assets under custody to over £2bn.

2026 Outlook

The first half of 2026 saw us win our 50th new client since the merger completed in 2024. The average market capitalisation of clients onboarded this year has been in excess of £700m, reflecting our growing FTSE250 client base. We remain number one ranked for Total UK Broking clients, FTSE Small Cap Clients and FTSE AIM100 clients. The bank now has research covering over 500 companies, makes markets in 700 stocks, with volumes traded rising significantly to a daily average in excess of £160m.

Despite the geopolitical uncertainty brought by the Middle East conflict, which has caused increased volatility in markets and affected decision making, asset allocation and transaction timing across both our corporate and institutional client base, we are pleased with our continued progress and ability to trade profitably. Panmure Liberum retains a steadfast focus on delivering excellence for all its clients through this period as it continues to broaden its product offering and explore further strategic initiatives, such as expanding its global partnership footprint.

Panmure Liberum remains well capitalised, continues to add high calibre talent to support future growth and is well positioned for a recovery in capital markets activity.

Rich Ricci, CEO, Panmure Liberum: “In our first full financial year as a consolidated business we delivered significantly improved bottom-line growth. This is thanks to the strength of our strategy, which has delivered against challenging market conditions, our unwavering focus on client service, and the continued commitment and expertise of the team at Panmure Liberum.”

“Looking ahead, I am pleased to see the momentum achieved in 2025 has continued into 2026. We are trading profitably and have a meaningful pipeline as we look to the months ahead. This year marks the 150th anniversary of Panmure Gordon, one of our legacy businesses, and I have never been more excited about what we are building at Panmure Liberum, as we move forward with the next phase of our journey.”

Contacts

FTI Consulting (PR adviser)

panmureliberum@fticonsulting.com

Alex Ralphs - +44 (0)7890 046064

Olivia Bell - +44 (0)7483 720023