XPS Pensions Group PLC: Significant opportunities

Research evidence excerpt

XPS Pensions Group PLC: Significant opportunities

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy XPS Pensions 11 June 2026

Company Update

Europe Group PLC

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 9 Jun 2026 (GBP) 308.50

XPS.L XPS LN LSE XPS

Price Target (GBP) 485.00

Business Services

393.50 -

Professional Services 52-week range (GBP) 283.00

Significant opportunities

Valuation & Risks

Steve Woolf

FY Results due 18th June Research Analyst

XPS’ trading update (21st April) indicated FY results in line with expectations. Group +44-20-754-54604

revenues increased by 13% YoY on a reported basis including organic growth of 7%.

James Beard

Excluding non-recurrent McCloud project activity in the prior year revenue growth Research Analyst

was 18% with organic growth of 12% a fourth year of double-digit organic growth. +44-20-754-56765

The performance reflected expanded activity with existing clients as well as new

David Brockton

client wins in all areas. Core Advisory increased revenue by 20% while

Research Analyst

Administration revenue increased by 5%, despite the tough McCloud comparison

+44-20-754-11721

in the prior year. SIPP revenue increased by 10%, also a fourth consecutive year of

double-digit growth. Following the acquisition of Polaris, revenue from insurers Bharat Rajesh, CFA

across all business units increased by 10%. Research Associate

Positive outlook expected Price/price relative

Structural and regulatory opportunities remain strong. Near term drivers include

incremental administration activity with SEI (now 140k members), the potential

impact of higher CPI pass-through and with c.54% of pension schemes with an

aggregate surplus of c.£225bn, the potential for surplus management/extraction 200