IntegraFin Holdings PLC: Post H1 we update our estimates and provide questions for management

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IntegraFin Holdings PLC: Post H1 we update our estimates and provide questions for management

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IntegraFin Holdings PLC

Post H1 we update our estimates and

provide questions for management

Reiterate Rating: UNDERPERFORM | PO: 314 GBp | Price: 324 GBp

Decent H1; FY26 outlook reiterated 20 May 2026

IntegraFin reported an H1 PBT beat owing to better-than-expected costs. This beat was Equity

relatively low quality however; the company benefitted from a c£1m non-recurring

contribution from rebates and provisions in its occupancy costs, which was equivalent to

Key Changesthe majority of the PBT beat. The company also observed a continuation of revenue

margin compression of 0.5bps vs FY25, with its higher-quality recurring annual and (GBp) Previous Current

wrapper charges in particular compressing. Management pointed to AI and automation Price Obj. 313.00 314.00

initiatives as routes to generating operating leverage and flagged the strength of their 2026E EPS 19.77 20.05

performance among consolidators, reiterating FY26 guidance of 3% underlying 2027E EPS 21.53 21.95

administrative expense growth. We think these initiatives are helpful and are not 2026E DPS 12.89 13.07

concerned about management’s ability to achieve its cost guidance but we continue to

see the structural shift of advisers to larger firms as a contributor to revenue margin Hal Potter, CFA >>

Research Analyst

compression and a headwind to FUD (Funds Under Direction) growth. We provide MLI (UK)

questions for management in this note. +44 20 7996 3010 hal.potter@bofa.com

Changes to our estimates TimResearchRamskill,AnalystCFA >>

We update our figures for the release and make marginal adjustments to our estimates. MLI (UK) +44 20 7996 3050