Partners& Group Limited FY25 Financial Results

November 2025

Partners&, the award-winning Chartered insurance advisory business providing specialist insurance, employee benefits, risk management and claims advice to businesses and private clients, today reports a strong set of financial results for Financial Year 2025 (“FY25”).

This performance, delivered against a challenging economic backdrop characterised by persistent inflation, ongoing fiscal uncertainty and a softening insurance market, directly demonstrates the success of its clear strategy and the quality of its people.

In FY25, Partners& reinforced its focus on organic growth and talent acquisition, with a steadfast commitment to its fundamental purpose: to challenge the status quo of an inefficient and dysfunctional insurance market to drive long-term growth and profitability through the delivery of an unrivalled client experience.

Highlights for the year ended 31 March 2025:

• Turnover increased 35% to £58m (FY24: £43m)
• Adjusted EBITDA[1] increased 73% to £14.9m (FY24: £8.6m)
• Operating profit: £1,819,452 (FY24 £1,130,743 Operating Loss)
• Group headcount increased 39% to 640 (FY24: 460)
• Exceptionally strong financial position with consolidated group net assets of £81.5m (2024: £73.6m), and minimal debt leverage
• Continuation of its highly targeted M&A programme, with investments made in twelve acquisitions that are directly in line with the Partners& strategy to extend its geographical footprint and enhance its client proposition including in schemes, underwriting, people risk (employee benefits advice), and loss adjusting
• Further significant investment in the Partners& Academy to attract, retain and nurture its talented team. This included attaining CII accreditation for its Leadership Academy as well as the introduction of a Line Manager Academy focused on coaching and development of people
• Its market-leading performance was recognised with several industry awards, including Best Insurance team (Rainmakers Awards), Gold Status Investor in Customers, and accreditation as a menopause-friendly employer
• Over 30% of colleagues (181) own shares in Partners&, and have a vested interest in the success of the business

[1] Adjusted EBITDA is adjusted for Interest payable, Interest receivable, Depreciation, Amortisation, Gains and loss on disposal of fixed assets and Taxation; and restructuring costs of £2.4m

Organic Growth

The Partners& approach to organic growth incorporates multiple inter-related components:

1. Recruiting exceptionally talented individuals who believe that the “consolidation-led” approach of the wider insurance broking market is detrimental for clients, and who are drawn to the “organic-first” Partners& way of serving clients.
2. Continuing to invest in the Partners& Client Partner Model, which involves recruiting specialist talent /teams and building a range of practices in attractive industry verticals. This talent-based growth strategy has proven very successful. To date, Partners& has invested in thirteen practices, with revenue representing approximately 20% of group turnover.
3. Delivering the Partners& Difference Model, which articulates a six-stage advice process which builds client resilience by assessing clients’ understanding of their risk environment, demonstrating support pre and post claim and, as a result, enabling clients to execute their business plans and achieve their objectives.
4. Growing schemes within specialist sectors, such as videography / photography, and via trade associations, such as NAPIT, the second largest electrical contractor competent person scheme in the UK, with more than 21,000 members.
5. Building a structured new business capability which consistently delivers strong results, with organic sales velocity (new business as a % of existing revenue) in the GI business exceeding 18% and across the Group exceeding 22% up to March 2025.
6. Rolling out the Partners& Client Experience Programme and distinctive client journey, which are focused on strengthening client relationships, client advocacy, and client retention.
7. Restructuring our leadership team to manage our continued growth and focus on client delivery.