Realising ambitions, unlocking tomorrow.

Our performance underlines the resilience of Together’s relationship based business model, which has been proven over five decades, and despite a backdrop of recent macroeconomic and geopolitical uncertainty. We continued to operate with an attractive net interest margin, maintained a conservative loan-to-value across the loan book and generated strong cash receipts during the year, reflecting both the quality of our lending and the demand for our products.

We remained focused on delivering positive customer outcomes and were proud to be accredited with CCA ‘Global Consumer Experience Excellence’ for the third consecutive year with 88% five-star ratings from customers. In addition, we were included in the Financial Times Europe’s Long-Term Growth Champions again and received top industry awards for our product range and community impact during the year.

We also continued to actively manage and diversify our funding base, raising and refinancing £3 billion of facilities across public and private markets to ensure we remain well positioned to help individuals and businesses to thrive, and to support our future growth ambitions. This included the successful issuance of £300m second lien secured notes, in May, as part of the redemption of the Senior PIK Toggle Notes due 2027 issued by Bracken Midco1 PLC, the indirect parent company of Together. The transaction further optimised the Group’s capital structure, simplifying funding arrangements, enhancing debt service certainty and preserving the position of existing senior secured noteholders through the second lien structure.

Enhancing our Board

As a private business, we place significant value on strong governance, disciplined risk management and constructive independent challenge, which we believe are essential foundations for sustainable long-term success. During the year, we were pleased to welcome Andy Higginson, Mike Flynn and Richard Fearon as non-executive directors. Andy brings over 30 years’ experience in Board roles for some of the UK’s biggest customer-led businesses. Mike brings over 20 years of experience in both entrepreneurial and senior leadership roles, positioning him well to ensure further alignment of objectives with the shareholder family. Richard was previously CEO of Leeds Building Society and brings over 25 years’ experience in retail and mutual banking. These appointments will further enhance the breadth of skills, experience and independent challenge available to the Board as we support the delivery of the Group’s long term strategy.

Delivering strategic progress

Last year our new Group CEO, Richard Rowntree, outlined a refreshed Group strategy of Invest, Optimise, Grow.

This year we made good progress in delivering that strategy. We continued to invest for the future, with our systems transformation programme making strong progress during the year. Our continued investment in technology is helping us deliver a better customer experience through quicker and more efficient decisions, smoother journeys and greater responsiveness, while also enhancing the agility, resilience and scalability of the Group.

We recognise the growing influence of artificial intelligence across the global economy and, as part of our transformation, are adopting AI in a measured and responsible way, to enhance efficiency and customer service while retaining the expertise, judgement and common sense that underpin our model.

Alongside this, we were delighted to complete the expansion of our office headquarters in August, an important milestone in bringing colleagues together within a more connected, modern and collaborative workplace environment. This investment reflects our commitment to providing a significantly improved workspace for our colleagues, customers and guests.

“Our continued investment in technology is helping us deliver a better customer experience through quicker and more efficient decisions, smoother journeys and greater responsiveness, while also enhancing the agility, resilience and scalability of the Group.”

Supporting our people and communities

We believe that a strong culture is fundamental to long term success and during the year we completed a culture review to ensure our values, behaviours and ways of working remain fully aligned with our long term strategy and growth ambitions. This reflects our commitment to maintaining high standards as the business evolves.

Our long standing commitment to supporting young people and helping them to develop successful careers remains a core strength. We established our graduate and apprentice schemes over 15 years ago, and this year a further 15 graduates and 11 apprentices joined the Together Academy, helping to build the next generation of talent from within the Group.

Together also continued to invest in supporting its local communities, deploying funding and colleague time to a wide range of charitable and community initiatives, reinforcing our role as a responsible employer and corporate citizen. Charities supported during the year included The Greater Manchester Mayor’s Charity, Forever Manchester, Mission Christmas Cash for Kids and The Christie Charity.

Looking ahead

Together enters the new financial year from a position of strength, with a high quality and growing loan book, diversified funding base, deep property expertise and a clear strategy to become the UK’s finance partner of choice. The macroeconomic outlook remains uncertain, with heightened geopolitical tensions, including the ongoing conflicts in the Middle East, continuing to weigh on global markets, energy prices, consumer confidence and interest rate expectations. Against this backdrop, the Group’s disciplined approach to risk management, strong capital position and proven ability to adapt give the Board confidence in Together’s resilience.

With long term structural demand for specialist lending solutions continuing to grow, we remain cautiously optimistic about the outlook and firmly committed to supporting our customers in realising their ambitions, as we have done for more than 50 years.

Finally, I would like to thank my colleagues for their continued dedication, professionalism and commitment. Their expertise and judgement remain fundamental to Together’s success, both today and in the years ahead.

Against this backdrop, we grew our loan book to a new high of £8.5 billion and increased underlying profit before tax to £223 million, reflecting the strength of our business model, the discipline of our approach and the clarity of our strategic focus.

By using our expertise and common sense to build trusted relationships, we supported a growing number of individuals and businesses as originations increased to £3.5 billion.

At the same time, we made strong progress towards our transformation agenda which will upgrade our systems and processes, enhancing the experience for customers, along with further strengthening our leadership team to support the next phase of our growth.

Our strategy in action

Over the past year, we have maintained our focus on optimising our operations, simplifying processes and increasing automation to drive efficiency and resilience. Alongside this, we have continued to invest in our underwriting capability, strengthened our collections and recoveries function and augmented our servicing capacity through targeted outsourcing. These actions are delivering tangible benefits, including faster turnaround times, higher service levels and improved operational efficiency, while also enhancing the quality, sustainability and resilience of our loan book.

We made strong progress in transforming our technology and data platforms to underpin our long-term success, with key systems moving from build to the testing and refinement phase ahead of roll-out. Our programme of sustained investment will improve customer and broker journeys, expand our use of data and analytics to enable better, faster decision-making and support greater operational resilience. While there is much more to do, this transformation will help us to build a more agile and efficient organisation that is well positioned to scale and adapt as market conditions evolve.

We also completed the transformation of our head office with the opening of our new reception area which connects our two buildings and provides additional facilities to support colleague wellbeing and improve the experience for our visitors.

In addition, we continued to progress our disciplined growth agenda, increasing annual lending by 11% by targeting the right opportunities in markets where we have a clear competitive advantage.

“By using our expertise and common sense to build trusted relationships, we supported a growing number of individuals and businesses as originations increased to £3.5 billion.”

“I am confident we are well placed to continue helping our customers to realise their ambitions, to deliver long term value for our stakeholders and to become the UK’s finance partner of choice.”

We have seen strong momentum in bridging lending, where customers continue to value speed, certainty and flexibility, and transaction timelines are often compressed. Bridging finance is a well-established and vital market for the economy, providing essential funding in the property market to fill gaps and help customers realise opportunities. Our strong track record and ability to underwrite complex cases and deploy capital quickly and efficiently has positioned us to capture increased demand for this product.

Similarly, we also performed strongly in commercial term lending, where borrowers are increasingly seeking tailored, relationship-led solutions. Our deep expertise in property lending, combined with our common sense approach and focus on underserved segments, has enabled us to grow originations while maintaining a disciplined approach to risk.

We completed a culture review during the year to capture the values, behaviours and operating principles that have been central to our success, helping to embed these qualities across the Group as we continue to scale the business.

Strengthening our leadership team

We have also taken important steps to strengthen our leadership team during the year, bringing additional depth of experience across operations, people functions and strategy. Dave Sutherland joined as Chief Operating Officer, Cheryl Brough joined as Chief People Officer, and Russell Anderson joined as Chief Strategy Officer. These appointments will help to ensure that we have the leadership capability required to deliver our growth strategy and manage the business prudently through the cycle.

I would like to thank Sarah Nield, who stepped down as Chief Compliance Officer in December after making a significant contribution to Together’s regulatory and compliance framework. Our Chief Risk Officer, Julie Twynholm, has taken over responsibility for compliance, further strengthening the alignment with risk and governance.

Well positioned for the future

Looking ahead, we expect the macroeconomic environment to remain uncertain, with elevated geopolitical tensions, renewed inflationary pressures and interest rates likely to remain higher for longer. However, the long term structural drivers of our market remain firmly in place, with an increasing number of individuals and businesses continuing to seek specialist lending solutions, with Together being well positioned to support them.

Our priorities remain clear. We will maintain our focus on operational excellence and efficiency. We will continue to invest in our platform, data capabilities and people. And we will pursue growth in a disciplined and selective manner, targeting opportunities where our expertise and experience can deliver attractive, sustainable and risk-adjusted returns.

I am confident we are well placed to continue helping our customers to realise their ambitions, to deliver long term value for our stakeholders and to become the UK’s finance partner of choice.

I would like to thank all our colleagues for their continued dedication and professionalism, and our customers, intermediaries and funding partners for their ongoing support.

Our growth strategy is ambitious, and we have made great progress in the year, delivering record originations of £3.5bn and growing our loan book to £8.5bn, which is underpinned by robust demand for our broad product offering and service-led proposition across our key markets.

Whilst continued loan book growth is important, our focus remains the strength and resilience of our balance sheet. This is supported by our long-standing principle of delivering growth without compromising our prudent loan-to-value discipline, which across our loan book remains conservative at 56.6% and provides the Group with a strong level of security.

This year we have also seen continued improvements in our credit performance, with reductions in our cost of risk and impairment coverage ratio, as we see the results of previous enhancements made to our recoveries and collections capabilities, whilst maintaining prudent impairment provisions for on-balance sheet risk.

The strength of our balance sheet continues to support dependable cash generation, with cash receipts of £3.7bn during the year. This enables us to reinvest in the business, supporting more customers, and allowing us to maintain strong levels of liquidity.

Our continued loan book growth, coupled with our disciplined execution of our strategy, has generated further strong financial results, with underlying profit increasing to £223m (2025: £216m). This has been achieved through careful management of our pricing and funding strategies, which allows us to maintain attractive margins, with net interest margin (NIM) remaining strong at 5.3% (2025: 5.5%).

Our strong results have provided us the opportunity to invest further in our future, with continued investment in systems in the year, as our transformation project progressed through the testing and refinement phase ahead of a rollout planned to start in the next financial year.

We have also continued to receive strong support from the funding market, with £3bn refinanced in the year. Further information on our funding is included over the page in the funding review.

“Our financial results show the strength of our business model, as we look to continue building on our success and opening opportunities up for our future.”

This year we also made the strategic decision to issue second lien secured notes (SLSN) within the Together Group structure, which allowed one of the Group’s indirect parent companies to repay their PIK notes, and is an important step in optimising our funding structure. As a result, we have presented our key financial metrics on a like-for-like (LFL) basis, which shows our financial results as if this debt had always been held within the Together Group to aid comparability.

Our results demonstrate the strength of Together’s financial model and the discipline with which we continue to manage the business. As we look ahead, our focus remains on preserving balance sheet strength, maintaining attractive returns and investing in the capabilities that will support sustainable growth.