September 30 2026
Unaudited Operating Performance and Key Highlights 1 :
- Organic pro forma revenue grew by 1% year-on-year, supported by higher policy volumes, and improved commissions, offsetting rate softening, demonstrating the value that PIB provides for clients.
- Total pro forma Group EBITDAE increased year-on-year, with revenue growth across most divisions more than offsetting higher costs.
- PIB is focussed on extracting synergies from its acquisitions, with initiatives underway to simplify processes, reduce duplication and optimise the Group’s operating structure. The programme is expected to deliver efficiencies and leverage the cost base to support margin improvement in 2026 and beyond.
1 Refer to page 41 of the PIB Group Annual Report and Financial Statements for the Year ended 31 December 2025 for the Alternative Performance Measures
2 Countries include all trading entities and branch locations
M&A Update:
In the first half of 2026, the Group successfully completed the acquisition of AQS Consultores de Seguros and Seguraz - Mediação de Seguros, two Portuguese brokers from the same group, further accelerating PIB’s growth in Iberia. The drop in M&A activity in 2026 compared with 2025 has been a conscious decision given the market conditions and the Group’s focus on integration and operational efficiency more broadly.
Outlook:
The outlook for the second half of 2026 and beyond remains positive, with PIB Group focused on building on its growth trajectory while improving operational efficiency and profitability.
PIB Group will continue to execute its offshoring strategy, including streamlining back-office functions and leveraging established capabilities in locations such as India. This is creating a more integrated and efficient operating model that supports scalable growth without a corresponding increase in fixed costs.
The Group will also continue to leverage the benefits of its recent acquisitions, which have strengthened its market position and expanded its expertise across Europe. At the same time, PIB Group will take a more selective and value-focused approach to future M&A.
Strategic priorities for the remainder of 2026 include; improving margins through greater operational efficiency, extracting more value from the existing platform, and increasing advisory-led growth through cross-selling and upselling.
Supported by its partners, Apax Funds and The Carlyle Group, PIB Group remains focused on delivering sustainable, long-term growth and enhancing profitability.