In a trading update, MAB said the number of mainstream advisers at year end 2025 came to 2,135, up 10% on the prior year.
The report noted that 65% of this growth was driven by the “organic expansion” of firms already in the network, and this is the first year of material growth since 2022.
Adviser productivity also increased, with the average revenue per mainstream adviser for the period coming to £157,000, a 13% increase from the prior year.
Looking at purchase activity, MAB said 2025 started strongly as buyers brought ahead transactions to beat the stamp duty deadline in April.
It noted that the expected autumn pick-up “did not materialise”, which was due to buyer caution ahead of the Budget.
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However, the network said “underlying demand remained resilient” and there were around 33,000 mortgage deals available.
On the refinance side, activity strengthened in the second half of 2025 as more fixed rates came to maturity. The number of remortgages and product transfers completed by appointed representatives (ARs) was up 12% on 2024.
MAB’s M&A activity
MAB added that it had increased M&A activity, acquiring majority ownership of Heron, alongside Evolve and Meridian, which lead new-build sector business.
It also increased the growth of First Mortgage in the South through the purchase of Lucra and Kinleigh Financial Services.
The network has also acquired majority stakes in UK Moneyman – to bolster its later life lending proposition – and The Mortgage Mum, and acquired full ownership of Dashly for around £2.8m.
2026 to be more ‘stable operating environment’
Looking ahead, MAB said the “impact of prior economic shocks” is “receding” for borrowers and lenders, supporting a “more stable operating environment”.
MAB said it had started the year with “good momentum” and was trading in line with the board’s expectations.
It added that refinance lending is expected to be strong, with fixed rate maturities expected to be 19% higher in 2026, which is ahead of the overall refinance market growth of 3%.
The network added that there was a “gradual normalisation” in product preferences, with two-year fixed rates making up a larger share than five-year fixed rates.
It said it expected a “modest release of pent-up demand in early 2026”.
“With affordability metrics improving, lending rules easing in certain areas and enhanced access to credit, there is strong underlying support for a gradual and sustainable recovery in purchase transactions,” MAB said.
MAB to move to main market on London Stock Exchange
The network reiterated that it intended to proceed with the move to the ESCC listing category of the main market of the London Stock Exchange.
It said this would “facilitate access to a broader group of investors and further enhance the group’s profile”.
The move is expected to complete in Q2 2026, subject to approval from the regulator.
Peter Brodnicki (pictured), founder and CEO of MAB, said it had “delivered a strong financial performance in 2025”.
He continued: “I am pleased that our ARs are capitalising on a buoyant refinancing market which gathered momentum in the second half of the year and offers significant opportunities in 2026 and beyond.
“Optimism is returning among many of our ARs. It is particularly encouraging to see organic adviser numbers returning to meaningful growth, alongside improving adviser productivity and we see that trend continuing.”
He added: “2025 was an active year for M&A, as we consolidated our holdings in a number of existing businesses and added some high-quality strategic investments to strengthen our proposition. In 2026 and 2027, we expect to focus on integration and on optimising the margins and profitability of businesses brought into the group, which much of the M&A last year will support.
“Over the past five years, MAB has made record investments in people and in-house technology, building a strong platform to deliver on its ambitions. Since joining MAB as COO in September, Yaiza Luengo is already having the expected impact driving operational efficiency across the group. Her expertise in leveraging technology, data, and AI to optimise performance and growth will provide important leadership in what will be a period of significant opportunity for MAB that will be leading the digital transformation of our sector.
“We remain focused on delivering our strategic priorities and medium-term growth targets, and my team and I look forward to updating investors on these topics at our capital markets update on 28 January.”
