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1H26 RESULTS KELLY PARTNERS GROUP HOLDINGS LIMITED (ASX: KPG) Brett Kelly Founder & CEO Kenneth Ko CFO February 2026 1H26 710 $230k 105 42 5 $76m $164m 45.2m 12.1cps 20.8% 4.2% 25.0% Team Run Rate revenue / Headcount Partners Businesses Countries (Ireland) Revenue Rev run rate Shares (45.5m shares @ IPO in 2017) FCF per share ROIC Org Growth ROIC + Org Gr 1H25 594 $225k 104 38 4 $65m $134m 44.9m 11.0cps 22.2% 4.0% 26.2% change +20% +2.2% +1 +4 +1 +17% +22% +0.8% +10.1% -1.4% +0.2% -1% For personal use only
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1H26 Results2 Section One Highlights1 2 3 4 Section Two About Section Three Capital Allocation Contents Page 11 Page 24 Page 29 Page 32 Section Four Financial Highlights For personal use only
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3. Software 1H26 results3 Big Rocks “Programmatic acquisitions globally with a focus in Australia” 2. M&A “Every company is a software company” 4. Data & AI “Global Firm + Global Team + 24/7 Revenue” 1. Global For personal use only
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1H26 results4 1. Global Firm + Global Team + 24/7 Revenue Total Team members 99 20 1,150 596 715 (K+P) % 13.8% 2.8% 83.4% 100% Businesses 4 1 1 36 42 For personal use only
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1H26 results5 2. Increased M&A Opportunities 1. There’s been a large influx of M&A activity since 2021, driven largely by a surge in private equity (PE) investment • “August 2021 is considered a landmark time, marked by TowerBrook Capital Partners' investment in EisnerAmper, signaling a major move of private equity into the accounting sector.” 2. Lower valuations • “A sale of UK accounting firm Xeinadin has collapsed after its private equity owners failed to get their desired £1bn-plus price tag, signalling that investor appetite in professional services may be starting to wane.” 3. More supply as AI fear drives action • “AI is driving an increase in accounting firms being offered for sale by accelerating the industry's shift toward technology-driven, high-efficiency models, leaving traditional, manual-based firms struggling to compete. “ 4. “Dead” PE deals will provide acquisition opportunities in the next 5 years • “Some (PE firms) have struggled to achieve their hoped-for returns, leading some investors to fear that valuations have risen too high.” 5. Separate the leadership driven, tech enabled from the rest • “Future valuations will favor firms that use AI to unlock capacity for higher-value, advisory, and consulting services, rather than just transaction processing.” 6. Attitude and age to a degree matter for AI adoptions 7. Implementation (is the hard work) matters and K+P has a playbook and a track record For personal use only
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5 Kudos Audit Platform 4 Client Niche 3 Clients 2 Team 1 SPOT 1H26 results6 3. Software FY21 FY22 FY23 FY24 FY25 Current Total Developers - Internal - $10,000 $175,000 $397,000 $497,000 $681,000 $1,760,000 Developers – External $107,000 $219,000 $428,000 $37,000 - - $791,000 Developers – Total $107,000 $229,000 $603,000 $434,000 $497,000 $681,000 $2,551,000 Headcount at year end - 1 2 3 4 5 Digital development and initiatives For personal use only
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1H26 results7 4. AI: How will AI disrupt the accounting industry? AI will transform how accountants work, not replace what they do. Routine compliance will automate; advisory value will increase. Will AI eliminate accountants? No – but roles will evolve • AI lacks professional judgment and deep context • Cannot provide legal accountability • No capacity for relationship trust • Complex tax law requires interpretation • Strategic advice needs human insight Precedent: Spreadsheets & tax software didn’t eliminate accountants – they increased demand Can AI auto-file tax returns? For simple returns – largely exists today Simple PAYG (myTax pre-fill) • ATO pre-fills 95%+ of data SME & Complex (KPG’s clients) • Business structures, CGT, trusts • Tax planning & entity decisions • 90% of SME owners use professionals AI handles data entry & calculations; humans handle strategy, risk & relationships Kelly+Partners’ Opportunity AI as productivity multiplier • Automate routine compliance • More time for advisory services • Higher value per client • Improved partner productivity • Strengthen trusted relationships Private business clients need tax strategy, not just tax filing KPG Position: AI will handle routine compliance for simple filers — freeing our accountants to focus on what private business clients truly value: tax optimisation, wealth protection, and trusted advice. “I have a question for the next earnings as quite some shareholders in KPG got a bit nervous after the AI developments last weeks and where Claude Code and others can very easy make and do what you want / need . Would it be possible to show out of your list with 80+ tasks the main contributors to KPGs revenue and discuss whether these are vulnerable to AI or whether you are offering a solution including AI? I think this could address a lot of fear in the market towards the impact of AI to accountancy firms.” For personal use only
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1H26 results8 4. AI: will K+P not keep up with AI developments? 74.6% - “25-49” 7.0% 18.4% 23.5% 28.5% 22.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% Over 60 50-60 35-49 26-34 Under 25 K+P Team Members - % Age Bands For personal use only
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1H26 results9 Recent Share Price Movements “Hello I am a Canadian investor in KPG.I am concerned with the radical drawdown in share price of late. “ “Just wanted to get in touch to ask if there are any news that might be causing the recent share price decline please? Can not see any announcements on your website nor any other news media.” “I have been a long term shareholder of KPG and very admirable about the ability of the company to set and then achieve growth targets. I have enjoyed a share price rise from $1.35 right up to $13+ so the recent fall to $7.12 is fairly disconcerting, particularly without the regular dividend payments. Is there something I should be concerned about or that I am missing - I would like to remain a long term shareholder but not real keen on eroding any further gains” For personal use only
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1H26 results10 Taking advantage of the share price Employee Share Scheme (ESS) For the benefit of our team members • Our ESS Trust purchased ~$100k in shares in January 2026 and continues to purchase shares on a daily basis given the lower share movements • Over time, the shares creates outsized value for our team members • This is a unique offering to our team members not available in any accounting firms • Team members are granted shares that vest over 10 years, encouraging long term commitment • As at 31 December 2025, 464,839 of KPG shares (representing ~$5m in value at ~$10/share). Share Buy Backs For the benefit of our shareholders • KPG has been under trading restrictions (“blackout”) since January 1st until today (results release) • The Company has released a renewal of its buy back program today which will enable it to purchase shares back • Since IPO, KPG has repurchased 597,181 shares at a c. 70% discount to the 31 December 2025 closing price $8.20 “Keen to see how Brett and the KPG team apply the Warren Buffet maxim of being greedy when others are fearful, as the KPG share price performance is showing some fear. (Large volumes in the last few weeks and significant share price decline).” “As you might be already aware, KPG's stock has not been doing good lately. I am a long-term shareholder. I am down quite a bit but have no plans to exit. The question I wanted to ask however is does KPG have any plans to do any buybacks at these prices to give confidence to shareholders?” For personal use only
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11 Highlights 1H26 results For personal use only
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KPG in 10 seconds 1H26 results12 Revenue +17.0% Revenue Growth Margin -1.4% Underlying EBITDA Margin Parent NPATA +12.8% Underlying NPATA Growth Revenue from ordinary activities Underlying EBITDA pre AASB 16 to Revenue Underlying NPATA attributable to parent 1H26 $76.0m 25.4% $5.6m 1H25 $64.9m 26.8% $4.9m 1H26 1H25 $204K/FTE 27.6% $14.2m $202K/FTE 28.1% $12.7m TTM Revenue / FTE Firm EBITDA % Underlying Group NPATA Profit & loss Balance sheet Cashflow Underlying Group NPATA on Group Equity Net Debt on Underlying Group EBITDA 1H26 38.1% 1.79X 1H25 36.5% 1.49x 1H26 1H25 20.8% 49.8 22.2% 51.6 Group ROIC Lockup Days Return +1.6% Return on Equity Gearing +0.30x Net debt to underlying EBITDA Group Operating Cashflow pre AASB 16 Group Operating Cashflow (before finance costs and tax) on EBITDA 1H26 $21.6m 101.1% 1H25 $20.2m 103.0% 1H26 1H25 $83.4m $22.3m $72.6m $20.2m Receipts from Customers Group Operating Cashflow Cashflow +6.6% Operating cashflow Efficiency -1.9% Cash Conversion For personal use only
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$1.2m $3.2m $6.3m $7.9m $7.8m $8.4m $13.0m $17.2m $20.3m $21.1m $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 $180.0 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY 25 Run Rate $m FY 1H 2H EBITDA 19 Years of Growth (Doubled 6 times) due to KPG Business System 13 *CAGR means Compound Annual Growth Rate and represents the constant rate of compound revenue growth over the period since inception (with the business founded in 2006, and the calculation based on 2007 representing the first full year of operations). Audited numbers from FY2013 onwards. 1H26 results 1 year 1 year 4 years 4 years 5 years 3 years 30.3% Revenue CAGR* Double 2007 Double 2008 Double 2009 Double 2013 Double 2017 Double 20221 2 3 4 5 6 $30.2m $39.4m $39.9m $46.9m $48.9m $64.9m $86.5m $108.1m $134.6m $164.2m For personal use only
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83.3% 94.4% 96.9% 99.8% 101.1% FY22 FY23 FY24 FY25 1H26 TTM 28.4% 24.7% 27.8% 27.5% 25.0% FY22 FY23 FY24 FY25 1H26 TTM 30.4% 26.3% 35.5% 31.9% 32.6% FY22 FY23 FY24 FY25 1H26 TTM 26.5% 28.7% 26.3% 20.0% 25.8% FY22 FY23 FY24 FY25 1H26 Annualised 16 20 20 30 34 36 FY21 FY22 FY23 FY24 FY25 1H26 TTM 49 65 84 108 135 146 FY21 FY22 FY23 FY24 FY25 1H26 TTM Performance 14 Note: (1) Pre AASB 16. (2) Parent ROE calculated as underlying NPATA / Equity. (3) Group ROIC calculated as (NPAT plus interest) / (Equity + Debt). (4) Cash conversion calculated as last reported operating cash flow divided by EBITDA. Strong revenue growth A$m 24% 5YR CAGR EBITDA 2x since FY21(1) A$m 18% 5YR CAGR Successful programmatic acquisition strategy Acquired revenue growth 26% 5YR average +32% Return on Equity(2) 31% 5YR average +27% Return on Invested Capital(3) + Organic Growth 27% 5YR average Cash conversion(4) 95% 5YR average 1H26 results For personal use only
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$0.0m $20.0m $40.0m $60.0m $80.0m $100.0m $120.0m $140.0m FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Revenue EBITDA NPATA 1. Start-up 2. Foundation 1H26 results15 Progress in 5-year periods 3. Build 4. Accelerate $3.4m $8.7m 29% Margin $30.2m $5.1m $16.0m 33% Margin $48.9m $2.0m $7.8m 30% Revenue CAGR $9.1m $38.1m 28% Margin $134.6m For personal use only
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KPG Earning Power 16 1H26 results Income Statement Summary ($m) 1H26 Actuals Run Rate – Low Run Rate - High Total Revenue $76.2 $164.2 $164.2 Operating Expenses -$55.3 -$114.9 -$106.7 EBITDA – Operating Businesses $21.0 $49.3 $57.5 EBITDA – Operating Businesses (%) 27.6% 30.0% 35.0% Parent Additional Investment -$1.7 $0.0 $0.0 Non Recurring Income/Expenses -$0.8 $0.0 $0.0 Statutory EBITDA pre AASB 16 $18.4 $49.3 $57.5 AASB 16 implementation (i.e. rent expense) $3.0 $8.2 $8.2 Statutory EBITDA $21.4 $57.5 $65.7 Depreciation (inc. dep’n of right of use assets) -$3.5 -$8.9 -$8.9 Amortisation -$4.7 -$9.8 -$9.8 Finance Costs -$3.4 -$9.6 -$9.6 Income Tax -$1.6 -$6.0 -$7.2 Statutory NPAT - Group Total $8.3 $23.2 $30.1 Non controlling interest $6.1 -$14.3 -$18.3 Statutory NPAT - Parent entity $2.1 $8.9 $11.8 Amortisation – Parent entity $2.5 $5.0 $5.0 Non Recurring Income/Expenses – Parent entity $1.0 $0.0 $0.0 Underlying NPATA to Shareholders $5.6 ~$13.9 ~$16.8 % of Group Revenue 7.3% 8.5% 10.2% Market capitalisation ~$280m Price to Earnings 25.0x 20.1x 16.7x For personal use only
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1H26 Profitability 17 1H26 results Operating Businesses Accounting Established Accounting Growth Other Services Total Accounting Subscale Total inc. Subscale US & Ireland Total Revenue $52.1 $3.6 $5.2 $60.9 $1.5 $62.4 $13.5 $76.0 EBITDA $16.4 $1.1 $1.8 $19.2 $0.4 $19.6 $1.4 $21.0 EBITDA Margin % 31.4% 29.1% 34.2% 31.5% 24.7% 31.3% 10.4% 27.6% 1H25 Profitability Operating Businesses Accounting Established Accounting Growth Other Services Total Accounting Subscale Total inc. Subscale US & Ireland Total Revenue $46.7 $6.1 $3.4 $56.2 $0.7 $56.9 $8.0 $64.9 EBITDA $14.8 $1.6 $1.0 $17.5 $0.1 $17.6 $0.7 $18.2 EBITDA Margin % 31.6% 27.0% 30.7% 31.1% 13.8% 31.0% 8.1% 28.1% All cohort EBITDA margins have improved For personal use only
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Capital Allocation – Half Year 18 KPG aims to build per-share intrinsic value by: 1H18 1H19 1H20 1H21 1H22 1H23 1H24 1H25 1H26 1. Improving the earning power of our operating businesses 26.9% 25.5% 34.0% 33.9% 33.5% 30.3% 30.6% 28.1% 27.6% EBITDA margin of operating businesses 2. Further increasing their earnings through acquisitions 26.0% 22.9% 27.8% 6.5% 17.0% 34.5% 20.4% 18.9% 12.8% Contribution to revenue growth 3a. Growing our existing accounting subsidiaries 3.9% 7.5% 6.5% 0.0% 5.1% 5.6% 3.1% 3.6% 3.5% Contribution to revenue growth 3b. Growing our existing complementary businesses (5.4%) 10.7% 0.0% 0.4% 2.4% 2.1% (0.4%) 0.3% 0.7% Contribution to revenue growth 4a. Making programmatic acquisitions 3 2 2 2 2 5 3 4 6 Number of acquisitions 4b. Making an occasional large acquisition (i.e. >$5m in revenue) 0 0 0 0 0 0 0 1 2 5. KPG share issuance / (repurchase) 0 0 (95k) (344k) 0 0 0 (100k) - Number of Shares On Issue 45.5m 45.5m 45.3m 45.0m 45.0m 45.0m 45.0m 44.9m 45.3m 1H26 results For personal use only
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Capital Allocation – Full Year 19 KPG aims to build per-share intrinsic value by: FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1. Improving the earning power of our operating businesses 34.0% 27.7% 32.5% 33.4% 30.9% 27.3% 29.6% 28.3% EBITDA margin of operating businesses 2. Further increasing their earnings through acquisitions 17.2% 6.4% 6.6% 4.8% 26.5% 28.7% 26.3% 20.0% Contribution to revenue growth 3a. Growing our existing accounting subsidiaries 10.3% (6.4%) 6.6% 1.5% 4.7% 2.9% 2.7% 3.5% Contribution to revenue growth 3b. Growing our existing complementary businesses 2.7% 1.8% 1.4% 1.2% 1.5% 1.8% 0.3% 1.0% Contribution to revenue growth 4a. Making programmatic acquisitions 0 4 3 7 8 8 6 5 Number of acquisitions 4b. Making an occasional large acquisition (i.e. >$5m in revenue) 0 0 0 0 0 1 0 1 5. KPG share issuance / (repurchase) 0 (2k) (95k) (400k) 0 0 0 275K Number of Shares On Issue 45.5m 45.5m 45.4m 45.0m 45.0m 45.0m 45.0m 45.3m 1H26 Results For personal use only
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Financial year Adjusted Book Value* Inc. Dividends Paid Annual % Change Weighted Average No. of Shares in Per Share Book Value of KPG Annual % Change KPG.ASX per share Market Value Annual % Change Annual % Change Difference (KPG v ASX 300) Annual % Change Difference (KPG v S&P 500 TR) KPG Cumulative Change 0 2007^ -$7,893 1 2008^ -$35,688 352.1% 2 2009^ $358,843 -1105.5% 3 2010^ $1,356,714 278.1% 4 2011^ $1,525,463 12.4% 5 2012^ $2,224,720 45.8% 6 2013 $3,129,014 40.6% 7 2014 $3,712,201 18.6% 8 2015 $5,098,558 37.3% 9 2016 $6,508,237 27.6% 10 2017 $3,932,687 -39.6% 45,495,518 $0.09 $1.00 11 2018 $8,647,596 119.9% 45,495,923 $0.19 119.9% $1.23 22.5% 8.5% 14.0% 14.4% 8.1% 22.5% 12 2019 $10,946,126 26.6% 45,496,894 $0.24 26.6% $0.89 -27.3% 6.8% -34.1% 10.4% -37.8% -11.0% 13 2020 $14,911,254 36.2% 45,418,414 $0.33 36.5% $0.88 -1.1% -10.8% 9.7% 7.5% -8.6% -12.0% 14 2021 $20,077,213 34.6% 45,142,289 $0.44 35.5% $3.40 286.4% 24.7% 261.6% 40.8% 245.6% 240.0% 15 2022 $27,065,849 34.8% 45,000,000 $0.60 35.2% $3.88 14.1% -10.4% 24.6% -10.6% 24.7% 288.0% 16 2023 $32,917,988 21.6% 45,000,000 $0.73 21.6% $4.72 21.6% 9.4% 12.3% 19.6% 2.1% 372.0% 17 2024 $39,474,076 19.9% 45,000,000 $0.88 19.9% $8.25 74.8% 7.7% 67.1% 24.6% 50.2% 725.0% 18 2025 $45,776,255 16.0% 44,919,824 $1.02 16.2% $10.77 30.5% 12.2% 18.3% 15.2% 15.4% 977.0% 18.5 1H26 $50,431,083 21.4% 45,274,957 $1.11 19.5% $8.20 -42.0% 0.7% -42.7% 23.2% -65.2% 720.0% Compounded Annual Gain - 2009 to 1H26 34.9% Compounded Annual Gain since IPO 35.1% 28.1% 5.1% 22.9% 14.9% 13.2% Overall Gain - 2009 to 1H26…............................... 139.5x Overall Gain since IPO 11.9x 7.2x 0.5x 6.7x 2.3x 4.9x Data are for Australian Financial Years year ended June 30th *Adjusted Book Value includes adding back amortisation of customer relationship intangible expenses ^Unaudited United States (S&P 500 inc. Dividends) Australia (ASX 300) 1H26 results20 KPG Performance Scoreboard +34.9% p.a. For personal use only
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1H26 results21 “these [Outsiders] CEOs thought more like investors than managers” $0.0m $10.0m $20.0m $30.0m $40.0m $50.0m $60.0m 2009^ 2010^ 2011^ 2012^ 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 18.5 KPG Adjusted Book Value since inception 34.9% CAGR For personal use only
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1H26 results22 KPG Performance Scoreboard Shares issued to date pre 2012 Shares issue pre 2012 $605,800 $11,644,9112014 Shares issued 2014 $1,078,611 2016 Shares issued pre-IPO $1,835,500 2017 Shares converted from Con Note $8,125,000 2017 Shares issued on IPO $2,884,000 2017 Shares issued to employees $673,973 $6,703,587 2017 Share issue costs, net of tax -$1,031,407 2025 Shares issued from Internal Capital raise $4,177,021 $18,348,498 $18,348,498 Shares bought back to date 2019 Shares bought back 2019 -$1,876 2020 Shares bought back 2020 -$88,136 2021 Shares bought back 2021 -$611,505 2025 Shares bought back 2025 -$781,455 -$1,482,972 Net shares issued / bought back $16,865,526 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2009^ 2010^ 2011^ 2012^ 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 KPG Adjusted Book Value vs KPG.ASX vs. ASX 300 (2009-2025) rebased to 100 KPG Book Value from 2007 ASX 300 restated to 100 KPG Book Value / KPG.ASX from IPO For personal use only
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EPS & Free Cashflow per Share (Owners’ earnings per share) 23 +13.9% p.a. Owner Earnings (Parent) / FCF per share growth from FY21 to 1H26 TTM 1H26 results 11.11 14.03 13.33 17.44 18.84 19.95 11.33 13.99 12.01 17.84 20.19 21.50 45,400,000 45,000,000 45,000,000 45,000,000 45,274,957 45,274,957 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 45,000,000 50,000,000 0.00 5.00 10.00 15.00 20.00 25.00 FY21 FY22 FY23 FY24 FY25 1H26 TTM Free Cashflow (FCF) per share Earnings per Share Number of Issued Shares For personal use only
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24 About 1H26 results For personal use only
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INDIA: 1 AUSTRALIA: 28 UNITED STATES: 6 HONG KONG: 1 Locations 43 25 1H26 results UK & IRELAND: 1 PHILIPPINES: 6 For personal use only
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Leading Platform 26 People Clients Shareholders team members Inc. 105 operating partners 715 office locations 28 Australia and 15 global 43 partnerships Since inception 63 Great Place to Work® 93% active clients across Australia & US 25,000 tax & accounting Proportion of FY25 revenue 95% organic growth p.a. Historical average growth rate 4.7% NPS vs industry’s -18 US:72|AU:77 revenue growth p.a. CAGR since 2007 30.3% parent ROE Five-year average 30.5% cash conversion Five-year average 95.1% TSR since IPO +1,000% 1H26 results For personal use only
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Top 10 in Australia Go Global Strategy 27 Objective Scope Advantage Financial Review Top 100 Accounting Firms ($m) Rev ($m) Est. % Audit Deloitte 2,545 EY 2,430 KPMG 2,131 PwC 2,071 1 BDO 607 Findex (Financial Planning) 495 2 RSM Australia 414 3 Grant Thornton 384 4 Pitcher Partners 356 5 William Buck 196 6 PKF 196 McGrathNicol (Restructuring & Insolvency) 171 7 Bentleys 144 8 Nexia Australia 143 9 HLB Mann Judd 141 Count (Financial Planning) 141 10 Kelly Partners (FY25) 135 3% Growing Kelly+Partners Business System in global markets 1H26 Results % 15% 3% 82% 100% 25%-40% Run Rate Revenue $25.0m $4.6m $134.6m $164.2m Country US UK & Ireland Australia Total Group Kelly Partners’ Programmatic Acquisition System Model Business Team Grow to become a top 10 accounting firm in Australia For personal use only
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3 2 1 3 1 1 1 2 4 3 7 8 9 6 6 6 0 2006 1 2007 2 2008 3 2009 4 2010 5 2011 6 2012 7 2013 8 2014 9 2015 10 2016 11 2017 12 2018 13 2019 14 2020 15 2021 16 2022 17 2023 18 2024 19 2025 20 1H26 Partnerships 28 Note: based on acquisitions that are announced in the stated financial year, e.g. acquisition that was announced in FY22 but completed in FY23 is shown in FY22. ~7x Pre-IPO 14 average ~1 per annum 49 average ~7 per annum IPO Prospects 7,071 Firms 54,009 1H26 results Leads 282 Opportunities X Conversions X 13% 4% For personal use only
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29 Capital Allocation 1H26 results For personal use only
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ROIC 30 Year Group Underlying NPATA + Cash Interest Invested Capital (Debt + Equity) Group ROIC Organic Revenue Growth (YOY) ROIC + Organic Revenue Growth 2017 $7,961,219 $34,791,080 22.9% 22.9% 2018 $12,132,817 $38,886,264 31.2% 13.0% 44.2% 2019 $9,650,748 $42,755,818 22.6% -4.3% 18.3% 2020 $10,955,031 $41,935,241 26.1% 8.0% 34.1% 2021 $12,410,693 $44,924,311 27.6% 2.7% 30.3% 2022 $15,209,546 $68,289,664 22.3% 6.2% 28.4% 2023 $16,136,313 $80,725,640 20.0% 4.7% 24.7% 2024 $25,013,784 $100,787,280 24.8% 3.0% 27.8% 2025 $30,271,342 $131,782,444 23.0% 4.5% 27.5% 1H26 TTM $31,655,296 $152,073,837 20.8% 4.2% 25.0% Average (2018 to 1H26 TTM) 24.3% 4.7% 28.9% “And when we think about Invested Capital, we think about the shareholder capital that has been invested in the businesses, plus any Adjusted Net Income less any distributions. Obviously, when you divide Adjusted Net Income by Invested Capital, you get a measure of the return on our shareholders’ investment (i.e. ROIC). If you add Organic Net Revenue Growth to ROIC, you get what we believe is a proxy for the annual increase in Shareholders’ value. In a capital intensive business, you couldn’t just add Organic Net Revenue Growth to ROIC, because growing revenues would require incremental Invested Capital. In our businesses we can nearly always grow revenues organically without incremental capital.” Mark Leonard Constellation Software 2009 President’s Letter, page 2 1H26 results For personal use only
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Additional Investment 31 • Additional investment of $1.7m (2.2% of revenue) to support accelerated growth • Additional investment as a % of group revenue (2.2%) is comparable to prior years while revenues have grown 17.0% (run rate revenue has grown 22.0%). The Group has grown 25%+ for the last 4 financial years. • We have always invested in advance to have the right team and platform to service newly acquired businesses joining the Group. • Significant additional investment only required and intentionally spent during times of extraordinary growth ‘m FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 Run Rate Group revenue $39,469 $39,975 $45,496 $48,906 $64,862 $86,524 $108,143 $134,607 $75,986 $164,200 Revenue growth - +1.3% +13.8% +7.5% +32.6% +33.4% +29.2% +24.5% +17.0% Additional investment $372 $742 $1,631 $371 $78 $2,479 $1,978 $3,681 $1,701 % of revenue 0.9% 1.9% 3.6% 0.8% 0.1% 2.9% 1.8% 2.7% 2.2% Cumulative additional investment $372 $1,114 $2,745 $3,116 $3,194 $5,673 $7,651 $11,332 $13,033 Underlying NPATA $4.3m $3.2m $3.9m $5.1m $6.3m $5.3m $8.0m $9.1m $5.6m $12-$16m ~2.0x Sources of capital • Internal cashflow • Issue debt • Issue equity Use of capital • Invest in existing operations • Buy other companies • Pay down debt • Pay dividends • Repurchase shares 1H26 results For personal use only
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32 Financial Highlights 1H26 results For personal use only
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Financial Highlights 33 1H26 Financial Highlights (m) KPGHL & Controlled Entities KPGHL Attributed (parent only) P&L and Cashflow 1H25 1H26 % Change 1H25 1H26 % Change Revenue $64.9 $76.0 17.0% – – – Underlying EBITDA (pre AASB 16) – Operating Business $18.2 $21.0 15.2% – – – Margin % - Operating Business 28.1% 27.6% -1.6% – – – Underlying EBITDA (pre AASB 16) – after parent add’t inv’t $17.4 $19.3 10.8% – – – Margin % 26.8% 25.4% – – – EBITDA (pre AASB 16) $16.4 $17.9 6.5% – – – Underlying NPATA $12.7 $14.2 11.8% $4.9 $5.6 12.8% Margin% 19.6% 18.7% 7.6% 7.3% NPATA $12.0 $12.9 7.8% $4.3 $4.6 7.3% Cash from Operating Activities (pre AASB 16) $14.5 $15.5 6.4% – – – Owners' Earnings1 $14.0 $15.0 6.6% $4.9 $5.5 10.9% Gearing (Net Debt / Underlying EBITDA) 1.49x 1.79x – – – – Cash Conversion (Operating Cash Flow / EBITDA) 103.0% 101.1% – – – – Earnings per share (Underlying NPATA) (cents) – – – 10.96c 12.27c 11.9% Earnings per share (Stat NPAT) (cents)2 – – – 5.56c 4.66c -16.1% Equity Partners 104 105 1.0% – – – Revenue per Equity Partner (Trailing 12 months) $1.2 $1.4 20.0% – – – Balance sheet 30-Jun-25 31-Dec-25 % Change 30-Jun-25 31-Dec-25 % Change Lockup (Debtors + WIP)3 $21.9 $22.4 2.1% – – – Net Debt8 $58.4 $77.1 31.9% $22.3 $28.9 29.9% Total Equity $66.5 $71.7 7.8% $28.4 $29.7 4.6% Return on Equity4 38.8% 38.1% -1.8% 31.9% 32.6% 2.3% Return on Invested Capital5 23.0% 20.8% -9.4% 16.6% 15.8% -4.4% Days Lockup6 58.0 49.8 -14.2% – – – Equity Ratio (Equity / Total Assets)7 33.4% 30.7% -8.2% – – – 1 Owner earnings – calculated as Cash from Operating Activities less Payments for Lease Liabilities less Maintenance Capex. 2 Earnings per share on statutory NPAT impacted by amortisation expenses and one off items 3 Lockup – calculated as the total of trade and other receivables, accrued income less contract liabilities 4 Return on Equity – calculated as the Underlying NPATA / Total Equity 5 Return on Invested Capital – calculated as (Underlying NPATA + Interest) / (Total Equity + Debt). Parent ROIC has been recalculated to take in to account parent attributed debt that sits in operating businesses. Return on Invested Capital impacted where the full acquisition has been taken into account and only part year profit contribution has been made by the acquired business. 6 Days Lockup – calculated as lockup divided by revenue multiplied by 365 7 Equity Ratio– calculated as Equity / Total Assets. 8 Net Debt for parent excludes attributable debt in subsidiary businesses. 1H26 results For personal use only
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Income Statement 34 Income Statement Summary ($m) 1H25 1H26 ∆% Professional services revenue $64.9 $76.0 17.0% Other income, exc non recurring and interest $0.3 $0.3 -2.6% Total Revenue $65.2 $76.2 17.0% Operating Expenses -$47.0 -$55.3 17.6% Underlying EBITDA – Operating Businesses $18.2 $21.0 15.2% Underlying EBITDA – Operating Businesses (%) 28.1% 27.6% Parent Additional Investment -$0.8 -$1.7 Underlying EBITDA pre AASB 16 $17.4 $19.3 10.8% Underlying EBITDA margin (pre AASB 16) 26.8% 25.4% Non Recurring Income/Expenses $-0.9 -$0.8 -4.9% Statutory EBITDA pre AASB 16 $16.5 $18.4 11.6% AASB 16 implementation $3.3 $3.0 - Statutory EBITDA $19.8 $21.4 8.5% Depreciation (inc. dep’n of right of use assets) -$3.3 -$3.5 4.9% Amortisation -$3.5 -$4.7 36.5% Finance Costs -$3.3 -$3.4 4.3% Income Tax -$1.1 -$1.6 47.7% Statutory NPAT - Group Total $8.7 $8.3 -4.6% Non controlling interest $6.2 $6.1 -0.2% Statutory NPAT - Parent entity $2.5 $2.1 -15.5% Amortisation – Parent entity $1.7 $2.5 43.8% Non Recurring Income/Expenses – Parent entity $0.7 $1.0 37.6% Underlying NPATA to Shareholders $4.9 $5.6 12.8% • Operating expenses increase in line with revenue growth. • Increased amortisation expense of $4.7m (1H25: $3.5m) due to higher customer relationship intangibles resulting from increased acquisition activity. • Increased finance costs due to increased debt from financing acquisitions completed. Underlying NPATA attributable to shareholders increased by 12.8% to $5.6m (1H25: $4.9m). driven both by organic revenue growth (4.2%) and by contributions from acquisitions completed in FY25 and in 1H26 (12.8%). Revenue of (+$11.1m, up 17.0%), $76.0m See Profitability slide for EBITDA by Cohort analysis. Operating EBITDA margin at Aus. Businesses Total 31.3% / 27.6% 1H26 results For personal use only
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43.1 50.3 41.0 8.6 7.7 8.7 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 31 Dec 2024 30 Jun 2025 31 Dec 2025 Days Lockup Days WIP Days Debtor Days Balance Sheet 35 • Net Debt / Underlying EBITDA of 1.79x (FY25: 1.42x) increased due to debt used to complete in year acquisitions. • Group ROE of 38.1% (Group Underlying NPATA $27.3m / Group Equity of $71.7m) (1H25: 36.5%). • Parent ROE of 32.6% (1H25: 34.7%) • Lock up days at 49.8 days calculated based on annualized run rate revenue of $164.2m • Total Assets $233.6m (+21.5%) driven mainly due to increases in intangible assets from acquisitions to $128.5m (1H25: $101.4m) • Net debt has increased $21.6m (38.9%) from $55.5m to $77.1m since 1H25. Run rate revenue increased for the same comparative period from $134.6m to $164.2m, being $29.6m (22.0%). $m (consolidated) Balance Sheet (selected line items displayed) 31 Dec 2024 30 Jun 2025 31 Dec 2025 Cash 2.9 6.9 3.4 Lock up (Debtors + WIP) 19.0 21.9 22.4 Right of use assets 27.9 26.9 30.2 Intangibles 101.4 101.8 128.5 Total Assets 192.4 199.0 233.6 Borrowings 58.3 65.3 80.4 Lease liabilities 33.1 31.9 35.6 Total Liabilities 129.6 132.5 162.0 Net Assets 62.7 66.5 71.7 Non-Controlling Interest 38.0 38.1 41.9 Equity attributable to KPGH shareholders 24.7 28.4 29.7 51.6 58.0 49.8 1H26 results For personal use only
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Debt & Liquidity 36 • Net debt increased $18.6m from 30 June 2025 and Group gearing increased to 1.79x (FY25: 1.42x) mainly due to debt taken out to complete the 6 acquisitions this year • Gross debt excluding working capital debt of $65.1m (FY25: $57.6m) increased $7.5m. • Strong debt repayments as per cashflow – total debt drawn of $14.5m offset by $7.0m in debt repayments for the half year * Rounded to nearest $100,000 1HFY26 ($m) Parent Op. Bus Total Debt Working Capital Debt $3.2 $12.2 $15.4 Property Debt $0.0 $3.5 $3.5 Acquisition & other term debt $26.0 $35.6 $61.5 Gross Debt $29.2 $51.3 $80.5 Cash -$0.1 -$3.3 -$3.4 Net Debt $29.1 $48.0 $77.1 FY25 Gross Debt $22.3 $43.0 $65.3 Cash $0.0 -$6.8 -$6.8 Net Debt $22.3 $36.2 $58.5 Movement Gross Debt $6.9 $8.3 $15.2 Cash $0.1 -$3.5 -$3.4 Net Debt $6.8 $11.8 $18.6 • Working Capital debt of $15.4m is covered ~1.5x by WIP and Debtors ($22m) • Acquisition & Term Debt of $61.5m is supported by annuity style cashflows and repaid over 5 years • Cash & facility headroom of $16.4m, representing 20% of debt drawn 1H26 results Working capital, $15.4m Acquisition & Term Debt, $61.5m Property, $3.5m Available Headroom, $13.0m Cash, $3.4m $0.0m $10.0m $20.0m $30.0m $40.0m $50.0m $60.0m $70.0m $80.0m $90.0m $100.0m $16.4m Cash & Headroom $80.5m Drawn $77.1m Net $93.5m Facility Limits For personal use only
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Cashflow 37 * Rounded to nearest $100,000. Refer to slide “Cash Reconciliation” for a reconciliation from Statutory NPAT to Cash from Operations 1 Cash Conversion is calculated as Operating Cashflow divided by Reported EBITDA. Operating Cashflow means cash from operations but before finance and cash taxes Cash flow ($m)* 1H25 1H26 Diff $ Diff% Cash from Operations (CFO) pre AASB 16 $14.5 $15.5 $0.9 6.4% Maintenance Capex -$0.5 -$0.5 Scheduled Debt Reductions -$5.4 -$6.2 Free Cash Flow to Firm (FCFF) after scheduled debt reductions $8.6 $8.8 $0.2 2.3% Debt Drawn $13.1 $14.5 Acquisitions -$9.0 -$19.5 Growth Capex -$0.6 -$1.7 Distributions to non controlling interests -$9.4 -$8.9 Additional debt repayments - -$0.8 Loans Advanced -$4.0 -$2.8 Payments into Employee Share Scheme Trust -$0.5 -$0.2 Proceeds from sale of Equity Interests $0.5 $0.1 Deposits -$0.5 -$0.6 Share issuance / (buy backs) -$0.8 $0.0 Change in Net Cash* -$2.7 -$11.0 • Cash from Operations pre AASB 16 of $15.5m increased by 6.4% (1H25: $14.5m) • Free Cashflow to Firm after scheduled debt reductions increased 2.3% • Cash Conversion1 of 101.1% (1H25: 103.0%) is consistent with our expected 85%-100% conversion ratio • Drawn debt used primarily to fund acquisitions and new partner buy-in loans • Scheduled debt reductions increased in line with increased debt. Debt repaid in 5 years from draw down 1H26 results $14.5m $15.5m 1H25 1H26 Cash from Operations (CfO) $8.6m $8.8m 1H25 1H26 Free Cashflow to Firm (FCFF) after Debt Reductions For personal use only
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$6,197 $6,489 $5,472 $4,577 $4,256 $3,438 $3,255 $2,170 $2,059 ($1,017) ($894) ($321) ($818) ($183) ($1,085) ($111) $440 NCI NPBT Parent NPBT before parent entity costs Parent Tax Parent Interest Parent Depreciation Additional Investments Strategic Review Acquisition Costs Other Non Recurring Retention Reversal Parent NPAT - Reported Parent & NCI Waterfall 38 1H26 results 1H26 1H25 • The profit attributable to the parent vs. NCI represent a 26%/74% split and differs from the ownership interests of ~51%/49%. This is due to the following items: • Income tax expense of $1.4m of the parent entity. As the majority of operating businesses are structured as partnerships, the income tax expense attributable to non controlling interests in these partnerships is not included in the consolidated accounts • Parent entity additional investments above the Services Fee and IP License Fee income that it receives which is borne 100% by the parent entity • Non recurring items as detailed in the prior slide (note that some non recurring items are incurred within the operating businesses where the expense is shared with NCI). The non recurring items shown here are those that were borne 100% by the parent • Interest from debt attributed to the parent used to fund acquisitions • Depreciation on central services’ office fitouts in the US and Australia ($2,233) (34.4%) $6,307 $6,798 $5,395 $4,596 $4,337 $2,636 $2,008 $2,112 $2,112 ($1,403) ($799) ($259) ($1,701) ($628) $104 NCI NPBT Parent NPBT before parent entity costs Parent Tax Parent Interest Parent Depreciation Additional Investments Non Recurring Expenses Retention Reversal Parent NPAT - Reported ($2,461) (36.2%) $2,499 $2,499 For personal use only
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THANK YOU For personal use only
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40 Appendix 1H25 results For personal use only
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Trinity - Parent 41 1. ROIC - Group 20.8% 2. Net Debt to EBITDA - Group 1.79x EARNINGS PER SHARE 12.3 cps +11.9% 3. Cashflow Conversion - Parent 98.7% 1H26 1H26 results 1. ROIC - Group 22.2% 2. Net Debt to EBITDA - Group 1.49x EARNINGS PER SHARE 11.0 cps +12.2% 3. Cashflow Conversion - Parent 100.3% 1H25 For personal use only
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Trinity - OP CO 42 * Calculated on estimated annualised run rate revenue 1. WIP 8.6 days* 2. Debtors 43.1 days* LOCKUP 52.0 days CASH CONVERSION ON EBITDA 103.0% 3. Revenue 22.8% Growth EBITDA 28.1% Margins 1H25 1. WIP 8.7 days* 2. Debtors 41.0 days* LOCKUP 49.8 days CASH CONVERSION ON EBITDA 101.1% 3. Revenue 17.0% Growth EBITDA 27.6% Margins 1H26 1H26 results For personal use only
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Revenue growth 43 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 AVG Organic – Accounting 10.3% -6.4% 6.6% 1.5% 4.7% 2.9% 2.7% 3.5% 3.2% Organic – Complementary 2.7% 1.8% 1.4% 1.2% 1.5% 1.8% 0.3% 1.0% 1.5% Organic – Total 13.0% -4.6% 8.0% 2.7% 6.2% 4.7% 3.0% 4.5% 4.7% Acquired 17.2% 6.4% 6.6% 4.8% 26.5% 28.7% 26.2% 20.0% 17.0% Total 30.2% 1.8% 14.6% 7.5% 32.6% 33.4% 29.2% 24.5% 21.7% FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 AVG Organic – Total 13.0% -4.6% 8.0% 2.7% 6.2% 4.7% 3.0% 4.5% 4.7% Inflation - Australia 2.1% 1.6% -0.3% 3.8% 6.1% 6.0% 3.6% 2.4% 3.2% Total +10.9% -6.2% +7.7% -1.1% +0.1% -1.3% -0.6% +2.1% +1.5% Revenue growth contributions by year Organic growth v Inflation by year 1H26 results For personal use only
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Revenue & EPS 44 YOY Contrib. Internal Organic – Accounting 3.7% 3.5% Internal Organic - Complementary 14.2% 0.7% External Acquired ∞ 12.8% Total 17.0% 17.0% Revenue compounded annual growth rate since 2007 30.3% Earnings per share annual growth rate since IPO to 1H26 TTM 13.1% 1H26 results For personal use only
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1H/2H Skews 45 • Revenue seasonality in the accounting businesses is approximately 1H: 52% / 2H: 48%. • Seasonality is predominantly due to timing of tax work related to 30 June year end, with most work typically completed in the first 9 months of the year. • The Group also engages in a small amount of audit work which is mostly completed by the 31 October lodgement deadline. Audit work represents less than 4.0% of group revenues. • Earnings split between 1H / 2H may also be impacted by level of additional investments by the parent entity and timing of in year acquisitions 1H26 Results 53.2% 46.8% 52.8% 47.2% 52.5% 47.5% 51.7% 48.3% 51.6% 48.4% 51.7% 48.3% 25.0% 35.0% 45.0% 55.0% 65.0% 75.0% 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 Revenue seasonality in accounting business (excludes impacts of in year acquisitions) For personal use only
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NPATA reconciliation 46 ^ totals impacted by rounding * difference between cash rent expense and the accounting of leases. Reconciliation of attributed NPAT/NPATA ($m)^ 1H25 1H26 Statutory NPAT attributable owners of Kelly Partners Group Holdings Limited 2.5 2.1 Amortisation of customer relationship intangibles 1.7 2.5 NPATA attributable to owners of Kelly Partners Group Holdings Limited 4.2 4.6 Add: non-recurring expenses or non cash adjustment items Acquisition costs 1.1 0.8 Impact of AASB* 0.2 0.3 Strategic review costs 0.2 - Other non recurring expenses 0.1 0.4 Less: Non-recurring revenue items Other non recurring income -0.4 -0.1 Less: Tax effect of non recurring items -0.4 -0.4 Net non recurring items 0.7 1.0 Underlying NPATA attributable to Shareholders 4.9 5.6 1H26 Results For personal use only
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Parent & NCI 47 (‘000) NCI Parent Total NPBT before parent entity costs $6,308 $6,798 $13,106 ~49% ~51% Less: Income Tax Expense ($163) ($1,403) ($1,566) Less: Parent entity expenses • Additional investments above 9% ($1,701) ($1,701) • Non Recurring Expenses ($628) ($628) • Non Recurring Income – Retention reversal $104 $104 • Interest expenses ($799) ($799) • Depreciation expenses ($259) ($259) Total ($3,283) ($3,283) NPAT per Statutory Accounts $6,144 $2,112 $8,256 74% 26% Totals subject to rounding • The profit attributable to the parent vs. NCI represent a 26%/74% split and differs from the ownership interests of ~51%/49%. This is due to the following items: • Income tax expense of $1.4m of the parent entity. As the majority of operating businesses are structured as partnerships, the income tax expense attributable to non controlling interests in these partnerships is not included in the consolidated accounts • Parent entity additional investments above the Services Fee and IP License Fee income that it receives which is borne 100% by the parent entity • Non recurring items as detailed in the prior slide (note that some non recurring items are incurred within the operating businesses where the expense is shared with NCI). The non recurring items shown here are those that were borne 100% by the parent • Interest from debt attributed to the parent used to fund acquisitions • Depreciation on the central services office fitouts in the US and Australia 1H26 results For personal use only
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Free Cashflow - Group 48 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 CAGR 1H26 Cash From Operations (CfO) $6.6 $10.0 $14.3 $15.1 $17.6 $19.5 $25.6 $31.3 20.7% $18.6 Owners' Earnings (CfO - Maint. Capex) $6.3 $9.7 $12.2 $12.8 $14.0 $14.9 $19.5 $23.9 17.4% $15.0 Cash Conversion (Operating Cash Flow / EBITDA) 63.5% 116.8% 97.3% 93.5% 83.3% 94.4% 96.9% 99.8% 101.1% Days Lockup 93.3 69.6 55.2 51.1 55.8 48.1 56.1 58.0 49.8 1H26 results $6.6 $10.0 $14.3 $15.1 $17.6 $19.5 $25.6 $31.3 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 For personal use only
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Free Cashflow (“Owner earnings”) 49 FY20 FY21 FY22 FY23 FY24 FY25 CAGR 1H26 Owner earnings $3.9m $5.0m $6.3m $6.0m $7.8m $8.5m 16.9% $5.5m Owner earnings per share (cents) 8.55 11.11 14.03 13.33 17.44 18.84 17.1% 12.11 % Growth 24.4% 29.9% 26.3% -5.0% 30.8% 7.9% 10.1% Underlying NPATA $3.9m $5.1m $6.3m $5.3m $8.0m $9.1m 18.2% $5.6m Cashflow Conversion - Parent 99% 98% 100% 98% 98% 93% 99% • Owner earnings represent the cashflow available to the parent entity. Owner earnings is used to measure cashflow to the Group (after taxes and finance costs) after taking in to account: • additions or reductions in working capital investment (debtors, creditors and other accrual movements); • deductions required for the maintenance capital expenditure of the business to maintain ongoing operations in the long term • For the parent entity, owner earnings equates to Cashflow from Operating Activities as there is minimal capital expenditure required to maintain the activities of the parent entity • One off expenses relating to the strategic review and acquisition costs has been excluded from owner earnings for the purposes of comparing to Underlying NPATA (which excludes these one off expenses) • For first half owner earnings calculations, owners’ earnings have been adjusted to take in to account the timing impact of tax payments 1H26 results For personal use only
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Cash reconciliation 50 Reconciliation of NPAT to Operating Cashflow ($m) 1H25 1H26 Reported NPAT 9.7 8.3 Adjustments for Depreciation and amortisation 6.8 8.2 Unwinding of interest on contingent consideration 0.2 0.3 Other non-cash movements* 3.2 (0.5) Change in operating assets and liabilities Decrease / (increase) in trade and other receivables -1.7 (0.5) Decrease / (increase) in deferred tax assets 0.1 1.6 Increase / (decrease) in trade and other payables 0.1 (0.2) Increase in provision for income tax -0.7 1.3 Net cash from operating activities (+5.3%) 17.6 18.6 *Other non cash movements include balance sheet items recognised as part of completed acquisitions 1H26 Results For personal use only
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Net debt per partner 51 • Total number of equity partners increased to 105 (as at 31 December 2025): • 2 New partners promoted internally • 1 New partners recruited externally • 4 New partners from completed acquisitions • The group continues to focus on developing and recruiting new partners as part of its strategy to retain and motivate key talent and to drive top line growth 1H26 results $326,230 $291,167 $366,813 $346,198 $296,758 $505,938 $511,763 $470,447 $572,935 $733,889 36 39 40 44 53 62 78 96 102 105 0 20 40 60 80 100 120 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 Net Debt per Partner Net Debt per Partner No. of Partners For personal use only
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1H26 results52 Share Buy Backs Date Closing Shares Shares Repurchased (+Issued) % Repurchased (+Issued) Open at IPO 45,497,181 30 Jun 18 45,497,181 - - 30 Jun 19 45,495,000 (2,181) 0.0% 30 Jun 20 45,400,000 (95,000) 0.2% 30 Jun 21 45,000,000 (400,000) 0.9% 30 Jun 25 45,274,957 +274,957 (+0.6%) Total Outstanding 45,274,957 (222,224) 0.5% 222,224 net shares repurchased since IPO • In line with KPG’s strategy KPG intends to build per-share intrinsic value by repurchasing KPG Shares when they are available at a meaningful discount from intrinsic value. • Since IPO, KPG has repurchased 597,181 shares at a c. 70% discount to the 31 December 2025 closing price $8.20 • In total, our existing shareholders have benefited from a return of 7.5c per share on the shares repurchased to date Share Purchase VWAP vs Current Price Total purchase costs $1,482,972 VWAP of share repurchases Since IPO: $2.48 Share price as at 31st December 2025 $8.20 Discount to closing price 70% “Gain” to existing shareholders $3,414,367 “Gain” per share 7.5c For personal use only
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4.00cps 4.40cps 4.84cps 4.64cps 4.36cps 4.79cps 3.50cps 0.68cps 1.50cps 0.00cps 1.00cps 2.00cps 3.00cps 4.00cps 5.00cps 6.00cps 7.00cps 8.00cps 9.00cps FY18 FY19 FY20 FY21 FY22 FY23 FY24 Monthly Final Special Dividends 53 The above graph represents the dividends paid relating to the respective financial year. For example, dividends paid in FY22 relating to FY21 is shown in FY21 and not FY22. FY17 (IPO) FY18 FY19 FY20 FY21 FY22 FY23 FY24 Total Underlying attributed NPATA $2,262,219 $4,325,976 $3,193,208 $3,937,677 $5,114,832 $6,296,954 $5,403,346 $8,036,604 Weighted average no. of shares 45,495,518 45,495,923 45,496,894 45,418,414 45,142,289 45,000,000 45,000,000 45,000,000 EPS (cents per share) 4.97 9.51 7.02 8.67 11.33 13.99 12.01 17.84 Ordinary Dividends (cents per share) N/A 4.00 4.40 4.84 5.32 5.86 4.79 3.50 32.71 Total Dividends (cents per share) N/A 4.00 4.40 5.39 7.02 8.17 4.79 3.50 37.27 Dividend payout ratio N/A 42.1% 62.7% 62.2% 62.0% 58.4% 40.0% 19.6% 5.39cps 7.08cps 8.17cps 4.40cps 4.00cps Special div • Since IPO in June 2017, the Company has consistently paid out dividends growing at >10% per annum • The Company has paid out monthly dividends from Jan- 21 to Feb-24, to demonstrate the cash generative ability of KPG and to attract a quality shareholder group that understood the Company’s approach to business. • On 5 February 2024, the Company announced that it will cease dividend payments to allow the Company to better allocate and invest its capital into growing opportunities. No dividends have been paid since February 2024. • As a result of the above as well as to complete the acquisition of the accounting firms in California, the final dividend for FY23 of 1.65 cents was not paid. Special div Special div 4.79cps 3.50cps Dividend payments ceased in Feb 2024 >10% p.a. growth in Ordinary Dividends for 5 years in a row 1H26 results For personal use only
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KPGHL & Controlled Entities ("Group") 1 2 3 4 5 6 7 8 P&L and Cashflow FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 CAGR Revenue $30.2 $39.5 $40.0 $45.5 $48.9 $64.9 $86.5 $108.1 $134.6 20.5% Underlying EBITDA (pre AASB 16) $8.7 $14.5 $10.9 $13.5 $16.0 $20.0 $19.7 $30.0 $34.4 18.7% Margin % 28.9% 36.6% 27.2% 29.6% 32.6% 30.8% 22.7% 27.8% 25.6% Underlying NPATA $7.3 $11.5 $8.8 $10.1 $11.6 $14.2 $13.6 $21.3 $25.8 17.1% Margin% 24.2% 29.2% 22.1% 22.3% 23.7% 21.8% 15.7% 19.7% 19.2% NPATA $1.5 $10.6 $7.9 $11.0 $11.8 $15.5 $15.0 $19.1 $23.6 Dividends & Distributions Paid -$7.1 -$5.2 -$6.7 -$10.5 -$8.4 -$9.9 -$12.7 -$11.0 -$19.1 Cash From Operations (CfO) $6.9 $6.6 $10.0 $14.3 $15.1 $17.6 $19.5 $25.6 $31.3 20.7% Owners' Earnings (CfO - Maint. Capex) $6.6 $6.3 $9.7 $12.2 $12.8 $14.0 $14.9 $19.5 $23.9 17.4% Gearing (Net Debt / Underlying EBITDA) 1.3x 0.8x 1.3x 1.0x 0.8x 1.4x 1.6x 1.3x 1.4x Cash Conversion (Operating Cash Flow / EBITDA) 269.6% 63.5% 116.8% 97.3% 93.5% 83.3% 94.4% 96.9% 99.8% Equity Partners 36 39 40 44 53 62 78 96 102 14.0% Revenue per Equity Partner (Trailing 12 months) $0.8 $1.0 $1.0 $1.0 $0.9 $1.0 $1.1 $1.1 $1.3 Balance sheet 30-Jun-17 30-Jun-18 30-Jun-19 30-Jun-20 30-Jun-21 30-Jun-22 30-Jun-23 30-Jun-24 30-Jun-25 Lockup (Debtors + WIP)1 $7.8 $10.1 $7.6 $6.9 $6.8 $11.6 $14.1 $18.0 $21.9 Net Debt $11.7 $11.4 $14.7 $15.2 $15.7 $31.4 $39.9 $45.2 $58.4 Total Equity $19.8 $24.1 $24.1 $22.9 $25.2 $34.0 $35.5 $52.4 $66.5 Return on Equity2 36.9% 47.8% 36.6% 44.2% 46.0% 41.7% 38.4% 40.7% 38.8% Return on Invested Capital3 22.9% 31.2% 22.7% 26.1% 27.6% 22.3% 20.0% 24.8% 23.0% Days Lockup4 94.2 93.3 69.6 55.2 51.1 55.8 48.1 56.1 58.0 Equity Ratio (Equity / Total Assets)5 46.7% 54.2% 48.7% 39.7% 37.2% 34.6% 26.8% 32.9% 33.4% KPGHL ("Parent") P&L and Cashflow FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 CAGR Underlying NPATA $3.4 $4.3 $3.2 $3.9 $5.1 $6.3 $5.4 $8.0 $9.1 12.9% Owners' Earnings (CfO) $3.4 $4.3 $3.1 $3.9 $5.0 $6.3 $6.0 $7.8 $8.5 11.9% Earnings per share (Underlying NPATA) (cents) 7.57 9.51 7.02 8.67 11.33 13.99 12.01 17.86 20.19 13.1% Dividends Per Share 0.00 4.00 4.40 5.39 7.08 8.17 4.79 3.50 0.0 Balance sheet 30-Jun-17 30-Jun-18 30-Jun-19 30-Jun-20 30-Jun-21 30-Jun-22 30-Jun-23 30-Jun-24 30-Jun-25 Return on Equity2 29.5% 29.1% 21.5% 24.8% 28.5% 30.4% 26.3% 35.5% 31.9% Metrics since IPO – Full Year 54 1 Lockup – calculated as the total of trade and other receivables, accrued income less contract liabilities 2 Return on Equity – calculated as the Underlying NPATA / Total Equity 3 Return on Invested Capital – calculated as (Underlying NPATA + Interest) / (Total Equity + Debt) 4 Days Lockup – calculated as lockup divided by revenue multiplied by 365 5 Equity Ratio– calculated as Equity / Total Assets. 1H26 results For personal use only