Slides
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KELLY + PARTNERS August 2026 FY26 RESULTS KELLY PARTNERS GROUP HOLDINGS LIMITED ( ASX : KPG ) Brett Kelly Kenneth Ko Founder & CEO CFO FY26 711 $ 224k 105 43 6 $ 159m $ 164m 45.2m 22.1cps 23.2 % 2.9 % 26.1 % FY25 660 $ 204k 102 38 5 change + 8 % + 10 % +3 +5 +1 + 18 % $ 134m $ 150m + 9 % 45.2m 18.8cps 17.5 % 23.0 % 4.5 % + 0.2 % 27.5 % - % -1.4 % Team Revenue / Partners Businesses Countries ( Philippines ) Revenue Headcount Rev run rate Shares ( 45.5m shares FCF per share ROIC Org ROIC + Org Growth Gr @ IPO in 2017 ) Coca - Cola
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FY26 Results2 Section One Highlights1 2 3 4 Section Two About Section Three Capital Allocation Contents Page 10 Page 21 Page 26 Page 30 Section Four Financial Highlights
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20 Years of Growth (Doubled 6 times) due to KPG Business System 3 FY26 results $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 FY26 $m FY 1H 2H EBITDA *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. 1 year 1 year 4 years 4 years 5 years 3 years 29.2% 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 $159.2m
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$0.4m $1.4m $1.5m $2.2m $3.1m $3.7m $5.1m $6.5m $3.9m $8.6m $10.9m $14.9m $20.1m $27.1m $32.9m $39.5m $45.8m $54.2m $0.0m $10.0m $20.0m $30.0m $40.0m $50.0m $60.0m 2007^ 2008^ 2009^ 2010^ 2011^ 2012^ 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 KPG Adjusted Book Value Since Inception FY26 results4 20 year book value compounding 34.3% CAGR
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FY26 results5 Parent Attributable Economics FY26 (‘m) Consolidated Revenue $159.2 EBITDA $44.6 Less: AASB16 Impact (Rent expense) -$6.3 Add: Non-Recurring Items $1.9 Add: Additional investments of Parent $5.0 Underlying EBITDA (pre AASB 16) - Operating Business $45.2 Margin % - Operating Business 28.4% Parent P&L Share of Operating Business Underlying EBITDA $22.8 % of Operating Business Underlying EBITDA 50.5% Less: Additional Investments in Holdco -$5.0 Underlying EBITDA - Holdco $17.9 Less: Interest Expense (Share of Op Bus Interest + Parent) -$3.5 Less: Depreciation Expense (Share of Op Bus Dep'n + Parent) -$1.8 Less: Income Tax -$1.8 -$7.1 Underlying NPATA $10.8 Free Cashflow / Owners Earnings (exc. Non -Recurring Items) $10.0 Owners Earnings to Underlying NPATA Conversion 93.4% Reconciliation to Statutory NPAT Underlying NPATA $10.8 Less: Non-Recurring Items, net of tax -$1.3 Less: Unwinding of Interest Expense -$0.7 Less: Non-Cash Impact of AASB 16 -$0.4 Less: Amortisation of Customer Relationship Intangibles -$4.8 -$7.3 Statutory NPAT $3.5 4,326 3,193 3,938 5,115 6,298 5,402 8,027 9,070 10,786 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 -2,250 0 2,250 4,500 6,750 9,000 11,250 13,500 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 cents per share $'000 Statutory NPAT to Underlying NPATA ($'000, left axis) and per-share measures (cents, right axis) Statutory NPAT Amortisation of client books Non-recurring items (net of tax) Underlying NPATA attributable to owners Statutory EPS (cents) Underlying EPS (cents) FCF / Owners' earnings per share (cents) exc. Non Recurring Items – parent, as published Parent Balance Sheet Parent Return / Valuation Metrics Parent Debt (Debt on Parent) $28.5 No. of Outstanding Shares 45,274,957 Parent Debt (Debt on Operating Businesses) $6.5 EPS - Statutory 7.81 Parent Debt - Total $35.0 EPS - Underlying 23.82 Debt: EBITDA 1.96 FCF/Share 22.14 Return on Equity – Parent 35.7% Parent Equity $30.2 Return on Invested Capital - Parent 21.9% Parent Debt + Equity $65.3 EV/ EBITDA Multiple (based on $4.22 share price) 12.6x P/E Multiple (based on $4.22 share price) 17.8x
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FY26 results6 4,326 3,193 3,938 5,115 6,298 5,402 8,027 9,070 10,786 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 -2,250 0 2,250 4,500 6,750 9,000 11,250 13,500 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 cents per share $'000 Statutory NPAT to Underlying NPATA ($'000, left axis) and per-share measures (cents, right axis) Statutory NPAT Amortisation of client books Non-recurring items (net of tax) Underlying NPATA attributable to owners Statutory EPS (cents) Underlying EPS (cents) FCF / Owners' earnings per share (cents) exc. Non Recurring Items – parent, as published Statutory v Underlying NPATA + EPS 1 2 3 4 5 6 7 8 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 CAGR Statutory NPAT 4,383 2,436 3,950 4,625 5,563 3,928 3,315 3,413 3,533 Non Cash Amortisation of client books 534 363 453 554 1,185 2,380 2,867 3,642 4,827 Non-recurring items (net of tax) (591) 394 (465) (64) (450) (906) 1,845 2,015 2,426 Underlying NPATA attributable to owners 4,326 3,193 3,938 5,115 6,298 5,402 8,027 9,070 10,786 12.1% Weighted average shares on issue 45,495,923 45,496,894 45,418,414 45,142,289 45,000,000 45,000,000 45,000,000 44,919,824 45,274,957 Statutory EPS (cents) 9.63 5.35 8.70 10.25 12.36 8.73 7.37 7.60 7.81 Underlying EPS (cents) 9.51 7.02 8.67 11.33 14.00 12.00 17.84 20.19 23.82 12.2% FCF / Owners' earnings per share (cents) exc. non Recurring Items – parent 9.51 6.88 8.55 11.11 14.03 13.33 17.44 18.84 22.14 11.1%
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Parent Attributable Metrics – FY26 7 FY26 results Underlying EBITDA $17.9m Share of Op Bus. EBITDA $22.8m less Parent Add’ Inv $4.9m Earnings per share – Underlying NPATA 23.82c FY25: 20.19c ▲ +18.0% Owner earnings / Free cashflow $10.0m FY25: $8.5m ▲ +18.4% 22.14c per share (FY25: 18.84c) Cashflow conversion 93% FY25: 93% Return on Equity 35.7% FY25: 31.9% Total Debt $35.0m Debt to EBITDA: 1.96x P&L Balance Sheet / Cashflow Return Underlying NPATA $10.8m FY25: $9.1m ▲ +18.9% NPATA $8.4m FY25: $7.1m ▲ +18.5% EV/ EBITDA Multiple 12.6x EV (Market Cap of $191m + Debt $35.0m) / EBITDA $17.9m
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Common Misconceptions 8 FY26 results “Deal structures can make consolidated financials look far better than the economics that are actually attributable to shareholders” • Attributable metrics have been included in every KPG results pack since IPO. • For FY26, parent underlying NPATA was $10.8m (+18.9%), EPS 23.82c and parent owner earnings $10.0m. • To make this clear to shareholders, we have added a “Parent Attributable Economics” slide to the results presentation. “Only $3.5m of $17.6m NPAT reaches shareholders – worse than 51/49” • Statutory parent NPAT is reduced after $4.8m of non-cash amortisation of acquired client books and $2.4m of one-off growth costs borne 100% by the parent. • Underlying NPATA attributable is $10.8m; operating profits split ~51/49 before these parent-level investments. • Each year we publish a Parent / NCI slide to reconcile the ownership % to the statutory profit split. “Distributions to NCI are high” • Distributions ($15.6m in FY26) are operating partners receiving their share of pre-tax profits and what makes the Partner-Owner-Driver® work. • Parent receives similar levels of distribution in accordance with our 51% ownership interest but this is eliminated on consolidation (op business pays parent) • The shareholder-level measure is published every period: parent owner earnings $10.0m in FY26 (+18.4%), 22.14c per share “Real leverage is a lot higher” • Of the $74m debt at 30/6/2026, $28m sits at the parent and the remaining $46m is in the operating business. • Consolidated Net Debt to Consolidated Underlying EBITDA is 1.52x • Parent Debt to Parent EBITDA is 1.96x • Contingent consideration is not included because we typically pay for these from operating cashflows, and not from debt (we set aside for these amounts in a savings account) “Sellers keeping 49% signals a flawed model” • The success of Kelly Partners has been built on its Partner Owner Driver model and not owning more than it needs to own • As Charlie Munger said “show me the incentive and I’ll show you the outcome” – operating partners owning 49% gives them real incentive as part owners of the business to manage their business well and grow their profits
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FY26 results9 Global Firm + Global Team + 24/7 Revenue Total Team members 96 23 1,150 592 711 (K+P) % 13.5% 3.2% 83.3% 100% Businesses 4 1 1 37 43
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10 Highlights FY26 results
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KPG in 10 seconds FY26 results11 Revenue +18.2% Revenue Growth Margin -0.3% Underlying EBITDA Margin Parent NPATA +18.9% Underlying NPATA Growth Revenue from ordinary activities Underlying EBITDA pre AASB 16 to Revenue Underlying NPATA attributable to parent FY26 $159.2m 25.3% $10.8m FY25 $134.6m 25.6% $9.1m FY26 FY25 $224K/FTE 28.4% $29.7m $204K/FTE 28.3% $25.8m 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 FY26 40.8% 1.52X FY25 38.8% 1.42x FY26 FY25 23.2% 52.8 23.0% 58.0 Group ROIC Lockup Days Return +2.0% Return on Equity Gearing +0.10x Net debt to underlying EBITDA Group Operating Cashflow pre AASB 16 Group Operating Cashflow (before finance costs and tax) on EBITDA FY26 $32.4m 104.9% FY25 $24.9m 99.8% FY26 FY25 $171.7m $47.9m $146.5m $39.2m Receipts from Customers Group Operating Cashflow Cashflow +20.2% Operating cashflow Efficiency +5.1% Cash Conversion
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$0.09 $0.19 $0.24 $0.33 $0.44 $0.60 $0.73 $0.88 $1.02 $1.20 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Per Share Book Value since IPO has grown 34.0% p.a. 12 FY26 results 34.0% Per Share Book Value CAGR
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83.3% 94.4% 96.9% 99.8% 104.9% FY22 FY23 FY24 FY25 FY26 28.4% 24.7% 27.8% 27.5% 26.1% FY22 FY23 FY24 FY25 FY26 30.4% 26.3% 35.5% 31.9% 35.7% FY22 FY23 FY24 FY25 FY26 26.5% 28.7% 26.3% 20.0% 15.3% FY22 FY23 FY24 FY25 FY26 16 20 20 30 34 40 FY21 FY22 FY23 FY24 FY25 FY26 49 65 84 108 135 159 FY21 FY22 FY23 FY24 FY25 FY26 Performance 13 Note: (1) Pre AASB 16. (2) Parent ROE calculated as underlying NPATA / Equity. (3) Group ROIC calculated as (NPAT plus interest) / (Equity + Debt). (4) Cash conversion calculated as last reported operating cash flow divided by EBITDA. Strong revenue growth A$m 27% 5YR CAGR EBITDA 2.5x since FY21(1) A$m 20% 5YR CAGR Successful programmatic acquisition strategy Acquired revenue growth 23% 5YR average +37% Return on Equity(2) 32% 5YR average +26% Return on Invested Capital(3) + Organic Growth 27% 5YR average Cash conversion(4) 96% 5YR average FY26 results
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FY26 results14 Progress in 5-year periods *FY27–FY28 are illustrative only and not a forecast or guidance: revenue doubles FY25 revenue ($134.6m) to $270m by FY28 (~26% p.a., consistent with the historical doubling pattern); EBITDA (Underlying) shown at a 32.5% margin; NPATA (Underlying) shown at 10% of revenue. 1. Start-up 2. Foundation 3. Build 4. Accelerate 5. Global Foundation* $0.0m $50.0m $100.0m $150.0m $200.0m $250.0m $300.0m FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 $7.8m $2.0m $30.2m $8.7m 29% Margin $3.4m 11% of Rev. $48.9m $16.0m 33% Margin $5.1m 10% of Rev. $134.6m $159.2m $34.4m 26% Margin $40.2m 25% Margin $9.1m 7% of Rev. $10.8m 7% of Rev. $270m Double – FY28 $87.8m 32.5% Margin $27.0m 10% of Rev. Revenue EBITDA (Underlying) NPATA (Underlying) 29.2% Revenue CAGR
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KPG Earning Power 15 FY26 results Income Statement Summary ($m) FY26 Actuals Run Rate – Low Run Rate - High Total Revenue $159.2 $164.2 $164.2 Operating Expenses -$114.0 -$114.9 -$106.7 EBITDA – Operating Businesses $45.2 $49.3 $57.5 EBITDA – Operating Businesses (%) 28.4% 30.0% 35.0% Parent Additional Investment -$5.0 $0.0 $0.0 Non Recurring Income/Expenses -$1.9 $0.0 $0.0 Statutory EBITDA pre AASB 16 $38.3 $49.3 $57.5 AASB 16 implementation (i.e. rent expense) $6.3 $8.2 $8.2 Statutory EBITDA $44.6 $57.5 $65.7 Depreciation (inc. dep’n of right of use assets) -$7.2 -$8.9 -$8.9 Amortisation -$9.6 -$9.8 -$9.8 Finance Costs -$7.8 -$9.6 -$9.6 Income Tax -$2.3 -$6.0 -$7.2 Statutory NPAT - Group Total $17.6 $23.2 $30.1 Non controlling interest $14.1 -$14.3 -$18.3 Statutory NPAT - Parent entity $3.5 $8.9 $11.8 Amortisation – Parent entity $4.8 $5.0 $5.0 Non Recurring Income/Expenses – Parent entity $2.4 $0.0 $0.0 Underlying NPATA to Shareholders $10.8 ~$13.9 ~$16.8 % of Group Revenue 6.8% 8.5% 10.2% Market capitalisation ~$172m Price to Earnings 15.9x 12.3x 10.2x
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FY26 Margin 16 FY26 results Operating Businesses Accounting Established Accounting Growth Other Services Total Accounting Subscale Total inc. Subscale US Ireland Total Revenue $106.1 $8.5 $13.3 $127.8 $2.4 $130.3 $24.6 $4.3 $159.2 EBITDA $33.6 $2.7 $4.6 $40.8 $0.7 $41.6 $2.0 $1.7 $45.2 EBITDA Margin % 31.7% 31.6% 34.4% 31.9% 30.4% 31.9% 8.1% 40.5% 28.4% FY25 Margin Operating Businesses Accounting Established Accounting Growth Other Services Total Accounting Subscale Total inc. Subscale US & Ireland Total Revenue $96.4 $9.5 $6.7 $112.5 $2.2 $114.7 $19.9 $134.6 EBITDA $29.8 $2.5 $2.4 $34.7 $0.4 $35.0 $3.1 $38.1 EBITDA Margin % 30.9% 26.0% 35.9% 30.8% 17.5% 30.5% 15.5% 28.3%
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Capital Allocation – Full Year 17 KPG aims to build per-share intrinsic value by: FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 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% 28.4% 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% 15.3% 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% 1.9%* 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% 1.0% Contribution to revenue growth 4a. Making programmatic acquisitions 0 4 3 7 8 8 6 5 6 Number of acquisitions 4b. Making an occasional large acquisition (i.e. >$5m in revenue) 0 0 0 0 0 1 0 1 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 45.3m FY26 results *Excluding the effects of consolidating offices and exiting unprofitable clients, the organic growth for the Group was 4.5%.
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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% 19 2026 $54,225,298 18.5% 45,274,957 $1.20 17.5% $3.79 -87.6% 0.8% -88.4% 22.3% -109.9% 279.0% Compounded Annual Gain - 2009 to FY26 34.3% Compounded Annual Gain since IPO 33.9% 16.0% 4.9% 11.1% 15.2% 0.7% Overall Gain - 2009 to FY26…............................... 150.1x Overall Gain since IPO 12.9x 2.8x 0.5x 2.3x 2.6x 0.2x 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) FY26 results18 KPG Performance Scoreboard 34.3% CAGR
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FY26 results19 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 $16,865,526 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 2009^ 2010^ 2011^ 2012^ 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 KPG Adjusted Book Value vs KPG.ASX vs. ASX 300 (2009-2026) rebased to 100 KPG Book Value from 2007 ASX 300 restated to 100 KPG.ASX from IPO
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EPS & Free Cashflow per Share (Owners’ earnings per share) 20 +16.0% p.a. Owner Earnings (Parent) / FCF per share growth from FY21 to FY26 FY26 results 11.11 14.03 13.33 17.44 18.84 22.14 11.33 13.99 12.01 17.84 20.19 23.82 45,400,000 45,000,000 45,000,000 45,000,000 45,274,957 45,274,957 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 45,000,000 50,000,000 0.00 5.00 10.00 15.00 20.00 25.00 30.00 FY21 FY22 FY23 FY24 FY25 FY26 Free Cashflow (FCF) per share Earnings per Share Number of Issued Shares
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21 About FY26 results
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INDIA: 1 AUSTRALIA: 27 UNITED STATES: 6 HONG KONG: 1 Locations 43 22 FY26 results UK & IRELAND: 1 PHILIPPINES: 7
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Leading Platform 23 People Clients Shareholders team members Inc. 105 operating partners 711 office locations 27 Australia and 16 global 43 partnerships Since inception 83 active clients across Australia & US 25,000 tax & accounting Proportion of FY26 revenue 95% organic growth p.a. Historical average growth rate 4.5% revenue growth p.a. CAGR since 2007 29.2% parent ROE Five-year average 32.0% cash conversion Five-year average 95.8% FY26 results
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Top 10 in Australia Go Global Strategy 24 Objective Scope Advantage Financial Review Top 100 Accounting Firms ($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 FY26 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
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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 FY26 Partnerships 25 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 6,165 Firms 55,623 FY26 results Leads 256 Opportunities X Conversions X 11% 4%
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26 Capital Allocation FY26 results
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ROIC 27 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% FY26 $34,181,857 $147,360,866 23.2% 2.9% 26.1% Average (2018 to FY26) 24.5% 4.5% 29.1% “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 FY26 results
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Additional Investment 28 • Additional investment of $5.0m (3.1% of revenue) to support accelerated growth • Additional investment as a % of group revenue (3.1%) is comparable to prior years while revenues have grown 18.2% (run rate revenue has grown 9.5%). The Group has grown 18%+ for the last 5 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 FY26 Run Rate Group revenue $39,469 $39,975 $45,496 $48,906 $64,862 $86,524 $108,143 $134,607 $159,170 $164,200 Revenue growth - +1.3% +13.8% +7.5% +32.6% +33.4% +29.2% +24.5% +18.2% Additional investment $372 $742 $1,631 $371 $78 $2,479 $1,978 $3,681 $4,966 % of revenue 0.9% 1.9% 3.6% 0.8% 0.1% 2.9% 1.8% 2.7% 3.1% Cumulative additional investment $372 $1,114 $2,745 $3,116 $3,194 $5,673 $7,651 $11,332 $16,298 Underlying NPATA $4.3m $3.2m $3.9m $5.1m $6.3m $5.3m $8.0m $9.1m $10.8m $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 FY26 results
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Next Steps 29 FY26 results International Listing • Progress with international listing Long Term Debt Raise • Long dated debt raise to provide additional flexible capital to the business Dual Class Share Structure • Loyalty share class structure
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30 Financial Highlights FY26 results
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Financial Highlights 31 FY26 Financial Highlights (m) KPGHL & Controlled Entities KPGHL Attributed (parent only) P&L and Cashflow FY25 FY26 % Change FY25 FY26 % Change Revenue $134.6 $159.2 18.2% – – – Underlying EBITDA (pre AASB 16) – Operating Business $38.1 $45.2 18.6% – – – Margin % - Operating Business 28.3% 28.4% – – – Underlying EBITDA (pre AASB 16) – after parent add’t inv’t $34.4 $40.2 16.8% – – – Margin % 25.6% 25.3% – – – EBITDA (pre AASB 16) $32.6 $37.3 14.5% – – – Underlying NPATA $25.8 $29.7 14.8% $9.1 $10.8 18.9% Margin% 19.2% 18.6% 6.7% 6.8% NPATA $23.6 $27.1 14.8% $7.1 $8.4 18.5% Cash from Operating Activities (pre AASB 16) $24.9 $32.4 30.1% – – – Owners' Earnings1 $23.9 $31.5 32.0% $8.5 $10.0 18.4% Gearing (Net Debt / Underlying EBITDA) 1.42x 1.52x – – – – Cash Conversion (Operating Cash Flow / EBITDA) 99.8% 104.9% – – – – Earnings per share (Underlying NPATA) (cents) – – – 20.19c 23.82c 18.0% Earnings per share (Stat NPAT) (cents)2 – – – 7.60c 7.81c 2.8% Equity Partners 102 105 2.9% – – – Revenue per Equity Partner (Trailing 12 months) $1.3 $1.5 14.9% – – – Balance sheet 30-Jun-25 30-Jun-26 % Change 30-Jun-25 30-Jun-26 % Change Lockup (Debtors + WIP)3 $21.9 $23.8 8.4% – – – Net Debt8 $58.4 $70.7 21.1% $22.3 $28.4 27.6% Total Equity $66.5 $72.7 9.3% $28.4 $30.2 6.4% Return on Equity4 38.8% 40.8% 31.9% 35.7% Return on Invested Capital5 23.0% 23.2% – – Days Lockup6 58.0 52.8 -8.9% – – – Equity Ratio (Equity / Total Assets)7 33.4% 31.6% – – – 1 Owner earnings – calculated as Cash from Operating Activities less Payments for Lease Liabilities less Maintenance Capex. 2 Earnings per share on statutory NPAT impacted by amortisation expenses and one off items 3 Lockup – calculated as the total of trade and other receivables, accrued income less contract liabilities 4 Return on Equity – calculated as the Underlying NPATA / Total Equity 5 Return on Invested Capital – calculated as (Underlying NPATA + Interest) / (Total Equity + Debt). Return on Invested Capital impacted where the full acquisition has been taken into account and only part year profit contribution has been made by the acquired business. 6 Days Lockup – calculated as lockup divided by revenue multiplied by 365 7 Equity Ratio– calculated as Equity / Total Assets. 8 Net Debt for parent excludes attributable debt in subsidiary businesses. FY26 results
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Income Statement 32 Income Statement Summary ($m) FY25 FY26 ∆% Professional services revenue $134.6 $159.2 18.2% Other income, exc non recurring and interest $1.0 $0.8 -22.9% Total Revenue $135.6 $160.0 18.0% Operating Expenses -$97.5 -$114.7 17.7% Underlying EBITDA – Operating Businesses $38.1 $45.2 18.6% Underlying EBITDA – Operating Businesses (%) 28.3% 28.4% Parent Additional Investment -$3.7 -$5.0 Underlying EBITDA pre AASB 16 $34.4 $40.2 16.8% Underlying EBITDA margin (pre AASB 16) 25.6% 25.3% Non Recurring Income/Expenses -$1.9 -$1.9 +3.6% Statutory EBITDA pre AASB 16 $32.6 $38.3 17.6% AASB 16 implementation $6.7 $6.3 - Statutory EBITDA $39.3 $44.6 13.5% Depreciation (inc. dep’n of right of use assets) -$7.0 -$7.2 2.7% Amortisation -$7.4 -$9.6 28.9% Finance Costs -$7.0 -$7.8 11.1% Income Tax -$1.3 -$2.3 74.1% Statutory NPAT - Group Total $16.4 $17.6 +7.3% Non controlling interest $13.0 $14.1 +8.2% Statutory NPAT - Parent entity $3.4 $3.5 +3.5% Amortisation – Parent entity $3.6 $4.8 32.5% Non Recurring Income/Expenses – Parent entity $2.0 $2.4 20.4% Underlying NPATA to Shareholders $9.1 $10.8 18.9% • Operating expenses increase in line with revenue growth. • Increased amortisation expense of $9.6m (FY25: $7.4m) 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 18.9% to $10.8m (FY25: $9.1m). driven both by organic revenue growth (2.9%) and by contributions from acquisitions completed in FY25 and in FY26 (15.3%). Excluding effects of consolidating offices and exiting upprofitable clients, organic growth was 4.5% Revenue of (+$24.6m, up 18.2%), $159.2m See Profitability slide for EBITDA by Cohort analysis. Operating EBITDA margin at Aus. Businesses Total 31.9% / 28.4% FY26 results
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50.3 41.0 44.9 7.7 8.7 7.9 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 30 Jun 2025 31 Dec 2025 30 Jun 2026 Days Lockup Days WIP Days Debtor Days Balance Sheet 33 • Net Debt / Underlying EBITDA of 1.52x (FY25: 1.42x) increased due to debt used to complete in year acquisitions. • Group ROE of 40.8% (Group Underlying NPATA $29.7m / Group Equity of $72.7m) (FY25: 38.8%). • Parent ROE of 35.7% (FY25: 31.9%) • Lock up days at 52.8 days calculated based on annualized run rate revenue of $164.2m • Total Assets $229.9m (+15.6%) driven mainly due to increases in intangible assets from acquisitions to $122.8m (FY25: $101.8m) • Net debt has increased $12.3m (21.1%) from $58.4m to $70.7m since FY25. Run rate revenue increased for the same comparative period from $150.0m to $164.2m, being $14.2m (9.5%). $m (consolidated) Balance Sheet (selected line items displayed) 30 Jun 2025 31 Dec 2025 30 Jun 2026 Cash 6.9 3.4 3.9 Lock up (Debtors + WIP) 21.9 22.4 23.8 Right of use assets 26.9 30.2 31.9 Intangibles 101.8 128.5 122.8 Total Assets 199.0 233.6 229.9 Borrowings 65.3 80.4 74.7 Lease liabilities 31.9 35.6 37.4 Total Liabilities 132.5 162.0 157.2 Net Assets 66.5 71.7 72.7 Non-Controlling Interest 38.1 41.9 42.4 Equity attributable to KPGH shareholders 28.4 29.7 30.2 58.0 49.8 52.8 FY26 results
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Debt & Liquidity 34 • Net debt increased $12.3m from 30 June 2025 and Group gearing increased to 1.52x (FY25: 1.42x) mainly due to debt taken out to complete the 6 acquisitions this year • Gross debt excluding working capital debt of $67.2m (FY25: $57.6m) increased $9.6m. • Strong debt repayments as per cashflow – total debt drawn of $23.1m offset by $13.5m in debt repayments for the full year * Rounded to nearest $100,000 FY26 ($m) Parent Op. Bus Total Debt Working Capital Debt $0.0 $7.5 $7.5 Property Debt $0.0 $3.5 $3.5 Acquisition & other term debt $28.5 $35.2 $63.7 Gross Debt $28.5 $46.3 $74.7 Cash -$0.1 -$3.9 -$4.0 Net Debt $28.5 $42.2 $70.7 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 $6.2 $3.2 $9.4 Cash $0.0 $2.9 $2.9 Net Debt $6.2 $6.1 $12.3 • Working Capital debt of $7.5m is covered ~3.2x by WIP and Debtors ($23.8m) • Acquisition & Term Debt of $63.7m is supported by annuity style cashflows and repaid over 5 years • Cash & facility headroom of $18.6m, representing 25% of gross debt drawn FY26 results Working capital, $7.5m Acquisition & Term Debt, $63.7m Property, $3.5m Available Headroom, $14.7m Cash, $3.9m $0.0m $10.0m $20.0m $30.0m $40.0m $50.0m $60.0m $70.0m $80.0m $90.0m $100.0m $74.7m Drawn $70.7m Net $89.4m Facility Limits $18.6m Cash & Headroom
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Leverage (Debt to EBITDA) 35 FY26 results 0.8x 1.3x 1.0x 0.8x 1.4x 1.6x 1.3x 1.4x 1.5x 1.2x 0.8x 1.3x 1.1x 1.0x 1.6x 2.0x 1.5x 1.7x 1.8x 1.4x 0.8x 1.4x 1.1x 1.0x 1.4x 1.8x 1.6x 1.8x 1.8x 1.4x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Avg FY18–26 KPG Group gearing – Net Debt / EBITDA (x), FY18–FY26 Gearing – Net Debt / Underlying EBITDA Gearing – Net Debt / Underlying EBITDA pre AASB 16 Gearing – Net Debt / EBITDA pre AASB 16 (statutory) 1 2 3 4 5 6 7 8 9 10 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Avg FY18–26 Net debt 11,356 14,673 15,233 15,728 31,368 39,918 45,163 58,439 70,741 Underlying EBITDA 14,460 10,889 15,923 18,654 23,114 24,264 35,225 41,141 46,513 Gearing – Net Debt / Underlying EBITDA 0.8x 1.3x 1.0x 0.8x 1.4x 1.6x 1.3x 1.4x 1.5x 1.2x Underlying EBITDA pre AASB 16 14,460 10,889 13,466 15,950 19,984 19,620 30,030 34,442 40,231 Gearing – Net Debt / Underlying EBITDA pre AASB 16 0.8x 1.3x 1.1x 1.0x 1.6x 2.0x 1.5x 1.7x 1.8x 1.4x EBITDA pre AASB 16 (statutory) 13,554 10,165 14,393 16,184 21,660 21,594 28,309 32,565 38,286 Gearing – Net Debt / EBITDA pre AASB 16 0.8x 1.4x 1.1x 1.0x 1.4x 1.8x 1.6x 1.8x 1.8x 1.4x • Gearing ratio (Debt to EBITDA) better measurement of leverage compared to Net Debt per Partner • The graph on the right presents three measures since IPO: • Net Debt to Underlying EBITDA • Net Debt to Underlying EBITDA pre AASB 16 (i.e. rent expense deducted) • Net Debt to EBITDA pre AASB 16 (i.e. rent expense and non recurring items deducted) • Average gearing ratios 1.2-1.4x • Gearing ratio have never exceeded 2.0x • We often get asked why we don’t include contingent consideration as debt – that’s because we pay this with saved operating cashflow, not through additional debt on the business
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Cashflow 36 * 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)* FY25 FY26 Diff $ Diff% Cash from Operations (CFO) pre AASB 16 $24.9 $32.4 $7.5 30.1% Maintenance Capex -$1.0 -$0.8 Scheduled Debt Reductions -$11.6 -$13.1 Free Cash Flow to Firm (FCFF) after scheduled debt reductions $12.3 $18.4 $6.2 50.5% Debt Drawn $33.1 $23.1 Acquisitions -$12.4 -$20.5 Growth Capex -$1.4 -$3.5 Distributions to non controlling interests -$18.2 -$15.6 Additional debt repayments -$8.1 -$0.4 Loans Advanced -$6.1 -$3.4 Payments into Employee Share Scheme Trust -$1.1 -$0.5 Proceeds from sale of Equity Interests -$0.7 $0.1 Deposits -$0.3 -$0.5 Share issuance / (buy backs) $3.0 $0.0 Change in Net Cash* $0.1 -$2.7 • Cash from Operations pre AASB 16 of $32.4m increased by 30.1% (FY25: $24.9m) • Free Cashflow to Firm after scheduled debt reductions increased 50.5% • Cash Conversion1 of 104.9% (FY25: 99.8%) 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 FY26 results $24.9m $32.4m FY25 FY26 Cash from Operations (CfO) $12.3m $18.4m FY25 FY26 Free Cashflow to Firm (FCFF) after Debt Reductions
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$13,149 $13,851 $12,633 $10,424 $9,716 $6,035 $4,867 $3,014 $2,903 ($1,218) ($2,209) ($708) ($3,681) ($1,168) ($1,853) ($111) $509 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 37 FY26 results FY26 FY25 • The profit attributable to the parent vs. NCI represent a 20%/80% split and differs from the ownership interests of ~51%/49%. This is due to the following items: • Income tax expense of $1.8m 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 ($4,135) (29.9%) $3,413 $14,635 $15,134 $13,336 $11,482 $10,960 $5,994 $3,533 $3,533 ($1,798) ($1,853) ($522) ($4,966) ($2,460) NCI NPBT Parent NPBT before parent entity costs Parent Tax Parent Interest Parent Depreciation Additional Investments Non Recurring Expenses Parent NPAT - Reported 49% 49% 51% 51%
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THANK YOU
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39 Appendix FY26 results
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Trinity - Parent 40 1. ROIC - Group 23.2% 2. Net Debt to EBITDA - Group 1.52x EARNINGS PER SHARE 23.9 cps +18.0% 3. Cashflow Conversion - Parent 93.0% FY26 FY26 results 1. ROIC - Group 23.0% 2. Net Debt to EBITDA - Group 1.42x EARNINGS PER SHARE 20.2 cps +13.2% 3. Cashflow Conversion - Parent 93.3% FY25
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Trinity - OP CO 41 * Calculated on estimated annualised run rate revenue 1. WIP 7.7 days* 2. Debtors 50.3 days* LOCKUP 58.0 days CASH CONVERSION ON EBITDA 99.8% 3. Revenue 24.5% Growth EBITDA 28.3% Margins FY25 1. WIP 7.9 days* 2. Debtors 44.9 days* LOCKUP 52.8 days CASH CONVERSION ON EBITDA 104.9% 3. Revenue 18.2% Growth EBITDA 28.4% Margins FY26 FY26 results
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Revenue growth 42 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 AVG Organic – Accounting -6.4% 6.6% 1.5% 4.7% 2.9% 2.7% 3.5% 1.9% 2.2% Organic – Complementary 1.8% 1.4% 1.2% 1.5% 1.8% 0.3% 1.0% 1.0% 1.3% Organic – Total -4.6% 8.0% 2.7% 6.2% 4.7% 3.0% 4.5% 2.9% 3.4% Acquired 6.4% 6.6% 4.8% 26.5% 28.7% 26.2% 20.0% 15.3% 16.8% Total 1.8% 14.6% 7.5% 32.6% 33.4% 29.2% 24.5% 18.2% 20.2% FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 AVG Organic – Total -4.6% 8.0% 2.7% 6.2% 4.7% 3.0% 4.5% 2.9% 3.4% Inflation - Australia 1.6% -0.3% 3.8% 6.1% 6.0% 3.6% 2.4% 4.0% 3.4% Total -6.2% +7.7% -1.1% +0.1% -1.3% -0.6% +2.1% -1.1% 0.0% Revenue growth contributions by year Organic growth v Inflation by year FY26 results
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Revenue & EPS 43 YOY Contrib. Internal Organic – Accounting 2.0% 1.9% Internal Organic - Complementary 20.9% 1.0% External Acquired ∞ 15.3% Total 18.2% 18.2% Revenue compounded annual growth rate since 2007 29.2% Earnings per share annual growth rate since IPO to FY26 13.6% FY26 results
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1H/2H Skews 44 • 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 FY26 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)
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NPATA reconciliation 45 ^ totals impacted by rounding * difference between cash rent expense and the accounting of leases. Reconciliation of attributed NPAT/NPATA ($m)^ FY25 FY26 Statutory NPAT attributable owners of Kelly Partners Group Holdings Limited 3.4 3.5 Amortisation of customer relationship intangibles 3.7 4.8 NPATA attributable to owners of Kelly Partners Group Holdings Limited 7.1 8.4 Add: non-recurring expenses or non cash adjustment items Acquisition costs 1.9 1.3 Impact of AASB* 0.3 0.6 Strategic review costs 1.2 0.3 Other non recurring legal expenses 0.1 1.1 Less: Non-recurring revenue items Other non recurring income -0.5 -0.0 Less: Tax effect of non recurring items -0.9 -0.7 Net non recurring items 2.0 2.4 Underlying NPATA attributable to Shareholders 9.1 10.8 FY26 Results
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Parent & NCI 46 (‘000) NCI Parent Total NPBT before parent entity costs $14,635 $15,134 $29,769 ~49% ~51% Less: Income Tax Expense ($540) ($1,798) ($2,338) Less: Parent entity expenses • Additional investments above 9% ($4,966) ($4,966) • Non Recurring Expenses ($2,460) ($2,460) • Interest expenses ($1,853) ($1,853) • Depreciation expenses ($522) ($522) Total ($9,802) ($9,802) NPAT per Statutory Accounts $14,095 $3,533 $17,628 80% 20% Totals subject to rounding • The profit attributable to the parent vs. NCI represent a 20%/80% split and differs from the ownership interests of ~51%/49%. This is due to the following items: • Income tax expense of $1.8m 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 FY26 results
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Free Cashflow - Group 47 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 CAGR Cash From Operations (CfO) $6.6 $10.0 $14.3 $15.1 $17.6 $19.5 $25.6 $31.3 $38.9 24.8% Owners' Earnings (CfO - Maint. Capex) $6.3 $9.7 $12.2 $12.8 $14.0 $14.9 $19.5 $23.9 $31.5 22.3% Cash Conversion (Operating Cash Flow / EBITDA) 63.5% 116.8% 97.3% 93.5% 83.3% 94.4% 96.9% 99.8% 104.9% Days Lockup 93.3 69.6 55.2 51.1 55.8 48.1 56.1 58.0 52.8 FY26 results $6.6 $10.0 $14.3 $15.1 $17.6 $19.5 $25.6 $31.3 $38.9 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
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Free Cashflow (“Owner earnings”) 48 FY20 FY21 FY22 FY23 FY24 FY25 FY26 CAGR Owner earnings $3.9m $5.0m $6.3m $6.0m $7.8m $8.5m $10.0m 17.1% Owner earnings per share (cents) 8.55 11.11 14.03 13.33 17.44 18.84 22.14 17.2% % Growth 24.4% 29.9% 26.3% -5.0% 30.8% 7.9% 17.5% Underlying NPATA $3.9m $5.1m $6.3m $5.3m $8.0m $9.1m $10.8m 18.3% Cashflow Conversion - Parent 99% 98% 100% 98% 98% 93% 93% • Owner earnings represent the cashflow available to the parent entity. Owner earnings is used to measure cashflow to the Group (after taxes and finance costs) after taking in to account: • additions or reductions in working capital investment (debtors, creditors and other accrual movements); • deductions required for the maintenance capital expenditure of the business to maintain ongoing operations in the long term • For the parent entity, owner earnings equates to Cashflow from Operating Activities as there is minimal capital expenditure required to maintain the activities of the parent entity • One off expenses relating to the strategic review and acquisition costs has been excluded from owner earnings for the purposes of comparing to Underlying NPATA (which excludes these one off expenses) FY26 results
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Cash reconciliation 49 Reconciliation of NPAT to Operating Cashflow ($m) FY25 FY26 Reported NPAT 16.4 17.6 Adjustments for Depreciation and amortisation 14.5 16.8 Unwinding of interest on contingent consideration 0.5 0.8 Other non-cash movements* 3.6 1.0 Change in operating assets and liabilities Decrease / (increase) in trade and other receivables -3.9 (1.8) Decrease / (increase) in deferred tax assets -1.5 (0.3) Increase / (decrease) in trade and other payables 2.1 2.7 Increase in provision for income tax -0.5 2.1 Net cash from operating activities (+24.4%) 31.3 38.9 *Other non cash movements include balance sheet items recognised as part of completed acquisitions FY26 Results
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Net debt per partner 50 • Total number of equity partners increased to 105 (as at 30 June 2026): • 2 New partners promoted internally • 2 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 FY26 results $326,230 $291,167 $366,813 $346,198 $296,758 $505,938 $511,763 $470,447 $572,935 $673,725 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 FY26 Net Debt per Partner Net Debt per Partner No. of Partners
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FY26 results51 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%) 30 Jun 26 45,274,957 - - 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. 34.5% discount to the 30 June 2026 closing price $3.79 • In total, our existing shareholders have benefited from a return of 1.7c 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 30th June 2026 $3.79 Discount to closing price 34.5% “Gain” to existing shareholders $780,344 “Gain” per share 1.7c
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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 52 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 FY26 results
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KPGHL & Controlled Entities ("Group") 1 2 3 4 5 6 7 8 9 P&L and Cashflow FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 CAGR Revenue $30.2 $39.5 $40.0 $45.5 $48.9 $64.9 $86.5 $108.1 $134.6 $159.2 20.3% Underlying EBITDA (pre AASB 16) $8.7 $14.5 $10.9 $13.5 $16.0 $20.0 $19.7 $30.0 $34.4 $40.2 18.5% Margin % 28.9% 36.6% 27.2% 29.6% 32.6% 30.8% 22.7% 27.8% 25.6% 25.3% Underlying NPATA $7.3 $11.5 $8.8 $10.1 $11.6 $14.2 $13.6 $21.3 $25.8 $29.7 16.8% Margin% 24.2% 29.2% 22.1% 22.3% 23.7% 21.8% 15.7% 19.7% 19.2% 18.6% NPATA $1.5 $10.6 $7.9 $11.0 $11.8 $15.5 $15.0 $19.1 $23.6 $27.1 Dividends & Distributions Paid -$7.1 -$5.2 -$6.7 -$10.5 -$8.4 -$9.9 -$12.7 -$11.0 -$19.1 -$15.6 Cash From Operations (CfO) $6.9 $6.6 $10.0 $14.3 $15.1 $17.6 $19.5 $25.6 $31.3 $38.9 21.1% Owners' Earnings (CfO - Maint. Capex) $6.6 $6.3 $9.7 $12.2 $12.8 $14.0 $14.9 $19.5 $23.9 $31.5 18.9% Gearing (Net Debt / Underlying EBITDA) 1.3x 0.8x 1.3x 1.0x 0.8x 1.4x 1.6x 1.3x 1.4x 1.5x Cash Conversion (Operating Cash Flow / EBITDA) 269.6% 63.5% 116.8% 97.3% 93.5% 83.3% 94.4% 96.9% 99.8% 104.9% Equity Partners 36 39 40 44 53 62 78 96 102 105 12.6% 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 $1.5 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 30-Jun-26 Lockup (Debtors + WIP)1 $7.8 $10.1 $7.6 $6.9 $6.8 $11.6 $14.1 $18.0 $21.9 $23.8 Net Debt $11.7 $11.4 $14.7 $15.2 $15.7 $31.4 $39.9 $45.2 $58.4 $70.7 Total Equity $19.8 $24.1 $24.1 $22.9 $25.2 $34.0 $35.5 $52.4 $66.5 $72.7 Return on Equity2 36.9% 47.8% 36.6% 44.2% 46.0% 41.7% 38.4% 40.7% 38.8% 40.8% Return on Invested Capital3 22.9% 31.2% 22.7% 26.1% 27.6% 22.3% 20.0% 24.8% 23.0% 23.2% Days Lockup4 94.2 93.3 69.6 55.2 51.1 55.8 48.1 56.1 58.0 52.8 Equity Ratio (Equity / Total Assets)5 46.7% 54.2% 48.7% 39.7% 37.2% 34.6% 26.8% 32.9% 33.4% 31.6% KPGHL ("Parent") P&L and Cashflow FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 CAGR Underlying NPATA $3.4 $4.3 $3.2 $3.9 $5.1 $6.3 $5.4 $8.0 $9.1 $10.8 13.5% Owners' Earnings (CfO) $3.4 $4.3 $3.1 $3.9 $5.0 $6.3 $6.0 $7.8 $8.5 $10.0 12.6% Earnings per share (Underlying NPATA) (cents) 7.57 9.51 7.02 8.67 11.33 13.99 12.01 17.86 20.19 23.82 13.6% Dividends Per Share 0.00 4.00 4.40 5.39 7.08 8.17 4.79 3.50 0.0 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 30-Jun-26 Return on Equity2 29.5% 29.1% 21.5% 24.8% 28.5% 30.4% 26.3% 35.5% 31.9% 35.7% Metrics since IPO – Full Year 53 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. FY26 results