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FOR THE SIX MONTHS ENDED 31 JULY 2026 INTERIM RESULTS
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INTERIM RESULTS EXECUTIVE SUMMARY THE MODEL • The premier platform law firm empowering lawyers to deliver exceptional client service • A strong community and culture provides inter-connectivity and collaboration amongst the high quality, closely vetted, lawyers who work from their own offices • Simple pay when paid, performance- based, remuneration structure • Tech acts as a hub, driving efficiencies and limiting costs GROWTH & SCALABLE THE OPPORTUNITY • Growth predominantly driven through recruitment of high-calibre lawyers • Those lawyers bring clients and relationships for themselves and others • Many lawyers recruit junior lawyers into their Pods to further grow their practices • Excellent ability to scale due to pay when paid, own office working and fully scalable technology platform • A profitable, highly cash generative, growing business which is low risk and resilient • Proven track record of delivering sustainable growth in a substantial addressable market • A progressive dividend policy which consistently returns value to shareholders
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INTERIM RESULTS STRONG FINANCIAL PERFORMANCE RESULTS HIGHLIGHTS • Revenue grew 22.5% • Revenue per Principal up 14.5% • Adjusted PBT increased 31.3% • Successfully completed £1.5m share buy back programme • Interim ordinary dividend of 9.6p per share • Special dividend of 15p per share DRIVING KEYSTONE FORWARDS • Completed brand refresh • Extended AI capabilities with rollout of CoCounsel • 23 high-calibre Principals joined • Principals recruited 23 pod members (net growth 18)
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INTERIM RESULTS RECRUITMENT KPIS 153 164 148 H1 2025 H1 2026 H1 2027 Qualified New Applicants 56 52 3731 37 23 30 30 23 H1 2025 H1 2026 H1 2027 Offers / Acceptances / Starters Geo-political uncertainty contributed to make the recruitment market less robust than FY 2026 148 Applicants (Principals) H1 2026: 164 37 23 Offers Made (Principals) H1 2026: 52 Offers Accepted (Principals) H1 2026: 37 23 New Principals H1 2026: 30 501 682 Principals H1 2026: 472 Total fee earners H1 2026: 612
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INTERIM RESULTS EXTENDED AI CAPABILITIES BUILDING ON THE SUCCESSFUL DEPLOYMENTS OF FY 2026 • Actively promoted the suite of AI tools we provide lawyers, increasing uptake and utilisation • Half of our lawyers regularly use our secure enterprise grade version of ChatGPT and Claude • A third are active users of the Netdocuments generative AI tool EXTENDED OUR AI CAPABILITIES WHY COCOUNSEL • Rolled out CoCounsel : a leading generative AI tool specifically designed by Thomson Reuters for the legal industry • CoCounsel delivers all the normal generative AI tools as well as allowing them access to the PLC and Westlaw databases and knowledge banks • These data sources are market leading in the UK and are not open-source • Thomson Reuters continually invest to ensure that they reflect the latest legal decisions and precedents Building on the successes of FY 2026 providing access to further market leading AI solutions to our lawyers
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INTERIM RESULTS FINANCIAL HIGHLIGHTS £66.3M Revenue +22.5% H1 2026: £54.2m £8.1M Adj. PBIT +31.6% H1 2026: £6.2m £9.6M Adj. PBT +31.3% H1 2026: £7.3m 14.5% Adj. PBT Margin H1 2026: 13.6% 95.6% Operating cash conversion H1 2026: 104.2% £10.5M Net cash H1 2026: £6.5m 23.1P Adjusted EPS H1 2026: 17.8p 9.6P & 15P Interim ordinary & special DPS H1 2026: 7.5p (ordinary)
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INTERIM RESULTS INCOME STATEMENT SIX MONTHS ENDED 31 JULY £'000 H1 2027 H1 2026 Change Revenue 66,349 54,152 22.5% Gross Profit 16,914 13,794 22.6% GM% 25.5% 25.5% Staff costs (3,575) (3,107) 15.1% Other administrative expenses (4,689) (4,104) 14.2% Depreciation - right of use assets (233) (233) Depreciation (114) (114) Net impairment of trade receivables (298) (85) Adjusted Administrative Expenses (8,910) (7,643) 16.6% Other operating income 146 43 Adjusted PBIT 8,149 6,194 31.6% Net Finance Income 1,486 1,147 Adjusted PBT 9,635 7,341 31.3% Adjusted PBT% 14.5% 13.6% Adjusted PBIT% 12.3% 11.4% Adjusted Basic EPS (p) 23.1 17.8 29.8% Average Principals 496 464 7.1% Average Revenue £'000 / Principal 133.8 116.8 14.5% Revenue up 22.5% to £66.3m driven by broad based demand, albeit Corporate over indexed representing 20% of revenue (FY 2026 :16%), and continued strength in recruitment since H1 2026. Average Principals increased by 7.1% with average total fee earners rising 12.5%. Revenue per Principal grew 14.5% from £116.8k to £133.8k REVENUE & GM STAFF COSTS OTHER ADMIN Staff costs increased 15%. Average headcount increased from 79 to 92 as we continue to invest to both attract and retain the talent we need to support out lawyers Increased by 14%. Increased IT spend this Period of c £0.2m driven by the migration to a new IT managed service provider (Acora) a partner better suited to the growing complexity of our needs and more capable of partnering with us in delivering our IT strategy Many other costs are linked to activity levels and lawyer numbers Adj PBIT increased 31.6% to £8.1m. Adj PBIT margin of 12.3% up 0.9% on H1 2026 as revenue growth outstripped cost increases Adj PBIT FINANCE INCOME Adj PBT & PBT % Net finance income increased £0.3m as bank interest rates held though H1 2027 Adj PBT increased 31.3% to £9.6m This represents adj PBT margin of 14.5%
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INTERIM RESULTS BALANCE SHEET As at : £'000 31-Jul 2026 31-Jul 2025 Property, plant and equipment 554 690 Right of use assets 1,278 1,742 Intangible assets 4,807 4,807 Investments 314 129 Total non-current assets 6,953 7,368 Trade and other receivables 37,905 30,043 Cash and cash equivalents 10,463 6,506 Total current assets 48,368 36,549 Total assets 55,321 43,917 Share capital 63 63 Share premium 9,921 9,921 Share based payments reserve 607 969 Retained earnings 10,486 5,828 Equity attributable to equity holders 21,077 16,780 Lease liabilities 819 1,321 Provisions 1,227 1,198 Total non-current liabilities 2,046 2,519 Trade and other payables 30,984 23,942 Lease liabilities 595 595 Corporation tax liability 619 81 Total current liabilities 32,197 24,618 Total liabilities 34,244 27,137 Total equity and liabilities 55,321 43,917 Cash positive and debt free; net cash £10.5m CASH DEBTOR DAYS INTERCONNECTIVITY OF WORKING CAPITAL Trade debtor days are 33 (H1 2026: 33) Trade debtors and accrued income have corresponding 75% liability to lawyers as paid when paid. Included in trade and other payables SHARE BUY BACK In May 2026 we carried out a £1.5m on-market buy back programme during which we bought 267,815 shares which were held in treasury In June 2026 we used 223,822 of these shares to satisfy the vesting of the LTIP award. Following which the balance of shares were cancelled As at : £'000 31-Jul 2026 31-Jul 2025 Trade and other receivables Trade receivables 17,875 13,563 Accrued income 15,989 13,533 Prepayments and other receivables 4,041 2,947 INTANGIBLE ASSETS Intangible assets are a function of the structuring of private equity investment in October 2014
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INTERIM RESULTS CASHFLOW SIX MONTHS ENDED 31 JULY £'000 H1 2027 H1 2026 Profit before tax 9,243 6,932 Depreciation 346 346 Share based payments 392 409 Net finance (income) / costs (1,486) (1,147) 8,495 6,540 Movement in working capital (372) 275 Cash generated from operations 8,123 6,815 Interest portion of leases (44) (55) Net Interest received 1,530 1,202 Corporation tax paid (1,670) (1,670) CAPEX (38) (10) Repayments of lease liabilities (253) (251) Cash flow pre dividends 7,648 6,007 Purchase of own shares into treasury (1,511) - Dividends paid (5,419) (9,189 Net Cash flow 718 (3,182) Closing Cash 10,463 6,506 Operating cash conversion (1) 95.6% 104.2% Model inherently cash generative and capital light with lawyers only paid when Keystone is paid Operating cash conversion(1) as always, strong at 95.6% compared to 104.2% CASH GENERATIVE NET INTEREST Interest rates have held throughout the Period ensuring net interest remained high Dividend paid represents Final Ordinary dividends of £5.4m. H1 2026 included both a final ordinary dividend and a special dividend Normal level of CAPEX which is approx. £0.1m per annum SHARE BUY BACK CAPEX In May 2026 we bought back £1.5m shares which we held in treasury to satisfy this year’s LTIP vesting (1) Operating cash conversion calculated utilising cash generated from operations and dividing it by the PBT before non-cash movements and net interest DIVIDENDS PAID
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INTERIM RESULTS SUMMARY & OUTLOOK SUMMARY • Another positive Period for Keystone • Excellent financial performance underpinned by strong legal demand and solid recruitment • Existing lawyers confidently recruiting Pod members and driving up revenue per Principal • Declared interim ordinary dividend of 9.6p and a special dividend of 15p per share OUTLOOK • A good start to H2 2027 • We remain positive about our ongoing success despite global geo-political uncertainty • We are confident that we will continue to deliver strong, sustainable growth • We now expect revenue to be comfortably ahead and adj. profit to be materially ahead of pre-announcement market expectations for FY 2027
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BUSINESS OVERVIEW APPENDIX
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INTERIM RESULTS KEYSTONE LAW FAST GROWING, PROFITABLE LAW FIRM WITH OPERATIONAL GEARING STRONG CASH GENERATION SUPPORTS PROGRESSIVE DIVIDEND POLICY WELL DIVERSIFIED WITH NO CLIENT, LAWYER, SECTOR OR PRACTICE AREA DEPENDENCY MARKET LEADING PLATFORM LAW FIRM. A MODEL NOW WHOLLY ACCEPTED BY THE MAINSTREAM • We deliver high quality conventional legal services to our clients • Our clients range from fast-growing start ups to multinational corporations and high net worth individuals • Have greater control over how they develop their practice • Tech acts as a hub driving efficiencies and reduces costs THE PREMIER TECH ENABLED PLATFORM LAW FIRM • Partner level lawyers (Principals) are self employed and work from their own offices making us capital light • Many Principals recruit junior lawyers into their Pods to further leverage their opportunities increasing scalability and access to more complex transactions • Lawyers paid 75% of billing on paid when paid basis : minimal working capital requirement • Organic growth by recruiting successful lawyers who bring their own client following DIFFERENCITATED STRUCTURE AND SCALABLE MODEL
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INTERIM RESULTS THE MODEL PODS Lawyers and staff employed by Principals but must be approved by the Keystone to ensure quality. Keystone provides its lawyers with infrastructure and support via its central office, a bespoke IT platform and access to a network of colleagues and events. Lawyers are paid 75% of bill once the payment has been received by Keystone from the client. CLIENT Advice SELF EMPLOYED PRINCIPAL OWNS AND MANAGES THE CLIENT RELATIONSHIP The Keystone model offers lawyers FREEDOM, FLEXIBILITY AND AUTONOMY . Invoice Contract Contract Payment
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INTERIM RESULTS GROWTH STRATEGY AND MARKET DYNAMICS ORGANIC GROWTH STRATEGY • Primary driver of growth is recruitment of high calibre lawyers (“Principals”) • Principals bring new client relationships and work for themselves and their colleagues (>30% work cross referred) • Many principals employ other lawyers in their Pods supporting larger practices and facilitating delivery of more complex transactions and increasing scalability LARGE ADDRESSABLE MARKET MARKET DYNAMICS • UK legal mid-market worth over £14b revenue p.a. • Delivered by over 40,000 qualified solicitors in 185 law firms • Keystone’s model now accepted by the mainstream • Keystone’s market leading position as the premier platform law firm makes it the stand-out choice for top quality lawyers seeking the benefits it offers • Multiple factors make many conventional law firms unhappy places • Senior lawyers across the market under increasing pressures not matched by increased rewards
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INTERIM RESULTS TRACK RECORD OF GROWTH 198 215 231 244 269 277 304 328 347 369 386 394 399 398 415 432 442 455 472 491 501 10 13 17 22 28 44 51 65 79 83 93 87 80 109 107 117 115 121 140 163 181 Principals Other Fee Earners • Fast growing – revenue of £ 115.2m(1) , increase of c15% p.a. (Jan 21– Jan 26) • UK’s 57th largest law firm by revenue(2) • Profitable with enhancing margins • Adjusted PBIT(3) of £ 12.9m(1), increase of 17% p.a. (Jan 21 – Jan 26) • Adjusted PBT(3) of £15.3m(1), increase of 20% p.a. (Jan 21 – Jan 26) with a margin of 13%(1) • Highly cash generative model with an operating cash conversion 98.9% (2025 94.5%) • Progressive dividend policy –paid out 2/3rds adjusted PAT since IPO in Ordinary dividends plus 4 Special dividends. Total DPS paid / declared equals 91% of EPS generated post IPO – Jan 26 • 501 Principals, 181 other fee earners, 85 management and support staff (1) Year ended 31 January 2026 (2) Source The lawyer top 100 report 2025 (3) Adjusted PBT – PBT plus unrealised gains of investment held at fair value, amortisation of intangibles and share based payment costs
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INTERIM RESULTS CONSISTENTLY STRONG FINANCIAL PERFORMANCE (1) DPS for year ended 31 January 2021 has been adjusted to exclude the 6.8p “catch up” dividend paid declared in the period which was really in respect of 2020 but which was not paid out due to the uncertainty caused by the outbreak of Covid 15.7 16.1 18.3 20.2 24.7 10 12.5 15 0 2022 2023 2024 2025 2026 Ordinary & Special DPS (p) (1) 186.7 192.9 211.9 220.3 243.5 2022 2023 2024 2025 2026 Revenue per Principal (£’000) 5.9 9 9.1 10.4 11.6 12.9 6 9.1 9.2 11.3 12.7 15.3 2021 2022 2023 2024 2025 2026 Adj PBIT & Adj PBT (£’m) 71.2 76.4 87.9 97.7 115.2 2022 2023 2024 2025 2026 Revenue (£’m) 10 9.3 10.4 11.5 13.5 2022 2023 2024 2025 2026 Cash generated from operation (£’m) 23.6 24.2 27 30.4 37 2022 2023 2024 2025 2026 Adj EPS (p)
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76 79 103 95 96 56 42 68 52 68 2022 2023 2024 2025 2026 Offers Accepted 228 232 270 283 294 2022 2023 2024 2025 2026 Qualified new applicants INTERIM RESULTS CONSISTENTLY STRONG FINANCIAL PERFORMANCE 41 53 51 50 61 2022 2023 2024 2025 2026 Starters (Principals) 20% 49% 31% Accepted offers by channel 2026 Rec Agency Lawyer Referred Direct • Recruitment driven through three principal channels • Key determinant in success of candidates is their quality and their ability to build and maintain client relationships. • The calibre of our lawyers underpins Keystone’s long-term sustainable growth • c. 20% of qualified applicants are successful and join • 90% of new Principals generate a sustainable practice • 5% churn of Principals mainly due to retirement • c. 15% to 20% of each cohort recruit junior resource into their Pod to leverage their opportunities • Average age of Principals is 53 with those having joined in the last year being 51
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INTERIM RESULTS WHY LAWYERS JOIN KEYSTONE • Ability to focus on legal work and clients • Avoid management obligations, commuting and politics • Remuneration structure • Excellent brand, support and infrastructure • Freedom, flexibility and autonomy 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Central Office team Support Brand and reputation Job satisfaction Personal earnings Work / life balance Sense of community Firm culture Excellent Good Satisfactory Poor SURVEY OF KEYSTONE LAWYERS APRIL 2026
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INTERIM RESULTS WHAT KEYSTONE DELIVERS TO ITS LAWYERS IT infrastructure developed to support agile working Professional indemnity insurance High quality client meeting rooms Compliance and risk management Finance and administration Marketing and business development High calibre colleagues providing breadth and depth of support and referring work A supportive, inclusive and collaborative community Leading brand and reputation
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INTERIM RESULTS A FULL-SERVICE LAW FIRM : WELL DIVERSIFIED • We deliver the full range of services our clients need across the legal spectrum • Our growth strategy ensures this mix continues to grow and deepen • A well-balanced mix of service lines ensures no dependency on either areas of law or sectors • No client or lawyer dependency – none > 5% recurring revenue • Minimal exposure to high-risk legal areas (e.g.: no volume personal injury or volume conveyancing) Employment 13% Litigation 17% Corporate 16% Commercial 17% Property 23% Other Private client Family 8% 5% 3% BILLING BY CASE TYPE 2026
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INTERIM RESULTS ROBUST RISK MANAGEMENT 0% 20% 40% 60% 80% Conflict checks Anti money laundering process Compliance training Compliance team support Excellent Good Satisfactory Poor SURVEY OF KEYSTONE LAWYERS APRIL 2026 • Strategic planning • Selective recruitment • Regular training and professional development • Experienced compliance and risk management team • Use of technology and exception reporting • Cap on contractual liability • Professional Indemnity insurance: £50m cover
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INTERIM RESULTS DISCLAIMER This presentation has been prepared by Keystone Law Group plc (“Keystone” or the “Company”) and the information contained her ein is restricted and is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. In particular, the i nformation contained herein is not for release, publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, Japan, the Republic of South Africa or any other jurisdiction in which such releas e, publication or distribution would be unlawful. The presentation and the information contained herein is for information purposes only and shall not constitute an offer to s ell or otherwise issue or the solicitation of an offer to buy, subscribe for or otherwise acquire securities in any jurisdiction in which any such offer or solicitation would be unlawful. 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In this respect, neither Keystone nor any of its connected persons accepts any liability to any p erson in relation to the distribution or possession of these presentation slides to or in any such jurisdiction. This presentation is strictly confidential and is being provided to you solely for your information and may not be reproduced in any form or further distributed to any person or published in whole or in part, for any purpose; any failure to comply with this restriction may constitute a violation of applicable securities laws. This presentation has not been (i) produced as a result of a process which was designed to ensure that it satisfies the standards, of accuracy, disclosure or completeness required of a prospectus, or listing particulars or other disclosure document to be published in connection with an application for shares or other securities to be admitted to listing or dealing or trading on a regulated market or a recognised investment exchange (as defined in the Financial Services and Markets Act 2000 (“FSMA”)) (ii) approved for the purposes of section 21 of FSMA by, a p erson authorised under FSMA or (iii) subjected to the due diligence investigations, verifications and other procedures commonly carried out or applied in relation to the publication of a prospectus, listing particulars or other disclosure document on such an application, nor does it contain all information that would be required if it were a prospectus for the purposes of Directive 2003/71/EC. Accordingly, this presentation does not purport to be all-inclusive. In making this presentation available, Keystone makes no recommendation to buy, sell or otherwise deal in shares in Keystone and its subsidiaries (the “Group”) or in any other securities or investments whatsoever, and you should neither rely nor act upon, directly or indirectly, any of the information contained in these presentation slides i n respect of any such investment activity. Past performance is no guide to future performance. If you are considering engaging in investment activity, you should seek appropriate independent financial advice and make your own assessment. This presentation (and any subsequent discussions arising thereon) may contain certain statements, statistics and projections that are or may be forward-looking. The accuracy and completeness of all such statements, including, without limitation, statements regarding the future financial position, strategy, projected costs, plans and objectives for the management of future operations of the Group are not warranted or guaranteed. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. Although Keystone believes that the expectations reflected in such statements are reasonable, no assurance can be given that such expectations will prove to be correct. There are a num ber of factors, many of which are beyond the control of the Group, which could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, factors such as: future revenues being lower than expected; increasing competitive pressures in the industry; and/or general economic conditions or conditions affecting the relevant ind ustry, both domestically and internationally, being less favourable than expected. We do not intend to publicly update or revise these projections or other forward-looking statements to reflect events or circumstances after the date hereof, and we do not assume any responsibility for doing so. By accepting these presentation slides, you agree to be bound by the above conditions and limitations