Nahl Group Plc · LSE:NAH
Nahl — FY2025 Earnings Presentation
22 slides from Nahl's earnings presentation, May 2026
Slide 1: Final Results 2025
May 2026 Final Results 2025
Slide 2: Introduction
Introduction Agenda 1. Highlights 2. Financial Review 3. Business Review 4. Summary and Outlook 5. Appendices James Saralis Chris Higham CEO CFO • Joined in 2018 as CFO of NAHL • Joined in 2006 • Chartered Accountant • Chartered Certified Accountant • 20 years experience in public and • Previously a
Slide 3: Highlights
Highlights
Slide 4: Financial Highlights
Financial Highlights Revenue Operating Profit1 Profit Before Tax1 +3% +85% +260% £40.0m £7.3m £5.0m (2024: £38.8m) (2024: £3.9m) (2024: £1.4m) Cash from Settlements Free Cash Flow Net Debt at 31 Dec +26% +51% -55% £10.7m £3.9m £3.2m (2024: £8.5m) (2024: £2.6m) (31 Dec 2024: £7.1m) 1 Operating Profit
Slide 5: Operational Highlights
Operational Highlights Consumer Legal Services Critical Care • Revenues increased by 4% to £23.8m • Revenues increased by 2% to £16.3m, of which 43% are recurring • Underlying operating profit increased by 118% to £4.4m • Underlying operating profit remained flat at £4.8m • Performance stabilised in
Slide 6: NAHL Group plc
NAHL Group plc A leader in the consumer legal services and catastrophic injury markets Consumer Legal Services Critical Care What we do What we do Delivering marketing services, personal injury claim processing and Delivering a range of specialist services to claimants and property searches to UK co
Slide 7: Financial Review
Financial Review
Slide 8: Financial Performance
Financial Performance 85% increase to underlying operating profit £m 2025 2024 +/- % • Group revenue up 3% to £40.0m. Consumer Legal Services 23.8 22.9 0.8 4% • Underlying operating profit +85% to £7.3m Critical Care 16.3 15.9 0.4 2% - 118% increase in Consumer Legal Services operating profit driven
Slide 9: Cash Generation
Cash Generation Strong cash from settlements contributed to £3.9m reduction in net debt £m 2025 2024 +/- % • Free cash flow of £3.9m, 51% higher than last year with operating Personal Injury 4.6 2.7 1.9 70% cash conversion at 111% Residential Property 0.4 0.4 0.0 10% - Cash generation in Personal In
Slide 10: Highlights - Consumer Legal Services
Highlights - Consumer Legal Services
Slide 11: Consumer Legal Services
Consumer Legal Services Funnel to cash value creation model Clear growth strategy built on four pillars Financial highlights 1.High-quality 2.Value 3.Exceptional 4.Technology • Revenue +4% to £23.8m work growth in customer and • Underlying operating profit +118% to £4.4m NAL service productivity • C
Slide 12: National Accident Helpline
National Accident Helpline Maintained cost efficiency as enquiry generation adjusted to match lower market demand Enquiries by quarter ('000) 9.2 8.8 8.9 9.8 9.0 8.6 • Reduced new enquiry to match panel demand and 8.0 8.3 6.2 working capital. 13,389 enquiries generated in 2025 5.1 4.9 3.5 3.5 3.0 3.
Slide 13: NAL is built on proven cohort WIP analysis
NAL is built on proven cohort WIP analysis £13m of future cash is currently embedded in NAL’s WIP £6.2m £5.8m £8.5m £6.6m £6.0m £10.7m £3.5m £2.1m £2.8m £5.9m £0.3m £3.5m £2.1m £6.0m £0.2m £13.9m £14.4m £13.0m £1.3m £11.2m £0.1m £8.4m £3.8m £0.2m £4.7m £2.3m £2.2m At 31 December Investment thesis fo
Slide 14: Cohort performance has overdelivered against initial estimates
Cohort performance has overdelivered against initial estimates 2019 Cohort - £3.2m cash collected to date compared to initial £2.3m estimate New cohort £0.2m value £3.3m Revenue Estimates £m £1.0m £0.9m £0.7m £3.2m £2.3m £0.6m Future £0.6m £0.1m £0.1m cash / £0.2m debtor / New Enquiries Revaluation
Slide 15: Highlights - Critical Care
Highlights - Critical Care
Slide 16: Critical Care
Critical Care The brand leader for case management, expert witness, and care services in the UK catastrophic injury sector Our Strategy Financial Highlights Our low-risk, low-cost strategy for growth is focused on delivering growth in expert • Revenue +2% to £16.3m witness and case management and ac
Slide 17: Expert Witness
Expert Witness The largest provider of expert witness services to the UK catastrophic injury and complex care markets • Expert witness services grew revenues by 9% to £8.5m Strong growth in number of expert witness reports issued (5-year CAGR of 15%) • 1,454 reports delivered to customers, an increa
Slide 18: Case Management
Case Management A leading provider of ongoing case management services to a large client base through a recurring revenue model • Case management revenues fell 6% to £6.9m Number of INA reports delivered • 424 Initial Needs Assessments reports delivered, 13% 504 529 539 490 fewer than last year 401
Slide 19: Bush & Co. Care Solutions
Bush & Co. Care Solutions High-growth proposition providing peace of mind for direct employment and nurse led packages Continued growth in revenue • Care Solutions grew revenues by 21%, all of which was recurring £855k £705k • Consistent growth profile since launch in 2021, £516k with 4-year CAGR of
Slide 20: Outlook
Outlook
Slide 21: Outlook: Q1 Performance
Outlook: Q1 Performance 2026 has started well with performance in line with the Board’s expectations Group Consumer Legal Services Critical Care • Group revenues 3% ahead of prior • The Group generated 3,983 new • 376 expert witness reports were year. enquiries, 13% more than prior issued, 8% more t
Slide 22: Disclaimer
Disclaimer The information contained in this document (“Presentation”) and the presentation made to you verbally has been prepared by NAHL Group PLC (the “Company”). NAHL Group PLC is a UK company quoted on AIM, a market operated by London Stock Exchange plc. This Presentation has not been fully ver