Keystone Law Group Plc · LSE:KEYS
Keystone Law — H1 2026 Earnings Presentation
22 slides from Keystone Law's earnings presentation, Sep 24, 2025
Slide 1: Interim Results
INTERIM RESULTS for the six months ended 31 July 2025
Slide 2: Executive Summary
EXECUTIVE SUMMARY 1. THE MODEL 2. GROWTH & SCALABILITY 3. THE OPPORTUNITY • Fully regulated law firm with plug and • Growth predominantly driven through • Profitable, cash generative, low risk, play platform recruitment of high calibre lawyers resilient business with excellent track record • Over 60
Slide 3: Results Highlights
RESULTS HIGHLIGHTS STRONG FINANCIAL PERFORMANCE POSITIVE RECRUITMENT ACTIVITY • Revenue up 16.5% • Recruitment KPIs remain strong • Adjusted PBIT up 11.2% • 30 high calibre Principals joined in the Period • Adjusted PBT up 20.4% • Other fee earners increased by 19 to 140 • Operating cash conversion
Slide 4: Recruitment KPIs Remain Strong
RECRUITMENT KPIS REMAIN STRONG Qualified New Applicants 164 52 37 144 153 164 Applicants (Principals) Offers Made (Principals) Offers Accepted (Principals) H1 2025: 153 H1 2025: 56 H1 2025: 31 H1 2024 H1 2025 H1 2026 Offers Made / Accepted & Starters 30 472 612 557 56 52 42 37 31 30 30 New Principal
Slide 5: Investing in Sustainable Long-Term Growth
INVESTING IN SUSTAINABLE LONG-TERM GROWTH • AI strategy focused on delivering real value and real-life solutions • Rolled out generative AI tools available as extensions to market leading products already available to our lawyers • Enabling file notes of Teams meetings to be completed in seconds • D
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS £54.2m £6.2m £7.3m 13.6% Revenue +16.5% Adj. PBIT +11.2% Adj. PBT +20.4% Adj. PBT Margin H1 2025: £46.5m H1 2025: £5.6m H1 2025: £6.1m H1 2025: 13.1% 104.2% £6.5m 17.8p 7.5p Operating cash conversion Net cash Adjusted EPS Ordinary DPS H1 2025: 106% H1 2025: £8.3m H1 2025: 14.6p
Slide 7: Income Statement
INCOME STATEMENT Six months ended 31 July £'000 H1 2026 H1 2025 Change Revenue & GM% Adj PBIT Revenue up 16.5% to £54.2m, with continued Adj PBIT has increased 11.2% to £6.2m. Revenue 54,152 46,468 16.5% strong recruitment driving average Principal Gross profit 13,794 12,085 14.1% numbers up 6.1%, w
Slide 8: Balance Sheet
BALANCE SHEET As at : 31-Jul 31-Jul Cash Fixed Assets £'000 2025 2024 Property, plant and equipment 690 80 Right of use assets 1,742 2,206 Intangible assets 4,807 4,881 Cash positive and debt free; net Following renewal of leases in Investments 129 129 cash £6.5m Chancery Lane mid H1 2024 we carried
Slide 9: Cash Flow
CASH FLOW Six months ended 31 July £'000 H1 2026 H1 2025 Cash Generative Lease payments Profit before tax 6,932 5,544 Model inherently cash generative and capital Depreciation - right of use assets 232 222 New leases signed effective April 24, with six light with lawyers only paid when Keystone is A
Slide 10: Summary & Outlook
SUMMARY & OUTLOOK Summary Outlook A strong first half of the year A positive start to H2 2026 30 new high calibre Principals joined and our lawyers We are confident in the ongoing success of Keystone and have continued to build out their Pods expect both revenue and adjusted PBIT to be ahead of mark
Slide 11: Appendix - Business Overview
APPENDIX - BUSINESS OVERVIEW
Slide 12: Keystone Law
KEYSTONE LAW FAST GROWING, A FULLY REGULATED TECH ENABLED PLATFORM LAW WELL DIVERSIFIED WITH PROFITABLE LAW FIRM FIRM NO CLIENT, LAWYER, WITH OPERATIONAL SECTOR OR PRACTICE • We deliver high quality conventional legal services to our clients GEARING AREA DEPENDENCY • Our clients are predominantly SM
Slide 13: The Model
THE MODEL Keystone contracts directly with the Keystone provides its lawyers with infrastructure and clients for the provision of legal services. support via its central office, a bespoke IT platform and access to a network of colleagues and events CLIENTS Keystone invoices the Keystone’s lawyers ar
Slide 14: Growth Strategy and Market Dynamics
GROWTH STRATEGY AND MARKET DYNAMICS 1. ORGANIC GROWTH 2. LARGE ADDRESSABLE 3. MARKET DYANMICS STRATEGY MARKET • Multiple factors make many • Primary driver of growth is recruitment • UK legal mid-market worth over £12bn conventional law firms unhappy places of high calibre lawyers (“Principals”) rev
Slide 15: Track Record of Growth
TRACK RECORD OF GROWTH • Fast growing – revenue of £ 97.7m(1), increase of c14% p.a. (Jan 20– Jan 25) 140 • UK’s 57th largest law firm by revenue (2) 121 115 117 • Profitable with enhancing margins 109 107 472 93 87 80 455 442 83 432 • Adjusted PBT (3) of £ 12.7m (1), increase of 17% p.a. (Jan 2020
Slide 16: Consistently Strong Financial Performance
CONSISTENTLY STRONG FINANCIAL PERFORMANCE Revenue per Principal (£’000) Revenue (£’m) Adj PBIT & Adj PBT (£’m) 220.3 97.7 211.9 87.9 12.7 71.2 76.4 10.4 11.3 11.6 192.9 59.1 9 9.1 9.1 9.2 186.7 5.9 6 169.5 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Cash generated from
Slide 17: Recruitment KPI's
RECRUITMENT KPI’S • Recruitment driven through three principal channels Qualified new applicants • Key determinant in success of candidates is their Starters (Principals) quality and their ability to build and maintain client relationships. 283 270 58 253 53 51 50 • The calibre of our lawyers underp
Slide 18: Why Lawyers Join Keystone
WHY LAWYERS JOIN KEYSTONE Survey of Keystone Lawyers November 2024 • Ability to focus on legal work and clients Firm culture • Avoid management obligations, commuting Sense of community and politics Work / life balance • Remuneration structure • Excellent brand, support and infrastructure Personal e
Slide 19: What Keystone Delivers to Its Lawyers
WHAT KEYSTONE DELIVERS TO ITS LAWYERS High calibre colleagues A supportive, inclusive Leading brand providing breadth and and collaborative and reputation depth of support and community referring work Marketing and business Compliance and Finance and development risk management administration IT inf
Slide 20: A Full-Service Law Firm: Well Diversified
A FULL-SERVICE LAW FIRM : WELL DIVERSIFIED Billing by Case Type FY 2025 • We deliver the full range of services our clients Other 2% need across the legal spectrum Private client Employment 5% 12% • Our growth strategy ensures this mix continues to grow and deepen • A well-balanced mix of service li
Slide 21: Robust Risk Management
ROBUST RISK MANAGEMENT Survey of Keystone Lawyers November 2024 • Strategic planning Compliance team support • Selective recruitment • Regular training and professional development Compliance training • Experienced compliance and risk management team Anti money laundering • Use of technology and exc
Slide 22: Disclaimer
DISCLAIMER This presentation has been prepared by Keystone Law Group plc (“Keystone” or the “Company”) and the information contained herein 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 con