Slide 1: Half Year Unaudited Results Presentation
Half Year Unaudited Results Presentation For the 6 months ended 30 September 2025
Slide 2: Presenters
Presenters Rakesh Shaunak Steve Moore Chief Executive Officer Chief Financial Officer • A key figure behind the creation of MHA and membership of Baker Tilly • Responsible for the firm’s finances, working closely with the firm’s Finance International Director • Audit Partner on several of the firm’s
Slide 3: MHA at a glance
MHA at a glance We’re a leading firm of chartered accountants, tax and business advisers. From offices across the UK, in Ireland, in South - East Europe and in Cayman, we provide a full range of financial and business services to enterprises and individuals, helping them to achieve growth and long -
Slide 4: Key Messages
Key Messages Strong HY26 performance Momentum continues Well positioned to scale and successful IPO into FY26 with clear through organic growth provide a powerful medium-term ambition and disciplined M&A platform for growth Trading to date on track, Recurring revenues, a 13% revenue growth, supporti
Slide 5: Financial & Operational Highlights
Financial & Operational Highlights +13% +9% Revenue of £121.3m Adjusted underlying pre-tax (HY25: £107.2m) profit2 of £18.5m (HY25: £17.0m) AIM listing in April 2025, Growth achieved across approximately £98m all service lines and the raised majority of sectors 87% +11% Recurring income Adjusted und
Slide 6: HY26 Review: Presentation of results
HY26 Review Context – Presentation of results HY26 and FY25 figures where presented reflect the combined results and net assets of MHA Group entities for the six months ended 30 September 2025 and year ended 31 March 2025, prior to the Company’s IPO. This is consistent with the presentation of the h
Slide 7: Interim Trading Performance
Interim Trading Performance We have a historical track record of growth with high margins which has accelerated through our successful buy-and-build strategy. The unaudited results for the 6 months ended 30 September 2025 and 30 September 13.2% increase in revenue 2024, are set out below: HY25 HY26
Slide 8: High Cash Conversion
High Cash Conversion • Low capital expenditure requirements Lock -up* • Strong conversion of Profits into cash year on year • Closing net Cash balance of £25.7m (FY25 £17.7m) HY25 HY26 29 59 88 Profit before taxation £45.3m £22.1m WIP Days Debtors Days Total Days (HY25: 25) (HY 25: 55) (HY 25: 80) N
Slide 9: Strong Balance Sheet
Strong Balance Sheet • Effective working capital control • Relatively low tangible fixed assets • Intangible assets reflect targeted acquisitive growth HY25 is stated on a combined basis for the Group’s operating HY25 HY26 entities prior to partner remuneration under the Total non-current assets £47
Slide 10: MHA Revenue
MHA Revenue YTD 30 September past 3 years 13.2% Growth on HY25 £121.31m £107.2m 9.2% Organic Growth £70.7m 72% Growth over 3 years
Slide 11: Fees billed by Service Line
Fees billed by Service Line YTD to 30 September 2025 compared to prior year Fee's Billed (£m) Variance Business Area % of Increase Increase HY25 HY26 total % £ Audit & Assurance 53.2 57.6 52% 8% 4.4 Tax 16.1 18.9 17% 17% 2.7 Advisory 27.1 30.7 27% 13% 3.6 Wealth 3.6 4.0 4% 12% 0.4 Total £100 £111 10
Slide 12: Core Sector Fees Billed
Core Sector Fees Billed HY26 compared to corresponding period in prior year (HY25): HY25 HY26 Sector Billed Billed Increase % £m £m % of total Retail, Consumer & Hospitality 12.6 13.5 7% 13% Real Estate & Construction 12.3 13.2 7% 13% Financial Services 9.2 10.8 18% 11% Professional Services 9.3 10.
Slide 13: Core Sector Fees Billed by Sector
Core Sector Fees Billed by Sector – YoY comparison YTD 30 September: UK & Baker Tilly Ireland FY26 FY25
Slide 14: Revenue Bridge
Revenue Bridge HY25 –HY26 HY 24/25 £107.2m Completed Projects / Lost clients -£7.3m Fee growth from existing clients £8.8m New clients / wins: Won in 24/25, billed FY25/26 £6.3m Won in 25/26, billed FY25/26 £2.1m Acquisitions: Baker Tilly Ireland (Jul 24) £1.5m Baker Tilly South East Europe (Aug 25)
Slide 15: A Disciplined and Proven M&A approach
A Disciplined and Proven M&A approach Clear criteria • Strategic fit across services, sectors, geography and people • Predominantly equity-based transactions to align interests • Rigorous financial, commercial and regulatory due diligence • Quality is crucial, we are not a consolidator Structured in
Slide 16: Market Context
Market Context 15 15
Slide 17: A Fast-Growing Challenger Firm
A Fast -Growing Challenger Firm • The UK accounting and audit market is forecast to reach £38.5bn in 2025, growing at a 5.3% CAGR since 2020 (IBISWorld, June 2025) • MHA was the fastest-growing firm among the UK top 15 in 2024 • Revenue per partner expected to rise further as we secure larger, more
Slide 18: Set to Benefit from Industry Tailwinds
Set to Benefit from Industry Tailwinds Structural growth drivers • Rising regulatory complexity and risk • Challenges for global trade and tightening tax rules are driving demand for tax advisory services • Clients demanding multi-service advisers, not single specialists • Ongoing reputational issue
Slide 19: Looking Ahead
Looking Ahead 18 18
Slide 20: Drivers of the Next Growth Phase
Drivers of the Next Growth Phase Quality and Scalable Brand and Talent and Financial momentum platform reach alignment strength High-quality revenue, IPO as a springboard Strong brand and Proven team, deeply Robust cash both recurring and for disciplined M&A in global Baker Tilly incentivised with g
Slide 21: Technology: Unlocking Efficiency and Insight
Technology: Unlocking Efficiency and Insight Where technology is driving opportunity • Automation – onboarding, AML and routine tasks • Digitisation – bots streamlining data entry and returns • Enhanced audit – advanced sampling, journal testing and analytics • Analytics – facilitating opportunities
Slide 22: Our Unique Proposition - Leading with Ambition
Resilient, diversified business High quality of earnings Large client base across multiple sectors – no Recurring, regulation-driven revenues with strong cash single client >1% of Group revenue conversion and low capex Our Unique Proposition - Multiple growth engines Consistent financial performance
Slide 23: Thank You and Questions
Thank You and Questions 22
Slide 24: Appendix
Appendix
Slide 25: MHA Group Annual Revenue
MHA Group Annual Revenue £224m 12% Total Revenue Organic CAGR £250 FY25 Millions £200 +48 +336 Increase in Fees Increase in Fees £150 on prior year over 10 years £100 Revenue per Partner 5 Year CAGR FY16: £600k £50 23% FY24: £1.6m FY25: £1.7m £0 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Slide 26: Average Annual Fee Growth Top 10
Top 300 fee totals over past 5 full years Average Annual Fee Growth Top 300 clients over past 5 full years Top 10 11-20 £467k - £1.2m £157k - £677k +153% +330% 21-100 101-200 £92k - £265k £58k - £140k +187% +150% 25
Slide 27: MHA & Baker Tilly International
MHA & Baker Tilly International MHA is the UK representative of Baker Tilly International; a global Top 10 professional services network of independent accountancy and business advisory firms. Since joining in 2014, we have both Board and Strategic Committees representation MHA has exclusive rights
Slide 28: Our UK and Ireland Geography
Our UK and Ireland Geography London & South-East Central Scotland Key Offices Key Offices Key Offices • London • Birmingham • Aberdeen • Colchester • Leicester • Edinburgh • Kent • Milton Keynes • Thames Valley North-West Wales Ireland Key Offices Key Offices Key Offices • Liverpool • Cardiff • Dubl
Slide 29: Partner Incentivisation Post-IPO
Partner Incentivisation Post -IPO Driving alignment and retention • 4-year lock-in on partners’ equity with 5-year clawback provisions How it works 98% Partner retention • Partnership culture retained – LLP structure remains in place rate FY24 & FY25 • Employee Benefit Trust (10% of equity) – non-di
Slide 30: Successful April 2025 AIM IPO
Successful April 2025 AIM IPO £98m raised | £250m pre-money valuation • Attracted top-tier institutional investors at IPO • Awarded Best AIM Newcomer in October 2025 Shareholder structure post-IPO • 35% public | 10% Employee Benefit Trust | 55% partners Alignment and retention • 4-year lock-in on pa
Slide 31: Acquisition - Baker Tilly South-East Europe
Acquisition -Baker Tilly South -East Europe Our first post IPO acquisition completed August 2025 • A leading professional services firm offering a comprehensive range of services to clients in Cyprus, Greece and South-East Europe, predominantly in audit, tax, advisory, legal and corporate services.
Slide 32: Services
Services Our core services Advice & Planning HR Solutions Audit & Assurance Financial Solutions Our ‘Go to market’ Business Strategy Outsourcing strategy is via sectors Corporate Finance Restructuring and specialisms, & Recovery supported by national Cyber Risk Management Tax Compliance & global cap
Slide 33: Our ESG commitment
Our ESG We align under four distinct pillars representing our sustainability approach as a firm, including our internal commitment societal licence approach to operate, taking the 'Social' element of ESG beyond standard in the profession: We voluntarily report under UK regulatory frameworks though a
Slide 34: Our Culture and New Business Approach
Our Culture and New Business Approach Client-first culture • Focus on exceptional service, high standards and accountability • 98% partner retention over the past two years Sector-led growth • Market engagement through sector-focused teams • Partners target new business within their sector expertise
Slide 35: mha.co.uk
mha.co.uk MHA is the trading name of both (i) MHA Audit Services LLP, a limited liability partnership registered in England and Wales with company number OC455542 and (ii) MHA Advisory Ltd, a company registered in England and Wales with company number 16233746. A list of partners' names is open for