Slide 1: Full Year Results
INVESTOR PRESENTATION Financial Year 2026 Full Year Results
Slide 2: Cavendish FY26
CAVENDISH PLC | AIM: CAV. Cavendish FY26. Revenues Adjusted profit before tax Cash, debt-free Market Capitalisation £56.9m £3.5m £19.2m £36m 0.3x 8% 170 EV/Revenues Dividend yield at Quoted clients – 21 won current share price from competitors 96 1 in every 9 Fledgling- Transactions with public and
Slide 3: Delivering the Strategy
THE STRATEGY IS WORKING. Delivering the Strategy. We’re 3 years into our journey and our ongoing investment in growth. Delivered In progress M&A regional expansion Research distribution Manchester and Birmingham offices open and Research platform recognised with #1 and #2 ranked performing in line w
Slide 4: About Cavendish
CAVENDISH PLC The Firm Behind the Numbers About Cavendish
Slide 5: The Team Behind the Strategy
LEADERSHIP THAT HAS DELIVERED. The Team Behind the Strategy. Lisa Gordon John Farrugia Julian Morse Ben Procter Independent Non- Co-Chief Executive Officer Co-Chief Executive Officer Chief Financial Officer Executive Chair – Independent oversight and – Built Cavendish's Private – Thirty years of ins
Slide 6: One Firm. The Complete Offering.
THE FULL SPECTRUM OF CORPORATE ADVISORY. One Firm. The Complete Offering. Equity Capital Quoted Company Private M&A Debt Advisory Markets M&A Sell-side and buy-side Specialist experience in Raising and advising on Most active public M&A advisory for private M&A and acquisition equity for growth advi
Slide 7: At the Heart of UK Business Growth
AT THE HEART OF UK BUSINESS GROWTH. Where Capital Meets Ambition. Quoted Growth Companies Institutional Investors 170 clients · 21 new wins c.25k research downloads Private Companies International Partners 37 transactions in FY26 40 countries · 15 sector verticals FY26 203 Debt Providers investment
Slide 8: Financial Delivery. Sector Leadership.
DELIVERY AT SCALE. DEPTH BY SECTOR. Financial Delivery. Sector Leadership. Revenues Core PBT Profit margin Cash, debt-free Quoted clients · 21 won from competitors £56.9m £3.5m 6.1% £19.2m 170 SECTOR SPECIALISATION Energy Power & Financial Business Investment Tech Industrials Healthcare Consumer Res
Slide 9: Quality with Momentum
QUALITY WITH MOMENTUM. 170 Clients. £200m Average Market Cap. Net Positive. Average market cap (up from Number of clients Listed UK companies (Main & Cavendish share of quoted £130m at merger) AIM) market £200m 170 1,515 11.2% GROWTH IN AVERAGE MARKET CAP OF CORPORATE CLIENTS # Clients Avg Mkt Cap,
Slide 10: Value-based Client Relationships
INVESTMENT BANKING. Value-based Client Relationships. Long-term relationships drive repeat business and consistent revenue across market cycles. REPEAT REVENUE PROFILE 25% of clients have been with Cavendish for more than 10 years, demonstrating the depth and longevity of our client partnerships. Cl
Slide 11: Client Lifecycle
TRUSTED THROUGH EVERY STAGE OF GROWTH. Client lifecycle. Uniquely placed to take a company through its growth journey. Debt & Pre-IPO IPO Post-IPO Growth Capital Raise & M&A Restructure Scale & Shareholder Illustrative Main Market Transition Advisory & IPO Execution Broking & Secondary Raises Debt A
Slide 12: Our Structural Advantage
A PLATFORM BUILT TO COMPOUND. Our Structural Advantage. Profitable delivery and sector leadership. No.1 adviser to public companies in Tech, Industrials and Healthcare — with 170 quoted clients and deep, repeatable transaction activity across seven sectors. Reliable revenue 35% of our income is repe
Slide 13: Our Market
CAVENDISH PLC Increasing Opportunity Our Market
Slide 14: Why UK Small and Mid-Cap. Why Now.
MARKET OVERVIEW – ROGER LEE, HEAD OF EQUITY STRATEGY, CAVENDISH. Why UK Small and Mid-Cap. Why Now. ‒ The UK market backdrop initially evolved as expected, with FTSE 2 50 M AR K E T C AP V S G BP 5Y S WAP R ATE moderating inflation and interest-rate expectations moving towards Cavendish below-consen
Slide 15: Improving the UK Markets
POLICY, REGULATORY & MARKET REFORM. Improving the UK Markets. A multi-year shift making the UK a more attractive market for companies and investors — and creating a structural opportunity for Cavendish. Capital Markets Mansion House A Multi-Year Proposed New Pension Schemes Reform Initiatives Regula
Slide 16: Backing the Companies That Power the UK Economy
OUR MARKET Backing the Companies That Power the UK Economy. As the adviser to the most companies on AIM, Cavendish supports the businesses that create jobs, regional growth and exports right across the UK. Gross Value Added contributed UK jobs supported (direct, Corporation tax paid to the Overseas
Slide 17: Financials
CAVENDISH PLC Delivery in Numbers Financials
Slide 18: From Integration to Profitability
C O N S I S TE N T D E L I V E R Y T H R O U G H A C H A L L E N G I N G M A R K E T . From Integration to Profitability. REVENUE MAINTAINED THROUGH ADJUSTED PROFIT POSITIVE FOR MARGIN ESTABLISHED AND CHALLENGING ECM MARKET TWO CONSECUTIVE YEARS MAINTAINED THROUGH COST FOLLOWING POST-MERGER DISCIPLI
Slide 19: Income Statement
FROM REVENUE TO PROFIT. Income Statement. ‒ Core Profit of £3.5m better reflects underlying Year ended Year ended performance. 31 March 2026 31 March 2025 £’000 £’000 ‒ Retainers down by £1.0m, (-9% YOY). However, the net Revenue 56,867 55,646 increase in quoted clients in the second half is increas
Slide 20: Balance Sheet
STRENGTH IN THE BALANCE SHEET. Balance Sheet. ‒ Less than 5 years remaining on 10-year lease at 31 March 31 March Bartholomew Close, costing ~£2.6m annually. 2026 2025 £’000 £’000 Non-current assets Property, plant and equipment 7,828 9,618 ‒ Energise joint venture EBITDA £0.45m positive this year.
Slide 21: Cash Flow (Simplified)
CASH GENERATION AND CAPITAL DISCIPLINE. Cash Flow (Simplified). 12 months ended 12 months ended ‒ Consistent Cash generation - £2.8m operating 31 March 2026 31 March 2025 cashflows generated, slightly below prior year due to Audited Audited investment in regional expansion £’000 £’000 Operating cash
Slide 22: Why Cavendish. Why Now.
FROM EVIDENCE TO OPPORTUNITY. Why Cavendish. Why Now. Proven Platform – Two years of consecutive profitability – A cost base that converts revenue growth directly into earnings – £19.2m cash, debt-free, funding regional expansion and growth Building Momentum – Return to net positive client increase
Slide 23: Disclaimer
CAVENDISH Disclaimer Cavendish is the trading name of the group of companies held by Cavendish plc (no. 11540126), each registered in England and Wales at 1 Bartholomew Close, London EC1A 7BL, and comprises Cavendish Securities plc (no. 05210733), Cavendish Corporate Finance LLP (no. OC333044) and C