Kelly Partners Group Holdings Ltd. · ASX:KPG
Kelly Partners — H1 2026 Earnings Presentation
54 slides from Kelly Partners's earnings presentation, February 2026
Slide 1: 1H26 Results
February 2026 1H26 RESULTS KELLY PARTNERS GROUP HOLDINGS LIMITED (ASX: KPG) Brett Kelly Kenneth Ko Founder & CEO CFO 1H26 710 $230k 105 42 5 $76m $164m 45.2m 12.1cps 20.8% 4.2% 25.0% 1H25 594 $225k 104 38 4 $65m $134m 44.9m 11.0cps 22.2% 4.0% 26.2% change +20% +2.2% +1 +4 +1 +17% +22% +0.8% +10.1% -
Slide 2: Contents
Contents Section One 1 Highlights Page 11 Section Two 2 Page 24 About Section Three 3 Page 29 Capital Allocation Section Four 4 Page 32 Financial Highlights 2 1H26 Results
Slide 3: Big Rocks
Big Rocks 4. Data & AI 3. Software “Every company is a software company” 2. M&A “Programmatic acquisitions globally with a focus in Australia” 1. Global “Global Firm + Global Team + 24/7 Revenue” 3 1H26 results
Slide 4: 1. Global Firm + Global Team + 24/7 Revenue
1. Global Firm + Global Team + 24/7 Revenue Total Team members 99 20 1,150 596 715 (K+P) % 13.8% 2.8% 83.4% 100% Businesses 4 1 1 36 42 4 1H26 results
Slide 5: 2. Increased M&A Opportunities
2. Increased M&A Opportunities 1. There’s been a large influx of M&A activity since 2021, driven largely by a surge in private equity (PE) investment • “August 2021 is considered a landmark time, marked by TowerBrook Capital Partners' investment in EisnerAmper, signaling a major move of private equi
Slide 6: 3. Software Digital development and initiatives
3. Software FY21 FY22 FY23 FY24 FY25 Current Total Developers - Internal - $10,000 $175,000 $397,000 $497,000 $681,000 $1,760,000 Developers – External $107,000 $219,000 $428,000 $37,000 - - $791,000 Developers – Total $107,000 $229,000 $603,000 $434,000 $497,000 $681,000 $2,551,000 Headcount at yea
Slide 7: 4. AI: How will AI disrupt the accounting industry?
4. AI: How will AI disrupt the accounting industry? “I have a question for the next earnings as quite some shareholders in KPG got a bit nervous after the AI developments last weeks and where Claude Code and others can very easy make and do what you want / need . Would it be possible to show out of
Slide 8: 4. AI: will K+P not keep up with AI developments?
4. AI: will K+P not keep up with AI developments? K+P Team Members - % Age Bands Under 25 22.6% 26-34 28.5% 74.6% - “25-49” 35-49 23.5% 50-60 18.4% Over 60 7.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 8 1H26 results
Slide 9: Recent Share Price Movements
Recent Share Price Movements “Hello I am a Canadian investor in KPG.I am concerned with the radical drawdown in share price of late. “ “Just wanted to get in touch to ask if there are any news that might be causing the recent share price decline please? Can not see any announcements on your website
Slide 10: Taking advantage of the share price
Taking advantage of the share price “Keen to see how Brett and the KPG team apply the Warren Buffet maxim of being greedy when others are fearful, as the KPG share price performance is showing some fear. (Large volumes in the last few weeks and significant share price decline).” “As you might be alr
Slide 11: Highlights
Highlights 11 1H26 results
Slide 12: KPG in 10 seconds
KPG in 10 seconds Profit & loss Balance sheet Cashflow Revenue Margin Parent NPATA Return Gearing Cashflow Efficiency +17.0% -1.4% +12.8% +1.6% +0.30x +6.6% -1.9% Revenue Underlying Underlying NPATA Return Net debt to underlying Operating Cash Growth EBITDA Margin Growth on Equity EBITDA cashflow Co
Slide 13: 19 Years of Growth (Doubled 6 times)
19 Years of Growth (Doubled 6 times) due to KPG Business System 1 2 1 Double 2007 1 Double 2008 3 4 Double 2009 4 4 Double 2013 5 5 Double 2017 6 3 Double 2022 $180.0 year year years years years years $164.2m $160.0 $140.0 $134.6m $120.0 $100.0 30.3% $108.1m Revenue $86.5m $m $80.0 CAGR* $64.9m $60.
Slide 14: Performance
Performance Strong revenue growth EBITDA 2x since FY21(1) Successful programmatic acquisition strategy A$m A$m Acquired revenue growth 146 24% 5YR CAGR 135 18% 5YR CAGR 36 26% 5YR average 34 108 30 28.7% 84 26.5% 26.3% 25.8% 20 20 65 20.0% 16 49 FY21 FY22 FY23 FY24 FY25 1H26 TTM FY21 FY22 FY23 FY24
Slide 15: Progress in 5-year periods
Progress in 5-year periods 1. Start-up 2. Foundation 3. Build 4. Accelerate $140.0m $134.6m $120.0m $100.0m $80.0m 30% Revenue CAGR $60.0m $48.9m $38.1m 28% Margin $40.0m $30.2m $16.0m $20.0m $8.7m 33% Margin 29% Margin $9.1m $7.8m $2.0m $3.4m $5.1m $0.0m FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
Slide 16: KPG Earning Power
KPG Earning Power Income Statement Summary ($m) 1H26 Actuals Run Rate – Low Run Rate - High Total Revenue $76.2 $164.2 $164.2 Operating Expenses -$55.3 -$114.9 -$106.7 EBITDA – Operating Businesses $21.0 $49.3 $57.5 EBITDA – Operating Businesses (%) 27.6% 30.0% 35.0% Parent Additional Investment -$1
Slide 17: 1H26 Profitability
1H26 Profitability Accounting Accounting Accounting Operating Businesses Other Services Total Total inc. Subscale US & Ireland Total Established Growth Subscale Revenue $52.1 $3.6 $5.2 $60.9 $1.5 $62.4 $13.5 $76.0 EBITDA $16.4 $1.1 $1.8 $19.2 $0.4 $19.6 $1.4 $21.0 EBITDA Margin % 31.4% 29.1% 34.2% 3
Slide 18: Capital Allocation – Half Year
Capital Allocation – Half Year KPG aims to build per-share intrinsic value by: 1H18 1H19 1H20 1H21 1H22 1H23 1H24 1H25 1H26 Improving the earning power of our operating 26.9% 25.5% 34.0% 33.9% 33.5% 30.3% 30.6% 28.1% 27.6% 1. businesses EBITDA margin of operating businesses Further increasing their
Slide 19: Capital Allocation – Full Year
Capital Allocation – Full Year KPG aims to build per-share intrinsic value by: FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Improving the earning power of our operating 34.0% 27.7% 32.5% 33.4% 30.9% 27.3% 29.6% 28.3% 1. businesses EBITDA margin of operating businesses Further increasing their earnings th
Slide 20: KPG Performance Scoreboard +34.9% p.a.
KPG Performance Scoreboard +34.9% p.a. Australia United States (ASX 300) (S&P 500 inc. Dividends) KPG.ASX Adjusted Book in Per Share per share Difference Difference KPG Value* Inc. Annual % Weighted Average Book Value of Annual % Market Annual % Annual % (KPG v ASX Annual % (KPG v S&P Cumulative Fin
Slide 21: Outsiders CEOs thought more like investors than managers
“these [Outsiders] CEOs thought more like investors than managers” KPG Adjusted Book Value since inception $60.0m $50.0m $40.0m 34.9% $30.0m CAGR $20.0m $10.0m $0.0m 2009^ 2010^ 2011^ 2012^ 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Slide 22: KPG Performance Scoreboard
KPG Performance Scoreboard KPG Adjusted Book Value vs KPG.ASX vs. ASX 300 (2009-2025) Shares issued to date rebased to 100 pre 2012 Shares issue pre 2012 $605,800 14,000 2014 Shares issued 2014 $1,078,611 $11,644,911 2016 Shares issued pre-IPO $1,835,500 12,000 2017 Shares converted from Con Note $8
Slide 23: EPS & Free Cashflow per Share (Owners' earnings per share)
EPS & Free Cashflow per Share (Owners’ earnings per share) 25.00 50,000,000 45,400,000 45,000,000 45,000,000 45,000,000 45,274,957 45,274,957 21.50 45,000,000 20.19 19.95 20.00 18.84 40,000,000 17.84 17.44 35,000,000 15.00 14.03 13.99 30,000,000 13.33 12.01 11.33 25,000,000 11.11 10.00 20,000,000 15
Slide 24: About
About 24 1H26 results
Slide 25: Locations
Locations UK & IRELAND: 1 UNITED STATES: 6 HONG KONG: 1 INDIA: 1 PHILIPPINES: 6 AUSTRALIA: 28 43 25 1H26 results
Slide 26: Leading Platform
Leading Platform People 715 team members 43 office locations 63 partnerships 93% Great Place Inc. 105 operating partners 28 Australia and 15 global Since inception to Work® Clients 25,000 95% 4.7% US:72|AU:77 NPS vs active clients tax & accounting organic growth p.a. across Australia & US Proportion
Slide 27: Strategy
Strategy Objective Top 10 in Australia Go Global Grow to become a top 10 accounting firm in Australia Growing Kelly+Partners Business System in global markets Scope Financial Review Top 100 Accounting Firms ($m) Rev ($m) Est. % Audit Deloitte 2,545 EY 2,430 KPMG 2,131 PwC 2,071 1 BDO 607 Findex (Fin
Slide 28: Partnerships
Partnerships ~7x Pre-IPO 14 average ~1 per annum 49 average ~7 per annum Firms 54,009 13% Prospects 7,071 IPO 4% Leads 9 282 8 7 6 6 6 Opportunities X 4 3 3 3 2 2 Conversions 1 1 1 1 X 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20
Slide 29: Capital Allocation
Capital Allocation 29 1H26 results
Slide 30: ROIC
ROIC “And when we think about Invested Capital, we think about the shareholder capital that has been invested in the businesses, plus any Adjusted Net Income less any distributions. Obviously, when you divide Adjusted Net Income by Invested Capital, you get a measure of the return on our shareholder
Slide 31: Additional Investment
Additional Investment • Additional investment of $1.7m Sources of capital Use of capital (2.2% of revenue) to support • Internal cashflow • Invest in existing operations • Pay down debt accelerated growth • Issue debt • Buy other companies • Pay dividends • Additional investment as a % of • Issue eq
Slide 32: Financial Highlights
Financial Highlights 32 1H26 results
Slide 33: Financial Highlights
Financial Highlights 1 Owner earnings – calculated as Cash from Operating Activities less 1H26 Financial Highlights (m) KPGHL & Controlled Entities KPGHL Attributed (parent only) Payments for Lease Liabilities less Maintenance Capex. P&L and Cashflow 1H25 1H26 % Change 1H25 1H26 % Change 2 Earnings
Slide 34: Income Statement
Income Statement Income Statement Summary ($m) Professional services revenue 1H25 $64.9 1H26 $76.0 ∆% 17.0% Other income, exc non recurring and interest $0.3 $0.3 -2.6% Revenue of Operating EBITDA margin at Total Revenue $65.2 $76.2 17.0% $76.0m 31.3% / 27.6% Operating Expenses Underlying EBITDA – O
Slide 35: Balance Sheet
Balance Sheet Lockup Days WIP Days 70.0 Debtor Days • Net Debt / Underlying EBITDA of 1.79x (FY25: 1.42x) 60.0 58.0 increased due to debt used to complete in year 51.6 7.7 49.8 acquisitions. 50.0 8.6 8.7 40.0 Days • Group ROE of 38.1% (Group Underlying NPATA $27.3m / Group Equity of $71.7m) (1H25: 3
Slide 36: Debt & Liquidity
Debt & Liquidity $100.0m Cash, $3.4m $90.0m $16.4m Available 1HFY26 ($m) Parent Op. Bus Total Debt Cash & Headroom, $13.0m Working Capital Debt $3.2 $12.2 $15.4 $80.0m Headroom Property, $3.5m Property Debt $0.0 $3.5 $3.5 $70.0m $93.5m Acquisition & other term debt $26.0 $35.6 $61.5 Facility Gross D
Slide 37: Cashflow
Cashflow • Cash from Operations pre AASB 16 of $15.5m Cash from Operations (CfO) Free Cashflow to Firm (FCFF) after Debt Reductions increased by 6.4% (1H25: $14.5m) • Free Cashflow to Firm after scheduled debt reductions increased 2.3% $14.5m $15.5m $8.8m • Cash Conversion1 of 101.1% (1H25: 103.0%)
Slide 38: Parent & NCI Waterfall 1H26
Parent & NCI Waterfall 1H26 • The profit attributable to the parent vs. NCI represent a $6,798 $6,307 26%/74% split and differs from the ownership interests of ($1,403) ~51%/49%. $5,395 ($799) This is due to the following items: ($259) $4,596 $4,337 • Income tax expense of $1.4m of the parent entity
Slide 39: Thank You
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Slide 40: Appendix
Appendix 40 | 1H25 results
Slide 41: Trinity - Parent
Trinity - Parent 1H25 1H26 1. ROIC - 1. ROIC - Group Group 22.2% 20.8% EARNINGS PER EARNINGS PER SHARE SHARE 11.0 cps 12.3 cps +12.2% +11.9% 2. Net Debt to 3. Cashflow 2. Net Debt to 3. Cashflow EBITDA - Conversion - EBITDA - Conversion - Group Parent Group Parent 1.49x 100.3% 1.79x 98.7% 41 1H26 re
Slide 42: Trinity - OP CO
Trinity - OP CO 1H25 1H26 1. WIP 1. WIP 8.6 days* 8.7 days* LOCKUP LOCKUP 52.0 days 49.8 days CASH CASH CONVERSION 3. Revenue CONVERSION 3. Revenue ON EBITDA 22.8% ON EBITDA 17.0% 2. Debtors Growth 2. Debtors Growth 103.0% 101.1% 43.1 days* EBITDA 41.0 days* EBITDA 28.1% 27.6% Margins Margins * Calc
Slide 43: Revenue growth
Revenue growth Revenue growth contributions by year FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 AVG Organic – Accounting 10.3% -6.4% 6.6% 1.5% 4.7% 2.9% 2.7% 3.5% 3.2% Organic – Complementary 2.7% 1.8% 1.4% 1.2% 1.5% 1.8% 0.3% 1.0% 1.5% Organic – Total 13.0% -4.6% 8.0% 2.7% 6.2% 4.7% 3.0% 4.5% 4.7% Acqu
Slide 44: Revenue & EPS
Revenue & EPS YOY Contrib. Revenue compounded Internal annual growth rate Organic – Accounting 3.7% 3.5% since 2007 30.3% Internal Organic - Complementary 14.2% 0.7% Earnings per share annual External growth rate since IPO to Acquired ∞ 12.8% 1H26 TTM 13.1% Total 17.0% 17.0% 44 1H26 results
Slide 45: 1H/2H Skews
1H/2H Skews • Revenue seasonality in the accounting Revenue seasonality in accounting business businesses is approximately 1H: 52% / 2H: (excludes impacts of in year acquisitions) 48%. 75.0% • Seasonality is predominantly due to timing of tax work related to 30 June year end, with 65.0% most work ty
Slide 46: NPATA reconciliation
NPATA reconciliation Reconciliation of attributed NPAT/NPATA ($m)^ 1H25 1H26 Statutory NPAT attributable owners of Kelly Partners Group Holdings Limited 2.5 2.1 Amortisation of customer relationship intangibles 1.7 2.5 NPATA attributable to owners of Kelly Partners Group Holdings Limited 4.2 4.6 Add
Slide 47: Parent & NCI
Parent & NCI • The profit attributable to the parent vs. NCI represent a 26%/74% (‘000) NCI Parent Total split and differs from the ownership interests of ~51%/49%. NPBT before parent entity costs $6,308 $6,798 $13,106 This is due to the following items: ~49% ~51% • Income tax expense of $1.4m of th
Slide 48: Free Cashflow - Group
Free Cashflow - Group FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 CAGR 1H26 Cash From Operations (CfO) $6.6 $10.0 $14.3 $15.1 $17.6 $19.5 $25.6 $31.3 20.7% $18.6 Owners' Earnings (CfO - Maint. Capex) $6.3 $9.7 $12.2 $12.8 $14.0 $14.9 $19.5 $23.9 17.4% $15.0 Cash Conversion (Operating Cash Flow / 63.5% 1
Slide 49: Free Cashflow ("Owner earnings")
Free Cashflow (“Owner earnings”) FY20 FY21 FY22 FY23 FY24 FY25 CAGR 1H26 Owner earnings $3.9m $5.0m $6.3m $6.0m $7.8m $8.5m 16.9% $5.5m Owner earnings per share (cents) 8.55 11.11 14.03 13.33 17.44 18.84 17.1% 12.11 % Growth 24.4% 29.9% 26.3% -5.0% 30.8% 7.9% 10.1% Underlying NPATA $3.9m $5.1m $6.3m
Slide 50: Cash reconciliation
Cash reconciliation Reconciliation of NPAT to Operating Cashflow ($m) 1H25 1H26 Reported NPAT 9.7 8.3 Adjustments for Depreciation and amortisation 6.8 8.2 Unwinding of interest on contingent consideration 0.2 0.3 Other non-cash movements* 3.2 (0.5) Change in operating assets and liabilities Decreas
Slide 51: Net debt per partner
Net debt per partner • Total number of equity partners Net Debt per Partner increased to 105 (as at 31 December 2025): $800,000 120 105 • 2 New partners promoted internally 102 $700,000 96 100 • 1 New partners recruited externally $600,000 78 • 4 New partners from completed acquisitions $500,000 80
Slide 52: Share Buy Backs
Share Buy Backs 222,224 net shares repurchased since IPO • In line with KPG’s strategy KPG Date Closing Shares Shares Repurchased (+Issued) % Repurchased (+Issued) intends to build per-share intrinsic Open at IPO 45,497,181 value by repurchasing KPG Shares when they are available at a 30 Jun 18 45,4
Slide 53: Dividends
Dividends • Since IPO in June 2017, the Company has consistently paid out dividends growing at >10% per annum 9.00cps >10% growth in Ordinary Dividends p.a. 8.17cps Dividend payments ceased 8.00cps for 5 years in a row in Feb 2024 • The Company has paid out monthly dividends from Jan- 7.08cps 7.00cp
Slide 54: Metrics since IPO – Full Year
Metrics since IPO – Full Year KPGHL & Controlled Entities ("Group") 1 2 3 4 5 6 7 8 P&L and Cashflow FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 CAGR Revenue $30.2 $39.5 $40.0 $45.5 $48.9 $64.9 $86.5 $108.1 $134.6 20.5% Underlying EBITDA (pre AASB 16) $8.7 $14.5 $10.9 $13.5 $16.0 $20.0 $19.7 $30.0
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