Kelly Partners Group Holdings Ltd. · ASX:KPG
Kelly Partners — FY2025 Earnings Presentation
48 slides from Kelly Partners's earnings presentation, August 2025
Slide 1: FY25 Results
August 2025 FY25 RESULTS KELLY PARTNERS GROUP HOLDINGS LIMITED (ASX: KPG) Brett Kelly Kenneth Ko Founder & CEO CFO FY25 660 102 38 5 $134m $150m 45.2m 18.8cps 23.0% 4.5% 27.5% FY24 600 100 37 4 $108m $130m 45.0m 17.4cps 24.8% 3.0% 27.8% change +10% +2% +3% +25% +25% +15% +0.4% +8% -7% +50% -1% Team
Slide 2: Contents
Contents Section One 1 Highlights Page 4 Section Two 2 Page 16 About Section Three 3 Page 21 Capital Allocation Section Four 4 Page 25 Financial Highlights Section Five 5 Page 32 Next Steps 2 FY25 Results
Slide 3: Recommended books
Recommended books 3 FY25 Results
Slide 4: Highlights
Highlights 4 FY25 results
Slide 5: KPG in 10 seconds
KPG in 10 seconds Profit & loss Balance sheet Cashflow Revenue Margin Parent NPATA Return Gearing Cashflow Efficiency +24.5% -2.2% +13.0% -1.8% +0.14x +23.3% +2.9% Revenue Underlying Underlying NPATA Return Net debt to underlying Operating Cash Growth EBITDA Margin Growth on Equity EBITDA cashflow C
Slide 6: 19 Years of Growth (Doubled 6 times) due to KPG Business System
19 Years of Growth (Doubled 6 times) due to KPG Business System Revenue $160.0 1 2 1 Double 2007 1 Double 2008 34 Double 2009 4 4 Double 2013 5 5 Double 2017 63 Double 2022 $150.0m year year years years years years $140.0 $134.6m $120.0 $108.1m $100.0 29.8% $86.5m $m $80.0 Revenue $64.9m $60.0 CAGR*
Slide 7: Performance
Performance Strong revenue growth EBITDA 2.6x since FY20(1) Successful programmatic acquisition strategy A$m A$m Acquired revenue growth 135 34 24% 5YR CAGR 21% 5YR CAGR 21% 5YR average 30 108 28.7% 84 26.5% 26.3% 20 20 65 16 20.0% 49 13 45 4.8% FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24
Slide 8: 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 $0.0m FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
Slide 9: KPG Earning Power
KPG Earning Power Income Statement Summary ($m) FY25 Run Rate – Low Run Rate - High Total Revenue $134.6 $134.6 $134.6 Operating Expenses -$96.5 -$94.2 -$87.5 EBITDA – Operating Businesses $38.1 $40.4 $47.1 EBITDA – Operating Businesses (%) 28.3% 30.0% 35.0% Parent Additional Investment -$3.7 $0.0 $
Slide 10: FY25 Profitability
FY25 Profitability Accounting Accounting Accounting Operating Businesses Other Services Total Total inc. Subscale US & Ireland* Total Established Growth Subscale Revenue $96.4 $9.5 $6.7 $112.5 $2.2 $114.7 $19.9 $134.6 EBITDA^ $29.8 $2.5 $2.4 $34.7 $0.4 $35.0 $3.1 $38.1 EBITDA Margin % 30.9% 26.0% 35
Slide 11: 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 12: KPG Performance Scoreboard
KPG Performance Scoreboard Australia United States (ASX 300) (S&P 500 inc. Dividends) Adjusted Book KPG Value* Inc. Weighted Average No. of in Per Share Book Annual % Annual % Annual % Difference (KPG Annual % Difference (KPG Cumulative Financial year Dividends Paid Annual % Change Shares Value of K
Slide 13: 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 16,000 2014 Shares issued 2014 $1,078,611 $11,644,911 2016 Shares issued pre-IPO $1,835,500 14,000 2017 Shares converted from Con Note $8
Slide 14: EPS & Free Cashflow per Share (Owners’ earnings per share)
EPS & Free Cashflow per Share (Owners’ earnings per share) 25.00 50,000,000 45,400,000 45,000,000 45,000,000 45,000,000 45,000,000 45,274,957 45,000,000 20.19 20.00 18.84 40,000,000 17.84 17.44 35,000,000 15.00 14.03 13.99 30,000,000 13.33 12.01 11.33 25,000,000 11.11 10.00 20,000,000 8.55 8.67 15,0
Slide 15: Share Buy Backs
Share Buy Backs 222,224 net shares repurchased since IPO • In line with KPG’s strategy KPG Date Closing Shares Shares Repurchased (+Issued) % Repurchased (+Issued) intends to build per-share intrinsic Open at IPO 45,497,181 value by repurchasing KPG Shares when they are available at a 30 Jun 18 45,4
Slide 16: About
About 16 FY25 results
Slide 17: Locations
Locations UK & IRELAND: 1 UNITED STATES: 7 HONG KONG: 1 INDIA: 1 AUSTRALIA: 25 35 17 FY25 results
Slide 18: Leading Platform
Leading Platform People 660 team members 35 office locations 57 partnerships 93% Great Place Inc. 102 operating partners 25 Australia and 10 global Since inception to Work® Clients 25,000 95% 4.7% US:72|AU:79 NPS vs active clients tax & accounting organic growth p.a. across Australia & US Proportion
Slide 19: Strategy
Strategy Objective Top 10 in Australia Go Global Grow to become a top 10 accounting firm in Australia Growing Kelly+Partners Business System in global markets Scope Financial Review Top 100 Accounting Firms ($m) Rev ($m) Est. % Audit Deloitte 2,780.0 EY 2,500.0 PwC 2,350.0 KPMG 2,230.0 1 BDO 540.1 F
Slide 20: Partnerships
Partnerships ~5x Pre-IPO 10 14 average ~1 per annum 43 average ~5 per annum Firms 9 51,067 8 8% Prospects 7 4,083 6 IPO 9% Leads 5 366 9 4 8 7 Opportunities 3 6 6 X 2 4 3 3 3 Conversions 1 2 2 1 1 1 1 X 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 2006 2007 2008 2009 2010 2011 2012 2013 2014
Slide 21: Capital Allocation
Capital Allocation 21 FY25 results
Slide 22: 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 23: Equity Investment
Equity Investment • Equity raised pre IPO of $11.6m Raise $29.6 Shares issued to date pre • Equity raised post IPO of $6.7m, including the recent Uses 2012 Shares issue pre 2012 $605,800 $4.2m raised from partners Growth Equity $29.6 2014 Shares issued 2014 $1,078,611 $11,644,911 • Total raised $18.
Slide 24: Additional Investment
Additional Investment • Additional investment of $3.7m Sources of capital Use of capital (2.7% of revenue) to ensure we can • Internal cashflow • Invest in existing operations • Pay down debt handle next stage of growth • Issue debt • Buy other companies • Pay dividends • Additional investment as a
Slide 25: Financial Highlights
Financial Highlights 25 FY25 results
Slide 26: Financial Highlights
Financial Highlights 1 Owner earnings – calculated as Cash from Operating Activities less FY25 Financial Highlights (m) KPGHL & Controlled Entities KPGHL Attributed (parent only) Payments for Lease Liabilities less Maintenance Capex. P&L and Cashflow FY24 FY25 % Change FY24 FY25 % Change 2 Earnings
Slide 27: Income Statement
Income Statement Income Statement Summary ($m) Professional services revenue FY24 $108.1 FY25 $134.6 ∆% 24.5% Other income $1.1 $1.0 -5.0% Revenue of Operating EBITDA margin at Total Revenue $109.2 $135.6 24.2% $134.6m 30.8% / 28.3% Operating Expenses EBITDA – Operating Businesses -$77.2 $32.0 -$97.
Slide 28: Balance Sheet
Balance Sheet WIP Days Lockup Days 70.0 Debtor Days • Net Debt / Underlying EBITDA of 1.42x (FY24: 1.28x) 58.0 increased due to debt used to complete in year 60.0 56.1 3.7 51.6 7.7 acquisitions. 50.0 8.6 40.0 Group ROE of 38.8% (Group Underlying NPATA $25.8m / Days • Group Equity of $66.5m) (FY24: 4
Slide 29: Debt & Liquidity
Debt & Liquidity $100.0m $90.0m FY25 ($m) Parent Op. Bus Total Debt Cash, $6.8m Working Capital Debt $0.0 $7.7 $7.7 $80.0m Available Property Debt $0.0 $3.6 $3.6 $23.7m Headroom, $82.2m Acquisition & other term debt $22.3 $31.7 $54.0 $70.0m $16.9m Cash & Facility Gross Debt $22.3 $43.0 $65.3 Headroo
Slide 30: Cashflow
Cashflow • Cash from Operations pre AASB 16 of $24.9m Cash from Operations (CfO) Free Cashflow to Firm (FCFF) after Debt increased by 23.3% (FY24: $20.2m) Reductions • Free Cashflow to Firm after scheduled debt reductions increased 7.2% • Cash Conversion1 of 99.8% (FY24: 96.9%) is $24.9m $11.4m $12.
Slide 31: Parent & NCI Waterfall
Parent & NCI Waterfall 51% ($1,218) FY25 $13,852 $13,148 $12,634 ($2,209) • The profit attributable to the parent vs. NCI represent a 21%/79% ($708) split and differs from the ownership interests of ~51%/49%. $10,425 $9,717 This is due to the following items: ($3,681) • Income tax expense of $1.2m o
Slide 32: Next Steps
Next Steps KP+GH 32 | F¥25 results
Slide 33: Next Steps
Next Steps Raise $100.0 # Steps Uses Growth Equity $100.0 1 PCAOB Audit for the last 2 years Debt: Equity 2.0x 2 Partners Internal Capital Raise Debt Capacity $200.0 3 Strategic Review of Capital Structure Total Capital $300.0 New Businesses Purchased 100.0% $598.8 KPG Share of Revenue 50.1% $30
Slide 34: Thank You
~~ mt —— Ll ] | ii 5 ij mr | =
Slide 35: Appendix
Appendix 35 1H25 results
Slide 36: Trinity - Parent
Trinity - Parent FY24 FY25 1. ROIC - 1. ROIC - Group Group 24.8% 23.0% EARNINGS PER EARNINGS PER SHARE SHARE 17.8 cps 20.2 cps +48.2% +13.2% 2. Net Debt 3. Cashflow 2. Net Debt to 3. Cashflow to EBITDA - Conversion - EBITDA - Conversion - Group Parent Group Parent 1.28x 97.7% 1.42x 93.3% 36 FY25 res
Slide 37: Trinity - OP CO
Trinity - OP CO FY24 FY25 1. WIP 1. WIP 3.7 days* 7.7 days* LOCKUP LOCKUP 56.0 days 58.0 days CASH CASH CONVERSION 3. Revenue CONVERSION 3. Revenue ON EBITDA 29.2% ON EBITDA 24.5% 2. Debtors Growth 2. Debtors Growth 96.9% 99.8% 52.3 days* EBITDA 50.3 days* EBITDA 29.6% 28.3% Margins Margins * Calcul
Slide 38: Revenue growth
Revenue growth Revenue growth contributions by year FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 AVG Organic – Accounting 10.3% -6.4% 6.6% 1.5% 4.7% 2.9% 2.7% 3.5% 3.2% Organic – Complementary 2.7% 1.8% 1.4% 1.2% 1.5% 1.8% 0.3% 1.0% 1.5% Organic – Total 13.0% -4.6% 8.0% 2.7% 6.2% 4.7% 3.0% 4.5% 4.7% Acqu
Slide 39: Revenue & EPS
Revenue & EPS YOY Contrib. Revenue compounded Internal annual growth rate Organic – Accounting 3.7% 3.5% since 2007 29.8% Internal Organic - Complementary 18.9% 1.0% Earnings per share annual External growth rate since IPO to Acquired ∞ 20.0% FY25 13.1% Total 24.5% 24.5% 39 FY25 results
Slide 40: 1H/2H Skews
1H/2H Skews • Revenue seasonality in the accounting Revenue seasonality in accounting business businesses is approximately 1H: 52% / 2H: (excludes impacts of in year acquisitions) 48%. 75.0% • Seasonality is predominantly due to timing of tax work related to 30 June year end, with 65.0% most work ty
Slide 41: NPATA reconciliation
NPATA reconciliation Reconciliation of attributed NPAT/NPATA ($m)* FY24 FY25 Statutory NPAT attributable owners of Kelly Partners Group Holdings Limited 3.3 3.4 Amortisation of customer relationship intangibles 2.9 3.7 NPATA attributable to owners of Kelly Partners Group Holdings Limited 6.2 7.1 Add
Slide 42: Parent & NCI
Parent & NCI • The profit attributable to the parent vs. NCI represent a 21%/79% (‘000) NCI Parent Total split and differs from the ownership interests of ~51%/49%. NPBT before parent entity costs $13,149 $13,852 $27,001 This is due to the following items: 49% 51% • Income tax expense of $1.2m of th
Slide 43: Free Cashflow - Group
Free Cashflow - Group FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 CAGR Cash From Operations (CfO) $6.6 $10.0 $14.3 $15.1 $17.6 $19.5 $25.6 $31.3 20.7% Owners' Earnings (CfO - Maint. Capex) $6.3 $9.7 $12.2 $12.8 $14.0 $14.9 $19.5 $23.9 17.4% Cash Conversion (Operating Cash Flow / EBITDA) 63.5% 116.8% 97.
Slide 44: Free Cashflow (“Owner earnings”)
Free Cashflow (“Owner earnings”) FY20 FY21 FY22 FY23 FY24 FY25 CAGR Owner earnings $3.9m $5.0m $6.3m $6.0m $7.8m $8.5m 16.9% Owner earnings per share (cents) 8.55 11.11 14.03 13.33 17.44 18.84 17.1% % Growth 24.4% 29.9% 26.3% -5.0% 30.8% 7.9% Underlying NPATA $3.9m $5.1m $6.3m $5.3m $8.0m $9.1m 18.2
Slide 45: Cash reconciliation
Cash reconciliation Reconciliation of NPAT to Operating Cashflow ($m) FY24 FY25 Reported NPAT 14.2 16.4 Adjustments for Depreciation and amortisation 12.3 14.5 Revaluation reserve 0.0 0.8 Unwinding of interest on contingent consideration 0.5 0.5 Other non-cash movements* 0.2 2.8 Change in operating
Slide 46: Net debt per partner
Net debt per partner • Total number of equity partners Net Debt per Partner increased to 102 (as at 30 June 2025): $700,000 120 • 4 New partners promoted internally 102 $600,000 96 100 • 2 New partners recruited externally $500,000 • 11 New partners from completed acquisitions 78 80 • Net debt per p
Slide 47: 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 48: 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
Kelly Partners Group Holdings — FY2025 Earnings Presentation on 6ix