Peel Hunt Limited · LSE:PEEL
Peel Hunt — FY2026 Earnings Presentation
43 slides from Peel Hunt's earnings presentation, June 2026
Slide 1: Peel Hunt Investor Deck
PEEL HUNT INVESTOR DECK UK PREMIER GROWTH & MID-CAP EQUITIES PLATFORM
Slide 2: Agenda
Agenda 01 Business Highlights 02 Market Environment 03 Our Business 04 Financial Performance A1 Appendices Presenters Steven Fine Billy Neve Chief Executive Officer Group Finance Director 2
Slide 3: Business highlights
Business highlights A trusted advisor to our clients We delivered one of the best revenue performances in the history of the Group, thanks to our exceptional people, growing recognition of our M&A advisory capability and the continued strength of our Execution Services business. Our position as a le
Slide 4: Market Update
MARKET UPDATE PEEL HUNT
Slide 5: Economics and market update
Economics and market update Domestic political uncertainty and the Iran war pose near-term risks, but fundamentals for a cyclical expansion hold Commentary Equities UK valuations look attractive vs. the US 115 125 2.5 Macroeconomics 110 115 • Growth expectations for 2026 have weakened in the 105 wak
Slide 6: Reforms energising UK markets
Reforms energising UK markets Increasing focus on making the UK an attractive proposition for both companies and investors Capital Markets Reform – targeted reform Mansion House – channelling meaningful Pension Schemes Bill for both companies listing and investors investment into the UK (Royal Assen
Slide 7: Further reforms and positive signs from regulators
Further reforms and positive signs from regulators A multi-year regulatory shift towards growth and competitiveness Removing structural barriers (2021 – 2023) Enabling growth and market activity (2024 – November 2025) Listings and market structure Listings and capital raising Transparency and trust
Slide 8: Proposed new AIM Rules | A new era for AIM
Proposed new AIM Rules | A new era for AIM The LSE has published its proposals for new AIM Rules, expected to take effect later in 2026. The new rules are designed to re-position AIM as the UK’s public market of choice for growth companies. Peel Hunt participated in the consultation process and is p
Slide 9: UK Capital Markets Reform | UK Market Recovery Gaining Momentum
UK Capital Markets Reform | UK Market Recovery Gaining Momentum Increasing activity reflects improving execution, investor demand and market confidence following recent reforms London is Europe’s leading capital-raising venue London is Europe’s leading capital-raising venue, with £23.1bn raised £2.1
Slide 10: UK Capital Markets Reform | Green Shoots Emerging Post-Reform
UK Capital Markets Reform | Green Shoots Emerging Post-Reform Improving follow-on and primary issuance indicates a more flexible and efficient capital-raising environment UK ECM Activity over time IPO Primary Secondary 20,000 COVID related 18,000 raises Major Reforms implementation from this point o
Slide 11: Our Voice | Peel Hunt championing the UK market
Our Voice | Peel Hunt championing the UK market Peel Hunt has continued to advocate for UK equity market reform, Our Digital Impact engaging with policymakers, regulators and market participants with the clear objective: strengthening the UK’s growth ecosystem by improving how capital meets opportun
Slide 12: Our Voice | Connecting stakeholders for the good of the market
Our Voice | Connecting stakeholders for the good of the market Alongside shaping the debate, Peel Hunt has worked to actively connect the market, creating forums and dialogue between companies, capital providers and policymakers. Power of Retail Pension Fund Dinner x Innovate Finance Leaders from ac
Slide 13: Our Business
OUR BUSINESS PEEL HUNT
Slide 14: Strategic progress | Targeted activity
Strategic progress | Targeted activity Activity in previous years to reinforce robust foundations for growth Our core focus areas over previous years 1 2 3 4 5 Strong and trusted Diversification to Technology Innovation in the Costs and headcount brand in the UK mid-cap strengthen revenue business m
Slide 15: Platform Revenue | Diversified and Complementary Revenue Streams
Platform Revenue | Diversified and Complementary Revenue Streams Underlying growth despite difficult market conditions High recurring revenue1 Revenue (£m) % Revenue Full year revenue 197 £143.5m 74 IBD Corporate finance related Transactional 117 131 Fees transaction fees (~29%) 29% of total revenue
Slide 16: Peel Hunt | Bridging global capital and UK opportunity
Peel Hunt | Bridging global capital and UK opportunity Competing at the top end of UK M&A, ECM and market execution Top-tier UK mid-cap M&A 1 #1 UK mid-cap ECM franchise 2 % Share Value Average Rank Adviser Value (£m) # Deals Rank Adviser # Deals (Total Deal (£m) value (£m) Value) 1= Peel Hunt 19,69
Slide 17: Investment Banking | Increasing strength of our client base
Investment Banking | Increasing strength of our client base Peel Hunt punches above its weight. The median market cap is £414m, above the FTSE 250 entry level. Growth in average market cap of our client base Total Market Cap of Corporate Clients by Bank. FTSE 250 entry is £338m Total Market Cap of R
Slide 18: Investment Banking | Established in FTSE 350 with accelerating client wins
Investment Banking | Established in FTSE 350 with accelerating client wins Strong client wins have established Peel Hunt in the FTSE 350, with accelerating momentum in the last 12 months Net FTSE 350 client wins — last 3 years Net FTSE 350 client wins — last 12 months 25 10 20 8 15 6 10 4 5 2 0 0 -5
Slide 19: Investment Banking | Long-term trusted client relationships
Investment Banking | Long-term trusted client relationships Long-term relationships drive repeat business and consistent revenue across market cycles Over 20% of clients have been with Peel Hunt for Repeat revenue profile more than 10 years, demonstrating the depth and longevity of relationships Cli
Slide 20: Investment Banking | Increasing strength of our client base
Investment Banking | Increasing strength of our client base Peel Hunt has maintained client numbers, despite the M&A activity, while increasing the average market cap by 29% in FY26 Growth in average market cap of corporate clients Development of client list since Peel Hunt IPO 1 April 2026 29 Septe
Slide 21: Investment Banking | Diversification of Products
Investment Banking | Diversification of Products A balanced and diversified revenue mix reduces reliance on ECM and supports more stable earnings through market cycles Investment Banking Revenue Mix Continued leadership in ECM ECM revenues have moderated in line with 70% broader market activity; how
Slide 22: ECM | Pick-Up in UK ECM Activity
ECM | Pick-Up in UK ECM Activity Peel Hunt has successfully executed multiple primaries and secondary blocks, accessing global demand pools Peel Hunt ECM active across sectors in 2026, with the deals trading up c.24%1 on average Peel Hunt are the leading bank in UK ECM activity in L12M2 Block Trade
Slide 23: ECM | Active in mid- and small-cap
200 400 1,000 0 800 600 SSE Rosebank Dealogic. Deal size > £20m Rosebank 1,0001,0001,000 Relx 616 Fermi 584 Princes 400 Shawbrook 373 FY26 UK ECM Deals (>£20m) ConvaTec 351 Mayflower Acq. 335 J Sainsbury 266 Coats 242 Harbour 153 Hammerson ITV Atalaya Yellow Cake ECM | Active in mid- and small-cap A
Slide 24: Peel Hunt | Leading mid-market M&A advisers
Peel Hunt | Leading mid-market M&A advisers Highly active M&A practice on both buy and sell side transactions League Table | UK plc M&A since 2024 [1] Selected recent Peel Hunt M&A credentials Rank Adviser Value (£m) # Deals Recommended cash Possible offer by Recommended cash Recommended cash acquis
Slide 25: M&A | Building a market leading platform
M&A | Building a market leading platform League table evolution (by value) (1) 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20 League Table Rankings 30 40 50 60 70 80 Peel Hunt Jefferies Barclays Deutsche Numis Rothschild & Co Note: UK public takeovers <£3bn transaction value: (1) rolling 2-yea
Slide 26: Distribution | The leading global platform for UK equities
Distribution | The leading global platform for UK equities Multi-team equities platform UK Europe North America Rest of World Office in London Office in Copenhagen Office in New York Office in Abu Dhabi Institutional FTSE 350 Roadshow Institutional FTSE 350 Roadshow Institutional FTSE 350 Roadshow I
Slide 27: Roadshows
Roadshows Global investor connectivity With our expanding distribution capabilities, we connect with investors globally, showcasing the quality of both our clients, and the UK market 2,798 GLOBAL 1-1 MEETINGS 2,418 GLOBAL INVESTOR ATTENDEES 441 GLOBAL ROADSHOWS 354 EUROPEAN 1-1 MEETINGS 2,053 233 UK
Slide 28: Conferences | Connecting industries
Conferences | Connecting industries Active conference programme driving market connectivity FTSE250+ Conference Annual Investor Conference A key event on the UK mid cap calendar, with stakeholders We held Peel Hunt’s 14th Annual Investor Conference having a chance to meet management teams from on Th
Slide 29: Research | Broad and differentiated, from an experienced team
Research | Broad and differentiated, from an experienced team Valued by corporates and institutions alike Research in numbers Drives investor engagement and corporate access across the platform 21.8 yrs 669 27,179 244 Average Sector Multimedia Videos analyst notes play produced Integrated with distr
Slide 30: Execution Services | Leading the market and delivering growth
Execution Services | Leading the market and delivering growth High-quality execution services driving consistent returns Key headlines Trading value (£bn) and volume (m) 10.0 70.00 £44bn • Execution Services revenue increased 42% £39bn £41bn £41bn £40bn 50.00 £32bn YoY to £47.8m (FY25: £33.7m). 5.0
Slide 31: Technology at Peel Hunt
Technology at Peel Hunt Ways we use technology Innovation enabling our business and people to deliver Trading Robust infrastructure Technology is at the core of how we approach trading. Our proprietary underpinning our technology trading platform facilitates market making in over 11,000 instruments
Slide 32: AI at Peel Hunt
AI at Peel Hunt Innovation enabling our business and people to perform AI in our daily operations Continuing exploration of AI, looking to use it as a lever for We are continuously looking to innovate and leverage tools to : innovation at Peel Hunt. Leveraging AI Assistants/CoPilots and Agents for t
Slide 33: Business optimisation | Maximising our employees' potential
Business optimisation | Maximising our employees’ potential Ongoing optimisation delivering a more efficient operating model Headcount restructure We continue to focus on setting up our business to operate in the most effective way possible, tightly controlling costs while safeguarding shareholder r
Slide 34: Cost management | Supporting long-term success
Cost management | Supporting long-term success Group wide focus on cost effective business model to deliver profitability Over the past years, we have had an What we have done Focus for the future increased focus on costs, aiming to ensure Operational Cost Management Disciplined cost strategy our bu
Slide 35: Financial Performance
FINANCIAL. PERFORMANCE PEEL HUNT
Slide 36: Revenue performance | Strong performance despite limited ECM activity
Revenue performance | Strong performance despite limited ECM activity Research & Distribution Investment Banking ▪ Revenue from research payments, execution • Investment Banking delivered their highest commission and core trading was up 9.5% at ever revenues in FY26, which rose to £28.6m (FY25: £26.
Slide 37: Operating Costs Overview
Operating Costs Overview Commentary Adjusted Staff costs1 (£m) 57.2% 56.7% ▪ We kept a tight control on operating costs 50.0 60.0% throughout FY26 as we continued to focus on 40.0 55.0% delivering sustainable profitability through the 30.0 £50.0m £51.8m £69.9m 50.0% 20.0 cycle. As a result of our re
Slide 38: Balance Sheet & Capital Position Overview
Balance Sheet & Capital Position Overview Commentary Cash Position and Net Asset Value (£m) £108.5m • The Group maintained a strong balance £91.8m £88.7m sheet throughout the year with net assets of £108.5m as of 31 March 2026 (FY25: £88.7m). The increase in our net assets has allowed us to use our
Slide 39: Appendices
APPENDICES
Slide 40: Income Statement
Income Statement Income Statement £’000 FY26 FY25 Change Research payments & Execution commission 28,592 26,108 9.5% Execution Services revenue 47,772 33,673 41.9% Investment Banking fees and retainers 67,092 31,526 112.8% Revenue 143,456 91,307 57.1% Adjusted staff costs* 69,902 51,755 35.1% Non-st
Slide 41: Consolidated Balance Sheet
Consolidated Balance Sheet Balance Sheet £’000 FY26 FY25 Change Non-current assets 27,671 19,914 39.0% Securities held for trading 87,644 68,539 27.9% Market and client debtors 642,281 496,029 29.5% Trade and Other debtors 17,363 20,042 (13.4%) Cash and cash equivalents 36,856 20,395 80.7% Current a
Slide 42: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Cash Flow £’000 FY26 FY25 Change Net cash generated from operations 23,655 9,601 146.4% Cash flows from investment activities Purchase of tangible assets (882) (583) 51.3% Purchase of intangible assets (160) (283) (43.5%) Disposal of property, plant and equipment
Slide 43: Disclaimer/Risk Warning
Disclaimer/Risk Warning This document has been prepared by Peel Hunt LLP (“Peel Hunt”) and is for the use of the addressee only. It may not be copied or distributed to any other person without the written consent of Peel Hunt. This document has been prepared using sources believed to be reliable and