Kelly Partners Group Holdings Ltd. · ASX:KPG
Kelly Partners — FY2026 Earnings Presentation
53 slides from Kelly Partners's earnings presentation, August 2026
Slide 1: FY26 Results
August 2026 FY26 RESULTS KELLY PARTNERS GROUP HOLDINGS LIMITED (ASX: KPG) Brett Kelly Kenneth Ko Founder & CEO CFO FY26 711 $224k 105 43 6 $159m $164m 45.2m 22.1cps 23.2% 2.9% 26.1% FY25 660 $204k 102 38 5 $134m $150m 45.2m 18.8cps 23.0% 4.5% 27.5% change +8% +10% +3 +5 +1 +18% +9% - 17.5% +0.2% -%
Slide 2: Contents
Contents Section One 1 Highlights Page 10 Section Two 2 Page 21 About Section Three 3 Page 26 Capital Allocation Section Four 4 Page 30 Financial Highlights 2 FY26 Results
Slide 3: 20 Years of Growth (Doubled 6 times) due to KPG Business System
20 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 $159.2m $160.0 $140.0 $134.6m $120.0 $100.0 29.2% $108.1m Revenue $86.5m $m $80.0 CAGR* $64.9m $60.
Slide 4: 20 year book value compounding CAGR
20 year book value compounding KPG Adjusted Book Value Since Inception $60.0m $54.2m $50.0m $45.8m $39.5m 34.3% $40.0m $32.9m $30.0m CAGR $27.1m $20.1m $20.0m $14.9m $10.9m $10.0m $8.6m $6.5m $5.1m $3.1m $3.7m $3.9m $1.5m $2.2m $1.4m $0.4m $0.0m 2007^ 2008^ 2009^ 2010^ 2011^ 2012^ 2013 2014 2015 201
Slide 5: Parent Attributable Economics
Parent Attributable Economics FY26 (‘m) Consolidated Statutory NPAT to Underlying NPATA ($'000, left axis) and per-share measures (cents, right axis) Revenue $159.2 13,500 30.0 10,786 EBITDA $44.6 11,250 25.0 Less: AASB16 Impact (Rent expense) -$6.3 9,070 Add: Non-Recurring Items $1.9 8,027 9,000 20
Slide 6: Statutory v Underlying NPATA + EPS
Statutory v Underlying NPATA + EPS Statutory NPAT to Underlying NPATA ($'000, left axis) and per-share measures (cents, right axis) 13,500 30.0 10,786 11,250 25.0 9,070 8,027 9,000 20.0 6,298 cents per share 6,750 5,115 5,402 15.0 $'000 4,326 3,938 4,500 3,193 10.0 2,250 5.0 0 0.0 FY18 FY19 FY20 FY2
Slide 7: Parent Attributable Metrics – FY26
Parent Attributable Metrics – FY26 P&L Balance Sheet / Cashflow Return Underlying EBITDA Total Debt EV/ EBITDA Multiple $17.9m $35.0m 12.6x Share of Op Bus. EBITDA $22.8m less Parent Add’ Inv $4.9m Debt to EBITDA: 1.96x EV (Market Cap of $191m + Debt $35.0m) / EBITDA $17.9m Owner earnings / Free cas
Slide 8: Common Misconceptions
Common Misconceptions “Deal structures can make consolidated financials look • Attributable metrics have been included in every KPG results pack since IPO. far better than the economics that are actually • For FY26, parent underlying NPATA was $10.8m (+18.9%), EPS 23.82c and parent owner earnings $1
Slide 9: Global Firm + Global Team + 24/7 Revenue
Global Firm + Global Team + 24/7 Revenue Total Team members 96 23 1,150 592 711 (K+P) % 13.5% 3.2% 83.3% 100% Businesses 4 1 1 37 43 9 FY26 results
Slide 10: Highlights
Highlights 10 FY26 results
Slide 11: KPG in 10 seconds
KPG in 10 seconds Profit & loss Balance sheet Cashflow Revenue Margin Parent NPATA Return Gearing Cashflow Efficiency +18.2% -0.3% +18.9% +2.0% +0.10x +20.2% +5.1% Revenue Underlying Underlying NPATA Return Net debt to underlying Operating Cash Growth EBITDA Margin Growth on Equity EBITDA cashflow C
Slide 12: Per Share Book Value since IPO has grown 34.0% p.a.
Per Share Book Value since IPO has grown 34.0% p.a. $1.40 $1.20 34.0% $1.20 $1.02 $1.00 Per Share Book Value $0.88 CAGR $0.80 $0.73 $0.60 $0.60 $0.44 $0.40 $0.33 $0.24 $0.19 $0.20 $0.09 $0.00 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 12 FY26 results
Slide 13: Performance
Performance Strong revenue growth EBITDA 2.5x since FY21(1) Successful programmatic acquisition strategy A$m A$m Acquired revenue growth 159 27% 5YR CAGR 20% 5YR CAGR 40 23% 5YR average 135 34 108 30 28.7% 84 26.5% 26.3% 20 20 65 20.0% 16 49 15.3% FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY
Slide 14: Progress in 5-year periods
Progress in 5-year periods 1. Start-up 2. Foundation 3. Build 4. Accelerate 5. Global Foundation* $300.0m $270m Double – FY28 $250.0m $200.0m 29.2% Revenue $159.2m $150.0m CAGR $134.6m $87.8m $100.0m 32.5% Margin $30.2m $48.9m $40.2m 25% Margin $50.0m $34.4m $27.0m 26% Margin 10% of Rev. $8.7m $16.0
Slide 15: KPG Earning Power
KPG Earning Power Income Statement Summary ($m) FY26 Actuals Run Rate – Low Run Rate - High Total Revenue $159.2 $164.2 $164.2 Operating Expenses -$114.0 -$114.9 -$106.7 EBITDA – Operating Businesses $45.2 $49.3 $57.5 EBITDA – Operating Businesses (%) 28.4% 30.0% 35.0% Parent Additional Investment -
Slide 16: FY26 Margin / FY25 Margin
FY26 Margin Accounting Accounting Accounting Total inc. Operating Businesses Other Services Total US Ireland Total Established Growth Subscale Subscale Revenue $106.1 $8.5 $13.3 $127.8 $2.4 $130.3 $24.6 $4.3 $159.2 EBITDA $33.6 $2.7 $4.6 $40.8 $0.7 $41.6 $2.0 $1.7 $45.2 EBITDA Margin % 31.7% 31.6% 3
Slide 17: 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 FY26 Improving the earning power of our operating 34.0% 27.7% 32.5% 33.4% 30.9% 27.3% 29.6% 28.3% 28.4% 1. businesses EBITDA margin of operating businesses Further increasing their
Slide 18: KPG Performance Scoreboard
KPG Performance Scoreboard 34.3% CAGR Australia United States (ASX 300) (S&P 500 inc. Dividends) KPG.ASX Adjusted Book per share Difference KPG Value* Inc. Annual % Weighted Average No. in Per Share Book Annual % Market Annual % Annual % Difference Annual % (KPG v S&P 500 Cumulative Financial year D
Slide 19: KPG Performance Scoreboard
KPG Performance Scoreboard KPG Adjusted Book Value vs KPG.ASX vs. ASX 300 (2009-2026) Shares issued to date rebased to 100 pre 2012 Shares issue pre 2012 $605,800 18,000 2014 Shares issued 2014 $1,078,611 $11,644,911 2016 Shares issued pre-IPO $1,835,500 16,000 2017 Shares converted from Con Note $8
Slide 20: EPS & Free Cashflow per Share (Owners’ earnings per share)
EPS & Free Cashflow per Share (Owners’ earnings per share) 30.00 50,000,000 45,400,000 45,000,000 45,000,000 45,000,000 45,274,957 45,274,957 45,000,000 25.00 23.82 40,000,000 22.14 20.19 35,000,000 20.00 18.84 17.84 17.44 30,000,000 15.00 25,000,000 13.33 14.03 13.99 12.01 11.11 11.33 20,000,000 10
Slide 21: About
About 21 FY26 results
Slide 22: Locations
Locations UK & IRELAND: 1 UNITED STATES: 6 HONG KONG: 1 INDIA: 1 PHILIPPINES: 7 AUSTRALIA: 27 43 22 FY26 results
Slide 23: Leading Platform
Leading Platform People 711 team members 43 office locations 83 partnerships Inc. 105 operating partners 27 Australia and 16 global Since inception Clients 25,000 active clients 95% tax & accounting 4.5% organic growth p.a. across Australia & US Proportion of FY26 revenue Historical average growth r
Slide 24: Strategy
Strategy Objective Top 10 in Australia Go Global Grow to become a top 10 accounting firm in Australia Growing Kelly+Partners Business System in global markets Scope Financial Review Top 100 Accounting Firms ($m) Rev ($m) Est. % Audit Deloitte 2,545 EY 2,430 KPMG 2,131 PwC 2,071 1 BDO 607 Findex (Fin
Slide 25: Partnerships
Partnerships ~7x Pre-IPO 14 average ~1 per annum 49 average ~7 per annum Firms 55,623 11% Prospects 6,165 IPO 4% Leads 9 256 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 26: Capital Allocation
Capital Allocation 26 FY26 results
Slide 27: 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 28: Additional Investment
Additional Investment • Additional investment of $5.0m Sources of capital Use of capital (3.1% of revenue) to support • Internal cashflow • Invest in existing operations • Pay down debt accelerated growth • Issue debt • Buy other companies • Pay dividends • Additional investment as a % of • Issue eq
Slide 29: Next Steps
Next Steps International Listing • Progress with international listing Long Term Debt Raise • Long dated debt raise to provide additional flexible capital to the business Dual Class Share Structure • Loyalty share class structure 29 FY26 results
Slide 30: Financial Highlights
Financial Highlights 30 FY26 results
Slide 31: Financial Highlights
Financial Highlights 1 Owner earnings – calculated as Cash from Operating Activities less FY26 Financial Highlights (m) KPGHL & Controlled Entities KPGHL Attributed (parent only) Payments for Lease Liabilities less Maintenance Capex. P&L and Cashflow FY25 FY26 % Change FY25 FY26 % Change 2 Earnings
Slide 32: Income Statement
Income Statement Income Statement Summary ($m) Professional services revenue FY25 $134.6 FY26 $159.2 ∆% 18.2% Other income, exc non recurring and interest $1.0 $0.8 -22.9% Revenue of Operating EBITDA margin at Total Revenue $135.6 $160.0 18.0% $159.2m 31.9% / 28.4% Operating Expenses Underlying EBIT
Slide 33: Balance Sheet
Balance Sheet Lockup Days WIP Days 70.0 Debtor Days • Net Debt / Underlying EBITDA of 1.52x (FY25: 1.42x) 60.0 58.0 increased due to debt used to complete in year 52.8 7.7 49.8 acquisitions. 50.0 7.9 8.7 40.0 Group ROE of 40.8% (Group Underlying NPATA $29.7m / Days • Group Equity of $72.7m) (FY25: 3
Slide 34: Debt & Liquidity
Debt & Liquidity $100.0m $90.0m Cash, $3.9m FY26 ($m) Parent Op. Bus Total Debt Available Working Capital Debt $0.0 $7.5 $7.5 $80.0m $18.6m Headroom, Cash & $14.7m Property Debt $0.0 $3.5 $3.5 Headroom Property, $3.5m Acquisition & other term debt $28.5 $35.2 $63.7 $70.0m $89.4m Gross Debt $28.5 $46
Slide 35: Leverage (Debt to EBITDA)
Leverage (Debt to EBITDA) KPG Group gearing – Net Debt / EBITDA (x), FY18–FY26 • Gearing ratio (Debt to EBITDA) better 2.5x measurement of leverage compared to Net Debt per Partner 2.0x • The graph on the right presents three 2.0x 1.8x 1.8x 1.8x measures since IPO: 1.7x 1.8x 1.6x 1.6x 1.6x • Net Deb
Slide 36: Cashflow
Cashflow Cash from Operations (CfO) Free Cashflow to Firm (FCFF) after Debt • Cash from Operations pre AASB 16 of $32.4m Reductions increased by 30.1% (FY25: $24.9m) • Free Cashflow to Firm after scheduled debt reductions increased 50.5% $32.4m $18.4m • Cash Conversion1 of 104.9% (FY25: 99.8%) is $2
Slide 37: Parent & NCI Waterfall
Parent & NCI Waterfall FY26 $15,134 • The profit attributable to the parent vs. NCI represent a $14,635 ($1,798) 20%/80% split and differs from the ownership interests of $13,336 ($1,853) ~51%/49%. ($522) This is due to the following items: $11,482 $10,960 ($4,966) • Income tax expense of $1.8m of t
Slide 38: Thank You
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Slide 39: Appendix
Appendix 39 | FY26 results
Slide 40: Trinity - Parent
Trinity - Parent FY25 FY26 1. ROIC - 1. ROIC - Group Group 23.0% 23.2% EARNINGS PER EARNINGS PER SHARE SHARE 20.2 cps 23.9 cps +13.2% +18.0% 2. Net Debt to 3. Cashflow 2. Net Debt to 3. Cashflow EBITDA - Conversion - EBITDA - Conversion - Group Parent Group Parent 1.42x 93.3% 1.52x 93.0% 40 FY26 res
Slide 41: Trinity - OP CO
Trinity - OP CO FY25 FY26 1. WIP 1. WIP 7.7 days* 7.9 days* LOCKUP LOCKUP 58.0 days 52.8 days CASH CASH CONVERSION 3. Revenue CONVERSION 3. Revenue ON EBITDA 24.5% ON EBITDA 18.2% 2. Debtors Growth 2. Debtors Growth 99.8% 104.9% 50.3 days* EBITDA 44.9 days* EBITDA 28.3% 28.4% Margins Margins * Calcu
Slide 42: Revenue growth
Revenue growth Revenue growth contributions by year FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 AVG Organic – Accounting -6.4% 6.6% 1.5% 4.7% 2.9% 2.7% 3.5% 1.9% 2.2% Organic – Complementary 1.8% 1.4% 1.2% 1.5% 1.8% 0.3% 1.0% 1.0% 1.3% Organic – Total -4.6% 8.0% 2.7% 6.2% 4.7% 3.0% 4.5% 2.9% 3.4% Acquir
Slide 43: Revenue & EPS
Revenue & EPS YOY Contrib. Revenue compounded Internal annual growth rate Organic – Accounting 2.0% 1.9% since 2007 29.2% Internal Organic - Complementary 20.9% 1.0% Earnings per share annual External growth rate since IPO to Acquired ∞ 15.3% FY26 13.6% Total 18.2% 18.2% 43 FY26 results
Slide 44: 1H/2H Skews
1H/2H Skews • Revenue seasonality in the accounting Revenue seasonality in accounting business businesses is approximately 1H: 52% / 2H: (excludes impacts of in year acquisitions) 48%. 75.0% • Seasonality is predominantly due to timing of tax work related to 30 June year end, with 65.0% most work ty
Slide 45: NPATA reconciliation
NPATA reconciliation Reconciliation of attributed NPAT/NPATA ($m)^ FY25 FY26 Statutory NPAT attributable owners of Kelly Partners Group Holdings Limited 3.4 3.5 Amortisation of customer relationship intangibles 3.7 4.8 NPATA attributable to owners of Kelly Partners Group Holdings Limited 7.1 8.4 Add
Slide 46: Parent & NCI
Parent & NCI • The profit attributable to the parent vs. NCI represent a 20%/80% (‘000) NCI Parent Total split and differs from the ownership interests of ~51%/49%. NPBT before parent entity costs $14,635 $15,134 $29,769 This is due to the following items: ~49% ~51% • Income tax expense of $1.8m of
Slide 47: Free Cashflow - Group
Free Cashflow - Group FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 CAGR Cash From Operations (CfO) $6.6 $10.0 $14.3 $15.1 $17.6 $19.5 $25.6 $31.3 $38.9 24.8% Owners' Earnings (CfO - Maint. Capex) $6.3 $9.7 $12.2 $12.8 $14.0 $14.9 $19.5 $23.9 $31.5 22.3% Cash Conversion (Operating Cash Flow / 63.5% 1
Slide 48: Free Cashflow (“Owner earnings”)
Free Cashflow (“Owner earnings”) FY20 FY21 FY22 FY23 FY24 FY25 FY26 CAGR Owner earnings $3.9m $5.0m $6.3m $6.0m $7.8m $8.5m $10.0m 17.1% Owner earnings per share (cents) 8.55 11.11 14.03 13.33 17.44 18.84 22.14 17.2% % Growth 24.4% 29.9% 26.3% -5.0% 30.8% 7.9% 17.5% Underlying NPATA $3.9m $5.1m $6.3
Slide 49: Cash reconciliation
Cash reconciliation Reconciliation of NPAT to Operating Cashflow ($m) FY25 FY26 Reported NPAT 16.4 17.6 Adjustments for Depreciation and amortisation 14.5 16.8 Unwinding of interest on contingent consideration 0.5 0.8 Other non-cash movements* 3.6 1.0 Change in operating assets and liabilities Decre
Slide 50: Net debt per partner
Net debt per partner • Total number of equity partners Net Debt per Partner increased to 105 (as at 30 June 2026): $800,000 120 105 • 2 New partners promoted internally 102 $700,000 96 100 • 2 New partners recruited externally $600,000 78 • 4 New partners from completed acquisitions $500,000 80 62 •
Slide 51: 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 52: 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 53: Metrics since IPO – Full Year
Metrics since IPO – Full Year KPGHL & Controlled Entities ("Group") 1 2 3 4 5 6 7 8 9 P&L and Cashflow FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 CAGR Revenue $30.2 $39.5 $40.0 $45.5 $48.9 $64.9 $86.5 $108.1 $134.6 $159.2 20.3% Underlying EBITDA (pre AASB 16) $8.7 $14.5 $10.9 $13.5 $16.0 $20.
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