Mha Plc · LSE:MHA
Mha — FY2026 Earnings Presentation
26 slides from Mha's earnings presentation, Mar 31, 2026
Slide 1: Preliminary Results
Preliminary Results For the year ended 31 March 2026
Slide 2: Agenda
Agenda Rakesh Shaunak 1 Overview and Key Messages Chief Executive Officer 2 Financial Review 3 Strategic Update 4 Looking Ahead 5 Questions Steven Moore Chief Financial Officer MHA plc | FY26 results 2
Slide 3: MHA at a Glance
11th largest UK firm MHA at a Glance A leading UK and increasingly international mid-market professional services group, pairing a partner-led, sector specialist model with highly recurring, regulation-driven revenue and strong cash generation. What we do – fees by service line Long -term revenue tr
Slide 4: Key Messages
Key Messages A successful first full year as a listed company. Strong Broader, more Positioned for financial international continued progress platform growth MHA plc | FY26 results 4
Slide 5: Financial Review
Financial Review
Slide 6: Financial Highlights
Financial Highlights Delivered ahead of expectations. INCOME STATEMENT Revenue Adjusted EBITDA Adjusted EBITDA margin Basic and diluted EPS £251.3m £46.5m 18.5% 11.1p ▲ +12% FY25 £224.1m ▲ +13% FY25 £41.2m ▲ +10bps FY25 18.4% FY25 n/a CASH FLOW, BALANCE SHEET & RETURNS Cash conversion Net cash Recur
Slide 7: Trading Performance
Trading Performance Double-digit growth. FY25 FY26 Change The lower statutory profit is structural, not operational – post- Revenue £224.1m £251.3m +12% IPO, partner pay (£43.7m in FY25) now sits above the line. Adj usted results – restated to a like -for-li ke plc basis Adjusted EBITDA £41.2m £46.5
Slide 8: Revenue Bridge
Revenue Bridge New client wins and existing client growth nearly twice roll-off of completed and non-recurring project work. +£12.9m £251.3m +£15.9m £224.1m –£14.8m +£13.2m FY25 Completed projects / lost Existing client growth New client wins Acquisitions FY26 clients Organic +£14.3m · +6.4% Acquisi
Slide 9: Service Line Performance
Service Line Performance Growth across all four service lines as the mix continues to shift toward higher-value advisory and audit work. Advisory grew fastest of the major lines. FY25 FY26 +9% Audit & Assurance remains the core and still growing – £124.5m resilient, recurring, regulation- £113.9m dr
Slide 10: Revenue by Sector
Revenue by Sector Diversified across core sectors. Core sector fees billed. Core sector £m % of fees Total growth Organic growth Financial Services £33.9 14% +22% +11% Real Estate & Construction £29.3 12% +10% +4% Retail, Consumer & Hospitality £28.0 11% +7% +3% Professional Services £23.7 10% +23%
Slide 11: Cash Flow and Conversion
Cash Flow and Conversion Profit converts strongly to cash. Low capital expenditure. M&A typically comprises mainly equity. FY25 FY26 Profit before taxation £85.9m £36.3m Adjusted operating cash conversion of 115% in FY26, compared with 89% in FY25. Net cash generated from operating £69.1m £72.7m act
Slide 12: Balance Sheet
Balance Sheet Strong balance sheet to fund continued growth, M&A and a progressive dividend. Net cash FY25 FY26 Total non-current assets £45.5m £51.5m £25.4m ▲ +£7.7m FY25 £17.7m Current assets £92.1m £116.0m Strong working capital control. Current liabilities (£100.1m) (£89.6m) Non-current liabilit
Slide 13: Strategic Update
Strategic Update
Slide 14: Delivering Against Objectives
Delivering Against Objectives One year on from IPO, making good progress against our strategic priorities. ✓ ✓ ✓ ✓ Disciplined M&A and Build national and Invest in technology, AI and Move up -market and broaden Integration international scale through people clients leveraging off global brand Underp
Slide 15: Two Acquisitions Since IPO
Two Acquisitions Since IPO Significant steps forward in the internationalisation of the Group. Quality-led – we are not a consolidator and we Baker Tilly South -East Europe integrate what we buy. Completed August 2025 A Baker Tilly International member and the fifth-largest accountancy firm in Cypru
Slide 16: Our Approach to AI
Our Approach to AI Deliberate adoption, central governance, firmwide benefit. Scale creates an advantage Increasingly embedded across the firm The investment, governance and expertise AI AI and data tools support work across our service lines – audit analytics, tax research, due requires are easier
Slide 17: AI in Action
AI in Action Examples of how we’re putting it to work. Testing transactions against evidence Reviewing financial statements AI reads source documents – invoices, contracts and statements – and AI cross-checks a full set of accounts for consistency and accuracy – the checks them against the accounts,
Slide 18: Looking Ahead
Looking Ahead
Slide 19: Current Trading and Outlook
Current Trading and Outlook 1 Positive start to the new financial year, supported by a broader platform and resilient demand 2 Enduring structural growth drivers – rising regulatory complexity and growing demand for multi-service, cross-border advisers 3 Healthy acquisition pipeline, in the UK and o
Slide 20: Investment Case
Investment Case Six reasons to own MHA. Favourable market drivers Strong, recurring financials Diversified services and clients A large (~£8.8bn), growing UK market where Around 87% recurring revenue and ~115% cash A full-service platform serving c.17,000 clients, with regulation and Big Four dynami
Slide 21: Questions
Questions
Slide 22: Appendix
Appendix
Slide 23: Services
Services Our core services Audit & Assurance HR Solutions Wealth Management Financial Solutions Our ‘Go to market’ Tax Compliance & Advisory Outsourcing strategy is via sectors Business Strategy Restructuring & Recovery and specialisms, supported by national Corporate Finance Advice & Planning & glo
Slide 24: Our UK and Ireland Geography
Our UK and Ireland Geography London & South-East Central Scotland Key Offices Key Offices Key Offices • London • Birmingham • Aberdeen • Colchester • Leicester • Edinburgh • Kent • Milton Keynes • Thames Valley North-West Wales Ireland Key Offices Key Offices Key Offices • Liverpool • Cardiff • Dubl
Slide 25: MHA & Baker Tilly International
MHA & Baker Tilly International MHA is the representative of Baker Tilly International in the UK, Ireland and South-East Europe – a global top-10 network of independent accountancy and business advisory firms. Since joining in 2014, MHA has held representation on both the Board and Strategic Committ
Slide 26: mha.co.uk
mha.co.uk MHA is the trading name of both (i) MHA Audit Services LLP, a limited liability partnership registered in England and Wales with company number OC455542 and (ii) MHA Advisory Ltd, a company registered in England and Wales with company number 16233746. A list of partners’ names is open for