54 slides from B.p. Marsh & Partners's earnings presentation, May 27, 2026
Slide 1: Annual Results
Annual Results For the year ended 31 January 2026 Dan Topping, Chief Executive Officer Francesca Chappell, Chief Finance Officer Continued strong performance well-positioned for future growth 27th May 2026
Slide 2: Overview to B.P. Marsh
Overview to B.P. Marsh OUR PURPOSE & STORY OUR TEAM & STRATEGY Specialist investor Deep sector expertise The Group invests in small to medium financial services businesses in the UK and Highly experienced leaders with deep sector knowledge acquired over several decades in internationally financial s
Slide 3: Performance: Net Asset Value (NAV)
Performance: Net Asset Value (NAV) £400m Full Year NAV Per Share £10.00 £350m Half Year £360.2m £349.5m 11% Compound £326.4m £300m Annual Growth Rate £8.00 £250m £252.9m NAV Per Share £6.00 £229.2m NAV £200m £203.5m £189.5m £179.8m £166.6m £150m £4.00 £155.m £149.9m £142.6m £136.9m £126.2m £58.9m £1
Slide 4: Annual Results 31 January 2026
Annual Results 31 January 2026 Net Asset Value (NAV) of Equity Portfolio Value of Total Dividends paid in the year £8.0m £360.2m £273.8m (21.64p per share) Year ended 31 January 2025: £326.4m Year ended 31 January 2025: £224.1m Six months ended 31 July 2025: £349.5m Six months ended 31 July 2025: £2
Slide 5: NAV Breakdown and Portfolio Overview as at 31 January 2026
NAV Breakdown and Portfolio Overview as at 31 January 2026 29.7% Pantheon 1.1% Ai Marine 24.0% Net Cash & Other Assets 0.9% CEE 17.8% XPT 0.6% Sage 10.5% ATC 0.4% Devonshire £360,158,000 £273.8m 7 2.8% Oneglobal 0.4% Gambit 2.8% iO Partners 0.3% Cameron Net Asset Value Brokers 2.0% Fiducia 0.2% Verv
Slide 6: Cash & Other Assets as at 31 January 2026
Cash & Other Assets as at 31 January 2026 Loans Cash and Treasury £49.5m 23% XPT Loan Book Total Liquidity 16% Pantheon £38.8m 16% XPT Producer Co 31 January 2025: £74.1m 9% Alchemy 8% SRT & Partners 5% Volt £38,772,343 31 January 2025: £25.6m 4% Devonshire Loan Book 4% Amiga as at 31 January 2026 2
Slide 7: Dividend Distributions
Dividend Distributions £50.0m December 2025: Over the course of FY26, £14.0m Realisation of the Group paid total Stewart Specialty £44.7m dividends of £8.0m, £45.0m Risk Underwriting equating to 21.64p per Limited share __ £12.0m October 2024: £40.0m Realisation of £37.7m This includes a special Lil
Slide 8: Total Shareholder Return and Share Price Performance
Total Shareholder Return and Share Price Performance Change 31 January 2010 to 31 January 2026 Total dividend of Total Shareholder 21.64p per Return of 800 % Change 31 January 2010 to 31 January 2026 share (£8.0m) 12.8% 700 BPM share price 630% 600 Including NAV uplift and total BPM NAV/share, rebas
Slide 9: Overview: Current Managing General Agencies Investments
Overview: Current Managing General Agencies Investments Valuation at % of NAV at Date of Equity % at 31 Cost of Internal rate of return Multiple on Invested MGAs Jurisdiction 31 January 31 January B.P. Marsh’s MGA portfolio focuses Investment January 2026 Investment to 31 January 2026 Capital 2026
Slide 10: Overview: Current Broking Investments
Overview: Current Broking Investments Equity % at Valuation at % of NAV at Internal rate of Multiple on Since inception, much of B.P. Marsh’s Cost of Brokers Date of Investment Jurisdiction 31 January 31 January 31 January return to 31 Invested growth has been achieved through a Investment 2026 20
Slide 11: Overview: Current Other Financial Services Investments
Overview: Current Other Financial Services Investments Internal rate of Equity % at 31 Cost of Valuation at 31 % of NAV at 31 Multiple on Investment Date of Investment Jurisdiction return to 31 January 2026 Investment January 2026 January 2026 Invested Capital January 2026 Apr-25 UK 8.0% £10,000,000
Slide 12: Overview: Current Other XPT-Related Insurance Vehicle Investments
Overview: Current Other XPT-Related Insurance Vehicle Investments Internal rate of Equity % at 31 Cost of Valuation at 31 % of NAV at 31 Multiple on Investment Date of Investment Jurisdiction return to 31 January 2026 Investment January 2026 January 2026 Invested Capital January 2026 Aug-25 USA 8.3%
Slide 13: 5-Year Portfolio Realisations
5-Year Portfolio Realisations Type of Date of Date of Aggregate Aggregate Money Multiple on Equity Investee Company Company Jurisdiction Investment Disposal Investment Amount Investment Proceeds IRR* 8.7x Proceeds for Highlighted Disposals MGA UK Jun-25 Mar-26 £49 £706,250 111.9% £180m £178,916,363
Slide 14: Disposal during Year: Stewart Specialty Risk Underwriting Ltd
Disposal during Year: Stewart Specialty Risk Underwriting Ltd ("SSRU") Investment Case Study An 8-year journey resulting in an exceptional return on investment · January 2017 — December 2025 In December 2025, SSRU, a Toronto-based underwriting agency providing a variety of Property and Casualty prod
Slide 15: Disposal during Year: Sterling Insurance Pty Limited
Disposal during Year: Sterling Insurance Pty Limited (“Sterling") Investment Case Study A 12-year journey culminating in a unique cross-portfolio combination · June 2013 — May 2025 In May 2025, Sterling, a specialist general liability MGA focused on the Australian construction industry, was acquired
Slide 16: New Investments in the Year and Post-Year End
New Investments in the Year and Post-Year End Investee Company Jurisdiction Date of Investment Equity Investment Equity Stake Valuation at 31 January 2026 Loan Funding UK Apr-25 £10,000,000 8.0% £10,000,000 £1,800,000 UK Jun-25 £49 49.0% £706,000 - UK Jun-25 £1,100,000 27.0% £1,100,000 £300,000 USA
Slide 17: New Investment Origination
New Investment Origination New Investment Opportunities to 31 January Our key investment Joint Ventures 2026, by sector sourcing channels Direct A joint venture opportunity arose A direct opportunity arose from with a portfolio company, seeing the now CEO of Pantheon both businesses invest in Sodali
Slide 18: Deferred Consideration
Deferred Consideration Two legacy investments with deferred consideration mechanisms LEBC Holdings Limited (“LEBC”) CBC UK Limited (“CBC”) National IFA group · Sold to Titan Wealth Holdings Insurance intermediary · Sold to Specialist Risk Group EQUITY PROCEEDS TO IRR to 31 INITIAL EQUITY TOTAL PROCE
Slide 19: Investment Summary – Pantheon Specialty Group Limited
Investment Summary – Pantheon Specialty Group Limited (“Pantheon”) 2023 45+ 6 £24.8m £18.0m YEAR FOUNDED EMPLOYEES PRODUCT LINES 2025 REVENUE 2025 ADJUSTED EBITDA PANTHEON OVERVIEW REVENUE, ADJUSTED EBITDA GROWTH & B.P. MARSH SHAREHOLDING VALUE Pantheon Specialty Group is a London-based specialty in
Slide 20: Investment Summary – XPT Group LLC
Investment Summary – XPT Group LLC ("XPT") $1bn+ $24.6m 45% 30+ 19 450+ 2025 GROSS WRITTEN 2025 ADJUSTED EBITDA GWP CAGR SINCE US OFFICE LOCATIONS ACQUISITIONS COMPLETED EMPLOYEES PREMIUM FORMATION XPT OVERVIEW GWP GROWTH & B.P. MARSH SHAREHOLDING VALUE XPT is a Specialty lines insurance distributio
Slide 21: Investment Summary – ATC Insurance Solutions PTY Limited
Investment Summary – ATC Insurance Solutions PTY Limited (“ATC”) AU$200m+ AU$17.3m 20% 4 3 2025 GROSS WRITTEN 2025 EBITDA GWP CAGR SINCE AUSTRALIAN OFFICE ACQUISITIONS SINCE PREMIUM INVESTMENT LOCATIONS INVESTMENT ATC OVERVIEW GWP GROWTH & B.P. MARSH SHAREHOLDING VALUE $350m £40m ATC is a multi-line
Slide 22: Capital Allocation, Dividends and Share Buy-Backs
Capital Allocation, Dividends and Share Buy-Backs 2026 SHARE BUY-BACK PROGRAMME It is the Board’s ongoing aim to strike a balance between long term capital growth and providing meaningful distributions to shareholders In April 2025, the Company announced the launch of a new share buy-back 12.8% retu
Slide 23: B.P. Marsh Portfolio Uses of AI
B.P. Marsh Portfolio Uses of AI AI acts as an enabler, not a disruptor B.P. Marsh expects the insurance and financial advice industries to continue to require skilled brokers, underwriters, and advisers. AI is expected to change the workflow behind the people by automating administrative bottlenecks
Slide 24: Summary
Summary NET ASSET VALUE TOTAL SHAREHOLDER RETURN NEW INVESTMENTS £360.2m 12.8% 8 DIVIDENDS PAID DURING YEAR AVAILABLE CAPITAL PORTFOLIO VALUE INCREASE £8.0m £29.6m 21.4% © 2026 B.P. MARSH & PARTNERS PLC 24
Slide 25: Appendices
Appendices Appendices Page Number 1 B.P. Marsh & Partners Plc and B.P. Marsh & Company Limited Boards 26-27 2 B.P. Marsh Portfolio 28-32 3 New Investments 33-40 4 Investment Model & Approach 41-47 5 Market Overview 48 6 Financial Statements 49-51 7 Shareholder Information 52-53 © 2026 B.P. MARSH & P
Slide 26: B.P. Marsh & Partners PLC Board
B.P. Marsh & Partners PLC Board Dan Francesca Alice Topping Chappell Foulk Chief Executive Officer Chief Financial Officer Chief Operating Officer Daniel joined B.P. Marsh & Partners Plc in 2007 and Francesca joined B.P. Marsh in 2013 and was Alice joined B.P. Marsh in 2011 and was appointed to was
Slide 27: B.P. Marsh & Company Limited Board
B.P. Marsh & Company Limited Board Dan Francesca Alice Topping Chappell Foulk Chief Executive Officer Chief Financial Officer Chief Operating Officer Daniel joined B.P. Marsh & Partners Plc in 2007 and Francesca joined B.P. Marsh in 2013 and was Alice joined B.P. Marsh in 2011 and was appointed to w
Slide 28: Our Current Portfolio
Our Current Portfolio US: XPT Group LLC B.P. Marsh’s international strategy is Gambit Risk Finance LLC focused on areas where it sees: XPT Producer Co LLC Europe: • Sufficient opportunity for business SAGE Program CEE Specialty s.r.o development in partnership with a Underwriters Inc London-based in
Slide 29: Loan Portfolio
Loan Portfolio Investment 31 January 2026 (£’000) 31 July 2025 (£'000) 31 January 2025 (£'000) Ag Guard 607 592 602 Ai Marine 1,350 1,300 1,250 Alchemy 3,500 6,000 6,000 Amiga 1,625 500 - Cameron Specialty 300 300 - CEE (Management loans) 424 417 410 Denison and Partners 670 670 670 Devonshire 1,739
Slide 30: MGA Portfolio as at 31 January 2026
MGA Portfolio as at 31 January 2026 Agri Services Company PTY Ai Marine Risk Amiga Specialty Holdings Jul 2019 · Australia 41.0% Dec 2023 · UK 30.0% Jun 2025 · UK 49.0% Australian-based MGA providing insurance to the Agricultural Marine Hull Insurance MGA focusing on the UK & Europe, Middle- UK-base
Slide 31: Broker Portfolio as at 31 January 2026
Broker Portfolio as at 31 January 2026 Asia Reinsurance Brokers (Pte) Oneglobal Broking Holdings Apr 2016 · Singapore 25.0% Sep 2025 · UK 10.0% Singapore-headquartered independent specialist reinsurance and insurance risk solutions provider London-based international retail and wholesale insurance b
Slide 32: Other Financial Services Portfolio as at 31 January 2026
Other Financial Services Portfolio as at 31 January 2026 iO Finance Partners LEBC Holdings Apr 2025 · UK 8.0% Apr 2007 · UK 62.0% Buy-and-build opportunity within the alternative financing market, intending to bring together a diverse Holding company that, until April 2024, owned two businesses that
Slide 33: New Investment – Oneglobal Broking
New Investment – Oneglobal Broking NEW INVESTMENT Oneglobal Broking Investment Date Equity Stake Cost of Equity Loan Provided London Headquartered international retail and wholesale insurance broker, majority-owned by J.C. Flowers & Co. Operates across 15 offices worldwide;. 2026 brokerage revenue i
Slide 34: New Investment – iO Finance Partners TopCo Limited
New Investment – iO Finance Partners TopCo Limited (“iO Partners”) N EW I N V ES TM ENT iO Partners Investment Date Equity Stake Cost of Equity Loan Provided Buy-and-build alternative finance platform uniting specialist lenders to address the UK SME funding gap April 2025 8% £10.0m £1.8m ABOUT THE B
Slide 35: New Investment - Sodalis Capital Limited
New Investment - Sodalis Capital Limited NEW INVESTMENT Sodalis Capital Limited Investment Date Equity Stake Cost of Equity Newly formed insurance intermediary group pursuing a buy-and-build strategy in specialist underwriting and wholesale broking, targeting UK, Europe, Middle East and Asia. Founde
Slide 36: New Investments – Gambit Risk Finance & XPT Producer Co LLC
New Investments – Gambit Risk Finance & XPT Producer Co LLC Two vehicles supporting XPT's strategic growth In 2025, XPT established two purpose-built investment vehicles with B.P. Marsh’s backing, Gambit Re and XPT Producer Co, both designed to accelerate XPT's growth ambitions through dedicated cap
Slide 37: New Investment – Cameron Specialty Holdco Limited
New Investment – Cameron Specialty Holdco Limited N EW I N V ES TM ENT Cameron Specialty Insurance Investment Date Equity Stake Cost of Equity Loan Provided The London based Lloyd’s Coverholder and MGA, founded June 2021 by Tom Kirkland. Specialises in commercial and residential property insurance a
Slide 38: New Investment – Salus Capital Partners
New Investment – Salus Capital Partners N EW I N V ES TM ENT Salus Capital Partners Investment Date Equity Stake Cost of Equity Loan Provided UK-based start-up insurance intermediary group specialising in Professional Indemnity Insurance. Head office in Bristol, with plans to open further offices ar
Slide 39: Post Year-End Investment – Nine Edge Wealth Limited
Post Year-End Investment – Nine Edge Wealth Limited N EW I N V ES TM ENT POS T YEA R - EN D Nine Edge Wealth Limited Investment Date Cost of Equity Loan Provided Equity Stake Newly established independent financial advice business delivering client-centric financial planning through a modern, techno
Slide 40: Post Year-End Investment – Ventura Risk Partners Holdings Limited
Post Year-End Investment – Ventura Risk Partners Holdings Limited N EW I N V ES TM ENT POS T YEA R - EN D Ventura Risk Partners Investment Date Equity Stake Cost of Equity Loan Provided London-based start-up insurance broker specialising in placing North American energy risks into the Lloyd’s and wi
Slide 41: Investment Case Study – Lilley Plummer Risks Limited
Investment Case Study – Lilley Plummer Risks Limited (“LPR”) Investment Case Study A 5-year investment resulting in a significant return on investment · October 2019 — October 2024 In October 2024, LPR, a specialist Marine Lloyd’s broker based in London, was acquired by Clear London Markets Limited,
Slide 42: Investment Model
Investment Model Typically up to £5m Specialist Investor Relationship Driven Initial Investment B.P. Marsh specialises in early stage We see people as key to each investment and We take on investments which are smaller than and SME financial services businesses we build relationships as well as busi
Slide 43: Investment Approach
Investment Approach Flexibility Long-Term View Value Add We’re proud to have a uniquely flexible We bring specialist experience and We have a long-term approach to our approach to investment and exit sector-specific expertise and knowledge investment partnerships We are flexible investors as regards
Slide 44: Investment Process
Investment Process 1 2 3 4 Initial Assessment Due Diligence and Completion Post Transaction Support Exit Strategy • Strong network of industry contacts • Work to flexible timelines • Business plan implemented • Consider exit strategy when the business brings new opportunities is ready to move to the
Slide 45: Valuation Process
Valuation Process 1 2 3 4 Information Gathering Valuations Committee Methodologies Auditor Review • Collect financial and operational data • The valuation of investments • Investments are valued at fair value by • External auditors review the valuations to from investee companies is conducted by the
Slide 46: Minority Investor Protections
Minority Investor Protections B.P. Marsh believes that day-to-day - Capital protection operational control of the business is - Appointments of directors and the domain of the executive senior executives management team. However, our - Remuneration of directors and position is well protected and p
Slide 47: Environmental, Social and Governance Policy
Environmental, Social and Governance Policy B.P. Marsh is committed to being a responsible investor with Environmental, Social The results revealed that many of our portfolio companies shared our view of the and Governance (ESG) focused principles incorporated throughout our investment importanc
Slide 48: Market Overview
Market Overview B.P. Marsh continues to monitor trends in the rate of pricing for GLOBAL FINANCIAL insurance business placed in the areas where the portfolio operates GLOBAL PROPERTY GLOBAL CASUALTY & PROFESSIONAL The softening trend in insurance rates have continued into 2026, with global rates dec
Slide 49: Consolidated Statement of Financial Position (IFRS) at 31 January 2026
Consolidated Statement of Financial Position (IFRS) at 31 January 2026 31 January 2026 31 July 2025 31 January 2025 (Audited) (Unaudited) (Audited) Tangible and intangible assets 296 79 84 Right of use asset 177 260 342 Investments at fair value – Equity Portfolio 273,766 271,450 224,095 Debtors / L
Slide 50: Consolidated Statement of Comprehensive Income (IFRS) at 31 January 2026
Consolidated Statement of Comprehensive Income (IFRS) at 31 January 2026 Audited year to Unaudited 6 months to Audited year to 31 January 2026 £'000 31 July 2025 £'000 31 January 2025 £'000 Gains on investments (realised and unrealised) 52,301 31,292 107,499 (Provision against) / amounts recovered f
Slide 51: Consolidated Statement of Cash Flows (IFRS) at 31 January 2026
Consolidated Statement of Cash Flows (IFRS) at 31 January 2026 Audited year to Unaudited six months to Audited year to 31 January 2026 £'000 31 July 2025 £'000 31 January 2025 £'000 Net cash (used by)/from operating activities (4,904) (700) (4,064) FX Movement 357 19 (118) Taxation (32) (32) (34) Pu
Slide 52: Key Shareholders as at 30 April 2026
Key Shareholders as at 30 April 2026 Directors Number of Shares and Shareholding Major Shareholders (>3%) Number of Shares and Shareholding 14,184,419 2,790,627 Brian Marsh OBE (39.3%) Wellington Management Group LLP (7.7%) 295,253 2,247,626 Daniel Topping (0.8%) Hargreaves Lansdown PLC (6.2%) 88,25
Slide 53: Share Option Plan (SOP) and Joint Share Ownership Plan (JSOP)
Share Option Plan (SOP) and Joint Share Ownership Plan (JSOP) In September 2023 the Board adopted a A 3.9% three-year JSOP was created in In October 2023 the 1,206,888 original new nil-cost SOP for selected employees June 2018 within an Employee Benefit allocated Trust shares were granted voting and
Slide 54: Contact details and advisers
4 Matthew Parker Street London SW1H 9NP Telephone: 020 7233 3112 http://www.bpmarsh.co.uk/ Joint Corporate Broker Investec Bank plc Telephone: 020 7597 5970 Nominated Adviser & Joint Corporate Broker Singer Capital Markets Advisory LLP Telephone: 020 7496 3000 Financial PR Tavistock Telephone: 020 7