Peel Hunt Limited · LSE:PEEL
Peel Hunt — H1 FY26 Earnings Presentation
38 slides from Peel Hunt's earnings presentation, November 2025
Slide 1: Peel Hunt Half Year Results H1 FY26
PEEL HUNT HALF YEAR RESULTS H1 FY26
Slide 2: Agenda
Agenda Presenters 01 Business Highlights Steven Fine Chief Executive Officer 02 Market Environment 03 Our Business Billy Neve Group Finance 04 Financial Performance Director 05 Current Trading and Outlook A1 Appendices 2
Slide 3: Business Highlights | A trusted advisor to our clients
Business Highlights | A trusted advisor to our clients At Peel Hunt, we have focused on building a platform for success, strengthening our position Our Execution Services team has delivered an as a trusted advisor to our clients. exceptional half year performance, testament to the depth of skill in
Slide 4: Market environment
Market environment
Slide 5: Economics and market update
Economics and market update Economic expectations are improving, and valuations look cheap. But the UK market continues to lag. Commentary Improving UK growth expectations UK valuations look attractive vs. the US 4.2 2.5 Macroeconomics • Although UK economic growth remains tepid, data 4.1 have surpr
Slide 6: Regulatory changes 2021 - 2023
Regulatory changes 2021 - 2023 2021 2022 2023 Lord Hill’s Listing Review FCA FCA Report ▪ Technical Amendments to Listing ▪ Wholesale Markets Review Changes Rules, DTRs & Prospectus to Trading Venues & SI regime FCA Regulation Rules ▪ Fixed Income & Derivatives ▪ Primary Market Effectiveness ▪ Remov
Slide 7: Regulatory changes 2024 - 2026
Regulatory changes 2024 - 2026 2024 2025 2026 FCA FCA FCA ▪ UK Listing Regime Overhaul (Single ▪ Further UK Listing Rules Listing Category Introduced) Amendments ▪ New UK Public Offers & Admissions Regime (Full Implementation) ▪ Investment Research: Payment ▪ Investment Research Market (January) Opt
Slide 8: Changing sentiment in UK Capital Markets
Changing sentiment in UK Capital Markets UK Capital Markets: Bold transactions, and signs of renewed investor confidence M&A IPO • PHP’s acquisition of Assura for £1.8bn – creating the In total, we have seen £1.5bn raised from UK IPOs in H2 so far, the highest half year largest publicly traded healt
Slide 9: UK ECM 2025
UK ECM 2025 Since the market volatility of post ‘Liberation Day’, UK ECM has rebounded UK ABBs Summary Books Covered Date Company Transaction Type Value GBP (m) Disc. % % Sold Message 1 Strong Support for UK ECM raises (mins) 23-Apr Serabi Gold Secondary 21 -22.4 20.7 22 • Despite negative headlines
Slide 10: Renewed confidence among UK Strategics
Renewed confidence among UK Strategics UK Strategic bidders currently account for half of firm offers in 2025 year-to-date, reflecting a strong competitive position Firm Offers by Bidder Region # Firm Offers by UK Bidders Source: Peel Hunt M&A tracker 10
Slide 11: Continuing commitment to UK plc
Continuing commitment to UK plc Peel Hunt as a key voice in shaping the UK regulatory landscape A voice for change We use our position as a thought leader to further the cause of UK equity markets Regular contributions to national media from our CEO Steven Fine, Head of Research Charles Hall, and Ch
Slide 12: Our business
Our business
Slide 13: 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 £457m, 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 £415m Total Market Cap of R
Slide 14: Investment Banking | Client evolution
Investment Banking | Client evolution Continued growth in the average market capitalisation of our client base Maintaining focus on quality Experience working with FTSE 350 companies1 ▪ We continue to focus on growing and evolving our corporate 99 client base, with a focus on high-quality clients wh
Slide 15: Investment Banking | Long-term trusted advisors to our clients
Investment Banking | Long-term trusted advisors to our clients The strength and longevity of our relationships allows us to deliver for our clients throughout the lifecycle We are proud of the length of our relationships with our clients, having a relationship with over 20% of our client base for ov
Slide 16: Investment Banking | Beyond Equities
Investment Banking | Beyond Equities Building an Advisory platform - strategic development since 2017 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Establish ▪ M&A team established Broaden ▪ Build base of transaction credentials ▪ Add technical capability to Investment ▪ Grow M&A team to deliver
Slide 17: Investment Banking | Leading UK M&A advisers
Investment Banking | Leading UK 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 Cash and share Recommended cash Rank Adviser Value (£m) # Deals acquisition of Recommended cash offer by C
Slide 18: Investment Banking | ECM activity
Investment Banking | ECM activity Overall ECM activity remains dormant UK ECM Activity over time 12000 10000 Transaction Value (£m) 8000 6000 4000 2000 0 IPO Follow-On Primary Blocktrade Bloomberg – ECM deal rankings by value of deals in H1 ▪ Equity capital markets activity remains dormant, although
Slide 19: Research | Broad and deep coverage from an experienced team
Research | Broad and deep coverage from an experienced team Our research is being downloaded more than ever H1 in numbers 217,658 1,866 208,573 hours 17,437 169,092 171,777 Worth of Play requests 144,854 146,608 multimedia 141,795 content viewed 4,333 172 Research Videos client produced contacts H1
Slide 20: Equities | Global distribution capabilities
Equities | Global distribution capabilities We operate on a global scale to provide institutions and corporates with relevant services at the right time 229 1,219 1,466 Global Investor Global 1:1 meetings in Global roadshows in H1 attendees in H1 H1 Princes IPO – delivering the largest UK IPO since
Slide 21: Conferences | Connecting industries
Conferences | Connecting industries Driving conversation across sectors Annual Conferences ▪ We’re proud to host sector-spanning conferences that unite industry leaders, FTSE 250+ Conference specialists, and investors to share ideas. ▪ From April to November, we delivered five standout events featur
Slide 22: Execution Services | Consistent returns in a subdued market
Execution Services | Consistent returns in a subdued market Key headlines Execution Services revenue (£m) • Execution Services revenues were 30 £27.6m £27.6m, an increase of 57% period on 25 £18.3m £17.6m 20 £14.8m £14.8m £16m period (H1 FY25: £17.6m). 15 10 • During H1 FY26 the Group continued to 5
Slide 23: Technology at Peel Hunt
Technology at Peel Hunt Innovation enabling our business and people to perform We aim to maximise the productivity of our clients and our Trading teams through the delivery of innovative solutions which are both secure and reliable. Technology is at the core of We have focused on how we approach tra
Slide 24: AI in our business
AI in our business Innovation enabling our business and people to perform As AI becomes more of a feature in day-to-day for both AI in our daily operations companies and individuals, we are continuously looking to Continuing exploration of AI, looking to use it as a lever innovate and leverage tools
Slide 25: Financial performance
FINANCIAL. PERFORMANCE
Slide 26: Revenue performance | Improved performance on prior year
Revenue performance | Improved performance on prior year Research & Equities Investment Banking ▪ Revenue from research payments, execution ▪ Our Investment Banking team delivered a commission and core trading was marginally 46% increase on revenue as compared to up on the same period in FY25, with
Slide 27: Business optimisation | Maximising our employees' potential
Business optimisation | Maximising our employees’ potential Headcount restructure We continue to focus on setting up our business to operate in the most effective way possible, reducing costs while safeguarding shareholder returns. As part of this, we have undertaken a considered, measured staff res
Slide 28: Operating Costs Overview
Operating Costs Overview Commentary Adjusted Staff costs (£m) ▪ Adjusted staff costs1 were higher than 57.8% 54.8% the prior year period, due to accrued 50 60.0% 45 58.0% variable remuneration associated with 40 51.2% 56.0% 35 54.0% the increase in the Group’s profitability. 30 52.0% 25 50.0% 20 £38
Slide 29: Cost management | Supporting long-term success
Cost management | Supporting long-term success Group wide focus on cost effective business model to deliver profitability What we have done Focus for the future Over the past years, we have had an increased focus on costs, Operational Cost Management Proactive cost management through aiming to ensur
Slide 30: Balance Sheet & Capital Position Overview
Balance Sheet & Capital Position Overview Commentary Cash Position and Net Asset Value (£m) • The Group’s net assets have increased 40.0 200.0 over H1 FY26, resulting in net assets of 35.0 £101.7m as at 30 September 2025 30.0 150.0 (FY25: £88.7m). This increase is largely 25.0 £101.7m £94.8m £88.7m
Slide 31: Investors: RetailBook
RetailBook A key investment for Peel Hunt and a technology success story, now an independent FCA regulated firm 100% 90% 80% 70% 60% 50% 40% Investors 30% 20% 10% 0% FY23 FY24 FY25 H1 FY26 Peel Hunt ownership RetailBook powers inclusive capital markets, enabling individual investor access to opportu
Slide 32: Current trading and outlook
Current trading and outlook
Slide 33: Outlook
Outlook Current Trading and outlook Execution Services The Group has made a strong start to the second half, successfully completing several sizeable investment banking transactions and performance from our Execution Services business, although down from the highs of the first half, has Research & E
Slide 34: Appendix
Appendix
Slide 35: Income Statement
Income Statement Income Statement £’000 H1 FY26 H1 FY25 Change Research payments & Execution commission 13,866 13,616 1.8% Execution Services revenue 27,581 17,592 56.8% Investment Banking fees and retainers 32,921 22,579 45.8% Revenue 74,368 53,787 38.3% Adjusted staff costs* (35,890) (29,425) 22.0
Slide 36: Consolidated Balance Sheet
Consolidated Balance Sheet Balance Sheet £’000 H1 FY26 FY25 Change Non-current assets 20,573 19,914 3.3% Securities held for trading 84,664 68,539 23.5% Market and client debtors 601,819 496,029 21.3% Trade and Other debtors 21,262 20,042 6.1% Cash and cash equivalents 13,630 20,395 (33.2%) Current
Slide 37: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Cash Flow £’000 H1 FY26 H1 FY25 Change Net cash generated from operations 435 1,461 (70.2%) Cash flows from investment activities Purchase of tangible assets (398) (179) 122.3% Purchase of intangible assets (35) (165) (78.8%) Derecognition of Retail Book cash on
Slide 38: 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