Knights Group Holdings Plc · LSE:KGH
Knights — FY2026 Earnings Presentation
36 slides from Knights's earnings presentation, July 2026
Slide 1: Full Year Results
Full Year Results For the year ended 30 April 2026 Strong organic growth and performance driven by differentiated model and proven strategy July 2026
Slide 2: Company disclaimer
Company disclaimer • Thes e presentation slides (the “Slides” hav e been issued by Knights Group Holdings plc (the “company”). • The Slides hav e been prepared by and are the sole res ponsibility of the Company. Although all reasonable care has been taken to ens ure that the facts stated in the Slid
Slide 3: Knights: Well-positioned for market opportunities
Knights: Well-positioned for market opportunities Built around the regions, working as one national team 1 2 3 Largest firm in the regional UK legal Integrated and scaled platform Compounding, cash generative, services market, with a combines deep regional knowledge profitable growth model driven by
Slide 4: Track record of profitable, cash generative growth
Track record of profitable, cash generative growth Underlying revenue10 £'m Underlying PBT3 £'m 250 40 36.6 215.9 C. 6.0 x IPO 207.7 35 C. 6.9 x IPO 33.2 200 30 28.0 162.0 25.3 150.0 150 142.1 25 21.6 125.6 20 18.4 18.1 103.2 100 15 13.6 74.3 52.7 9.4 10 50 5 0 0 2019 2020 2021 2022 2023 2024 2025 2
Slide 5: FY26: Overview
FY26: Overview Strong organic growth driven by differentiated model and proven strategy Significant increase in Excellent cash generation, revenue with strong organic Strong increase in self-funding acquisitions underlying PBT growth momentum and investment Continued investment in Acquisitions perfo
Slide 6: Financial Review
Knights mlatclarersl Review
Slide 7: Full year highlights
Full year highlights Strong organic growth and performance after c.£30.3m of acquisition consideration Debtor days WIP days Underlying revenue10 Underlying EBITDA3 Underlying PBT 3 +28.2% +20.0% to £51.5m +18.6% to £33.2m (organic growth of 7.1%) (FY 2025: £42.9m) (FY 2025: £28.0m) To Underlying EBI
Slide 8: Strong organic growth complemented by successful acquisitions
Strong organic growth complemented by successful acquisitions Underlying revenue10 bridge (£’m) 250 7.1% H1: 2.6% H2 11.8% 207.7 200 10.6 18.6 Driven by 47.6 162.0 16.5 quality of senior hires, 150 12.5 sustained lower churn and strong pricing discipline 100 160.1 149.5 76.450 0 Revenue FY 2025 FY 2
Slide 9: Strong financial performance
Strong financial performance Summary income statement (£’000) 30 April 2026 30 April 2025 • Revenue growth of 28%: 21% from acquisitions; 7% organic. Underlying revenue 10 207,729 161,966 Underlying revenue growth % 28.2% 8.0% • Employee costs increased as a percentage of revenue to 61% (FY25: Other
Slide 10: Significant increase in underlying PBT
Significant increase in underlying PBT3 Underlying PBT bridge (£’m) Underlying PBT margin (%) 60 18.0% 55 1.1 17.5% Strong platform for 22.3 17.3% future profitable 50 growth driven by 17.0% 45 (5.8) experienced Client Services Directors’ 40 16.5% (0.9%) 35 (9.8) 0.9% 0.2% 16.0% 33.2 16.0% (1.2) (1.
Slide 11: Performed well across our Key Performance Indicators
Performed well across our Key Performance Indicators Increasingly high calibre talent driving cash generative, profitable growth High gross profit margin11 (%) Strong cash generation - Underlying FCF (£'m)4 55 50 40.3 49.6 40 49.4 50 48.4 30 26.7 24.6 20 45 10 40 0 FY 24 FY 25 FY 26 FY 24 FY 25 FY 2
Slide 12: Building on track record of cash discipline throughout the Group
Building on track record of cash discipline throughout the Group Industry leading lock up days and cash consistently released from acquisitions Group lockup8 days 140 Progress reducing lockup days of acquisitions 116 113 113 120 112 105 At At acquisition 30 April 26 100 129 days 65 days FY24 Lockup
Slide 13: Excellent cash conversion
Excellent cash conversion £'000 30 April 2026 30 April 2025 163% Underlying Cash Underlying EBITDA3 51,497 42,928 Conversion 4 FY 2025: 130% Change in working capital 2,366 (5,121) Cash outflow for IFRS 16 leases (7,207) (6,515) £40.3m Movement in underlying share-based payment charge 1,310 1,195 Un
Slide 14: Maintained net debt after acquisitions spend and capex
Maintained net debt after acquisitions spend and capex Net debt7 bridge (£’m) 70.0 1.2 4.3 65.4 64.8 5.5 (2.1) Net debt broadly 60.0 6.0 maintained after £17m for 9.0 acquisitions and 50.0 £6m capex 16.9 40.0 Covenant leverage ^ 30.0 1.50x at 30 April 2026 (40.2) 20.0 (1.57x at 30 April 2025) 10.0 E
Slide 15: Strategy Update
Knights Strategy Update
Slide 16: Strong Momentum in key drivers of organic growth
Strong Momentum in key drivers of organic growth Multiple levers for future growth Selective recruitment Sustained low churn Excellent employee and retention of high at 10%, significantly engagement remained calibre professionals lower than industry strong, with eNPS of with strong client average +4
Slide 17: Evolving our team for the future
Evolving our team for the future Creating the UK’s most effective, collaborative professional services team 1 • Strengthened brand and geographic "I am already seeing the benefit footprint, increasingly selective and of working as part of such a focused in our hiring, to deliver earlier talented tea
Slide 18: Growing through acquisition
Growing through acquisition Selective, earnings-accretive acquisitions remain a core pillar of our growth strategy • FY26 acquisitions broadened the platform geographically and by service line, including Birkett Long and Birkett Long IFA in Essex, Rix & Kay in the South East and Le Gros in Cardiff •
Slide 19: A centralised, scalable platform as a key differentiator
A centralised, scalable platform as a key differentiator Enabling operational gearing as we grow the business 1 • An expanded, established and SPOTLIGHT ON: LEADERSHIP experienced management team Strengthened • Expanded Executive Team reporting to CEO and increased management team • Working together
Slide 20: Technology as a strategic advantage
Technology as a strategic advantage Our structure better enables us to harness technology across the business 1 KEY DEVELOPMENTS IN FY26 • Experienced people freed up to deliver better service and spend more time on Grow higher value, advisory work +£1.0m CTO Investment in technology, John Earl appo
Slide 21: Compounding profit growth model
Compounding profit growth model Supporting, sustainable growth Recruitment Organic growth FY26: 39 senior FY26: 7.1% hires Leveraging our brand, Strong platform, profitability Acquisitions technology FY26: FY26: 4 and scale underlying PBT +18.6% Cash generation FY26: underlying FCF £40.3m Knights │
Slide 22: Summary and current trading
Summary and current trading Look forward to delivering continued organic growth and value enhancing acquisitions 1 2 3 Positive start to the year, with Investment in people, Focus on technology; a strategic continued organic growth management capability and advantage given our platform – expected, s
Slide 23: Appendices
Knights Appendices
Slide 24: Appendix I: Additional Financial Information
• Appendix I: • Additional Financial Information
Slide 25: Balance sheet and liquidity
Balance sheet and liquidity Summary balance sheet 30 April 30 April £'000 2026 2025 • Goodwill and intangibles increased due to acquisitions. Goodwill and other intangibles 112,224 105,873 • Right of use assets net of lease liabilities reduced by £2.0m as we continue to manage our property portfolio
Slide 26: Deferred and Contingent consideration
Deferred and Contingent consideration Deferred Contingent consideration consideration Total (£'000) (£'000) (£'000) Accrued at 30 April 2026 2,500 4,732 7,232 Payable at 30 April 2026 FY27 974 6,652 7,626 FY28 974 5,668 6,642 FY29 678 1,706 2,384 Total 2,626 14,026 16,652 Non Underlying P&L charge:
Slide 27: Organic growth calculation
Organic growth calculation £'000 30 April 2026 30 April 2025 Underlying income pre FY25 / FY26 acquisitions 160,142 149,467 Organic growth excludes income growth from acquisitions in the year of FY25 acquisition income 28,992 12,499 their acquisition, and for the first full financial year following
Slide 28: Reconciliation of fee earner numbers
Reconciliation of fee earner numbers Partner & Senior Other-qualified Non-qualified Total Associates professionals professionals Integrar professionals Opening FTE at 1 May 2025 471 310 293 83 1,157 Acquisition starters (net of any FY25 and FY26 acquisition leavers) 24 7 (11) - 21 Re-classification
Slide 29: Reconciliation of underlying to statutory measures – PBT
Reconciliation of underlying to statutory measures – PBT Underlying profit before tax 3 (£'000) 30 April 2026 30 April 2025 Profit before tax 10,237 12,269 Non-underlying revenue (247) - Amortisation on acquired intangibles 5,270 4,033 Contingent acquisition payments 8,077 3,752 Non-underlying costs
Slide 30: Reconciliation of underlying to statutory measures – PAT and EPS
Reconciliation of underlying to statutory measures – PAT and EPS Underlying profit after tax5 (£'000) / Underlying earnings per share 6 (pence) 30 April 2026 30 April 2025 Profit after tax 4,736 7,576 Non-underlying revenue (247) - Amortisation on acquired intangibles 5,270 4,033 Non-underlying oper
Slide 31: Glossary
Glossary 1. Fee earners are individuals working on a fee earning basis, which includes professionals (legal and non -legal) of all levels. Average fee earners in the year is calculated by averaging month-end FTEs over the reporting period, including all organic and acquired fee earners. Fees per FTE
Slide 32: Appendix II: Additional Operational Information
• Appendix II: • Additional Operational Information
Slide 33: Capital allocation framework
Capital allocation framework Maintaining industry leading Highly cash Strong cash 1 Existing lockup, leverage scale and generative with generation business enhancing acquisition cashflows limited capex requirements Investment in quality people, Invest to achieve 2 Organic growth collaborative work e
Slide 34: Broad and deep specialisms serving both corporate and individual clients
Broad and deep specialisms serving both corporate and individual clients Core legal services offering 25.1% Real Estate 20.0% Private Wealth 11.8 % Expert, multi-sector advice in a broad range of commercial matters including asset management, plot sales, property litigation, construction, developmen
Slide 35: Leadership team
Leadership team Knights │ Full year results 35
Slide 36: Thank you
Thank you Knights Registered Office The Brampton Newcastle-Under-Lyme Staffordshire ST5 0QW Tel: 0344 371 2562
Knights Group Holdings — FY2026 Earnings Presentation on 6ix