AF Legal Group Limited · ASX:AFL
AF Legal — Shareholder Meeting (November 2026)
25 slides from AF Legal's shareholder meeting presentation, Nov 13, 2026
Slide 1: AF Legal Group Ltd Annual General Meeting 2026
Level 2 P | 1300 997 056 326 William Street W | aflegal.com.au Melbourne VIC 3000 ACN: 063 366 487 For personal use only 13 November 2026 AF Legal Group Ltd Annual General Meeting 2026 Please find attached the following documents, which will be presented at the Annual General Meeting of AF Legal Gro
Slide 2: Chair Address
Level 2 P | 1300 997 056 326 William Street W | aflegal.com.au Melbourne VIC 3000 ACN: 063 366 487 For personal use only 13 November 2026 Chair Address Annual General Meeting 2026 Dear Shareholders, As many of you will know, I have only recently come to the role of Chair of AF Legal, and it is appro
Slide 3: Chair Address (continued)
Over the coming year, our focus will be on converting the investment we have made into growth and improved returns, and on finding better ways to deliver that growth. AI is now ever present and is significantly changing the way legal work is done. We will continue to focus on making AI work for us a
Slide 4: CEO Address
CEO Address Annual General Meeting 2026 Thanks Justin. Justin mentioned our Great Place to Work® survey and I’d like to start there, as these results reflect our transition into an organisation that is people-first and practice-led. We started this journey For personal use only back in mid-2023 with
Slide 5: CEO Address (continued)
This impacts some markets more than others. There is, however, an important point about the work we do. Demand for family law, estate disputes and criminal defence is driven largely by life events, not by the economic cycle. People still separate, families still contest wills, and people still need
Slide 6: 2026 Annual General Meeting
rsonal use only 2026 Annual General Meeting AF Legal Group Ltd (ASX: AFL) | 13 November 2026
Slide 7: Chair's Address
rsonal use only Chair’s Address 5
Slide 8: CEO's Address
rsonal use only CEO’s Address 6
Slide 9: FY26 review and Q1 FY27 update
rsonal use only FY26 review and Q1 FY27 update
Slide 10: Key Messages
KEY MESSAGES The four things to take away today FY26: record revenue and a fourth year of underlying profit growth rsonal use only Revenue up 29% to $35.5m and normalised NPBT attributable up 32% to $1.82m, with a softer second half as we absorbed around $0.7m of one-off costs. Q1 FY27: a record qua
Slide 11: FY26: record revenue and a fourth consecutive year of underlying profit growth
FY26 REVIEW FY26: record revenue and a fourth consecutive year of underlying profit growth Revenue ($ million) Normalised NPBT attributable ($ thousand) rsonal use only $35.5 1,823 $27.6 1,382 $21.7 $18.9 $17.0 781 159 (13) FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 +29% +32% +42% ~$0.7m Reve
Slide 12: Q1 FY27 at a glance: record revenue, earnings catching up
Q1 FY27 OVERVIEW Q1 FY27 at a glance: record revenue, with earnings still catching up rsonal use only $10.0m $768k $0.41m $1.34m 91% +11% on Q1 FY26 +11% on Q1 FY26 +48% on Q4 FY26 13.4% margin Up from 85% Revenue Average weekly revenue Normalised NPBT EBITDA Great Place to Work® attributable¹ Recor
Slide 13: Group Results
GROUP RESULTS Revenue up 11% on Q1 FY26; underlying profit up 48% on the previous quarter rsonal use only $'000 Q1 FY27 Q4 FY26 Q1 FY26 vs Q1 FY26 Reading the result Revenue 9,989 9,018 8,991 +11% Q1 FY26 was our strongest quarter of FY26, before the cost of our latest Average weekly revenue 768 694
Slide 14: Record quarterly revenue of $10.0 million
REVENUE Record quarterly revenue of $10.0 million, with growth in every practice area Growth by practice area (vs Q1 FY26) rsonal use only 9,989 8,991 8,837 9,018 Family Law +8% (+$0.60m) 8,696 Growth across our Family Law brands, led by Watts McCray in Sydney Criminal Law +50% (+$0.33m) New North S
Slide 15: Average Weekly Revenue
AVERAGE WEEKLY REVENUE Average weekly revenue reached a new high of $768k as our larger team builds rsonal use only Up 11% on Q1 FY26 and on Q4 FY26 768 More than double FY22 levels. 683 531 11 lawyers joined from June to September About half replaced departing lawyers and half filled new 417 roles.
Slide 16: Profitability
PROFITABILITY Underlying profit is recovering, but costs are running ahead of revenue What drove the Q1 result rsonal use only 782 Q1 FY27 vs Q1 FY26 Change Revenue +11% Fee-earner employment costs, excl. Criminal Law +17% expansion 481 Gross margin 44% (v 49%) 409 Overheads, excl. Project Titan cos
Slide 17: Investing in Capacity
INVESTING IN CAPACITY Capacity built ahead of demand: the cost comes first, the revenue follows rsonal use only Deeper expertise A larger team Resilient demand ❑ 7 Accredited Specialists added in calendar ❑ 11 lawyers joined from June to September ❑ Family law, estate disputes and criminal 2026, tak
Slide 18: Balance Sheet
BALANCE SHEET Net assets up to $11.4 million; refinancing of our NAB facility is underway rsonal use only $'000 30 Sep 2026 30 Jun 2026 Debt funding Cash and cash equivalents 1,064 1,028 ❑ Borrowings of $6.7m: $0.4m drawn and Trade and other receivables (current) 13,595 13,330 $0.225m repaid in the
Slide 19: Cash Flow
CASH FLOW Strong collections lifted operating cash flow; cash steady over the quarter rsonal use only $'000 Q1 FY27 Q1 FY26 Receipts up 24% on Q1 FY26 Receipts from customers 9,724 7,842 Collections reached 97% of revenue in the quarter (Q1 FY26: 87%). Payments to suppliers and employees (8,986) (7,
Slide 20: Focus and outlook FY27
rsonal use only Focus and outlook FY27
Slide 21: FY27 Outlook
FY27 OUTLOOK How we are tracking against the FY27 outlook we gave in August rsonal use only WHAT WE SAID WHAT WE SAID WHAT WE SAID Revenue growth to continue Operating leverage to improve Few, if any, one-off costs ON TRACK BUILDING ON TRACK Q1 revenue up 11% to a record $10.0m, Profit up 48% on Q4
Slide 22: Our Priorities
OUR PRIORITIES Our focus for FY27: converting the capacity we have built into earnings rsonal use only Fill the new capacity Lift practice margins Review cost base People-first culture ❑ Rebuilt websites using AI- ❑ Balance workloads across teams ❑ Reviewing every cost line ❑ Great Place to Work® 91
Slide 23: Strategy: five levers
STRATEGY A consistent strategy, pursued through five levers rsonal use only Short–medium term aspiration: $50 million revenue · $5 million NPBT attributable Family Law: organic Family Law: acquisition Complementary areas: organic Grow existing practices through team expansion, Enter regions where we
Slide 24: Thank you / Questions
rsonal use only Thank you Questions Chris McFadden, Chief Executive Officer Chris@AFLegal.com.au | +61 3 8602 1900 Level 2, 326 William Street, Melbourne VIC 3000 | aflegal.com.au
Slide 25: Direct and Proxy Votes received before the AGM
Direct and Proxy Votes received before the AGM Resolution For Against Open Abstain Resolution 1 12,046,463 165,291 416 12,400 personal use only Adoption of the Remuneration Report 98.65% 1.35% 0.00% Resolution 2 28,520,127 104,027 416 0 Re-election of Non-Executive Director – Peter Johns 99.64% 0.36