Slide 1: Full Year Results Presentation
Full Year Results Presentation For the 12 months ended 31 March 2025 G mha bakertilly INTERNATIONAL Now, for tomorrow
Slide 2: Rakesh Shaunak and Steve Moore
Rakesh Shaunak Steve Moore Chief Executive Officer Chief Financial Officer • A key figure behind the creation of MHA and membership of Baker Tilly International • Responsible for the firm’s finances, working closely with the firm’s Finance Director • Audit Partner on several of the firm’s Public Int
Slide 3: At a Glance
Particularly for a first results deck, an ‘At a Glance’ slide is helpful because most investors and analysts are still getting to know MHA. We’re a leading firm of chartered accountants, tax It gives them a clear, quick understanding of and business advisers. From offices across the UK, the business
Slide 4: Strong FY25 performance and successful IPO
Strong FY25 Momentum Well positioned to performance and continues into scale through successful IPO FY26 with clear organic growth provide a powerful medium-term and disciplined platform for ambition M&A growth Trading to date on track, Recurring revenues, a 45% revenue growth, supportive structural
Slide 5: FY25 financial highlights
Revenue of £224.2m (FY24: Organic revenue growth of £154m) £30.8m (FY24: £27m) AIM listing in April 2025, Growth achieved across Pre-IPO EBITDA1 of approximately £98m raised all sectors and service Recurring income (FY24: £84.9m (FY24: £61.6m) lines 87%) Adjusted Pre-tax profit2 of Adjusted EBITDA3
Slide 6: Context
Context FY25 figures reflect the combined results of MHA group entities for the year ended 31 March 2025, prior to the Company’s IPO and group reorganisation Consistent with the presentation of the historical financial information used in the Company’s AIM Admission Document Adjustments made to refl
Slide 7: Track record of growth with high margins
We have a historical track record of growth with high margins which has accelerated through our successful buy-and-build strategy FY24 FY25 45% increase in revenue Revenue £154m £224.2m Combined profit before tax1 £58.2m £85.9m 31% increase in adjusted profit Post-IPO Partner Remuneration2 (£30.5m)
Slide 8: Cash conversion and cash flow
• Low capital expenditure requirements • Strong historical cash conversion WIP • Profit before tax to operating cash flow of 84% in FY25. 91% adjusting for gain on bargain purchase (FY24: 89%) Days FY24 FY25 Debtors Profit before taxation £58.1m £85.9m Net cashflow from operating activities £51.8m £
Slide 9: Fees billed by business area
Business Area Fees Billed (£m) Growth on Prior Year FY24 FY25 Total Organic Audit & Assurance £80.6 £113.5 41% 20% Tax £26.8 £40.8 52% 15% Advisory £40.2 £60.9 52% 14% Wealth £3.2 £8.1 152% 5% £150.8 £223.3 48% 18% • 87% of revenue is recurring • 5% of revenue is re-occurring • 8% of revenue is tran
Slide 10: Sector
FY25 compared to prior year: Total Organic Fee's Billed (£m) Sector Growth Growth FY25 Billed % of total FY24 Billed Increase % Real Estate & Construction £26.4 13% £18.2 45% 13% Retail, Consumer & Hospitality £26.2 12% £14.8 77% 21% Financial Services £23.4 11% £18.6 26% 13% Manufacturing & Enginee
Slide 11: Top clients over past five years
Top 300 Fee Totals Top 300 clients over past five years Top 10 £467k £1.2m 11 - 20 +153% £157k £677k +330% 21 - 100 £92k £265k 101 - 200 £58k £140k +187% 10 +140%
Slide 12: FY24–FY25 revenue bridge
FY24 –FY25 FY24 £154.0m Lost clients -£3.0m Fee growth from existing clients £9.6m New clients / wins: Won in 23/24, billed FY24/25 £10.8 Won in 24/25, billed FY24/25 £10.4 Acquisitions: MHA NW Audit, ABAS & Tax £25.2m MHA NW Corporate Finance £2.8m MHA NW Wealth £3.5m Baker Tilly Ireland £4.7m Scot
Slide 13: Acquisition strategy and integration
Clear criteria • Strategic fit across services, sectors, geography and people • Predominantly equity-based transactions to align interests • Rigorous financial, commercial and regulatory due diligence • Quality is crucial, we are not a consolidator Structured integration • Focus on operational syner
Slide 14: Market Context
Market Context
Slide 15: UK accounting and audit market
• The UK accounting and audit market is forecast to reach £38.5bn in 2025, growing at a 5.3% CAGR since 2020 (IBISWorld, June 2025) • MHA was the fastest-growing firm among the UK top 15 in 2024 • Revenue per partner expected to rise further as we secure larger, more complex mandates Top Accountancy
Slide 16: Structural growth drivers
Structural growth drivers • Rising regulatory complexity and risk • Clients demanding multi-service advisers, not single specialists • Ongoing reputational issues for Big Four creating space for challengers, supported by regulatory desire Innovation • Technology and analytics transforming how servic
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Slide 18: Quality, platform, brand, alignment and financial strength
Quality and Scalable Brand and Talent and Financial momentum platform reach alignment strength • High-quality revenue, both • IPO as a springboard for • Strong brand and global • Proven team, deeply • Robust cash generation recurring and double-digit disciplined M&A in a Baker Tilly International in
Slide 19: Where technology is driving opportunity
Where technology is driving opportunity • Automation – onboarding, AML and routine tasks • Digitisation – bots streamlining data entry and returns • Enhanced audit – advanced sampling, journal testing and analytics • Analytics – facilitating opportunities between tax and wealth • Power BI dashboards
Slide 20: Our Unique Proposition - Leading with Ambition
Our Unique Resilient, diversified business High quality of earnings Proposition - Large client base across multiple sectors – no Recurring, regulation-driven revenues with strong cash Leading with single client >1% of Group revenue conversion and low capex Ambition Multiple growth engines Consistent
Slide 21: Thank You and Questions
Thank You and Questions
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Slide 23: IPO proceeds and capital deployment priorities
£98m raised | £250m pre-money valuation Capital deployment priorities • Attracted top-tier institutional investors at • Inorganic growth (selective M&A) IPO • Provide liquidity to long-standing partners • Investment in technology and talent Shareholder structure post-IPO • Supporting retention and l
Slide 24: First post-IPO acquisition completed August 2025
Our first post-IPO acquisition completed August 2025 • A leading professional services firm offering a comprehensive range of services to clients in Cyprus, Greece and South-East Europe, predominantly in audit, tax, advisory, legal and corporate services • A strong financial track record, growth pot
Slide 25: Baker Tilly International
MHA is the UK representative of Baker Tilly International; a global Top 10 professional services network of independent accountancy and business advisory firms. Since joining in 2014, we have both Board and Strategic Committees representation MHA has exclusive rights to use Baker Tilly brand in UK a
Slide 26: Our core services
Our ‘Go to market’ strategy is via sectors and specialisms, supported by national & global capability’ Our core services Advice & Planning Financial Training Outsourcing Audit & Assurance Forensic Accounting Restructuring & Recovery Business Strategy Global Business Services Tax Compliance & Advisor
Slide 27: £30,000,000 2023/24 £25,000,000 2024/25 £20,000,000 £15,000,000 £10,000,000 £5,000,000 - 26
£30,000,000 2023/24 £25,000,000 2024/25 £20,000,000 £15,000,000 £10,000,000 £5,000,000 - 26
Slide 28: Fee growth FY16 to FY25
£250 Millions £200 12% +336% Over 10 years to £150 FY25 +48% £100 Fees up this year £50 FY16 £600k FY24: £1.6m 23% FY25: £1.7m £0 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Slide 29: Key offices by region
Key Offices • Aberdeen • Edinburgh North-West Key Offices • Liverpool • Manchester • Preston Ireland Central Key Offices Key Offices • Dublin • Birmingham • Cork • Leicester • Milton Keynes Key Offices Wales • London Key Offices • Colchester • Cardiff • Kent • Swansea • Thames Valley 28
Slide 30: ESG commitment
We have a fundamental and strong ESG commitment across the Group. Adopted at an early stage, we fully support the UK Government’s ambitious plans to reduce greenhouse gas emissions to net zero carbon (“net zero”) by 2050. As a Group, we are working to become a net zero organisation by 2030 – and by
Slide 31: Client-first culture and sector-led growth
Client-first culture • Focus on exceptional service, high standards and accountability • 98% partner retention over the past two years Sector-led growth • Market engagement through sector-focused teams • Partners target new business within their sector expertise, leveraging networks Go-to-market mod
Slide 32: Partner alignment and retention
98% Partner retention rate FY24 & FY25 Driving alignment and retention • 4-year lock-in on partners’ equity with 5-year clawback provisions How it works • Partnership culture retained – LLP structure remains in place • Employee Benefit Trust (10% of equity) – non-dilutive incentive pool for new part
Slide 33: MHA registration and legal information
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 inspection