Kelly Partners Group Holdings Ltd. · ASX:KPG
Kelly Partners — Shareholder Meeting (November 2025)
37 slides from Kelly Partners's shareholder meeting presentation, Nov 25, 2025
Slide 1: 2025 AGM
25 November 2025 2025 AGM KELLY PARTNERS GROUP HOLDINGS LIMITED (ASX: KPG) Brett Kelly Kenneth Ko Founder & CEO CFO Current 700 106 40 6 $134m $160m 45.2m 18.8cps 23.0% 4.5% 27.5% FY24 600 100 37 4 $108m $130m 45.0m 17.4cps 24.8% 3.0% 27.8% change +17% +6% +8% +50% +25% +23% +0.4% +8% -7% +50% -1% T
Slide 2: Mission, Values & Vision
Mission, Values & Vision MISSION VALUES VISION We exist to help our People, We want the best for others PEOPLE Private Business Owners First Choice Employer and the Communities we work in We do what we say CLIENTS Be Better Off. First Choice Accountant One team one best way to Private Business Owner
Slide 3: Strategy
Strategy Objective Top 10 in Australia Go Global Grow to become a top 10 accounting firm in Australia Growing Kelly+Partners Business System in global markets Scope Financial Review Top 100 Accounting Firms ($m) Rev ($m) Est. % Audit Deloitte 2,780.0 EY 2,500.0 PwC 2,350.0 KPMG 2,230.0 1 BDO 540.1 F
Slide 4: Structure
Structure RollUp Partner-Owner-Driver® Haphazard approach 12 Documented and systemised EXIT 11 Every person for themselves GROWTH 9% reinvested annually in business 10 Numerous confused brands BRAND One brand relevant to target market 9 Misaligned interests RISK Aggressive and defensive long-term 8
Slide 5: Locations
Locations UK & IRELAND: 1 UNITED STATES: 7 HONG KONG: 1 INDIA: 1 PHILIPPINES: 6 AUSTRALIA: 25 35 5 2025 AGM
Slide 6: Leading Partnership Platform
Leading Partnership Platform People 700 team members 41 office locations 61 partnerships 93% Great Place Inc. 106 operating partners 25 Australia and 16 global Since inception to Work® Clients 25,000 95% 4.7% US:72|AU:79 NPS vs active clients tax & accounting organic growth p.a. across Australia & U
Slide 7: KPG in 10 seconds
KPG in 10 seconds Profit & loss Balance sheet Cashflow Revenue Margin Parent NPATA Return Gearing Cashflow Efficiency +24.5% -2.2% +13.0% -1.8% +0.14x +23.3% +2.9% Revenue Underlying Underlying NPATA Return Net debt to underlying Operating Cash Growth EBITDA Margin Growth on Equity EBITDA cashflow C
Slide 8: 19 Years of Growth (Doubled 6 times)
19 Years of Growth (Doubled 6 times) due to KPG Business System Revenue $160.0 1 2 1 Double 2007 1 Double 2008 34 Double 2009 4 4 Double 2013 5 5 Double 2017 63 Double 2022 $160.0m year year years years years years $140.0 $134.6m $120.0 $108.1m $100.0 29.4% $86.5m $m $80.0 Revenue $64.9m $60.0 CAGR*
Slide 9: Progress in 5-year periods
Progress in 5-year periods 1. Start-up 2. Foundation 3. Build 4. Accelerate $140.0m $134.6m $120.0m $100.0m $80.0m 30% Revenue CAGR $60.0m $48.9m $38.1m 28% Margin $40.0m $30.2m $16.0m $20.0m $8.7m 33% Margin 29% Margin $9.1m $7.8m $2.0m $3.4m $5.1m $0.0m FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
Slide 10: 5-year plan
5-year plan This is a plan only and not a forecast or guidance 1. Start-up 2. Foundation 3. Build 4. Accelerate 5. Global $500.0m $500 $450.0m $397 $400.0m $350.0m 20.5% $315 $300.0m Revenue CAGR since $250 $250.0m IPO $198 $200.0m $175 $157 $139 $150.0m $135 $108 $110 $87 $88 $100.0m $65 $69 $49 $5
Slide 11: Performance
Performance Strong revenue growth EBITDA 2.6x since FY20(1) Successful programmatic acquisition strategy A$m A$m Acquired revenue growth 135 34 24% 5YR CAGR 21% 5YR CAGR 21% 5YR average 30 108 28.7% 84 26.5% 26.3% 20 20 65 16 20.0% 49 13 45 4.8% FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24
Slide 12: Performance
Performance Australia United States (ASX 300) (S&P 500 inc. Dividends) Adjusted Book KPG Value* Inc. Weighted Average No. of in Per Share Book Annual % Annual % Annual % Difference (KPG Annual % Difference (KPG Cumulative Financial year Dividends Paid Annual % Change Shares Value of KPG Change Chang
Slide 13: Performance
Performance KPG Adjusted Book Value vs KPG.ASX vs. ASX 300 (2009-2025) Shares issued to date rebased to 100 pre 2012 Shares issue pre 2012 $605,800 16,000 2014 Shares issued 2014 $1,078,611 $11,644,911 2016 Shares issued pre-IPO $1,835,500 14,000 2017 Shares converted from Con Note $8,125,000 2017 S
Slide 14: EPS & Free Cashflow per Share
EPS & Free Cashflow per Share (Owners’ earnings per share) 25.00 50,000,000 45,400,000 45,000,000 45,000,000 45,000,000 45,000,000 45,274,957 45,000,000 Share count -0.4% since IPO 20.19 20.00 40,000,000 Revenue 4.5x since IPO 18.84 17.84 17.44 35,000,000 15.00 14.03 13.99 30,000,000 13.33 12.01 11.
Slide 15: Capital Allocation – Full Year
Capital Allocation – Full Year KPG aims to build per-share intrinsic value by: FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Improving the earning power of our operating 34.0% 27.7% 32.5% 33.4% 30.9% 27.3% 29.6% 28.3% 1. businesses EBITDA margin of operating businesses Further increasing their earnings th
Slide 16: Partnerships
Partnerships ~6x Pre-IPO 14 average ~1 per annum 47 average ~6 per annum Firms 10 51,067 9 8% 8 Prospects 7 4,083 IPO 9% 6 Leads 5 366 9 4 8 7 Opportunities 3 6 6 X 2 4 4 3 3 3 Conversions 1 2 2 1 1 1 1 X 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2006 2007 2008 2009 2010 2011 2012 2013
Slide 17: Regional Oligopoly
Regional Oligopoly of KPG Accounting Firms would qualify in their own right as AFR Top 100 Accounting Firms by size (7 of 25) – i.e. annual revenues >$7.0m 17 2025 AGM
Slide 18: Brand Impact
Brand Impact Top 20 Competitors (Average) Average Founded: 1968 (57 years old) Founded: 2006 (19 years old) Sample Market:100 People Sample Market:100 People know who we are Know who they are 40% 23% Would consider using us Would consider using Them 17% 8% Have contacted us Have contacted them 8% 4%
Slide 19: Capital allocation
Capital allocation 19 2025 AGM
Slide 20: ROIC
ROIC “And when we think about Invested Capital, we think about the shareholder capital that has been invested in the businesses, plus any Adjusted Net Income less any distributions. Obviously, when you divide Adjusted Net Income by Invested Capital, you get a measure of the return on our shareholder
Slide 21: Additional Investment
Additional Investment • Additional investment of $3.7m Sources of capital Use of capital (2.7% of revenue) to ensure we can • Internal cashflow • Invest in existing operations • Pay down debt handle next stage of growth • Issue debt • Buy other companies • Pay dividends • Additional investment as a
Slide 22: Financial Highlights
Financial Highlights 22 2025 AGM
Slide 23: Financial Highlights
Financial Highlights 1 Owner earnings – calculated as Cash from Operating Activities less FY25 Financial Highlights (m) KPGHL & Controlled Entities KPGHL Attributed (parent only) Payments for Lease Liabilities less Maintenance Capex. P&L and Cashflow FY24 FY25 % Change FY24 FY25 % Change 2 Earnings
Slide 24: Income Statement
Income Statement Income Statement Summary ($m) Professional services revenue FY24 $108.1 FY25 $134.6 ∆% 24.5% Other income $1.1 $1.0 -5.0% Revenue of Operating EBITDA margin at Total Revenue $109.2 $135.6 24.2% $134.6m 30.8% / 28.3% Operating Expenses EBITDA – Operating Businesses -$77.2 $32.0 -$97.
Slide 25: FY25 Profitability
FY25 Profitability Accounting Accounting Accounting Operating Businesses Other Services Total Total inc. Subscale US & Ireland* Total Established Growth Subscale Revenue $96.4 $9.5 $6.7 $112.5 $2.2 $114.7 $19.9 $134.6 EBITDA^ $29.8 $2.5 $2.4 $34.7 $0.4 $35.0 $3.1 $38.1 EBITDA Margin % 30.9% 26.0% 35
Slide 26: Balance Sheet
Balance Sheet WIP Days Lockup Days 70.0 Debtor Days • Net Debt / Underlying EBITDA of 1.42x (FY24: 1.28x) 58.0 increased due to debt used to complete in year 60.0 56.1 3.7 51.6 7.7 acquisitions. 50.0 8.6 40.0 Group ROE of 38.8% (Group Underlying NPATA $25.8m / Days • Group Equity of $66.5m) (FY24: 4
Slide 27: Debt & Liquidity
Debt & Liquidity $100.0m $90.0m FY25 ($m) Parent Op. Bus Total Debt Cash, $6.8m Working Capital Debt $0.0 $7.7 $7.7 $80.0m Available Property Debt $0.0 $3.6 $3.6 $23.7m Headroom, $82.2m Acquisition & other term debt $22.3 $31.7 $54.0 $70.0m $16.9m Cash & Facility Gross Debt $22.3 $43.0 $65.3 Headroo
Slide 28: Cashflow
Cashflow • Cash from Operations pre AASB 16 of $24.9m Cash from Operations (CfO) Free Cashflow to Firm (FCFF) after Debt increased by 23.3% (FY24: $20.2m) Reductions • Free Cashflow to Firm after scheduled debt reductions increased 7.2% • Cash Conversion1 of 99.8% (FY24: 96.9%) is $24.9m $11.4m $12.
Slide 29: Parent & NCI Waterfall
Parent & NCI Waterfall 51% ($1,218) FY25 $13,852 $13,148 $12,634 ($2,209) • The profit attributable to the parent vs. NCI represent a 21%/79% ($708) split and differs from the ownership interests of ~51%/49%. $10,425 $9,717 This is due to the following items: ($3,681) • Income tax expense of $1.2m o
Slide 30: Shareholders
Shareholders 30 | 2025AGM
Slide 31: Online Voting Guide
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Slide 32: Resolution 1 - Adoption of Remuneration Report
Resolution 1 - Adoption of Remuneration Report To consider and, if thought fit, to pass, with or without amendment, the following resolution as an Ordinary Resolution: “That, for the purpose of Section 250R(2) of the Corporations Act and for all other purposes, approval is given for the adoption of
Slide 33: Resolution 2 - Re-election of Director – Mr Stephen Rouvray
Resolution 2 - Re-election of Director – Mr Stephen Rouvray To consider and, if thought fit, to pass, with or without amendment, the following resolution as an Ordinary Resolution: “That for the purposes of clause 13.3 of the Constitution and for all other purposes, Mr Stephen Rouvray be re-elected
Slide 34: Resolution 3 - Re-election of Director – Mr Paul Kuchta
Resolution 3 - Re-election of Director – Mr Paul Kuchta To consider and, if thought fit, to pass, with or without amendment, the following resolution as an Ordinary Resolution: “That for the purposes of clause 13.3 of the Constitution and for all other purposes, Mr Paul Kuchta be re-elected as a Dir
Slide 35: Resolution 4 - Ratification of prior issue of placement shares
Resolution 4 - Ratification of prior issue of placement shares under Listing Rule 7.4 To consider and, if thought fit, to pass, with or without amendment, the following resolution as an Ordinary Resolution: “That, for the purposes of ASX Listing Rule 7.4 and for all other purposes, Shareholders rati
Slide 36: Q&A
Q&A 36 | 2025AGM
Slide 37: Thank You
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Kelly Partners Group Holdings — Shareholder Meeting (November 2025) on 6ix