Slide 1: Investor Presentation Financial Year 2026 Interim Results
INVESTOR PRESENTATION Financial Year 2026 Interim Results
Slide 2: Investment case
CAVENDISH Investment case Market Leader Reliable revenue from large client base transacting across markets and asset classes Operational leverage created by a low fixed cost base Increased client choice from our broad service offering relative to competitors Repeat revenue generation from retainers
Slide 3: About Cavendish
CAVENDISH Investor Presentation About Cavendish
Slide 4: Management
Management Lisa Gordon John Farrugia Julian Morse Independent Co-Chief Executive Co-Chief Executive Ben Procter Non-Executive Chair Officer Officer Chief Financial Officer Lisa Gordon was appointed as a Non- John was appointed to the Board of Julian was appointed to the Board as Ben was appointed to
Slide 5: Cavendish has come a long way since 1988
Cavendish has come a long way since 1988 Equity Capital Quoted Company Cavendish founded as a Markets M&A 1988 sellside M&A boutique – Vastly experienced ECM advisory – Leading M&A deal flow experience team providing proactive in the growth company market strategic capital markets advice – Deep UK P
Slide 6: A full-service investment bank for ambitious growth companies
A full-service investment bank for ambitious growth companies INVESTMENT BANKING EQUITIES Capital Markets Sales, Trading and 203 Equity Research for 164 M&A Advisory Investment banking professionals institutional fund UK quoted clients managers Debt Advisory £1.1bn+ 21 Transactions advised on Resear
Slide 7: Our Numbers
Our Numbers Financials Quoted Clients Private M&A £28.6m Revenue 1st share of clients on AIM 8 sell-side transactions – £18.2m Transactions – £5.3m Retainers – £5.0m Equities 1 buy-side transactions 164 quoted clients ~40 open mandates on average £2.0m Adjusted profit before tax 8 clients won from –
Slide 8: Market Overview
Market Overview R EL AT I V E 2 Y F O R WAR D PE R AT I O OF F TS E 2 50 AN D M S C I W OR LD • UK Small and Mid-Caps still very attractively valued 25,000 0 compared to history and global equities 24,000 • M&A continues, confirming the value in UK Small and Mid- 1 23,000 Caps, which is now more bro
Slide 9: Journey of a Growth Company
Journey of a Growth Company Our market and industry sector expertise underpins enduring strategic relationships with our clients at each step in their growth agenda. illustrative £1,000m £750m £500m Valuation £300m £200m £100m £30m Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10 Yr11 Yr12 Client Tenure LEN
Slide 10: Strategy
CAVENDISH Investor Presentation Strategy
Slide 11: Strategic Opportunities Grid
CAVENDISH Strategic Opportunities Grid Depth • M&A Regional Expansion • Sector specialisation • Research Monetisation • International Distribution • Data Analytics & AI Scale of Services Breadth Cavendish • Complementary services • Integrated origination Cenkos • Operations synergies finnCap Range o
Slide 12: Financials
CAVENDISH Investor Presentation Financials
Slide 13: Income Statement
DYNAMIC LIQUIDITY AND COST CONTROLS UNDERPIN OUR OPERATIONAL EFFICIENCY Income Statement ‒ Adjusted Profit of £2.0m better reflects core 6 months ended 6 months ended 12 months ended 30 September 2025 30 September 2024 31 March 2025 performance, excluding non-cash and non-recurring Unaudited Unaudit
Slide 14: Balance Sheet
DYNAMIC LIQUIDITY AND COST CONTROLS UNDERPIN THE EFFICIENCY OF OUR PLATFORM Balance Sheet 30 September 2025 30 September 2024 31 March 2025 Unaudited Unaudited Audited ‒ 5 years remaining on 10-year lease at Bartholomew Close, £’000 £’000 £’000 costing ~£2.6m annually. Recent rent review has Non-cur
Slide 15: Cash Flow (Simplified)
DYNAMIC LIQUIDITY AND COST CONTROLS UNDERPIN THE EFFICIENCY OF OUR PLATFORM Cash Flow (Simplified) 6 months ended 6 months ended 12 months ended 30 September 2025 30 September 2024 31 March 2025 ‒ Consistent Cash generation, £1.4m operating Unaudited Unaudited Audited cashflows generated in line wit
Slide 16: Investment case
CAVENDISH Investment case Market Leader Reliable revenue from large client base transacting across markets and asset classes Operational leverage created by a low fixed cost base Increased client choice from our broad service offering relative to competitors Repeat revenue generation from retainers
Slide 17: Disclaimer
CAVENDISH Disclaimer Cavendish is the trading name of the group of companies held by Cavendish Financial plc (no. 11540126), each registered in England and Wales at 1 Bartholomew Close, London EC1A 7BL, and comprises Cavendish Securities plc (no. 05210733), Cavendish Corporate Finance LLP (no. OC333