Peel Hunt Limited · LSE:PEEL
Peel Hunt — FY2025 Earnings Presentation
29 slides from Peel Hunt's earnings presentation, June 2025
Slide 1: For the period ended 31 March 2025
For the period ended 31 March 2025 JUNE 2025
Slide 2: Agenda
Agenda Presenters 01 Highlights & Overview Steven Fine Chief Executive Officer 02 Market context 03 Our business Billy Neve Incoming Group Finance Director 04 Financials 05 Q&A A1 Appendices 2
Slide 3: Highlights
HIGHLIGHTS
Slide 4: Business Highlights | A strong and diversified business
Business Highlights | A strong and diversified business From Daniel Davies in the Financial Times on 31 January 2025: “The best investment banking franchises are marked out by their willingness to tolerate short-term pain for long-term gain. They know that you can’t get stable earnings out of a cycl
Slide 5: Our Business
OUR BUSINESS
Slide 6: Investment Banking | Trusted, entrepreneurial and specialist
Investment Banking | Trusted, entrepreneurial and specialist The leading mid-market specialist UK investment bank, with an integrated corporate advisory model Corporate Advisory Equity Capital Raising • Eight dedicated sector teams S • Access to deep pools of long-term capital in Financial M the UK
Slide 7: Investment Banking | Increasing strength of our client base
Investment Banking | Increasing strength of our client base Peel Hunt punches above its weight in terms of total market cap of corporate clients Growth in average market cap of our client base Total Market Cap of Corporate Clients by Bank (June 2025) £1,200m Relative Market Total Number of Total Mar
Slide 8: Investment Banking | Client evolution
Investment Banking | Client evolution Continued growth in the average market capitalisation of our client base Maintaining focus on quality Growth in FTSE 250 client numbers ▪ We continue to focus on growing and evolving our +32 corporate client base, with a focus on high-quality clients who have, i
Slide 9: Investment Banking | Integrated M&A advice in UK takeover situations
Investment Banking | Integrated M&A advice in UK takeover situations Independent, specialist advice on UK public company takeovers BOA Deep insight into shareholder views RD Direct, primary insights into fund manager views to inform the & CE SH negotiating position from the outset VI A D Long-term R
Slide 10: Investment Banking | Leading UK M&A advisers
Investment Banking | Leading UK M&A advisers Top tier UK M&A practice, active on both buy and sell side transactions League Table | UK plc M&A1 Selected recent Peel Hunt M&A credentials Rank Adviser Value (£m) # Deals Possible cash offer Possible cash and Possible cash offer Possible cash offer by b
Slide 11: Investment Banking | ECM track record
Investment Banking | ECM track record Despite low levels of ECM activity, we have taken part in standout transactions in FY25, including Raspberry Pi Demonstration of real placing power and advisory capabilities IPO Block trade Placing and Retail Placing Offer Global Co-Ordinator 17 Joint Global Co-
Slide 12: Research | Broad and deep coverage from an experienced team
Research | Broad and deep coverage from an experienced team Market leading research 12 months of research products platform • Leading voice in the growth and mid- 19,872 346,642 4,677 2,982 Views and market. Downloads of Multimedia Pieces of written research listens of our our written products resea
Slide 13: Execution Services | Diverse and scalable trading capabilities
Execution Services | Diverse and scalable trading capabilities FY25 in key numbers £109.6 28 10 3 13.7m 4.6m 111.2m bn Markets Trades Settlements Quotes Value of UK Securities Products covered stocks traded In June 2025 the FCA announced that Retail investors can trade in crypto ETNs, giving us furt
Slide 14: Technology | RetailBook case study
Technology | RetailBook case study Development of market-leading retail technology platform Market-leading retail technology platform Spin-out of RetailBook Proprietary tech platform that allows retail investors to participate in equity fundraisings Peel Hunt developed a proprietary technology syste
Slide 15: Market Environment
MARKET ENVIRONMENT
Slide 16: Economics and market update
Economics and market update Although relative stock market performance is improving, outflows persist Commentary Economic data surprise indices Major indices price-to-earnings ratios 80 30 Macroeconomics • UK real GDP grew by 0.7% QoQ in 1Q25, the fastest 60 rate since 1Q24. Since the start of the y
Slide 17: Changing landscape | Reforms to support growth
Changing landscape | Reforms to support growth Positive signals from Labour government, with Peel Hunt advocating for further measures Overview • We have long advocated for policy reforms aiming to stimulate the UK market, which has entered a state of stagnation. • In recent months, the headline ref
Slide 18: Thought leadership | Championing UK plc
Thought leadership | Championing UK plc Peel Hunt is positioned at the forefront of crucial conversations to revitalise UK equity markets We engage with policymakers to support the UK government’s A key solutions-led voice for change economic ambitions, including its work to boost economic growth th
Slide 19: FY25 Performance
FY25 PERFORMANCE
Slide 20: FY25 Financial Highlights | Increased revenues in challenging markets
FY25 Financial Highlights | Increased revenues in challenging markets Group Revenue Adjusted Profit Before Tax Investment Banking Revenue Execution Services Revenue £91.3m £0.8m £31.5m £33.6m Research & Distribution Net Assets Revenue £85.7m £26.1m Cash Balance £20.4m 20
Slide 21: Revenue performance | Solid performance despite limited ECM activity
Revenue performance | Solid performance despite limited ECM activity Research & Distribution Investment Banking ▪ Revenue from research payments, execution • Investment Banking revenues in FY25 commission and core trading was up 10.5% at were slightly down at £31.5m, compared £26.1m (FY24: £23.6m).
Slide 22: Cost management | Supporting long-term success of the business
Cost management | Supporting long-term success of the business Group wide focus on cost efficient business to deliver profitability through the market cycle Overview ▪ Throughout the year we have continued to focus on rationalising our costs where possible. ▪ After removing the impact of exceptional
Slide 23: Operating Costs Overview
Operating Costs Overview Commentary Adjusted Staff costs (£m) ▪ We have reduced staff costs during the 57.8% 57.2% 56.7% 50 60.0% year through headcount reductions, 49 55.0% £51.8m leading to our average headcount 48 £50m 50.0% decreasing by 3.2% compared to prior 47 £47.6m 45.0% year. However, staf
Slide 24: Balance Sheet & Capital Position Overview
Balance Sheet & Capital Position Overview Commentary Cash Position and Net Asset Value (£m) • The Group’s net asset position as at 31 March 2025 remains strong at £88.5m £95.0 £93.1 £91.8 £40.0 (31 March 2024: £91.8m). We have £90.0 £88.7 £30.0 continued to focus our attention on maintaining a healt
Slide 25: Appendices
APPENDICES
Slide 26: Income Statement
Income Statement Income Statement £’000 FY25 FY24 Change Research payments & Execution commission 26,108 23,629 10.5% Execution Services revenue 33,673 29,638 13.6% Investment Banking fees and retainers 31,526 32,567 (3.2%) Revenue 91,307 85,834 6.4% Adjusted staff costs* 51,755 50,043 3.4% Non-staf
Slide 27: Consolidated Balance Sheet
Consolidated Balance Sheet Balance Sheet £’000 FY25 FY24 Change Non-current assets 19,914 23,144 (14.0%) Securities held for trading 68,539 60,104 14.0% Market and client debtors 496,029 551,943 (10.1%) Trade and Other debtors 20,042 19,613 2.2% Cash and cash equivalents 20,395 37,929 (46.2%) Curren
Slide 28: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Cash Flow £’000 FY25 FY24 Change Net cash generated from operations 9,601 7,027 36.6% Cash flows from investment activities Purchase of tangible assets (583) (76) 667.1% Purchase of intangible assets (283) (1,078) (73.7%) Disposal of property, plant and equipment
Slide 29: Disclaimer/Risk Warning
Disclaimer/Risk Warning This document has been prepared by Peel Hunt LLP (“Peel Hunt”) and is for the use of the addressee only. It may not be copied or distributed to any other person without the written consent of Peel Hunt. This document has been prepared using sources believed to be reliable and