Nahl Group Plc · LSE:NAH
Nahl — H1 2026 Earnings Presentation
24 slides from Nahl's earnings presentation, September 2026
Slide 1: Interim Results 2026
Interim Results 2026 September 2026
Slide 2: Introduction
Introduction Agenda 1. Highlights 2. Financial Review 3. Business Review 4. Post Period-end and Outlook 5. Appendices James Saralis Chris Higham CEO CFO • Joined in 2018 as CFO of NAHL • Joined in 2006 • Chartered Accountant • Chartered Certified Accountant • 20 years experience in public and • Prev
Slide 3: Highlights
Highlights
Slide 4: Financial Highlights
Financial Highlights Revenue Operating Profit1 Profit Before Tax1 +5% +13% +31% £18.3m £3.4m £2.3m (H1 2025: £17.5m) (H1 2025: £3.0m) (H1 2025: £1.8m) Cash from Settlements Free Cash Flow Net Debt at Period-end +6% +43% -66% £5.7m £2.2m £1.1m (H1 2025: £5.4m) (H1 2025: £1.5m) (31 Dec 2025: £3.2m) In
Slide 5: Operational Highlights
Operational Highlights Consumer Legal Services Critical Care • Revenues +7% to £9.9m. • Revenues +3% to £8.5m. • Underlying operating profit +41% to £1.9m. • Underlying operating profit remained flat at £2.6m. • National Accident Law performed well: • Expert witness revenues +11%, with continued str
Slide 6: NAHL Group plc
NAHL Group plc A leader in the consumer legal services and catastrophic injury markets Consumer Legal Services Critical Care What we do What we do Delivering marketing services and personal injury claim processing Delivering a range of specialist services to claimants and to UK consumers and busines
Slide 7: Financial Review
Financial Review
Slide 8: Financial Performance
Financial Performance Strong H1 delivery with increased revenues and profit H1 2026 H1 20251 +/- +/- 20251 £m £m £m % £m • Group revenue +5% to £18.3m. Consumer Legal Services 9.9 9.3 0.6 7% 20.4 Critical Care 8.5 8.2 0.3 3% 16.3 • Underlying operating profit +13% to £3.4m Revenue 18.3 17.5 0.9 5% 3
Slide 9: Cash Generation
Cash Generation 43% growth in free cash flow leading to net debt of £1.1m - the lowest level since IPO in 2014 • Free cash flow of £2.2m, 43% higher than last year with operating cash conversion at 113% H1 H1 +/- +/- 2025 - 100% growth in cash generated after deduction of drawings 2026 2025 paid to
Slide 10: Highlights - Consumer Legal Services
Highlights - Consumer Legal Services
Slide 11: Consumer Legal Services
Consumer Legal Services Funnel to cash value creation model Clear growth strategy built on four pillars Financial highlights 1.High-quality 2.Value 3.Exceptional 4.Technology • Revenue +7% to £9.9m work growth in customer and • Underlying operating profit +41% to £1.9m NAL service productivity • Cas
Slide 12: National Accident Helpline
National Accident Helpline Growth in enquiry generation, with a more valuable mix of work Enquiries by quarter ('000) 9.8 • 11% growth in enquiry generation, with 7,256 new 9.2 8.8 8.9 8.0 9.0 8.6 8.3 enquiries generated in H1 2026. 6.2 5.1 4.9 3.5 3.5 3.0 3.6 3.2 4.0 3.3 • Average enquiry acquisiti
Slide 13: NAL is built on proven cohort WIP analysis
NAL is built on proven cohort WIP analysis £11.5m of future cash is currently embedded in NAL’s WIP £6.2m £5.8m £8.5m £6.6m £6.0m £10.7m £2.9m £3.5m £2.1m £2.8m £5.7m £5.9m £3.5m £2.1m £0.2m To update £0.3m £1.3m £6.0m £13.9m £14.4m £13.0m £1.3m £11.2m £11.5m £0.1m £3.8m £8.4m £0.2m £4.7m £2.3m £2.2
Slide 14: Cohort performance has overdelivered against initial estimates
Cohort performance has overdelivered against initial estimates 2019 Cohort - £3.3m cash collected to date compared to initial £2.3m estimate New cohort £0.2m value £3.4m Revenue Estimates £m £1.0m £0.9m £0.7m £3.3m £2.3m £0.6m Future £0.6m cash / £0.1m £0.0m £0.2m £0.1m debtor / accrued New Enquirie
Slide 15: Cohort performance has overdelivered against initial estimates
Cohort performance has overdelivered against initial estimates 2021 Cohort - £8.2m cash collected to date compared to initial £6.0m estimate New cohort £0.3m value £8.5m Revenue Estimates £m £1.4m £2.5m £2.1m £8.2m £2.4m Future £6.0m cash / £1.6m £0.4m debtor / £0.3m accrued New Enquiries Revaluatio
Slide 16: Highlights - Critical Care
Highlights - Critical Care
Slide 17: Critical Care
Critical Care The brand leader for expert witness, case management, and care services in the UK catastrophic injury sector Our Strategy Financial Highlights Our low-risk, low-cost strategy for growth is focused on delivering growth in expert • Revenue +3% to £8.5m witness and case management and acc
Slide 18: Expert Witness
Expert Witness The largest provider of expert witness services to the UK catastrophic injury and complex care markets Number of expert witness reports issued +2% yoy; despite being constrained by current capacity • Expert witness services grew revenues by 11% to £4.7m. 735 736 699 719 636 580 • 736
Slide 19: Case Management
Case Management A leading provider of ongoing case management services to a large client base through a recurring revenue model • Case management revenues fell 8% to £3.3m. Number of INA reports delivered 265 274 261 • 188 Initial Needs Assessments reports delivered, 10% 229 210 214 188 fewer than l
Slide 20: Bush & Co. Care Solutions
Bush & Co. Care Solutions High-growth proposition providing peace of mind for direct employment and nurse led packages Continued growth in revenue • Care Solutions grew revenues by 20% to £0.5m, all of which was recurring. £0.5m £0.4m £0.4m £0.4m • 29% growth in the number of ongoing care £0.3m £0.2
Slide 21: Post Period-end and Outlook
Post Period-end and Outlook
Slide 22: Post Period-end: Searches UK sale
Post Period-end Searches UK - Completion of sale anticipated imminently • On 27 August 2026, the Group signed a binding conditional agreement to sell Searches UK to TM Group • A leading supplier of residential and (UK) Limited. commercial property conveyancing • Enterprise Value of £1,234,000. searc
Slide 23: Outlook
Outlook The Board has upgraded its expectations for the current year outturn and anticipates being in a net cash position by the end of October 2026 Consumer Legal Services Critical Care • As announced on 28 September 2026, the Group has • Trading in July and August 2026 was similar to last year: se
Slide 24: Disclaimer
Disclaimer The information contained in this document (“Presentation”) and the presentation made to you verbally has been prepared by NAHL Group PLC (the “Company”). NAHL Group PLC is a UK company quoted on AIM, a market operated by London Stock Exchange plc. This Presentation has not been fully ver