Nahl Group Plc · LSE:NAH
Nahl — H1 2025 Earnings Presentation
29 slides from Nahl's earnings presentation, September 2025
Slide 1: Interim Results September 2025
September 2025 2 0 2 5 Interim Results
Slide 2: Introduction and Agenda
Introduction Agenda 1. Highlights 2. Financial Review 3. Business Review 4. Summary and Outlook 5. Appendices James Saralis – Group CEO Chris Higham – Group CFO James is Chief Executive Officer of the Chris is Chief Financial Officer of the Group, which he joined in January 2018. Group, having joine
Slide 3: Highlights
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Slide 4: Financial Highlights
Financial Highlights Revenue Profit before tax Basic Underlying EPS1 £19.2m £1.9m 3.0p (H1 2024: £19.4m) (H1 2024: £0.5m) (H1 2024: 0.7p) Cash from Settlements Free Cash Flow Net Debt at 30 Jun £5.3m £1.5m £5.6m (H1 2024: £4.0m) (H1 2024: £0.7m) (31 Dec 2024: £7.1m) Interim Results 2025 1 EPS is bas
Slide 5: Operational Highlights
Operational Highlights Consumer Legal Services Critical Care • Revenues decreased modestly but underlying • Revenues increased 2%; operating profit by 1% operating profit increased 89% to £1.6m; • 43% of revenues are recurring Personal Injury rebounded well after challenges • Operating profit margin
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, personal injury claim processing and Delivering a range of specialist services to claimants and property searches to UK co
Slide 7: Financial Review
Financial Review 7
Slide 8: Financial Performance
Financial Performance Strong growth in underlying profit before tax and EPS £m H1 2025 H1 2024 +/- % 2024 Consumer Legal Services 11.0 11.4 (0.3) -3% 22.9 • Group revenue flat at £19.2m. Critical Care 8.2 8.0 0.2 2% 15.9 • Underlying operating profit +70% to £3.2m Revenue 19.2 19.4 (0.2) -1% 38.8 -
Slide 9: Cash Generation
Cash Generation Strong operating cash resulting in continued reduction to net debt £m H1 25 H1 24 +/- % 2024 • Free cash flow of £1.5m, 119% higher than last year; strong Personal Injury 1.5 1.3 0.2 15% 2.7 operating cash conversion at 102% Residential Property 0.2 0.1 0.0 26% 0.4 - Cash generation
Slide 10: Business Review - Consumer Legal Services
Business Review - Consumer Legal Services 10
Slide 11: Consumer Legal Services
Consumer Legal Services Mature, efficient personal injury law firm delivering results Our Strategy Strategic Progress Our strategy is to build a sustainable, integrated law • Enquiry acquisition costs returned to historical firm, National Accident Law, growing the value of levels after last year’s c
Slide 12: National Accident Helpline
National Accident Helpline Lead generation stabilised after challenging 2024 • Effectively managed enquiry acquisition costs to come in under Number of enquires generated historical levels in the Period, comprising higher quality RTA and non-RTA leads compared to previous years. 17,932 17,559 18,084
Slide 13: National Accident Law: 2019 cohort
National Accident Law 2019 cohort of claims continues to outperform original expectations Cohort value = £3.4m £0.2m Revenue Estimates £m 2,415 new £0.9m enquiries £1.1m £3.2m cash collected £0.7m £3.2m • 1,225 claims won £2.3m £0.6m • Further £0.1m revaluation in the £0.6m year taking the total exp
Slide 14: NAL – Claims Processing: 2020 cohort
NAL – Claims Processing 2020 cohort of claims Cohort value = £5.0m £0.4m 3,587 new Revenue Estimates £m enquiries £1.2m £1.1m £4.7m cash collected • 1,753 claims won £1.1m £4.7m • Further £0.4m revaluation in the £3.8m £1.0m year taking the total expected over delivery to £1.2m £0.7m £0.4m • 231 ong
Slide 15: National Accident Law
National Accident Law Litigating more to drive higher value settlements • At 30 June 2025, NAL was processing 7,530 ongoing claims (31 December 2024: 8,473) with an estimated embedded value of £13.1m of future cash, of which £9.6m is yet to be recognised. - 1,648 claims settled in the Period, which
Slide 16: Business Review - Critical Care
Business Review - Critical Care 16
Slide 17: Critical Care
Critical Care A leading player in the serious and catastrophic injury market Our Strategy Strategic Progress Our strategy is to grow share in the catastrophic, • Strategic investment in recruitment yielding serious injury and care markets by appealing to a results, by growing specialisms and capacit
Slide 18: Expert Witness
Expert Witness Strong market demand fuels further growth 13% more expert witness reports issued in H1 2025 699 719 • Expert witness services grew revenues by 11% 636 580 556 • 719 reports issued in the Period, an increase of 13% 408 470 • Strong pipeline of future work, with 667 new instructions rec
Slide 19: Case Management
Case Management Management taking steps to address challenging market conditions • Revenues were 9% lower in the Period than last year Number of INA reports issued • 210 Initial Needs Assessments reports delivered, 20% fewer 277 265 274 261 252 than last year 229 210 • 237 new instructions generated
Slide 20: Case Management
Case Management Management taking steps to address challenging market conditions The issues: Solutions: 1. A gradual decline in INA instructions, which ultimately 1. Recruitment of new Account Manager role to improve drive billing for ongoing case management (see the service to our insurer clients.
Slide 21: Bush & Co. Care Solutions
Bush & Co. Care Solutions Peace of mind for direct employment and nurse led packages • Revenues increased by 26% to £0.4m, all of which is recurring • Delivering a comprehensive range of services including employment support (recruitment and payroll), care management (care planning, nursing and medi
Slide 22: Outlook
Outlook 22
Slide 23: Outlook
Outlook NAHL had a good first half; expects to meet market expectations for the year Consumer Legal Services Critical Care In July and August 2025: In July and August 2025: • The Group generated over 2,452 new enquiries, 12% • Demand for Expert Witness services remain strong. higher than the H1 mont
Slide 24: Appendices
Appendices 24
Slide 25: NAL – Claims Processing: 2021 cohort
NAL – Claims Processing 2021 cohort of claims Cohort value = £7.6m £0.3m 8,249 new £1.4m enquiries £1.7m £7.0m cash collected Revenue Estimates £m £2.1m • 3,284 claims won £7.0m • Further £0.4m revaluation in the £6.0m £2.4m year taking the total expected over delivery to £1.7m £0.9m • 846 ongoing c
Slide 26: NAL – Claims Processing: 2022 cohort
NAL – Claims Processing 2022 cohort of claims Cohort value 8,760 new = £6.9m £0.3m enquiries £1.0m £4.4m cash collected £1.7m Revenue Estimates £m • 2,728 claims won £2.4m £5.7m • Further £0.2m revaluation in the £5.9m year taking the total expected £1.3m over delivery to £1.0m £0.1m £1.1m • 1,149 o
Slide 27: NAL – Claims Processing: 2023 cohort
NAL – Claims Processing 2023 cohort of claims 8,518 new £0.6m Cohort value enquiries £1.3m = £7.9m £2.3m £2.8m cash collected Revenue Estimates £m £2.8m • 2,720 claims won £1.5m £6.6m £0.1m • Further £0.1m revaluation in the year £3.3m • 1,581 ongoing claims expected to generate a further £3.7m of c
Slide 28: NAL – Claims Processing: 2024 cohort
NAL – Claims Processing 2024 cohort of claims 5,892 new Cohort value enquiries £0.0m = £6.2m £0.6m £1.7m £1.1m Revenue Estimates £m £0.2m £2.8m cash collected £6.2m • 1,154 claims won £4.3m • Further £0.1m revaluation in the year • 2,111 ongoing claims expected to New Enquiries Adjustments / Cash Ca
Slide 29: 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