Keystone Law Group Plc · LSE:KEYS
Keystone Law — FY2026 Earnings Presentation
23 slides from Keystone Law's earnings presentation, Apr 29, 2026
Slide 1: Annual Results for the Year Ended 31 January 2026
ANNUAL RESULTS FOR THE YEAR ENDED 31 JANUARY 2026
Slide 2: Executive Summary
ANNUAL RESULTS EXECUTIVE SUMMARY THE MODEL GROWTH & SCALABLE THE OPPORTUNITY • The premier platform law firm • Growth predominantly driven • A profitable, highly cash generative, empowering lawyers to deliver through recruitment of high-calibre growing business which is low risk exceptional client s
Slide 3: Results Highlights
ANNUAL RESULTS RESULTS HIGHLIGHTS STRONG FINANCIAL PERFORMANCE RECORD NUMBER OF FEE EARNERS JOINED KEYSTONE • Revenue grew 17.9% • 61 Principals and 63 pod members joined • Adjusted PBT up 20.6% • New Principals recruited 14 of the 36 net • Operating cash conversion 98.9% new pod members showing con
Slide 4: Recruitment KPIs Remain Strong
ANNUAL RESULTS RECRUITMENT KPIS REMAIN STRONG Qualified New Applicants 294 96 68 270 283 294 Applicants (Principals) Offers Made (Principals) Offers Accepted (Principals) 2025: 283 2025: 95 2025: 52 2024 2025 2026 Offers Made / Accepted & Starters 61 491 654 103 95 96 68 68 61 New Principals joined
Slide 5: Keystone's AI Journey
ANNUAL RESULTS KEYSTONE’S AI JOURNEY AI success being achieved by implementing and promoting a variety of solutions, tailored to our business WORKING AS A TEAM TO DELIVER DEVELOPING BESPOKE EMBEDDING GENERATIVE AI SOLUTIONS THAT MAKE AN GENERATIVE AND AGENTIC SOLUTIONS INTO KEYSTONE IMPACT AI SOLUTI
Slide 6: Brand Refresh
ANNUAL RESULTS BRAND REFRESH SURVEY OF KEYSTONE LAWYERS APRIL 2026 • Designed and implemented new brand imagery • New look and feel significantly enhances Keystone’s offering • Aligns with broader brand position Branding reflects broader brand position • Enhances experience of all stakeholders inter
Slide 7: Financial Highlights
ANNUAL RESULTS FINANCIAL HIGHLIGHTS £115.2M £12.9M £15.3M 13.3% Revenue +17.9% Adj. PBIT +11.4% Adj. PBT +20.6% Adj. PBT Margin 2025: £97.7m 2025: £11.6m 2025: £12.7m 2025: 13.0% 98.9% £9.7M 37.0P 24.7P Operating cash conversion Net cash Adjusted EPS Ordinary DPS 2025: 94.5% 2025: £9.7m 2025: 30.4p
Slide 8: Income Statement
ANNUAL RESULTS INCOME STATEMENT YEAR ENDED 31 JANUARY £'000 2026 2025 Change Revenue 115,169 97,703 17.9% REVENUE & GM STAFF COSTS OTHER ADMIN Gross Profit 29,350 25,474 15.2% Revenue up 17.9% to £115.2m Staff costs increased 17% . We Increased by 19.3%. largest GM% 25.5% 26.1% driven by broad based
Slide 9: Balance Sheet
ANNUAL RESULTS As at : 31-Jan 31-Jan BALANCE SHEET £'000 2026 2025 Property, plant and equipment 630 772 Right of use assets 1,510 1,974 Intangible assets 4,807 4,807 Investments 314 129 CASH PROVISIONS Total non-current assets 7,261 7,683 Trade and other receivables 32,825 28,326 Cash positive and
Slide 10: Cashflow
ANNUAL RESULTS YEAR ENDED 31 JANUARY CASHFLOW £'000 2026 2025 Profit before tax 14,672 11,685 Depreciation - right of use assets 464 454 CASH GENERATIVE NET INTEREST CORPORATION TAX Amortisation & other depreciation 227 369 Revaluation of other assets (184) 0 • Model inherently cash • Successful ren
Slide 11: Summary & Outlook
ANNUAL RESULTS SUMMARY & OUTLOOK SUMMARY OUTLOOK • Another excellent year for Keystone • A positive start to the new financial year. • Strong broad based client demand continued • Trading conditions largely unchanged from last to drive growth year, except for the interest environment, and • A record
Slide 12: Business Overview
KEYSTONE LAW APPENDIX BUSINESS OVERVIEW
Slide 13: Keystone Law
ANNUAL RESULTS KEYSTONE LAW THE PREMIER TECH ENABLED PLATFORM LAW FIRM FAST GROWING, WELL DIVERSIFIED • We deliver high quality conventional legal services to our clients PROFITABLE LAW WITH NO CLIENT, FIRM WITH • Our clients range from fast-growing start ups to multinational LAWYER, SECTOR OPERATIO
Slide 14: The Model
ANNUAL RESULTS THE MODEL Contract Invoice Keystone provides its Payment Lawyers are paid lawyers with infrastructure Contract 75% of bill once the and support via its central payment has been office, a bespoke IT platform and access to a network of CLIENT received by Keystone from the client. collea
Slide 15: Growth Strategy and Market Dynamics
ANNUAL RESULTS GROWTH STRATEGY AND MARKET DYNAMICS ORGANIC GROWTH LARGE ADDRESSABLE MARKET STRATEGY MARKET DYNAMICS • Primary driver of growth is • UK legal mid-market worth over • Keystone’s model now accepted by recruitment of high calibre £12b revenue p.a. the mainstream lawyers (“Principals”) •
Slide 16: Track Record of Growth
ANNUAL RESULTS TRACK RECORD OF GROWTH 121 115 117 163 • Fast growing – revenue of £ 115.2m(1) , increase of c15% p.a. 107 140 109 (Jan 21– Jan 26) 80 87 93 83 • UK’s 57th largest law firm by revenue(2) 79 65 • Profitable with enhancing margins 51 • Adjusted PBIT(3) of £ 12.9m(1), increase of 17% p.a
Slide 17: Consistently Strong Financial Performance
ANNUAL RESULTS CONSISTENTLY STRONG FINANCIAL PERFORMANCE Adj PBIT & Adj PBT (£’m) Revenue per Principal (£’000) Revenue (£’m) 115.2 97.7 243.5 76.4 87.9 15.3 220.3 71.2 12.7 12.9 211.9 11.3 11.6 9 9.1 9.1 9.2 10.4 186.7 192.9 5.9 6 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 2022 2023 202
Slide 18: Consistently Strong Financial Performance
ANNUAL RESULTS CONSISTENTLY STRONG FINANCIAL PERFORMANCE • Recruitment driven through three principal Qualified new applicants Starters (Principals) channels • Key determinant in success of candidates is their quality and their ability to build and maintain client relationships. 283 294 270 53 61 •
Slide 19: Why Lawyers Join Keystone
ANNUAL RESULTS WHY LAWYERS JOIN KEYSTONE SURVEY OF KEYSTONE LAWYERS APRIL 2026 • Ability to focus on legal work and clients • Avoid management obligations, commuting and politics Firm culture • Remuneration structure Sense of community • Excellent brand, support and infrastructure • Freedom, flexibi
Slide 20: What Keystone Delivers to Its Lawyers
ANNUAL RESULTS WHAT KEYSTONE DELIVERS TO ITS LAWYERS High calibre colleagues A supportive, inclusive Leading brand providing breadth and and collaborative and reputation depth of support and community referring work Marketing and Compliance and Finance and business development risk management admini
Slide 21: A Full-Service Law Firm: Well Diversified
ANNUAL RESULTS A FULL-SERVICE LAW FIRM : WELL DIVERSIFIED BILLING BY CASE TYPE 2026 • We deliver the full range of services our clients need Other across the legal spectrum Employment 3% 13% • Our growth strategy ensures this mix continues to grow and deepen 5% Private client • A well-balanced mix o
Slide 22: Robust Risk Management
ANNUAL RESULTS ROBUST RISK MANAGEMENT SURVEY OF KEYSTONE LAWYERS APRIL 2026 • Strategic planning Compliance team support • Selective recruitment • Regular training and professional development Compliance training • Experienced compliance and risk management team • Use of technology and exception rep
Slide 23: Disclaimer
ANNUAL RESULTS DISCLAIMER This presentation has been prepared by Keystone Law Group plc (“Keystone” or the “Company”) and the information contained herein is restricted and is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or u