Af Legal Group Limited · ASX:AFL
Af Legal — FY2026 Earnings Presentation
18 slides from Af Legal's earnings presentation, Aug 31, 2026
Slide 1: FY26 Full Year Results
FY26 Full Year Results Year ended 30 June 2026 AF Legal Group Ltd (ASX: AFL) | 31 August 2026
Slide 2: FY26 at a glance: strong full-year growth, with a softer second half
FY26 RESULTS OVERVIEW FY26 at a glance: strong full-year growth, with a softer second half $35.5m $1.82m $4.64m $683k 85% +29% on FY25 +32% on FY25 +42% on FY25 Record full year Certified Nov-25 Revenue Normalised NPBT EBITDA (margin 12.9%) Average weekly revenue Great Place to Work® attributable¹ F
Slide 3: The four things to take away from FY26
KEY MESSAGES The four things to take away from FY26 Strong full-year growth Revenue up 29% to $35.5m; underlying profit (Normalised NPBT attributable) up 32% to $1.82m — the fourth consecutive year of underlying profit growth. A softer second half H2 revenue was flat on H1, and H2 underlying profit
Slide 4: Underlying profit up 32% on revenue growth of 29%
GROUP RESULTS Underlying profit up 32% on revenue growth of 29% $ million FY26 FY25 Change What “Normalised NPBT attributable” means Revenue¹ 35.5 27.6 +29% Profit before tax, excluding identified one-off items EBITDA 4.64 3.26 +42% and excluding the share of profit belonging to minority partners in
Slide 5: Revenue rose 29% to a record $35.5 million
REVENUE Revenue rose 29% to a record $35.5 million — up 88% over three years Growth by practice area (vs FY25) $35.5 Family Law +23% (+$5.2m) Organic growth across the national network $27.6 Contested Wills & Estates +27% (+$0.9m) $21.7 Continued growth since Apr-24 acquisition $18.9 $17.0 Criminal
Slide 6: H2 revenue held flat as growth normalised; FY27 has begun with renewed momentum
REVENUE — SECOND HALF H2 revenue held flat as growth normalised; FY27 has begun with renewed momentum 800 H2 revenue of $17.7m was up 19% on H2 FY25, but broadly flat on H1 (–0.6%). 750 $730k+ 700 650 This was the first half with no acquisition boost — all practice areas were in the comparative peri
Slide 7: H2 profit was reduced by ~$0.7m of one-off costs that we did not adjust out
PROFITABILITY H2 profit was reduced by ~$0.7m of one-off costs that we did not adjust out Adjusted out of the underlying result ($1.26m) 1,263 Project Titan implementation $1.04m Legal defence costs (matters from 2021–22) $0.40m Historic reconciliation adjustments (FY21–23) $0.20m 821 Deferred consi
Slide 8: FY26 was a deliberate year of investment in systems, people and leadership
INVESTING FOR GROWTH FY26 was a deliberate year of investment in systems, people and leadership Systems — Project Titan People Leadership ❑ New practice management (Aderant ❑ Great Place to Work® 85% (Nov-25) — ❑ Senior management team restructured Expert) and document management up from 53% in Aug-
Slide 9: Net assets grew to $10.8m; receivables reflect growth in longer-cycle work
BALANCE SHEET Net assets grew to $10.8m; receivables reflect growth in longer-cycle work Net assets of $10.8m, up $1.0m on 30 June 2025. Debt funding ❑ Borrowings unchanged at $6.5m (NAB acquisition Trade & other receivables up $4.4m (+40%) — delayed billing in May around the Titan facility) go-live
Slide 10: Cash flow absorbed one-off payments and investment in growth
CASH FLOW Cash flow absorbed one-off payments and investment in growth Operating cash flow of $1.5m (FY25: $2.9m). The reduction largely $ million FY26 FY25 reflects one-off payments — Project Titan ($1.0m) and the Net operating cash flow 1.6 2.9 management restructure ($0.3m) — plus the working-cap
Slide 11: A consistent strategy, pursued through five levers
STRATEGY A consistent strategy, pursued through five levers Short–medium term aspiration: $50 million revenue · $5 million NPBT attributable Complementary areas — Family Law — organic Family Law — acquisition organic Grow existing practices through team Enter regions where we have no presence — Expa
Slide 12: FY27: revenue growth with improved operating leverage
OUTLOOK FY27: revenue growth with improved operating leverage Revenue growth to continue Operating leverage to improve Few, if any, one-off costs FY27 is anticipated to see further revenue With a largely fixed cost base, we expect to re- The one-off events of FY26 were concentrated in growth. Averag
Slide 13: Appendix
Appendix Detailed financial information AF Legal Group Ltd (ASX: AFL) | FY26 Full Year Results 13
Slide 14: Financial performance — FY22 to FY26
APPENDIX A Financial performance — FY22 to FY26 $'000 FY26 H2 FY26 H1 FY26 FY25 FY24 FY23 FY22 Revenue¹ 35,542 17,714 17,828 27,602 21,661 18,881 16,983 Average weekly revenue ($k) 683 681 686 531 417 363 327 AWR growth on pcp 29% 19% 40% 27% 15% 11% 54% NPBT 2,041 576 1,465 896 1,476 (7,556) 295 NP
Slide 15: From EBITDA to Normalised NPBT attributable — FY26
APPENDIX B From EBITDA to Normalised NPBT attributable — FY26 $ million FY26 EBITDA 4.64 Depreciation & amortisation (incl. lease amortisation) (1.93) Interest (0.67) NPBT (statutory) 2.04 NPBT attributable to minority interests (1.29) NPBT attributable to owners of AF Legal Group 0.75 Normalisation
Slide 16: Consolidated balance sheet (summary)
APPENDIX C Consolidated balance sheet (summary) $'000 30 Jun 2026 30 Jun 2025 Cash and cash equivalents 1,028 2,213 Trade and other receivables (current) 13,330 11,064 Other current assets 997 1,035 Non-current assets (incl. $2.1m non-current receivables) 15,598 13,553 Total assets 30,953 27,865 Tra
Slide 17: Consolidated cash flow (summary)
APPENDIX D Consolidated cash flow (summary) $'000 FY26 FY25 Receipts from customers 31,146 26,397 Payments to suppliers and employees (28,409) (22,762) Net interest and income tax (1,076) (771) Net cash from operating activities 1,661 2,864 Net cash used in investing activities (433) (3,605) Net cas
Slide 18: Thank you
Thank you Chris McFadden — Chief Executive Officer Chris@AFLegal.com.au | +61 3 8602 1900 Level 2, 326 William Street, Melbourne VIC 3000 | aflegal.com.au AF Legal Group Ltd (ASX: AFL) | FY26 Full Year Results 18