Knights Group Holdings Plc · LSE:KGH
Knights — H1 2026 Earnings Presentation
37 slides from Knights's earnings presentation, January 2026
Slide 1: Half Year Results
Half Year Results For the period ended 31 October 2025 Strong first half with a firm return to organic growth Momentum building in the second half January 2026
Slide 2: Company disclaimer
Company disclaimer Thes e presentation slides (the “Slides” hav e been issued by Knights Group Holdings plc (the “company”). The Slides hav e been prepared by and are the sole res ponsibility of the Company. Although all reasonable care has been taken to ens ure that the facts stated in the Slides a
Slide 3: Strong H1 performance, with a return to organic growth
Strong H1 performance, with a return to organic growth Confident in a full year performance in line with expectations Significant increase in Recruitment momentum revenue with a Strong increase in and sustained firm return to organic underlying PBT improvement in churn growth Operational Strengthene
Slide 4: Track record of profitable, cash generative growth
Track record of profitable, cash generative growth 35 Underlying PBT5 £’m 32.9 250 Revenue £’m 30 28.0 200.1 25.3 200 5.7 x IPO 25 6.9 x IPO 162.0 21.6 150 142.1 150.0 20 18.4 18.1 125.6 103.2 15 13.6 100 74.3 9.4 52.7 10 50 34.9 4.8 5 0 0 2018 2019 2020 2021 2022 2023 2024 2025 2026* 2018 2019 2020
Slide 5: Financial Review
Financial Review
Slide 6: Half year overview – key financials
Half year overview – key financials Strong first half with return to organic growth after c.£30.3m of acquisition consideration Debtor days WIP days HY underlying revenue13 Underlying EBITDA10 and margin Underlying PBT5 and margin +30% +19.1% +12.5% (organic growth of 2.6%) to £25.5m (HY 2025: £21.4
Slide 7: Underlying revenue bridge
Underlying revenue 13 bridge (£’m) 120 9.1 2.0 100 12.7 24.8 3.0 80 60 40 78.4 76.4 76.420 0 Underlying revenue HY25 FY25 acquisitions HY26 acquisitions Organic revenue Underlying revenue HY26 Organic income Acquisition income (13) See Glossary Knights │ Half year results 7
Slide 8: Strong financial performance
Strong financial performance Summary income statement (£’000) 31 October 31 October 2025 2024 Underlying revenue13 103,220 79,414 • Revenue growth of 30%: 27% from acquisitions; 3% organic Revenue Growth % 30.0% 5.5% Other operating income 5,686 4,857 • Staff costs up as a percentage of revenue prim
Slide 9: Double digit increase in underlying PBT
Double digit increase in underlying PBT5 Underlying PBT Bridge (£’m) PBT margin (%) 30 20 0.8 10.7 19 25 18.4 Strong platform for (2.1) 18 future profitable growth driven by 20 17 (1.0) experienced Client (0.7) (5.7) 16.4 16 Services Directors’ (0.4) 0.5 15.9 (0.9) 14.6 (1.0) (0.6) 15 15 (0.3) 14 10
Slide 10: Key Performance Indicators
Key Performance Indicators Pleasing performance across the board Gross profit margin14 (%) Strong cash generation - Underlying FCF (£'m)4 20 60 50.5 49.0 47.5 14.7 50 15 40 10 30 6.9 5.9 20 5 10 - - HY24 HY25 HY26 HY24 HY25 HY26 Gross profit per FTE fee earner 14 (£'k) Increased fees per FTE fee ear
Slide 11: Industry leading debtor days
Industry leading debtor days Lockup8 days Continued success reducing 120 acquisition lock up days 100 At At acquisition 31 Oct 25 33 80 33 33 35 31 32 215 days 80 days Lockup days FY23 60 Financial 213 days 72 days discipline 40 maintained, 129 days 59 days 70 59 despite66 62 65 63 FY24 20 increased
Slide 12: Summary cash flows
Summary cash flows £'000 31 October 2025 31 October 2024 122% Underlying EBITDA 10 25,501 21,417 Underlying Cash Conversion 4 Change in working capital (5,360) (8,388) Cash outflow for IFRS 16 leases (3,466) (2,957) £14.7m Movement in underlying share-based payment charge 735 445 Underlying free cas
Slide 13: Net debt bridge
Net debt7 bridge (£’m) 80 3.7 75.2 2.8 5.0 0.6 70 (2.1) Net debt of 64.8 15.0 60 £75.2m 50 £64.8m (14.7) at 30 April 2025 40 30 £100m RCF - extended 20 until November 2028 10 - Net Debt to EBITDA^ 1.8x at 31 October 2025 (1.6x at 30 April 2025) * includes deferred and contingent acquisition payments
Slide 14: Operational Review
Operational Review
Slide 15: Strategically scaling and strengthening our business
Strategically scaling and strengthening our business To support future growth Strong recruitment Momentum in key and sustained drivers of organic growth improvement in retention Disciplined investment Strategically scaling in management, through acquisitions offices and technology Delivering a premi
Slide 16: Momentum in key drivers of organic growth
Momentum in key drivers of organic growth Strong recruitment and sustained improvement in retention Knights - Stoke office Sustained reduction 46 senior fee earners in churn16; annualised Employee satisfaction joined or scheduled to 9% (FY25 H1: 20%, at highest ever level join imminently, up H2 10%)
Slide 17: Strategically scaling our platform
Strategically scaling our platform All acquisitions integrating well and trading as expected; continue to assess a solid pipeline of opportunities Case study: Cemented leading position in the Midlands c.£3.8bn c. 200 • Integrated substantial teams across the West Midlands Addressable Firms operating
Slide 18: Enhanced infrastructure to support significant growth
Enhanced infrastructure to support significant growth Investment in management, offices and technology 1 • Expanded Client Services Directors team, with increased mentoring across the business Strengthened operational • New Chief Technology Officer, John Earl, appointed in June 2025, with over 23 ye
Slide 19: Driving operational excellence: spotlight on technology
Driving operational excellence: spotlight on technology Supporting growth and margins through enhanced productivity and client experience Newly established Security Migration of documents to a Further deployment of AI Operations Centre to add further cloud environment, unlocking Assistance and Agent
Slide 20: Knights today: unmatched national scale with unique local reach
Knights today: unmatched national scale with unique local reach Business never stronger in terms of scale, recognition, services and talent Our competitive advantage An industry leader 1 Unrivalled breadth of locally 32 4:1 1,248 accessible • Underserved locations with strong demand for a broad suit
Slide 21: Compounding profit growth model
Compounding profit growth model Supporting medium term growth Recruitment Organic growth Leveraging our brand, technology and scale Strong Acquisitions profitability Cash generation Knights │ Half year results 21
Slide 22: Summary & current trading
Summary & current trading 1 2 3 Positive start to H2, building on Recent hires and strong H2 to benefit from full period momentum achieved in the first retention position us well for contribution of recent half continued organic growth acquisitions momentum 4 5 6 Strengthened operations, Confident i
Slide 23: Appendices
Appendices
Slide 24: Appendix I: Additional Financial Information
Appendix I: Additional Financial Information
Slide 25: Balance sheet and liquidity
Balance sheet and liquidity Summary balance sheet Summary balance sheet 31 October 30 April 31 October • Increase in goodwill and other intangibles following £'000 2025 2025 2024 acquisitions during the period. Goodwill and other intangibles 114,697 105,873 90,877 • The increase in assets held for r
Slide 26: Deferred and Contingent consideration
Deferred and Contingent consideration Deferred Contingent consideration consideration Total (£'000) (£'000) (£'000) Accrued at 31 October 2025 2,444 4,735 7,179 Payable at 31 October 2025 FY26 - 3,208 3,208 FY27 974 6,651 7,625 FY28 974 5,668 6,642 FY29 679 1,706 2,385 Total 2,627 17,233 19,860 Non
Slide 27: Organic growth calculation
Organic growth calculation £'000 31 October 2025 31 October 2024 Organic growth and disposals excludes income growth from Income pre HY25 / HY26 acquisitions and disposals 78,390 76,370 acquisitions in the year of their acquisition, and for the first full HY25 acquisition income 15,736 3,044 financi
Slide 28: Reconciliation of fee earner numbers
Reconciliation of fee earner numbers Partner & Other- Senior qualified Non-qualified Total Associates professionals professionals Integrar IFA professionals Opening FTE at 1 May 2025 471 310 293 83 - 1,157 Acquisition starters (net of any FY25 and FY26 acquisition leavers) 40 21 5 - 9 75 Re-classifi
Slide 29: Reconciliation of underlying to statutory measures – PBT
Reconciliation of underlying to statutory measures – PBT Underlying profit before tax 5 (£'000) 31 October 2025 31 October 2024 Profit before tax 2,403 8,974 Amortisation on acquired intangibles 2,693 1,869 Contingent acquisition payments 4,871 1,447 Non-underlying revenue (247) - Non-underlying cos
Slide 30: Reconciliation of underlying to statutory measures – PAT and EPS
Reconciliation of underlying to statutory measures – PAT and EPS Underlying profit after tax 12 (£'000) / Underlying earnings per share 6 (pence) 31 October 2025 31 October 2024 (Loss)/profit after tax (259) 6,135 Non-underlying revenue (247) - Amortisation on acquired intangibles 2,693 1,869 Non-un
Slide 31: Glossary
Glossary 1. Fee earners are individuals working on a fee earning basis, which includes professionals (legal and non-legal) of all levels. This metric is calculated by averaging month-end FTEs over the reporting period, including all organic, acquisition and Integrar fee earners. 2. Clients refers to
Slide 32: Appendix II: Additional Operational Information
Appendix II: Additional Operational Information
Slide 33: Capital allocation framework
Capital allocation framework Cash flow Approach Maintaining industry leading lockup, Highly cash Strong cash generation 1 Existing business leveraging scale and enhancing acquisition cashflows generative with limited capex requirements Investment in quality people, 2 Organic growth collaborative wor
Slide 34: Broad and deep specialisms serving both corporate and individual clients
Broad and deep specialisms serving both corporate and individual clients Core legal services offering 26% Real Estate 20% Private Wealth Expert, multi-sector advice in a broad range of commercial matters including asset management, plot sales, property litigation, construction, development, and town
Slide 35: Leadership team
Leadership team Knights │ Half year results 35
Slide 36: A unique collaborative culture to drive future growth
A unique collaborative culture to drive future growth National scale and premium brand reinforces an attractive proposition for fee earners, clients and targets 34 33 Executive, Client 32 Service and Business Service Locations Directors Winning and Collaborative growing with culture high quality 91%
Slide 37: Thank you
Thank you Knights Registered Office The Brampton Newcastle-Under-Lyme Staffordshire ST5 0QW Tel: 0344 371 2562
Knights Group Holdings — H1 2026 Earnings Presentation on 6ix