Dsw Capital Plc · LSE:DSW
Dsw Capital — H1 FY26 Earnings Presentation
26 slides from Dsw Capital's earnings presentation, November 2025
Slide 1: DSW Capital plc H1 FY26 Results
DSW Capital plc H1 FY26 Results November 2025
Slide 2: Disclaimer
Disclaimer Insert logo here The following presentation, including a hard copy of these slides/the talks given by the presenters, the information communicated during any delivery of the presentation and any question and answer session and any document or material distributed at or in connection with
Slide 3: Today’s Presenters
Today’s Presenters Executive Directors Shru Morris Pete Fendall Chief Executive Officer Chief Finance & Operating Officer She joined Dow Schofield Watts in 2024, Pete joined DSW Capital in September 2021 to bringing experience in M&A, financial due support with the IPO, and joined the board as dilig
Slide 4: Our Vision: Empowering pioneers to build and grow their own business
Our Vision: Empowering pioneers to build and grow their own business
Slide 5: The DSW Platform
The DSW Platform Insert logo here Dow Schofield Watts
Slide 6: Routes into DSW
Routes into DSW Insert logo here Associate Path Partner Path Employee Consultant Pathway to Start Scale Succession Join one of the Work in specialist Partner Launch a new Bring a team and Sell a business and expert teams and area of law with DR Begin as a director, business on the grow faster, with
Slide 7: What differentiates DSW
What differentiates DSW Insert logo here Capital light Scalable and innovative platform model Large market ripe for disruption High Quality of Earnings Strong growth in Fee Earners • Established, scalable advisory platform with proven growth model • Strategically positioned to capitalize on shifts i
Slide 8: The DSW Network at a glance
The DSW Network at a glance Insert logo here 49 32% 6.0 FE 144 Partners YoY Revenue Growth per business Fee Earners New legal services 26 DR £207k division Fees per FE consultants Forecast Revenue Pandea network with 69 offices in 24 Businesses 36 Award 34 countries Nominations 360 professionals 12
Slide 9: Financial Highlights
Financial Highlights Insert logo here 32% 156% 14.5% £207k Network Revenue1 Growth Total Income2 Growth Average Effective License LTM Revenue per Fee 13% LFL 18% LFL Fee3 % Earner FY26 H1: £10.3m FY26 H1: £2.8m FY25: 14.5% FY25: £214k FY25 H1: £7.8 m FY25 H1: £1.1m FY25 H1: 14.1% FY25 H1: £151k £0.7
Slide 10: Summary Income Statement
Summary Income Statement Insert logo here £’000 Sep-25 Sep-24 Diversified Revenue Portfolio Network Income 10,291 7,827 H1 FY26 H1 FY25 Network Income Growth% 31.5% 7.1% Revenue 2,788 1,088 32% 33% Revenue Growth % 156% (2)% 55% Cost of Sales (601) - 66% 13% Gross Profit 2,187 1,088 Share of results
Slide 11: Performance Highlights
Performance Highlights Insert logo here Network Revenue (£m) 25.8 No. of Fee Earners 136 144 6.0 19 24 104 107 112 Average FE per 18.3 18.3 97 15.3 16.0 93 Business 18.1 57 63 66 71 FY25: 5.2 fee earners 8.5 56 11.0 8.7 51 55 FY25 H1: 4.7 fee earners £898k 10.4 9.8 10.3 48 50 49 51 49 7.3 7.3 7.8 42
Slide 12: Opportunities for growth
Opportunities for growth Insert logo here New Licensees Acquisition of license fees Organic Acquisitions growth Collaborations Dow Schofield Watts 12
Slide 13: Outlook
Outlook Insert logo here Resilient results Trading performance to date is in line with expectations, reflecting continued robust for H1 FY26 performance FY26 in a significantly stronger position, with less dependency on M&A. M&A activity Stronger, More has declined in FY26, we anticipate it will sti
Slide 14: Questions
Questions 20
Slide 15: Appendices
Appendices 21
Slide 16: The DSW Licence Model
The DSW Licence Model Insert logo here Empowering pioneers to build and grow their own business We recruit highly skilled professionals (typically “Big 4”) in focussed niches of expertise to run their own business and provide services to small to mid market corporates and their owner managers. Licen
Slide 17: The DR Consultant Model
The DR Consultant Model Insert logo here Empowering professionals to deliver quality legal work Fee share Consultant • Client work Clients • Training • Centralised systems and processes • Legal support Dow Schofield Watts 17
Slide 18: Current Service Lines
Current Service Lines Insert logo here FE - 73 FE - 28 FE - 26 Deal Advisory Business Recovery Legal FE - 11 FE - 6 Investment Tax Dow Schofield Watts 18
Slide 19: Reconciliation to Statutory PBT
Reconciliation to Statutory PBT Insert logo here Adjusted EBITDA, Adjusted Operating Profit and Adjusted PBT have all been adjusted to strip out non-underlying items such as Share-based payments and amortisation of intangible assets recognised on acquisition accounting. The reconciliation below has
Slide 20: Summary Balance Sheet
Summary Balance Sheet Insert logo here £000s Sep-25 Mar-25 £000s Sep-25 Mar-25 Non-current assets Net current assets 3,395 3,792 Intangible assets 6,760 6,952 Non-current liabilities Property, plant and equipment 243 297 Bank loan 1,824 2,771 Lease receivable 3 31 Deferred tax provision 607 649 Inve
Slide 21: Summary Cashflow
Summary Cashflow Insert logo here £000s Sept-25 Sept-24 62 55 Cash flows from operating activities Profit for the year 140 66 Adjustments for tax, interest, non-cash items 533 76 Operating cash flows before working capital 674 142 Debtor Days DR Lockup (Days) Working capital movements 224 (321) Cash
Slide 22: The DSW Licence Model
The DSW Licence Model Insert logo here Strengths to DSW Capital Strengths to the Licensee Strong perceptions of credentials and Recurring licence fees capability. Minimal exposure to property and employee Cross referrals and access to multidisciplinary costs. services. Easier recruitment, central ma
Slide 23: Summary Investment Thesis
Summary Investment Thesis Insert logo here Why invest? Robust, recurring income stream. Predictable cost base with low operational gearing. Capital light. Scalable platform model. Significant opportunity for organic and acquisition driven growth. Cash backed profits which have supported 10.98 pence
Slide 24: The accountancy profession is ready for something new
The accountancy profession is ready for something new….. The “Big 4” are under significant pressure to restructure DSW Differentiators: Partners also continue to benefit from: International Being part of A direct link 100% Central network - Greater a multi- Pandea between fees operational infrastruc
Slide 25: Glossary
Glossary Insert logo here (1) Network Revenue - Network Revenue is defined as total revenue earned by licensees and DR Solicitors, as opposed to total revenue reported by the Company. (2) Total income - Statutory Revenue from DSW licensees and DR Solicitors plus share of results of associates (3) Av
Slide 26: Contact Us
Contact Us Burscough Cardiff Cheadle Daresbury Leeds 702 Merlin Business Park The Maltings The Camlee Group 7400 Daresbury Park Cubo, 3rd Floor Ringtail Rd E Tyndall St Eden Point Daresbury 6 Wellington Place Burscough Cardiff Three Acres Ln Warrington Leeds Ormskirk CF24 5EA Cheadle Hulme WA4 4BS L