B P Marsh & Partners : 31 July 2025 Results Presentation

About this update from B.p. Marsh & Partners Plc

Half Year Results For the six-months ended 31 July 2025 Dan Topping, Chief Investment Officer Francesca Chappell, Chief Finance Officer 21 st October 2025 +66.1p, or 7.4% over six months +265.3p, or 38.4% over twelve months NAV per Share: 956.1p (909.8p diluted) The Group is delighted with these results which demonstrate a period of exceptional performance, new investments, and great returns to shareholders This performance is a testament to the strength, expertise and dedication of the B.P. Marsh team, and to the quality and leadership of the management teams we support Total Dividends paid over the period: £8.0m (21.64p per share) Net Asset Value: £349.5m Profit Before Tax £32.1m Available Capital £52.6m Total Shareholder Returns 9.5% Highlights of Half Year Results 31 July 2025 3 1 New Investments in the period Realisation in the period Overview to B.P. Marsh Our Purpose: Our Team: Our Story: Our Investment Strategy: B.P. Marsh is a specialist private equity investor in early-stage financial services businesses in the UK and internationally B.P. Marsh comprises highly experienced leaders in the financial services industry, with deep sector knowledge acquired over several decades B.P. Marsh commenced business in 1994 and has since invested in 63 companies. We have 23 investments in our current portfolio based in the UK and around the world We take a long-term view, with an average holding period of 6.7 years typically making an initial investment of up to £5m for minority equity positions (20-40% shareholdings) Mid-Market Private Equity Small to Mid-Cap Funds Private Equity or Investment Fund Enterprise Value We invest in businesses with an EV typically between £0 and £25m Our flexible investment approach allows us to operate in a niche segment where funding is difficult to obtain Alternative capital providers would typically require an EV of at least £50m to pique interest We tailor our investment model to suit each opportunity, offering funding to businesses which fall outside the criteria of traditional private equity houses Opportunities come from specialists in their own field looking to go it alone, management teams wanting to engineer a buyout, or existing businesses seeking growth capital This value stage is often perceived as high risk. However, the valuation multiples used are often lower, meaning we can secure an advantageous price, whilst also providing the investment capital required With our support, these businesses develop over time, achieving considerable growth in value These investments attract the interest of various parties including trade buyers and mid-market private equity houses, eventually being sold through competitively run processes. The Group see this as 'Bridging the Gap' > £250m > £100m >£50m £25m © 2025 B.P. MARSH & PARTNERS PLC up to £5m >£20m >£50m >£100m 3 Typical Investment Amount Performance: Net Asset Value (NAV) £400m £350m Full Year Half Year 11.1% Annual Compound Growth £349.51m £326.41m £300m £250m £252.87m £229.17m £203.45m £200m £189.54m £179.77m £166.61m £154.98m £150m £149.91m £142.63m £136.90m £126.17m £40.61m £100m £98.90m £79.68m £70.81m £62.97m £58.92m £55.46m £22.10m £50m * ** £0m 01/05 01/07 01/13 01/14 01/15 01/16 01/17 01/18 01/19 01/20 07/20 01/21 07/21 01/22 07/22 01/23 07/23 01/24 07/24 01/25 07/25 *NB: The valuation at 31 January 2007 includes £10.1m net proceeds raised on AIM **NB: The valuation at 31 January 2019 includes £16.6m net proceeds raised on share placing and open offer 4 © 2025 B.P. MARSH & PARTNERS PLC Half Year 31 July 2025 Results +£23.1m , or 7.1% over six months +£96.6m, or 38.2% over twelve months Net Asset Value (NAV) of £349.5m Year ended 31 January 2025: £326.4m Six months ended 31 July 2024: £252.9m +£30.8m , or 12.8% over six months +£103.1m, or 61.2% over twelve months Equity Portfolio Value of £271.5m Year ended 31 January 2025: £224.1m Six months ended 31 July 2024: £153.4m Cash and Other Assets £78.0m Y ear ended 31 January 2025: £102.3m Six months ended 31 July 2024: £99.5m +66.1p, or 7.4% over six months +265.3p, or 38.4% over twelve months NAV per Share 956.1p (909.8p diluted*) 31 January 2025: 890.0p (847.3p diluted) 31 July 2024: 690.8p (658.5p diluted) Consolidated profit before tax of £32.1m Year ended 31 January 2025: £104.7m Six months ended 31 July 2024: £29.0m Available Capital £52.6m Available Capital as at 21 st October 2025: £36.5m *Please refer to Slide [54] in the appendices for details of dilutive share options 5 © 2025 B.P. MARSH & PARTNERS PLC Financial Highlights - Half Year 31 July 2025 Total dividend of 21.64p per share (£8.0m) £2.5m (6.78p per share) paid in February 2025 £3.0m (8.08p per share) paid in May 2025 £2.5m (6.78p per share) paid in July 2025 Total Shareholder Return of 9.5% Including NAV uplift and total dividend of £8.0m paid Change 31 January 2013 to 31 July 2025 BPM NAV/share, rebased AIM Financials, rebased BPM share price AIM All Share, rebased 300 200 100 0 185% AIM Financials, rebased 400 184% AIM All Share, rebased 500 BPM NAV/share, rebased 633% 755% BPM share price 600 % Change 31 January 2010 to 31 July 2025 800 700 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 *Please refer to Slide [54] in the appendices for details of dilutive share options © 2025 B.P. MARSH & PARTNERS PLC 6 Summary Financial Position - Half Year 31 July 2025 Loans Cash and Treasury 31% XPT 19% Alchemy 14% Pantheon 8% SRT 6% Volt 5% Devonshire 4% Ai Marine 3% Fiducia 2% Verve 2% Denison 2% Ag Guard 2% Amiga 1% CEE 1% Cameron 0% SAGE £31,096,128 Equity Portfolio Loan Balance as at 31 July 2025 £52.6m Total Liquidity 31 January 2025: £74.1m £5.5m Cash Balance 31 January 2025: £1.0m £47.1m Treasury Balance 31 January 2025: £73.1m Portfolio Loan Balance at 21 October 2025: £36.0m £52,583,516 33% Rothschild 29% GAM 19% Rathbones 8% Coutts 5% Birchstone 4% Lloyds 2% Other Cash & Treasury Balance as at 31 July 2025 Average Return on Treasury Funds: 4.03% Net Loans Granted £31.1m 31 January 2025: £25.6m Total Loans Granted in the Period £6.0m Total Loan Repayments in the Period £0.2m Total Cash and Other Assets £78.0m 31 January 2025: £102.3m © 2025 B.P. MARSH & PARTNERS PLC 7 Dividends Distributions £10.00 M £7.50 M Dividend Payments £5.00 M 1.00p p/s £2.50 M 0 10.72p p/s 5.56p p/s 2.78p p/s 2.44p p/s 2.22p p/s 4.76p p/s 4.76p p/s 3.76p p/s 3.42p p/s 2.75p p/s 2.75p p/s 1.25p p/s 1.00 p/s 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 £40.0M In aggregate: £34.7m £29.7M £16.7M £10.8M £9.8M £12.8M £8.1M £8.9M £6.4M £4.6M £1.7M £2.5M £3.5M £290K £580K £950K February 2017: Realisation of Besso Insurance Group July 2013: Realisation of Howden Broking Group October 2023: Realisation of Kentro Capital Limited £24.7M March 2024: Realisation of Paladin Holdings Limited October 2024: Realisation of Lilley Plummer Risks 21.64p p/s £30.0M 13.91p p/s 13.91p p/s £20.0M £10.0M 0 Over the course of FY2026, the Group will pay total dividends of £8.0m , equating to 21.64p per share __ Aggregate Dividends This includes a special dividend of £3.0m in May 2025 following the receipt of deferred consideration of £9.2m from the sale of Paladin Holdings Limited/CBC UK Limited __ The Board has proposed further dividends of £5.0m per annum for the next 2 years __ By 2027, the Company expects to have distributed a total of £34.7m to shareholders in Dividends since Flotation or 98.63p per share (Flotation Price 140.00p per share), (70.5% of flotation price) Historical Proposed Special CBC dividend Aggregate Dividend © 2025 B.P. MARSH & PARTNERS PLC 8 Overview: Managing General Agencies ("MGAs") Investments ⏺ B.P. Marsh's MGA portfolio focuses on profitable underwriting in a market where access to insurer capital is restricted ⏺ B.P. Marsh's MGAs are expected to underwrite aggregate GWP of circa £749m in 2025 ⏺ This is expected to produce circa £88m of commission income MGAs Date of Investment Jurisdiction Equity % at 31 July 2025 Cost of Investment Valuation at 31 July 2025 % of NAV at 31 July 2025 Internal rate of return to 31 July 2025 Multiple on Invested Capital Jul-18 Australia 27.0% £5,290,640* £39,210,000 11.2% 40.6% 7.4x Jan-17 Canada 28.2% £19 £22,900,000 6.6% 90.2% N/A (over 1,000x) Nov-16 UK 35.2% £227,909 £6,010,000 1.7% 22.6% 26.4x Jul-19 Sep-24 Australia Czech 41.0% 44.0% £1,465,071 £2,354,134 £3,790,000 £3,120,000 1.1% 0.9% 22.0% 44.8% 2.6x 1.3x Republic Dec-23 UK 30.0% £30,000 £2,290,000 0.7% 144.7% 76.3x Jun-20 USA 30.0% £202,758 £2,210,000 0.6% 63.6% 10.9x Jun-25 UK 27.0% £1,100,000 £1,100,000 0.3% 60.6% 1.0x *ATC's equity investment is reported as the combined initial equity investment into ATC, MB Prestige Holdings Pty Limited, and Sterling Insurance Pty Limited Apr-23 UK 35.0% £430,791 £670,000 0.2% 21.5% 1.6x Mar-24 UK Jun-25 UK 30.0% 49.0% £300,000 £49 £300,000 £49 0.1% 0.0% 8.4% - 1.0x 1.0x Oct-24 UK 25.5% £26 £26 0.0% 17.2% 1.0x © 2025 B.P. MARSH & PARTNERS PLC Total - - - £11,401,397 £81,600,075 - - 7.2x 9 Internal rate Multiple on Equity % at Cost of Valuation at % of NAV at of return to Invested Brokers Date of Investment Jurisdiction 31 July 2025 Investment 31 July 2025 31 July 2025 31 July 2025 Capital Total Jun-23 Jun-17 Oct-24 Apr-16 Sep-25 Sep-25 - UK USA UK Singapore UK UK - 39.0% 29.6% 30.0% 25.0% 35.0% 10.0% - £27,300,025 £18,838,733 £150,000 £1,551,084 £35 £10,000,000 £57,839,877 £105,490,000 £60,620,000 £750,000 £290,000 N/A N/A £167,150,000 30.2% 17.3% 0.2% 0.1% 0.0% 0.0% - 267.5% 28.3% 45.3% - N/A N/A - 3.9x 3.2x 5.0x - N/A N/A 2.9x Overview: Broking Investments ⏺ Since inception, much of B.P. Marsh's growth has been achieved through a successful track record of investing in brokers, both in the Lloyd's and London markets, as well as internationally ⏺ Our Broking investments are, in the aggregate, budgeting to place more than £967m of GWP in 2025 ⏺ This is expected to produce more than £81m of brokerage, accessing specialty markets around the world © 2025 B.P. MARSH & PARTNERS PLC 10

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