B.p. Marsh & Partners PlcLSE: BPM

31 July 2025 Results Presentation

Oct 16, 2025 at 10:00 PM UTC · Issued by B.p. Marsh & Partners Plc

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Ask B.p. Marsh & Partners' CEO a questionB.P. MARSH & PARTNERS PLC (BPM) — Half Year Results for the year ended 31 July 2026 · Oct 21, 2026 at 9:30 AM UTCRegister

Half Year Results

For the six-months ended 31 July 2025

Dan Topping, Chief Investment Officer Francesca Chappell, Chief Finance Officer

21st 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

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

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

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

Year 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 21st October 2025: £36.5m

*Please refer to Slide [54] in the appendices for details of dilutive share options

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

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

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

Dividends Distributions

£10.00 M

£7.50 M

Dividend Payments

£5.00 M

1.00p p/s

£2.50 M

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

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

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

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

Oct-24 UK

25.5%

£26

0.0%

17.2%

1.0x

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

USA

Singapore

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

£167,150,000

30.2%

17.3%

0.2%

0.1%

0.0%

267.5%

28.3%

45.3%

N/A

3.9x

3.2x

5.0x

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