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September 2026 Interim Results 2026
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Interim Results 2026 Agenda 1. Highlights 2. Financial Review 3. Business Review 4. Post Period-end and Outlook 5. Appendices 2 James Saralis CEO Chris Higham CFO • Joined in 2018 as CFO of NAHL • Chartered Accountant • 20 years experience in public and private equity environments • Also, a Non-Exec of Skillcast plc, a SaaS provider of GRC services • Joined in 2006 • Chartered Certified Accountant • Previously at Thomson Reuters • Compliance Officer for Finance and Admin for NAL • Responsibility for Searches UK Introduction
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Highlights
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Interim Results 2026 Revenue +5% Operating Profit1 +13% Profit Before Tax1 +31% £18.3m £3.4m £2.3m (H1 2025: £17.5m) (H1 2025: £3.0m) (H1 2025: £1.8m) Cash from Settlements +6% Free Cash Flow +43% Net Debt at Period-end -66% £5.7m £2.2m £1.1m (H1 2025: £5.4m) (H1 2025: £1.5m) (31 Dec 2025: £3.2m) 1 Operating Profit excludes exceptional items. Both Operating Profit and Profit Before Tax exclude discontinued operations 4 Financial Highlights
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Interim Results 2026 Consumer Legal Services • Revenues +7% to £9.9m. • Underlying operating profit +41% to £1.9m. • National Accident Law performed well: - 2,106 new enquiries placed into NAL, worth an estimated £2.9m in future revenue and cash. - 1,621 claims settled, generating £5.7m cash from settlements, +6% on last year. - Ongoing claims book of 6,623 claims, worth £7.2m and £11.5m of future revenue and cash, respectively. • New enquiries generated by National Accident Helpline +11% to 7,256. Slightly elevated acquisition cost is reflected in quality and value of enquiries. Critical Care • Revenues +3% to £8.5m. • Underlying operating profit remained flat at £2.6m. • Expert witness revenues +11%, with continued strong demand for the services. New instructions were +22%. • Case management revenues -8% and the market continues to be challenging. However, Bush & Co. Kids is showing promise and grew revenues by 6%. • Bush & Co. Care Solutions revenues +20% and increased the number of standalone care packages it delivers. 5 Operational Highlights
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Interim Results 2026 Consumer Legal Services What we do Delivering marketing services and personal injury claim processing to UK consumers and businesses • Highly productive marketing engine, powered by one of the sector’s most trusted brands, National Accident Helpline • Integrated claim processing engine, National Accident Law Our strategy Create a higher margin, integrated law firm, underpinned by a flexible placement model Critical Care What we do Delivering a range of specialist services to claimants and defendants in the catastrophic and serious injury market • A valued and essential service • Bush & Co - the standout brand in a consolidating market Our strategy Broaden our customer base, extend our competencies and specialisms and be more efficient through the use of technology How we do it Passionate Driven Unified Curious • Values driven culture • Award-winning employee engagement • Highly experienced and trusted leadership team 6 NAHL Group plc A leader in the consumer legal services and catastrophic injury markets
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Financial Review
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Interim Results 2026 • Group revenue +5% to £18.3m. • Underlying operating profit +13% to £3.4m o 41% increase in Consumer Legal Services underlying operating profit driven by strong case settlements • Profit before tax +31% to £2.3m • Basic EPS from continuing operations +30% to 3.5p 8 (Roundings exist) Financial Performance Strong H1 delivery with increased revenues and profit 1 2025 results re-presented to reflect presentation of discontinued operations £0.0m £0.6m £0.6m £0.8m £2.3m £1.8m £2.3m H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Profit Before Tax1 H1 2026 H1 20251 +/- +/- 20251 £m £m £m % £m Consumer Legal Services 9.9 9.3 0.6 7% 20.4 Critical Care 8.5 8.2 0.3 3% 16.3 Revenue 18.3 17.5 0.9 5% 36.7 Cost of sales (8.3) (8.2) (0.1) 1% (16.8) Gross profit 10.1 9.2 0.8 9% 19.9 Consumer Legal Services 1.9 1.4 0.6 41% 4.0 Critical Care 2.6 2.6 0.0 0% 4.8 Shared Services (1.0) (0.8) (0.2) 20% (1.7) Other items (0.2) (0.1) (0.0) 18% (0.2) Underlying operating profit 3.4 3.0 0.4 13% 6.9 Underlying operating profit margin 18.3% 17.0% 43.4% 18.9% Exceptional costs (0.0) (0.2) 0.1 -77% (0.6) Operating profit 3.3 2.8 0.5 19% 6.3 Non-controlling interests in LLPs (0.9) (0.8) (0.1) 8% (1.9) Net interest (0.1) (0.2) 0.1 -41% (0.4) Profit before tax 2.3 1.8 0.5 31% 4.0 Taxation (0.6) (0.5) (0.1) 27% (1.0) Profit from continuing operations 1.7 1.3 0.4 32% 3.0 Profit from discontinued operations 0.1 0.1 (0.1) -51% 0.3 Profit for the period 1.8 1.4 0.3 23% 3.3 Basic earnings per share (p) Continuing operations 3.5 2.7 0.8 30% 6.2
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Interim Results 2026 • Free cash flow of £2.2m, 43% higher than last year with operating cash conversion at 113% - 100% growth in cash generated after deduction of drawings paid to LLP members in Consumer Legal Services - Continued strong cash generation in Critical Care • Net debt reduced to £1.1m, 66% lower than at 31 December 2025 and the lowest level since IPO in 2014 9 (Roundings exist) Cash Generation 43% growth in free cash flow leading to net debt of £1.1m - the lowest level since IPO in 2014 £13.3m £11.5m £9.7m £9.0m £7.1m £5.6m £3.2m £1.1m Dec 2022 Jun 2023 Dec 2023 Jun 2024 Dec 2024 Jun 2025 Dec 2025 Jun 2026 Net Debt at Period End H1 2026 H1 2025 +/- +/- 2025 £m £m £m % £m Consumer Legal Services 2.3 1.7 0.6 33% 5.0 Critical Care 2.4 2.3 0.1 4% 4.5 Shared Services (0.8) (0.7) (0.1) 10% (1.4) Underlying cash generated from operations 3.9 3.2 0.7 22% 8.1 Operating cash conversion 113% 102% 11% 111% Exceptional costs (0.3) (0.4) 0.2 -38% (0.7) Interest paid (0.1) (0.3) 0.2 -53% (0.6) Tax paid (0.4) - (0.4) n/a (0.4) Drawings paid to LLP members (0.8) (1.0) 0.2 -18% (2.3) Capex, lease and other (0.1) (0.0) (0.1) 577% (0.2) Free cash flow 2.2 1.5 0.7 43% 3.9 Net debt at start of period (3.2) (7.1) 3.8 -54% (7.1) Net debt at end of period (1.1) (5.6) 4.5 -80% (3.2)
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Highlights - Consumer Legal Services
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Interim Results 2026 11 Consumer Legal Services Funnel to cash value creation model 1.High-quality work 2.Value growth in NAL 3.Exceptional customer service 4.Technology and productivity Generate high-quality work through market- leading brands to build strong brand trust and demand. Grow value in NAL to drive business growth and increase profitability. Deliver exceptional service and customer advocacy to enhance satisfaction and trust. Leverage technology and streamline processes to scale productivity and operational efficiency. Financial highlights • Revenue +7% to £9.9m • Underlying operating profit +41% to £1.9m • Cash from operations +33% to £2.3m Leading brands in the UK legal services market Strong customer advocacy Clear growth strategy built on four pillars
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Interim Results 2026 • 11% growth in enquiry generation, with 7,256 new enquiries generated in H1 2026. • Average enquiry acquisition cost 8% higher than prior year, due to higher PPC costs and cost of testing new marketing channels. • More valuable mix of work generated, in particular a 13% increase in employers liability cases. • 2,106 enquiries placed into NAL (H1 2025: 2,200); 1,840 into Law Together (H1 2025: 1,610); and the balance into our panel of third-party law firms. 12 National Accident Helpline Growth in enquiry generation, with a more valuable mix of work -20% -10% 0% 10% 20% 30% 40% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Enquiry acquisition cost (indexed to 2023 average) 9.2 8.8 8.9 8.0 9.0 8.6 9.8 8.3 6.2 5.1 4.9 3.5 3.5 3.0 3.6 3.2 4.0 3.3 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Enquiries by quarter ('000)
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Interim Results 2026 NAL is built on proven cohort WIP analysis £11.5m of future cash is currently embedded in NAL’s WIP 13 Investment thesis for NAL proven over the past seven years Total value of claims to date £49m Increased litigation has driven growth in average claim values At 30 June 2026, expected value of 6,623 ongoing claims was £11.5m To update £2.2m £4.7m £8.4m £11.2m £13.9m £14.4m £13.0m £11.5m £2.3m £3.8m £6.0m £5.9m £6.6m £6.2m £5.8m £2.9m £0.2m £1.3m £2.1m £3.5m £6.0m £8.5m £10.7m £5.7m £0.1m £0.3m £2.1m £2.8m £3.5m £1.3m £0.2m
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£0.1m £2.3m £0.2m £0.9m £0.7m £0.6m £0.6m £0.2m £0.1m £0.0m £3.3m £1.0m New Enquiries in 2019 Revaluation Cash Received in 2019 Cash Received in 2020 Cash Received in 2021 Cash Received in 2022 Cash Received in 2023 Cash Received in 2024 Cash Received in 2025 Cash Received in 2026 At 30 June 2026 Revenue Estimates £m £0.1m £3.8m £0.4m £1.1m £1.1m £1.0m £0.7m £0.6m £0.1m £5.0m £1.3m New Enquiries in 2020 Revaluation Cash Received in 2020 Cash Received in 2021 Cash Received in 2022 Cash Received in 2023 Cash Received in 2024 Cash Received in 2025 Cash Received in 2026 At 30 June 2026 Revenue Estimates £m Interim Results 2026 Cohort performance has overdelivered against initial estimates 14 2019 Cohort - £3.3m cash collected to date compared to initial £2.3m estimate 2020 Cohort - £5.0m cash collected to date compared to initial £3.8m estimate New cohort value £3.4m New cohort value £5.1m Future cash / debtor / accrued Future cash / debtor / accrued
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£0.8m £5.9m £0.3m £1.7m £2.4m £2.4m £1.1m £7.9m £2.8m New Enquiries in 2022 Revaluation Cash Received in 2022 Cash Received in 2023 Cash Received in 2024 Cash Received in 2025 Cash Received in 2026 At 30 June 2026 Revenue Estimates £m £0.3m £6.0m £0.3m £1.4m £2.1m £2.4m £1.6m £0.4m £8.2m £2.5m New Enquiries in 2021 Revaluation Cash Received in 2021 Cash Received in 2022 Cash Received in 2023 Cash Received in 2024 Cash Received in 2025 Cash Received in 2026 At 30 June 2026 Revenue Estimates £m Interim Results 2026 Cohort performance has overdelivered against initial estimates 15 2021 Cohort - £8.2m cash collected to date compared to initial £6.0m estimate 2022 Cohort - £7.9m cash collected to date compared to initial £5.9m estimate New cohort value £8.5m New cohort value £8.7m Future cash / debtor / accrued Future cash / debtor / accrued
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Highlights - Critical Care
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Interim Results 2026 17 Critical Care The brand leader for expert witness, case management, and care services in the UK catastrophic injury sector Financial Highlights • Revenue +3% to £8.5m • Underlying operating profit flat at £2.6m • 30.5% operating profit margin • Cash from operations +4% to £2.4m Our Strategy Our low-risk, low-cost strategy for growth is focused on delivering growth in expert witness and case management and accelerating growth from care solutions. ✓ Largest network of associate expert witnesses and case managers, offering geographical reach and an unparalleled range of specialisms and capabilities. ✓ Strong clinical governance with a focus on expertise, integrity and professionalism that underpins the quality of our work. ✓ Expanded profit margins through the use of technology and the utilisation of employed case managers to reduce delivery costs. ✓ Strong cash generation to support scalable investments in infrastructure and innovation. ✓ Industry leading partnership with the Child Brain Injury Trust that provides access to the most specialised case management services across the UK. ✓ Award-winning business with deep relationships with claimant, defendant and insurer customers.
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Interim Results 2026 • Expert witness services grew revenues by 11% to £4.7m. • 736 reports delivered to customers, an increase of 2%, with revenue growth derived largely from price increases implemented last year. • Strong growth in new instructions, up 22% in the period, providing a healthy pipeline of future work. • Working with an extensive network of 195 expert witnesses across the UK . • Currently developing new technology to drive capacity. 100% of customers said they would instruct us again Very strong levels of trust and customer advocacy 18 Expert Witness The largest provider of expert witness services to the UK catastrophic injury and complex care markets 554 588 687 664 667 741 817 H1 '23 H2 '23 H1 '24 H2 '24 H1 '25 H2 '25 H1 '26 Number of expert witness instructions +22% yoy 580 556 636 699 719 735 736 H1 '23 H2 '23 H1 '24 H2 '24 H1 '25 H2 '25 H1 '26 Number of expert witness reports issued +2% yoy; despite being constrained by current capacity
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Interim Results 2026 • Case management revenues fell 8% to £3.3m. • 188 Initial Needs Assessments reports delivered, 10% fewer than last year. • 197 new instructions generated, 17% fewer than last year. • 1,069 ongoing clients that generate recurring revenue through a mix of claimant, defendant and insurer relationships. 19 Case Management A leading provider of ongoing case management services to a large client base through a recurring revenue model 100% of customers said they would instruct us again Very strong levels of trust and customer advocacy 265 274 261 229 210 214 188 H1 '23 H2 '23 H1 '24 H2 '24 H1 '25 H2 '25 H1 '26 Number of INA reports delivered 1,369 1,406 1,388 1,335 1,157 1,149 1,069 H1 '23 H2 '23 H1 '24 H2 '24 H1 '25 H2 '25 H1 '26 Number of Ongoing Clients
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Interim Results 2026 • Care Solutions grew revenues by 20% to £0.5m, all of which was recurring. • 29% growth in the number of ongoing care packages being delivered compared to H1 2025. • Delivering a comprehensive range of services including employment support (recruitment and payroll), care management (care planning, nursing and medication management), and clinical governance (training and competency, risk assessments and case audits, and safeguarding). 20 Bush & Co. Care Solutions High-growth proposition providing peace of mind for direct employment and nurse led packages £0.2m £0.3m £0.3m £0.4m £0.4m £0.4m £0.5m H1 '23 H2 '23 H1 '24 H2 '24 H1 '25 H2 '25 H1 '26 Continued growth in revenue
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Post Period-end and Outlook
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Interim Results 2026 • On 27 August 2026, the Group signed a binding conditional agreement to sell Searches UK to TM Group (UK) Limited. • Enterprise Value of £1,234,000. • EV/EBITDA multiple of 5.25x. • Net consideration, after adjustments, of approximately £1,122,000. Transaction costs c. £75k. • Key conditions now satisfied, including CMA approval. 22 Post Period-end Searches UK - Completion of sale anticipated imminently • A leading supplier of residential and commercial property conveyancing searches and services to conveyancers and solicitors in England and Wales • Acquired by NAHL in 2016. • UK based; 11 employees. • Adjusted EBITDA1 of £235,000. 1 Adjusted EBITDA is for the 12 months to 30 June 2026, adjusted for customer churn and recent cost savings. Searches UK is not core to the Group's principal focus. The Board considers its sale to be in the best interests of NAHL's shareholders.
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Interim Results 2026 23 The Board continues to actively explore strategic options to accelerate value for shareholders and review the Group’s capital allocation policy Outlook The Board has upgraded its expectations for the current year outturn and anticipates being in a net cash position by the end of October 2026 • As announced on 28 September 2026, the Group has settled a dispute with a supplier for £1.85m, to be received by 15 October 2026. • Trading in July and August 2026 was encouraging: - National Accident Helpline generated 2,583 new enquiries, 5% more than prior year. Enquiry acquisition costs reman elevated but reflected a more valuable enquiry mix. - As anticipated, NAL settled 3% fewer claims than last year but cash from settlements was up 22% to £1.8m. Consumer Legal Services • Trading in July and August 2026 was similar to last year: - 226 expert witness reports were issued, 2% fewer than last year. - 3% more expert witness instructions received than last year. - 80 case management INA reports were issued, 1% fewer than last year. - 28% more case management INA instructions received than last year. Critical Care
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Interim Results 2026 Disclaimer The information contained in this document (“Presentation”) and the presentation made to you verbally has been prepared by NAHL Group PLC (the “Company”). NAHL Group PLC is a UK company quoted on AIM, a market operated by London Stock Exchange plc. This Presentation has not been fully verified and is subject to material updating, revision and further verification and amendment without notice. This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 (as amended) (“FSMA”) and therefore it is being provided for information purposes only. While the information contained herein has been prepared in good faith, neither the Company nor any of its directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as “Information”) and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation. The views of the Company’s management/directors and/or its partners set out in this document could ultimately prove to be incorrect. No warranty, express or implied, is given by the presentation of these figures herein and investors should place no reliance on the Company’s estimates cited in this document. This Presentation may contain “forward-looking statements” that involve substantial risks and uncertainties, and actual results and developments may differ materially from those expressed or implied by these statements. These forward-looking statements are statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, performance, financial condition, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements are not guarantees of future performance of the Company and reflect assumptions and subjective judgements by the Company that are difficult to predict, qualify and/or quantify. These forward-looking statements speak only as of the date of this Presentation and the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this Presentation. This Presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisers. In particular, this Presentation does not constitute or form part of any offer or invitation to subscribe for or purchase any securities and neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purpose whatsoever on the information or opinions contained in these slides or the Presentation or on the completeness, accuracy or fairness thereof. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters. The distribution of this document in or to persons subject to jurisdictions outside the UK may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction. Allenby Capital Limited (“Allenby Capital”), which is authorised and regulated by the Financial Conduct Authority, is acting as the nominated adviser and broker to the Company. Accordingly, the recipients should note that Allenby Capital is neither advising nor treating as a client any other person and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Allenby Capital and nor for providing advice in relation to the matters contained in this Presentation. 24