13 November 2025

Half Year Trading Update

and

Notice of Results

Network Revenue up 32% with continued Fee Earner growth

DSW Capital, a profitable, mid-market, challenger professional services platform and owner of the Dow Schofield Watts and the DR Solicitors brands, announces the following trading update ahead of the Group's half year results for the six months ended 30 September 2025 ("H1 FY26" or the "Period"), which are expected to be released on 24 November 2025.

The Board is pleased to report that trading remained resilient throughout the Period and in line with management expectations.

Highlights

Trading Performance in H1 FY26

Network Revenue in H1 FY26 was £10.3m (H1 FY25: £7.8m), resulting in Total Income in the Period of £2.8m (H1 FY25: £1.1m) and Adjusted EBITDA of £0.7m (H1 FY25: £0.1m).

The Group's strategic aim is to build a resilient and diversified group of licensee businesses, as demonstrated by the acquisition of DR Solicitors in November 2024. Following this acquisition, the Group's dependency on M&A activity has reduced significantly in line with management expectations, with M&A as a percentage of Network revenue at 32% in the Period, compared to 67% in H1 FY25.

Cash at the half year end was in line with management expectation at £2.2m (30 September 2024: £2.3m), reflecting strong operating cash conversion of 133% for the Period and a £1.0m repayment of the £3.0 million OakNorth Bank revolving credit facility in June 2025, which was used to partially fund the acquisition of DR Solicitors.

The Group's results are typically weighted towards the second half of the financial year, due to the timing of profit share income recognition and traditionally heightened activity ahead of the tax year-end.

Shru Morris, CEO of DSW Capital, said:

"Firstly, I would like to thank all our licensees for their continued commitment to DSW and their contribution to a good set of results. We are encouraged by the Group's performance in the first half of the year, which demonstrates the resilience, scalability, and potential of our platform. The integration of DR Solicitors is progressing well. We continue to experience strong demand for our services across key sectors, with annual consultant growth exceeding 30 per cent and the recruitment of a new Corporate Legal team specialising in Dental and Pharmacy work.

"Whilst we, as a board, are ever mindful of the potential for market disruption which may result from the current geo-political and economic uncertainty, we are confident in the prospects for our businesses and our strategy to build shareholder value over the long term. Our focus remains firmly on driving sustainable growth, expanding our network of fee earners, and delivering results for all our stakeholders. We look forward to providing a full update on the Group's progress and ambitions at the Half Year Results later this month."

Definitions:

Adjusted EBITDA - Adjusted EBITDA is defined as adjusted profit before tax adjusted to add back impairment of loans due from associated undertakings, finance costs, depreciation, amortisation and deduct finance income.

Adjusted profit before tax - Adjusted profit before tax which is defined as profit before tax adjusted for items not considered part of underlying trading, which in the current and prior period represents share based payments and amortisation of intangible assets recognised on acquisition accounting, is a non GAAP metric used by management and is not an IFRS disclosure.

Network Revenue - Network Revenue is defined as total revenue earned by licensees and DR Solicitors, as opposed to total revenue reported by the Company.

Total income - Statutory Revenue from DSW licensees and DR Solicitors plus share of results of associates

Enquiries:

About DSW Capital

DSW Capital, owner of the Dow Schofield Watts and DR Solicitors brands, is a profitable, mid-market, challenger professional services network with a cash generative business model and scalable platform for growth. Originally established in 2002, by three KPMG alumni, Dow Schofield Watts is one of the first platform models disrupting the traditional model of accounting professional services firms. DSW Capital operates licensing arrangements with its businesses and has over 140 Fee Earners across 12 offices in the UK. These businesses trade primarily under the Dow Schofield Watts and DR Solicitors brands.

DSW Capital's vision is for our brands to become the most sought-after destinations for ambitious, entrepreneurial professionals to start and develop their own businesses. Through a licensing model, DSW Capital gives professionals the autonomy and flexibility to fulfil their potential.

Being part of the DSW Capital group brings support benefits in recruitment, funding and infrastructure. DSW Capital's challenger model attracts experienced, senior professionals, predominantly with a "Big 4" accounting firm or "Magic Circle" legal background, who want to launch their own businesses and recognise the value of DSW Capital's brands and the synergies which come from being part of the network.

DSW Capital aims to scale its agile model through organic growth, geographical expansion, additional service lines and acquisitions. The Directors are targeting high margin, complementary, niche service lines with a strong synergistic fit with the existing network.