Interim report
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AdvancedAdvT Limited Financial Results for six months ended 31 August 2026 AdvancedAdvT Limited (AIM: ADVT, "AdvT", the "Group"), the international software solutions provider for the business solutions and compliance sectors, has published its unaudited interim results for the six months to 31 August 2026. Financial performance Revenue increased by 13% to £28.8m (2025: £25.4m) Recurring revenue of £23.8m representing 83% of total revenues (2025: £20.6m and 81.0%) Adjusted EBITDA1 from operations increased by 17% to £8.4m, with half-year outturn ahead of management expectations (2025: £7.2m) Operating profit2 significantly increased to £8.2m (2025: £2.9m) Reported basic EPS: 5.99p (2025: 2.17p), Basic EPS on adjusted operating profit3: 6.16p (2025: 5.24p) Cash of £95.2m at 31 August 2026 (28 February 2026: £96.2m), with 134% cash conversion of adjusted EBITDA Highlights £10m share buyback programme, launched in March 2026, completed in September 2026 at an average purchase price of £1.63 per share (£9.3m of £10.0m completed at 31 August 2026) Further £10m share buyback programme approved and launched in September 2026 Simplified corporate structure with inSTREAM integrated into the Integra business line AI investment is translating into tangible customer outcomes, live pilots and embedded product functionality across the Group Executive Chairperson’s statement "We are pleased with the Group's double-digit revenue and EBITDA growth in the first half, with the performance reflecting the mission-critical nature of our solutions and the progress we are making across the Group. "We continue to invest in our products and platforms. AI and automation are now embedded in how the Group operates, withcapabilities live in customer environments and further features being piloted. "We have a strong financial position and remain focused on disciplined execution, while continuing to identify acquisitionopportunities that complement the Group and enhance long-term growth." 1 Adjusted EBITDA is EBITDA before acquisition expenses and exceptional gains or costs, as defined in Alternative Performance Measures. 2 Operating profit is stated after fair value gains/(losses) on financial assets at FVTPL 3 Basic EPS on adjusted operating profit is adjusted EBITDA less depreciation, divided by the weighted average number of ordinary shares. The interim results will be published on the Company’s website shortly. Enquiries:AdvancedAdvT Limited Vin Murria, ChairpersonGavin Hugill, Chief Financial Officer Singer Capital Markets (Nominated Adviser and Broker) Tel: 020 7496 3000James Moat / James Fischer KK Advisory (Investor Relations) Tel: 020 7039 1901Kam Bansil Note to Editors AdvancedAdvT Limited (AdvT) provides software solutions and platforms across two business transformational areas: business solutions & healthcare compliance, and human capital management. AdvT is an agent for change. The Group enables the delivery of Artificial Intelligence ("AI"), data analytics and businessintelligence, all of which are key future drivers for growth in those sectors where long term digitisation trends are set to transform the workplace for professionals. AdvT is developing both organically and through acquisitions, by expanding its presence across adjacent markets, geographical boundaries and digital sectors. Management ReportOverview In the six months ended 31 August 2026, the Group continued to advance its strategy, remaining focused on sectors shaped by long- term trends in Artificial Intelligence (“AI”), automation, digital transformation, data analytics and business intelligence. This strategic orientation continues to guide capital allocation across both M&A and operational initiatives within the portfolio.
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The Group maintains a long-term approach to building a resilient and scalable business. This perspective informs investment decisions and operational priorities, with a continued emphasis on business-led digital transformation and ongoing improvement. These efforts support deeper engagement with clients and partners across both public and private sectors. The management team brings extensive experience in software and services, having operated and invested in a range of successful businesses. This experience underpins the Group’s ability to drive operational efficiency and deliver consistent organic growth. The team’s track record in executing targeted and accretive acquisitions remains a core strength, supporting the development of a robust platform for future expansion. The Group has focused on standardisation and simplification across all operations, aiming to embed best practices and enhance go- to-market execution, while improving operational alignment across the businesses. Performance continues to be assessed against key financial metrics, including recurring revenue, adjusted EBITDA and free cash flow. These indicators remain central to tracking progress and ensuring alignment with strategic objectives and the Group’s commitment to long-term value creation. The Group retains its 9.8% stake in M&C Saatchi plc. Current trading and outlook The Group continues to target opportunities for growth, both organically and through acquisition. Trading in the second half to date remains in line with management expectations. M&A M&A activity continued during the period. The Group participated in a competitive process for a larger opportunity but maintained its disciplined approach to valuation and was ultimately outbid. In parallel, the Group continued to build a pipeline of bolt-on opportunities through its off-market origination partner, progressing a broad range of conversations, supplemented by a digital sourcing strategy and platform to support the identification of potential targets. With cash reserves of £95.2m as at 31 August 2026, the Group remains well-positioned to pursue disciplined and accretive M&A opportunities. M&A continues to be a central component of the Group’s strategy, targeting businesses that align with the management team’s operational focus and which demonstrate the potential to deliver long-term value. The Board will continue to evaluate each potential target against its acquisition criteria, seeking businesses in highly fragmented industries with opportunities for consolidation with: • high recurring revenue streams and good forward visibility; • sticky customer retention; • mission critical products and services; • opportunities for both organic and inorganic growth; • strong cash generation, and • sectors with high barriers to entry. Operational review Across the Group, priorities have evolved towards simplifying operations, sharpening go-to-market execution and strengthening customer focus. These actions are improving alignment across the portfolio and creating a clearer platform for product innovation, scalable delivery and sustainable growth. AI understanding across the Group and its markets continues to mature, with tangible product and operational benefits beginning to be realised and customer demand becoming more clearly defined. Adoption remains subject to the customers’ readiness and progress is at different speeds, balancing potential value with security and evolving AI governance requirements. Against this backdrop, the Group is focusing on practical, outcome-led use cases, as illustrated below. AI and automation are increasingly being applied to deliver measurable customer outcomes and extend the value of our Integra platform. At Dublin Port, the adoption of intelligent document processing has reduced manual invoice-processing hours by 86% while moving processing from daily to hourly, improving the timeliness of financial data. Building on the same platform and data, AI-assisted development enabled an ESG reporting proof of concept to be delivered through our forward deployed engineers in weeks. This demonstrates how our system of record platforms, domain expertise and AI capabilities can be combined to address adjacent customer needs and deepen customer relationships. GOSS continues to extend its digital platform as an orchestration layer connecting existing public-sector systems with automation and AI. Its Digital Assistant is now being tested in live customer environments, including an employee-facing proof of concept with Sunderland City Council, which has generated c.550 interactions across 470 distinct users, including 73 repeat users. This early engagement demonstrates the potential to automate routine interactions, improve access to information and broaden the services delivered through the existing platform by integrating single sign-on, APIs, robotic process automation, AI and telephony. The resource management business continues to grow its SaaS customer base, with SaaS ARR increasing by £1.3m, or 34%, over the last 12 months, maintaining strong growth from an increasingly established recurring revenue base. Product investment has progressed across Skills 2.0, MatchingCore, Workforce Intelligence, MCP Server/Copilot and AI-powered solutions, strengthening Retain’s role as a controlled system of record for workforce data and extending the platform from resource scheduling towards workforce optimisation and more intelligent, automated decision-making. These developments are focused on helping customers better match skills and capacity to demand, improve workforce productivity and make better use of their workforce data, strengthening the value of the platform and creating further opportunities for growth. Continued innovation and disciplined execution remain important as technology and customer requirements evolve.
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We are embedding AI into how the Group operates, develops products and serves customers, through employee tools and agents, live internal projects, customer pilots and AI-enabled product capabilities. Alongside adoption, we are developing proportionate governance, supported by our AI Code of Conduct and informed by ISO/IEC 42001, applicable AI legislation and related guidance. Our objective is to accelerate practical adoption while maintaining appropriate security, oversight and accountability. We also continue to standardise and optimise infrastructure across the Group, improving efficiency and resilience, strengthening strategic supplier relationships and reducing reliance on vendors whose commercial models no longer align with our objectives. This has delivered savings from our Azure arrangements and mitigated other significant supplier cost increases through alternative technology approaches. Cyber security remains a continuous priority, supported by enhanced monitoring tools as we respond to an evolving threat environment, including risks arising from the increasing use of AI. The Group’s development team in India now comprises 52 people and is focused on new product development, with particular emphasis on embedding AI-enabled functionality. The team complements the Group’s UK product and development capabilities, increasing delivery capacity and accelerating time to value from product investment. The Group reduced measured carbon emissions by 36.7% against its FY24/25 baseline to 2,399.62 tCO2e, despite growth in revenue and average headcount. Emissions intensity reduced by 48.7% per £m of revenue and 58.6% per FTE, principally reflecting reduced on-premises data centre usage and the exit from Spring Park, alongside improved emissions data capture. This represents progress towards the Group’s existing 2030 interim reduction objective, with continued focus on practical reductions, data quality and supplier-specific information. We thank our investors for their continued support and their confidence in the Group’s strategy. Financial highlights The Group reported revenues of £28.8m for the six months ended 31 August 2026, up from £25.4m in the six months to 31 August 2025. Recurring revenue rose to £23.8m, representing 82.7% of total revenue (2025: £20.6m, 81.0%). Adjusted EBITDA increased to £8.4m (2025: £7.2m), with a margin of 29.2% (2025: 28.2%). The Group ended the period with cash of £95.2m. Operational performance continues to improve, supported by contract wins and the adoption of best practices. Recurring revenue increased to 82.7% of total revenue, reflecting the Group’s deliberate strategy to develop a higher recurring- revenue model, supported by pricing initiatives, strong customer retention and continued growth in subscription-based offerings. The Group also values a healthy contribution from transactional revenues, which reflects the trust, depth of understanding and strength of its customer relationships, while providing opportunities to address evolving customer requirements. The table below reconciles EBITDA to operating profit including adjusting items. Table 1: Six months ending Aug-26 Aug-25 £000s £000s Revenue 28,806 25,436 EBITDA 8,335 6,862 Acquisition expenses and stamp duties 80 306 Adjusted EBITDA 8,415 7,168 Depreciation (198) (109) Adjusted operating profit 8,217 7,059 Amortisation of intangible assets (2,595) (2,076) Acquisition expenses and stamp duties (80) (306) Operating profit before FVTPL 5,542 4,677 Adjustment for fair value gain/(loss) on financial assets 2,640 (1,800) Operating profit 8,182 2,877 Margin expansion has been supported by operational efficiencies, a balanced revenue mix and continued investment in technology and process optimisation. The Group has maintained its focus on infrastructure standardisation and optimisation, including mitigating costs associated with technologies that are no longer well aligned with its requirements, securing improved commercial terms across its Microsoft Azure estate and strengthening key supplier relationships. These initiatives are improving efficiency, resilience and scalability, while supporting more predictable margins and future growth. The Group’s established business platforms support faster integration of acquisitions and consistent ways of working across core functions. This provides a scalable operating foundation, enabling earlier focus on growth and value creation following acquisition. Table 2: Free cash flow from continuing activities for six months Aug-26 £000s Aug-25 £000s Operating profit 8,182 2,877 Adjustment for fair value (gain)/loss on financial assets (2,640) 1,800 Amortisation of intangible assets 2,595 2,076 Depreciation 198 109 Acquisition expenses and stamp duties 80 306 Adjusted EBITDA 8,415 7,168
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Decrease in working capital 2,858 6,310 Adj. Operating cash flow 11,273 13,478 Cash conversion 134% 188% Capital expenditure (962) (1,282) Lease payments (66) (36) Acquisition expenses and stamp duties (80) (306) Unrealised exchange gains/(losses) (130) 83 Interest and dividend income 1,089 1,879 Tax paid (1,940) (258) Free Cash flow 9,184 13,558 The initial £10.0 million share buyback programme completed in September, with 6.1 million shares acquired at a weighted average price of 162.63 pence per share and held in treasury. A further buyback programme of up to £10.0 million was subsequently launched, reflecting the Board’s view that share purchases at current market levels represent an attractive use of capital. As at 29 October, the Company had acquired a total of 7.9 million shares across the programmes for aggregate consideration of £13.1 million. The Board continues to assess further returns of capital alongside an active pipeline of bolt-on acquisition opportunities, maintaining a disciplined and flexible approach to capital allocation. The Group recognised net finance income of £1.4m (2025: £1.7m) from interest on cash reserves. 2025 benefited from an additional £0.2m of dividend income from M&C Saatchi plc. Operating profit before fair value movements was £5.5m (2025: £4.7m). The Group’s 9.8% stake in M&C Saatchi plc was valued at £18.0m at 31 August 2026 (28 February 2026: £15.4m), an increase of £2.6m. The Group has recognised a deferred tax asset of £0.14m with respect to timing differences. The Group has a deferred tax liability of £4.6m relating to intangible assets recognised on acquisition. Basic and diluted EPS, including fair value movements on financial assets, were 5.99p and 5.52p respectively (31 August 2025: 2.17p and 2.16p), with diluted EPS reflecting the weighted impact of Incentive Shares in the current period and warrants in the comparative period. Basic EPS on adjusted operating profit was 6.16p (2025: 5.24p - see notes). The Board does not currently recommend a dividend. It intends to review the Group’s dividend policy following significant deployment of AdvT’s capital and will only commence the payment of dividends when it becomes commercially appropriate. The Group's cash position at 31 August 2026 was £95.2m (28 February 2026: £96.2m), after a cash outflow of £1.0m relating to deferred consideration payable in respect of the HFX acquisition completed in the prior year. A further £1.0m of deferred consideration remains payable in May 2027. Adjusted operating cash flow was £11.3m, representing 134% cash conversion of adjusted EBITDA (31 August 2025: £13.5m and 188%). Cash conversion benefited from the timing of trade receivable collections, weighted towards the first half. The Group also capitalised £0.8m of research and development costs (2025: £1.0m). Free cash flow from continuing activities was £9.2m (31 August 2025: £13.6m). Consolidated Statement of Comprehensive Income 31 August 2026 31 August 2025 Unaudited Unaudited £000s £000s Revenue 28,806 25,436 Cost of sales (9,020) (8,060) Gross profit 19,786 17,376 Administrative expenses (11,451) (10,514) Depreciation (198) (109) Amortisation (2,595) (2,076) Fair value gain/(loss) on financial assets at FVTPL 2,640 (1,800) Operating profit 8,182 2,877 Dividend received - 234 Net finance income 1,440 1,680 Share-based payment expense (54) (55) Profit before tax from continuing operations 9,568 4,736 Taxation (1,573) (1,806) Profit for the period from continuing operations 7,995 2,930 Profit for the period from continuing operations attributable to owners of theparent 7,995 2,930
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Other comprehensive income Items that may subsequently be reclassified to profit and loss Translation gain/(loss) (130) 83 Total comprehensive income for the period attributable to owners of the parent 7,865 3,013 Profit per ordinary share (pence) Basic 9 5.99 2.17 Diluted 9 5.52 2.16 The Group’s activities derive from continuing operations. Consolidated Statement of Financial Position As at As at 31 August 2026 28 February 2026 Unaudited Audited £000s £000s Non-current assets Intangible assets 22,026 23,829 Goodwill 36,160 36,160 Property, plant and equipment 1,017 939 Contract fulfilment assets 72 110 Deferred tax asset 135 319 Financial asset at fair value through profit and loss 18,000 15,360 77,410 76,717 Current assets Inventories 126 155 Trade and other receivables 11,996 12,626 Cash and cash equivalents 95,170 96,238 Total current assets 107,292 109,019 Total assets 184,702 185,736 Equity and liabilities Sponsor shares - - Ordinary shares 136,866 136,866 Treasury shares (9,252) - Share premium 98 98 Share-based payment reserve 745 691 Translation reserve (183) (53) Retained earnings 22,010 14,015 Total equity 150,284 151,617 Liabilities Current liabilities Trade and other payables 6,696 7,850 Corporation taxation 671 738 Contract liabilities 19,887 16,713 Deferred consideration 960 960 Total current liabilities 28,214 26,261 Non-current Liabilities Deferred tax liability 4,593 5,086 Contract liabilities 181 414 Lease Liabilities 194 161 Deferred consideration - 961 Provisions 1,236 1,236 Total non-current liabilities 6,204 7,858 Total equity and liabilities 184,702 185,736 Consolidated Statement of Changes in Equity Sponsor share Ordinary shares Treasury shares Share Premium Warrant reserves Warrant cancellation Reserve Share based payment reserve Translation Reserve Accumulated profit/(losses) Tota equity £000s £000s £000s £000s £000s £000s £000s £000s £000s £000s Balance as at 28 February - 131,166 - - 98 350 582 (122) 9,051 141,125
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2025 (Audited) Profit for the period fromcontinuing operations - - - - - - - - 2,930 2,930 Issuance of Ordinary shares - 5,000 - - - - - - - 5,000Share-based payment expense - - - - - - 55 - - 55 Translation - - - - - - - 84 - 84 Balance as at 31 August2025 (Unaudited) - 136,166 - - 98 350 637 (38) 11,981 149,194 Profit for the period from continuingoperations - - - - - - - - 1,684 1,684 Issuance of Ordinary shares - 700 - 98 (98) - - - - 700 Share-basedpayment expense - - - - - - 54 - - 54 Reclassification of reserve - - - - - (350) - - 350 - Translation - - - - - - - (15) - (15) Balance as at28 February 2026 (Audited) - 136,866 - 98 - - 691 (53) 14,015 151,617 Profit for the period from continuingoperations - - - - - - - - 7,995 7,995 Share buy-back - - (9,252) - - - - - - (9,252) Share-based payment expense - - - - - - 54 - - 54 Translation - - - - - - - (130) - (130) Balance as at 31 August 2026 (Unaudited) - 136,866 (9,252) 98 - - 745 (183) 22,010 150,284 Consolidated Statement of Cash Flow 31 August 2026 31 August 2025 Unaudited Unaudited £000s £000s Cash flows from operating activities Profit before tax from continuing operations 9,568 4,736 Adjustments for: Depreciation 198 109 Amortisation 2,595 2,076 Interest income (1,440) (1,680) Fair value (gains)/losses on financial assets (2,640) 1,800 Add back share-based payment expense 54 55 Dividend income - (234) Working capital adjustments: Decrease in trade and other receivables and prepayments 1,048 5,249 Decrease in contractual fulfilment assets 37 131 (Decrease) in trade and other payables (1,168) (17) Increase in contractual liabilities 2,941 946 Tax paid (1,940) (258) Net cash flows from operating activities 9,253 12,913 Cash flows from investing activities Purchase of property, plant and equipment (161) (290) Development of intangible assets (801) (992) Acquisition of subsidiaries, net of cash acquired (1,000) (5,114) Net cash flows used in investing activities (1,962) (6,396)
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Cash flows from financing activities Dividend income - 234 Share buy-back (9,252) - Lease payments (66) (36) Interest income 1,089 1,645 Net cash flows (used in)/from financing activities (8,229) 1,843 Net (decrease)/increase in cash and cash equivalents (938) 8,360 Net foreign exchange differences (130) 84 Cash and cash equivalents at the beginning of the period 96,238 88,510 Cash and cash equivalents at the end of the period 95,170 96,954 Notes to the Condensed Consolidated Interim Financial Statements 1. GENERAL INFORMATION AdvancedAdvT Limited was incorporated on 31 July 2020 in the British Virgin Islands (“BVI”) as a BVI business company (registered number 2040954) under the BVI Business Company Act, 2004. The Company has its registered address at Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, British Virgin Islands VG1110 and UK establishment address at 11 Buckingham Street, London WC2N 6DF. The Company has acquired a number of software and services businesses. The Group provides software solutions and platforms that support business transformation. Its operations comprise INTEGRA (financial management software and Intelligent Process Automation software solutions), GOSS (digital transformation platform), CHKS (healthcare intelligence, compliance and accreditation software), Retain (global resource planning and talent management software), WFM (enterprise workforce management software) and HFX (workforce management SaaS platform). The Company is an agent for change, enabling the delivery of AI, data analytics and business intelligence, all of which are key future drivers for growth in these sectors where long term digitisation trends are set to transform the workplace for professionals. The Company’s wholly-owned subsidiaries are set out in full Condensed Consolidated Interim Financial Statements on the website, together with the Company, the “Group”. The Group is developing both organically and through acquisitions, by expanding its presence across adjacent markets, geographical boundaries and digital sectors. 2. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES The preparation of the Financial Statements under IFRS requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Key sources of estimation uncertainty Identifiable assets acquired and liabilities assumed As required by IFRS 3, we measure the assets acquired and liabilities assumed on the acquisitions in the period at their fair value on acquisition. The fair values of contract liabilities at acquisition dates were estimated to obtain a price that would be paid to transfer the liability in an orderly transaction between market participants. The approach used is based on a market participant’s estimate of the costs that will be incurred to fulfil the obligation plus a normal profit margin, based on the overall cost profile over the life of the contract. The determination of the fair value of assets and liabilities including goodwill arising on the acquisition of businesses, the acquisition of branding, customer relationships and intellectual property, whether arising from separate purchases or from the acquisition as part of business combinations, and development expenditure which is expected to generate future economic benefits, are based, to a considerable extent, on management’s estimations. The fair value of these assets is determined by discounting estimated future net cash flows generated by the asset where no active market for the assets exists. The use of different assumptions for the expectations of future cash flows and the discount rate would change the valuation of the intangible assets. Whilst the accounting for business combinations is substantially completed in the period of acquisition, certain acquisition fair value estimates may not be finalised. Management engage with specialists in this regard and include appropriate disclosure. Critical accounting judgements Revenue recognition There are a number of areas where judgement has been applied in respect of revenue recognition. A description of the way in which revenue and associated assets are recognised is detailed in notes of the Condensed Consolidated Interim Financial Statements. In applying IFRS 15 Revenue from Contracts with Customers significant judgement which may affect the determination of the amount and timing of revenue from contracts with customer include: assessment of the costs the Group incurs to deliver the contractual commitments and whether such costs should be expensed as incurred or capitalised. Recovery of deferred tax assets
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Closest equivalent IFRS measure Reconciling items to IFRS measure Definition and purpose Income Statement Measures Adjusted EBITDA or Profit before tax (PBT) Operating Profit OR Profit before Tax Adjusting items Adjusted Operating profit/Profit before tax excludes adjusting items. Adjusting items None Refer to definition Items which are not considered part of the normal operating costs of the business, are separately disclosed because of their size, nature or incidence are treated as adjusting. The Group believes the separate disclosure of these items provides additional useful information to users of the Condensed Consolidated Interim Financial Statements to enable a better understanding of the Group’s underlying financial performance. These may include the financial effect of adjusting items such as, inter alia, restructuring costs, impairment charges, amortisation of intangibles, costs relating to business combinations, one-off foreign exchange gains or losses, integration costs, acquisition-related expenses, share- based payment charges, contingent consideration and earn- outs, cloud computing configuration and customisation costs, and right-of-use asset disposal gains or losses. Recurring Revenue Revenue * Recurring Revenues are income occurring continuously and repeatedly. Transactional Revenue Revenue * Transactional Revenue are recognised at the point of transfer (delivery) to a customer. Balance Sheet Measures Net cash or debt None * Net cash/(debt) is defined as Cash and cash equivalents and short-term deposits, less Bank overdrafts and other current and non-current borrowings. Cash Flow Measures Cash conversion None Refer to definition Adjusted operating cash flow as a percentage of Adjusted EBITDA. Free cash flow None Refer to definition Cash flow in the period after accounting for operating activities, investing activities, lease payments, interest and tax. Deferred tax assets are recognised for deductible temporary differences only if the consolidated entity considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Provisions Onerous contract provisions are recognised where the unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. For the period to 31 August 2026, the Directors do not consider that they have made any other significant estimates, judgments or assumptions which would materially affect the balances and results reported in these Condensed Consolidated Interim Financial Statements. *For further information please see notes Condensed Consolidated Interim Financial Statements published on the companies website. 3. ALTERNATIVE PERFORMANCE MEASURES In reporting financial information, the Group presents alternative performance measures (“APMs”) which are not defined or specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for IFRS measures, provide stakeholders with additional useful information on the underlying trends, performance and position of the Group and are consistent with how business performance is measured internally. The alternative performance measures are not defined by IFRS and therefore may not be directly comparable with other companies’ alternative performance measures. The key APMs that the Group uses are outlined below. 4. SEGMENT INFORMATION Revenue from continuing operations 31 August 2026 31 August 2025 Unaudited Unaudited £000s £000s Recurring revenues 23,831 20,606 Transactional revenues 4,975 4,830 28,806 25,436 Revenue is recognised for each category as follows:
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• Recurring Revenues: income occurring continuously and repeatedly; and • Transactional Revenues: recognised at the point of transfer (delivery) to a customer. Operating segments IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision makers to allocate resources to the segments and to assess their performance. The chief operating decision makers have been identified as the Executive Directors. The Group revenue is derived from the sale and subscription of recurring and transactional revenue engagements with its customers. Consequently, the Executive Directors review the two revenue streams, but as the costs are not recorded in the same way, the information on costs is presented as one segment and as such the information included below is presented in line with management information. 31 August 2026 31 August 2025 Unaudited Unaudited £000s £000s Revenue 28,806 25,436 EBITDA 8,335 6,862 Acquisition expenses, stamp duties and relisting expenses 80 306 Adjusted EBITDA 8,415 7,168 Depreciation (198) (109) Adjusted operating profit 8,217 7,059 Amortisation of intangible assets (2,595) (2,076) Acquisition expenses, stamp duties and relisting expenses (80) (306) Operating profit before FVTPL 5,542 4,677 EARNINGS PER ORDINARY SHARE Basic EPS is calculated by dividing the profit/(loss) attributable to equity holders of a company by the weighted average number of ordinary shares in issue during the period. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potentially dilutive instruments into ordinary shares. As more fully detailed in the annual financial statements to 28 February 2026, incentive shares in MAC I (BVI) Limited have been issued. On exercise, the value of these shares is expected to be delivered by the Company issuing new ordinary shares, and hence the Incentive Shares could have a dilutive effect, although the Company has the right at all times to settle such value in cash. As the Preferred Return threshold is currently satisfied and the Incentive Shares are within their exercise period and redeemable, they have been treated as dilutive and included in the diluted EPS calculation. In the period ended 31 August 2025 there were 700,000 warrants with future exercisable dates. These were exercised on 4 December 2025. Accordingly, the warrants were not outstanding during the period ended 31 August 2026 and have not been included in the calculation of diluted EPS for the current period. The Company has two issued Sponsor Shares. These shares have no rights to distributions and do not give rise to potential ordinaryshares for the purposes of IAS 33. Accordingly, they have not been included in the calculation of basic or diluted EPS. 31 August 2026 31 August 2025 Unaudited Unaudited Basic Profit/(Loss) attributable to owners of the parent (£000s) 7,995 2,930 Weighted average number of ordinary shares in issue 133,480,459 134,795,371 Basic profit/(loss) per ordinary share (pence) 5.99 2.17 Diluted Profit /(loss) attributable to owners of the parent (£000s) 7,995 2,930 Weighted average number of ordinary shares in issue 133,480,459 134,795,371 Adjustment to number of shares for incentive shares/warrants 11,318,949 700,000 Adjusted weighted average shares in issue 144,799,408 135,495,371 Diluted profit/(loss) per ordinary share (pence) 5.52 2.16 Basic EPS on adjusted operating profit Adjusted operating profit 8,217 7,059 Weighted average number of ordinary shares in issue 133,480,459 134,795,371 Basic profit/(loss) per ordinary share (pence) 6.16 5.24
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