Slides
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2026 Half Year Results Leading software | Smart people Unrivalled delivery | Exceptional IP
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2 Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Information in the following presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Alfa Financial Software Holdings PLC (the “Company”) or any company which is a subsidiary of the Company. The release, publication, or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. Certain statements contained in this presentation constitute forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company’s financial condition, business strategy, plans and objectives, are forward-looking statements. Forward-looking statements often use words such as “believes”, “estimates”, “anticipates”, “expects”, “intends”, “may”, “will”, or “should” or, in each case, their negative or other variations or comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. In particular, the forward-looking financial information provided by the Company in this presentation represents the Company’s estimates as of 30 June 2026. It is anticipated that subsequent events and developments may cause the Company’s estimates to change. These forward-looking statements speak only as at the date of this presentation. While the Company may elect to update this forward-looking information at some point in the future, except as required by the Financial Conduct Authority, or by applicable law, the Company does not undertake any obligation to update or revise publicly any forward- looking statement, whether as a result of new information, future events, or otherwise. No statement contained herein constitutes a commitment by the Company to perform any particular action or to deliver any particular product or product features. Readers should therefore not rely on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Measures not specifically defined by IFRS: Readers are cautioned that the supplemental financial information, which is not specifically defined by IFRS, presented in this presentation is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Company’s supplemental non-IFRS financial information may not be comparable to similarly titled non-IFRS measures used by other companies. In the tables accompanying this presentation the Company sets forth its supplemental non-IFRS figures for revenue at constant currency, Total Contract Value and Operating Free Cash Flow conversion. See the “Definitions” slide at the back of this presentation for further information.
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1 Introduction and Key Highlights Andrew Denton 4 2 Financial Review Duncan Magrath 7 3 Operational Delivery Matthew White 20 4 Business and Sales Update Andrew Denton 29 6 Q&A 34 5 Summary Andrew Denton 32 7 Appendices 35 3 Agenda
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4 Introduction and Key Highlights Andrew Denton, CEO
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Overview Growing SaaS Subscription • Subscription revenue stream up 14% • 22% growth in Subscription TCV • ARR up 17% • NRR of 110% • Subscription revenues 37% of total revenues Strong sales and TCV growth • Strong late-stage pipeline with nine prospects • Two wins in H1 with total TCV up 17% • Working with three of nine customers in late-stage pipeline • Encouraging activity in early-stage pipeline On track for full year expectations • AI: maximising opportunities in an exciting area • Strong Subscription revenue growth in 2026 and beyond • Continued confidence in future prospects • Welcome to Andrew Dickson – new CFO Looking forward 5 Leading product and unrivalled delivery • £19.6m investment in software, with investment into market expansion in Originations, Fleet, Commercial Finance, and AI functionality • AI accelerating development and simplifying delivery • Two go-lives in the period
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6 Key financial highlights £65.1m Revenue4 2025: £62.5m £247.0m Total Contract Value3 2025: £210.7m 76% Cash conversion5 2025: 88% 110% NRR2 2025: 112% +14% Subscription revenue growth 2025: +17% £18.4m Operating profit 2025: £21.6m 28% Operating profit margin 2025: 35% (1) Annual Recurring Revenue. See “Definitions” for further information. (2) Net Revenue Retention. Over the 12 months to June 2026. See “Definitions” for further information. (3) Total Contract Value. See “Definitions” for further information. (4) Absolute figures shown at actual rates. Growth percentage is using constant currencies. See “Definitions” for further information. (5) Cash conversion is Operating Free Cash Flow conversion. See “Definitions” for further information. (15)%+5% +17% +17% ARR1 2025: +16%
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7 Financial Review Duncan Magrath, CFO
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• Revenues up 4% at actual and 5% on constant currency basis • Gross profit margin percentage down 400bps against a very strong comparator and impacted by severance costs • Operating profit down 15% with a margin of 28.3% • Excluding the impact of severance costs and FX hedges operating profit was ahead by 2% with operating margin only slightly down on last year • Effective tax rate of 26% is in line with 2025 8 Income Statement Very strong financial performance Key Financial Metrics (£m) 2026 H1 2025 H1 Change % Revenue 65.1 62.5 4% Cost of sales (25.9) (22.4) 16% Gross profit margin (%) 60.2% 64.2% (400) bps Sales, general & admin expenses net of other op. income (20.8) (18.5) 12% EBITDA 20.4 23.1 (12)% EBITDA margin (%) 31.3% 36.9% (560) bps Operating profit 18.4 21.6 (15)% Operating profit before severance costs and FX hedges 20.3 19.9 2% Operating profit margin (%) 28.3% 34.6% (630) bps Operating profit margin (%) before severance costs and FX hedges 31.1% 31.8% (70) bps Profit before tax 18.2 21.5 (15)% Effective tax rate 26.0% 26.0% - Basic EPS (p) 4.55 5.38 (15)% Diluted EPS (p) 4.55 5.35 (15)% Constant currency (£m) 2026 H1 2025 H1 Change % Revenue – constant currency 65.1 62.0 5%
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• Cost of sales up 16% and SG&A up 12%, although impacted by severance costs and FX hedges • £1.6m of severance costs including associated legal fees, split between CoS (£1.2m) and SG&A (£0.4m) • Excluding severance and FX costs Cost of Sales increased 10% with SGA up 2% • Profit share is down £(0.5)m, or (19)%, due to lower profits, with share-based payments down (56)% • Depreciation and Amortisation up £0.6m or 39% • £1.7m FX hedge gain in 2025 compared with £0.3m loss on hedges in 2026 9 Net Operating Expenses Impacted by severance costs and impact of FX hedges * Including related social security costs – all costs shown in SG&A £m 2026 H1 2025 H1 Change % Salaries, pensions, on-costs and partner costs 25.3 23.2 9% Severance costs 1.2 - - Less: Capitalised development (2.7) (2.5) 8% Hosting costs 1.8 1.4 25% Travel & accomodation 0.3 0.3 11% Cost of sales 25.9 22.4 16% Salaries, pensions and on-costs 7.9 7.5 6% Profit Share* 2.1 2.6 -19% Share-based payments charge* 0.4 0.9 -56% Depreciation and amortisation 2.1 1.5 39% FX Hedges (gains) / losses 0.3 (1.7) -118% Other FX (gains) / losses 0.1 0.6 -79% Severance costs including associated legal fees 0.4 - - Other operating costs 7.8 7.4 6% Sales, General & Admin expenses 21.1 18.8 12% Other Income (0.3) (0.3) -21%
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• 17% growth in Total TCV to £247m (2025: £211m); Subscription up 22%, Delivery up 22%, Software Engineering down 29% • Next 12 months TCV up 12% to £101m (2025: £90m) with growth across Subscription and Delivery being offset by a reduction in Software Engineering 10 Total Contract Value (TCV) Further growth in TCV primarily driven by growth in Subscription TCV Jun-25 Dec-25 Jun-26 USD 1.35 1.32 1.33 EUR 1.19 1.17 1.16 £m £m 13 9 9 34 40 39 43 50 53 - 10 20 30 40 50 60 Jun-25 Dec-25 Jun-26 Next 12 months TCV Software Engineering Delivery Subscription 19 14 13 47 52 58 145 161 176 - 25 50 75 100 125 150 175 200 Jun-25 Dec-25 Jun-26 Total TCV Software Engineering Delivery Subscription
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42 44 48 30 32 34 36 38 40 42 44 46 48 50 2025 - Jun 2025 - Dec 2026 - Jun Annual Recurring Revenue (ARR) • Strong growth in ARR up 17% at 30 Jun 26 to £48.5m (2025: £41.6m) • NRR of 110% demonstrating zero churn and growth of revenues with new and existing customers as Subscription revenues ramp up • Breakdown of NRR is as follows: 11 ARR and NRR Annual Recurring Revenue and Net Revenue Retention ARR: Represents the average value of customer subscription contracts in the 6 months to the reporting date, annualised, including only those revenues which are expected to last 12 months or longer at their point of origin. NRR: Measures the percentage of recurring revenue retained from customers over the last 12 months, including upsells and expansions, and net of customer losses. Jun-25 Jun-26 Base 100% 100% Specific terminating v4 customer 0% (3)% Net upsell/downsell existing customers 4% 6% New customers not yet live 8% 7% Total 112% 110% +10% +5% £m 112% 109% 110% 90% 95% 100% 105% 110% 115% 2025 - Jun 2025 - Dec 2026 - Jun Net Revenue Retention (NRR)
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• Subscription revenue up 14% on 2025 to £24.1m: • 73% from v5/AS6 live customers • 20% from new customers implementing AS6 • 4% from customers upgrading from v4 • 3% from v4 customers not yet upgrading • Subscription TCV up 22% on Jun 2025 driven by growth from both new customers and existing customer base • Total of 44 customers contributing to Subscription revenues: 12 Subscription revenues Subscription revenues increase as the number of assets on Alfa increases Subscription revenues arise from SaaS and other recurring services No. Subscription customers H1 2025 H1 2026 v5/AS6 Alfa Cloud customers 23 24 V5/AS6 Alfa Cloud – late-stage pipeline 1 3 v5/AS6 Private cloud customers 15 15 v4 Customers 2 2 Total 41 44 After 12 Months Next 12 Months As at 18 21 24 0 4 8 12 16 20 24 28 2024 H1 2025 H1 2026 H1 Subscription Revenue £m £m +14% +17% 43 50 53 102 112 123 - 20 40 60 80 100 120 140 160 180 Jun-25 Dec-25 Jun-26 Subscription TCV 176 162 145 +11% +9%
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13 V5/AS6 customer history Zero competitive churn – 15 implementation customers will drive future growth in Subscription revenues 15 customers in implementation of which 2 are v4 upgrades. 13 new customers will drive future subscription growth post go-live as they hit full run-rate revenues Of v5 customers - only two have left Alfa, one was purchased by another Alfa customer, and one exited the asset finance market 2019 2020 20212015 20262010 2011 2012 2013 2014 2022 2023 2024 20252016 2017 2018
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14 Subscription revenues For these three cohorts, subscription revenues are expected to double from 2026 to 2028 Actuals Internal Forecast • Number of customers in cohorts – 2023: five, 2024: six 2025: two • Excludes customers upgrading from v4 and those prior to 2023 or new in 2026. • Demonstrates subscription growth up to go-live • 2023 cohort starts to flatten off in 2027/28 as they reach go-live • 2024/25 cohorts are continuing to grow through 2028 0 2 4 6 8 10 12 14 16 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 H2 2026 H1 2027 H2 2027 H1 2028 H2 2028 Subscription revenue by half - customers working with since 2023 2023 customers 2024 customers 2025 customers £m
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12.7 8.8 8.6 6.0 5.4 4.7 1 4 7 10 13 16 19 22 Jun-25 Dec-25 Jun-26 Software Engineering TCV • Software Engineering revenues down 17% from a very strong H1 2025 • Customised licence revenue up £1.7m to £2.8m due to completion of accounting on last significant perpetual licence sale. £4.8m left on balance sheet, reducing to £3.9m by year end, which then unwinds: £1.7m 2027, £1.1m 2028, reducing thereafter and ending in 2031 • Chargeable development work for new subscription customers decreased by £2.7m whilst development work for existing customers was down £0.5m • TCV down 29% on Jun 2025 due to less future chargeable development work for new customers • Whilst TCV down from Dec 25 our visibility of future work has improved – not yet in TCV • No one-off licence revenue recognised in H1 2026 15 Software Engineering revenues Whilst down 17% on H1 2025, H1 2026 is 43% higher than H1 2024 Software Engineering revenues largely arise from chargeable development work for new and existing customers, along with a small amount of perpetual licence recognition One-Off Licence Enhancement Existing Customers Customised Licence After 12 Months Next 12 Months Enhancement New Customers 1.1 1.1 2.8 1.1 4.5 1.8 3.2 4.5 4.0 0.5 0.2 - 2 4 6 8 10 12 2024 H1 2025 H1 2026 H1 Software Engineering Revenue +71% 8.6 10.3 (17)% 6.0 £m £m 18.7 13.3 14.2 (6)% (24)%
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34 40 39 13 12 19 5 15 25 35 45 55 65 Jun-25 Dec-25 Jun-26 Delivery TCV • Delivery revenues up 5% year on year • 54% of Delivery revenue relates to new customers in definition or implementation stage (2025: 40%) • Partner days made up 8% of our total Delivery days (2025: 7%) • TCV up 22% from Jun 2025 primarily driven by two new customer wins • Total of 44 customers contributing to Delivery revenues: 16 Delivery revenues Steady growth in Delivery revenues, improvement in longer term visibility Delivery revenues arise from work for existing customers delivering new modules, upgrades, migrations and other services, as well as work with new customers on project definition and implementation of Alfa Systems No. Delivery customers H1 2025 H1 2026 v5/AS6 Upgrades 4 2 Live v5/AS6 customers 26 28 v4 not yet upgrading 2 1 New customers not yet live 11 13 Total 43 44 After 12 Months Next 12 Months £m 28 31 32 20 22 24 26 28 30 32 34 2024 H1 2025 H1 2026 H1 Delivery Revenue£m +5% +10% 52 47 +11% +10% 58
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• Cash conversion of 76% for the half year, following very high conversion of 108% in H2 2025 due to £2.8m of accelerated receipts in Dec 25 (see appendix for historical cash conversion by half years) • Capital expenditure through investment in Alfa Systems product remains in line with prior year • Net tax payments increased to £4.7m as H1 2025 net payments included the benefit of cash received on R&D claims, and none so far in 2026 • £13.7m dividends paid – Ordinary of £4.5m, Special of £9.2m 17 Cash Flow Cash conversion impacted in H1 2026 by accelerated receipts in H2 2025 £m 2026 H1 2025 H1 Cash generated from operations 17.6 22.0 Adjusted for: Principal element of lease payment (0.6) (0.2) Capital expenditure (3.0) (2.8) Operating free cash flow generated 14.0 19.0 Operating profit 18.4 21.6 Operating free cash flow conversion 76% 88% Non-operating cash flows: Tax paid (4.7) (4.0) Foreign exchange & net interest 0.1 - Own shares 0.1 (0.4) Dividends (13.7) (11.2) Cash inflow/(outflow) in period (4.2) 3.4 Closing cash balance 22.2 23.9
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• We continue to generate excess cash, even after allowing for investment in the business • Where we cannot see a use for the funds we have returned to shareholders through dividends and buybacks • We have reviewed current market conditions and have decided not to declare a special dividend with these results • Retaining cash within the business gives us optionality to consider most efficient use of capital • If we conclude we have no use for cash, we will return to shareholders • We will continue with ordinary progressive dividend policy 18 Capital allocation Strongly cash generative business with disciplined capital allocation £119m £141m £167m £181m 0 20 40 60 80 100 120 140 160 180 200 2023 2024 2025 2026 H1 £millions Cumulative dividends paid Ordinary Special 1.2 1.3 1.4 1.5 5.5 6.2 7.4 3.1 6.7p 7.5p 8.8p 4.6p 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 2023 2024 2025 2026 H1 Dividends paid in period Ordinary Special
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19 Modelling guidance Outlook • We expect continued strong growth in Subscription revenues • In 2026 Delivery revenues will grow slower than originally expected but offset by improved Software Engineering revenues • Capitalised development costs expected to continue at similar levels to 2025 • As capitalisation of internally generated intangibles has grown and these assets commence being used, amortisation will increase to a similar level as capitalisation • Cash conversion is expected to be 80% - 90% for 2026 as a whole (unchanged) • Effective tax rate expected to be c.26%, slightly higher than UK corporate tax rate Currency • 2026 twelve month currency sensitivity (no change) ignoring impact of hedges • Revenue • 1 US cent = c.£500k • 1 EUR cent = c.£140k • Operating profit • 1 US cent = c.£300k • 1 EUR cent = c.£120k • Remaining 2026 USD flows are fully hedged, so no profit impact from movement in exchange rate • Revenue will be impacted by £250k for each 1 US cent movement in USD exchange rate • Average rate for all 2026 hedges $1.36
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20 Operational Delivery Matthew White, COO
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Strategy Strengthen Grow our differentiation of market-leading People, Product and Delivery by: • Investing in our smart, diverse team; • Investing in our product; and • Investing in our delivery methodology and tooling Sell Enable profitable growth by focusing on: • Alfa Systems on Alfa Cloud; • Subscription revenue; • Incremental sales; • Commitment to our chosen target markets Scale Increase our capacity for developing and delivering Alfa Systems, and extend our reach, by: • Developing our smart, diverse team; • Leveraging global talent sources to enhance our competitive position; • Growing our partner ecosystem; • Expanding our addressable market; • Enabling partner-led delivery of Alfa Start Simplify Enable more concurrent Alfa Systems implementations, more efficiently, by: • Simplifying our product; • Simplifying our implementations; • Simplifying our processes across our organisation; • Expanding our Alfa Start offering 21
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Simplification - delivery acceleration supports Alfa's long-term growth model AI and other efficiency gains expand the market and accelerate recurring revenues 1 Lower implementation effort AI supports migration, documentation, analysis and configuration tasks 2 Shorter time to value Customers can reach go- live more efficiently and realise benefits sooner 3 Broader addressable market Lower delivery cost can make Alfa viable for more customers and use cases 4 Subscription growth More implementations can accelerate recurring SaaS subscription revenues 22
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23 Asset Finance Software Market Requirements Revenue model matches customer success to Alfa income: Subscription revenue is per-asset-finance contract, not per-user Deep, domain-specific functionality Extremely hard to replicate Vast, structured, context-specific data frameworks Encoded institutional knowledge in core system of record Deterministic workflow and ledger transactions, with clear audit trails, in highly regulated environments Standardised, compliant, secure, fast, integrated, accurate, repeatable, reversible Extremely complex implementation process Unrivalled expertise in complex business change
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Thea: AI Within Alfa Systems A coherent family of practical, enterprise-grade AI features Thea Core Foundation layer Provider-agnostic LLM framework for safe, efficient AI capabilities within Alfa Systems Enables a scalable architecture for Alfa Cloud AI features Quality of life feature Summarises notepad entries and supports enquiry across note history while respecting user access controls Improves user productivity and customer service Intelligent document processing Classifies, extracts and reconciles information from documents within Alfa workflows Supports automation in document-heavy processes such as Originations Alfa Cloud MCP PoC Explores connecting AI assistants into Alfa processes, with Alfa Systems retaining business rules, permissions, approvals and audit Positions Alfa for emerging agentic customer expectations Practical AI within trusted Alfa workflows, not disconnected experimentation. 24
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25 Alfa Systems: Market Expansion Extending our product differentiation and expanding our addressable market US Auto Originations • Increasing SAM • Retail auto lending workflow Fleet • Increasing SAM • Managing the entire auto fleet lifecycle Commercial Finance • Increasing TAM • Moving into broader corporate lending SAM – Serviceable Addressable Market TAM – Target Addressable Market
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26 Alfa’s People Reshaping the team, targeted recruitment for growth, continuing to invest, deliberate scaling of our culture • Reshaping the team: • Reducing Product Engineering • Recruiting in Cloud Operations • Recruiting in Delivery • Refreshed induction material • Ongoing AI literacy support • Culture Playbook: • Maintaining our culture as we scale in multiple geographies
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27 Delivery – Layering of subscription customers Zero competitive churn – 15 implementation customers will drive future growth in Subscription revenues 1st Go-live v4 to Alfa Systems 6 upgrade US and UK equipment finance 2nd (partial) Go-live New business pilot High-volume US auto finance 2019 2020 20212015 20262010 2011 2012 2013 2014 2022 2023 2024 20252016 2017 2018
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28 Operational Delivery Huge opportunity, premium offering, expanding our market • Huge market • Differentiated offering: • People • Product • Delivery track record • Expanding our opportunity: • AI-enabled delivery simplification • Ongoing product investment
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29 Business and Sales Update Andrew Denton, CEO
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30 Sales pipeline Nine prospects in late-stage pipeline Demos, RFPs & Early-stage pipeline • Gathering industry knowledge and contacts in Commercial Finance • Strong interest in Originations and Fleet with multiple demos • Activity in early-stage pipeline remains robust Late-stage pipeline • During H1 2026 added two new prospects, converted two into a win, and lost one • Overall ended year with nine prospects in late-stage pipeline • Paid work underway with three of them • Preferred supplier with eight • Good spread across the regions
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31 Outlook • Exciting opportunities continue to come to market, with early pipeline strength unaffected by macroeconomic uncertainty • AI is an important accelerator of our strategy, increasing delivery speed to bring more customers onto Alfa Systems and support high-quality recurring revenues • Late-stage pipeline is strong, though enterprise software sales remain subject to timing risk, with some delays in moving projects to contract • Subscription revenues continue to grow as customers reach full run rates after go-live • Delivery revenue expectations for the year are slightly reduced, offset by improved software engineering revenues • Overall we expect to meet expectations for the year
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32 Summary Andrew Denton, CEO
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Overview Growing SaaS subscription • Subscription revenue stream up 14% • 22% growth in Subscription TCV • ARR up 17% • NRR of 110% • Subscription revenues 37% of total revenues Strong sales and TCV growth • Strong late-stage pipeline with nine prospects • Two wins in H1 with total TCV up 17% • Working with three of nine customers in late-stage pipeline • Encouraging activity in early-stage pipeline On track for full year expectations • AI: maximising opportunities in an exciting area • Strong Subscription revenue growth in 2026 and beyond • Continued confidence in future prospects • Welcome to Andrew Dickson – new CFO Looking forward 33 Leading product and unrivalled delivery • £19.6m investment in software, with investment into market expansion in Originations, Fleet, Commercial Finance, and AI functionality • AI accelerating development and simplifying delivery • Two go-lives in the period
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Q&A 34
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Appendices 35
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36 Late-stage pipeline update since FY25 Two customers won with a further nine prospects in the late-stage pipeline Key: Won New in late stage* Moved back Lost Late-stage pipeline includes prospects in workshops or contracting stages. Prospects are categorised based on: Project Revenues: Revenues from Implementation and Product Development for initial project delivery Annual Subscription: Annual run-rate Subscription revenues at steady state following final go-live *New in late-stage pipeline versus 2025 Full Year Results Project Revenues < £2m < £10m £10m - £15m > £15m Annual Subscription < £1m < £1m £1-2m > £2m Retail Bank I ROW Working Lost Lost Auto OEM J Americas Won Won Won Auto OEM K UK Working Won Won Auto OEM L ROW Working Working Paid work – v5 upgrade Auto OEM O Americas Working Paused Program rescheduling OEM G ROW Contracting Contracting Paid work Auto OEM P Americas Working Working Paid work Retail Bank N UK Contracting Paused Paused until 2027 OEM H EMEA Contracting Working Paid work Equip Finance H EMEA Contracting Talks Ongoing process Equip Finance I Americas Mid-stage Talks Preferred supplier - existing client new asset type Equip Finance J UK Mid-stage Talks Aiming for 2027 project start Status Aug-26 CommentStatus Mar-26Potential Client descriptor Project Revenues Annual Subscription Territory
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• Trade receivables down slightly from Dec 2025 to £7.8m • Prepayments, accrued income and other receivables up £2.6m • Corporate tax recoverable up £0.5m from Dec 2025 • Cash decreased by £4.2m after funding dividend payments of £13.7m, and £1.6m of severance costs including associated legal fees • Contract liabilities – maintenance increase reflecting the timing of billing a number of annual maintenance contracts in May • Contract liabilities – deferred licence and fees decrease reflecting the end of a customised licence period, and the reduction in pre-billing balances from Dec 2025 37 Balance sheet Robust balance sheet with £22.2m of cash £m 2026 H1 2025 FY Total non-current assets 46.3 45.0 Current assets Trade receivables 7.8 8.5 Prepayments, accrued income and other receivables 12.7 10.1 Corporate tax recoverable 1.2 0.7 Cash and cash equivalents 22.2 26.4 Total current assets 43.9 45.7 Total assets 90.2 90.7 Current liabilities Trade and other payables 12.0 13.5 Derivative financial instruments 0.1 - Contract liabilities – deferred licence and fees 2.3 5.3 Contract liabilities – maintenance 9.1 4.7 Current portion of lease liabilities 1.3 1.2 Total current liabilities 24.8 24.7 Total non-current liabilities 13.6 14.3 Equity attributable to parent 51.8 51.7 Total liabilities and equity 90.2 90.7 *The Dec 2025 balance for contract liabilities has been reclassified between current and non-current liabilities, with no change to the total liability previously reported
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• H2 2025 cash conversion of 108% was impacted by early receipts of £2.8m, without which cash conversion would have been 92% for H2 2025 • The advanced receipts of £2.8m reverse in H1 2026, therefore reducing cash flow. If these had been received in H1 2026 instead of H2 2025, cash conversion would have been 91% instead of 76%, i.e. in line with a “normalised” H2 2025 cash conversion 38 Phased Cash Flow Cash conversion in H1 2026 impacted by pre-billing at end of H2 2025. Cash flow conversion H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Cash generated from operations 13.0 18.8 18.5 22.0 22.5 17.6 Principal element of lease payments (0.5) (0.6) (0.7) (0.2) - (0.6) Capital expenditure (1.7) (2.8) (2.8) (2.8) (2.6) (3.0) Operating FCF generated 10.8 15.4 15.0 19.0 19.9 14.0 Operating profit 13.2 16.2 18.1 21.6 18.5 18.4 Operating FCF Conversion 82% 95% 83% 88% 108% 76% Non-operating cash flows: Tax paid (3.1) (4.6) (3.6) (4.0) (2.6) (4.7) Foreign exchange & net interest (0.3) 0.1 (0.5) - (0.1) 0.1 Direct costs associated with lease extensions - (0.2) - - - - Own shares (0.1) (0.8) - (0.4) 0.1 0.1 Dividends (11.8) (9.7) (12.4) (11.2) (14.8) (13.7) Cash inflow/(outflow) in period (4.5) 0.2 (1.5) 3.4 2.5 (4.2) Closing cash balance 21.8 22.0 20.5 23.9 26.4 22.2
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• Subscription customers all recurring revenues; 37% of overall revenues • 53% of Software Engineering revenues from existing customers; 7% of overall revenues • 46% of Delivery revenues from existing customers; 23% of overall revenues • 67% of overall revenues of a recurring nature (2025: 72%) • Percentage of revenue from existing customers reduced from 2025 with the completion of major version upgrades for existing customers and projects commenced with a number of new customers towards the end of 2025 39 Revenue profiles Strong base of revenue of a recurring nature Revenue from existing and new customers Existing customers – those who have already implemented Alfa, including those upgrading from v4 New customers – those implementing Alfa for the first time 2026 H1 By Stream Subscription Software Engineering Delivery Total Existing 80% 53% 46% 60% New 20% 47% 54% 40% Total 100% 100% 100% 100% 2026 H1 All Revenue Subscription Software Engineering Delivery Total Existing 30% 7% 23% 60% 67% New 7% 6% 27% 40% % of Total Revenue 37% 13% 50% 100%
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40 Revenue streams Better reflecting our business model New implementation Upgrades Customer expansion Product investment Software Engineering Delivery Subscription Activity Driving revenue • Subscription revenues arise from SaaS and other recurring services; Subscription is our fastest growing revenue stream • Delivery revenues arise from work for existing customers delivering new modules, upgrades and migrations, and work with new customers on project definition and implementation of Alfa Systems • Software Engineering revenues largely arise from chargeable development work for new and existing customers, along with some perpetual licence recognition • Our strategy is to grow subscriptions by delivering more Alfas to customers and continuing to enhance our product
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41 Customer life cycle Illustrative customer journey • Definition work may commence before final contracts are signed • Subscription fees build up with volume of contracts and environments utilised • Delivery team ramps up and enhancement development completed and tested • Typically there are multiple go-lives starting with a Minimum Viable Product (MVP), culminating in a final go-live • Customer portfolio volumes increase with each go-live and portfolio migrations, subscription fees building up to go-live • Post go-live, customers will continue to utilise delivery services for version upgrades, implementing new modules or further migrations Delivery Software Engineering Subscription
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Subscription is our fastest growing revenue stream, with growth coming from: • Growth in existing customers portfolio volumes, migration of business onto Alfa and purchase of new software modules • Customers upgrading from legacy versions of Alfa Systems onto current SaaS product • New customers implementing Alfa Systems, where subscription fees build up over the implementation period As more of our customer base moves to a SaaS subscription we see perpetual licences (reported in Software) replaced with Subscription fees which are recognised more slowly as portfolio volumes ramp up, but are truly recurring revenues TCV captures three years of recurring subscription fees; for brand-new customers this may not reflect the level of subscription fees expected at go-live 42 Subscription growth Subscription revenues and TCV ramp up over time - 2 4 6 8 10 12 14 16 18 - 1 2 3 4 5 6 7 8 9 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Illustrative Customer Subscription Profile* Revenue TCV * Illustrative profile of a large SaaS customer TCV at 2x scale of revenue Initial TCV Illustrative large SaaS customer Multi-year implementation with multiple go-live milestones; first go- live event typically after two years Subscription ramps up quickly over first three to five years during implementation Significant subscription revenue growth over first five years Once live, subscription grows steadily with volume and price increases Initial go-live
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43 Definitions Measures not specifically defined by IFRS Constant Currency When the Company believes it would be helpful for understanding trends in its business, the Company provides percentage increases or decreases in its revenues to eliminate the effect of changes in currency values. When trend information is expressed herein "in constant currencies", the comparative results are derived by re-calculating comparative non-GBP denominated revenues using the average exchange rates of the comparable months in the current reporting period. Operating Free Cash Flow (FCF) conversion Calculated as cash generated from operations, less capital expenditures, less the principal element of lease payments in respect of IFRS16. Operating free cash flow conversion represents operating free cash flow generated as a proportion of operating profit. Annual Recurring Revenue (ARR) Represents the average value of customer subscription contracts in the six months to the reporting date, annualised. Excludes any revenues that are one-time or, at contract inception, not expected to be recurring for a period more than 12 months. Total Contract Value (TCV) TCV is calculated by analysing future contract revenue based on the following components: (i) an assumption of three years of Subscription payments assuming these services continued as planned (actual contract length varies by customer); (ii) the estimated remaining time to complete Delivery and Software Engineering deliverables within contracted software implementations, and recognise deferred licence amounts (which may not all be under a signed statement of work); and (iii) Pre-implementation and ongoing Delivery and Software Engineering work which is contracted under a statement of work. Net Revenue Retention % (NRR) Measures the percentage of recurring revenue retained from customers over the last 12 months, including upsells and expansions, and net of customer losses.