Slides
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Results Presentation H1 2026 Buy - Improve - Build @AMCOMRI
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Disclaimer 2 @AMCOMRI The following presentation, including a hard copy of these slides, the talks given by the presenters, the information communicated during any delivery of the presentation and any question-and-answer session, and any document or material distributed at or in connection with the presentation (together, the “Presentation”), has been prepared and issued by the directors of Amcomri Group plc (the “Company”). The information in the Presentation is not intended to form the basis of any contract. By receiving the Presentation and/or attending (whether in person or by telephone) or reading the Presentation, you agree to the conditions set out below. The Presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of the Company, nor shall it (or any part of it), or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract whatsoever relating to any securities. 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Introduction Buy - Improve - Build @AMCOMRI
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Senior Leadership Team @AMCOMRI4 Hugh Whitcomb Co-Founder & CEO Steve Jones Group Industrial Director - Embedded Engineering Mark Mullen Group Industrial Director - B2B Manufacturing Katy Birkin Director of Corporate Development Siobhán Tyrrell CFO Mark O’Neill COO
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H1 2026 Highlights @AMCOMRI5 Double-digit revenue growth and a solid improvement in adjusted EBITDA relative to the comparable H1 2025 period. Significant reduction in net debt following sale of Premier Limpet • Positive financial performance - successful integration of recent acquisitions and continued progress in core growth markets including specialist electronics, aerospace, energy and defence. • Diversified group provides an inherent robustness to model allowing effective management of specific challenges in certain EE division end markets. • Disposal of Premier Limpet provides additional cash resources to fund further acquisitions, targeting specialist engineering and industrial businesses with inherent latent improvement potential. • National Compliance by GridCore and NTS acquisitions, further extend technical services within the EE division, particularly in UK rail and electrical infrastructure end markets. • Significant reduction in net debt to c. £2.9m at period end.** • Largest, single Group project completed by EMC Elite Engineering - provided a runway into rapidly developing end market sector, however contributed to lower Group gross margin. • Continue to deliver profitable growth despite ongoing wider geopolitical challenges. * From continuing and discontinued operations ** Following the sale of Premier Limpet on 30 June 2026 Revenue* £42.4m Adjusted EBITDA* £4.7m H1 2025 - £31.8m +33% Gross Margin* 32.9% Net Debt** £2.9m 31 December 2025 – £11.2m H1 2025 – 38.4% H1 2025 - £4.3m +7%
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Amcomri Model Buy - Improve - Build @AMCOMRI
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Amcomri Expertise @AMCOMRI7 By leveraging the skills & extensive sector knowledge of its highly experienced leadership & management teams, Amcomri aims to deliver strong & sustainable financial returns through its proven ‘Buy-Improve-Build’ model within the SME Industrial & Engineering Markets. Amcomri Core Expertise & Experience Base Industrial Experience & Expertise SME Industrial & Engineering Markets • Buy • Improve • Build Key Markets & Process Acquisition & Transaction Experience Financial Process & Performance
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Acquiring the right businesses and utilising relevant expertise enables sustainable growth through targeted improvements and synergy opportunities BUILD IMPROVE BUY The Business Model - ‘Buy-Improve-Build’ @AMCOMRI8 UK AND IRELAND SME INDUSTRIAL Discounted entry opportunities Historically proven performance Lifestyle ‘plateau’ businesses Limited succession options Ageing ownership population Fragmented niche market • Selection • Acquisition • Transition • Resources • Process • Coach & Support • Break SME plateau • Synergies • Bolt-ons AMCOMRI TARGET MARKET £ £
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Post Acquisition - Foundations for Growth @AMCOMRI9 Base Platform Proven Incremental Improvement on Base Drive Profitable Growth on Optimised Base Strategic Sector Growth Strategic KPIs Improvement KPIs Tactical KPIs Sector Development & Extension Significant Projects Acquisition “Bolt-Ons” Existing business major projects to add in To add in step change or service product extension Continued business & operational improvement Continued overhead / systems improvement Lean out & optimise With target margins maintained Selected Revenue Growth Lean out & optimise Financial & Working Capital Robust process integrity Management & People Commercial Core Product Market Proposition Operations Supply Side HSEQ Compliance /CI Proven, capable & leadership Functional cost model, OTIF, proven Clearly defined & stable Processes defined, functional & stable Stable & De-risked Upper Quartile
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Divisional Operating Companies and End Markets Buy - Improve - Build @AMCOMRI
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@AMCOMRI Transactional History and Timeline 11 The Group has been created through a series of 20 successful acquisitions (including 4 bolt-ons) and one disposal creating significant shareholder value. 2016-2019 2020 2021 2022 2023 2024 2025 2026 Foundation of Amcomri established, proof of proposition completed and go-forward strategy confirmed. FY22 Revenue £40m (Disposal) FY23 Revenue £47m FY24 Revenue £58m FY25Revenue £71m H126 Revenue £42m
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Group Operating Divisions @AMCOMRI12 Embedded Engineering Companies Rail & Industrial Process & Power Electrical Infrastructure B2B Manufacturing Companies
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Key Group End Markets @AMCOMRI13 Commercially diversified with a well distributed risk profile in generally stable end markets Rail & Transport Process & Power Medical Aerospace - Civil & Military Onshore Energy /Oil & Gas Marine & Subsea Defence Other End customers have largely defensive characteristics: • Long term, often embedded, service or supply positions • Providing operationally critical services in challenging environments • Often significant regulatory and compliance barriers to entry • High level of repeat business
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H1 2026 Financials Buy - Improve - Build @AMCOMRI
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H1 26 delivered double-digit revenue growth and a solid improvement in adjusted EBITDA, reflecting the resilience of demand across our core end markets H1 26 Financial Highlights @AMCOMRI15 Commentary • Revenue growth was strong across both divisions in H1 2026, with total revenue increasing 33% to £42.4m (H1 2025: £31.8m). • Growth was delivered across both divisions, with Embedded Engineering particularly strong. Revenue in that division increased by 68% to £24.4m, reflecting the benefit of the significant contract wins secured during 2025. • B2B Manufacturing also continued to grow, with revenue increasing by 4% to £18.0m. • Group adjusted EBITDA increased to £4.7m, underlying the strength of our businesses and management’s focus on profitable growth. Gross profit margin within EE reduced to 31.5% principally due to the significant renewables project undertaken by EMC, which continued for longer than anticipated and diluted blended Group margin during H1 2026. Excluding EMC, Group gross profit margin remained largely unchanged at 38.1%, demonstrating the resilience of our core operations. • Profit on disposal of £5.5m arose from the sale of Premier Limpet. This is reflected in the increase in reported NPAT to £7.3m and EPS of 10.1p. On an underlying basis, excluding the disposal gain, EPS increased to 2.4p from 2.1p. £m H1 2025 Revenue Embedded Engineering B2B Manufacturing Total Revenue 14.5 24.4 17.3 18.0 31.8 42.4 Gross Profit Embedded Engineering B2B Manufacturing Total Gross Profit Gross Profit% H1 2026 Summary Financials* * Figures from continuing and discontinued operations 45.9% 31.5% 32.1% 34.2% 12.2 13.9 38.4% 32.7% Adjusted EBITDA Adjusted EBITDA% 4.3 4.7 13.7% 12.4% Profit on disposal of subsidiary - 5.5 1.5 7.3 EPS (pence) Diluted EPS (pence) 2.1 10.1 2.1 9.9 NPAT
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Significant reduction in net debt and increase in cash following sale of Premier Limpet H1 26 Financial Position @AMCOMRI16 Commentary • £8.4m reduction in net debt from year end driven by the disposal of Premier Limpet (slide 22) and sellers’ contribution for the acquisition of GridCore (slide 24). Net debt comprises: £m Dec 2025 Jun 2026 Cash 8.6 13.8 Debt (excl. deferred consideration) (15.2) (13.3) Deferred Consideration (4.6) (3.5) Net debt (11.3) (2.9) • Movements on the balance sheet are impacted by the disposal of Premier Limpet. At the time of disposal, Premier Limpet had £1.7m of net assets which comprised £1.6m of intangible fixed assets, £1.3m of tangible fixed assets, £2.4m of working capital and £3.6m of net debt (including lease liabilities). • Deferred consideration has reduced in the period as consideration has been paid for historic acquisitions. Fixed Assets Intangibles Inventory Trade and other receivables Cash Total Assets Trade and other creditors Debt (excl. deferred consideration) Lease Liabilities Deferred Consideration Deferred Tax Total Liabilities Net Assets Total Equity £m DEC 2025 JUN 2026 *Small apparent differences due to rounding. 13.5 12.7 23.5 21.7 6.9 5.9 15.4 16.1 8.6 13.8 67.8 70.3 14.6 13.4 15.2 13.3 7.3 7.0 4.6 3.5 2.3 2.0 44.1 39.2 23.7 31.1 23.7 31.1 Summary Financials
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Strong cash generation provides a solid foundation to invest in the development of our subsidiaries and support future acquisition opportunities H1 26 Cash Flow @AMCOMRI17 Commentary • The Group ended the first half with £13.8m of cash, an increase of £5.2m on the opening position of £8.6m. • The operating cash position was impacted by working capital, with a £4.3m movement across continuing and discontinued operations. This was principally driven by an increase in receivables - the timing of receipts are expected to benefit cash generation in H2. • Largest contributor to the increase in cash was the disposal of Premier Limpet during the period which generated a cash inflow of £6.9m on 30 June 2026 along with the sellers’ contribution on the acquisition of GridCore. • Debt drawn down in the period was £2.3m which was offset by debt repayments of £1.2m (net £1.1m). • Deferred consideration of £1.2m was paid out on the EMC and WJPS acquisitions. Adjusted EBITDA Exceptionals WC movements - continuing WC movements - discontinued Tax paid Net cash outflow from operating activities Capital expenditure Sellers’ contribution Disposal of subsidiary Net cash from investing activities Debt repayment & issue Interest Deferred consideration paid Lease payments & other Net cash used in financing activities Net change in cash and cash equivalents Opening cash and cash equivalents Closing cash and cash equivalents £m H1 2026 ** Small apparent differences due to rounding. 4.7 (0.4) (3.6) (0.6) (0.2) (0.1) (0.8) 1.5 6.9 7.6 1.1 (1.1) (1.2) (1.1) (2.3) 5.2 8.6 13.8
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Group’s significant revenue growth of >£75m over past 5.5 years has been achieved through a combination of progressive organic growth and acquisitions. £11.4m (15%) of this revenue growth has come from organic growth. Organic Growth – Revenue - FY20 - H126 @AMCOMRI18 Commentary • Of the c.£75m of revenue growth since 2020, 15% (£11.4m) is organic growth and the balance of c.£64.6m arises from acquisitions. • Nature of key industrial end markets and customer base results in uneven YoY trends in the short term – not linear. • Revenue not our primary initial measure. ‘Buy-Improve-Build’ model implementation can result in revenue reductions as margins & earnings are optimised, particularly in B2B. • Continued roll out of model provides steady ongoing organic growth opportunities through deeper customer engagement, service extensions and intercompany synergies. * Standalone acquisitions are treated as acquired growth for their first 12 months and as organic thereafter. 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 - FY20 Base Revenue Acquisition Growth Organic Growth Jun-26 LTM Revenue 6.2 64.0 11.4 81.6 (£m)
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Organic earnings (adjusted EBTIDA) growth has materially contributed to overall Group development since 2020. Organic Growth – Adjusted EBITDA - FY20 - H126 @AMCOMRI19 Commentary • Whilst acquisitions have been the principal driver of earnings growth, organic growth contributed >14% of total Trading EBITDA growth since FY20. • Earnings growth has been partially offset by investment in Group costs to achieve IPO and initial scale up. • Longer term trend characteristics - simple YoY comparisons are less relevant given nature of key industrial end markets and customers. • High potential organic growth projects in operating companies receive Group project support. 14.0 12.0 10.0 8.0 6.0 4.0 2.0 - FY20 Base Trading EBITDA Acquisition Growth Organic Growth Group Costs and Other IFRS Adjustment Jun-26 LTM Trading EBITDA Jun-26 LTM Adjusted EBITDA 0.6 10.5 1.1 (3.8) 8.4 1.0 9.5 (£m)
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Case Study and 2026 Transactions Buy - Improve - Build @AMCOMRI
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• Our sector experience and expertise identified the IVS opportunity • Basis of a sound business model was evident, with commercial growth opportunities identified • Acquired at a discounted entry point and required limited capital outlay Acquired in 2017 during proof of concept stage Case Study - IVS @AMCOMRI21 Business Description Acquisition Rationale Post Acquisition • Family business established in 1981 • Specialist industrial valve overhaul and reconditioning • Established and developed talented and competent management team • Full operational, commercial and financial turnaround completed • Key large contract win in 2021- Valero • 2 x complementary bolt on acquisitions identified and integrated • Further significant contract win in 2025 - Exxon Financial Snapshot (£m)
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Demonstrating full value creation cycle of ‘Buy-Improve-Build’ model and reflecting a significant return for shareholders since 2021 acquisition Sale of Premier Limpet to Dalpo – June 2026 @AMCOMRI22 • UK’s largest independent manufacturer of printed and plain adhesive tape for B2B market • Identified as opportunity with significant latent improvement potential • Acquired for initial consideration of £2.95m (£0.25m funded from Amcomri cash, with £2.70m funded by ABL facility) • Additional £1.15m deferred consideration paid from operating cash flow of Premier Limpet under earn-out • Completed complementary bolt-on acquisition & integration of Supreme Tapes in 2024 • Sold for minimum initial consideration of £10.1m in June 2026 • Net cash proceeds of c.£7m representing multiple on invested capital of c.28x • Additional consideration of 0.9x any trading EBITDA exceeding £1.4m for 2026 28x multiple on invested capital Minimum initial consideration of £10.1m
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North West Transport Supplies Limited – July 2026 @AMCOMRI23 • Expands service offering with specialist rail electro - mechanical service provision. • Recurring revenue, profitable and positive cash flow. • Quality, long-standing customer base e.g. OEM’s and rolling stock owner/operators. • Cash consideration of £3m plus 2 x £0.5m deferred in 2027. • FY2026 - revenue c.£3.2m, PBT c.£1.1m and net assets c.£0.75m (unaudited). • Provides retirement exit rundown for shareholders. • Opportunity for further synergies with TP Matrix, eTrac and Electronix. • Back-to-back with the disposal of Premier Limpet – a higher margin business within the EE division with latent development potential.
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GridCore Electrical Services Limited – June 2026 @AMCOMRI24 • New subsidiary of Amcomri, GridCore Electrical Services Limited, acquired the business and assets of the National Compliance and Testing division of Enerveo Limited, a subsidiary of SSE plc. • Established, UK wide specialist electrical test and compliance operation. • Deemed a non-core division by Enerveo. • Long standing customer base, significant level of recurring revenue and highly experienced operational team. • Revenues of c.£5m and sellers’ contribution of c.£1.5m on completion, for consideration of £1. • Proven track record in successful completion and subsequent growth of discounted entry point business and asset transactions including Drurys and Claro. • Significant opportunity to further develop presence in the ‘private network’ electrical-infrastructure market, a key strategic target area.
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Context • Amcomri entry point – stable, mature, industrial businesses • Conservative customers, risk averse, proven solutions critical • Latent demand rising – life extension of ageing assets • But not linear YoY – projects, shutdowns & approval needs Amcomri two stage approach: • Stage 1 – Internally driven, cost, price, efficiency • Stage 2 – External focus revenue & market • EE and B2B different characteristics • Key priority projects get Group specialist support Current key organic project implementations • EMC renewables project • IVS UK refinery, site wide, valve services contract • Claro/Drurys capacity increase to meet high demand Growth Opportunities and Scalability @AMCOMRI25 • Target to deliver 3-4 acquisitions per annum in complementary sectors. • Acquisition opportunities generated from variety of sources including corporate finance advisers, off market and direct marketing. • Current acquisitive model is working – acquiring larger companies risks higher, unjustified multiples and potentially creates concentration risk. • Examples of acquisition/bolt-on opportunities in the current pipeline include: Acquisition Growth Target Valve Repair and Overhaul Electrical Engineering Precision Engineering Surface Treatments Electrical Engineering Electrical Engineering Surface Treatments Offshore Wind and Rail Specialists Surface Treatments Electrical Component Manufacturer Motor Rewind Rail Overhaul Turnover EBITDA Division Organic & Synergistic Earnings £6.4m £1m £3m £1m £7m £1.6m £0.8m £3.5m £1.2m £12m £2.1m £2m £0.8m £0.35m £1.4m £0.38m £1.2m £0.2m £0.4m £0.9m £0.4m £2.5m £0.4m £0.1m Embedded Engineering Embedded Engineering B2B Manufacturing B2B Manufacturing Embedded Engineering Embedded Engineering B2B Manufacturing Embedded Engineering B2B Manufacturing Embedded Engineering Embedded Engineering Embedded Engineering
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Summary & Outlook @AMCOMRI26 • Positive H1 26 performance: supported by recent acquisitions and continued progress in core growth markets. • Favourable end-market trends: rising demand in electronics, aerospace, subsea, defence, energy and rail electrical infrastructure sectors; diversified end-market exposure smooths specific industry impact. • Model robustness: continued overall resilience, despite some short term, sector-specific challenges in certain EE companies. • Balance sheet strength: disposal of Premier Limpet significantly reduced net debt and provided additional cash resources to fund further aligned acquisitions. Summary • Trading in line with market expectations: supported by recent acquisitions and diversified end markets. • Good visibility: continuing demand and forward order coverage in electronics, aerospace, subsea, energy and defence sectors. • Commercial and operational improvements: progress on specific development projects expected to progressively build base and synergistic organic earnings in the medium term. • Strong acquisition pipeline: specialist UK and Ireland industrial SME businesses that align with our model. Outlook
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Appendix Buy - Improve - Build @AMCOMRI
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Key Statistics @AMCOMRI28 Significant Shareholders % of issued Number of Ordinary Shareholder Ordinary Shares Shares Ticker: AIM: AMCO Shares in issue (m) 71.8 Market Capitalisation* (£m) 87 12m Hi/Low (GBX) 165.0/91.0 Free float 47% Paul McGowan** HFO Inc. Rathbones Investment Management Ltd Stephill Investments Limited*** Anseres Capital Management LLC Octopus Investments Limited * as at 14 September 2026 ** Paul McGowan holds 17 ,618,696 Ordinary Shares through his private investment company, Amcomri Holdings (not connected to Amcomri Group plc), which also holds 3,818,182 Ordinary Shares through its wholly owned subsidiary, Oranmore Limited and a further 2,017 ,342 Ordinary Shares in his own name. Paul McGowan owns 87 .87% of Amcomri Holdings. *** Hugh Whitcomb’s family shareholding is registered in the name of Stephill Investments Limited. 23,454,220 32.58 8,152,590 11.3 3,836,870 5.33 3,477,732 4.83 3,091,000 4.29 2,844,500 3.95
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Divisional Review @AMCOMRI29 H1 2025 H1 2026 £’m unless stated EE B2B Other Total EE B2B Other Total Revenue Gross Profit Gross profit % Adjusted EBITDA Adjusted EBITDA % 14.5 17.3 31.8 24.4 18.0 42.4 6.7 5.5 12.2 7.7 6.2 13.8 45.9% 32.1% 38.4% 31.5% 34.2% 32.7% - - - - 3.4 2.5 (1.6) 4.3 3.3 3.1 (1.8) 4.7 23.5% 14.4% 13.7% 13.7% 17.4% 11.0% - - - -
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Amcomri Group vs FTSE AIM All-Share @AMCOMRI30 300 250 200 150 100 50 - SHARE PRICE PERFORMANCE - 50 100 150 200 250 300 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26 Amcomri since IPO +103% FTSE AIM All-Share, same period +11% Relative Outperformance 92 pts Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26 Figures present the share price performance since Amcomri’s IPO on 20 December 2024 Amcomri Group FTSE AIM All-Share Rebased to 100 at 20 December 2024