Interim report
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RNS Number : 5202UBig Technologies PLC14 September 2026 This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. 14 September 2026 BIG TECHNOLOGIES PLC ("Big Technologies" or the "Company" and, together with its subsidiaries the "Group") UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 Big Technologies plc (AIM: BIG), a leading provider of electronic monitoring solutions today announces its unaudited results for the six months ended 30 June 2026 ("H1 2026"). Financial Highlights · Constant currency ARR1 growth of 5% driven by strong new business success across the Americas and EMEA. ARR increased to £53.2m (H1 2025: £50.9m2) · Revenues of £26.9m (H1 2025: £24.8m, £25.4m on a constant currency basis2), constantcurrency growth of 6% driven by new business wins coming online in the period. · Resilient gross margins of 66.7% (H1 2025: 67.5%) reinforced by disciplined cost-base approach. · Adjusted EBITDA3 grew 14% to £14.2m (H1 2025: £12.5m) reflecting both the Group's growingrevenue and disciplined cost-neutral approach to investment in 2025. · Adjusted Free Cash Flow4 was £9.6m compared with £6.7m in H1 2025. The increaseof £2.9m Adjusted Free Cash Flow reflects the Group's strong underlying cash generation.Exceptional cash outflows in relation to legal fees reduced from £5.3m in H1 2025 to £2.6m inH1 2026. · Balance sheet remains strong following initial settlement payments in relation to the BuddiLitigation, with cash of £67.1m (H1 2025: £96.7m). Settlement payments of £33.4m were madein H1 2026. Financial Progress £m (unless otherwise stated) H1 2026 H1 2025 Annual Recurring Revenue ("ARR") and Revenue Total ARR 53.2 50.92 Revenue 26.9 25.42 Profit and EPS Gross Margin 67% 68% Adjusted EBITDA3 14.2 12.5 Adjusted EBITDA3 margin 53% 50% Adjusted Operating Profit3 11.4 9.5 Statutory Operating Profit/(loss) 9.1 (27.1) Adjusted basic Earnings per Share3 3.5 2.8 Cash and Balance Sheet Cash at bank 67.1 96.7 Adjusted free cash flow4 9.6 6.7 Operational highlights
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· Contract awarded to Buddi and partner, Sonda SA, for the Gendarmerie of Chile. The contract isfor 7 years with total revenues expected to be c. $26m. · Further success in Latin America following the recent award of the Peru contract, which isexpected to generate $0.6m revenue over the two-year contract period, in addition to a recentaward for a Mexican municipality. · US momentum continues to build, with recent contract wins in Westchester, New York, California, Ohio and Indiana, as well as the renewal of the statewide contract in Tennessee, reinforcing the scale of the opportunity in the Group's largest addressable market. · Guatemala renewal secured for 3-year period following a competitive tender process,demonstrating the reliability and value of the Buddi solution. · Settlement of the Buddi Litigation for £38.5m in January 2026. The Group continues to pursuethe SM Proceedings and/or any settlement related thereto. · Well positioned for further growth in H2 2026 and beyond following the Chile contract win,three-year Guatemala renewal and six new wins in the US, supported by new product successwith AlcoTag and AlcoBreath. Board is confident that results will be marginally ahead of market consensus5 for 2026. Commenting on the results, Charles Lewinton, Acting CEO, said: "I am delighted with the continued progress made by the Group in the first half of 2026. We have continued to perform strongly and are exceptionally well positioned in the electronic monitoring industry to accelerate growth in future periods. Following a year of transition, I am particularly proud of how well the team has performed. Their focus, resilience and commitment have strengthened the Group, leaving us well positioned to push on with an excellent global team with our market-leading product set. The Group's recent successes give us a strong platform from which to win more contracts, deepen our presence in existing markets and convert the significant pipeline of opportunities ahead." 1 ARR is the value of continuing revenue from recurring accounts at a specific point in time, normalised to a one-year period. ARR is not recognised on contracts for which revenue has yet to commence. 2 Constant currency is calculated by recalculating H1 2025 revenues using prevailing average foreign exchange rates from H1 2026, and by recalculating prior period ARR at the prevailing rate at the balance sheet date. 3Adjusted EBITDA and Adjusted Operating Profit exclude share-based payments and other adjusting items, including but not limited to provisions for legal expenses in relation to ongoing litigation and associated costs relating to the legal proceedings. Adjusted Operating Profit also excludes the amortisation of acquired intangibles. Adjusted Basic Earnings per Share excludes all of the above and the tax effect of these adjustments. 4Adjusted Free Cash Flow in the period is defined as Operating Cash Flows less capital expenditure excluding exceptional cash flows in the period. Exceptional cash flows in both periods include but are not limited to legal fee expenses incurred in relation to litigation. H1 2025 also excludes both a cash inflow of £5.2m in relation to the reversal of previously adopted tax treatment of a warrant exercised in 2021, and the cash outflow impact of an exceptional foreign exchange loss of £4.0m relating to funds held in USD in anticipation of an acquisition. 5The Group has compiled forecasts from five analysts, with current market forecasts for 2026 revenue to be in the range of £50.5m to £52.2m, with consensus of £51.1m, and for adjusted EBITDA to be in the range of £24.7m to £25.9m, with a consensus of £25.3m. For further information please contact: Big Technologies plc +44 (0) 19 2360 1910Sangita Shah (Interim Chair)Charles Lewinton (Acting Chief Executive Officer)Mike Johns (Chief Financial Officer)
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Zeus (Nominated Advisor and Joint Broker) +44 (0) 203 829 5000Dan Bate / Kieran Russell (Investment Banking)Nick Searle (Equity Capital Markets) Singer Capital Markets (Joint Broker) +44 (0) 207 496 3000James Moat / Shaun Dobson / James Todd (InvestmentBanking) About Big Technologies plc Our mission is to deliver innovative, high-quality electronic monitoring solutions that combine advanced hardware and software to support monitoring of individuals in our core criminal justice business. Big Technologies is a market leader in the electronic monitoring industry, operating under the trusted 'Buddi' brand. Through its integrated technology platform, Buddi offers state-of-the-art Electronic Monitoring solutions on a subscription-based, SaaS-like model. This platform is highly flexible and scalable, enabling tailored deployments across diverse use cases and geographies. For more information, please visit www.buddi.com Forward-looking statements This press release contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of the Group. The use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target" or "believe" and similar expressions (or the negatives thereof) are generally intended to identify forward- looking statements. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Nothing contained in this press release should be construed as a profit forecast or profit estimate. Investors or other recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. The Group undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances. Overview The Group has made a strong start to 2026 and has returned to growth and profitability in the first half of the year whilst maintaining the strong new business momentum from 2025. Significant Opportunity Buddi Limited ("Buddi") is exceptionally well positioned in the growing electronic monitoring market worldwide. Prison overcrowding is a global problem, and electronic monitoring provides a cost- effective solution. Buddi's industry-leading portfolio of electronic monitoring solutions is uniquely positioned to address the complex and evolving challenges faced by governments and public sector agencies worldwide. The Group offers a comprehensive suite of Radio Frequency ("RF"), GPS and alcohol monitoring technologies, providing customers with a flexible and integrated platform that supports a wide range of public safety and offender management programmes.
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Designed with security, reliability and wearer comfort at their core, Buddi's solutions deliver superior outcomes through increased wearer compliance and engagement, enhanced monitoring visibility, and a lower total cost of ownership. Continuous investment in innovation ensures that customers benefit from the latest advances in monitoring technology, a key factor underpinning Buddi's success in securing new contracts and renewing long-standing customer relationships. Beyond its technology capabilities, Buddi has established itself as a trusted strategic partner to government agencies. The Group is recognised for consistently delivering high-quality services and support, combining operational excellence with deep sector expertise. Its proven track record of implementing complex programmes on time and to a consistently high standard has earned Buddi a strong reputation for reliability, responsiveness and customer success. Alcohol Monitoring Alcohol monitoring is the fastest growing area within the electronic monitoring industry and Buddi has two market-leading solutions; the AlcoTag and AlcoBreath. The AlcoTag has been in the market for 2 years and has shown significant growth in that time, setting a new standard for combined Alcohol and GPS solutions. AlcoTag combines real-time alcohol monitoring with live GPS tracking, allowing officials to intervene swiftly in the event of non-compliance. The AlcoTag is the only solution able to combine both real-time alcohol and live location monitoring. The Group is currently developing the second iteration of the model which will significantly reduce the size of the unit, while ensuring no loss of functionality. AlcoBreath is the Group's newest offering, and is already receiving strong interest and uptake. The product is targeted toward compliance-based cohorts and allows a more discreet solution that continues to monitor both alcohol intake and location. The AlcoBreath is the only remote breath product on the market which includes real time tracking options, fully automated facial recognition, spoofing detection, and accurate breath alcohol readings. The inherent complexity in the production of alcohol monitoring products allows for higher margins on these products than the Group's other products. The acceleration of growth of these products in the US reinforces the regional margin, despite the competitive nature of the electronic monitoring market in the US. Location Monitoring The Group has solutions for both GPS and RF monitoring, as well as solutions supporting victims of domestic violence. The Group has also been developing a wrist-worn solution with a partner to complete the Group's offering to governments. Buddi's GPS solution, SmartTag, includes various technologies not seen in some other solutions such as combined location tracking, shielding detection and dual SIM cards. The SmartTag continues to receive upgrades with future versions already in development to increase GPS accuracy, battery life and robustness. New Business Wins The Group's return to growth has been underpinned by its strong performance in new business. Revenue growth in the first half was driven by contract wins achieved in H2 2025, including Lithuania, Latvia, Prince Edward Island, and multiple wins across the US and other European jurisdictions. This momentum has continued in the period, with the Group, together with its partner, Sonda SA, awarded a contract with the Gendarmerie in Chile. The Group also continued to win contracts across the US in the first half of 2026, with 23 wins in the period.
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Following the period end, the Group has achieved further new business success, securing a contract in Peru, further strengthening the Group's growing presence in Latin America. Renewal Success The Group has also been successful in driving a client focused mindset across the business, which has resulted in a resilient and loyal client base. In the first half, the Group succeeded in renewing its Guatemala contract for a further three-year period. This renewal followed other extensions during H2 2025 in Australia. Client happiness remains a key focus for the team and continued renewals are testament to the hard work of the wider team in driving client focused results. People and organisation Following the appointment of Charles Lewinton as Acting CEO, the Group's leadership has been streamlined, with a smaller number of globally accountable leaders in the business. This approach allows the Group to take a coordinated approach commercially and operationally. Among other key leadership changes, Mike Johns has taken the position of Chief Operating Officer in conjunction with his role as Chief Financial Officer. Completing the Group's streamlined leadership team are Sarah Bodel, who becomes Chief Commercial Officer, and Chris Jakeman, who becomes Chief Technology Officer. The executive team is supported by our highly capable colleagues in the wider business, delivering best in class service to our expanding global client base. Outlook Following a strong first half of the year and positive new business and renewal momentum following the period end, the Board is now confident that performance will be marginally ahead of market expectations5 for 2026. Financial Performance The Group delivered a strong financial performance in the first half of 2026, demonstrating a return togrowth and profitability, supported by resilient gross margins and a controlled cost base. Recurring Revenues Total ARR at 30 June 2026 was £53.2m (H1 2025: £50.9m on a constant currency basis), representingconstant currency growth of 5%. Constant currency ARR growth of 5% is driven by strong new businesswins in EMEA and the Americas. Net revenue retention for the Group for the year to 30 June 2026 was 98% (H1 2025: 102%). Thereduction in net revenue retention in the period related to the ending of one immigration relatedcontract in Australia. The government programme in Australia received a legal challenge whichresulted in the scheme being withdrawn. Excluding this contract, the net revenue retention for theperiod would have been 100%. The Group's ARR of £53.2m provides strong visibility of future revenues, derived from long termcontracts. Revenue Total revenue for the six months ended 30 June 2026 grew to £26.9m (H1 2025: £24.8m). Adjusting H12025 revenues for constant currency using average exchange rates for the first half of 2026, wouldhave resulted in revenues being £25.4m as opposed to £24.8m. On a constant currency basis, revenuesin the first half of 2026 were 6% higher than revenues in the first half of 2025. All regions experiencedgrowth in the period. Gross Profit Gross profit for the six months to 30 June 2026 was £18.0m (H1 2025: £16.7m), an increase of £1.3m.Gross margin for the six months to 30 June 2026 was 66.7% (H1 2025: 67.5%), a reduction of 80 bps. The reduction in gross margin was anticipated and was principally driven by the commencement of thefull-service Northern Ireland contract in the period which has a lower margin profile.
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Administrative Expenses Underlying administrative expenses, which adjust for exceptional items and share-based paymentexpense/credit, fell from £7.2m to £6.6m, demonstrating the effect of efficiencies generated in H22025 and the continuing disciplined approach to the cost base of the Group. Total administrative expenses for the six months to 30 June 2026 were £8.9m (H1 2025: £43.9m), withH1 2025 impacted by the provision made in relation to the Buddi Litigation. Included within administrative expenses for the six months to 30 June 2026 are research anddevelopment costs of £1.7m (H1 2025: £1.9m). Development costs of £0.5m have been capitalised inthe six months to 30 June 2026 (H1 2025: £0.6m). Non-Underlying Items The Group also incurred additional legal and other litigation related costs of £1.8m (H1 2025: £42.6m,of which the majority related to increased provisions of £35.8m). At the start of H1 2026, a settlementwas agreed in relation to the Buddi Litigation. The Group continues to pursue the SM Proceedings, towhich the majority of the non-underlying fees in the period relate. No amounts potentially recoverablefrom Sara Murray or others have been recognised in these results. In the six months to 30 June 2026, a share-based payment charge of £0.2m (H1 2025: credit of £11.2m)was recognised, relating to the LTIP scheme and final tranche of growth shares. The prior period share-based payment credit related to the unwinding of the growth share charges in relation to bad leaversfrom the scheme. Taxation The total tax charge for the six months ended 30 June 2026 was £1.8m (H1 2025: £3.2m). On anadjusted basis, the total tax charge for the Group was £1.7m (H1 2025: £1.7m), representing aneffective tax rate of 15% (H1 2025: 15%). The Group continues to review potential tax implications arising from ongoing litigation processes. Statutory Results The Group reported a profit for the six months ended 30 June 2026 of £7.7m (H1 2025: loss of£28.9m). The improvement year on year was a result of prior year provisioning for ongoing litigation,now settled, and a prior year exceptional foreign exchange loss in relation to the repatriation of fundsheld in anticipation of an acquisition. Earnings per Share Adjusted Basic Earnings per Share increased to 3.5 pence (H1 2025: 2.8 pence). Basic earnings per shareincreased from a 10.0 pence loss per share - as a result of the provisioning in relation to ongoinglitigation put in place during the six months to 30 June 2025 - to 2.6p earnings per share. Statement of Financial Position The Group retains a strong balance sheet with net assets at 30 June 2026 of £99.0m (30 June 2025:£85.4m). The net asset position has strengthened as a result of the return to profitable trading. The Group's balance sheet is underpinned by a strong cash position at 30 June 2026 of £67.1m (30June 2025: £96.7m). The reduction in the Group's cash from 2025 relates to payments made in relationto the Buddi Litigation. Trade debtors at 30 June 2026 were £5.5m (30 June 2025: £6.4m). Of total trade debtors of £5.5m,£0.1m were overdue as at 30 June 2026 (30 June 2025: £0.7m). Trade debtors have benefited from theimplementation of weekly debt reporting within the business. Provisions were £1.1m at 30 June 2026 (30 June 2025: £42.7m) and related principally to feesexpected to be incurred to settlement. No legal fees have been provided in relation to ongoinglitigation beyond 30 June 2026, which will be expensed as incurred. Cash flow Adjusted free cash flow for the six months ended 30 June 2026 was £9.6m (H1 2025: £6.7m)demonstrating strong cash conversion in the period. Statutory net cash outflow from operating activities for the six months to 30 June 2026 was £24.2m(H1 2025: inflow of £5.4m). Of the cash outflow in the period, £33.4m related to payments in relationto the settlement of the Buddi Litigation. Exceptional cash outflows in relation to legal fees reduced to£2.6m in H1 2026 (H1 2025: £5.3m). Statement on Principal Risks and Uncertainties
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Pursuant to the requirements of the Disclosure and Transparency Rules the Group provides thefollowing information on its principal risks and uncertainties. The Group considers strategic,operational and financial risks and identifies actions to mitigate those risks. These risk profiles areupdated at least annually. The principal risks and uncertainties detailed within the Group's 2025 AnnualReport remain applicable for the first six months of the financial year. The Group's 2025 Annual Reportis available from the Big Technologies website: https://www.buddi.com/investors/ Related party transactions during the period are disclosed in Note 13. Unaudited condensed consolidated statement of comprehensive incomefor the six months ended 30 June 2026 Unauditedsix monthsended 30June 2026 £'000 Unauditedsix monthsended 30June 2025 Restated £'000 Audited Year ended31December2025 £'000 Note Revenue 2 26,922 24,796 49,727Cost of sales (8,962) (8,059) (16,874) Gross profit 17,960 16,737 32,853 Administrative expenses (8,878) (43,879) (55,890) Other operating income 14 6 22 Operating (loss)/profit 9,096 (27,136) (23,015) Analysed as: Adjusted EBITDA 14,182 12,508 24,600 Amortisation of acquired intangibles (234) (233) (443) Amortisation of development costs (445) (666) (1,340) Depreciation (2,295) (2,323) (4,730) Share-based payment (expense)/credit (216) 11,162 10,774 Legal and associated costs (1,781) (7,559) (8,142) Other exceptional costs (115) (671) (880) Foreign exchange loss on repatriation - (3,996) (3,996) Acquisition-related costs - (358) (358) Provision for settlement - (35,000) (38,500) Operating profit/(loss) 9,096 (27,136) (23,015) Finance income 481 1,488 2,661 Finance expenses (70) (63) (131) Profit/(loss) before taxation 9,507 (25,711) (20,485) Taxation 4 (1,812) (3,166) (2,700) Profit/(loss) for the period 7,695 (28,877) (23,185) Other comprehensive (expense)/income: Exchange differences on translation offoreign operations (340) (4) (253) Cash flow hedges reclassified toincome statement 7 - - Gain on effective cash flow hedges 112 - - Deferred tax on cash flow hedges (30) - - Total comprehensive income/(loss)for the period 7,444 (28,881) (23,438) Basic earnings per share (pence) 5 2.6p (10.0)p (8.0)p Diluted earnings per share (pence) 5 2.6p (10.0)p (8.0)p Unaudited condensed consolidated statement of financial position as at 30 June 2026 Unaudited30 June Unaudited30 June Audited
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2026 £'000 2025 Restated £'000 31December2025 £'000 Assets Note Goodwill 13,359 13,359 13,359Acquired and other intangible assets 4,310 4,675 4,465 Property, plant and equipment 4,638 4,968 4,657 Right-of-use assets 1,758 1,625 1,932 Deferred tax assets 1,358 906 1,142 Other receivables 6 591 512 807 Long-term financial assets 396 396 396 Non-current assets 26,410 26,441 26,758 Inventories 6,575 7,272 7,136 Trade and other receivables 6 15,802 8,716 16,932 Financial assets 170 - - Cash and cash equivalents 7 67,083 96,699 93,367 Current assets 89,630 112,687 117,435 Total assets 116,040 139,128 144,193 Liabilities Lease liabilities 322 303 321Financial liabilities 51 - -Trade and other payables 8 12,857 7,678 9,876Corporation tax liability - 510 -Provisions 9 1,130 42,650 39,695 Current liabilities 14,360 51,141 49,892 Net current assets 75,270 61,546 67,543 Lease liabilities 1,627 1,474 1,784 Deferred tax liabilities 178 251 199 Trade and other payables 8 921 822 1,026 Non-current liabilities 2,726 2,547 3,009 Total liabilities 17,086 53,688 52,901 Net assets 98,954 85,440 91,292 Equity Share capital 10 3,009 2,986 3,009Share premium 39,095 39,095 39,095 Own Shares (13,085) (13,085) (13,085) Other reserves (648) (97) (346) Retained earnings 70,583 56,541 62,619 Total equity 98,954 85,440 91,292 Unaudited condensed consolidated statement of changes in equity for the six months ended 30 June 2026 Sharecapital £'000 Sharepremium £'000 OwnShares £'000 Otherreserves £'000 Retainedearnings £'000 Total equity £'000 Balance at 1 January 2025 (aspreviously reported) 2,986 39,095 (10,101) (93) 96,234 128,121Prior period restatement* - - - - 592 592Balance at 1 January 2025(restated) 2,986 39,095 (10,101) (93) 96,826 128,713Loss for the year - - - - (23,185) (23,185) Other comprehensive expense forthe year - - - (253) - (253) Total comprehensive loss for theyear - - - (253) (23,185) (23,438) Share-based payments - - - - (10,774) (10,774) Deferred tax on share-basedpayments - - - - (238) (238)
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Issue of shares, net of share issuecosts 23 - - - - 23 Stamp duty on purchase of shares - - - - (10) (10) Share buyback programme - - (2,984) - - (2,984) Balance at 31 December 2025 3,009 39,095 (13,085) (346) 62,619 91,292 *The prior period restatement is detailed further in note 15. Sharecapital £'000 Sharepremium £'000 OwnShares £'000 Otherreserves £'000 Retainedearnings £'000 Total equity £'000 Balance at 1 January 2025 (aspreviously reported) 2,986 39,095 (10,101) (93) 96,234 128,121 Prior period restatement* - - - - 592 592 Balance at 1 January 2025(restated) 2,986 39,095 (10,101) (93) 96,826 128,713 Loss for the period (restated) - - - - (28,877) (28,877) Other comprehensive expense for the period - - - (4) - (4) Total comprehensive loss for the period (restated) - - - (4) (28,877) (28,881) Share-based payments - - - - (11,170) (11,170) Deferred tax on share-basedpayments - - - - (238) (238) Share buyback programme - - (2,984) - - (2,984) Balance at 30 June 2025 (restated) 2,986 39,095 (13,085) (97) 56,541 85,440 *The prior period restatement is detailed further in note 15. Sharecapital £'000 Sharepremium £'000 OwnShares £'000 Otherreserves £'000 Retainedearnings £'000 Total equity £'000 Balance at 1 January 2026 3,009 39,095 (13,085) (346) 62,619 91,292 Profit for the period - - - - 7,695 7,695 Exchange differences on translationof foreign operations - - - (340) - (340) Cash flow hedges reclassified toincome statement - - - 7 - 7 Gain on effective cash flow hedges - - - 112 - 112 Deferred tax on cash flow hedges - - - (30) - (30) Total comprehensive (expense)/ income for the period - - - (251) 7,695 7,444 Share-based payments - - - - 210 210 Deferred tax on share-basedpayments - - - - 8 8 Recycled from cumulativetranslation reserve - - - (51) 51 - Balance at 30 June 2026 3,009 39,095 (13,085) (648) 70,583 98,954 Unaudited condensed consolidated statement of cash flows for the six months ended 30 June 2026 Note Unauditedsix monthsended 30June 2026 £'000 Unauditedsix monthsended 30June 2025 £'000 Audited Year ended31 December2025 £'000 Cash flows from operating activitiesProfit/(loss) before tax 9,507 (25,711) (20,485)
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Adjustments for: Depreciation of property, plant andequipment 2,161 2,192 4,424 Depreciation of right-of-use assets 134 131 306 Amortisation of intangible assets 679 899 1,783 Share-based payments expense/(credit) 11 210 (11,170) (10,774) Finance income (481) (1,488) (2,661) Finance expenses 70 63 131 Changes in: Inventories 560 (67) 69 Trade and other receivables 1,419 5,256 (270) Trade and other payables 2,683 1,431 4,782 Provisions (38,565) 35,832 32,877 Cash (used in)/generated from operatingactivities (21,623) 7,368 10,182 Taxes paid (2,555) (1,985) (6,426) Net cash flows (used in)/generated fromoperating activities (24,178) 5,383 3,756 Cash flows from investing activities Purchase of property, plant and equipment (48) (33) (123) Purchase of intangible assets - (159) (180) Own work capitalised (1,969) (1,946) (3,804) Capitalised development costs (525) (566) (1,218) Interest received 481 1,488 2,626 Net cash used in investing activities (2,061) (1,216) (2,699) Cash flows from financing activities Repayment of lease liabilities (222) (167) (389) Interest paid (6) (4) (7) Treasury shares purchased via sharebuyback scheme - (2,984) (2,994) Cash flows used in financing activities (228) (3,155) (3,390) Net (decrease)/increase in cash and cashequivalents (26,467) 1,012 (2,333) Cash and cash equivalents at the beginningof the period 93,367 95,730 95,730 Effect of exchange rate changes on cashand cash equivalents 183 (43) (30) Cash and cash equivalents at the end ofthe period 7 67,083 96,699 93,367 Notes to the unaudited condensed interim consolidated financial statements For the six months ended 30 June 2026 1. General information and basis of preparation Big Technologies PLC is a public limited company incorporated in the United Kingdom, listed on the Alternative Investment Market ('AIM') of the London Stock Exchange. The Company is domiciled in the United Kingdom and its registered office is Talbot House, 17 Church Street, Rickmansworth, WD3 1DE. The unaudited interim consolidated financial statements comprise the Company and its subsidiaries (together referred to as the 'Group'). The principal activity of the Group is the development and delivery of remote monitoring technologies and services to a range of domestic and international customers. The Directors confirm that, to the best of their knowledge, the interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the United Kingdom and
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the AIM Rules for Companies, and that the interim report includes a fair review of the information required. The condensed interim financial statements should be read in conjunction with the Group's latest annual consolidated financial statements, for the year ended 31 December 2025. These interim financial statements do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements. The financial information provided for the six-month period ended 30 June 2026 is unaudited, however, the same accounting policies, presentation and methods of computation have been followed in these interim financial statements as those which were applied in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2025. These condensed consolidated interim financial statements for the six months ended 30 June 2026 do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the most recent statutory accounts for the year ended 31 December 2025 has been delivered to the Registrar of Companies. The auditor's report on these accounts was unqualified and did not contain a statement under section 498 of the Companies Act 2006. These interim financial statements were authorised for issue by the Company's board of directors on 12 September 2026. 1.1 Going concern The Directors have, at the time of approving these interim financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operation for the period to 30 September 2027. The Group's forecasts and projections, taking into account reasonable possible changes in trading performance, show that the Group has sufficient financial resources, together with assets that are expected to generate cash flow in the normal course of business. Accordingly, the Directors have adopted the going concern basis in preparing these interim financial statements. 2. Segment reporting The Group derives revenue from the delivery of remote monitoring technologies and services to a range of domestic and international customers. The income streams are all derived from the utilisation of these products which, in all aspects except details of revenue, are reviewed and managed together within the Group and as such there is only considered to be one segment. The Group operates across three regions: Europe, Asia-Pacific and the Americas, and the Board of Directors monitors revenue on this basis. Revenue for each of the geographical areas is as follows: UnauditedH1 2026£'000 UnauditedH1 2025£'000 AuditedFY 2025£'000 Europe 3,989 4,063 6,369Asia-Pacific 17,948 16,557 33,657 Americas 4,985 4,176 9,701 26,922 24,796 49,727 Assets and liabilities by segment are not regularly reviewed by the Board of Directors on a monthly basis, nor are they used as key decision-making tools, and therefore are not disclosed here.
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Revenues are disaggregated as follows: UnauditedH1 2026£'000 UnauditedH1 2025£'000 AuditedFY 2025£'000 Sales of goods 22 41 61 Delivery of services 26,900 24,755 49,666 26,922 24,796 49,727 The nature of the Group's operations mean that recorded financial performance is not seasonal or cyclical in nature. The majority of revenues are derived from delivery of services to customers over time under long-term contracts. 3. Alternative performance measures These items are included in normal operating costs of the business, but are significant cash and non-cash expenses that are separately disclosed because of their size, nature or incidence. It is the Group's view that excluding them from operating profit gives a better representation of the underlying performance of the business in the period. UnauditedH1 2026£'000 UnauditedH1 2025Restated£'000 AuditedFY 2025£'000 Amortisation of acquired intangibles 234 233 443Provision for settlement - 35,000 38,500Legal and other litigation-related costs 1,781 7,559 8,142Foreign exchange loss on repatriation - 3,996 3,996Other exceptional costs 115 671 880 Acquisition related costs - 358 358 Total adjusting operating items 2,130 47,817 52,319 Share-based payments expense/(credit) 216 (11,162) (10,774) Total adjusting items and share-basedpayments before tax 2,346 36,655 41,545 Tax effect of adjusting items and share-based payments 93 415 (256) Total adjusting items and share-basedpayments after tax 2,439 37,070 41,289 Share-based payments expense These costs are excluded from the adjusted results of the Group on the basis the costs are non-cash charges arising from recognition of the fair value of share options and other share-based incentives granted to employees of the Group. As such, they are not considered reflective of the core trading performance of the Group. Amortisation of acquired intangibles These costs are excluded from the adjusted results of the Group since they are non-cash charges arising from investment activities. As such, they are not considered reflective of the core trading performance of the Group. Legal and other litigation-related costs These costs are excluded from the adjusted results of the Group as they are not considered reflective of the core trading performance of the Group. Further details in relation to the ongoing litigation can be found in Note 9. Foreign exchange on repatriation
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The Group held a significant cash balance in US Dollars at 31 December 2024 in anticipation of a potential US acquisition in early 2025. With the acquisition not proceeding, the cash was repatriated. As such, the amount is not considered to be a component of the core trading performance of the Group. Other exceptional costs These costs, which relate to one-off overseas tax remediation costs incurred in the period, and the substantial changes in Board composition in the prior year, are excluded since they do not relate to the core trading performance of the Group. Acquisition-related costs These costs relate to the due diligence exploring possible value-enhancing opportunities and are excluded from the adjusted results of the Group since the costs are not considered reflective of the core trading performance of the Group. 4. Taxation Current tax is charged at 25% for the period, representing the best estimate of the average annualeffective current tax rate expected to apply for the full year, applied to the pre-tax income for thecurrent period. Deferred tax recognised in the period relates to share-based payments, acquired intangible assets andfixed asset timing differences. The Group continues to assess the tax impact, if any, in relation to ongoing litigation proceedingsreferred to in Note 9. UnauditedH1 2026 £'000 UnauditedH1 2025Restated £'000 AuditedFY 2025£'000 Current tax For the financial period 1,593 3,292 2,964 Adjustments in respect of prior periods - - (141) Overseas tax payable 494 - 287 2,087 3,292 3,110 Deferred taxOrigination and reversal of temporarytiming differences (256) (146) (426) Related to share-based payments (19) 20 16 (275) (126) (410) Total taxation 1,812 3,166 2,700 In addition to taxation recognised in the consolidated income statement, the following amounts relatingto tax have been recognised directly in equity: UnauditedH1 2026 £'000 UnauditedH1 2025 £'000 AuditedFY 2025£'000 Deferred tax Related to share-based payments 8 (238) (238) Related to cashflow hedges 30 - - Total taxation recognised directly inequity 38 (238) (238) 5. Earnings/(loss) per share The calculation of the basic and diluted earnings per share is based on the following data: Unaudited UnauditedH1 2025 Audited
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H1 2026 £'000 Restated £'000 FY 2025£'000 Profit/(loss) for the purpose of basicand diluted earnings per share beingnet profit attributable to equityholders of the parent 7,695 (28,877) (23,185) Adjustments for: Adjusting items 2,130 47,817 52,319Share-based paymentsexpense/(credit) 216 (11,162) (10,774)Tax effect of adjusting items andshare-based payments 93 415 (256) Adjusted earnings 10,134 8,193 18,104 UnauditedH1 2026 No. shares UnauditedH1 2025 No. shares AuditedFY 2025No. shares Weighted average number ofordinary shares 300,944,313 298,568,721 299,525,466Less own shares held (weightedaverage) (10,384,944) (9,201,223) (9,797,948)Weighted average number ofOrdinary shares for the purpose ofbasic earnings per share 290,559,369 289,367,498 289,727,518Effect of dilutive potential Ordinaryshares/share options 1,146,416 - - Weighted average number ofOrdinary shares for the purpose ofdiluted earnings per share 291,705,785 289,367,498 289,727,518 Effect of dilutive potential Ordinaryshares/share options for the purposeof calculating adjusted dilutedearnings per share - 3,528,264 2,752,684 Weighted average number ofOrdinary shares for the purpose ofadjusted diluted earnings per share 291,705,785 292,895,762 292,480,202 The calculation of the basic and diluted earnings per share is based on the following data: Basic earnings per share UnauditedH1 2026 Pence UnauditedH1 2025Restated Pence AuditedFY 2025Pence Basic earnings per share 2.6 (10.0) (8.0) Adjustments for: Adjusting items 0.7 16.5 18.0 Share-based payments expense 0.1 (3.8) (3.7)Tax effect of adjusting items andshare-based payments 0.1 0.1 (0.1) Adjusted basic earnings per share 3.5 2.8 6.2 Diluted earnings per share UnauditedH1 2026 Pence UnauditedH1 2025Restated Pence AuditedFY 2025Pence
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Diluted earnings per share 2.6 (10.0) (8.0) Adjustments for: Adjusting items 0.7 16.5 18.0 Share-based payments expense 0.1 (3.8) (3.7)Tax effect of adjusting items andshare-based payments 0.1 0.1 (0.1) Adjusted diluted earnings per share 3.5 2.8 6.2 The adjusted earnings per share has been calculated on the basis of profit before adjusting items and share-based payments, net of tax. The Directors consider that this calculation gives a better understanding of the Group's earnings per share in the current and prior periods. 6. Trade and other receivables UnauditedH1 2026 £'000 UnauditedH1 2025Restated £'000 AuditedFY 2025£'000 Trade receivables - net 5,478 6,395 6,843 Corporation tax receivable 4,619 - 4,116 Other taxation and social security 3,980 1,470 3,713 Prepayments 1,107 435 1,591 Other receivables 827 928 926 Contract assets 382 - 550 16,393 9,228 17,739 Due for settlement within 12 months 15,802 8,716 16,932 Due for settlement after 12 months 591 512 807 16,393 9,228 17,739 7. Cash and cash equivalents The carrying amounts of the cash and cash equivalents are denominated in the following currencies: UnauditedH1 2026 £'000 UnauditedH1 2025 £'000 AuditedFY 2025£'000 Pounds Sterling 57,375 73,068 82,620 US Dollar 2,498 2,147 3,915 Australian Dollar 3,605 10,582 2,886 New Zealand Dollar 1,082 8,918 2,131 Euro 898 1,421 717 Swiss Francs 931 207 560 Canadian Dollar 329 175 346Other 365 181 192 67,083 96,699 93,367 Net cash Net cash comprises cash and cash equivalents and lease liabilities. UnauditedH1 2026 £'000 UnauditedH1 2025 £'000 AuditedFY 2025£'000 Cash and cash equivalents 67,083 96,699 93,367 Lease liabilities (1,949) (1,777) (2,105) 65,134 94,922 91,262
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8. Trade and other payables UnauditedH1 2026 £'000 UnauditedH1 2025 £'000 AuditedFY 2025£'000 Trade payables 1,923 1,728 2,835 Accruals 3,004 3,302 3,125 Other payables 6,491 964 1,349 Other taxation and social security 294 506 623 Contract liabilities 2,066 2,000 2,970 13,778 8,500 10,902 Due for settlement within 12 months 12,857 7,678 9,876 Due for settlement after 12 months 921 822 1,026 13,778 8,500 10,902 Included within other creditors is £5.1m relating to the settlement of the Buddi Litigation. Theremaining payment will be made in equal instalments over the next 13 months. 9. Provisions The movements were as follows: UnauditedH1 2026 £'000 UnauditedH1 2025 £'000 AuditedFY 2025£'000 At the start of the period 39,695 6,818 6,818 Charged to profit or loss 380 42,559 46,216 Utilised (38,945) (6,727) (13,339) At the end of the period 1,130 42,650 39,695 Litigation outside the ordinary course of business The Buddi Litigation On 16 January 2026, the Group entered into a settlement agreement in respect of a claim filed with theHigh Court in 2023 by shareholders who represented an interest of approximately 7.9% of the sharecapital of Buddi Limited as at May 2018. The Group agreed to pay £31.5m immediately, and theremaining £7.0m in equal instalments over 18 months. Following the agreement in the period, theremaining provision has been utilised and a creditor recognised in respect of the remaining outstandingpayments. The SM Proceedings The Group continues to incur legal fees in relation to the pursuit of the SM Proceedings. The Group hasmade a provision for estimated legal fees to be incurred to settle the SM Proceedings, based on theassumption that settlement will occur in H2 2026. No amounts have been provided in relation toongoing litigation costs, which will be expensed in future periods as they are incurred. Total legal feesprovided at 30 June 2026 in relation to the SM proceedings were £0.6m (H1 2025: £4.3m). No amounts potentially recoverable from Sara Murray or others as a result of these proceedings havebeen recognised. Other ongoing litigation in the ordinary course of business The Company and its subsidiaries are, from time to time, parties to legal proceedings and claims whicharise in the ordinary course of business. The Directors do not anticipate that the outcome of theseproceedings and claims will have a material adverse effect on the Group's financial position or on theresults of its operations. As at 30 June 2026 the Group has provided £0.5m (H1 2025: £nil) in relation toemployment claims raised against the Group.
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10. Share capital The allotted, called up and fully paid share capital is made up of 300,944,313 ordinary shares of £0.01 each. Investment in own shares At 30 June 2026, the Company held 5,384,944 (H1 2025: 5,384,944) of its own shares in the Employee Benefit Trust, with a nominal value of £53,849 (H1 2025: £53,849). The Employee Benefit Trust has waived any entitlement to the receipt of dividends in respect of its holding of the Company's ordinary shares. The market value of these shares at 30 June 2026 was £5,169,546 (H1 2025: £5,051,077). In the current period, nil (H1 2025: nil) were repurchased and transferred into the Employee Benefit Trust, with nil (H1 2025: 15,000) reissued on exercise of share options. 11. Share-based payments The Group has a number of equity-settled share-based payment arrangements in operation, the details of which are disclosed in note 23, on pages 77-79 of the 2025 Annual Report and Accounts. The schemes were established to reward and incentivise the senior management team and employees to deliver share price growth. The charge made in respect of share-based payments is as follows: UnauditedH1 2026 £'000 UnauditedH1 2025 £'000 AuditedFY 2025£'000 LTIP 42 61 103 Growth Share Plan 168 (11,231) (10,877) Share-based payments charge (IFRS 2) 210 (11,170) (10,774)Employers' tax charge in relation to shareawards 6 8 -Total (credit)/charge in respect of share-based payments 216 (11,162) (10,774) 12. Principal risks and uncertainties The principal risks and uncertainties impacting the Group are described on pages 15-18 of the 2025 Annual Report and Accounts and remain applicable at 30 June 2026. They include: reliance on key customers, failure to manage growth, change in government policy, challenges in expanding the product portfolio, competitor actions, reliance on third-party technology and communication systems, reputational risk, dependence on partners, loss of key personnel, supply chain, product liability, foreign exchange risk, credit risk, business taxation, bid pricing/key financial terms, litigation, cyber security and business interruption, intellectual property/patents and operating in global markets. 13. Related party transactions Transactions between the Company and its subsidiaries have been eliminated on consolidation and therefore not disclosed separately. Other than the remuneration of key management personnel, which comprised the Directors, the Group's other related party transactions were as follows:
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£nil (H1 2025: £50,000) was paid to TFM Developments Ltd, a company of which Sara Murray is a director. The transaction related to a license fee paid in respect of a patent owned by the company. The facts and circumstances surrounding the intellectual property in relation to the license fee charged by TFM Developments Ltd is subject to ongoing litigation. £nil (H1 2025: £116,000) was paid to Brennan and Partners Limited, a company controlled by Alexander Brennan, for additional fees payable to Mr Brennan over and above his normal contracted days for his role as Non-Executive Chair of the Company. The arrangement ceased on 31 May 2025. The related party transactions for the year ended 31 December 2025 as defined by International Accounting Standard No.24 'Related Party Disclosures' are disclosed in note 25 of the Big Technologies plc Annual Report for the year ended 31 December 2025. 14. Reconciliation of alternative performance measures UnauditedH1 2026 £'000 UnauditedH1 2025 £'000 AuditedFY 2025£'000 Statutory operating profit / (loss) 9,096 (27,136) (23,015) Amortisation of acquired intangibles 234 233 443 Litigation and associated costs 1,781 7,559 8,142 Provision for settlement - 35,000 38,500Foreign exchange loss - 3,996 3,996 Other exceptional costs 115 671 880 Acquisition related costs - 358 358 Share-based payments expense/(credit) 216 (11,162) (10,774)Total adjusting items and share-basedpayments before tax 2,346 36,655 41,545 Adjusted operating profit 11,442 9,519 18,530 15. Prior period adjustment The Group manufactures devices, which it then leases out to customers. Historically, it was elected totake super deductions of the Annual Investment Allowance, and fully expense these. In the preparation of the 2025 Annual Report, following the receipt of new tax advice and consideringthe impact of relevant tax case law, the Group concluded that the appropriate treatment would havebeen to cap this at the amount of the Annual Investment Allowance. Accordingly, the Group restated itsfinancial statements in accordance with IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors'. As a result of this change, an insufficient deferred tax asset was recognised in the H1 2025 results. The impact of the restatements on the consolidated statement of financial position is presented below: As previously reported 30June 2025 Restatement as at 1January 2025 Restatementhalf year-ended 30June 2025 Restatementcumulativeto 30 June2025 Restated30 June 2025 £'000 £'000 £'000 £'000 £'000 Non-current assets/liabilitiesDeferred tax asset 172 670 64 734 906 Deferred tax liabilities (1,247) 972 24 996 (251) Current assets/liabilities Trade and other receivables 9,385 (669) - (669) 8,716 Corporation tax liability - (381) (129) (510) (510) Equity Retained earnings 55,990 592 (41) 551 56,541
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The impact of the restatements on the consolidated statement of comprehensive income is presentedbelow: As previously reported H1 2025 £'000 Impact ofrestatement -deferred tax £'000 Impact ofrestatement- current tax £'000 RestatedH1 2025 £'000 Taxation 3,125 129 (88) 3,166 16. Statement of directors' responsibilities The Directors confirm that these condensed interim financial statements have been prepared in accordance with UK-adopted International Accounting Standard 34, 'Interim Financial Reporting'. A list of current directors is maintained on the Big Technologies plc website: https://www.buddi.com/investors/ Copies of this statement are available on the investor relations page of our website (https://www.buddi.com/investors/) By order of the Board Mike Johns Chief Financial Officer 12 September 2026 This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END