Slides
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Results for the six months ended 30 June 2026 Rod Flavell – CEO Mike McLaren - CFO
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Operational metrics for the six months ended 30 June 2026 FDM Group (Holdings) plc - Results for the six months ended 30 June 2026 Consultants deployed at period end Coaching completions Consultant utilisation %¹+39 (2%) vs H2-25 +0.9ppts. vs H2-25 +51% vs H2-25 Number in coaching at period end 208 257 137 164 79 181 129 H1-23 H2-23 H1-24 H2-24 H1-25 H2-25 H1-26 -29% vs H2-25 93.4% 92.8% 91.5% 92.9% 91.6% 92.7% 93.6% H1-23 H2-23 H1-24 H2-24 H1-25 H2-25 H1-26 911 427 466 411 424 404 609 H1-23 H2-23 H1-24 H2-24 H1-25 H2-25 H1-26 4,602 3,892 3,469 2,578 2,173 2,003 2,042 H1-23 H2-23 H1-24 H2-24 H1-25 H2-25 H1-26 1 1 The business uses the metric ‘consultant utilisation’ to monitor all deployed Consultants. Utilisation rate is calculated as the ratio of the cost of deployed Consultants to the total Consultant payroll cost -131 (-6%) vs H1-25 +2ppts. vs H1-25 +63% vs H1-25 +44% vs H1-25
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FDM Group (Holdings) plc - Results for the six months ended 30 June 2026 Operational metrics for the six months ended 30 June 2026 26 21 29 23 21 24 27 H1-23 H2-23 H1-24 H2-24 H1-25 H2-25 H1-26 792 722 586 516 458 411 363 H1-23 H2-23 H1-24 H2-24 H1-25 H2-25 H1-26 Consultants deployed by region New clients Internal staff headcount 42% 28% 20% 25% 27% 30% 36% 46% 53% 44% 30% 24% 23% 20% 12% 19% 36% 45% 49% 47% 44% H1-23 H2-23 H1-24 H2-24 H1-25 H2-25 H1-26 YR3+ YR2 YR1 2 -12% vs H2-25 +3 (13%) vs H2-25 +6 (29%) vs H1-25 -21% vs H1-25 Consultant tenure +6ppts. vs H2-25 +9ppts. vs H1-25 % Yr1s: - 500 1,000 1,500 2,000 H1-23 H2-23 H1-24 H2-24 H1-25 H2-25 H1-26 UK NA APAC EMEA Growth in all regions over the past quarter First years now represent 36% of Consultants on-site In excess of £20m of annualised savings 16 of the 27 new clients are outside of the financial services sector
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179.9 154.1 140.2 117.5 97.3 80.4 78.6 H1-23 H2-23 H1-24 H2-24 H1-25 H2-25 H1-26 26.0 24.2 17.7 16.3 9.0 4.7 5.5 H1-23 H2-23 H1-24 H2-24 H1-25 H2-25 H1-26 14.5% 15.7% 12.6% 13.9% 9.2% 5.8% 7.0% H1-23 H2-23 H1-24 H2-24 H1-25 H2-25 H1-26 -19% vs H1-25 +1.2ppts. vs H2-25 Revenue (£m) Adjusted Profit Before Tax ¹ (£m) Adjusted PBT margin ¹ (%)+17% vs H2-25 27.5% 27.5% 22.0% 25.5% H1-23 H1-24 H1-25 H1-26 Effective Tax Rate (%) +3.5ppts. vs H1-25 38.1 36.9 34.6 31.1 H1-23 H1-24 H1-25 H1-26 Closing Cash (£m) -10% vs H1-25 17.0 10.0 6.0 3.0 H1-23 H1-24 H1-25 H1-26 Interim Dividend per Share (p) -50% vs H1-25 Financial metrics for the six months ended 30 June 2026 1 Adjusted profit items are calculated before; i) Share Plan expenses; and ii) exceptional costs as we continued to align bette r the number of undeployed consultants and internal staff with market demand 2 Earnings per share 3 Cash conversion is calculated by dividing cash flow generated from operations by operating profit. The adjusted cash conversi on is calculated by dividing cash flow generated from operations by operating profit adjusted for Share Plan expenses as this is a non-cash item 3 -2% vs H2-25 -39% vs H1-25 -2.2ppts. vs H1-25 16.8 11.7 6.3 3.8 H1-23 H1-24 H1-25 H1-26 Adjusted Basic EPS 2 (p) -40% vs H1-25 19.7 10.3 5.7 2.8 H1-23 H1-24 H1-25 H1-26 Basic EPS 2 (p) -51% vs H1-25 95% 103% 155% 94% H1-23 H1-24 H1-25 H1-26 Adjusted Cash Conversion 3 (%) -61ppts. vs H1-25
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Consultants deployed 1,284 1,056 1,013 910 839 (8%) (17%) Coaching completions 129 71 130 68 124 82% (5%) Revenue £54.0m £50.0m £46.2m £42.2m £40.3m (5%) (13%) Adjusted operating profit £7.8m £11.0m £7.1m £4.1m £5.5m 34% (23%) Adjusted operating profit margin % 14% 22% 15% 10% 14% +4ppts. -1ppt. • Consultant headcount decreased 17% from June 2025 (1,013) and 8% from December 2025 (910), closing at 839 • The UK saw ongoing challenging market conditions. Activity levels were broadly consistent year-on-year, reflected in 124 coaching completions, a similar number to 2025 (130). There continued to be elevated demand for more experienced resource • New client activity continued to be strong, as we gained 15 new clients (2025: 15) • We incurred £0.8m of exceptional costs as we better aligned the number of benched consultants and internal staff with demand Our markets FDM Group (Holdings) plc - Results for the six months ended 30 June 2026 UK H1-24 H2-24 H1-25 H2-25 H1-26 H1-26 vs H2-25 H1-26 vs H1-25 4 Consultants deployed 1,162 742 447 500 593 19% 33% Coaching completions 133 197 114 218 282 29% 147% Revenue £53.9m £38.3m £26.8m £19.0m £20.1m 6% (25%) Adjusted operating profit £8.7m £3.0m £1.1m £1.1m £0.4m (64%) (64%) Adjusted operating profit margin % 16% 8% 4% 6% 2% -4ppts. -2ppts. NA H1-24 H2-24 H1-25 H2-25 H1-26 H1-26 vs H2-25 H1-26 vs H1-25 • Consultant headcount increased 33% from June 2025 (447) and 19% from December 2025 (500), closing at 593 • Revenue growth lagged against headcount due to the phasing of headcount. Adjusted operating profit also lagged due to investment in coaching • To meet increased demand, there were 282 coaching completions in the first half of 2026, a significant increase compared to 114 in the first half of 2025
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Consultants deployed 326 256 225 124 119 (4%) (47%) Coaching completions 57 81 82 13 32 146% (61%) Revenue £11.0m £10.9m £9.6m £5.4m £3.8m (30%) (60%) Adjusted operating profit £0.2m £1.1m £0.5m (£0.4m) (£0.2m) +£0.2m (£0.7m) Adjusted operating profit margin % 2% 10% 5% (7%) (5%) +2ppts. -10ppts. Our markets FDM Group (Holdings) plc - Results for the six months ended 30 June 2026 EMEA H1-24 H2-24 H1-25 H2-25 H1-26 H1-26 vs H2-25 H1-26 vs H1-25 5 Consultants deployed 697 524 488 469 491 5% 1% Coaching completions 147 62 98 105 171 63% 74% Revenue £21.3m £18.3m £14.7m £13.8m £14.4m 4% (2%) Adjusted operating profit £0.7m £0.9m £0.4m (£0.3m) (£0.1m) +£0.2m (£0.5m) Adjusted operating profit margin % 3% 5% 3% (2%) (1%) +1ppt. -4ppts. APAC H1-24 H2-24 H1-25 H2-25 H1-26 H1-26 vs H2-25 H1-26 vs H1-25 • Consultant headcount decreased 47% from June 2025 (225) and was broadly stable compared with Consultants deployed at year-end 2025 (124) • Year-on-year, Consultants deployed decreased due to the conclusion of a client project in Germany in the second half of 2025 and challenging market conditions which persisted into 2026 • In the six months of 2026, we coached 32 consultants (2025: 82) • Consultant headcount was 491, similar to June 2025 (488) and an increase of 5% from December 2025 (469) • Revenue of £14.4m remained broadly flat against the first half of 2025 (£14.7m) and 4% above the second half of 2025 (£13.8m), consistent with headcount • We increased our coaching schedules to align with demand and during the period we coached 171 Consultants (2025: 98) FDM Group (Holdings) plc - Results for the six months ended 30 June 2026
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Headcount by industry FDM Group (Holdings) plc - Results for the six months ended 30 June 2026 2026 Banks Financial Services Insurance Government Software & IT Services Commercial & Professional Services Retail Energy Consumer Services Media & Entertainment Other 2025 2026Industries 2024 51% 16% 7% 6% 3% 4% 2% 3% 1% 3% 4% Other includes • Automobiles & Components • Capital Goods • Food, Beverage & Tobacco • Health Care Equipment & Services • Materials • Pharmaceuticals, Biotechnology & Life Sciences • Technology Hardware & Equipment • Telecommunication Services • Transportation • Utilities * * 41% 16% 8% 8% 5% 7% 3% 3% 2% 2% 5% 6 42% 18% 10% 8% 8% 4% 3% 2% 1% 1% 3%
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FDM Group (Holdings) plc - Results for the six months ended 30 June 20267 - 250 500 750 1,000 1,250 1,500 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Scotiabank HSBC Morgan Stanley Lloyds Deutsche Bank DWP Bank of America BNP Paribas ANZ Westpac RBC KPMG Sainsbury's Insurance Australia Limited Shell Citigroup Sky Barclays PwC TD Bank Headcount by client *Top 20 clients selected by maximum headcount since Jan- 25, ordered by Jun-26 headcount
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Capability engine Consultants learn by doing, building an AI-fluent workforce through live application Proof environment Ideas are questioned, built, tested and refined before they reach clients, plus reusable patterns and playbooks Governance layer Spec-driven development, controls, testing and measurable outcomes are embedded from the start Strategic partnerships A full-stack ecosystem supported by our AI partners 8 FDM Group (Holdings) plc - Results for the six months ended 30 June 2026 Is our bespoke product-led delivery construct, where Consultants gain simulated real-world delivery experience, in a safe but authentic environment, prior to client assignment. Consultants collaborate in agile cross-functional squads and pods as they design, build and scale production-ready solutions. AI fluency and the guard rails and governance necessary to safely optimise the power of AI, are embedded throughout the Product CoE. The Product CoE operates alongside our Skills Labs to bridge the gap between learning and delivery, ensuring Consultants possess the necessary confidence, skills and knowledge to be operationally capable from the first day of client assignment. Product Centre of Excellence:
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The Forward Deployed Model – Producing the Forward Deployed Engineer – Confident, Curious and Secure We bring client challenges in-house and invest our own people, skills and balance sheet to work alongside customers. By combining human expertise, AI tools and strategic partnerships, we rapidly test ideas, prove value and co-build solutions that deliver measurable business outcomes AI adoption is moving from experimentation to economics and deployment choices: • Tokenomics: clients are focused on the value, returns, funding and control of token spend • Promptathons: cross-functional squads of AI-fluent consultants deployed on live client problems. Proof-of-value activity can create practical use cases and open commercial conversations • Cloud sovereignty, data control and regulated deployment are moving higher up client agendas • On-premise and private cloud the debate in this area has been intensified by security and cost control • Partnerships with the likes of Anthropic, Cognition and Microsoft are increasingly important to combine platforms, tooling and skilled delivery 9 FDM Group (Holdings) plc - Results for the six months ended 30 June 2026 Identify the problem: client challenges and opportunities Build the proof of concept: experiment, learn and validate Co-build the solution: human centric, AI leveraged, business outcomes AI technology is here to stay. The market is evolving rapidly as intense competition, particularly between Western and Chinese providers, will drive lower prices. However - power, water, data and compute capacity are key stressor issues
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Summary FDM Group (Holdings) plc - Results for the six months ended 30 June 2026 • The modest pickup in trading activity, which we began to see towards the end of 2025, continued through the first half of 2026 • Consultant headcount in the first six months of 2026 increased to 2,042 (December 2025: 2,003, June 2025: 2,173) • Revenue of £78.6m (2025: £97.3m) and adjusted profit before tax of £5.5m (2025: £9.0m) • Coaching completions increased to 609 (H2 2025: 404; H1 2025: 424) in response to increased client demand • We maintain a robust balance sheet, with no debt • Interim dividend of 3.0p (2025: 6.0p) • We established a Product Centre of Excellence within the Skills Lab where undeployed Consultants work with AI technology to develop commercial value working on in- house initiatives, client projects and proofs of concept, positioning our Consultants well for success in future client placements • We secured 27 new clients globally (2025: 21), 16 of which were outside the financial services sector • We remain focused on managing our cost base. We incurred exceptional costs of £0.9m (2025: £1.0m), primarily in the UK, as we continued to align our internal staff and available resource to market demand • The actions the Board has taken over recent periods position the Group to deliver profitable growth when market conditions allow • Our markets remain uncertain, with macroeconomic and political instability continuing to impact our customers’ investment decisions; it remains too early to judge whether this improvement will continue 10
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Income statement FDM Group (Holdings) plc - Results for the six months ended 30 June 2026 For the six months ended 30 June 2026 2026 2025 £'000 £'000 Revenue 78,608 97,279 Cost of sales (43,352) (52,938) Gross profit 35,256 44,341 Administrative expenses (31,068) (36,252) Which includes Exceptional items (943) (1,003) Operating profit 4,188 8,089 Finance income 623 631 Finance expense (704) (729) Net finance (expense)/income (81) (98) Profit before income tax 4,107 7,991 Taxation (1,047) (1,758) Profit for the period 3,060 6,233 11
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Statement of financial position FDM Group (Holdings) plc - Results for the six months ended 30 June 2026 As at 30 June 2026 2026 2025 £'000 £'000 Non-current assets Right-of-use assets 16,193 18,657 Property, plant and equipment 1,261 1,619 Intangible assets 16,525 19,406 Deferred income tax assets 220 208 34,199 39,890 Current assets Trade and other receivables 24,417 27,272 Income tax receivable 1,352 1,098 Cash and cash equivalents 31,122 34,617 56,891 62,987 Total assets 91,090 102,877 Current liabilities Trade and other payables 20,279 21,710 Lease liabilities 5,207 4,985 Provisions 38 - Current income tax liabilities - 265 25,524 26,960 Non-current liabilities Lease liabilities 13,877 16,226 Provisions 783 672 14,660 16,898 Total liabilities 40,184 43,858 Net assets 50,906 59,019 12
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Statement of cash flow FDM Group (Holdings) plc - Results for the six months ended 30 June 2026 For the six months ended 30 June 2026 2026 2025 £'000 £'000 Cash flows generated from operations 4,364 12,551 Interest received 623 631 Income tax paid (1,614) (2,471) Net cash inflow from operating activities 3,373 10,711 Cash flows from investing activities Acquisition of property, plant and equipment (99) (61) Net cash used in investing activities (99) (61) Cash flows from financing activities Share related items 1 39 Principal element of lease payments (2,101) (1,540) Interest element of lease payments (644) (675) Finance costs paid (33) (54) Dividends paid (4,389) (13,692) Net cash used in financing activities (7,166) (15,922) Exchange losses on cash and cash equivalents (268) (699) Net decrease in cash and cash equivalents (4,160) (5,971) Cash and cash equivalents at beginning of period 35,282 40,588 Cash and cash equivalents at end of period 31,122 34,617 13
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Forward-looking statements This report contains statements which constitute “forward-looking statements”. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements. Subject to any requirement under the Disclosure Guidance and Transparency Rules or other applicable legislation or regulation, the Group does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Neither shareholders nor prospective shareholders should place undue reliance on forward-looking statements, which speak only as of the date of this report.