Interim report
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RNS Number : 5460TGetBusy PLC07 September 2026 7 September 2026 GetBusy plc2026 Half-year ResultsSmartVault accelerating as a strategic control point in US tax preparation GetBusy plc ("GetBusy", the "Company" or the "Group") (AIM: GETB), a leading provider of trusted SaaS platforms incorporating AI toregulated professionals, announces its unaudited results for the six months ended 30 June 2026 (the "Period", "H1" or "H1 2026"). Daniel Rabie, CEO of GetBusy, comments: "SmartVault is now firmly established as a leading platform and strategic control point in US tax preparation. Embedded across every majortax software ecosystem and trusted with over 650 million sensitive client documents, SmartVault is extending materially deeper into thedaily workflows of more than 31,000 professionals across 7,000 firms. "This market positioning is delivering accelerated revenue growth, supported by exceptional new business from Thomson Reuters UltraTaxand Intuit ProConnect customers following the integration launch last year. With structurally low churn and significant operating leverage,it is well placed for sustained ARR growth and rapidly increasing cash generation. "Wórkiro has returned to growth, supported by momentum in new business, new integration partnerships and the migration of VirtualCabinet customers onto our next-generation, AI-enabled platform. "Enhanced growth within SmartVault will drive Group ARR ahead of market expectations in 2026 and 2027. With AI increasingly becominga source of significant value creation across our trusted vertical platforms, the board's confidence in the successful execution of its strategyhas never been higher." SmartVault highlights · ARR up 22% year-on-year to $19.1m, with the growth rate accelerating through the Period · The only document workflow platform integrated across all major US tax preparation software: Intuit ProConnect, Lacerte andProSeries, plus Thomson Reuters UltraTax, CCH and Drake· Exceptional new business from Thomson Reuters UltraTax (up 52%) and Intuit (up 8%) following the Q4 2025 ProConnectintegration launch· Trusted custodian for over 650 million sensitive client documents, serving 31,000 professionals across 7,000 firms· SmartProposal on track to launch in Q4, extending SmartVault upstream into client engagement, pricing and payment workflowsand building on SmartRequestAI®· Structurally low churn and significant operating leverage, underpinning rapid EBITDA margin expansion and cash generationexpected into 2027 Wórkiro highlights · Returned to growth, with ARR up 1% year-on-year and 4% since the start of 2026 to £9.7m · 41 Virtual Cabinet customers migrated to Wórkiro during the Period, delivering attractive ARPU uplifts and improving churn· Enhanced strategic collaboration with TaxCalc puts embedded tax and document workflows in front of TaxCalc's 11,000accountancy firms· Further UK and ANZ integration partnerships targeted to establish Wórkiro as the leading independent document workflowengine for tax professionals Group highlights · Group ARR up 12% year-on-year at constant currency to £24.0m (H1 2025: £21.1m), with growth expected to remain elevated forthe foreseeable future· Recurring revenue of £11.6m and total revenue of £12.0m, both up 11% year-on-year at constant currency· Gross margin of 85.8% (H1 2025: 87.5%) as cloud revenue becomes an even greater proportion of the mix · Adjusted EBITDA of £0.6m (H1 2025: £0.4m)· Net bank debt of £0.7m and available cash funds of £2.3m Outlook · 2026 SmartVault ARR growth expected to be around 20%, exceeding current market expectations, with further upside potentialfrom the second season of SmartRequestAI® availability · Inherent operating leverage expected to drive SmartVault EBITDA margin towards 20% for FY26 with further significantenhancement in FY27· Wórkiro expected to build on its return to growth, supported by the professional services refocus, new integration partnershipsand accelerating Virtual Cabinet migrations H1 2026 H1 2025 Change £'000 £'000 Reported currency Constant currency*** Group ARR 23,985 21,098 14% 12% Group recurring revenue 11,615 10,675 9% 11%
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Group total revenue 11,960 10,994 9% 11% Group adjusted EBITDA* 593 423 40% Group adjusted loss before tax** (448) (666) 32% Group IFRS loss before tax (428) (583) 27% Available cash funds 2,312 2,960 (22%) Net bank (debt) / cash (688) (40) n/a *Adjusted EBITDA is Adjusted Loss before Tax with capitalised development costs added back. A full list of our alternative performance measures, together with a glossaryof certain terms, can be found in note 2. ** Adjusted Loss before Tax is Loss before tax, depreciation and amortisation on owned assets, long-term incentive costs, net capitalised development costs, finance coststhat are not related to leases, and non-underlying items. *** Changes at constant currency are calculated by retranslating the comparative period at the current period's prevailing rate of exchange. GetBusy plc investors@getbusy.com Cavendish Capital Markets Limited (Nominated Adviser and Broker)Matt Goode / Callum Davidson (Corporate Finance)Harriet Ward (Corporate Broking) +44 (0)20 7220 0500 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO 596/2014 AS ITFORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATIONOF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. THE PERSON RESPONSIBLEFOR MAKING THIS ANNOUNCEMENT ON BEHALF OF THE COMPANY IS PAUL HAWORTH. About GetBusy GetBusy provides specialist document workflow software to professional and financial services markets, securing and enabling workflowautomation around over 1.3 billion unique, high-value documents. Our strategy is to generate material near-term cash returns throughSmartVault, our fast-growing US tax platform, while building long-term value in Wórkiro, our content and collaboration solution forprofessional services and cloud ERP systems. Our AI-enabled products are used by over 60,000 paying users globally and are deeplyembedded in customers' daily workflows. Further information on the Group is available at www.getbusyplc.com A clear strategy for cash returns and value creation GetBusy is focused on generating material near-term cash returns from SmartVault while building long-term value in Wórkiro, our AI-enabled workflow platform for professional and enterprise customers. SmartVault's accelerating growth, expanding role across the tax preparation workflow and high operating leverage create a clear path torapid margin expansion and cash generation. At the same time, we are building on Virtual Cabinet's heritage in professional services tobring modern AI-enabled document workflows to existing and new customers to drive longer-term growth. By targeting high-value customers in workflow-critical markets and embedding our products deeply within their core systems, the Group iswell placed to benefit from structural drivers including regulatory complexity, cyber security and the accelerating adoption of cloud and AI. H1 overview H1 2026 marked the start of what the board believes will be a sustained period of higher growth. Group ARR grew 12% year-on-year atconstant currency to £24.0m, led by accelerating momentum in SmartVault and a return to growth in Wórkiro. AI is increasingly a source ofsignificant value creation across our trusted vertical platforms, with SmartRequestAI® already demonstrating the commercial potential ofAI-led capabilities. SmartVault: ARR accelerates as new business from UltraTax customers strengthens SmartVault is the leading cloud document management and workflow platform purpose-built for the US accounting and tax preparationmarket. It is the trusted system of record for more than 7,000 firms and over 31,000 tax professionals, the secure custodian of over 650million sensitive client documents, and the platform through which more than 3 million end clients exchange, sign and store documents viafirm-branded portals. Its role spans the full tax workflow, from client engagement and onboarding, through AI-powered document intakeand workpaper preparation, to e-signature and compliant secure archive and retention. SmartVault is the only specialist document workflow platform integrated across all major US tax preparation software, including IntuitProConnect, Lacerte and ProSeries, Thomson Reuters UltraTax, CCH and Drake. It is also the only SOC 2 Type 2 audited cloud documentplatform built specifically for accountants, providing the security and compliance foundation firms need before adopting AI. This broad,platform-agnostic footprint, combined with its long-established position as the trusted custodian of sensitive client data, creates apowerful competitive moat. Once embedded, SmartVault sits at the centre of a firm's workflows, historical records and client interactions,resulting in high switching costs and long customer lifetimes. SmartVault's ARR accelerated, up 22% year-on-year to $19.1m. Performance was driven by a 19% increase in new business, notably fromThomson Reuters UltraTax customers (up 52%) and Intuit (up 8%), demonstrating strong commercial traction following the Q4 2025ProConnect integration launch. The core tax preparation market, which now represents around 90% of SmartVault's ARR, continued to deliver structurally low churn (0.8%per month) and high net revenue retention of 100.1% per month, reflecting the platform's increasing value and embeddedness. ARPU wasup 21% year-on-year to $616, driven by a growing proportion of customers adopting the premium Unlimited plan, adoption ofSmartRequestAI® and higher customer renewal prices based on the additional value within the application. SmartVault remains well placed to benefit from the significant structural tailwind as Thomson Reuters' FileCabinet CS reaches end-of-life in2027. As the only third-party document management system integrated with UltraTax, SmartVault is the natural cloud-native successor forthose firms, with several hundred migrations already completed. UltraTax customers have particularly attractive unit economics, withaverage revenue per customer materially above historic averages.
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AI is increasingly central to SmartVault's value and monetisation. SmartRequestAI®, launched in Q4 2025, automates one of the most time-consuming parts of tax preparation, and early adopters are spending up to three times their core subscription value, pointing to asubstantial monetisation opportunity across the base of more than 31,000 users. The launch of SmartProposal in Q4 will extendSmartVault further upstream into new client engagement, pricing and payment workflows and, together with automated retention policiesand the next generation of our ProConnect integration, firmly establishes SmartVault as a strategic control point across the US taxpreparation workflow. Disciplined cost control led to an increase in EBITDA margin to 16% (H1 2025: 9%) with Adjusted EBITDA up 117% to $1.6m (H1 2025:$0.7m). We expect ARR growth for the full year to remain in the 20% range, driven by sustained strong new business in ProConnect and UltraTaxand high net revenue retention rates, with significant upside potential from the second season of SmartRequestAI® availability. EBITDAmargin is expected to continue increasing as the inherent operating leverage of the SaaS business model efficiently converts incrementalrevenue into cash. Wórkiro: momentum in new business and Virtual Cabinet migrations Wórkiro returned to growth in H1, with divisional ARR up 1% year-on-year and 4% since the start of 2026 to £9.7m. Encouragingly, thisgrowth was broad-based rather than reliant on any single driver. New business was up 115% year-on-year and is becoming increasinglyrepeatable in the core professional services market, where we are consistently winning small and mid-sized firms. The Wórkiro productnow accounts for 9% of divisional ARR as the mix continues to shift towards the cloud platform. Net revenue retention improved, averaging 100.1% per month, compared with 99.7% per month in H1 2025, reflecting the benefit ofmigrations, ARPU uplifts and the professional services refocus. There remains, however, a risk of continued volatility in Virtual Cabinetchurn during H2 because of contract decisions taken some time ago, before Wórkiro had matured into its current capabilities. Migrations of Virtual Cabinet customers to Wórkiro played an important role, with 41 customers migrated during the Period onto our AI-enabled, next-generation platform and delivering attractive ARPU uplifts. Our migration tooling continues to mature, with an increasingproportion of the process, including data reconciliation, now automated. On the product side, the launch of Wórkiro's workflow capabilitywas a significant milestone, deepening the platform's role as an intelligent assistant that understands a firm's processes as well as itsdocuments, and it is already influencing new-business wins. The greatest source of optimism is the channel opportunity still ahead. Our enhanced strategic collaboration with TaxCalc, one of the UK'sleading tax compliance software providers, is only just beginning and makes embedded tax and document workflows available to TaxCalc's11,000 accountancy firms. We are pursuing similar integration partnerships across the UK and ANZ ecosystem to strengthen Wórkiro'sposition as the leading independent document workflow engine for tax professionals. Underpinning delivery, the adoption of AI across ourdevelopment teams has driven more than a 70% improvement in development speed, materially increasing engineering velocity and ourability to scale the platform efficiently. Financial review Group £'000 H1 2026 H1 2025 Change Reported currency Constant currency ARR at 30 June £24.0m £21.1m 14% 12% Recurring revenue £11,615k £10,675k 9% 11% Total revenue £11,960k £10,994k 9% 11% Adjusted EBITDA £593k £423k 40% Recurring revenue was £11.6m (11% at constant currency), driven by strong double-digit growth in SmartVault, supported by a return togrowth in Wórkiro. ARR, which is our recurring revenue run rate, grew 12% year-on-year at constant currency to £24.0m (H1 2025:£21.1m), up 6% since the start of the year. Total revenue was £12.0m (H1 2025: £11.0m). Gross margin was 85.8% (H1 2025: 87.5%), reflecting the growing proportion of cloud revenue and higher partnership revenue share costs.SG&A costs of £7.9m were tightly controlled, with more than 80% of the 5% increase being from sales and business performanceincentives, and product development spend was held steady at £2.8m, focused on SmartProposal, new integrations, next-generation AIcapabilities and Wórkiro workflows. Adjusted EBITDA was up 40% to £0.6m (H1 2025: £0.4m), while adjusted loss before tax, which is stated before development capitalisation,was £(0.4)m (H1 2025: £(0.7)m). Loss before tax was £(0.4)m (H1 2025: £(0.6)m). Cashflow and working capital H1 is typically a cash-absorptive period for the Group, given the seasonality of cash receipts for annual customer renewals, which areheavily weighted towards Q4, and the timing of annual performance incentive payments. Net bank debt at 30 June 2026 was £0.7m (H12025: net bank debt of £0.04m), with available cash funds of £2.3m (H1 2025: £3.0m). The £3m revolving credit facility is committed untilDecember 2028, of which £2.2m was drawn at 30 June. Consolidated income statement For the six months ended 30 June 2026 H1 2026 H1 2025 FY 2025 Note £'000Unaudited £'000Unaudited £'000Audited Revenue 3 11,960 10,994 22,051 Cost of sales (1,702) (1,370) (2,743) Gross profit 10,258 9,624 19,308 Operating costs (10,519) (10,051) (20,028)
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Net finance costs (167) (156) (326) Loss before tax 3 (428) (583) (1,046) Loss before tax (428) (583) (1,046) Depreciation and amortisation on owned assets 906 906 1,680 Long-term incentive costs - - - Social security on long-term incentives - - 112 Non-underlying credit - - (257) R&D tax credit adjustment - - (377) Finance costs not related to leases 115 100 211 Adjusted EBITDA 593 423 323 Capitalised development costs (1,041) (1,089) (2,184) Adjusted loss before tax (448) (666) (1,861) Tax - (34) (398) Loss for the period attributable to owners of theCompany (428) (617) (1,444) Loss per share (pence) Basic 4 (0.84) (1.22) (2.85) Diluted 4 (0.84) (1.22) (2.85) Consolidated statement of comprehensive income For the six months ended 30 June 2026 H1 2026 H1 2025 FY 2025 £'000Unaudited £'000Unaudited £'000Audited Loss for the period (428) (617) (1,444) Other comprehensive items that may be subsequentlyreclassified to profit or loss Currency movement on net investment (76) 84 65 Exchange differences on translation of foreign operationsnet of tax - 167 177 Other comprehensive (expense)/income net of tax (76) 251 242 Total comprehensive loss for the period (504) (366) (1,202) Consolidated balance sheet At 30 June 2026
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30 June2026 30 June2025 31 December2025 £'000Unaudited £'000Unaudited £'000Audited Non-current assets Intangible assets 5,013 4,469 4,840Goodwill 637 583 637Right of use assets - leases 994 1,336 1,161Property, plant and equipment 111 119 98 6,755 6,507 6,736 Current assetsTrade and other receivables 2,780 2,195 2,282Current tax receivable 84 423 82Cash and bank balances 1,463 1,210 2,490 4,327 3,828 4,854 Total assets 11,082 10,335 11,590 Current liabilitiesTrade and other payables (3,946) (2,955) (3,950)Deferred revenue (7,095) (6,258) (7,340)Provisions (485) (373) (485)Lease liabilities (388) (362) (369)Current tax payable - (62) (82) (11,914) (10,010) (12,226) Non-current liabilitiesBorrowings (2,150) (1,250) (1,650)Lease liabilities (758) (1,133) (952)Contingent consideration (116) (458) (114) (3,024) (2,841) (2,716) Total liabilities (14,938) (12,851) (14,942) Net liabilities (3,856) (2,516) (3,352) EquityShare capital 76 76 76Share premium account 3,018 3,018 3,018Demerger reserve (3,085) (3,085) (3,085)Retained earnings (3,865) (2,525) (3,361) Equity attributable to shareholders of the parent (3,856) (2,516) (3,352) Consolidated statement of changes in equity For the six months ended 30 June 2026 Share capital Sharepremiumaccount Demerger reserve Retainedearnings TotalH1 2026 Unaudited £'000 £'000 £'000 £'000 £'000 At 1 January 2026 76 3,018 (3,085) (3,361) (3,352) Loss for the period - - - (428) (428)Currency movement on net investment - - - (76) (76)Exchange differences on translation of foreignoperations, net of tax - - - - - Total comprehensive income for the period - - - (504) (504) Long-term incentive costs - - - - - Total transactions with owners of the Company - - - - -
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At 30 June 2026 76 3,018 (3,085) (3,865) (3,856) Share capital Sharepremiumaccount Demerger Reserve Retainedearnings TotalH1 2025 Unaudited £'000 £'000 £'000 £'000 £'000 At 1 January 2025 76 3,018 (3,085) (2,159) (2,150) Profit for the period - - - (617) (617)Currency movement on net investment - - - 84 84Exchange differences on translation of foreignoperations, net of tax - - - 167 167 Total comprehensive income for the period - - - (366) (366) Long-term incentive costs - - - - - Total transactions with owners of the Company - - - - - At 30 June 2025 76 3,018 (3,085) (2,525) (2,516) Sharecapital Sharepremiumaccount DemergerReserve Retainedearnings Total2025 Audited £'000 £'000 £'000 £'000 £'000 At 1 January 2025 76 3,018 (3,085) (2,159) (2,150) Profit for the year - - - (1,444) (1,444)Other comprehensive income, net of tax - - - 242 242Total comprehensive income for the year - - - (1,202) (1,202) Issue of ordinary shares - - - - -Equity-based long-term incentive credit - - - - -Total transactions with owners of the Company - - - - - At 31 December 2025 76 3,018 (3,085) (3,361) (3,352) Consolidated cash flow statement For the six months ended 30 June 2026 H1 2026 H1 2025 FY 2025 £'000Unaudited £'000Unaudited £'000Audited Loss for the period (428) (617) (1,444) Finance costs 167 100 326Income tax expense/(credit) - 34 398R&D tax credit adjustment - - (377)Depreciation of property, plant and equipment 37 64 110Depreciation on right of use asset - leases 172 244 372Amortisation of intangible assets 868 842 1,570Increase in receivables (496) (158) (210)Increase/(decrease) in payables (86) 83 1,130(Decrease)/increase in provisions - - 112(Decrease)/increase in contingent consideration 2 (386)
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(Decrease)/increase in deferred revenue (246) (748) 334 Cash (used in)/generated by operations (10) (156) 1,935 Net income taxes received / (paid) (2) 244 532Interest paid - (4) (22) Net cash from / (used in) operating activities (12) 84 2,445 Purchases of property, plant and equipment (50) (13) (23)Purchases of other intangible assets (1) (1) -Capitalised internal development costs (1,041) (1,089) (2,184) Net cash used in investing activities (1,092) (1,103) (2,207) Principal portion of lease payments (182) (194) (465)Interest on lease liabilities (52) (56) (115)Draw down of loan facility 500 - 400 Net cash (used in)/from financing activities 266 (250) (180) Net (decrease)/increase in cash (838) (1,269) 58 Cash and bank balances at beginning of period 2,490 2,312 2,312Effects of foreign exchange rates (189) 167 120 Cash and bank balances at end of period 1,463 1,210 2,490 Net debt reconciliation At 1January2026 Cash flow Interestaccretion Foreignexchangemovement At 30 June2026 £'000 £'000 £'000 £'000 £'000 Borrowings (1,650) (500) - - (2,150) Cash and cashequivalents 2,490 (838) - (189) 1,463 Net bank debt 840 (1,338) - (189) (687) Finance lease liability (1,321) 235 (52) (8) (1,146) Net debt (includinglease liabilities) (481) (1,103) (52) (197) (1,833) Notes to the financial information 1. General information These interim financial statements are for the six months ended 30 June 2026. They do not require all the informationrequired for full annual financial statements and should be read in conjunction with the consolidated financial statements ofthe Group for the year ended 31 December 2025. These financial statements are presented in pounds sterling because that is the currency of the country in which the Grouphas its stock market listing and where most of its investors reside. 2. Basis of preparation and accounting policies The financial information set out above does not constitute statutory accounts within the meaning of section s434(3) of theCompanies Act 2006 or contain sufficient information to comply with the disclosure requirements of UK-adoptedInternational Accounting Standards ("IFRS"). The financial statements of GetBusy plc for the year ended 31 December 2025 were authorised for issue by the Board ofDirectors on 23 March 2026. The auditors have reported on these accounts and their reports were unqualified, did notdraw attention to any matters by way of emphasis and did not contain any statements under s498 (2) or (3) of theCompanies Act 2006. These interim financial statements are prepared on the same basis as the financial statements for the year ended 31December 2025, in which our full set of accounting policies, including critical judgements and key sources of estimationuncertainty, can be found. Alternative performance measures and glossary of terms The Group uses a series of non-IFRS alternative performance measures ("APMs") in its narrative and financial reporting. These measures are used because we believe they provide additional insight into the performance of the Group and arecomplementary to our IFRS performance measures. This belief is supported by the discussions that we have on a regularbasis with a wide variety of stakeholders, including shareholders, staff and advisers. The APMs used by the Group, their definition and the reasons for using them, are provided below:
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Recurring revenue. This includes revenue from software subscriptions and consumption-based add-ons that are reasonablylikely to recur annually, such as SmartRequestAI. A key part of our strategy is to grow our high-quality recurring revenuebase. Reporting recurring revenue allows shareholders to assess our progress in executing our strategy. Adjusted Profit / Loss before Tax. This is calculated as profit / loss before tax and before certain items, which are listedbelow along with an explanation as to why they are excluded: Depreciation and amortisation of owned assets. These non-cash charges to the income statement are subject tojudgement. Excluding them from this measure removes the impact of that judgement and provides a measure ofprofit that is more closely aligned with operating cashflow. Only depreciation on owned assets is excluded;depreciation on leased assets remains a component of adjusted profit / loss because, combined with interestexpense on lease liabilities, it is a proxy for the cash cost of the leases. Long-term incentive costs. Judgement is applied in calculating the fair value of long-term incentives, includingshare options, and the subsequent charge to the income statement, which may differ significantly to the cashimpact in quantum and timing. The impact of potentially dilutive share options is also considered in dilutedearnings per share. Therefore, excluding long-term incentive costs from Adjusted Loss before Tax removes theimpact of that judgement and provides a measure of profit that is more closely aligned with cashflow. Capitalised development costs. There is a very broad range of approaches across companies in applying IAS38Intangible assets in their financial statements. For transparency, we exclude the impact of capitalisingdevelopment costs from Adjusted Loss before Tax in order that shareholders can more easily determine theperformance of the business before the application of that significant judgement. The impact of developmentcost capitalisation is recorded within operating costs. Non-underlying costs. Occasionally, we incur costs that are not representative of the underlying performance ofthe business. In such instances, those costs may be excluded from Adjusted Profit / Loss before Tax and recordedseparately. In all cases, a full description of their nature is provided. Finance costs / (income) not related to leases. These are finance costs and income such as interest on bankbalances. It excludes the interest expense on lease liabilities under IFRS16 because, combined with depreciationon leased assets, it is a proxy for the cash cost of the leases. Adjusted EBITDA. This is calculated as Adjusted Profit / Loss before Tax with capitalised development costs added back. Constant currency measures. As a Group that operates in different territories, we also measure our revenueperformance before the translation impact of changes in exchange rates. This is achieved by re-stating the comparativefigure at the exchange rate used in the current period. Glossary of terms The following terms are used within these financial statements: MRR. Monthly subscription revenue. ARR. Annualised recurring revenue. For a given month, the MRR multiplied by 12, plus the trailing 12-month sumof consumption-based add-ons that are reasonably likely to recur annually (such as SmartRequestAI), plus theannual value of any contracted but not implemented customer contracts. Churn. The average percentage of MRR lost in a month due to customers leaving our platforms. Net revenue retention. The average percentage of ARR retained after a month due to the combined impact ofcustomers leaving our platforms, customers upgrading or downgrading their accounts, customers purchasingconsumption-based add-ons that are reasonably likely to recur annually, and price increases or reductions. ARPU. ARR per paid user at a point in time. 3. Revenue and operating segments The Group's operating segments comprise its two businesses (SmartVault and Wórkiro) and a corporate and central servicessegment. Our Chief Executive Officer assesses Group performance and determines the allocation of resources on that basis. H1 2026 Unaudited SmartVault SmartVault Wórkiro Sub-total Corporate Total US$'000 £'000 £'000 £'000 £'000 £'000 ARR 19,062 14,312 9,673 23,985 - 23,985 Recurring revenue 9,297 6,915 4,700 11,615 - 11,615 Non-recurring revenue 308 229 116 345 - 345 Revenue from contracts with customers 9,605 7,144 4,816 11,960 - 11,960 Cost of sales (1,987) (1,479) (223) (1,702) - (1,702) Gross profit 7,618 5,665 4,593 10,258 - 10,258 Sales, general and admin costs (4,873) (3,623) (2,504) (6,127) - (6,127) Development costs (2,171) (1,614) (1,174) (2,788) - (2,788) Corporate and central - - - - (1,791) (1,791) Adjusted profit / (loss) before tax 574 428 915 1,343 (1,791) (448)Capitalisation of development costs 1,006 755 286 1,041 - 1,041
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Adjusted EBITDA 1,580 1,183 1,201 2,384 (1,791) 593 H1 2025 Unaudited SmartVault SmartVault Wórkiro Sub-total Corporate Total US$'000 £'000 £'000 £'000 £'000 £'000 ARR 15,647 11,541 9,557 21,098 - 21,098 Recurring revenue 7,754 5,983 4,692 10,675 - 10,675 Non-recurring revenue 263 209 110 319 - 319 Revenue from contracts with customers 8,017 6,192 4,802 10,994 - 10,994 Cost of sales (1,522) (1,176) (194) (1,370) - (1,370) Gross profit 6,495 5,016 4,608 9,624 - 9,624 Sales, general and admin costs (4,589) (3,546) (2,257) (5,803) - (5,803) Development costs (1,863) (1,437) (1,296) (2,733) - (2,733) Corporate and central - - - - (1,755) (1,755) Adjusted profit / (loss) before tax 43 33 1,055 1,088 (1,755) (667) Capitalisation of development costs 684 505 584 1,089 - 1,089 Adjusted EBITDA 727 538 1,639 2,177 (1,755) 422 2025 Audited SmartVault SmartVault Wórkiro Sub-total Corporate Total US$'000 £'000 £'000 £'000 £'000 £'000 ARR 17,781 13,298 9,275 22,573 - 22,573 Recurring revenue 16,255 12,233 9,279 21,512 - 21,512 Non-recurring revenue 305 342 197 539 - 539 Revenue from contracts with customers 16,560 12,575 9,476 22,051 - 22,051 Cost of sales (3,074) (2,336) (407) (2,743) - (2,743) Gross profit 13,486 10,239 9,069 19,308 - 19,308 Sales, general and admin costs (9,999) (7,587) (4,548) (12,135) - (12,135) Development costs (3,808) (2,890) (2,474) (5,364) - (5,364) Corporate and central - - - - (3,670) (3,670) Adjusted profit / (loss) before tax (321) (238) 2,047 1,809 (3,670) (1,861) Capitalisation of development costs 1,839 1,367 817 2,184 - 2,184 Adjusted EBITDA 1,518 1,129 2,864 3,993 (3,670) 323 4. Loss per share The calculation of loss per share is based on the loss for the period of £428k (H1 2025: loss of £617k, 2025: loss of £1,444k). Weighted number of shares calculation H1 2026'000Unaudited H1 2025'000Unaudited FY 2025'000AuditedWeighted average number of ordinary shares 50,691 50,691 50,691Effect of potentially dilutive share options in issue - - - Weighted average number of ordinary shares (diluted) 50,691 50,691 54,883 Earnings per share H1 2026penceUnaudited H1 2025penceUnaudited FY 2025penceAuditedBasic (0.84) (1.22) (2.85) Diluted (0.84) (1.22) (2.85) As required by IAS33 (Earnings per Share), the impact of potentially dilutive options was disregarded for the purposes ofcalculating diluted loss per share in the period as the Group was loss making.
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