Interim report
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RNS Number : 7504TPebble Group PLC (The)08 September 2026 8 September 2026 THE PEBBLE GROUP PLC ("The Pebble Group" or the "Group") UNAUDITED HALF YEAR RESULTS 2026 Growing revenues and strengthened recurring revenue profile underpin confidence in FY 26 outlookFacilisgroup targeting double digit revenue growth within H2 26 The Pebble Group (AIM: PEBB), a leading provider of technology, products and related services to the global promotional products industry, announces its unaudited results for the six months ended 30 June 2026 ("HY 26" or the "Period"). The results in HY 26 are in line with the update given in our July 2026 trading statement, and the Board expects the Group's results for the year ending 31 December 2026 ("FY 26") to be in line with market expectations. Commenting, Chris Lee, Chief Executive Officer of The Pebble Group said: "We are beginning to see the benefits of our recent investment decisions. The Group has delivered a strong first half performance with revenue growth across both of our businesses. "At Facilisgroup, we have materially strengthened our recurring revenue profile through entry into multi-year contracts and Brand Addition has delivered profitable growth supporting significant shareholder returns. "Backed by a robust balance sheet, we remain focused on executing our strategy and are confident in our ability to deliver shareholder value." Financials Financial highlights HY 26 HY 25 Change FY 25 Revenue £60.7 m £58.6m +4% £124.7m Gross profit margin 44.6% 45.1% -0.5ppt 45.6% Adjusted EBITDA1 £6.6m £6.2m +6% £15.8m Adjusted operating profit2 £2.6m £2.7m -4% £8.2m Net debt/cash3 -£1.2m £6.0m -£7.2m £9.6m Adjusted basic earnings per share4 1.25p 1.21p +3% 3.86p Capital returns £7.9m £5.2m +£2.7m £11.7m Statutory results HY 26 HY 25 Change FY 25 Operating profit £1.4m £2.8m -50% £7.4m Profit before tax £1.2m £2.6m -54% £6.9m Basic earnings per share 0.62p 1.24p -50% 3.45p Financial highlights · Group Revenue increased by £2.1m to £60.7m with growth from both Brand Addition and Facilisgroup· Group Adjusted EBITDA of £6.6m (HY 25: £6.2m) reflects the revenue growth moderated as we invest to accelerate sustainable revenue growth at Facilisgroup
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· Balance sheet remains strong funding the Group's growth strategy whilst continuing to deliver significant capital returns· In HY 26 a total of £7.9m (HY 25: £5.2m) was returned to shareholders Business highlights · Facilisgroup: · Revenue in USD was 7% ahead of the prior year· Look forward ARR from technology subscription fee revenues has grown by 12%· New agreements with Partners, implemented on 1 July 2026, increased technology subscription fee revenue visibility to circa two years whilst maintaining high Partner retention· Gross Merchandise Value ("GMV") +8% and spend through our Preferred Suppliers +6%· 16 new Partners YTD with ARR over 50% higher than those won YTD in 2025 · Brand Addition: · Revenue was 4% ahead of the prior year as 2025 new contract wins gain traction· New contract wins to date in 2026 have been positive and the high client retention levels continue· Gross margin strength and disciplined cost management is supporting the Group's profitability· Excellent cash generative nature of the business continues Outlook and Post Period update · Facilisgroup has entered H2 26 with materially enhanced contracted revenue visibility and is aiming for double digit revenue growth· Brand Addition continues to deliver resilient growth, profitability and cash generation· On 9 July 2026, the Group announced a £2m extension of its £5m Share Buyback Programme launched on 17 March 2026. This £7m Share Buyback Programme was fully completed on 30 July. Including the £3m dividend paid in 2026, this results in total returns to shareholders to date in 2026 of £10.0m (FY 25: £11.7m).· The progress at Facilisgroup and Brand Addition underpin our confidence in the Group's ability to deliver FY 26 results to be in line with market expectations· The Board continues to actively review its strategic opportunities to deliver shareholder value, including organic and inorganic investments, capital returns and the Group's structure 1 Adjusted EBITDA means operating profit before depreciation, amortisation and share-based payment (charge)/credit 2 Adjusted operating profit means operating profit before amortisation and acquired intangible assets and share based payments (charge)/credit 3 Net debt/cash is calculated as cash and cash equivalents less borrowings (excluding lease liabilities) 4 Adjusted basic earnings per share ("EPS") represents Adjusted Earnings meaning profit after tax before amortisation of acquired intangible assets and share-based payment (charge)/credit, net of taxation, divided by the weighted average number of shares Presentation for Analysts and Investors A presentation for analysts and investors with Q&A will take place at 8:00am today by webinar. Please register to attend via this link: Analyst Presentation A copy of the presentation is available on the Investors section of The Pebble Group's website at The Pebble Group investor relations Presentation for retail investors
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The management team is hosting a separate online presentation for retail investors with Q&A at 4:30pm on Thursday 10 September 2026. Please register to attend via this link: Retail Investor Presentation A recording of this presentation will be made available on the Investors section of The Pebble Group's website at The Pebble Group investor relations Enquiries: The Pebble Group Chris Lee, Chief Executive Officer Claire Thomson, Chief Financial Officer +44 (0) 738 502 4855 Panmure Liberum (Nominated Adviser and Broker) Edward Mansfield Will King Gaya Bhatt +44 (0) 20 3100 2000 Temple Bar Advisory (Financial PR) Alex Child-Villiers Alistair de Kare-Silver +44 (0) 207 183 1190 pebble@templebaradvisory.com About The Pebble Group The Pebble Group is a provider of technology, products and related services to the global promotional products industry, comprising two differentiated businesses, Facilisgroup and Brand Addition, focused on specific areas of the promotional products market. For further information, please visit www.thepebblegroup.com. CHIEF EXECUTIVE OFFICER'S REVIEW Summary of results We are pleased with the Group's financial performance in HY 26 achieving revenue of £60.7m (HY 25: £58.6m) and Adjusted EBITDA of £6.6m (HY 25 £6.2m). These results are robust with revenue growth in both Facilisgroup and Brand Addition. The reduction in statutory Operating Profit to £1.4m (HY 25: £2.8m) primarily reflects increased non-cash amortisation charges associated with previous investment in technology and share-based payment charges arising from the Group's Long Term Incentive Plans. The Group's strong cash generation continues to support our organic growth initiatives whilst delivering capital returns to shareholders in HY 26 of £7.9m (HY 25: £5.2m). Following these distributions, and the normal working capital cycle of the business, net debt at 30 June 2026 was £1.2m (Net cash at 30 June 2025: £6.0m). Introduction The Pebble Group's core competency is to use its technology and sustainability expertise, deep industry understanding and global footprint to create long term relationships and grow its market share in the circa $50 billion promotional products market. Our two businesses, Facilisgroup and Brand Addition, hold market leading and differentiated positions in this industry, delivering strong margins and cash generation.
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Facilisgroup: merges comprehensive software with proven playbooks and supplier buying power, helping promotional product distributors scale beyond typical growth plateaus Revenue and profit analysis HY 26 HY 25 FY 25 Recurring revenue £8.5m £8.3m £16.4m Other revenue £0.4m £0.3m £0.8m Total revenue £8.9m £8.6m £17.2m Gross profit margin 100% 100% 100% Adjusted EBITDA £3.8m £3.8m £7.3m Adjusted EBITDA margin 43% 44% 42% Facilisgroup delivered a strong first half performance and continues to build momentum. In its home currency of USD, revenue was 7% ahead compared with HY 25, demonstrating the increasing strength of the business model. Reported revenue growth in GBP is 3% following the impact of foreign exchange movements. The quality of the Facilisgroup recurring revenue model remains a key strength. Revenue is generated through two complementary streams: technology subscription fees from Partners and activity-based fees from Preferred Suppliers linked to Partner purchasing volumes. Both drivers supporting these revenues delivered growth during the period, with Partner GMV increasing by 8% and Preferred Supplier activity rising by 6%, demonstrating the health of the network and the value being created by the community. During the Period, we continued to invest with confidence in the growth opportunity. Supported by a strong Partner lifetime value to cost of acquisition ratio, targeted investment has strengthened the foundations of the business increasing our ability to win new Partners and supporting existing Partners as they grow. While these investments moderate margins, with Adjusted EBITDA of 43% in line with the prior year, we are seeing encouraging returns, and the business is well positioned for an accelerated phase of sustainable growth. A significant achievement has been the progress made in strengthening the quality and visibility of our recurring revenues. We entered H2 26 with a 12% increase in look forward ARR from technology subscription fee revenues compared to 31 December 2025. This growth stems from expansion within the existing Partner base, the addition of new Partners and the successful implementation of new technology subscription fee agreements. These new agreements deepen long term Partner relationships, support the adoption of our enhanced technology platform and, as at 1 July 2026, extended contracted revenue visibility to twenty-two months. The transition has been well received by Partners, reinforcing our confidence in both the mission critical nature of the platform and the significant opportunity ahead. The continued strength of the business is reflected in the quality of the Partner community. As at 7 September 2026, Facilisgroup had 258 Partners, compared with 253 at 31 December 2025. There were 16 new Partner wins, representing combined ARR 50% higher than the cohort added in the comparable prior year period. Five Partners exited through acquisition activity and six smaller Partners through normal attrition. Facilisgroup has entered H2 26 with strong momentum, materially enhanced contractual revenue visibility and a growing Partner base. We are increasingly seeing the benefits of the investments and actions taken over the past two years, giving us confidence in our ability to deliver sustainable double digit revenue growth and meaningful value for all stakeholders. Brand Addition: an end-to-end branded merchandise provider that enables companies of scale to build meaningful connections with their customers, employees and communities Revenue and profit analysis HY 26 HY 25 FY 25 Revenue £51.8m £50.0m £107.5m Gross profit £18.2m £17.8m £39.8m Gross profit margin 35.1% 35.6% 37.0%
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Adjusted EBITDA £4.2m £3.8m £11.4m Adjusted EBITDA margin 8.1% 7.6% 10.6% HY 26 revenue was £51.8m, 4% ahead of HY 25. This results from a combination of increasing momentum from new contract wins in 2025 and a robust contribution from existing clients where retention rates remain high. Gross margins have continued to be strong, being 35.1% in HY 26 (HY 25: 35.6%) demonstrating the value creation for our clients. Alongside this, careful cost management has resulted in EBITDA of £4.2m (HY 25: £3.8m). Brand Addition has a proven track record of attracting and retaining high quality, repeat revenue clients, which include many of the best-known brands in the world, by providing a range of complex services to deliver promotional merchandise strategies. These services are underpinned by our technology, creative product solutions with a strong and consistent sustainability focus and delivered across multiple geographies. We believe that Brand Addition is one of the few businesses with the skills, knowledge and experience to provide this level of service at scale and this supports our high client retention levels. Most of Brand Addition's revenue is generated through approximately 70 client contracts and has a large addressable market to grow into. Brand Addition enters H2 26 with a strong new business pipeline and, as at 7 September 2026, orders received for FY 26 are 5% ahead of the same period in the prior year. We expect these year-to-date activities to support the delivery of results for FY 26 in line with market expectations. Through the economic cycle, Brand Addition has proven that the high-quality nature of the client relationships and the embedded experience of the team, consistently deliver creditable financial results including excellent cash generation. Group outlook Facilisgroup entered the second half of 2026 with materially enhanced recurring revenue visibility and growing revenue momentum. Plus we expect Brand Addition to continue to deliver resilient growth, profitability and cash generation. These attributes underpin our confidence in the Group's ability to deliver FY 26 Group results in line with market expectations. The Board continues to actively review its strategic opportunities to deliver shareholder value, including organic and inorganic investments, capital returns and the Group's structure. Christopher Lee Chief Executive Officer 8 September 2026 CHIEF FINANCIAL OFFICER'S REVIEW HY 26 Results HY 26 HY 25 FY 25 Unaudited £'m Unaudited £'m Audited £'m Revenue 60.7 58.6 124.7 Gross profit 27.1 26.4 56.9 Gross profit margin 44.6% 45.1% 45.6% Adjusted EBITDA 6.6 6.2 15.8
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Adjusted EBITDA margin 10.9% 10.6% 12.7% Depreciation and amortisation (4.2) (3.7) (8.1) Share-based payment (charge)/credit (1.0) 0.3 (0.3) Operating profit 1.4 2.8 7.4 Net finance costs (0.2) (0.2) (0.5) Profit before tax 1.2 2.6 6.9 Tax (0.3) (0.6) (1.5) Profit for the Period 0.9 2.0 5.4 Weighted average number of shares 145,958,654 161,485,073 156,079,283 Basic Adjusted EPS 1.25p 1.21p 3.86p Basic EPS 0.62p 1.24p 3.45p Revenue Revenue for the Period to 30 June was £60.7m (HY 25: £58.6m), an increase of £2.1m (3.6%) compared to the same period in 2025. Facilisgroup's revenue was £8.9m (HY 25 £8.6m), a 3% increase in GBP. When measured in its home currency of USD, revenue was 7% ahead. This reflects the growth in GMV of existing Partners and new Partner wins which had a higher average ARR than those won in previous periods. The balance of the movement (£1.8m) relates to Brand Addition, where revenue from 2025 new contract wins is gaining momentum alongside a robust contribution from existing clients on excellent retention levels. Gross profit Gross profit as a percentage of revenue was 44.6% (HY 25: 45.1%) demonstrating the ongoing value created for clients at Brand Addition. Adjusted EBITDA Adjusted EBITDA was £6.6m (HY 25: £6.2m) made up as follows: - Facilisgroup at £3.8m (HY 25: £3.8m) with revenue growth reinvested into supporting existing Partner retention and new Partner growth; - Brand Addition at £4.2m (HY 25: £3.8m) with revenue growth translating into an increase in EBITDA as gross margins and costs remain well controlled; and - Central costs of £1.4m (HY 25: £1.4m). Depreciation and amortisation The total charge for the Period was £4.2m (HY 25: £3.7m) of which £3.1m (HY 25: £2.6m) was the amortisation of intangible assets. The increase in the underlying expense from HY 25 arises as the increased investment in software development from its peak in 2023 and 2024 is now being charged to the income statement. Share-based payments The total charge for the Period under IFRS 2 "Share-based payments" was £1.0m (HY 25: credit £0.3m) and relates to the 2025 and 2026 awards made under The Pebble Group Long Term Incentive Plan ("LTIP") and Sharesave Plan. Operating profit Operating profit for the Period was £1.4m (HY 25: £2.8m) as the impact of increased sales volumes was offset by an increase in the charge for amortisation and share based payments. Taxation The tax charge for the Period was £0.3m (HY 25: £0.6m) and is based on the full year Group expected tax rate for 2026. Basic earnings per share The earnings per share analysis in note 5 covers both adjusted earnings per share (profit attributable to equity shareholders before amortisation of acquired intangibles and share-based payment credit, net of taxation, divided by the weighted average number of shares in issue during the Period) and basic earnings per share (profit attributable to equity holders divided by the weighted average number of shares in issue during the Period).
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Adjusted earnings were £1.8m (HY 25: £2.0m) meaning basic adjusted earnings per share was 1.25 pence per share (HY 25: 1.21 pence per share), an increase of 0.04 pence per share. Basic earnings per share was 0.62 pence per share (HY 25: 1.24 pence per share), a decrease of 0.62 pence per share. Dividends In March 2026 the Board announced a final dividend payment in respect of FY 25 of 2.0 pence per share. At this time, the Board does not intend to introduce the payment of an interim dividend. An update on the dividend payment in respect of FY 26 will be provided at the time of the full year announcement in March 2027. Cash Flow The Group had net debt of £1.2m at 30 June 2026 (Net cash 30 June 2025: £6.0m) after distributions of £7.9m (HY 25: £5.2m) through the previously announced dividend and Share Buyback Programme. Cash flow for the Period is set out below: HY 26 HY 25 FY 25 Unaudited £'m Unaudited £'m Audited £'m Adjusted EBITDA 6.6 6.2 15.8 Movement in working capital (5.2) (7.2) (1.7) Capital expenditure (2.7) (2.3) (4.9) Leases (1.0) (0.8) (1.7) Operating cash flow (2.3) (4.1) 7.5 Tax paid (0.3) (0.6) (0.8) Net finance cash flows (0.2) (0.2) (0.4) Dividend paid (3.0) (3.0) (3.0) Purchase of own shares (4.9) (2.2) (9.0) EBT purchase of own shares (0.3) - (0.6) Proceeds from borrowings 5.1 - - Exchange gain/(loss) 0.1 (0.4) (0.6) Net cash flow (5.8) (10.5) (6.9) The outflow in working capital in the Period was £5.2m (HY 25: £7.2m). This is in line with the normal in-year cycle which peaks in Q3. Capital expenditure in the Period was £2.7m (HY 25: £2.3m). This relates principally to investment in technology development at Facilisgroup. Tax paid in the Period was £0.3m (HY 25: £0.6m) and the movement reflects timing differences in payments on account in the UK and Canada. Lease payments relate to leases capitalised in accordance with IFRS 16 "Leases". Cash and liquidity The Group's working capital cycle is following its expected profile, and Operating cash conversion remains strong. On 30 July, the Group completed its £7.0m Share Buyback Programme bringing total returns to shareholders to date in 2026 to £10.0m. (FY 25: £11.7m). Net cash as at 31 December 2026 is expected to be approximately £5.0m (31 December 2025: £9.6m). Claire Thomson Chief Financial Officer 8 September 2026 CONSOLIDATED INCOME STATEMENT Unaudited Unaudited Audited
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6 months ended 30 June 2026 6 months ended 30 June 2025 Year ended 31 December 2025 Notes £'000 £'000 £'000 Revenue 60,741 58,594 124,659 Cost of goods sold (33,638) (32,166) (67,725) Gross profit 27,103 26,428 56,934 Operating expenses (25,716) (23,618) (49,579) Operating profit 1,387 2,810 7,355 Analysed as: Adjusted EBITDA1 6 6,617 6,176 15,819 Depreciation 9 (1,147) (1,054) (2,122) Amortisation 8 (3,101) (2,645) (6,011) Share-based payment (charge)/credit 13 (982) 333 (331) Total operating profit 1,387 2,810 7,355 Finance expense (205) (247) (477) Profit before taxation 1,182 2,563 6,878 Income tax expense 4 (284) (559) (1,500) Profit for the period 898 2,004 5,378 Basic earnings per share 5 0.62p 1.24p 3.45p Diluted earnings per share 5 0.61p 1.24p 3.44p 1 Adjusted EBITDA, which is defined as operating profit before depreciation, amortisation and share-based payment (charge)/credit, is a non-GAAP metric used by management and is not an IFRS disclosure. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Unaudited 6 months ended 30 June 2026 Unaudited 6 months ended 30 June 2025 Audited Year ended 31 December 2025 £'000 £'000 £'000 Profit for the period 898 2,004 5,378 Items that may be subsequently reclassified to profit and loss Currency translation differences 712 (3,221) (2,554) Current tax on exchange differences on translation of foreign operations - - 304 Other comprehensive income/(expense) for the period 712 (3,221) (2,250) Total comprehensive income/(expense) for the period 1,610 (1,217) 3,128 CONSOLIDATED STATEMENT OF FINANCIAL POSITION Unaudited As at 30 June 2026 Unaudited As at 30 June 2025 Audited As at 31 December 2025 Notes £'000 £'000 £'000 Assets Non-current assets Intangible assets 8 58,518 59,326 58,724 Property, plant and equipment 9 4,802 5,983 5,503 Deferred tax asset - 495 - Total non-current assets 63,320 65,804 64,227 Current assets
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Inventories 14,811 16,308 11,141 Trade and other receivables 34,338 34,149 32,784 Current tax asset 734 287 738 Cash and cash equivalents 3,874 6,003 9,637 Total current assets 53,757 56,747 54,300 Total assets 117,077 122,551 118,527 Liabilities Non-current liabilities Lease liability 10 2,700 4,109 3,457 Deferred tax liability 2,298 1,836 2,611 Total non-current liabilities 4,998 5,945 6,068 Current liabilities Borrowings 5,100 - - Lease liability 10 1,789 1,697 1,727 Trade and other payables 28,385 29,854 28,505 Current tax liability - 362 - Total current liabilities 35,274 31,913 30,232 Total liabilities 40,272 37,858 36,300 Net assets 76,805 84,693 82,227 Equity Share capital 11 1,404 1,594 1,487 Share premium 11 78,451 78,451 78,451 Own share reserve (353) (52) (647) Capital reserve 396 206 313 Merger reserve (103,581) (103,581) (103,581) Translation reserve (2,239) (3,922) (2,951) Share-based payment reserve 1,835 768 1,370 Retained earnings 100,892 111,229 107,785 Total equity 76,805 84,693 82,227 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Sharecapital Sharepremium Ownsharereserve Capitalreserve Mergerreserve Translationreserve Share-basedpaymentreserve Retainedearnings Totalequity £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 1 January 2025 1,648 78,451 (251) 152 (103,581) (701) 1,442 114,216 91,376 Profit for the period - - - - - - - 2,004 2,004 Other comprehensive expense for the period - - - - - (3,221) - - (3,221) Total comprehensive (expense)/income - - - - - (3,221) - 2,004 (1,217) Purchase of own shares (54) - - 54 - - - (2,220) (2,220) Employee share schemes - value of employee services - - 199 - - - (701) 192 (310) Deferred tax on employee share schemes - - - - - - 27 - 27 Dividend paid - - - - - - - (2,963) (2,963) Total transactions with owners recognised in equity (54) - 199 54 - - (674) (4,991) (5,466) At 30 June 2025 1,594 78,451 (52) 206 (103,581) (3,922) 768 111,229 84,693 Profit for the period - - - - - - - 3,374 3,374 Other comprehensive income for the period - - - - - 971 - - 971 Total comprehensive income - - - - - 971 - 3,374 4,345 Purchase of own shares (107) - - 107 - - - (6,822) (6,822) Purchase of own shares by EBT - - (598) - - - - - (598) Employee share schemes - value of employee services - - 3 - - - 590 4 597 Deferred tax on employee share schemes - - - - - - 12 - 12
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Total transactions with owners recognised in equity (107) - (595) 107 - - 602 (6,818) (6,811) At 31 December 2025 1,487 78,451 (647) 313 (103,581) (2,951) 1,370 107,785 82,227 Profit for the period - - - - - - - 898 898 Other comprehensive income for the period - - - - - 712 - - 712 Total comprehensive income - - - - - 712 - 898 1,610 Purchase of own shares (83) - - 83 - - - (4,860) (4,860) Purchase of own share - EBT - - (337) - - - - - (337) Employee share schemes - value of employee services - - 631 - - - 208 24 863 Deferred tax on employee share schemes - - - - - - 257 - 257 Dividend paid - - - - - - - (2,955) (2,955) Total transactions with owners recognised in equity (83) - 294 83 - - 465 (7,791) (7,032) At 30 June 2026 1,404 78,451 (353) 396 (103,581) (2,239) 1,835 100,892 76,805 The Group has an Employee Benefit Trust (EBT) to administer share plans and to acquire shares, using funds contributed by the Group, to meet commitments to employee share schemes. At 30 June 2026, the EBT held 715,706 shares (30 June 2025: 94,225, 31 December 2025: 1,346,208 shares). CONSOLIDATED CASH FLOW STATEMENT Unaudited 6 months ended 30 June 2026 Unaudited 6 months ended 30 June 2025 Audited Year ended 31 December 2025 Notes £'000 £'000 £'000 Profit before taxation 1,182 2,563 6,878 Adjustments for: Depreciation 9 1,147 1,054 2,122 Amortisation 8 3,101 2,645 6,011 Share-based payment charge/(credit) 13 982 (333) 331 Finance expense 205 247 477 Cash flows from operating activities before changes in working capital 6,617 6,176 15,819 Change in inventories (3,579) (4,433) 867 Change in trade receivables (1,268) (4,631) (2,152) Change in trade payables (362) 1,867 (451) Cash flows from/(used in) operating activities 1,408 (1,021) 14,083 Income taxes paid (310) (571) (822) Net cash flows from/(used in) operating activities 1,098 (1,592) 13,261 Cash flows from investing activities Purchase of property, plant and equipment 9 (188) (100) (390) Purchase of intangible assets 8 (2,497) (2,226) (4,498) Net cash flows used in investing activities (2,685) (2,326) (4,888) Cash flows from financing activities Lease payments - capital (985) (805) (1,669) Lease payments - interest (112) (159) (298) Interest paid (69) (34) (66) Dividend paid 7 (2,955) (2,963) (2,963) Proceeds from borrowings 5,100 - - Purchase of own shares 11 (4,860) (2,220) (9,042) Purchase of own shares by EBT 11 (337) - (598) Net cash flows used in financing activities (4,218) (6,181) (14,636) Net cash flows (5,805) (10,099) (6,263) Cash and cash equivalents at beginning of period
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9,637 16,459 16,459 Effects of exchange rate changes 42 (357) (559) Cash and cash equivalents at end of period 3,874 6,003 9,637 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1. GENERAL INFORMATION The principal activity of The Pebble Group plc (the "Company") is that of a holding company and the principal activity of the Company and its subsidiaries (the "Group") is the sale of technology solutions, products and related services to the promotional merchandise industry. The Group has two segments: Brand Addition; and Facilisgroup. For Brand Addition, this is the sale of promotional products internationally, to many of the world's best-known brands. For Facilisgroup, this is the provision of digital technology, consolidated buying power and community learning and networking events to SME promotional product distributors in North America, its Partners, through subscription-based services. The Company was incorporated on 27 September 2019 in the United Kingdom and is a public company limited by shares registered in England and Wales. The registered office of the Company is Broadway House, Trafford Wharf Road, Trafford Park, Manchester, England M17 1DD. The Company registration number is 12231361. 2. BASIS OF PREPARATION These Condensed consolidated interim financial statements of the Group are for the 6 months ended 30 June 2026. They have been prepared on the basis of the accounting policies set out in the 2025 annual financial statements and in accordance with the requirements of UK-adopted IAS 34 "Interim Financial Reporting". The Condensed consolidated interim financial statements are unaudited and do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. They should be read in conjunction with the Group's 2025 Annual report and financial statements which were prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006. The 2025 Annual report and financial statements have been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain a statement under Section 498 of the Companies Act 2006. The Condensed consolidated interim financial statements are presented in the Group's functional currency of Sterling and all values are rounded to the nearest thousand (£'000) except when otherwise indicated. Accounting Policies The accounting policies adopted in the preparation of the Condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2025 as described in the Group's Annual report and financial statements for that year and as available on the Group's website (www.thepebblegroup.com). Taxation Taxes on income in the interim periods are accrued using management's best estimate of the weighted average annual tax rate that would be applicable to expected total annual earnings. Forward looking statements
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Certain statements in this report are forward looking with respect to the operations, strategy, performance, financial condition and growth opportunities of the Group. The terms "expect", "anticipate", "should be", "will be", "is likely to", and similar expressions, identify forward-looking statements. Although the Board believes that the expectations reflected in these forward-looking statements are reasonable, by their nature these statements are based on assumptions and are subject to a number of risks and uncertainties. Actual events could differ materially from those expressed or implied by these forward-looking statements. Factors which may cause future outcomes to differ from those foreseen in forward- looking statements include, without limitation: general economic conditions and business conditions in the Group's markets, customers' expectations and behaviours, supply chain developments, technology changes, the actions of competitors, exchange rate fluctuations and legislative, fiscal and regulatory developments. Information contained in these financial statements relating to the Group should not be relied upon as a guide to future performance. Alternative performance measures Throughout the report, we refer to a number of alternative performance measures (APMs). APMs are used internally by management to assess the operating performance of the Group. These are non-GAAP measures and so other entities may not calculate these measures in the same way and hence are not directly comparable. The APMs that are not recognised under UK-adopted international accounting standards are: · Adjusted EBTIDA; · Adjusted operating profit; · Adjusted profit before tax; · Adjusted earnings; and · Adjusted earnings per share (note 5). A reconciliation of the APMs can be found in note 6. The Board considers that the above APMs provide useful information for stakeholders on the underlying trends and performance of the Group and facilitate meaningful year-on-year comparisons. Key risks and uncertainties The Group has in place a structured risk management process which identifies key risks and uncertainties along with their associated mitigants. The key risks and uncertainties that could affect the Group's medium-term performance and the factors that mitigate those risks are set out in the Group's Annual Report which can be found on the Group's website (www.thepebblegroup.com). These have not substantially changed in the period. Going concern statement The Group meets its day-to-day working capital requirements through its own cash balances and committed banking facilities. The Group has a £10m Revolving Credit Facility to February 2029. In assessing the appropriateness of adopting the going concern basis in the preparation of these financial statements, the Directors have prepared cash flow forecasts and projections up to 31 December 2027. The forecasts and projections, which the Directors consider to be prudent, have been further sensitised by applying reductions to revenue growth and margin, to consider a severe but plausible downside. Under both the base and sensitised case, the Group is expected to have headroom against covenants, which are based on interest cover and net leverage, and a sufficient level of financial resources available through existing facilities when the future funding requirements of the Group are compared with the level of committed available facilities. Based on this, the Directors are satisfied that the Group has adequate resources to continue in operational existence for at least 12 months from the date of signing the financial statements. For this reason, they continue to adopt the going concern basis in preparing the consolidated interim financial statements. 3. SEGMENTAL ANALYSIS
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The Chief Operating Decision Maker (CODM) has been identified as the Executive Directors. The Directors have determined that the operating segments, based on these financial statements, are: Brand Addition; Facilisgroup; and Central operations. Segment information about the above businesses is presented below. Income statement for the 6 months ended 30 June 2026 Brand Addition Facilisgroup Central operations Total Group £'000 £'000 £'000 £'000 Revenue 51,862 8,879 - 60,741 Cost of goods sold (33,638) - - (33,638) Gross profit 18,224 8,879 - 27,103 Operating expenses (15,807) (8,215) (1,694) (25,716) Operating profit/(loss) 2,417 664 (1,694) 1,387 Analysed as: Adjusted EBITDA 4,269 3,794 (1,446) 6,617 Depreciation (883) (222) (42) (1,147) Amortisation (725) (2,376) - (3,101) Share-based payment charge (244) (532) (206) (982) Total operating profit/(loss) 2,417 664 (1,694) 1,387 Finance expense (86) (23) (96) (205) Profit/(loss) before taxation 2,331 641 (1,790) 1,182 Income tax (expense)/income (560) (154) 430 (284) Profit/(loss) for the period 1,771 487 (1,360) 898 Due to the timing on the delivery of orders, the Brand Addition segment of The Pebble Group plc traditionally raises a higher number of invoices in the period July to December which results in The Pebble Group plc's performance being weighted to the second half of the year. All the above revenues are generated from contracts with customers. Income statement for the 6 months ended 30 June 2025 Brand Addition Facilisgroup Central operations Total Group £'000 £'000 £'000 £'000 Revenue 49,995 8,599 - 58,594 Cost of goods sold (32,166) - - (32,166) Gross profit 17,829 8,599 - 26,428 Operating expenses (15,505) (6,744) (1,369) (23,618) Operating profit/(loss) 2,324 1,855 (1,369) 2,810 Analysed as: Adjusted EBITDA 3,821 3,755 (1,400) 6,176 Depreciation (759) (252) (43) (1,054) Amortisation (851) (1,794) - (2,645) Share-based payment credit 113 146 74 333 Total operating profit/(loss) 2,324 1,855 (1,369) 2,810 Finance expense (132) (28) (87) (247) Profit/(loss) before taxation 2,192 1,827 (1,456) 2,563 Income tax (expense)/income (479) (398) 318 (559) Profit/(loss) for the period 1,713 1,429 (1,138) 2,004 Income statement for the year ended 31 December 2025 Brand Addition Facilisgroup Central operations Total Group £'000 £'000 £'000 £'000 Revenue 107,502 17,157 - 124,659
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Cost of goods sold (67,725) - - (67,725) Gross profit 39,777 17,157 - 56,934 Operating expenses (31,863) (14,726) (2,990) (49,579) Operating profit/(loss) 7,914 2,431 (2,990) 7,355 Analysed as: Adjusted EBITDA 11,380 7,261 (2,822) 15,819 Depreciation (1,539) (498) (85) (2,122) Amortisation (1,891) (4,120) - (6,011) Share-based payment charge (36) (212) (83) (331) Total operating profit/(loss) 7,914 2,431 (2,990) 7,355 Finance expense (244) (53) (180) (477) Profit/(loss) before taxation 7,670 2,378 (3,170) 6,878 Income tax expense (957) (511) (32) (1,500) Profit/(loss) for the year 6,713 1,867 (3,202) 5,378 Statement of financial position as at 30 June 2026 Brand Addition Facilisgroup Central operations Total Group £'000 £'000 £'000 £'000 Assets Non-current assets Intangible assets 37,730 20,788 - 58,518 Property, plant and equipment 3,084 1,617 101 4,802 Total non-current assets 40,814 22,405 101 63,320 Current assets Inventories 14,811 - - 14,811 Trade and other receivables 28,101 5,868 369 34,338 Current tax asset/(liability) (126) 491 369 734 Cash and cash equivalents 2,186 1,619 69 3,874 Total current assets 44,972 7,978 807 53,757 Total assets 85,786 30,383 908 117,077 Liabilities Non-current liabilities Lease liability 1,436 1,244 20 2,700 Deferred tax liability/(asset) 597 2,037 (336) 2,298 Total non-current liabilities 2,033 3,281 (316) 4,998 Current liabilities Borrowings - - 5,100 5,100 Lease liability 1,392 307 90 1,789 Trade and other payables 25,408 2,450 527 28,385 Current tax liability - - - - Total current liabilities 26,800 2,757 5,717 35,274 Total liabilities 28,833 6,038 5,401 40,272 Net assets/(liabilities) 56,953 24,345 (4,493) 76,805 Statement of financial position as at 30 June 2025 Brand Addition Facilisgroup Central operations Total Group £'000 £'000 £'000 £'000 Assets Non-current assets Intangible assets 38,334 20,992 - 59,326 Property, plant and equipment 3,849 1,949 185 5,983 Deferred tax asset 276 67 152 495 Total non-current assets 42,459 23,008 337 65,804 Current assets Inventories 16,308 - - 16,308 Trade and other receivables 28,284 5,432 433 34,149 Current tax asset - - 287 287 Cash and cash equivalents 4,431 1,142 430 6,003
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Total current assets 49,023 6,574 1,150 56,747 Total assets 91,482 29,582 1,487 122,551 Liabilities Non-current liabilities Lease liability 2,513 1,492 104 4,109 Deferred tax liability 163 1,673 - 1,836 Total non-current liabilities 2,676 3,165 104 5,945 Current liabilities Lease liability 1,361 284 52 1,697 Trade and other payables 27,480 1,934 440 29,854 Current tax liability 105 257 - 362 Total current liabilities 28,946 2,475 492 31,913 Total liabilities 31,622 5,640 596 37,858 Net assets 59,860 23,942 891 84,693 Statement of financial position as at 31 December 2025 Brand Addition Facilisgroup Central operations Total Group £'000 £'000 £'000 £'000 Assets Non-current assets Intangible assets 37,891 20,833 - 58,724 Property, plant and equipment 3,596 1,764 143 5,503 Total non-current assets 41,487 22,597 143 64,227 Current assets Inventories 11,141 - - 11,141 Trade and other receivables 27,050 5,432 302 32,784 Current tax asset 205 533 - 738 Cash and cash equivalents 8,626 903 108 9,637 Total current assets 47,022 6,868 410 54,300 Total assets 88,509 29,465 553 118,527 Liabilities Non-current liabilities Lease liability 1,958 1,371 128 3,457 Deferred tax liability/(asset) 580 2,134 (103) 2,611 Total non-current liabilities 2,538 3,505 25 6,068 Current liabilities Lease liability 1,426 296 5 1,727 Trade and other payables 25,788 2,016 701 28,505 Total current liabilities 27,214 2,312 706 30,232 Total liabilities 29,752 5,817 731 36,300 Net assets/(liabilities) 58,757 23,648 (178) 82,227 4. INCOME TAX EXPENSE The income tax expense for the 6 months ended 30 June 2026 is based upon management's best estimate of the weighted average annual tax rate expected for the full year ending 31 December 2026. The income tax expense is lower than the standard rate of 25% due to tax relief that the Group is claiming in relation to qualifying research and development costs it incurs in the USA. The income tax expense for the year ended 31 December 2025 was also lower than the standard rate of 25% due to tax relief for research and development costs. 5. EARNINGS PER SHARE Basic earnings per share are calculated by dividing the earnings attributable to equity shareholders by the weighted average number of Ordinary Shares in issue during the period.
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For diluted earnings per share, the weighted average number of Ordinary Shares in issue is adjusted to assume conversion of all potentially dilutive Ordinary Shares. The Company has potentially dilutive Ordinary Shares arising from share options granted to employees. Options are dilutive under the Group Sharesave Plan (SAYE) where the exercise price together with the future IFRS 2 charge of the option is less than the average market price of the Company's Ordinary Shares during the period. Options under The Pebble Group plc Long Term Incentive Plan (LTIP), as defined by IFRS 2, are contingently issuable shares and are therefore only included within the calculation of diluted earnings per share if the performance conditions are satisfied at the end of the reporting period, irrespective of whether this is the end of the vesting period or not. The impact of the potentially dilutive share options issued under the LTIP 28 March 2023, 26 March 2024, 9 September 2025, 30 April 2026 and the SAYE on 25 April 2023 and 11 October 2024 is: 0.01p for the 6 months ended 30 June 2026 (6 months ended 30 June 2025: nil, year ended 31 December 2025: 0.01p) in respect of statutory earnings per share; and nil for the 6 months ended 30 June 2026 (6 months ended 30 June 2025: nil, year ended 31 December 2025: 0.01p) in respect of adjusted earnings per share. The calculation of basic earnings per share is based on the following data: Statutory earnings per share Unaudited 6 months ended 30 June 2026 Unaudited 6 months ended 30 June 2025 Audited Year ended 31 December 2025 Earnings (£'000) Earnings for the purposes of basic and diluted earnings per share being profit for the period attributable to equity shareholders 898 2,004 5,378 Number of shares Weighted average number of shares for the purposes of basic earnings per share 145,958,654 161,485,073 156,079,283 Weighted average dilutive effects of conditional share awards 553,688 60,156 59,603 Weighted average number of shares for the purposes of diluted earnings per share 146,512,342 161,545,229 156,138,886 Earnings per Ordinary Share Basic earnings per Ordinary Share (pence) 0.62 1.24 3.45 Diluted earnings per Ordinary Share (pence) 0.61 1.24 3.44 Adjusted earnings per share The calculation of adjusted earnings per share is based on the after-tax adjusted profit after adding back certain costs as detailed in the table in note 6. Adjusted earnings per share figures are given to exclude the effects of amortisation of acquired intangible assets and share-based payment credit, all net of taxation, and are considered to show the underlying performance of the Group. Unaudited 6 months ended 30 June 2026 Unaudited 6 months ended 30 June 2025 Audited Year ended 31 December 2025 Earnings (£'000) Earnings for the purposes of basic and diluted adjusted earnings per share being adjusted earnings 1,827 1,953 6,019 Number of shares Weighted average number of shares for the purposes of basic adjusted earnings per share 145,958,654 161,485,073 156,079,283 Weighted average dilutive effects of conditional share awards 553,688 60,156 59,603 Weighted average number of shares for the purposes of diluted adjusted earnings per share 146,512,342 161,545,229 156,138,886 Adjusted earnings per Ordinary Share
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Basic adjusted earnings per Ordinary Share (pence) 1.25 1.21 3.86 Diluted adjusted earnings per Ordinary Share (pence) 1.25 1.21 3.85 6. ALTERNATIVE PERFORMANCE MEASURES Throughout the consolidated interim financial statements, we refer to a number of alternative performance measures (APMs). A reconciliation of the APMs used are shown below. Adjusted EBTIDA Unaudited 6 months ended 30 June 2026 Unaudited 6 months ended 30 June 2025 Audited Year ended 31 December 2025 £'000 £'000 £'000 Operating profit 1,387 2,810 7,355 Add back/(deduct): Depreciation 1,147 1,054 2,122 Amortisation 3,101 2,645 6,011 Share-based payment charge/(credit) 982 (333) 331 Adjusted EBITDA 6,617 6,176 15,819 Adjusted operating profit Unaudited 6 months ended 30 June 2026 Unaudited 6 months ended 30 June 2025 Audited Year ended 31 December 2025 £'000 £'000 £'000 Operating profit 1,387 2,810 7,355 Add back/(deduct): Amortisation charge on acquired intangible assets 257 265 523 Share-based payment charge/(credit) 982 (333) 331 Adjusted operating profit 2,626 2,742 8,209 Adjusted profit before tax Unaudited 6 months ended 30 June 2026 Unaudited 6 months ended 30 June 2025 Audited Year ended 31 December 2025 £'000 £'000 £'000 Profit before tax 1,182 2,563 6,878 Add back/(deduct): Amortisation charge on acquired intangible assets 257 265 523 Share-based payment charge/(credit) 982 (333) 331 Adjusted profit before tax 2,421 2,495 7,732 Adjusted earnings Unaudited 6 months ended 30 June 2026 Unaudited 6 months ended 30 June 2025 Audited Year ended 31 December 2025 £'000 £'000 £'000 Profit for the period attributable to equity shareholders 898 2,004 5,378 Add back/(deduct): Amortisation charge on acquired intangible assets 257 265 523 Share-based payment charge/(credit) 982 (333) 331 Tax effect of the above (310) 17 (213) Adjusted earnings 1,827 1,953 6,019
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7. DIVIDENDS PAID AND PROPOSED Unaudited 6 months ended 30 June 2026 Unaudited 6 months ended 30 June 2025 Audited Year ended 31 December 2025 £'000 £'000 £'000 Declared and paid during the period Final dividend for 2025 of 2.00p per share (2024: 1.85p per share) 2,955 2,963 2,963 Proposed for approval at AGM (not recognised in the period) Final dividend for 2025 of 2.00 p per share - - 2,955 As per the Trust Deed, the EBT waived its entitlement to a dividend on the shares held by the trust. 8. INTANGIBLE ASSETS Goodwill Customer relationships Software and development costs Work in progress Total £'000 £'000 £'000 £'000 £'000 Cost At 1 January 2025 36,015 10,932 34,785 7,260 88,992 Additions - - 139 2,087 2,226 Transfers - - 4,455 (4,455) - Exchange differences (262) (830) (1,818) (467) (3,377) At 30 June 2025 35,753 10,102 37,561 4,425 87,841 Additions - - 124 2,148 2,272 Disposals - - (1,947) - (1,947) Transfers - - 1,512 (1,512) - Exchange differences 54 172 595 (7) 814 At 31 December 2025 35,807 10,274 37,845 5,054 88,980 Additions - - 137 2,360 2,497 Transfers - - 2,343 (2,343) - Exchange differences 55 172 354 88 669 At 30 June 2026 35,862 10,446 40,679 5,159 92,146 Accumulated amortisation At 1 January 2025 - 3,386 23,848 - 27,234 Charge for the period - 265 2,380 - 2,645 Exchange differences - (262) (1,102) - (1,364) At 30 June 2025 - 3,389 25,126 - 28,515 Charge for the period - 258 3,108 - 3,366 Disposals - - (1,947) - (1,947) Exchange differences - 55 267 - 322 At 31 December 2025 - 3,702 26,554 - 30,256 Charge for the period - 257 2,844 - 3,101 Exchange differences - 64 207 - 271 At 30 June 2026 - 4,023 29,605 - 33,628 Net book value At 31 December 2024 36,015 7,546 10,937 7,260 61,758 At 30 June 2025 35,753 6,713 12,435 4,425 59,326 At 31 December 2025 35,807 6,572 11,291 5,054 58,724 At 30 June 2026 35,862 6,423 11,074 5,159 58,518 The Group tests annually for impairment, at the year end, or more frequently if there are indicators that goodwill might be impaired. There were no such indicators as at 30 June 2026. 9. PROPERTY, PLANT AND EQUIPMENT
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Fixtures and fittings Computer hardware Right-of-use assets Total £'000 £'000 £'000 £'000 Cost At 1 January 2025 3,760 2,886 13,696 20,342 Additions 8 92 54 154 Disposals - (21) - (21) Exchange differences (168) (124) (388) (680) At 30 June 2025 3,600 2,833 13,362 19,795 Additions 131 159 206 496 Disposals (67) (231) (181) (479) Exchange differences 44 40 158 242 At 31 December 2025 3,708 2,801 13,545 20,054 Additions 36 152 222 410 Disposals - - - - Exchange differences 29 12 72 113 At 30 June 2026 3,773 2,965 13,839 20,577 Accumulated depreciation At 1 January 2025 3,111 1,988 8,120 13,219 Charge for the period 116 180 758 1,054 Disposals - (21) - (21) Exchange differences (142) (93) (205) (440) At 30 June 2025 3,085 2,054 8,673 13,812 Charge for the period 116 192 760 1,068 Disposals (67) (231) (181) (479) Exchange differences 37 30 83 150 At 31 December 2025 3,171 2,045 9,335 14,551 Charge for the period 105 186 856 1,147 Disposals - - - - Exchange differences 26 9 42 77 At 30 June 2026 3,302 2,240 10,233 15,775 Net book value At 31 December 2024 649 898 5,576 7,123 At 30 June 2025 515 779 4,689 5,983 At 31 December 2025 537 756 4,210 5,503 At 30 June 2026 471 725 3,606 4,802 Right-of-use assets - net book value Unaudited As at 30 June 2026 Unaudited As at 30 June 2025 Audited As at 31 December 2025 £'000 £'000 £'000 Leasehold property 3,261 4,223 3,723 Fixtures and fittings 267 340 431 Computer hardware 78 126 56 Total right-of-use assets - net book value 3,606 4,689 4,210 10. LEASES Amounts recognised in the consolidated statement of financial position In addition to the right-of-use assets included within note 9, the consolidated statement of financial position shows the following amounts relating to leases: Lease liability Unaudited As at 30 June 2026 Unaudited As at 30 June 2025 Audited As at 31 December 2025
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£'000 £'000 £'000 Maturity analysis - contractual undiscounted cash flows: Less than one year 1,945 1,927 1,938 Between one and five years 2,857 4,091 3,552 More than five years - 295 157 Total undiscounted lease liability at period end 4,802 6,313 5,647 Finance expense (313) (507) (463) Total discounted lease liability at period end 4,489 5,806 5,184 Current 1,789 1,697 1,727 Non-current 2,700 4,109 3,457 4,489 5,806 5,184 Amounts recognised in the consolidated income statement The consolidated income statement shows the following amounts relating to leases: Unaudited 6 months ended 30 June 2026 Unaudited 6 months ended 30 June 2025 Audited Year ended 31 December 2025 £'000 £'000 £'000 Depreciation charge - leasehold property 740 644 1,304 Depreciation charge - fixtures and fittings 92 89 165 Depreciation charge - computer hardware 24 25 49 856 758 1,518 Interest expense (within finance expense) 112 159 298 11. SHARE CAPITAL The authorised, issued and fully paid number of shares are set out below. Ordinary Shares Share capital Share premium Number £ £ Ordinary Shares of 1p each: At 1 January 2025 164,776,354 1,647,764 78,451,312 Purchase of own shares (5,405,908) (54,059) - At 30 June 2025 159,370,446 1,593,705 78,451,312 Purchase of own shares (10,655,737) (106,557) - At 31 December 2025 148,714,709 1,487,148 78,451,312 Purchase of own shares (8,335,500) (83,355) - At 30 June 2026 140,379,209 1,403,793 78,451,312 In March 2026, the Group commenced a share buyback programme to repurchase up to £5 million of its own shares. During the 6 months ended 30 June 2026, 8,335,500 Ordinary Shares with a total nominal value of £83,355 were bought back by the Company for a total consideration, including transaction costs, of £4.86 million, charged to retained earnings (6 months ended 30 June 2025: 5,405,908 Ordinary Shares with a total nominal value of £54,059 for a total consideration, including transaction costs of £2.22 million). The Company subsequently cancelled these shares which resulted in a reduction in share capital of £83,355 (6 months ended 30 June 2025: £54,059), with a corresponding increase in the capital reserve. In the 6 months ended 30 June 2026, the EBT purchased a total of 650,000 Ordinary Shares at an average price of £0.52 per share, which were used to satisfy the exercise of 1,280,503 LTIP options. The EBT did not sell any shares and the remaining 715,706 shares are held by the Trust. 12. FINANCIAL INSTRUMENTS
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The fair values of all financial instruments included in the consolidated statement of financial position are a reasonable approximation of their carrying values. 13. SHARE-BASED PAYMENTS In the 6 months ended 30 June 2026, the Group operated equity-settled share-based payment plans. The Group recognised a total charge of £982,000 in respect of equity-settled share-based payment transactions for the 6 months ended 30 June 2026 (6 months ended 30 June 2025: credit of £333,000, year ended 31 December 2025: charge of £331,000). On 30 April 2026, members of the senior management team below the Executive Director level were granted a total of 2,563,580 share options under the LTIP. The awards will vest in two tranches over a 24-month period, subject to continued employment. The awards are subject to malus and clawback. 14. SUBSEQUENT EVENTS On 9 July 2026, the Company announced that it increased the maximum aggregate consideration of the Original Share Buyback Programme by £2.0 million, taking the programme to a total of £7.0 million. On 30 July 2026, the Company announced the completion of the Share Buyback Programme. In total, the Group repurchased 12,236,837 ordinary shares for a total consideration of £7.0 million, representing an average price per share of 57.20 pence. 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