Ebiquity (EBQ) investor relations material

Executive summary

• H1 2026 was a transition period after the Q4 2025 restructuring; execution of the multi-year plan is on track, with focus on sustainable profit growth, commercial momentum and technology deployment.

• Revenue fell 5% to £36.1m, reflecting legacy client losses carried over from 2025 and some project deferrals amid geopolitical uncertainty; new wins were not yet large enough to offset those losses.

• More than 75 of the world’s top 100 advertisers are served; only 15% of advertisers primarily base budget decisions on effectiveness data, supporting a substantial longer-term opportunity.

Financial highlights

• Revenue was £36.1m, down 5% YoY; adjusted operating profit was £2.3m, down 10%, and adjusted operating margin was 6.5% versus 6.8%.

• Adjusted profit before tax rose to £1.8m from £0.4m; adjusted EPS was 0.45p versus a 0.40p loss. Statutory profit before tax was £0.4m versus a £9.0m loss.

• Statutory operating profit was £1.0m versus a £6.8m loss, which included an £8.4m impairment in H1 2025; statutory loss per share narrowed to 0.30p from 7.19p.

• Adjusted EBITDA was £3.9m versus £4.3m; adjusted cash from operations was £1.7m versus £4.6m, and free cash flow was an outflow of £1.8m versus an inflow of £0.7m.

• Year-on-year cost reductions of £1.5m, including £0.7m in staff costs, partly offset lower revenue; operating profit was ahead of expectations for the period.

Outlook and guidance

• FY26 revenue is expected to be stable against FY25 as new business wins offset legacy losses through the restructuring period.

• Adjusted operating profit in July and August 2026 was above the same prior-year months; visible revenue, win rate and new-business conversion rate are improving.

• Current trading is on track to meet or exceed market expectations for full-year profit; transformation benefits will take time to be fully realised.

• Priorities are sustainable organic growth, cost discipline and selective investment in capabilities supporting long-term value creation.