Netcall (NET) investor relations material

Executive summary

• FY 2026 delivered record growth as the business shifted toward cloud subscriptions, automation and AI; recurring revenue reached 83% of total revenue.

• Growth combined new customer wins, expansion of existing accounts, cloud migration and acquisitions, while profitability and cash generation improved.

• Liberty serves around 700 organizations; customers include two-thirds of NHS hospital trusts and half of U.K. councils through Jadu.

Financial highlights

• Revenue rose 20% to £57.7m; organic growth accelerated to 12% from 10% in FY 2025, with approximately three-quarters of revenue growth delivered organically.

• Adjusted EBITDA increased 23% to £12.1m; adjusted EBITDA margin improved 0.5 percentage points to 21.0%.

• Adjusted operating cash flow grew 26% to £12.7m, equal to 105% of adjusted EBITDA; free cash flow rose 31% to £9.2m, or 16% of revenue.

• Billings increased 29% to £63.5m, equal to 114% of revenue; deferred income rose 26% to £35.8m.

Outlook and guidance

• FY 2027 began well, with trading in line with expectations, a record order book nearing £100m and no debt.

• £51m of contracted revenue is scheduled for recognition in the next 12 months, supporting visibility into FY 2027.

• The sales pipeline was described as stronger than ever; growth drivers include AI adoption, customer expansion and broader Liberty deployments.