Auction Technology Group (ATG) Trading Update summary

Q1 trading performance

• Pro forma constant currency revenue grew 7.2% in Q1, with actual rates growth at 8.5%.

• Arts & Antiques segment saw strong revenue growth, driven by atgShip and GMV increases.

• Chairish delivered positive pro forma revenue growth and operational synergies are on track for an $8m annual run rate.

• Industrial & Commercial revenue slightly declined.

• Adjusted net debt/EBITDA reduced to 2.0x by end of December.

FY26 guidance and outlook

• FY26 guidance confirmed: 4-5% pro forma constant currency revenue growth, mainly from value-added services.

• Revenue growth expected to be more weighted to H1.

• Adjusted EBITDA margin forecasted at 34.5-35.5% for the year.

• Strong adjusted free cash flow generation and leverage expected well below 2x by end FY26.

• Board will consider capital allocation decisions, including potential share buybacks, later in the year.

Strategic and operational updates

• Focus remains on executing strategy for curated second-hand goods and enhancing value for shareholders.

• Early progress seen in driving GMV in Arts & Antiques and monetizing value-added services.

• Chairish integration is contributing to growth and network effects.