Big Technologies (BIG) H2 2025 TU earnings summary

Executive summary

• Expected to be marginally ahead of FY25 market consensus for both revenue and adjusted EBITDA, with strong new business momentum, especially in the Americas.

• New contracts secured in southern Europe and Aruba, adding to recent wins in Lithuania, Latvia, Pierce County, and Prince Edward Island.

• New leadership team and organizational structure established in H2 2025, including regional VPs and roles in product quality, regulatory, and marketing.

Financial highlights

• Annual Recurring Revenue (ARR) grew 12% year-over-year to £52.4m on a constant currency basis.

• Group revenues approximately £49.7m (2024: £50.3m); on a constant currency basis, 2024 revenues were £48.1m, representing 3% year-over-year growth.

• Underlying constant currency revenue growth was 9% after adjusting for the loss of the Colombia contract in H1 2024.

• Unaudited adjusted EBITDA of approximately £24.6m (2024: £27.0m), reflecting margin mix changes and management investments.

• Cash at year-end was £93.4m; after the Buddi Litigation settlement payment, cash would have been £61.9m.

Outlook and guidance

• Positioned for further growth in 2026, supported by new contract wins, best-in-class technology, and a robust balance sheet.

• Management expects cost-saving actions to render recent investments in management cost-neutral in future periods.