Big Technologies (BIG) H2 2025 earnings summary

Executive summary

• Achieved 12% year-over-year growth in Annual Recurring Revenue (ARR) to £52.4m at year-end 2025, with strong momentum in the US and new contract wins across multiple regions.

• Revenue grew 3% to £49.7m, with underlying growth of 9% excluding the loss of Colombia.

• Adjusted EBITDA margin was 49%, impacted by FX headwinds, business mix, and management investment.

• Settled historic shareholder litigation post year-end and introduced new executive leadership and organizational structure.

Financial highlights

• ARR increased to £52.4m (2024: £46.8m), with 40% ARR growth in the US.

• Revenue reached £49.7m (2024: £48.1m at constant currency).

• Adjusted EBITDA was £24.6m (2024: £27.0m), margin 49% (2024: 54%).

• Adjusted operating profit was £18.5m (2024: £21.2m), margin 37% (2024: 42%).

• Cash at year-end was £93.4m, or £61.9m adjusted for settlement payment.

Outlook and guidance

• 2026 performance expected to be in line with market expectations, with new contracts supporting further growth in 2027 and beyond.

• US market growth expected to continue, with innovation and new products driving expansion.

• Controlled margin reduction anticipated as US market share increases.