Elixirr International (ELIX) H2 2025 earnings summary

Executive summary

• Achieved record financial results with revenue of GBP 149.6 million, up 34% year-over-year, and adjusted EBITDA of GBP 44.3 million, up 42% year-over-year, driven by strong advisory demand and AI-led growth.

• AI is now the fastest-growing segment, with AI-related revenue up 260% and project count up over 135% year-over-year, becoming core to delivery and client value.

• Strategic acquisitions, notably TRC Advisory and Kvadrant, have diversified capabilities, geographies, and industries, supporting robust cross-sell and integration.

• Employee ownership remains a core cultural driver, with 84% participation in the ESPP and over 35,000 applications in FY 25.

• Client base continues to deepen, with gold clients (GBP 1m+ revenue) rising from 27 to 34 and top 10 clients spanning 7 industries and all key geographies.

Financial highlights

• Revenue reached GBP 149.6 million, up 34% year-over-year; organic revenue growth was 15.3%.

• Adjusted EBITDA margin improved to 29.6%, up 1.6 percentage points.

• Adjusted diluted EPS increased 36% year-over-year to 58.7p.

• Free cash flow was GBP 31.1 million, up 11% year-over-year.

• Final dividend for FY 2025 totals GBP 0.226, up 27% year-over-year, with dividend cover at 2.8x.

Outlook and guidance

• Entered FY 26 with strong momentum, record Q1 revenue, and 18 gold clients already secured.

• Continued focus on organic and inorganic growth, targeting FTSE 250 entry within 12–18 months.

• Expectation of 10–20% organic growth, with similar contribution from acquisitions.

• Client demand increasingly focused on AI-enabled, digital, and data-driven transformation.

• Ongoing investment in capabilities, acquisitions, and geographic expansion to support long-term growth.