GB GROUP (GBG) H1 2026 earnings summary

Executive summary

• On track to meet FY26 financial plan, with confidence in accelerating top-line growth in H2 and beyond, supported by strong operational execution and improved sales pipeline.

• Strategic focus on Americas turnaround, transition to the GBG GO platform, and operational simplification to drive efficiencies and future growth.

• Strong progress in foundational areas: global brand unification, cloud migration to AWS, launch of GBG GO, and performance framework overhaul.

• Completed bolt-on acquisition of DataTools in Australia/ANZ and transitioned to the Main Market of the London Stock Exchange.

• Net debt rose to £66.6m, primarily due to share buybacks and dividend payments, with leverage at 0.96x–1.0x EBITDA.

Financial highlights

• Revenue for H1 FY26 was £135.5m, up 1.8% in constant currency (down 1.0% reported), with underlying growth of 4.4% excluding short-term impacts.

• Adjusted operating profit rose 4.6% to £29.5m in constant currency; adjusted diluted EPS increased by 12.6% to 8.2p.

• Gross profit margin improved by 40bps year-over-year to 70.0%; adjusted operating profit margin increased by 60bps to 21.8%.

• Cash conversion remained strong at 85.8% on a 12-month rolling basis.

• Net debt to EBITDA below 1x at £66.6m.

Outlook and guidance

• Full-year financial outlook reiterated, expecting mid-single-digit constant currency revenue growth acceleration in H2.

• Americas business expected to return to growth in H2, with improved sales pipeline and go-to-market execution.

• Underlying revenue growth rate of ~4.4% expected to continue in H2 as short-term headwinds subside.

• Net revenue retention (NRR) targeted to return to 100% in H2 and 105% in the medium term.

• Additional £10m share buyback announced, with total FY26 committed shareholder returns of up to £56m.