NCC Group (NCC) H1 2026 TU earnings summary

Executive summary

• H1 FY26 trading was in line with Board expectations, with revenue growth and margin improvement across core segments.

• The sale of the Escode business is on track, with net proceeds expected to be £262.4m.

• A share buyback programme returned approximately £40m to shareholders, with £33m paid by 31 March 2026.

Financial highlights

• Group revenue increased by approximately 5.0% year-over-year to £151.3m for H1 FY26.

• Cyber revenue rose by 5.9% to £118.4m; Escode revenue grew by 1.9% to £32.9m.

• Group gross margin improved by 2.7 percentage points to 45.9%.

• Adjusted EBITDA increased by 27.7% to £23.5m; Cyber adjusted EBITDA up 130.6% to £8.3m; Escode adjusted EBITDA up 2.7% to £15.2m.

• Net debt stood at £10.2m as of 31 March 2026, including £21m of Escode cash balances.

Outlook and guidance

• FY26 Group Adjusted EBITDA is expected to be in line with Board expectations.

• The Board remains confident in achieving medium-term financial goals and ongoing operational improvements.

• Profit forecasts are based on internal unaudited accounts and assume no material adverse changes in market or regulatory conditions.