Netcall (NET) H2 2025 earnings summary

Executive summary

• Achieved strong year with revenue up 23% year-over-year to £48 million, driven by cloud and SaaS growth.

• Added over 50 new customers, expanded in local government, and completed two strategic acquisitions.

• High recurring revenue base (86% of total), robust net retention (118%), and no debt at year-end.

Financial highlights

• Cloud service revenues grew 48% year-over-year to £29.3 million, with 52% increase in cloud subscriptions.

• Adjusted EBITDA rose 17% to £9.8 million, with a margin of 20.5%.

• Fully diluted adjusted EPS up 8% to £0.037 per share; free cash flow of £7 million (15% margin).

• Net cash position of £27.2 million after £12.5 million spent on acquisitions.

• Total contracted order book (RPO) up 24% to £78.9 million, providing strong forward revenue visibility.

Outlook and guidance

• Starting new year with strong momentum, high recurring revenue, and a £79 million order book.

• Focus remains on organic growth, innovation, and selective acquisitions to drive further expansion.