S4 Capital (SFOR) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with a quorum, introductions of board members, and acknowledgment of remote participants, including the CFO recovering from an injury.

• Outlined the hybrid format, voting procedures, and agenda, including business updates, presentations, Q&A, and voting on resolutions.

• Meeting covered introduction, trading update, business and client update, proxy votes, and Q&A with stakeholders.

Board and executive committee updates

• All directors standing for re-election except Alina Kessel, who stands for election after joining during the year.

• Announcement of intent to appoint Christian Juhl as an independent Non-Executive Director, pending board approval.

Financial performance review

• 2025 net revenue was GBP 673 million, down 10.8% reported and 8.4% like-for-like; operational EBITDA margin improved to 12.1%.

• Adjusted operating profit was GBP 74 million, operational EBITDA GBP 81.2 million, and adjusted EPS 5.0p.

• Year-end net debt reduced to GBP 86.9 million (1.1x leverage), down from GBP 142.9 million prior year, with free cash flow up to GBP 86.5 million.

• Q1 2026 net revenue was GBP 149.2 million, down 8.9% reported and 5.0% like-for-like; operational EBITDA met expectations and leverage improved.

• 2026 net revenue expected within GBP 632–663 million, down low single digits; EBITDA margin targeted to improve by at least 100 basis points.