Software Circle (SFT) Trading update summary

New revolving credit facility and refinancing

• Secured a £25.0m revolving credit facility with Santander, including a £10.0m accordion option, replacing previous Shawbrook facilities.

• £10.7m of the facility used to redeem prior borrowings; remaining funds support acquisition strategy.

• Facility offers a four-year term, extendable by one year, with interest rates between 2.00% and 3.00% over SONIA, and is repayable by May 2030 or 2031.

Financial and trading performance

• Achieved 22% revenue growth to approximately £22.3m for FY26, with acquired businesses contributing 7% organic growth.

• Adjusted EBITDA rose 81% to £5.8m, with margin improving to 26% from 17% in FY25.

• Operating EBITDA increased 58% to £7.6m, with organic Operating EBITDA up 19% and margin at 34%.

• Operating cash flow per share doubled to 1.0p, reflecting strong cash conversion.

Strategic outlook and acquisition focus

• Annualised revenue run-rate is £25.0m with a 27% Adjusted EBITDA margin; cash balance stands at £4.6m and £14.3m undrawn committed debt.

• Focus remains on disciplined M&A, targeting £15m annualised Adjusted EBITDA (Gate 5 goal).

• Strong recurring revenues and operational performance underpin long-term value compounding.