Tracsis (TRCS) Corporate presentation summary

Strategic milestones and transformation

• Completed acquisitions of Vesputi and Mistral Data, and divested the Events business to focus on scalable, software-led growth.

• Transitioned to a unified 'One Tracsis' operating model, integrating group functions and leadership.

• FY26 performance delivered in line with expectations, setting a strong foundation for FY27.

Enhanced product and market position

• Expanded software and data services portfolio, especially in rail technology, operations, and analytics.

• Mistral Data acquisition added high-margin, recurring revenue and two new UK train operator customers.

• Now serves 22 of 24 UK train operating companies, with an estimated 22% share of the core UK rail software market.

Financial performance and growth profile

• FY26 pro forma revenue around £85.5m, with adjusted EBITDA of approximately £13.5m.

• Mistral Data contributed to a rise in recurring revenue share to 70% and EBITDA margin to over 45%.

• Mistral Data's ARR grew to £11.4m in FY26, with 86% of revenue recurring and a 30% EBITDA margin.

• Pro forma leverage at completion is about 1.5x, expected to reduce to 1.0x by end-2027.