Tracsis (TRCS) H2 2026 TU earnings summary

Financial performance and trading update

• FY26 revenue expected at approximately £85.5m, up from £81.9m in FY25, with adjusted EBITDA around £13.5m, compared to £12.6m in FY25.

• Year-end cash was £19.4m, not including proceeds from the Events business sale received after the period end.

• Full-year performance met market expectations and surpassed FY25 results.

Strategic developments and acquisitions

• Acquisition of Mistral Data completed for £48m, funded by cash and £38.7m drawn from a £40m revolving credit facility.

• Pro forma net debt to EBITDA on completion is expected to be about 1.5x.

• Mistral Data acquisition brings complementary products, cloud-native technology, and increases recurring revenues.

• Recent strategic moves include the acquisition of Vesputi, disposal of the Events business, and transition to a unified operating model.

Growth strategy and outlook

• Enhanced focus on scalable software and data technology, with a higher proportion of recurring revenue.

• Positioned to benefit from ongoing investment in rail technology, driven by industry needs for efficiency, productivity, safety, and customer experience.

• Priority is now on integrating Mistral Data and capitalizing on new opportunities.