Trading Update

23 June 2025

AFERIAN PLC

("Aferian", the "Company" and with its subsidiaries the "Group")

H1 FY2025 Trading Update

Aferian plc (LSE AIM: AFRN), the B2B video streaming solutions company, announces an unaudited trading update for the six months ended 31 May 2025 ("H1 FY2025" or the "Period").

H1 FY2025 financial performance

The Group expects to report a significantly improved financial performance in H1 FY2025, reflecting strong trading momentum in the Period and the benefits of the cost restructuring implemented in the twelve months ended 30 November 2024 ("FY2024").

·      Revenue for the Period is expected to be approximately $16.6m (H1 FY2024: $12.2m), representing growth of 36% over the six months ended 31 May 2024 ("H1 FY2024").

o  Amino revenue expected to be approximately $9.3m (H1 FY2024: $4.8m), up 94%, driven by strong orders from existing Pay TV customers.

o  24i revenue for the Period is expected to be approximately $7.3m, in line with H1 FY 2024, with customer churn being offset by new customer wins in the Period.

·      Adjusted EBITDA* for the Period is anticipated to be in the range of $1.6m to $1.8m, representing a material improvement on the Adjusted EBITDA loss of $2.3 million reported in H1 FY2024.

Liquidity and Refinancing

·      Net debt** at 31 May 2025 was $14.2m (31 May 2024: $14.9m, 30 November 2024: $12.7m) reflecting normal seasonal movements in working capital.

·      The Group continues to prioritise working capital optimisation and cost control and remains in discussions to refinance its lending facilities.

Outlook

Mark Carlisle, CEO of Aferian plc, commented:

"The improved financial performance in the first half of FY2025 follows on from the strong turnaround performance in H2 last year. We expect this level of profitability to continue into H2 FY2025 with full year revenues to be approximately 20% higher than FY2024 driven by strong growth in the Amino business. We are continuing our debt refinancing discussions and will provide an update in due course"

The Group expects to release its interim results for the six months ended 31 May 2025 in early August 2025.

^*Adjusted EBITDA is calculated as operating loss before depreciation, interest, tax, amortisation, impairment of goodwill, exceptional items and employee share-based payment charges

**Net debt is a non-GAAP measure and is calculated as total borrowings less cash and cash equivalents

With the exception of the net debt position as at 30 November 2024, all numbers set out above are unaudited.

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About Aferian plc

Aferian plc (AIM: AFRN) is a B2B video streaming solutions company. Our end-to-end solutions bring live and on-demand video to every kind of screen. We create the forward-thinking solutions that our customers need to drive subscriber engagement, audience satisfaction, and revenue growth.

It is our belief that successful media companies and services will be those that are most consumer-centric, data driven and flexible to change. We focus on innovating technologies that enable our customers stay ahead of evolving viewer demand by providing smarter, more cost-effective ways of delivering end-to-end modern TV and video experiences to consumers. By anticipating technological and behavioural audience trends, our software solutions empower our customers to heighten viewer enjoyment, drive growth in audience share and ultimately their profitability.

Aferian plc has two operating companies: 24i, which focusses on streaming video experiences, and Amino, which connects Pay TV to streaming services. Our two complementary companies combine their products and services to create solutions which ensure that people can consume TV and video how and when they want it. Our solutions deliver modern TV and video experiences every day to millions of viewers globally, via our growing global customer base of over 500 service providers.

Aferian plc is traded on the London Stock Exchange's AIM stock market (AIM: symbol AFRN). Headquartered in Cambridge, UK, the Company has offices in San Francisco, Amsterdam, Helsinki, Copenhagen, Madrid, Porto, Brno, and Hong Kong.

For more information, please visit www.aferian.com.