Diaceutics PLC

("Diaceutics" or the "Company")

Interim Results for the six months ended 30 June 2026

Building the intelligence and engagement infrastructure for the future of diagnostic-driven commercialization

Five measures of improving business quality

·    Annual Recurring Revenue** ('ARR') up 79% to £29.4 million.

·    Revenue grew 22% on a constant currency basis to £17.5 million.

·    Order book up 38% to £43.7 million with £15.7 million contracted for H2 2026 delivery.

·    Delivered revenue, contracted revenue and the risk-weighted commercial pipeline together represented 107% visibility on achieving FY 2026 median analyst consensus revenue estimates*** at 31 August, up from 91% at 30 June.

·    Gross margin increased to 85%, and free cash flow improved by £3.1 million to a positive £0.7 million.

Two indicators of the opportunity ahead

·      Official launch of Diaceutics' market repositioning in "Precision For All" in September 2026 expanding the addressable therapy universe from approximately 250 precision medicine therapies to more than 1,100 diagnostic-driven therapies.

·      Relay (formerly PMx) gains significant pipeline traction with material increases in ARR from existing customer relationships (ARR increased from £2.6 million at contract inception to £4.3 million at 30 June 2026), and new customers in final stages of contract negotiations.

New York, Belfast and London, 22 September 2026 - Diaceutics PLC (AIM: DXRX), the intelligence and engagement company unlocking the full potential of diagnostic-driven therapies, today announces its unaudited results for the six months ended 30 June 2026.

Ryan Keeling, Diaceutics' Chief Executive Officer, commented: "The way therapies are commercialized is changing. As more medicines depend on clinical intent signals, traditional broad-based commercial models are becoming less effective. Diaceutics has now built the intelligence and engagement infrastructure for this new era of diagnostic-driven commercialization and we are seeing the impact of this change in our performance. This validation comes as our opportunity expands materially. Precision For All extends the relevant therapy universe from approximately 250 precision medicines to more than 1,100 diagnostic-driven therapies. Relay (formerly PMx) is also demonstrating how our complete system can create deeper and longer-duration enterprise relationships.

The first-half results provide growing evidence that customers are adopting this model, with ARR increasing 79%, NRR reaching 149%, gross churn reducing to 6% and our order book increasing 38%. Importantly, that momentum has continued into the second half. By the end of August pipeline coverage had increased to 107% of the FY 2026 median consensus revenue estimates (91% at end of June).

This progression gives the Board confidence in delivering against its expectations.

With customers staying longer, expanding across more brands and adopting a broader range of our capabilities, we believe Diaceutics is becoming a more embedded, scalable and predictable business, with an increasingly strong foundation for growth into 2027 and beyond."

Financial Highlights:

* EBITDA is earnings before interest, tax, depreciation and amortization. Adjusted EBITDA removes share-based payment charges and exceptional items. Free cash flow is net cash inflow from operating activities less capital expenditure less the payment of lease liabilities.

**Annual Recurring Revenue (ARR) is the value of recurring subscription revenue at a specific point in time that is expected to be recognized from contracts over the next twelve months. Net Revenue Retention (NRR) is the net percentage increase in customer ARR over the prior twelve months. Gross ARR churn is the total of all customer account ARR reduction over the prior twelve months as an absolute number or percentage.

*** Median analyst consensus estimates for FY 2026 revenue are £46.7 million.

Strategic and Commercial Highlights:

Current Trading & Outlook:

Analyst Presentation:

A webinar presentation for analysts and investors will be held at 1400 BST (0900 EDT) on Tuesday, 22 September 2026. Those wishing to attend can register their interest using the following link:

https://us06web.zoom.us/webinar/register/WN_UrTI-vTlSKWPJJwd7_9KlA

Enquiries: 

About Diaceutics

At Diaceutics, our mission is to redefine commercialization for diagnostic-driven therapies, so every eligible patient is found, diagnosed and receives the right therapy at the right time. Since 2005, we have combined diagnostic intelligence, expert insight and targeted engagement to help biopharma teams see where patients are being missed and close the gaps between testing, treatment decisions and therapy adoption. Today, we work with 21 of the top 30 pharma companies, and the therapies we support touch 1 in 10 American lives. We envision a future where precision is not the privilege of the few, but the standard for all.

Prior to publication the information communicated in this announcement was deemed by the Company to constitute inside information for the purposes of article 7 of the Market Abuse Regulations (EU) No 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations No 2019/310 ('MAR'). With the publication of this announcement, this information is now considered to be in the public domain.  The person responsible for making this announcement on behalf of the Company is Nick Roberts, Chief Financial Officer.

CEO Statement

Building the infrastructure for diagnostic-driven commercialization

The way biopharma companies bring therapies to market is changing. As medicines become more precise, their commercial success increasingly depends on events within the diagnostic pathway: whether the right patient is identified, whether the appropriate test is ordered, whether the result is understood and whether the treating physician acts while the opportunity remains open. Traditional commercial models were not designed to see and address those gaps with the required precision.

Diaceutics is now built for this change. We have created an integrated intelligence and engagement system that helps biopharma companies find eligible patients, understand where they are being missed and activate the physicians who can change their treatment.

Our data provides the proprietary diagnostic intelligence. The DXRX platform converts that intelligence into scalable products and workflows. Signal identifies where patient and commercial opportunities are being missed. Physician Engage and Lab Engage translate insight into targeted action. Relay (formerly PMx) packages the system together within a customer's launch and commercialization strategy.

The result is a connected model:

Find the patient. Remove the barrier. Activate the physician. Improve therapy adoption. Measure the outcome.

This is the strategic opportunity in front of Diaceutics: to become the essential commercialization platform for diagnostic-driven therapies.

Strong trading momentum into H2

I am proud that we are an inherently ambitious Company and set ourselves challenging goals at every turn, and there is no doubt that we have made meaningful progress across almost every objective and the measure we set ourselves. Revenue grew 22% on a constant currency basis, ARR increased 79% to £29.4 million, gross ARR churn reduced to 6%, NRR increased to 149% and the order book grew 38% to £43.7 million. We have continued to develop Relay (formerly PMx), relaunched our brand positioning, broadened the market we can address through Precision For All and maintained discipline control of our costs and cash. The business today is stronger, more predictable and better positioned for scale than it was at the beginning of the year.

Importantly, the momentum we saw in H1 has continued into the second half.

By the end of August our delivered revenue, contracted revenue and risk-weighted commercial pipeline  together represented 107% visibility on achieving FY 2026 median analyst consensus revenue estimates (vs 91% at 30 June). There is still work to do to convert that pipeline into revenue, but the strength and maturity of the opportunities in front of us give me real confidence in the year.

Alongside delivery for the current year, we are increasingly focused on the quality of the revenue base we are carrying into 2027 and beyond. Our contracted forward order book continues to build, supported by multi-year subscription and enterprise agreements, giving us increasing visibility beyond the current financial year. At 30 June 2026, the contracted order book attributable to FY27 and later periods stood at £27.9 million, compared with £22.7 million at 30 June 2025.

Better retention and deeper customer relationships

One of the most encouraging developments this year has been the improvement in retention.

Gross ARR churn reduced to 6% from 19% in the prior-year period. This reflects better account planning, earlier renewal activity, a stronger client success model and, importantly, customers increasingly using a broader range of Diaceutics capabilities.

We have also seen therapeutic brands that stopped using Diaceutics during 2025 return during 2026. In a number of these cases, the original pause reflected customer budget timing, procurement decisions, internal restructuring or changes in brand strategy rather than dissatisfaction with our products. As those commercial needs re-emerged, customers came back to Diaceutics, in some cases adopting a different or broader part of our product portfolio.

That matters because it reinforces our view that the value of our diagnostic intelligence becomes increasingly embedded within customers' commercialization models. As customers use Diaceutics to identify patients and target physicians more precisely, they can make structural changes to their own commercial model, including how they deploy sales resources. That increases both the value we create and the depth of the relationship.

Today, we work with 18 of the top 20 global pharmaceutical companies and support 55 customers across 103 therapeutic brands. We continue to see meaningful opportunity to increase the number of brands we support within existing customers as well as the number of Diaceutics products adopted by each brand.

Expanding our market through Precision For All

The improvement in our commercial model comes at an important point. The market Diaceutics was built to serve is expanding materially. We describe this broader opportunity as Precision For All. We believe precision will move from being the privilege of a relatively small number of therapies towards becoming a commercial standard across a much wider part of medicine. Precision For All is our vision for that future and our strategy for enabling it: applying diagnostic intelligence, real-world healthcare data and targeted engagement so that every eligible patient can be identified, diagnosed and receive the right therapy at the right time.

The principle is straightforward. The capabilities we have built over more than two decades in precision medicine - diagnostic data, patient identification, physician intelligence and targeted engagement - are increasingly relevant across a much larger universe of therapies where diagnosis, testing behavior and patient identification influence commercial success.

We estimate that this expands the universe of therapies we can address from approximately 250 traditional precision medicine therapies to approximately 1,100 diagnostic-driven and diagnostically enabled therapies.

Importantly, this is not simply a future market opportunity as we are already generating revenue outside our traditional precision medicine market. In H1 2026, 22% of revenue was generated from Precision For All brands (H1 2025: 12%), compared with 75% from our traditional precision medicine market (H1 2025: 84%). We are now working with 30 Precision For All brands across therapeutic areas including central nervous system disorders, cardiovascular disease, autoimmune disease and infectious disease.

This is why the repositioning matters. We are not changing what Diaceutics is good at; we are applying the same differentiated data, technology and commercial capabilities to a substantially larger addressable market.

We formally launched the refreshed Diaceutics positioning in September under the proposition:

Diaceutics - the intelligence and engagement company unlocking the full potential of diagnostic-driven therapies.

Relay (formerly PMx) becoming a repeatable growth engine

A central part of our proposition is PMx, which we have now rebranded as Relay.

Relay brings together our proprietary diagnostic intelligence, physician identification, targeted engagement, scientific expertise and peer-to-peer education into an integrated commercialization model. Rather than selling individual products independently, it allows Diaceutics to become embedded in a customer's commercialization strategy across the therapy lifecycle.

Our first two Relay partnerships have continued to expand through upsell opportunities and, at 30 June, accounted for £4.3 million of ARR, compared with ARR at contract inception of £2.6 million, and one Relay partnership of £1.4 million of ARR at 30 June 2025.

The Relay pipeline has also continued to develop. At end of August, we had 31 Relay opportunities representing approximately £65 million of potential ARR and two new Relay customers in final stages of contract negotiations, one biotech and one large pharma. We believe the Relay model can materially increase the revenue opportunity per therapeutic brand while at the same time creating deeper and longer-duration customer relationships.

Our ambition remains to make Relay an increasingly important part of the way Diaceutics works with its largest customers.

Opening additional growth opportunities

We have also launched a dedicated Growth function, led by Susanne Munksted, to identify and develop opportunities outside the routes to market served by our core pharmaceutical commercial organization.

The purpose is not to distract from the core business. It is to give a focused team responsibility for testing new customer segments, propositions and markets using capabilities we have already built.

I am pleased that the team has already made significant inroads securing the first commercial opportunities, and while still early, this provides important initial validation that the Diaceutics model can create value across a broader range of customers and use cases.

We will remain disciplined in how we pursue these opportunities. New growth initiatives must demonstrate strategic fit, repeatability, attractive economics and the potential to create meaningful value to Diaceutics before we invest to scale them.

Scaling revenue faster than the cost base

As the business grows, one of the most important measures for me is whether revenue can grow materially faster than the resources required to support it.

The two major operating inputs into our model are data and people. We are increasingly demonstrating that both can scale efficiently.

Our proprietary diagnostic data network is built through long-term relationships with laboratory partners. Where we acquire data commercially, those arrangements are generally structured around access to the underlying dataset rather than consumption by individual customers. This means that as more customers and products use the same data asset, revenue can grow without the corresponding data cost increasing on a linear basis. Our H1 2026 data investment reduced 21% period on period against a backdrop of revenue increasing 20% and ARR 79%.

The same principle increasingly applies to our people model. We have invested in standardized workflows, automation and technology so that higher customer and data volumes do not require equivalent increases in headcount. As a result, our H1 2026 people costs (excluding share based payments and variable pay) increased 10% period on period against a backdrop of revenue increasing 20% and while gross margins increased to 85% (H1 2025: 83%) and Adjusted EBITDA margin increased to 6.0% (H1 2025: 0.4%).

This remains central to our capital allocation approach. We will continue to invest where we believe there is a clear opportunity to increase recurring revenue, strengthen our data advantage or create operating leverage, but we intend to do so with discipline.

Data spend vs Revenue scale

Data is one of the most important assets we invest in, and we are beginning to demonstrate the scalability of that investment. In H1 2026, total data spend was £2.2 million, compared with £2.8 million in H1 2025, a reduction of around 21%, while revenue increased 20% to £17.5 million. As a result, data spend reduced from around 20% of revenue in H1 2025 to around 13% in H1 2026.

It is important to note that we do not intend to reduce our investment in data; quite the opposite. Our objective is to continue investing at around 15% of revenue as the business grows. The important point is that the value we can generate from that investment scales. Much of the data we acquire is available to us under fixed or access-based commercial arrangements rather than being priced according to individual customer consumption. We believe maintaining data investment at approximately 15% of revenue gives us the right balance between continuing to strengthen our proprietary data advantage, enabling top-line growth, and delivering increasing operating leverage.

AI is becoming part of how Diaceutics scales

AI is now creating measurable operating leverage in the Diaceutics model. Over the last 12 months, the volume of diagnostic data processed through our platform increased by 12%, while the human effort required per million records reduced by 28% and the unit cost of processing fell by 18%. More than 98% of diagnostic test classification is now automated, compared with 24% historically. This means we can support a materially larger data estate, more therapeutic brands and more customers without requiring a corresponding increase in headcount or data-processing cost. As revenue scales, we expect this productivity benefit to contribute directly to further margin expansion.

During the period revenue has grown by 22% while the people and data-processing resources required to support that revenue have grown by only 3%, with AI responsible for a meaningful part of that productivity improvement.

Over time, I expect this combination of proprietary data and AI-enabled workflows to become an increasingly important part of both our differentiation and our operating leverage.

Organizing for the next stage of growth

We have also continued to evolve the organization around this next stage of the business.

The changes implemented during 2026 bring Sales, Client Services, Client Success, Product, Marketing, Data and Commercial Operations into a clearer end-to-end customer model. The purpose is simple: make it easier to sell, deliver, evidence value, renew and expand.

We are also strengthening product leadership through the appointment of a new Chief Product & Technology Officer. The role brings Product, Technology and Data together under one executive agenda, with responsibility for product strategy, the DXRX platform, our Reveal data engine and the use of AI across the business.

This is an important appointment. As Diaceutics moves from individual products and services toward a more integrated commercialization platform, product strategy, technology, data and AI need to operate as one system.

Delivering growth with financial discipline

Growth only creates value if we manage the economics of that growth properly.

We therefore continue to apply tight discipline to operating costs, data investment, working capital and cash. Cash at 30 June was £8.1 million, up from £7.3 million at the end of 2025, with no debt, leaving the Group fully funded to execute its organic growth strategy.

We have also strengthened forecasting, contract-to-cash governance and commercial discipline during the year. This includes earlier focus on invoicing and payment terms, tighter oversight of material collections and greater linkage between commercial decisions, revenue recognition and cash.

Our objective is not simply to grow faster. It is to build a business in which recurring revenue increases, customer relationships deepen, margins expand and growth converts predictably into cash.

H2 2026 Outlook

I enter the final months of 2026 with real confidence.

We have a stronger recurring revenue base, lower churn, deeper customer relationships, a growing multi-year order book and a substantially broader addressable market. Relay (formerly PMx) is developing into a repeatable enterprise growth engine, Precision For All is already creating new revenue opportunities, and we are increasingly demonstrating that our data, technology and people model can support growth without costs increasing at the same rate.

Delivered revenue, contracted revenue and the risk-weighted commercial pipeline together represented 107% visibility on achieving FY 2026 median analyst consensus revenue estimates at 31 August 2026, compared with 91% at 30 June. Pipeline is not contracted revenue and execution remains important.

The business is progressing well against our goals at the 2026 midway point, and based on the current trading position, the Board remains confident in delivery of our FY26 expectations. Just as importantly, the quality of the revenue, the strength of the forward order book and the opportunities now developing across Relay and Precision For All give us increasing confidence in the growth of Diaceutics into H2 2026 and beyond.

Financial Review

CFO Statement

H1 2026 was an important period in Diaceutics' financial progression, demonstrating strong revenue growth, significantly improved recurring revenue quality, emerging operating leverage and, most importantly, positive free cash flow. Revenue increased 20% to £17.5 million, or 22% on a constant currency basis, while ARR increased 79% to £29.4 million. The order book increased 38% to £43.7 million, providing enhanced visibility into the second half of the year.

These results reflect the continued execution of our strategy to build a higher-quality, more predictable and more scalable business. Net Revenue Retention increased to 149%, gross ARR churn reduced to 6%, and as a result, recurring revenue represented 61% of revenue over the trailing twelve-month period (55% for the same period to June 2025). These enhanced metrics, driven as much by customer renewals and retention as it was upselling to new customer brands and expanding revenue per existing brand, was the result of a focus on customer excellence through our service and delivery model. The combination of growth, retention and revenue visibility is giving us much greater confidence in the durability of future revenues and the Group's ability to scale with discipline.

The Group remains focused on disciplined organic growth, recurring revenue expansion, cash conversion and cost control. We ended the period with no debt, cash of £8.1 million, and are targeting cash of at least £8.0 million at the 2026 year end, in line with analyst consensus estimates of £8.0 million.

Growing and Scaling the Business

Revenue increased 20% to £17.5 million in H1 2026, or 22% on a constant currency basis. This growth was delivered alongside a material improvement in revenue quality, with ARR increasing 79% to £29.4 million and the order book increasing 38% to £43.7 million.

Recurring revenue represented 61% of revenue over the trailing twelve-month period, reflecting continued progress toward a higher-quality and more predictable revenue base, and recurring revenue in H1 2026 grew 42% to £12.5 million (H1 2025: £8.1 million). ARR increased to £29.4 million, underpinned by NRR of 149%, gross ARR churn of 6% and customer ARR expansion of £13.3 million from brand wins and brand upsell, demonstrating that customers are staying longer, expanding their relationships and increasingly committing through recurring, multi-year contracts.

The business is both growing overall revenue at a strong rate and transitioning that revenue to a greater recurring proportion. The transition to recurring revenue changes the broader timing of revenue recognition, with a greater proportion of income recognized over the life of customer contracts rather than upfront, and while the ARR growth in H1 2026 was significant, much of the revenue related to this will be realized in H2 2026 and beyond. As a result of the two combined factors, high growth and transition to recurring revenue, the overall split of revenue is forecast to be between H1:H2 will likely be 38:62, similar to 2024 and 2025, with 107% visibility on achieving FY 2026 median analyst consensus revenue estimates at 31 August 2026. We anticipate this split to start to move more in favor of H1 from 2027 as the proportion of revenue switching from project based to recurring contracts steadies.

The Group continues to observe a higher weighting of revenue and profitability in the second half of the financial year. Of the £43.7 million order book at 30 June 2026, £15.7 million is contracted for H2 2026 delivery. Together with the recurring revenue base and pipeline, this gives the business strong visibility towards meeting full year revenue expectations***.

Gross Profit and Margins

Gross profit increased 23% to £14.9 million in H1 2026, with gross margin expanding to 85%. This reflects the continued scalability of the Group's platform-led model and the benefits of disciplined delivery execution as revenue grows.

The high gross margin profile is supported by the DXRX platform, proprietary data assets and increasingly repeatable delivery processes. While the Group continues to invest in platform capability, AI enablement, data assets and customer engagement, management remains focused on ensuring that growth translates into improving profitability and cash generation.

EBITDA and Profitability: building a sustainable growth model

Adjusted EBITDA increased to £1.1 million in H1 2026, compared with £0.1 million in H1 2025, representing an Adjusted EBITDA margin of 6.1%. This improvement reflects the operating leverage beginning to emerge from the Group's revenue growth, recurring revenue model and disciplined cost management.

The reported operating loss was £4.0 million, after depreciation and amortization of £3.4 million (H1 2025: £2.7 million). Adjustments to EBITDA included redundancy costs of £0.3 million (H1 2025: £0.1 million), M&A costs of £0.5 million (H1 2025: nil) and a share-based payment charge of £0.9 million (H1 2025: £0.4 million).

The M&A costs were specifically related to professional fees incurred of £0.5 million (H1 2025: nil and FY 2025: £0.5 million) in respect of the isolated strategic US acquisition which was explored in late 2025 and discussions ceased in H1 2026.

Customer Quality and Market Exposure

The Group's revenue base remains strongly aligned to the US biopharma market, with 96% of H1 2026 revenue generated from US-based customers compared to 95% in H1 2025. This reflects the continued importance of the US as the largest and most dynamic market for diagnostic-driven therapy commercialization.

Average ARR per customer increased to £754,000, compared with £685,000 in the prior period, while ARR per brand was £446,000, compared with £329,000 in the prior period. Revenue per customer increased to £765,000 from £662,000 over a trailing twelve-month period. Revenue per brand over a trailing twelve-month period was £401,000, compared with £387,000 in the prior period. The lower growth in revenue per brand reflecting the strong growth in the number of ARR brands in the period, the revenue of which will, for the most part, flow into future periods. The concentration of customer revenue has continued to diversify with 62% of the H1 2026 revenue coming from the top 10 customers (H1 2025: 72%) and one customer had revenue between 10% and 15% of the H1 2026 revenue (2025: three). These metrics demonstrate the continued growth in the number and depth of customer relationships.

Diaceutics continues to work with 18 of the top 20 global pharma companies, supporting 55 customers across 103 therapeutic brands over the past twelve months (H1 2025: 50 customers across 89 brands). Of the 103 therapeutic brands Diaceutics worked with over the past twelve months, 30 were in the segment we have defined as Precision For All, the remaining being in the more established Precision Medicine segment. This is the first time we have reported against our identified addressable markets, and we look forward to discussing market capture progress in future periods.

The breadth of engagement, together with improved retention and expansion metrics, supports the Group's strategic focus on deeper enterprise relationships, expansion into the Precision For All market segment and recurring revenue growth.

Maintaining Financial Discipline while Investing for Growth

Investment Discipline

We continue to invest selectively in the capabilities that support long-term growth and differentiation, including AI, data assets, DXRX platform capability, sales and marketing effectiveness and the operating model required to scale. AI and platform development investment in H1 2026 was £1.3 million (H1 2025: £1.3 million) of which 100% was expensed to the profit and loss in both years.

Investment in our data asset was £2.2 million in H1 2026 (13% of revenue), down 21% compared to £2.8 million in H1 2025 (19% of revenue). This investment supports the development of Reveal, our proprietary data engine, and strengthens the defensibility, scalability and commercial relevance of the DXRX platform. The higher H1 2025 investment predominantly reflects a change in claims data provider in that period where the Company ran parallel claims data providers for service continuity. We will continue to invest in our proprietary data engine, investing at around 15% of revenue as the business grows, and this will see the H2 2026 data investment increase proportionately but stay at or below this threshold. Management believe that the 15% benchmark is best in class, most US healthcare data vendors being between 30% to 50%.

In terms of our people and their capability and efficiency, we have invested in standardized workflows, automation and technology so that customer growth and data volumes do not require equivalent increases in headcount. As a result, our H1 2026 people costs (excluding share based payments and variable pay) increased 10% period on period to a total spend of £10.5 million in H1 2026 (H1 2025: £9.6 million) against a backdrop of revenue increasing 20%. This helped contribute to gross margins increasing to 85% (H1 2025: 83%) and Adjusted EBITDA increased to 6.0% (H1 2025: 0.4%). People costs in H1 2026 have dropped to 60% of revenue vs 66% in H1 2025.

Cash Generation and Working Capital Discipline

Cash generation is a key focus, and an important validation point for Diaceutics' shift toward sustainable profitability. In H1 2026, the Group generated positive free cash flow of £0.7 million, a £3.1 million improvement compared with H1 2025 demonstrating that the improvement in profitability is beginning to translate into cash, not only Adjusted EBITDA.

The Group ended the period with no debt and cash of £8.1 million (30 June 2025: £10.4 million). We remain fully funded to deliver our organic growth strategy and are targeting at least £8.0 million of cash at the 2026 year end, in line with analyst consensus of £8.0 million.

The Group's working capital, consisting of trade receivables and accrued income, is £18.0 million compared to £11.4 million at 30 June 2025 and £19.7 million at 31 December 2025. The increase in working capital at the end of 2025, particularly accrued revenue which represents work performed and revenue booked but where the customer invoice has not yet been issued, has remained high at 30 June 2026. This was driven by the larger customer deals which we booked in late 2025, which had favorable customer invoicing terms, and are being invoiced and recovered through 2026. Although at an elevated level, the Company continues to invoice and recover balances within its normal trading terms, and given its largely blue-chip, global pharma customer base, has no concerns over the recoverability of this working capital balance through to the end of 2026 where it expects to revert to more normalized levels.

To support improved free cash flow generation through H1 2026 and into H2, we have strengthened working capital discipline through more favorable customer invoicing terms, tighter billing and collections processes and disciplined supplier payment management. These actions, along with the aforementioned unwind of working capital from late 2025 customer deals with extended invoicing terms, is expected to see improved cash conversion during H2 2026.

Execution, Discipline and Sustainable Growth

Our financial priorities for FY2026 and beyond remain clear: deliver disciplined organic growth, expand recurring revenue, improve cash conversion and maintain tight control of the cost base - delivery of this will continue to demonstrate the growth and scale potential in the business being realized. H1 2026 provides clear evidence that the business is progressing against these priorities, with strong revenue growth, improved retention, positive Adjusted EBITDA and positive free cash flow.

We will continue to invest selectively in the capabilities that support long-term value creation, including DXRX, Reveal, AI-enabled analytics, proprietary data assets and commercial execution. These investments will be made with discipline, ensuring that growth translates into stronger profitability, improved cash generation and a more scalable operating model.

As we enter the second half of the year, the strength of our recurring revenue base, order book, customer retention and cash position gives us confidence in delivery against our FY2026 expectations and in the continued progression of Diaceutics toward a more predictable, scalable and cash-generative business.

Condensed Profit and Loss Account

for the six months ended 30 June 2026

All activities in the current and prior periods relate to continuing operations.