15 September 2026

Eagle Eye Solutions Group PLC

("Eagle Eye", the “Group” or the "Company")

Final Results for the year ended 30 June 2026

     Increasing commercial momentum and strategic progress driving double digit ARR growth and strong cash generation    

Eagle Eye, an AI-powered loyalty and promotions platform enabling the world's leading consumer facing brands to deliver true personalised customer engagement at scale, is pleased to announce its audited results for the year ended 30 June 2026 (the "Year”).

Highlights

A strong financial performance, materially ahead of previous market expectations at the start FY26

Increasing commercial momentum

Positive progress across our three key avenues for growth

Direct sales, particularly in North America

Global OEM partnership

Innovation and AI leadership

Confident in delivering progress in FY27 and beyond

Tim Mason, Chief Executive of Eagle Eye, said:

“FY26 has established the foundations for Eagle Eye’s next phase of growth. We enter FY27 with growing ARR, increasing commercial momentum, a strengthened partner ecosystem and a differentiated AI-powered platform. Our recurring revenue base, strong balance sheet and multiple routes to market provide us with confidence in our ability to scale.

“The opportunity ahead is significant. As brands increasingly prioritise loyalty as a strategic source of first-party data, they are seeking to use this insight to improve decision-making, deliver more personalised experiences, increase customer lifetime value and unlock new revenue streams through data and retail media. We believe Eagle Eye is strongly positioned to help them navigate this transformation.

“We remain confident that the momentum built during FY26 will support a return to double-digit revenue and EBITDA growth in FY27 and continued progress towards our medium-term ambitions of £100m of revenue and an adjusted EBITDA margin of +30%.”

Notes

1 Period end Annual Recurring Revenue (“ARR”) is defined as period exit rate for recurring subscription and transaction revenue (exc SMS) plus any professional services contracted for more than 12 months hence and secured new wins, excluding any seasonal variations and lost contracts.

2 Net Revenue Retention (”NRR”) rate is defined as the improvement in recurring revenue excluding SMS and new wins in the last 12 months.

3 SaaS revenue is defined as subscription and transaction revenue, excluding revenue from SMS and NRS.

4 EBITDA has been adjusted for the exclusion of share-based payment charges along with depreciation, amortisation, interest, restructuring costs, costs associated with acquisitions and tax from the measure of profit and is reconciled to profit before taxation in note 6.

5 EBITA has been adjusted for the exclusion of share-based payment charges along with IFRS3 amortisation associated with acquisitions, interest, restructuring costs, costs associated with acquisitions and tax from the measure of profit and is reconciled to profit before taxation in note 6.

6 Net cash is defined as cash and cash equivalents less financial liabilities.

Enquiries:

About Eagle Eye

Eagle Eye is an AI-powered loyalty and promotions platform, enabling the world's leading retailers, grocers, hospitality and travel brands to earn lasting customer loyalty through real-time personalised engagement. Our platform embeds AI natively - combining enterprise-grade loyalty and promotions capability with built-for-purpose intelligence to deliver 1:1 personalisation to millions of customers globally.

Our growing international customer base includes Loblaws, Giant Eagle, Wakefern, Asda, Tesco, Morrisons, JD Sports, E.Leclerc, Carrefour and the Woolworths Group. Each week, more than 1.8 billion personalised offers are seamlessly executed via our platform, and over 810 million loyalty member wallets are managed worldwide.

API-based and cloud-native, Eagle Eye's enterprise-grade technology is fully certified by the MACH Alliance and has received recognition from leading industry bodies, including Gartner, Forrester, IDC and QKS. 

Web - www.eagleeye.com       

Chair Statement

FY26 has been a year of growing momentum and delivery for Eagle Eye. The team responded to the loss of the NRS contract at the start of the year by improving execution, strengthening commercial capabilities and reinforcing operational discipline across the business. This focus delivered excellent results and saw the Company exceed all management targets set out at the beginning of the year. ARR increased by 31% to £44.5m and adjusted EBITDA at £9.8m was materially ahead of our initial expectations for the year, providing the ability to invest into the commercial team and data engineering. This ensures we are well placed to capitalise on what we believe is a considerable opportunity ahead of us.

The strengthened commercial capabilities of the Group are evident in the increasing win rate. During FY26, we expanded beyond our established retail base into new sectors and welcomed a number of significant new customers across key geographies. Pleasingly, we added six new customers in North America, the world’s largest loyalty market, including Kwik Trip and Wakefern. A key strength of the business is our ability to deepen customer relationships over time, which was evident once again, securing renewals and expansions with leading retailers across the globe, including Woolworths, Auchan, Carrefour, Asda and Morrisons.

This commercial progress reflects more than improved execution. It demonstrates the increasing relevance of Eagle Eye's proposition as retailers seek trusted partners capable of delivering personalised customer engagement at enterprise scale.

Alongside our direct sales efforts, partnerships are increasingly playing an important role in supporting our growth ambitions with the calibre of organisations choosing to work with us reflecting the strength and attractiveness of the Eagle Eye platform. Our global OEM partnership has now moved into commercial deployment, with the first two blue-chip customers secured, establishing an important new route to market that broadens our reach across new sectors and geographies.

Financial performance

The Board remains focused on balancing disciplined investment with long-term value creation. FY26 demonstrated the increasing quality and resilience of Eagle Eye’s business model, with a growing recurring revenue base, strong cash generation and continued operational discipline providing a strong platform for future growth.

The Group delivered revenue of £46.7m, ahead of initial market expectations, with underlying revenue excluding NRS increasing by 21% to £46.1m. The quality of revenue continued to improve, with a greater proportion of predictable, recurring SaaS revenues and increasing adoption of AI-powered solutions.

The Group ended the year with a strong net cash position of £16.1m, providing the flexibility to invest selectively in growth opportunities, including commercial capability, AI-led product development and scalable routes to market. The completion of the Group’s first share buyback programme during the year further reflects the Board’s confidence in Eagle Eye’s long-term prospects and commitment to disciplined capital allocation.

Governance

As Eagle Eye scales, maintaining strong governance and oversight remains a priority. We continue to focus closely on risk management, cybersecurity and data protection, ensuring our systems and controls evolve alongside the business. Additionally, we are leveraging AI across Eagle Eye to help future-proof the business and reinforce our security posture.

The Board reviews its compliance with the QCA principles annually. Eagle Eye publishes full details of its adherence to the Code's ten principles in its Annual Report and Accounts. Our values-based culture and ‘Purple Standard’ promotes the highest standard of governance.

People

Our success continues to be driven by the capability and commitment of our people. During the year, we strengthened leadership and commercial expertise across the organisation to support our next phase of growth. While the year included organisational change, this has resulted in a more focused and performance-oriented structure.

On behalf of the Board, I would like to thank everyone across Eagle Eye for their continued commitment and contribution. Their energy, resilience and ambition continue to position the business strongly for the opportunities ahead. It is a privilege to work with such a talented team as we continue to build the business for long-term success.

Well positioned for the future

We are at an important moment not only for Eagle Eye, but for the industry more broadly. AI is fundamentally reshaping how retailers engage with consumers, while loyalty and personalisation have become strategic priorities as businesses seek to strengthen customer relationships and improve commercial performance. Retailers that have invested in loyalty for many years, such as Tesco and Loblaw, have demonstrated that personalised engagement can drive stronger customer relationships and improved profitability, providing a proven model that others are increasingly following.

Retailers increasingly require trusted platforms capable of turning AI-driven insight into personalised customer experiences that can be executed securely, reliably and at enterprise scale. We believe this is where Eagle Eye is uniquely positioned. We have spent more than a decade developing AI capabilities built specifically for retail, deploying them at scale and delivering measurable outcomes for some of the world’s largest brands. Today, our technology manages over 810 million end customer loyalty wallets across more than 90,000 connected stores, demonstrating the scale at which our platform is already trusted to operate.

Eagle Eye enters FY27 from a position of increasing strength. The market dynamics are favourable; our technology proposition continues to strengthen and our expanding routes to market are increasing our ability to scale.

With a growing recurring revenue base, an expanding pipeline and encouraging progress across North America and our OEM relationship, the Board remains confident in the Group's ability to deliver further progress towards its medium-term ambition of £100 million of revenue and an adjusted EBITDA margin in excess of 30%.

Anne de Kerckhove

Chair

CEO Statement

FY26 has been a remarkable year. The targets we set for ourselves at the start of the year, following the reset      from the NRS loss, were challenging. To bring a business back to double digit ARR growth while achieving a strong margin recovery was always going to be a big ask. The fact that we have not only achieved these objectives, but exceeded them, is testament to the commitment of our people, the strength of our technology, our trusted, strategic relationships with our customers, the securing of new customer wins and the increasing relevance of our proposition. Every team member has played their part and collectively we head into the new year stronger than ever.

Financial performance delivering against KPIs

The strength of our execution is reflected in the quality of our financial performance. ARR increased by 31% to £44.5m, driven by improved commercial momentum, major customer wins, continued deepening within our existing customer base and the first contracts secured by the OEM through our global partnership.

Group revenue of £46.7m was ahead of initial market expectations for the year, with underlying revenue excluding NRS increasing by 21% to £46.1m. Recurring SaaS revenue represented 85% of Group revenue, demonstrating the continued progress towards a high-quality SaaS-based model.

We also materially exceeded our target of achieving an exit EBITDA margin run rate of 20%, benefiting from increasing SaaS revenues, platform efficiencies, productivity improvements and disciplined cost management. Strong cash generation increased net cash to £16.1m, supporting investment in sales, AI and market expansion.

EagleAI revenues increased by 35% during the year to £7.8m (FY25: £5.7m), reflecting growing customer adoption and increased usage across existing accounts. The integration of AIR and EagleAI within our AI Personalised Promotions product has brought together our most advanced AI capabilities, further differentiated our offering and strengthened our ability to deliver measurable value for customers.

Commercial momentum

FY26 demonstrated the strength of our commercial engine. We secured 13 major customer wins across three continents, including six new customers in North America, entered the airline sector with easyJet, strengthened our position in quick service restaurants (QSR) with Subway and our OEM partnership secured its first customers.

As previously announced, the new contracts secured in the year include:

• A five-year contract with one of the largest independent food retailers in North America
• A multi-year agreement with Wakefern, the largest retailer-owned cooperative in the US, including our newest AI offering, Personalised Promotions
• A three-year agreement with Kwik Trip, a leading US convenience retailer
• A three-year contract with a large regional US grocery supermarket
• A three-year contract with a leading European value retailer
• A three-year contract, with a two-year extension option, with Central Thailand, the country's largest supermarket chain
• A three-year contract with a UK builders' merchant
• A three-year agreement with FairPrice Co-Operative Ltd in Singapore, a returning customer
• A three-year agreement with Subway, the American multinational fast food restaurant franchise, for the AIR platform to support the franchise's new European loyalty programme, Subway Rewards, further strengthening the Group's established position within the quick service restaurant sector
• A three-year agreement for our AIR platform with easyJet, the UK’s largest airline, to support its new loyalty scheme launched in May 2026, secured through Eagle Eye's partner BCG

Alongside new customer wins, we have continued to increase ARR from existing customers, such as Carrefour, Asda, Morrisons, Giant Eagle and PepCo through higher transaction volumes, and upsells through additional use cases and adoption of further platform capabilities, reinforcing the strength of Eagle Eye's Win and Deepen strategy and the quality of its recurring revenue base. Multi-year contract renewals were secured with customers including Woolworths Group and Auchan. Together these have delivered net revenue retention, excluding NRS, of 111%.

At the heart of a significant and growing market

The loyalty and personalised marketing market is undergoing a fundamental transformation. Organisations increasingly recognise that loyalty is no longer simply a marketing tool, but a strategic capability that unlocks valuable first-party data, enables AI-powered personalisation and drives measurable commercial outcomes.

AI is fundamentally changing what retailers expect from customer engagement. Retailers can no longer get away with calling segmentation personalisation. Organisations want to engage every customer as an individual, in real time and across every channel. The constraint for them, however, is no longer ambition, but the limitations of legacy technology. Many existing loyalty platforms were not designed for this new environment, creating demand for modern platforms capable of combining sophisticated customer data management, AI, and real-time execution at enterprise scale.

For Eagle Eye, this represents a significant opportunity. The global loyalty management market is worth around $12 billion today (source: Everest Group) and is forecast to reach $20 billion by 2030 (source: MarketsandMarkets), with North America alone representing a $6 billion market and one where our differentiated proposition is gaining traction, evidenced by six new enterprise wins during the year.

Our competitive advantage

This growing demand for modern loyalty platforms capable of personalisation at scale is the opportunity we have been building towards over the last decade. Our advantage is not simply AI. It is our ability to combine AI-powered decision making with real-time execution through AIR, enabling retailers to deliver truly personalised offers instantly across every customer touchpoint.

Unlike many providers, we personalise at the level of the individual customer rather than broad customer segments. This capability has been developed using billions of retail transactions and refined through years of deployment with some of the world's leading retailers.

We execute more than 1.8 billion personalised offers every week, helping leading retailers unlock incremental customer value through AI-powered loyalty and personalisation. Last year alone, our AI-driven promotions generated more than £750 million of incremental customer spend across the UK and France, with brands including Morrisons and Carrefour continuing to expand their use of our capabilities.

At enterprise scale, trust is built on more than functionality. It depends on a platform that delivers the performance, resilience and partnership retailers need every day. That is why our technology is built around the 5 S’s: Security, Stability, Speed, Scalability and Support. From protecting critical customer data and delivering 99.99% platform availability, to processing personalised decisions in real time and scaling billions of customer interactions, Eagle Eye provides the robust foundation brands need to deliver world-class loyalty and personalisation experiences. This is supported by our expert teams who are available 24/7/365. Leading retailers trust us to power their customer engagement strategies today and into the future, which is reflected in our low customer churn.

Building on our AI leadership

The recent completion of the integration of AIR and EagleAI within our AI Personalised Promotions product is increasing our competitive positioning and delivering value to early adopter customers, enabling retailers to deliver customised, individualised offers at scale, with real-time execution out of the box, without the need for additional data science capabilities. Recent successes in France, the UK and the US demonstrate that our predictive AI technology is becoming a strategic sales driver across the globe. Our AI has proven effective not only in grocery retail but also in convenience retail, validating our platform's versatility across retail formats. This differentiated capability is increasingly decisive in competitive processes and was instrumental in the recent multi-year win with Wakefern.

Other recent areas of AI innovation include Personalised Offer Ranking (formerly Digital Flyers). This solution identifies which of a retailer's existing mass promotions is most relevant to each individual customer to enable more personalised marketing, delivering click through rates three times higher than for standard, non-personalised flyers.

As of September 2026, our first internal super users have been building and optimising campaigns directly using our Agentic AI capabilities. The Agent optimises campaigns with the precision of a skilled data analyst, augmenting every retail marketeer to operate as a data-driven marketing specialist regardless of their background with ease and relevance. This validation marks the next phase of our product innovation.

We are also accelerating our development capabilities. All our engineers now use best-in-class AI coding tools to enhance productivity and workflow efficiency. Our most advanced engineering teams are already seeing time savings of up to 75% in build cycles, significantly reducing engineering capacity as a bottleneck across several components of our technical stack. These internal efficiencies have allowed us to accelerate further on our roadmap with easier-to-deploy, acquisition-oriented personalisation products and expanded retail analytics and personalisation capabilities now expected sooner than initially planned. Additionally, our engineering team's platform optimisation work has delivered approximately $150k in monthly recurring cloud cost savings as at the end of FY26, further strengthening our operational leverage as we head into FY27.

A sizeable addressable opportunity, and expanded routes to market

The breadth of our offering, customer base, geographic reach and growing partner network provide a considerable target market and provide a substantial opportunity from which to deliver against and potentially exceed our medium-term ambitions of £100m revenue and +30% adjusted EBITDA margin.

From our ARR of £44.5 million at the end of June, we see significant scope for both ARR and NRR growth in the medium term. Deepening and scaling transaction volumes within our top 35 customers alone we believe represents an additional ARR opportunity of approximately £40 million, assuming full take up of the core Eagle Eye product offering. Beyond this, the opportunity expands materially, to £1.9bn, driven by further uptake by businesses with our Ideal Customer Profile (ICP) in our existing geographies, particularly North America, EMEA and APAC. Meanwhile, the combined potential from partnerships and expansion into new sectors and geographies, broadens the potential further to approximately £3.3 billion, reflecting the increasing importance of loyalty and personalisation to retailers globally.

We have three clear routes to exploit this opportunity: direct sales led by our US-based CRO; via the OEM agreement; and through Partnerships. Each of these areas has made encouraging progress.

1. Direct sales growth, particularly in North America

The investment we made in our commercial capability and go to market strategy during FY26 has delivered clear results. We improved our win rate, shortened sales cycles, strengthened our commercial execution and sharpened our focus on the customers and markets where our proposition is strongest.

North America is one of our largest opportunities and a key strategic focus, due to its vast potential customer base, including 230 businesses within our ICP, which we estimate to be worth c$1.4bn.

The US contributed £2.7m in new ARR in FY26 (out of a total new ARR growth of £10.5m), a sixfold increase on the prior year (FY25: £0.4m), predominantly due to four significant customer wins. This highlights the effectiveness of our increased attention on the region and the growing demand among large retailers for agile, AI-powered loyalty and promotional solutions.

Our "Flood the Market" marketing strategy is paying off, strengthening our reputation globally, particularly in the US, where our brand recognition was significantly lower a year ago. We are now known as a key player that retailers need to speak with if they are thinking of loyalty and/or personalisation which is reflected in increased RFPs, inbound leads and partner referrals.

We have executed on our "A player" strategy and enhanced the team with industry-knowledgeable account executives in key areas. Experienced Customer Success executives will help us increase our stickiness with customers and more importantly help us identify upsell opportunities to execute on our "1 to 3" revenue strategy. A significant upsell pipeline from the US retailers we signed less than a year ago is early evidence of the success of this strategy.

Looking ahead, we will continue to invest in our sales and marketing efforts in the US to strengthen our brand presence among major retailers and further build our sales pipeline.

2. Transformational OEM partnership delivering

The global OEM agreement represents a significant long-term growth opportunity for Eagle Eye. During the year, the OEM’s new cloud-hosted loyalty management solution was released onto its price list, and the first customer contracts were secured within weeks of launch. The partnership has now moved from implementation into commercial deployment, creating a scalable new route to market for Eagle Eye, beyond our traditional retail footprint, opening opportunities across new sectors and geographies.

The first two contracts have been secured with blue-chip European customers, demonstrating the strength of our solution and its ability to meet the requirements of large enterprise organisations. There are over 40 further prospects currently in our advanced pipeline and we are targeting to secure between four and eight new customer logos in the next 12 months. The OEM partner contract revenue model is transactional and therefore the ARR is an estimate only. We currently expect the combined ARR of these new clients to be c.£2m initially, derived from customer numbers and volumes based on Eagle Eye experience, and to be revenue-generating in calendar 2027. This estimated amount is included in our Year end Group ARR stated above.

We continue to work closely with our OEM partner to expand product capability by integrating additional features, strengthen sales enablement and accelerate adoption and are confident on further wins in FY27.

3. Scaling through partners and productisation

Alongside direct sales and the OEM partnership route, we are increasingly leveraging partnerships to accelerate reach and scalability, with a significant 37% YoY growth in partner referred pipeline in FY26.

This is having a direct contribution to ARR, with 35% of global win ARR being referred or influenced by partners in FY26. Notable partner-supported wins included easyJet, a major airline in EMEA, referred by BCG, a large retailer in APAC referred by Google, a major APAC retailer influenced by Deloitte, and two EMEA wins driven by other technology partners. These successes were also supported by our status as a Google Cloud Premier Technology Partner and member of the MACH Alliance.

During FY26, we expanded relationships with organisations including Deloitte Digital Central Europe, Commerce Architects and Equal Experts. These partnerships demonstrate the attractiveness of our platform and provide additional routes to market.

Ongoing productisation and platform optimisation initiatives are making Eagle Eye’s solutions easier to deploy, integrate and scale across both partner-led and direct engagements. This is demonstrated by our last seven customer wins, none of which required a custom build, underlining the growing standardisation of our platform, our ability to deploy rapidly at scale and the potential to support higher margins over time.

Cloud optimisation and replatforming initiatives have also driven a reduction in cloud spend, targeting structural scalability and cost efficiency as transaction volumes increase, and we continue to embed AI internally across the organisation to drive operational efficiency.

People and culture

Our people are the heartbeat of our organisation. We believe in the Golden Rule: treating people as they want to be treated. This principle lies at the heart of personalisation. In FY26, our focus has been on impact; rewarding and recognising those who have made a meaningful difference.

We introduced our ‘Purple Partnerships’ mentoring programme, supported by training and leadership development designed to help our people focus their energy on the activities that deliver the greatest impact. Our ‘Purple Stars’ recognition programme continues to showcase and celebrate outstanding work of individuals and teams across the business. ‘Purple Values’ nominations, run by the team for the team, demonstrate that our culture is owned by everyone and remains central to how we create and deliver value. This makes Eagle Eye not only a great place to work but also helps us deliver the best outcomes for our customers and partners.

This has been a challenging year for everyone, and we have asked a lot of our people: to be resilient, embrace change and strive for more. The team response has been exceptional, and I would like to thank everyone for their contribution to a very strong year. We are excited about the future and the part each individual can play in the next stage of our journey.

M&A

We believe the right M&A opportunities can contribute to an acceleration of our strategy and creation of value for the Group through broadening our capabilities, deepening our engagement with existing customers and expanding into attractive new sectors and geographies. We remain disciplined in our approach, focusing on opportunities that are strategically aligned with Eagle Eye and where we believe our platform, customer relationships and expertise can accelerate growth and create value. We continue to selectively review M&A opportunities that meet these strict criteria.

Confident outlook

FY26 has established the foundations for Eagle Eye’s next phase of growth.

We enter FY27 with growing ARR, improving commercial momentum, a strengthened partner ecosystem and a differentiated AI-powered platform. Our recurring revenue base, strong balance sheet and multiple routes to market provide us with confidence in our ability to scale.

The opportunity ahead is significant. As brands increasingly prioritise loyalty as a strategic source of first-party data, they are seeking to use this insight to improve decision-making, deliver more personalised experiences, increase customer lifetime value and unlock new revenue streams through data and retail media. We believe Eagle Eye is uniquely positioned through its combination of AI-powered decisioning and enterprise-scale execution to help them navigate this transformation.

We remain confident that the momentum built during FY26 will support a return to double-digit revenue and adjusted EBITDA growth in FY27 and continued progress towards our medium-term ambitions of £100m of revenue and an adjusted EBITDA margin of +30%.

Tim Mason

CEO

Financial Review

Key Performance Indicators

(1)  Excluding the revenues related to the Neptune Retail Solutions’ contract lost in June 2025

(2)   Net Revenue Retention is defined as the improvement in recurring revenue excluding new wins in the last 12 months.

(3) SaaS revenue is defined as subscription and transaction revenue, excluding revenue from SMS and NRS.

(4) Adjusted EBITDA excludes costs associated with acquisitions, restructuring costs and share-based payment charges along with depreciation, amortisation, interest and tax from the measure of profit and is reconciled to the GAAP measure of profit before taxation in note 6.

(5) Adjusted EBITA excludes costs associated with acquisitions, amortisation arising on those acquisitions, restructuring costs, share-based payment charges, interest and tax from the measure of profit and is reconciled to the GAAP measure of profit before taxation in note 6.

(6)  Net cash is cash and cash equivalents less financial liabilities.

Revenue

The Group's Annual Recurring Revenue grew by £10.5m (FY25: £1.6m excluding NRS) to £44.5m (FY25: £34.0m), representing growth of 31% in the year. This strong performance highlights the accelerating demand for our platform and the successful execution of our growth strategy. This growth was driven by three key factors:

Group revenue was £46.7m (FY25: £48.2m), a small decrease on the prior year, but materially ahead of market expectations at the start of FY26, and reflects the impact of the previously announced NRS contract loss. Excluding the NRS loss, revenue grew 21% to £46.1m (FY25: £38.1m), highlighting the underlying strength and momentum of the business.

The quality of our revenue mix (as shown in note 2) continues to improve. Recurring revenue from subscriptions and transactions now represents 87% of Group revenue (FY25: 84%). This shift is driven by the growth in our SaaS revenue, which increased by 31% to £39.3m (excluding NRS) (FY25 excluding NRS: £30.1m), underscoring the successful transition to a more predictable and scalable business model. This was driven by EagleAI, where revenue increased by 35% to £7.8m (FY25: £5.7m), driven by new customer wins including Wakefern and expanded volumes with existing clients such as Carrefour and the contribution from PPS of £3.2m (FY25: £nil).

As expected, professional services revenue decreased to £6.0m (FY25: £7.5m) as the Group continues its transition to a productised System Integrator delivery model. Under IFRS 15, a SaaS business will typically recognise revenue (including implementation revenue from professional services) over time. In some cases, implementation revenue is recognised over the period the service is live. Therefore, during the period of implementation for a new client, no revenue will be recognised, although directly attributable associated costs are also spread over this period, matching revenue and costs. Revenue from professional services that has been deferred into future periods, but delivered and billed, was £5.1m at 30 June 2026 (30 June 2025: £5.7m).

NRR

Our Net Revenue Retention rate excluding NRS, which measures the growth in recurring revenue from existing customers at the start of the rolling 12 month period, remained strong at 111% (including NRS, NRR was 88%), with the top 10 customers being 113%, building on the underlying performance of the prior year (FY25: 109%). This consistent, high level of NRR is a direct indicator of the success of our "Win, Transact, Deepen" strategy and the value our platform delivers. It demonstrates our ability not only to retain our enterprise clients but also to systematically grow their spend with us over time. This expansion is achieved through customers increasing their transaction volume and adopting additional capabilities from our platform, with the EagleAI Personalised Promotions solution being a key driver of this deepening activity in FY26. Our high NRR provides a strong, predictable foundation for future revenue growth.

Churn recovered from the NRS loss to around pre-FY25 levels at 0.4% (FY25: 23.1%).

Direct Profit and Operating Expenses

Direct profit margin was broadly steady at 71.1% (FY25: 71.6%), moving in line with the change in revenue, with direct profit of £33.2m (FY25: £34.5m). Work performed on making the platform more efficient means that our exit cloud infrastructure costs are over $150,000 lower per month than at the start of FY26. The full impact of these savings is expected to help drive improvement in direct margin in FY27.

Net employee costs for the year were £17.2m (FY25: £17.3m). This slight decrease reflects a reduction in average headcount to 239 (FY25: 250) as a result of cost reduction programmes and higher capitalisation, which helped offset investment in sales and data engineering staff and an increased IFRS 2 share-based payments charge, reflecting improved performance versus market expectations compared to FY25. IT infrastructure costs, a primary component of our cost base, remained controlled at £10.2m (FY25: £9.8m), reflecting ongoing platform optimisation efforts to manage cloud spend efficiently as transaction volumes increase.

The Group continues to invest significantly in its product set to maintain its competitive advantage and drive future growth. Total product development costs for the year were £10.8m (FY25: £9.0m), of which £5.1m (47%) was capitalised (FY25: £2.9m, 32%). The increase in the rate of capitalisation during the year reflects the strategic focus on significant platform enhancements required to support the global OEM partnership agreement and future scalability as the business continues to grow. Expenditure in the year was reduced by the release of a prior year accrual for £0.5m which was no longer required. Further investment was directed towards the technical integration of our AIR transaction engine and EagleAI capabilities to create Personalised Promotions.

EBITDA and EBITA

Adjusted EBITDA was £9.8m (FY25: £12.2m), resulting in an Adjusted EBITDA margin of 21% (FY25: 25%), materially exceeding previous market expectations at the start of FY26. The Group’s H2 2026 exit EBITDA margin run rate of 23.5% was significantly ahead of our 20% target, reflecting the transformation initiatives executed in H1, including a restructuring of the senior team and the realisation of synergies from the 2025 PPS acquisition, whilst allowing the business to actively invest in North American sales and AI capabilities, which will impact margin in H1 FY27.

The decrease in adjusted EBITDA flows through to adjusted EBITA, which excludes IFRS 3 amortisation, of £3.4m (FY25: £6.6m). Adjusted EBITA was also impacted by higher amortisation charges of £5.9m (FY25: £4.9m), primarily reflecting IFRS 15 capitalised commission following the improved win rate, higher capitalisation of internal product development costs, and the amortisation of the acquired PPS platform. The Adjusted EBITA margin for the year was 7% (FY25: 14%), with H2 improving to 9%.

Tax and Earnings per Share

The current tax charge for the year increased driven by higher overseas tax reflecting improved performance by EagleAI in France and the contribution of PPS in Ireland. However overall tax is a credit reflecting increases in deferred tax assets in relation to share based payments, primarily driven by the increase in share price in the Year, and losses carried forward. After tax, profit was £0.3m (FY25: £1.6m), resulting in basic earnings per share of 0.94p (FY25: 5.49p).

Cashflow, Net Cash, and Balance Sheet

The Group's balance sheet remains strong, providing significant capital allocation flexibility to support ongoing investment in sales capability and AI-led product development while maintaining resilience. Net assets were £36.6m at 30 June 2026 (30 June 2025: £32.7m). The movement in net assets primarily reflects the underlying profit made in the year along with the gain made from the sale of shares from treasury. Furthermore, the Group maintains a robust balance sheet, underpinned by a strong cash position and an unutilised £10 million revolving credit facility, which provides further liquidity headroom.

The Group generated net cash from operating activities of £11.1m (FY25: £13.5m); the reduction reflected the lower EBITDA achieved during the year. Capital investment in IP, product development and contract fulfilment costs totalled £7.6m (FY25: £6.0m). Free cash flow generation, calculated as a percentage of EBITA, remained high at 116% (FY25: 122%), with free cash flow of £3.9m (FY25: £8.2m). This enabled the Group to end the year with an improved net cash position of £16.1m (FY25: £12.3m), an increase of 31% year-on-year.

The Group hedges elements of foreign currency net receipts to ensure that it is protected from significant and sudden adverse movements in foreign currency exchange rates. There were no open hedges at 30 June 2026 (30 June 2025: none).

Share buyback programme

The Group completed the return of £1.0m to shareholders through its share buyback programme in March 2026. In May 2026, following institutional investor demand which was unable to be met within the market, the shares were sold out of treasury for £1.5m.

Dividend

The Board has determined that no dividend will be paid in the period (FY25: £nil). The Group is primarily seeking to achieve capital growth for shareholders and believes that in the current phase of the Group’s development, it is in the best interest to retain distributable profits to prioritise investment growth and provide optionality on M&A, as well as giving flexibility to consider the potential for future share buybacks.

Consolidated statement of profit or loss and total comprehensive income

for the year ended 30 June 2026

Consolidated statement of financial position

as at 30 June 2026

Consolidated statement of changes in equity

for the year ended 30 June 2026

Included in Retained losses is a cumulative foreign exchange loss of £718,000 (2025: loss of £1,009,000).

Consolidated statement of cash flows

for the year ended 30 June 2026

Notes to the consolidated financial statements

1            Accounting policies

Basis of preparation

The financial information set out herein does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the Year ended 30 June 2026 has been extracted from the Group’s audited financial statements which were approved by the Board of Directors on 14 September 2026 and which, if adopted by the members at the Annual General Meeting, will be delivered to the Registrar of Companies for England and Wales.

The financial information for the Year ended 30 June 2025 has been extracted from the Group’s audited financial statements which were approved by the Board of Directors on 16 September 2025 and which have been delivered to the Registrar of Companies for England and Wales.

The reports of the auditor on both these financial statements were unqualified, did not include any references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under Section 498(2) or Section 498(3) of the Companies Act 2006.

The information included in this preliminary announcement has been prepared on a going concern basis under the historical cost convention, and in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 and the International Financial Reporting Interpretations Committee (IFRIC) interpretations issued by the International Accounting Standards Board (“IASB”) that are effective as at the date of these financial statements.

The Company is a public limited company incorporated and domiciled in England & Wales and whose shares are quoted on AIM, a market operated by The London Stock Exchange.

Going concern

As part of their going concern review the Directors have followed the guidelines published by the Financial Reporting Council entitled “Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risks- Guidance for directors of companies that do not apply the UK Corporate Governance Code”.

The Directors have prepared detailed financial forecasts and cash flows looking 3 years beyond the date of these consolidated financial statements.  In developing these forecasts, the Directors have made assumptions based upon their view of the current and future economic conditions that will prevail over the forecast period.

On the basis of the above projections, the Directors are confident that the Group has sufficient working capital and available funds to honour all of its obligations to creditors as and when they fall due. In reaching this conclusion, the Directors have considered the forecast cash headroom, including the impact of the revolving credit facility with HSBC Innovation Bank and the covenants associated with it, the resources available to the Group and the potential impact of changes in forecast growth and other assumptions, including the potential to avoid or defer certain costs and to reduce discretionary spend as mitigating actions in the event of such changes. Accordingly, the Directors continue to adopt the going concern basis in preparing these consolidated financial statements.

2            Segmental analysis

The Group is organised into two principal operating divisions for management purposes. These reflect the organic Eagle Eye business, which the PPS business acquired in 2025 has been subsumed into and the EagleAI business acquired in 2023. All non-current assets are held in the organic Eagle Eye business in the United Kingdom, other than the right of use asset relating to the lease for the Paris office of EagleAI and capitalised intellectual property of EagleAI of £1.5 million and capitalised intellectual property of PPS of £0.9 million.

Revenue is analysed as follows:

3            Taxation

4            Earnings per share

The calculation of basic earnings per share is based on the result attributable to ordinary shareholders divided by the weighted average number of ordinary shares in issue during the year. The calculation of diluted earnings per share is based on the result attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year, diluted for the effect of options being converted to ordinary shares. Basic and diluted earnings per share from continuing operations is calculated as follows:

5            Deferred tax                         

The elements of deferred taxation are as follows:

Movement in deferred tax:

Deferred tax assets and liabilities can only be offset, inter alia, to the extent they occur in the same jurisdiction. The following is the analysis of deferred tax balances after offset:

6            Alternative performance measures                         

Adjusted EBITDA and adjusted EBITA are key performance measures for the Group and are derived as follows:

Direct profit is a performance measure for the Group which is more comparable to the gross profit measure of other SaaS companies and is derived as follows:

7            Net cash

Net cash is a key performance measure for the Group and is defined as follows:

8            Report and accounts

A copy of the Annual Report and Accounts for the Year ended 30 June 2026 will be sent to all shareholders in due course, together with notice of the Annual General Meeting, and will be available to view and download from the Company's website at www.eagleeye.com.