Eagle Eye Solutions Group Plc · LSE:EYE
Eagle Eye Solutions — H1 FY26 Earnings Presentation
36 slides from Eagle Eye Solutions's earnings presentation, March 2026
Slide 1: H1 FY26 Results
H1 FY26 Results Strong execution and win momentum delivering a financial performance ahead of initial H1 2026 expectations Eagle Eye Solutions Group plc Tim Mason, CEO and Lucy Sharman-Munday, CFO
Slide 2: Today's agenda
Today’s agenda 1. Introduction 2. Our offering & opportunity 3. Financial review 4. Transformation initiatives 5. Growth drivers & outlook 6. Q&A 2 Eagle Eye | Half year results for the six months ended 31 December 2025
Slide 3: H1 FY26: Delivering on our strategic priorities
H1 FY26: Delivering on our strategic priorities 1 2 3 4 5 ARR building US a major Scalability & OEM delivering AI is a compelling strongly growth contributor margin recovery to plan differentiator +29% YoY 4 £4.3m £2.0m 15% £42.2m ARR New US customers Adjusted EBITDA First contracts Group revenue &
Slide 4: Our mission is to be the global leader in AI-powered loyalty and personalised marketing
Our mission is to be the global leader in AI-powered loyalty and personalised marketing Distribution Scale Model Quality Domain Expertise We combine the world’s most With Industry leading AI and deep Retail expertise powerful transaction engine 10+ 190+ >$750bn 1.7bn 750m+ Years AI Intelligent decis
Slide 5: The power of our applied AI keeps building
The power of our applied AI keeps building Fuelling our growth AI REVENUE GROWTH c.30% * 4-year AI revenue CAGR Our algorithms are Reducing barriers to Our customers are getting more powerful adoption & getting better increasing sales through use of transformer at selling neural networks & LLMs 2.8b
Slide 6: Strategy in Action: Personalised Promotions is a scalable driver of retailer value
Strategy in Action: Personalised Promotions is a scalable driver of retailer value Momentum in the USA – Wakefern a major proof point & competitive win About Wakefern The largest retailer-owned supermarket cooperative in the United States – across nine East Coast states 380+ stores | $20.7 Billion r
Slide 7: Financial review
Financial review
Slide 8: We outperformed initial expectations in H1
We outperformed initial expectations in H1 Key metrics show underlying strength H1 26 Growth YoY KPIs excluding NRS* Double digit Annual Recurring Revenue1 (ARR) £42.2m +29% ARR and Net Revenue Retention2 (NRR) 108% +4ppts Recurring Group Revenue £22.4m +16% revenue Recurring Revenue £19.1m +24% gro
Slide 9: Our revenue mix has transformed
Our revenue mix has transformed FY26 Revenue analysis Shift in % of SaaS over last three years 25 % H1 26 H1 25 Change 13% 20 AIR / PPS fees £16.0m £16.6m (3)% 2% 22% 16% EagleAI £3.6m £2.9m +24% Revenue £m 15 7% Total SaaS revenue: £19.6m £19.5m +1% Professional services 10 85% £3.0m £4.4m (32)% Sa
Slide 10: H1 FY26 Income statement
H1 FY26 Income statement £m H1 26 H1 25 VAR % SaaS margin improving Revenue 23.0 24.2 (5)% 70% direct margin, maintained. SaaS direct margin Platform costs (4.5) (4.6) 2% increased to 74% (H1 25: 73%), offset by costs of higher Net staff costs (1.8) (2.3) 21% SMS volumes. SMS carrier costs (0.3) (0.
Slide 11: Journey to 30% EBITDA margin
Journey to 30% EBITDA margin On track to exit FY26 at +20% run rate EBITDA We have taken significant steps in H1 to manage costs that will have increased impact in H2 to drive to 20% exit run-rate. 1 % of £m H1 26 rev PS AIR & EEAI SMS TOTAL Transition to higher % of SaaS through the PPS 1 use of SI
Slide 12: Net cash bridge
Net cash bridge Strong net cash position £12.6m ex buyback 18 £10.4m 14 16 £12.3m £12.6m £12.1m 14 12 12 10 10 £m Net Cash £m 8 6 8 4 2 6 11.7 12.1 0 4 7.8 2 0 H1 24 H1 25 H1 26 Overall net cash inflow was £0.3m (H1 25: £1.6m inflow) Net cash £12.1m (Jun 25: £12.3m) excluding costs of treasury share
Slide 13: ARR growth: momentum is building
ARR growth: momentum is building YoY ARR (ex NRS) grew by 29%* 45 Major +5.8 42.2 41.0 reduction in 40 customer +2.5 concentration 35 +2.7 30 Top 10 (9.4) (0.4) = 59% Top 10 Top 10: = 72% <25% ARR ARR £m 25 due for 20 5 renewal pre FY28 15 5 10 1 customer >10%, 5 renewed to 2030 - H1 25 Losses FX PP
Slide 14: New Win ARR in H1 is more than double whole year FY25
Win Transact & Deepen New Win ARR in H1 is more than double FY26 Wins will drive NRR in future whole year FY25 periods. 108% H1 26 NRR* 115% 5 One of the largest independent food retailers in North America Top 10 NRR Large regional US Target A UK builders’ merchant grocery supermarket 100% 105% 110%
Slide 15: Significant opportunity for both ARR & NRR growth
Significant opportunity for both ARR & NRR growth £100m in view + top 35 customers* c.£82m take all core products Current ARR £42.2m • * Representing 90% of H1 26 ARR excl. OEM
Slide 16: Significant opportunity for both ARR & NRR growth
Significant opportunity for both ARR & NRR growth £100m in view + Partnerships potential in new sectors & geographies c.£3.3bn + SAM across current c.£1.9bn geographies, our ICP £1bn NAM + top 35 customers* take all core products c.£82m Current ARR £42.2m £0.5bn £0.4bn EMEA APAC • * Representing 90%
Slide 17: On track for our milestone of £100m revenue
On target to return to double digit revenue and EBITDA growth in FY27 ✓ Return to double-digit underlying growth ✓ Margin recovery well underway On track for our ✓ ARR building strongly ✓ Significant TAM opportunity milestone of £100m revenue +30% adj. EBITDA margin 17 Eagle Eye | Half year results
Slide 18: Delivering on our transformation initiatives
Delivering on our transformation initiatives
Slide 19: Three focus areas
Three focus areas Delivering progress and gaining momentum 1 2 3 Sales Innovation OEM US market penetration & SaaS transformation & Transformational direct sales growth AI innovation partnership opportunity progressing well 19 Eagle Eye | Half year results for the six months ended 31 December 2025
Slide 20: Sales – US market penetration
Sales – US market penetration Delivering positive momentum US is a major market >230 3x 55% retailers in our core ICP average contract size of current gross pipeline Competitive Market Personalisation Priority AI as the Equaliser US Retail is a highly mature, Mid-size and regional Our Personalisatio
Slide 21: We are gaining traction
We are gaining traction Our Focus New G2M Strategy Right People Market Execution • Consultative sales • People on the • Refined ICP ↑ Win Rate based on deep ground who truly targeting and loyalty expertise understand the US deepened industry • Building strategic market engagement partnerships, not •
Slide 22: Major success in H1
Major success in H1 H2: Confidence to invest WA MT ME ND MN VT NH ID WI MI NY People - growing our ‘A’ players with vertical expertise OR WY MA SD IA NV UT CO NE IL IN OH PA NJ CT RI & network WV CA MO KY MD VA DE KS AZ NM TN NC Marketing - flood the market with success stories OK AR SC 20 AL GA US
Slide 23: SaaS transformation acceleration in H1
SaaS transformation acceleration in H1 1 2 3 4 5 Increased Reduced Cloud Improved Security Operational Higher Win Rates Scalability Spend Efficiency Last 7 wins Reduced Enhanced AI Coding New ARR no customisation in H1, with more to come security strengthened engineering team major uptick on ICP req
Slide 24: Incorporating AI across our technology & operations
Incorporating AI across our technology & operations Bringing our 2 platforms together Leaders in applying AI to retail since 2016 Eagle Eye In 2025 EagleAI + AIR = One Platform Faster Cheaper Scalable More Powerful £750m+ New use case – Personalised Promotions incremental sales generated by AI-drive
Slide 25: AI needs AIR.
Focus for H2 AI needs AIR. Our mission is to power personalised digital marketing for retailers worldwide - driving incremental sales, faster innovation, & unlocking data value. AI Agents Agentic Frameworks Embedding AI agents into the platform for a Partnering with Google Cloud on next- smoother, m
Slide 26: OEM now contributing to ARR
OEM now contributing to ARR Potential to double our business: new sectors & geographies Progressing well • AIR embedded into one of the largest software providers product • New cloud loyalty solution released on the price list offerings in the world. • First customer contracts secured within weeks o
Slide 27: Focused on delivering our £100m revenue 30% EBITDA target
Focused on delivering our £100m revenue 30% EBITDA target M&A push us beyond SAM of existing clients can double £100m Significant growth accelerators: an illustration the revenue of the business >£100m Win momentum in USA and further investment to fuel growth Continued momentum & innovation deliver
Slide 28: Q&A
Q8&A
Slide 29: Appendix
A p p end 1x ea ey
Slide 30: Today is just the tip of the iceberg
Today is just the tip of the iceberg “ $155bn There’s a mega trend going on globally right Global Loyalty now and it’s primarily enabled through Market size by 2029 “Redirecting 25% capabilities like Eagle Eye. of mass promotion +13% forecast CAGR spending to Woolworths “ 2024 - 2029 personalised of
Slide 31: Core Products
Core Products Real-Time Omnichannel Gifting & Personalised 1 2 3 4 Loyalty Promotions Top-Up Challenges Additional Modules Apps / Cloud-based Off-POS Subscriptions Message @ till Engagement adjudication redemption Tools Personalisation Science Personalised Personalised Personalised Personalised AI A
Slide 32: Strategy in Action: Expansion with Loblaws
Strategy in Action: Expansion with Loblaws Scaling personalisation execution and creating more & more ways to engage ✔ 18m digitally engaged loyalty members ✔ Personalised offers have grown by 125% over the past three years (average 500 million per week) ✔ 20m personalized coupons printed on custome
Slide 33: Strategy in Action: Expansion with Morrisons
Strategy in Action: Expansion with Morrisons Deploying new use cases across our full product suite ✓ Loyalty sales penetration growth from 47% - 76% ✓ Strong customer engagement in More offering with +300m redemptions in 2024 ✓ Strong take-up of EagleAI’s My Points Boosters with 74% of repeat player
Slide 34: Eagle Eye Group Plc General Information
Eagle Eye Group Plc General Information Number • Share Price 328.0p (at 16 March 2026) Key Shareholders % of shares • Market AIM Liontrust 2,966,828 9.94 • Ticker EYE.L Canaccord 2,949,167 9.88 • Market cap £98m Sir Terry Leahy* 2,457,006 8.23 • Ordinary shares in issue 30.2m BGF Investment Manageme
Slide 35: H1 FY26 Profit after tax
H1 FY26 Profit after tax Lower EBITDA along with higher SBP £m H1 26 H1 25 VAR % and exceptionals mitigated by larger Adj. EBITDA 4.3 5.9 (28)% tax credit Depreciation (0.3) (0.3) 11% Adjusted EBITDA £4.3m, 18% margin (H1 25: Cap dev (1.6) (1.3) (23)% £5.9m, 24% margin) amortisation IFRS 15 amortisa
Slide 36: H1 26 Balance sheet
H1 26 Balance sheet £m H1 26 H1 25 VAR % Tangible assets Tangible assets 0.6 1.1 (43)% reduction reflects the Guildford office closure Intangible assets 23.6 19.5 21% Deferred/non-current taxation 5.6 8.5 (34)% Non-current assets 29.8 29.0 3% Trade and other receivables reduction Trade and other rec
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