Slide 1: Capita H1 2026 Results
Capita H1 2026 Results August 2026
Slide 2: “Better Capita” is re-writing the BPO playbook
“Better Capita” is re-writing the BPO playbook supporting a fundamentally changed investment proposition To view this video online please visit: https://capita.wistia.com/medias/vaq1akf6qt/ 2
Slide 3: CEO Adolfo Hernandez
CEO Adolfo Hernandez 3
Slide 4: Disclaimer
Disclaimer This presentation and any oral information or accompanying materials provided in warranty is made that any of the forward-looking statements or forecasts will come to pass connection with it (together, the “Materials”) have been prepared solely for informational or that any forecast resul
Slide 5: H1 2026 Results Summary - Group
H1 2026 Results Summary - Group Continued progress and delivery to becoming the leading AI-enabled business services partner • Continued idea • First European • Launch of Forward • 500 AI agents origination and BPO to launch Deployment live across Adjusted revenue: innovation Storefront on Orchestra
Slide 6: H1 2026 Results Summary
H1 2026 Results Summary Best Total Contract Value 100% renewal rate Celebrated 5 year (TCV) won performance in H1 delivered in the first half partnership delivering Royal since 2021, secured contracts Navy training with value of £801m Strong start to July with Transport for London Using AI agents ac
Slide 7: Capita has undergone significant transformation to unlock value…
Capita has undergone significant transformation to unlock value… Future growth Future state operating model Done Ongoing Innovation & ways of working to launch and scale solutions Cost & EBITDA transformation to fund the journey Comprehensive cost out CAIPO org systematically Developing a future Tra
Slide 8: …and significant simplification of the Group which continued in H1 2026
…and significant simplification of the Group which continued in H1 2026 Now focused on two structural growth markets – Public Sector (80% of Group revenue) and Pension Solutions (12% of Group revenue) Closed book Private sector contact Organisational and cost Life & Pensions centre disposal simplifi
Slide 9: Financial Review
Financial Review H1 2026 Performance All figures included within this presentation are on an adjusted basis unless otherwise stated CFO Pablo Andres 9
Slide 10: Financial highlights
Financial highlights £m HY26 HY25 Change Margin reduction driven by Revenue 906.4 892.2 1.6% pensions remediation costs Operating profit 32.2 47.1 (31.6)% Revenue growth in Public Service and Pension Solutions, Operating margin 3.6% 5.3% (170)bps partially offset by a decline in Regulated Services d
Slide 11: Adjusted to reported reconciliation
Adjusted to reported reconciliation £m HY26 HY25 Change Lower costs associated with Adjusted profit before tax 12.5 29.1 (16.6) the 2025 cost reduction Business exits (2.1) (10.9) 8.8 programme Simplification programme (4.1) - (4.1) Business exits includes costs related to the disposal of the privat
Slide 12: Capita Public Service (80% of Group revenue)
Capita Public Service (80% of Group revenue) £m HY26 HY25 Change Steady growth in revenue Revenue 729.2 711.8 2.4% Revenue Operating margin EBITDA and Operating profit 57.7 57.2 0.9% +2.4% (10)bps cash conversion Operating margin 7.9% 8.0% (10)bps Increased volumes in Increase of cost Cash conversio
Slide 13: Capita Experience – Pension Solutions (12% of Group revenue)
Capita Experience – Pension Solutions (12% of Group revenue) £m HY26 HY25 Change Significant remediation of the Civil Service Revenue 107.4 86.1 24.7% Pension Scheme contract Operating profit (3.6) 9.7 n/a Revenue Operating loss EBITDA and +24.7% £(3.6)m cash conversion Operating margin (3.4)% 11.3%
Slide 14: Capita Experience – Retained Contact Centre (7% of Group revenue)
Capita Experience – Retained Contact Centre (7% of Group revenue) £m HY26 HY25 Change Reduced margins driven by revenue headwinds Revenue 67.1 71.4 (6.0%) Revenue Operating profit EBITDA and Operating profit 1.2 3.3 (63.6)% (6.0)% (63.6)% cash conversion Operating margin 1.8% 4.6% (280)bps Reduction
Slide 15: Cash flow
Cash flow HY26 HY25 £m Reduced cash driven by pensions EBITDA 59.5 73.9 Net deferred income and CFA 32.8 61.3 and year end timing of cash flows Other working capital (including AR and AP) (37.5) (45.3) Operating cash flow impacted by reduced EBITDA and Non-cash and other adjustments 2.1 (7.0) lower
Slide 16: Cash flow and net debt movement
Cash flow and net debt movement £m HY26 HY25 Reduced cash generated from Cash generated from operations excluding business exits 51.4 68.6 operations mostly driven by pensions Net capital expenditure (15.4) (13.0) Capital expenditure reflects continued investment in our Interest paid (20.2) (18.8) c
Slide 17: Liquidity & net debt
Liquidity & net debt £m HY26 FY25 RCF increased and extended, Revolving credit facility (RCF) 325.0 250.0 strengthening liquidity Less: drawing on committed facilities (47.0) - In June 2026, the Group extended and increased its RCF to £325m, replacing the previous RCF (£250m) and additional Availabl
Slide 18: Order book bridge
Order book1 bridge Relevant to approximately 76% of H1 revenue Additions in HY26 include wins of the Synergy Business Process Services and Army Collective Training System contracts, a renewal with a major client within Pension Solutions, and expanded scope on the Primary Care Support England contrac
Slide 19: 2026 outlook, in line with expectations
2026 outlook, in line with expectations Revenue • Expect revenue to be broadly flat overall Operating • In line with previous guidance. Reduction in margin reflecting additional costs on the margin CSPS contract and residual overheads as the business transitions to a simpler operating model • Free c
Slide 20: CEO Adolfo Hernandez
CEO Adolfo Hernandez 20
Slide 21: Resilient structural growth markets in which we have leading positions...
Resilient structural growth markets in which we have leading positions... IT-enabled Services (ITeS)/BPO market Pensions market 2030 market size in £ Total Addressable Market (TAM): Total Addressable Market (TAM): c. £155bn Broader UK Public Sector Services £5bn+ (BPO and ITeS) and Regulated Industr
Slide 22: We are the No 1 strategic supplier to UK government
We are the No 1 strategic supplier to UK government (Public Service: 80% of Group revenue) Barriers to entry/part of the Capita “moat”: £1.5bn annual UK No.1 strategic • Deep public sector domain expertise revenue in 2025 Strong • Multi-decade experience running complex/ supplier of SITS1 £23.5bn pi
Slide 23: Capita’s alignment with UK Government’s agenda
Capita’s alignment with UK Government’s agenda Government priority Government’s first initiatives Capita Public Service propositions / existing contracts Empowering mayors & combined authorities; rewiring Local Public Service delivery; Revenues & Benefits; AI-led Radical devolution of powers Whiteha
Slide 24: A simplified Group: what we offer
A simplified Group: what we offer Capabilities delivering more predictable outcomes AI & Automation enablement Driving smarter outcomes through AI-powered BPO innovation Citizen Assessment Workforce Operational Pension Services Services Services Services Administration Frictionless citizen Streamlin
Slide 25: Our position in value chain and business model
Our position in value chain and business model Value in AI services Capita’s value Our moat is knowing how processes really work chain Capita’s Point AI moat 10 solutions cover Better a narrow part outcomes 20 of the stack • Applications Deep process Adoption & Human Lower risk 70 • AI models knowle
Slide 26: Capita has been investing for over 2 years to be ready to win
Capita has been investing for over 2 years to be ready to win Our strategy is aligned with the market shift to governed, outcome-led human-agent operations The key now is commercial conversion 1 2024: AI disruption 2 2024-2025: Provider 3 2025: Orchestration 4 2026: Human-agent anxiety productisatio
Slide 27: The investment in efficiency and technology is helping better delivery
The investment in efficiency and technology is helping better delivery and building a growth platform Total contract value won in H1 Pipeline opportunities 2026 wins for H2 2026 and 2027 £1bn Strongest performance in Public Service since 2021 Major renewal in * £425m secured in July Pensions worth
Slide 28: Adjusted to reported reconciliation
Adjusted to reported reconciliation £m HY26 HY25 Change Lower costs associated with Adjusted profit before tax 12.5 29.1 (16.6) the 2025 cost reduction Business exits (2.1) (10.9) 8.8 programme Simplification programme (4.1) - (4.1) Business exits includes costs related to the disposal of the privat
Slide 29: AI Catalyst stack and AI Catalyst lab
Supported by our technology, hyperscaler partners and operational excellence Partner achievements: New Capita AI & Product Office team investing since 2025: • First European BPO to launch on Storefront with 20 outcome led products • Amazon Connect Service Delivery accreditation achieved AI Catalyst
Slide 30: Using Capita internally as client zero
Using Capita internally as client zero - AI/Tech is delivering operational efficiency, workforce readiness and scalable AI adoption Area Metric Progress as at end July 2026 AI-powered • Supports assessment and training for 2,000+ specialists for a large health assessment assessments & client. Gene
Slide 31: *NEW* Forward Deployment Orchestrator
*NEW* Forward Deployment Orchestrator Orchestrating best in class technology and measurable benefits of AI MIT 2025 study of enterprise generative AI found that 95% “McKinsey reported fewer than one in ten organisations of organisations see no measurable impact on business” have scaled AI agents in
Slide 32: Better company
Better company Responsible business, driven by our values Case Study: Employability Capita delivers a range of employability Responsible 30,838 completed instances Group programmes designed to support people and AI Principles of AI and Data learning attrition take positive steps towards employment:
Slide 33: Strategic initiatives
Purpose Driving an improvement in financial performance Creating better outcomes Vision Capita - the leading AI enabled Business Services Partner Unlocking Value Together Strategy Better Technology Better Efficiencies Better Delivery Better Company Strategic initiatives Technology and AI Operational
Slide 34: Appendix
‘Capita Appendix
Slide 35: Capita 2030 | We are addressing key AI adoption blockers in public sector
Capita 2030 | We are addressing key AI adoption blockers in public sector Transformation Challenges Commercial Challenges Adoption Levers Key adoption blockers Activity to date In the future Legacy IT & Data • Digital Transformation in contract activity • Proposition rationalisation and re-developme
Slide 36: Forward Deployment Orchestrator benefits
Forward Deployment Orchestrator benefits Commercial conversion has started: live client economics 92% 80% of conversations resolved end to end first-time resolution, a 2.5x uplift by AI UK broadcaster WhatsApp channel: 12,000+ Local government Contact.AI deployment, live January conversations a mont
Slide 37: Example: AI-Led Customer Service on WhatsApp
Example: AI-Led Customer Service on WhatsApp Large UK Broadcaster deploying Capita Contact.AI to run WhatsApp as a customer service channel. It now handles over 12,000 conversations a month, with the majority resolved without a human agent. 92% 4.33/5 52% 12,000+ Resolved by AI Customer Effort Scor
Slide 38: 2026 modelling assumptions
2026 modelling assumptions Depreciation & amortisation Total charge c.3.5% of revenue P&L interest Low to mid-single digit increase compared to 2025, in line with average net debt increase Working capital In line with previous guidance Non-cash and other adjustments In line with previous guidance Ca
Slide 39: 2026 outlook, in line with expectations
2026 outlook, in line with expectations • Public Service: broadly flat revenue, reflecting impact of previously announced losses and contract wins in 2026 which commence in the second half of 2027 • Retained Contact Centre: low single digit revenue reduction, reflecting impact of lower project work
Slide 40: Divisional overview
Divisional overview Key items by division: • Public Service – small increase in revenue year-on-year. Slight reduction in margin reflecting flow through of prior year contract losses, lower cost recoveries on the Smart DCC contract, continued investment in AI, hyperscalers and data capabilities, and
Slide 41: Capita Experience – Regulated Services (0.3% of Group revenue)
Capita Experience – Regulated Services (0.3% of Group revenue) Includes one remaining business, Mortgage Software, being managed for value Revenue Operating profit EBITDA and cash (88.2)% £0.5m flow Non-repeat of £19m Non-repeat of £6m net EBITDA and operating one-off benefit in 2025 benefit from te
Slide 42: Revenue bridge by driver
Revenue bridge by driver £m 950.0 900.0 850.0 800.0 750.0 700.0 650.0 600.0 892.2 HY25 (1.1) Losses 43.6 Scope & volume 18.4 Wins 13.3 Indexation 906.4 HY26 42
Slide 43: Capita AI Catalyst Stack - “Process First” Agentification Engine
Capita AI Catalyst Stack - “Process First” Agentification Engine Integrated platform leveraging hyperscaler partners' technologies to automate business processes, combining process observability, rapid AI build and deployment, secure orchestration, and trusted data management Users Contact Centres O
Slide 44: Glossary of terms
Glossary of terms Term Definition Book to bill This is the ratio of TCV sold in the year / external revenue Operating cash conversion Calculated as operating cash flow excluding business exits divided by adjusted EBITDA Win rate Win rate is the proportion by value of contracts won as a proportion of