Next 15 Group Plc · LSE:NFG

Next 15 — H1 FY2027 Earnings Presentation

32 slides from Next 15's earnings presentation, Oct 8, 2026

  1. Slide 1: © Next 15 Confidential | 2026

    © Next 15 Confidential | 2026

  2. Slide 2: FY27 Interim Results

    FY27 INTERIM RESULTS A SIMPLER, HIGHER-QUALITY GROUP. TRACK 1 GROWING, MARGINS IMPROVING. MOMENTUM RETURNING AS TRANSFORMATION TAKES HOLD. © Next 15 Confidential | 2026 2

  3. Slide 3: Agenda

    AGENDA 01 FY27 INTERIM OVERVIEW 02 FINANCIAL REVIEW 03 STRATEGY UPDATE & OUTLOOK 04 SUMMARY 05 APPENDICES © Next 15 Confidential | 2026 3

  4. Slide 4: Interim Overview

    01 INTERIM OVERVIEW © Next 15 Confidential | 2026 4

  5. Slide 5: Key Headlines

    KEY HEADLINES Momentum returning in line with expectations LfL net revenue down 1.3% (constant currency) in H1. Current group of businesses now showing three consecutive months of organic growth (June 26 – August 26), the first time in three years Track 1 performing LfL revenue up 1.8%, operating pr

  6. Slide 6: Momentum returning: Track 1 growing and margins up

    MOMENTUM RETURNING: TRACK 1 GROWING AND MARGINS UP, DRIVEN BY COST DISCIPLINE AND STRUCTURALLY GROWING MARKETS Net revenue Performance £214.9m, down 1.3% LfL (constant • Track 1: LfL net revenue +1.8%, operating profit up, margin 18.4% (H1 FY26: currency) 17.9%) • Digital Transformation +26.8% (DfE,

  7. Slide 7: Financial Review

    02 FINANCIAL REVIEW INTERIM RESULTS: FY27 © Next 15 Confidential | 2026 7

  8. Slide 8: Adjusted P&L

    ADJUSTED P&L LfL revenue broadly in line with expectations. Track 1 LfL revenue up 1.8% due to strong growth in Transform and M Booth Health, £M H1 FY27 H1 FY26 % change year on year partially offset by decline in the Marketing segment. Net revenue 214.9 230.8 (6.9)% LfL revenue Operating profit mar

  9. Slide 9: Segmental Performance

    Retail Media +2.1% ⬝ Growth in SMG in both revenue and profit, in tandem with continued investment in US market SEGMENTAL PERFORMANCE ⬝ Costs under tight control, leading to increase in operating margin to 20.0% (FY26 H1: 16.1%) ⬝ Digital commerce (a division of Elvis which has been retained) reclas

  10. Slide 10: Track 1, Track 2 and Track 3 Performance

    Track 1: Core Growth Portfolio TRACK 1, TRACK 2 AND TRACK 3 PERFORMANCE The Track 1 portfolio comprises our data, technology and AI-enabled businesses operating in structurally growing markets, where we are concentrating investment for growth. Net revenue LfL Operating Margin Margin Track 1 delivere

  11. Slide 11: Revenue Bridge

    REVENUE BRIDGE Disposals: £11.5m reduction from prior 235.0 year divestments LfL revenue: Down £2.9m (-1.3%) 230.0 230.8 Track 1 up £2.6m (+1.8%), driven by 225.0 -11.5 strong growth in Digital Transformation (+26.8%) and M Booth Health 220.0 2.6 -3.1 Track 2 down £3.1m (4.3%), partially 219.3 -2.4

  12. Slide 12: Adjusted Operating Profit Bridge

    ADJUSTED OPERATING PROFIT BRIDGE £m Margin and Cost Management • Adjusted operating margin up 70bps 34.0 Margin: to 14.9% (H1 FY26: 14.2%), 14.2% Margin: reflecting disciplined cost 33.0 Margin: 14.9% 14.5% management and the benefit of 32.7 -0.7 restructuring actions 32.0 -0.5 0.4 31.9 32.1 • Staff

  13. Slide 13: Diversified Customer Base Provides Resilience

    Client mix shifting towards faster- growing sectors DIVERSIFIED CUSTOMER BASE PROVIDES RESILIENCE Public Sector: fastest-growing sector, up 29% to £40.1m and now third largest (18% of revenue), driven by Transform's work with UKHSA, DfE and DEFRA. Net Revenue By Sector - H1 FY27 vs H1 FY26 (£m) 80.0

  14. Slide 14: Cash Flow

    CASH FLOW Cash Flow Performance Net debt increase in H1 from 70.0 £35.6m to £57.3m Major movements: 60.0 Working capital 0.9 0.5 4.4 outflow of £21.2m vs inflow 1.9 • Net inflows from trading of £22.7m 50.0 of £4.3m in H1 6.2 FY26 5.3 • Working capital outflow of £21.2m, Net Debt £m 40.0 4.0 princip

  15. Slide 15: Leverage and Liquidity

    LEVERAGE AND LIQUIDITY Leverage Net debt/Adjusted EBITDA of 0.7x (H1 FY26: 0.5x), well within the 2.5x covenant. Net debt increased to £57.3m (H1 FY26: £45.3m), reflecting earn-out payments: H1 FY27 H1 FY26 £6.2m, tax: £4.0m and capex: £5.3m. £m 31 July 26 31 July 25 Including the full Mach49 earn-o

  16. Slide 16: EPS, Dilution and Dividend

    EPS, DILUTION AND DIVIDEND Diluted adjusted EPS of 20.7p (H1 H1 FY27 H1 FY26 FY26: 21.4p), down 3.3%. Adjusted earnings attributable to ordinary shareholders (£m) 22.2 22.4 The increase due to the dilutive Weighted average number of ordinary shares (million) 101.1 100.9 impact of shares potentially

  17. Slide 17: Estimated Earn-out Commitments

    ESTIMATED EARN-OUT COMMITMENTS Majority of earn-out commitments 31 July 2026 31 Jan 2026 31 July 2025 now settled. £M £M £M Remaining earn-outs (excluding FY26 - - 9.6 Mach49) total less than £8m, payable through FY28 with no commitments FY27 4.3 10.6 8.0 beyond that date. FY28 3.6 2.2 1.1 Mach49 ea

  18. Slide 18: Strategy & Outlook

    03 STRATEGY & OUTLOOK INTERIM RESULTS : FY27 © Next 15 Confidential | 2026 18

  19. Slide 19: Our transformation strategy is taking hold

    OUR TRANSFORMATION STRATEGY IS TAKING HOLD Vision: Data-powered growth, fit for an AI future A simplified business, with clear focus, An AI and data first platform Unified, not uniform expertise and a strong capital base built for growth A focused, connected Next 15 — built on shared strengths in da

  20. Slide 20: The Next 15 flywheel is gaining momentum

    THE NEXT 15 FLYWHEEL IS GAINING MOMENTUM Transform built an AI funding-finder with Defra in a six-week AI Lab: farmers describe their land in plain English and are matched to the right schemes, with grant compatibility checked automatically and the build designed for minimal compute. Result: Potenti

  21. Slide 21: Capital being re-allocated towards higher-growth, AI driven businesses

    CAPITAL BEING RE-ALLOCATED TOWARDS OUR HIGHER-GROWTH, AI DRIVEN BUSINESSES TRACK 1 TRACK 2 Margin improved to 21.5%; decline moderated to Operating in structurally growing markets -4.3% LfL in H1 (H1 FY26: -13.6%); Marker returned H1: LfL revenue +1.8%, margin 18.4%; to growth investment underway to

  22. Slide 22: 'Unified but not uniform' operating model

    ‘UNIFIED BUT NOT UNIFORM’ OPERATING MODEL DRIVING INTEGRATION, GROWTH AND EFFICIENCY Track 1 operating board removing silos: client crossover, centralised data and technology, and early application of AI. Brands winning together: Transform and Savanta jointly pitching, and a shared data proposition

  23. Slide 23: Our priorities for the next months

    OUR PRIORITIES FOR THE NEXT 6 MONTHS RESOLVE SIMPLIFY GROW Continue investment Progress portfolio actions in Track 1, scale AI Resolve Mach49 and embed operating capabilities arbitration model and sustain H2 momentum © Next 15 Confidential | 2026 23

  24. Slide 24: Outlook

    OUTLOOK Momentum is returning through H1 and into the second half: • Three consecutive months of organic growth with encouraging new business momentum • Continued strong growth in Digital Transformation; early benefits from simplification and a more focused investment approach • Discretionary client

  25. Slide 25: Summary

    04 SUMMARY © Next 15 Confidential | 2026 25

  26. Slide 26: Key Headlines

    KEY HEADLINES A simpler, higher-quality group Portfolio simplified from 22 businesses to 10, cost base reset, and capital focused on Track 1 - data, technology and AI businesses in structurally growing markets The strategy is delivering Track 1 growing with margins up, brands increasingly winning to

  27. Slide 27: Appendices

    05 APPENDICES © Next 15 Confidential | 2026 27

  28. Slide 28: Adjustments

    ADJUSTMENTS Mach49 costs are principally legal and adviser fees in connection with the ongoing arbitration proceedings. £M H1 FY27 H1 FY26 Property impairment relates to the one-off Adjusted profit before tax 30.2 30.9 accounting charge for the surplus office Mach49 costs (10.0) (4.4) space in Londo

  29. Slide 29: Regional Revenue & Operating Profit

    REGIONAL REVENUE & OPERATING PROFIT (SEGMENTAL & TRACK PERFORMANCE) NET REVENUE OPERATING PROFIT HEAD Operation US UK ROW TOTAL US UK ROW TOTAL OFFICE Retail Media 0.7 25.7 - 26.4 0.8 4.5 - - 5.3 Data & Research 7.3 15.4 - 22.7 1.1 1.8 - - 2.9 Digital Transformation - 36.8 - 36.8 - 6.4 - - 6.4 Marke

  30. Slide 30: Regional

    REGIONAL Net revenue LfL Operating Margin Margin Operation H1 FY27 Growth/ Profit H1 FY27 H1 FY26 £M (Decline) £M US 80.9 2.1% 20.0 24.7% 21.2% UK 121.6 (2.9)% 18.8 15.5% 15.3% APAC 6.9 (5.8)% 0.9 13.5% 9.6% EMEA 5.5 (9.0)% 0.6 11.1% 16.1% Head Office - - (8.2) - - Total 214.9 (1.3)% 32.1 14.9% 14.2

  31. Slide 31: Balance Sheet Summary

    BALANCE SHEET SUMMARY £M 31 July 2026 31 July 2025 Intangible assets 211.8 245.5 Non-current assets 70.8 70.0 Current assets 246.1 249.2 Non-current liabilities (109.4) (117.2) Current liabilities (300.0) (283.5) Net assets 119.3 164.0 Share capital 2.6 2.5 Reserves 116.7 161.0 Minorities - 0.5 Tota

  32. Slide 32: Next 15 Group plc

    Next 15 Group plc www.next15.com © Next 15 Confidential | 2026 32

Next 15 Group — H1 FY2027 Earnings Presentation on 6ix