Slide 1: 2026 Half Year Results
2026 Half Year Results 8 September 2026
Slide 2: Disclaimer
Disclaimer This presentation includes statements that are, or may be deemed to be, ‘forward-looking statements’. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms ‘anticipates’, ‘believes’, ‘estimates’, ‘expects’, ‘intends’, ‘may’, ‘pla
Slide 3: Highlights
Highlights Record H1 Good Balanced 2026 outlook raised performance strategic progress capital allocation • Outstanding performance in • Market share gains in • Continuing rollout of upgraded • Record committed product North America Technology Sourcing and systems and tools order backlog of £9.3bn at
Slide 4: Financial review
Financial review Keith Mortimer, CFO
Slide 5: H1 2026 Financial highlights
H1 2026 Financial highlights Gross invoiced Revenue Gross profit Adjusted income operating profit £8.9bn £6.8bn £657.9m £153.1m +58.6% CCY +73.3% CCY +30.5% CCY +87.6% CCY +57.6% +71.6% +30.5% +86.5% Adjusted Adjusted Dividend Adjusted PBT diluted EPS net funds £152.4m 101.9p 27.1p £308.7m +87.7% CC
Slide 6: H1 2026 Income statement
H1 2026 Income statement H1 2026 H1 2025 Change £m £m Change (CCY) Gross invoiced income (GII) 8,927.5 5,665.3 +57.6% +58.6% • Strong GII growth driven by North America and UK Technology Revenue 6,845.2 3,988.8 +71.6% +73.3% Sourcing Gross profit 657.9 504.2 +30.5% +30.5% • Gross profit up 30.5% in
Slide 7: Operating profit bridge
Operating profit bridge £m in constant currency • Technology Sourcing volume (169.5) growth and lower gross margin % 310.7 driven largely by high-volume projects in North America and UK • Increase in Services volume driven by Professional Services and acquisition of 21.5 (9.1) (82.1) AgreeYa +87.6%
Slide 8: Operating profit bridge by geography
Operating profit bridge by geography £m reported • North America - outstanding 9.1 (5.1) 4.0 1.1 (7.5) performance 69.4 +86.5% • UK – accelerating momentum 153.1 246.7 • Germany – robust underlying performance • Western Europe – operating loss 82.1 reduced 78.8 H1 2025 North UK Germany Western Inter
Slide 9: Performance overview by geography (1)
Performance overview by geography (1) Outstanding performance in North America; accelerating momentum in UK North America United Kingdom • Another record performance • Accelerating momentum H1 2026 % ch H1 2026 % ch £m CCY − Hyperscale, neocloud and £m CCY − Technology Sourcing enterprise growth gro
Slide 10: Performance overview by geography (2)
Performance overview by geography (2) Germany - underlying performance robust; Western Europe improved Germany Western Europe • Robust underlying performance • £4m reduction in operating H1 2026 % ch against challenging economic H1 2026 % ch loss mainly driven by France £m CCY backdrop £m CCY − Incr
Slide 11: Diversified by Service Line and geography
Diversified by Service Line and geography North America 62% of Group operating profit1 Revenue by Service Line Revenue by geography Adj. operating profit1 by geography £6,845m £6,845m £190.3m1 +73.3% in +73.3% in +71.0% in CCY CCY CCY Share of Change Change Share of Change Change Share of Change Cha
Slide 12: Delivering significant growth in Data Center and Networking
Delivering significant growth in Data Center and Networking Driven by TMT, with growth across all sectors Share by Technology Area and YoY growth % Share by Customer Sector1 and YoY growth % Financial, Professional Services Networking Workplace +12% & Security +24% Government, TMT Education, Healthc
Slide 13: H1 2026 cash flow generation
H1 2026 cash flow generation Investing for growth while delivering returns to shareholders Working capital • As anticipated, H1 outflow reflects Net cash flow from: Inventories (770.8) unwind of early customer payments 40.4 (245.1) Trade and other receivables (562.5) at year end Trade and other paya
Slide 14: Disciplined and balanced approach to capital allocation
Disciplined and balanced approach to capital allocation £1.1bn of capital distributed to shareholders since 2013 Capital returns to shareholders (£m) Organic investment • Drive market share gains and improve efficiency Total Return since 2013 £1.1bn1 M&A • Continue to assess acquisitions based on st
Slide 15: 2026 Technical guidance
2026 Technical guidance Adjusted Exchange Central Dividend Capex effective rates costs cover tax rate c.(£3m) £75-80m c.£70-75m 28.5-30.5% 2-2.5x FY 2025 foreign Increase due to: New Atlanta Decrease due to: adjusted diluted exchange rates Integration Center EPS Incentive based pay; North America fo
Slide 16: Operating review
Operating review Mike Norris, CEO
Slide 17: Our strategic choices are driving growth
Our strategic choices are driving growth Target market Scale and leverage Empower our customers our activities people We build long-term relationships We create economic advantage We trust our teams to make with the largest corporate and and customer value in our core responsible decisions that publ
Slide 18: Building long-term value
Building long-term value Our differentiators Customer track Services breadth Market-leading record and scale international We have built long-term We have the largest coverage trust with many of the service capability of any We have the best world’s leading VAR in the world. international capability
Slide 19: Growth in major customers
Growth in major customers 18 major customers added yoy Major customers each generating >£1m of gross profit pa • Increasing the number of major customers is an important driver of long-term growth and resilience 215 216 198 • Net 18 major customers added year 182 191 on year; 8 from acquisitions 179
Slide 20: North America: strong organic growth from targeted acquisitions
North America: strong organic growth from targeted acquisitions Established FusionStorm Computacenter US Inc. acquisition BITS acquisition AgreeYa acquisition 2005 2018 2022 2026 2016 2020 2025 2026 Took control of US Pivot acquisition ProSys acquisition GAI acquisition service functions (non-contro
Slide 21: North America – strong execution and momentum
North America – strong execution and momentum 62% of Group adjusted operating profit in H1 2026 Operating profit ($m) • Growth driven by both +148.4% hyperscale, neocloud and in CCY 172 enterprise customers 159 • Net 14 major customers added; 8 from acquisitions ‘Value added’ • Organic • More than d
Slide 22: Data center and Networking expertise driving growth
Data center and Networking expertise driving growth Enabling our Technology customers to accelerate digital infrastructure expansion Share by Technology Area and YoY growth % Share by Customer Sector and YoY growth % Financial, Government, Workplace Professional Services Education, Healthcare Networ
Slide 23: GAI adds new US federal growth opportunity
GAI adds new US federal growth opportunity Highly complementary acquisition GAI at a glance Unlocking new US federal growth opportunity Focused US federal government New growth market Value-Added Reseller headquartered in Cincinnati, Ohio Provides direct access to the large US federal government sec
Slide 24: UK – accelerating momentum
UK – accelerating momentum Adjusted operating profit (£m) • Results from more targeted approach and greater proximity to customers now visible 27.3 26.4 • Technology Sourcing growth 25.0 − high-performance AI-related infrastructure projects driving growth; good order intake 17.3 − growth in corporat
Slide 25: Delivering AI infrastructure at scale
Delivering AI infrastructure at scale Projects delivered by UK team 25
Slide 26: Germany – robust underlying performance
Germany – robust underlying performance • Robust underlying performance against a challenging market backdrop Adjusted operating profit (£m) • Technology Sourcing delivered growth across all technology areas and in 109.2 both public sector and corporate 97.4 • Professional Services revenue unchanged
Slide 27: Western Europe – France refocus underway
Western Europe – France refocus underway Adjusted operating profit (£m) Improved performance in Western Europe, mainly driven by France: 11.6 • Increased public sector activity against a soft comparative • Adopting a more focused approach and actively managing costs 2.1 • Clear focus on increasing s
Slide 28: Further progress with roll out of our Group-wide investments
Further progress with roll out of our Group-wide investments Sales & customer engagement Artificial intelligence Circular Services New Sales CRM and Quotation Leveraging AI capabilities of Circular Services ERP system systems deployed globally to new platforms: e.g. configured for our specific appro
Slide 29: Integration Center investments progressing well
Integration Center investments progressing well Scale infrastructure across our geographies New Atlanta Integration Center to open in 2027 Hatfield - liquid cooling facility to open in 2026 29 • £32m investment • £4m investment in infrastructure and technology • 265k sq ft – double size of existing
Slide 30: Capital Markets Event
Capital Markets Event Save the date 24 November 2026 - hosted in Hatfield, United Kingdom Mike Norris Keith Mortimer CEO CFO To include updates on: Site visit of the Our differentiated Our North America Hatfield Integration European Data Center growth opportunity Center and new Liquid capability Coo
Slide 31: Summary and outlook
Summary and outlook Excellent first half performance Continued good strategic progress • Results significantly ahead of expectations at • Growth in major customers start of year • North America now the largest contributor to • Growth in Technology Sourcing and Services the Group • Outstanding perfor
Slide 32: Q&A
Q&A
Slide 33: Appendix
Appendix
Slide 34: Long-term growth in earnings, cash and shareholder returns
Long-term growth in earnings, cash and shareholder returns Adjusted diluted EPS (p) Net cash flow from operations (£m) Capital returned to shareholders (£m) 10 year 10 year 175.1 Total Return CAGR CAGR since 2013 13% 12% £1.1bn 293.6 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22FY23FY24 FY25 FY15 FY16 FY1
Slide 35: H1 2026 Summary income statement
H1 2026 Summary income statement H1 2026 H1 2025 £m £m Change Constant currency Technology Sourcing 7,992.4 4,856.5 64.6% 66.2% Professional Services 522.6 384.0 36.1% 34.4% Managed Services 412.5 424.8 (2.9%) (4.5%) Services 935.1 808.8 15.6% 13.9% Gross invoiced income 8,927.5 5,665.3 57.6% 58.6%
Slide 36: Adjusting items
Adjusting items H1 2026 H1 2025 £m £m Adjusted operating profit 153.1 82.1 Amortisation of acquired intangibles (8.8) (5.1) (Costs) / gains related to acquisitions (1.0) (3.2) Loss on impairment - Operating profit 143.3 73.8 36
Slide 37: Adjusted operating profit by geography – H1/H2 splits
Adjusted operating profit by geography – H1/H2 splits £m H1 2026 FY 2025 H2 2025 H1 2025 Adjusted operating profit UK 26.4 42.3 25.0 17.3 Germany 43.0 157.3 109.2 48.1 Western Europe (4.9) (7.8) 1.1 (8.9) North America 118.5 129.6 80.5 49.1 International 7.3 15.1 8.9 6.2 Central costs (37.2) (61.8)
Slide 38: Inventory by geography
Inventory by geography 30 June 30 June 2026 2025 £m £m Change Constant currency United Kingdom 276.8 18.5 1,396.2% 1,396.2% Germany 189.9 85.1 123.1% 121.1% Western Europe 50.4 13.5 273.3% 270.6% North America 722.0 191.3 277.4% 265.0% International 21.3 8.4 153.6% 163.0% Total Group 1,260.4 316.8 2