Slide 1: Half Year Results 2026
Half Year Results 2026 Mark Cook, Chief Executive Simon Goodwin, Chief Financial Officer
Slide 2: Agenda
Agenda Half year overview Financial review Strategy update
Slide 3: HY26 overview
HY26 overview Making strong strategic progress with profitability continuing to improve • Tangible progress delivered across our four strategic initiatives • Adjusted operating profit improved to £2.7m (FY25: £0.9m) • Adjusted EBITDA increased from £3.5m to £5.2m • Overall revenue down 4.2%, with As
Slide 4: HY26 overview: Divisional summary
HY26 overview Divisional summary Delia B. Herrin RM Assessment Content Creator RM Technology RM Resources (TTS) Content Creator Content Creator • Assessment core recurring revenue • Revenue impacted by pressures on UK • Revenue temporarily affected by Middle up 7.3% school budgets East conflict • Pi
Slide 5: Financial review
Financial review Simon Goodwin, CFO
Slide 6: HY26 trading update shows progress on strategic initiatives
HY26 trading update shows progress on strategic initiatives H1 2026 H1 2025 % change Revenue from continuing operations £70.1m £73.2m (4.2) % Assessment recurring revenue £19.0m £17.7m +7.3% Adjusted operating profit £2.7m £ 0.9 m +200.0% Adjusted EBITDA £5.2m £ 3.5 m +48.6 % Net debt £59.3m £ 59.6
Slide 7: Summary income statement
Summary income statement £m HY 2026 HY 2025 Variance Revenue 70.1 73.2 (3.1) Divisional contribution 11.4 12.1 (0.7) Divisional contribution margin 16.3% 16.5% (0.2)% Adjusted* operating profit/(loss) 2.7 0.9 1.8 Adjusted* operating margin 3.9% 1.2% 2.7% Net finance costs (2.7) (3.3) 0.6 Adjusted* p
Slide 8: Assessment
Assessment Adjusted Divisional Adjusted Revenue contribution operating profit % operating profit margin £20.5m £7.5m £5.3m 25.9% HY25: £20.5m HY25: £6.7m HY25: £3.6m HY25: 17.6% 0% +11.9% +47.2% +8.3% vs HY25 vs HY25 vs HY25 vs HY25 Recurring revenue growth £m 20 Continued HY26 HY25 18.8 19.0 19 str
Slide 9: Technology
Technology Adjusted Divisional Adjusted Revenue contribution operating profit % operating profit margin £20.0m £1.8m £0.0m 0.0% HY25: £22.0m HY25: £3.5m HY25: £0.9m HY25: 4.1% 9.1% 48.6% 100% 4.1% vs HY25 vs HY25 vs HY25 vs HY25 Recurring and transactional revenue growth HY26 HY25 £8.9m £8.3m Recurr
Slide 10: RM Resources (TTS)
RM Resources (TTS) Adjusted Divisional Adjusted Revenue contribution operating profit % operating profit margin £29.6m £2.1m £0.8m 2.7% HY25: £30.7m HY25: £1.8m HY25: £0.1m HY25: 0.3% 3.6% +16.7% +700% +2.4% vs HY25 vs HY25 vs HY25 vs HY25 Revenue and material margin – UK /International Overall UK I
Slide 11: Net Debt
Net Debt £m £8.7m 2.6 1.4 3.7 0.5 0.0 2.3 59.3 (4.6) 2.8 50.6 1.4 Adjusted Operating Exceptionals Working Capex Capex Pension Interest Lease Adjusted Net Debt cashflows* capital intangibles PPE contributions paid payments Net Debt FY25 HY26 Cashflow HY26 v HY25 Operating Working Capex Capex Pension
Slide 12: Financial outlook
Financial outlook • External headwinds and challenging UK education market conditions continue to impact in the near term • Assessment will show further strong and profitable underlying growth • Cost savings will positively impact profitability in H2 • Separation work continues, expected to deliver
Slide 13: RM Strategy Update
RM Strategy Update
Slide 14: Our strategy
Our strategy Delivering on our strategic initiatives • Separating the business 2025 2026 2027 Legal and operational separation of Assessment • Strengthening RM Ava and and Corporate Services speeding up its development Process mapping Operational of technology separation of TTS • Investing in sales
Slide 15: Separating the business
Separating the business RM Assessment now separated Completed the Untangling legacy IT Supporting net debt Creating a highly transition to separate with Assessment’s reduction and creating focused, resilient, legal entities for standalone ERP optionality for and growing each division launched in Jun
Slide 16: Accelerate the development of RM Ava: the market opportunity
Accelerate the development of The market Consolidating our tools into a single opportunity cloud platform by 2027 Highly attractive market Recurring demand High cost of change Market catalyst Structural shift from paper to digital assessment - Global EdTech market forecast to grow at a CAGR of 16% t
Slide 17: Guiding digital transformations
Accelerate the development of Guiding digital transformations We don’t just sell a platform. We deliver the expertise and roadmap to transition multi -million candidate exams boards from paper to digital safely Proven digital transformation in action in New Zealand 2019: 14,000 students I 200 school
Slide 18: Invest in Assessment sales and marketing
Invest in Assessment sales and marketing Scaling and accelerating growth Recruiting new Maintaining our Deepening Building on our talent customer base relationships heritage 100 % H1 customer renewal rate . Pipeline doubled since HY25
Slide 19: Our strategy
Our strategy Delivering on our strategic initiatives • Separating the business 2025 2026 2027 Legal and operational separation of Assessment • Strengthening RM Ava and and Corporate Services speeding up its development Process mapping Operational of technology separation of TTS • Investing in sales
Slide 20: Future outlook
Future • Continued strong momentum on our transformation journey outlook • Headwinds anticipated to slightly impact FY26 revenue • On course to meet full year expectations for AOP and EBITDA • Driving toward a highly focused, resilient and growing business
Slide 21: Thank you
RM Thank you
Slide 22: Disclaimer
Disclaimer Forward -looking statements speak only as at the date of this Presentation . Except as required by applicable law or regulation (including to meet the requirements of the London Stock Exchange Rules, the Market Abuse Regulation as it forms part of domestic law in the United Kingdom by vir