Auction Technology Group Plc · LSE:ATG
Auction Technology — FY2025 Earnings Presentation
40 slides from Auction Technology's earnings presentation, Nov 26, 2025
Slide 1: Full Year Results
2025 Full Year Results TWELVE MONTHS ENDED 30 SEPTEMBER 2025 26 November 2025
Slide 2: Agenda
Agenda 1 Results Highlights 2 Financial Performance 3 Strategic Update 4 Q&A * Glossary of terms in back of presentation 2
Slide 3: Results Highlights
a AUCTION TECHNOLOGY GROUP Results Highlights
Slide 4: How ATG Creates Value
Network Flywheel How ATG Creates Value • Trusted, curated marketplace connecting buyers and sellers of unique and valuable items • $12bn+ in annual THV across two sectors: Arts & Antiques and Industrial & Commercial • Ten marketplaces powered by ATG's proprietary technology, supporting 26m+ items, 9
Slide 5: Foundations of Our Growth Model
INVESTMENT CASE Foundations of Our Growth Model LARGE AND GROWING MARKET EXPANDING MONETISATION Structural shift offline to online. Improved Growing value-added services (VAS) discovery and ease of purchase accelerates increase revenue per transaction and long-term demand deepen customer value LEADI
Slide 6: Results Highlights
Results Highlights GOOD REVENUE GROWTH PROFIT HEADWINDS, PROGRESS IMPROVING CHAIRISH ACQUISITION IN-LINE WITH GUIDANCE STRONG CASH GENERATION BUYER EXPERIENCE ON TRACK • Revenue up 9.2% to $190.2m, up • Adjusted EBITDA $76.8m, (4)% YoY, • Streamlined bidding journey for • Expanded inventory of uniqu
Slide 7: Financial Performance
a AUCTION TECHNOLOGY GROUP Financial Performance
Slide 8: FY25 Financial Highlights
REVENUE ADJ. EBITDA ADJ. EBITDA MARGIN $190.2m $76.8m 40.4% +9.2% reported FY24: $80.0m FY24: 45.9% +4.4% reported organic¹ (4)% YoY 42.7% margin ex-Chairish FY25 Financial Highlights ADJ. OPERATING ADJ. DILUTED EPS CASH FLOW ADJ. NET DEBT 37.9c $73.7m $174.0m FY24: 38.6c 96% conversion (FY24: 82%)
Slide 9: Good Revenue Growth in Challenging Macro Conditions
FINANCIAL PERFORMANCE Good Revenue Growth in Challenging Macro Conditions • The Group operating segments remain unchanged, save for the Revenue by segment and Operational KPIs addition of Chairish as a new segment. However, the Group now Movement Reported aggregates under two reportable operating se
Slide 10: A&A Organic Growth Complemented by Chairish
FINANCIAL PERFORMANCE A&A Organic Growth Complemented by Chairish • THV grew 3% to $5.2bn representing a modest improvement H2 over H1 A&A operational KPIs and revenue • GMV was up 1% to $0.8bn with a broadly flat conversion rate of 16% Movement Reported (FY24: 16%) FY25 FY243 reported¹ organic² • T
Slide 11: I&C: Strong Seller Loyalty and Growth In Value-Added Services
FINANCIAL PERFORMANCE I&C: Strong Seller Loyalty and Growth In Value-Added Services I&C operational KPIs and revenue Movement • THV was flat at $6.9bn with the stabilisation of used asset prices in FY25 FY242 many categories reported¹ THV $6.9bn $6.9bn 0% • GMV declined slightly (1%) to $2.5bn, with
Slide 12: Group P&L
FINANCIAL PERFORMANCE Group P&L Group financial summary - reported • Revenue up 9.2%, Gross profit up 1% with margin dilution of c.5ppts due to change in revenue mix, increase in software amortisation and $m FY25 FY24 Movement1 people and technology costs Revenue 190.2 174.2 9.2% • Admin / other exp
Slide 13: Continued Strong Cash Generation Providing Flexibility
FINANCIAL PERFORMANCE Continued Strong Cash Generation Providing Flexibility Reconciliation of adjusted EBITDA to adjusted free cash flow • Consistently strong cash generation providing the ability to fund growth of the business and pay down debt FY25 FY24 $m Movement1 $m $m Adjusted EBITDA 76.8 80.
Slide 14: The Key Building Blocks for FY26 Performance
FINANCIAL PERFORMANCE The Key Building Blocks for FY26 Performance ATGSHIP ADOPTION FIXED-FEE GROWTH Continued rollout and uptake of atgShip Growth in fixed fees through targeted REVENUE pricing actions AMP EXPANSION BUYER EXPERIENCE IMPROVEMENTS FY25: +4.4% reported organic Developments to, and upt
Slide 15: Capital Allocation
FINANCIAL PERFORMANCE Capital Allocation ATG will continue to carefully manage its balance sheet, including retaining a prudent and appropriate level of liquidity headroom and leverage. Our priorities for capital allocation are: Current focus Medium term considerations SHAREHOLDER RETURNS DELEVERAGI
Slide 16: CFO Thoughts and Confidence Going Forward
FINANCIAL PERFORMANCE CFO Thoughts and Confidence Going Forward INITIAL THOUGHTS FOCUS FOR FY26 Opportunity to align, simplify and improve Balance investment and cost control, de-leverage operational KPIs Healthy levels of free cash generation Deliver on Chairish and extract full value Exciting pros
Slide 17: FY26 Guidance
REVENUE GROWTH¹ 4 - 5%² ADJUSTED EBITDA MARGIN 34.5 - 35.5% DEPRECIATION & AMORTISATION c.$13m INTEREST COST c.$12m FY26 EFFECTIVE TAX RATE c.19 - 20% GUIDANCE SHARE COUNT³ 123.4m CAPEX c.$13m EXCEPTIONAL COSTS c.$5m P&L charge 1. At constant currency and proforma for a full year of Chairish. This e
Slide 18: Strategic Update
a AUCTION TECHNOLOGY GROUP Strategic Update
Slide 19: ATG Ambition to Leverage the Marketplace Playbook
STRATEGIC UPDATE ATG Ambition to Leverage the Marketplace Playbook SCALE: SELLERS + BUYERS STRONG FINANCIAL PROFILE • Over $14bn in inventory • High margin • 16,000 sellers • Highly cash generative • 26m items • 85m bids Take rate CONVERSION RATE STRUCTURAL DRIVERS OPERATING LEVERAGE • $49m¹ in VAS
Slide 20: In FY25 we executed against initiatives aligned to the vision
ACCELERATED ATGSHIP ADOPTION More than doubled atgShip revenue, launched e-label and the shipping mandate on LiveAuctioneers. Shipped 15k+ lots in September vs. 4.5K in March, with 1k+ auctioneers onboarded GOOD AMP PERFORMANCE AND SELLER UPTAKE Expanded average spend per auctioneer by 15% on PXB an
Slide 21: Key Improvements to LiveAuctioneer's Buyer Experience
STRATEGIC UPDATE Key Improvements to LiveAuctioneer's Buyer Experience REDUCE FRICTION INCREASE TRUST EXPAND RECURRENCE Reducing auction friction helps more Timely prompts encourage intent Strong trust signals make users interested users feel confident driven bidders to return at key comfortable eng
Slide 22: Embracing AI to positive effect with focus on Search & Discovery
AI DRIVEN CATEGORISATION Built an AI model that increased automated lot categorisation from 60% to 96% and added deeper category granularity to strengthen search and recommendations STRATEGIC UPDATE Embracing AI to AI PREDICTIVE PRICING & SELL-THROUGH positive effect Built an AI model that estimates
Slide 23: FY25 Targeted Investment in LiveAuctioneers Delivering Early Results
STRATEGIC UPDATE FY25 Targeted Investment in LiveAuctioneers Delivering Early Results MORE BIDDING ACTIVITY DRIVING BUYERS WHO COME ARE MORE LOTS SOLD BUYING MORE Improved Search Relevance +10.2% more bids YoY +8.2% lots won per buyer + 9.2% more lots sold YoY Reduced Friction in Bidding Journey Add
Slide 24: Chairish as a Catalyst for the Marketplace Flywheel
DEPLOY OUR OPERATIONAL PLAYBOOK SYNERGIES Leverages ATG's High-confidence marketplace tech and savings with $4m of VAS – to unlock $8m already secured proven performance STRATEGIC UPDATE STRONGER MORE BUYER COMPETITIVE Chairish as a POSITION DEMAND Catalyst for the Adds 4.5m monthly Creates a more s
Slide 25: Strategic Priorities for FY26
STRATEGIC UPDATE Strategic Priorities for FY26: Strong Execution, Build on Momentum Driving Revenue, GMV, Conversion and Take rate MARKETPLACE PLAYBOOK SCALE: SELLERS + BUYERS • Over $14bn in inventory • 16,000 sellers Take rate • 26m items • 85m bids • atgShip - underpinned by annualization of mand
Slide 26: Summary
UNDERPINNED FY26 PLAN IMPROVED MARKETPLACE USER EXPERIENCE FUNDAMENTALS Robust bottom-up plan, driven Improved discovery, trust and primarily by atgShip, AMP, and ease of use focused on growing modest listing fee increases CVR, ALV, GMV – already driving uplift in leading metrics Summary DISCIPLINED
Slide 27: Q&A
a AUCTION TECHNOLOGY GROUP Q&A
Slide 28: Appendix
a AUCTION TECHNOLOGY GROUP Appendix
Slide 29: Evolving Revenue Product Mix Impacts EBITDA Margin
APPENDIX Evolving Revenue Product Mix Impacts EBITDA Margin Revenue by product FY25 FY24 Movement Movement • Modest growth in commission and $m $m $m reported¹ organic² subscription and fixed fees Commission 92.2 87.6 5.2% 0.6% Subscription and Fixed Fees 40.2 39.0 3.3% 1.3% • Growth in value-added
Slide 30: I&C Conversion Rate, GMV, and Revenue
APPENDIX I&C Conversion Rate, GMV, and Revenue THV and GMV by type of asset THV GMV FY25 FY241 YoY FY25 FY241 YoY • I&C conversion rate flat YoY at 36% $m $m $m $m $m $m $m • Good performance in yellow and grey iron Yellow 3.5 3.5 1% 1.2 1.2 1% assets which account for the majority of our Grey 0.9 1
Slide 31: H1:H2 Revenue Growth Rates by Segment
APPENDIX H1:H2 Revenue Growth Rates by Segment Organic YoY¹ Reported YoY² Reported organic YoY³ H1 25 H2 25 FY25 H1 25 H2 25 FY25 H1 25 H2 25 FY25 A&A 2.4% 7.0% 4.7% 2.6% 24.6% 13.7% 2.6% 8.2% 5.4% I&C 4.4% 0.8% 2.6% 4.6% 1.4% 2.9% 4.6% 1.4% 2.9% Total 3.2% 4.4% 3.8% 3.4% 14.8% 9.2% 3.4% 5.3% 4.4% 1
Slide 32: FY25 Revenue Bridge: Acquisition of Chairish Complements Organic Growth
APPENDIX FY25 Revenue Bridge: Acquisition of Chairish Complements Organic Growth $8.4m $190.2m Commission revenue $6.9m $0.3m +$1.0m (+0.6%) ($0.6m) atgAMP atgPay atgShip $0.8m $0.3m $174.2m FY24 GMV volume Commission mix VAS Real Estate Fixed Fees & Other Chairish & Pamono (A&A) FY25 Contribution t
Slide 33: EBITDA Margin Bridge FY25
APPENDIX EBITDA Margin Bridge FY25 45.9% (2.0%) 0.7% 40.4% • Adjusted EBITDA margin of 40.4% for (2.4%) FY25, down 5.5ppts YoY impacted by: (1.8%) • High growth in uptake of lower margin revenue products, primarily atgShip • Inclusion of Chairish for two months • Increased performance related pay •
Slide 34: Net Debt Bridge
APPENDIX Net Debt Bridge Continued strong cash generation providing flexibility 8.2 • Adjusted operating cash flow $73.7m, 96% 76.8 conversion (11.3) (12.2) • Capex primarily reflecting additions to internally (15.0) generated software reflecting investments in (6.2) platform consolidation, seller t
Slide 35: KPIs By Segment
APPENDIX KPIs By Segment Excluding real estate Movement organic Movement organic Movement organic $m A&A I&C Group YoY %1 YoY %1 YoY %1 THV $5.2bn 2% $6.9bn (1)% $12.1bn 1% Conversion rate 16% 0ppt 36% 0ppt 27% 0ppt GMV $0.8bn 0% $2.5bn (1)% $3.3bn (1)% Take rate 10.3% 0.5 ppt 3.0% 0% 4.8% 0.2 ppt R
Slide 36: Reconciliation of APMs
APPENDIX Reconciliation of APMs Reconciliation of loss/profit before tax to Reconciliation of loss/profit after tax to adjusted EBITDA adjusted earnings FY25 FY24 FY25 FY24 $m $m $m $m Loss/Profit before tax (145.8) 18.4 Loss/Profit attributable to equity (144.6) 24.2 shareholders of the Company Adj
Slide 37: Reconciliation to Previous Operating Segments
APPENDIX Reconciliation to Previous Operating Segments Revenue by segment FY25 FY24 Movement Movement $m $m $m reported¹ organic² New Arts & Antiques 115.2 101.3 13.7% 4.7% Industrial & Commercial 75.0 72.8 2.9% 2.6% Revenue 190.2 174.2 9.2% 3.8% Revenue by segment FY25 FY24 Movement Movement $m $m
Slide 38: Glossary of terms
APPENDIX Glossary of terms A&A Arts & Antiques Gross representing the total value of transactions processed through a marketplace, transaction value including additional fees such as online fees and auctioneers’ commissions ALV average lot value i-bidder the Group’s marketplace operated by the www.i
Slide 39: Disclaimer
DISCLAIMER • NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND DEPENDENCIES, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, AUSTRALIA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA, T
Slide 40: Operator of world-leading auction and list-price marketplaces
Operator of world-leading auction and list-price marketplaces that connect millions of buyers with unique items worth finding again • www.auctiontechnologygroup.com • investorrelations@auctiontechnologygroup.com • press@auctiontechnologygroup.com © Auction Technology Group 40
Auction Technology Group — FY2025 Earnings Presentation on 6ix