Pennant International Group Plc · LSE:PEN
Pennant International — FY2025 Earnings Presentation
30 slides from Pennant International's earnings presentation, March 2026
Slide 1: Company Briefing: Full year results to 31st December 2025
March 2026 * Company Briefing : Full year results to - 31st December 2025 om 7 Penn/nt = x Maximizing Operational Efficiency
Slide 2: Presentation team
2 Presentation team Philip Walker – Chief Executive Officer Darren Wiggins – Chief Financial Officer • Established and now leading the execution of Pennant’s • Chartered accountant with significant financial and strategic shift from a capital intensive, project led model to a operational management
Slide 3: Executive summary
3 Executive summary Headlines: • FY25 impacted by unexpected delays in contract awards • Revenues of £9.7m (2024: £13.8m) • Order intake of £17.8m (2024: £10.2m) • Adj loss before tax of £1.9m (2024: £0.3m) • Net Debt of £0.5m (2024: £2.3m) Strategic & operational highlights: • Auxilium software – A
Slide 4: The changing landscape
4 The changing landscape Across every domain — air, land, sea, and space — defence organisations are under mounting pressure to deliver more capability, faster, with fewer resources. Global rearmament, accelerating platform complexity and the shift to digital engineering are reshaping how militaries
Slide 5: About Pennant
About Pennant CONFIDENTIAL Copyright 2025 © Pennant Intemational Group Plc. All other trademarks are the property of their respective owners.
Slide 6: Pennant overview
Pennant overview Provides systems support software, technical services and training solutions to highly regulated industries and major OEMs e Improved mission capability/readiness e Enabling data driven decisions e Reduce total cost of ownership e Ensuring data integrity and compliance a = | Global
Slide 7: How we operate
7 How we operate “We ensure mission critical systems are where they are needed, when they are needed and that they work.”
Slide 8: Blue chip customers
8 Blue chip customers DEFENCE AEROSPACE • Significant organic growth potential within existing client base • Becoming an enterprise solution of choice
Slide 9: 3-year strategic targets
STRATEGIC ASPIRATION BUSINESS SEGMENT WHY THIS IS IMPORTANT 2025 BASELINE 2028 TARGET Auxdium _ 7h a Pennfnt CONFIDENTIAL Copyright MAINTAIN TRAINING SYSTEMS ORDER BOOK >£5M TRAINING SYSTEMS Sustainment of profitable Training Systems deliveries £9.5 million >£5 million Pennant International Group Pl
Slide 10: What is Integrated Product Support (IPS)?
10 What is Integrated Product Support (IPS)? A strategy to ensure that systems are supported efficiently and effectively throughout the lifecycle.
Slide 11: What is Auxilium?
What is Auxilium? Analyze & Record Logistic Support Analysis (LSA) and product support engineering improves the operational readiness of systems by designing and defining an integrated maintenance and support package. ® Integration & ——— uX ( f u m — Modelling & Intelligence Harmon|zaition The platf
Slide 12: The Auxilium Investment Case
12 The Auxilium Investment Case
Slide 13: What is driving the opportunity?
13 What is driving the opportunity? Significant global key defence programmes where Auxilium could be deployed
Slide 14: Case study - major defence programme
14 Case study - major defence programme
Slide 15: Why Auxilium?
AUXILIUM SOFTWARE 15 Why Auxilium? IMPROVED MISSION ENHANCED READINESS REDUCE TOTAL QUALITY & CAPABILITY & RELIABILITY OWNERSHIP COST COMPLIANCE Intelligent Maximizing Reduced costs Alignment to data-driven decisions operational efficiency Minimize downtime, international standards Make informed Red
Slide 16: Technical Services
16 Technical Services Directly leveraged from product sales (and vice versa): Software services Training services £0.6m £1.1m Technical services FY25 revenue £5.1m (67% repeatable) £2.1m £1.3m Repeatable v Project based Growing repeatable software services through new capabilities: • Data input – di
Slide 17: Training systems
17 Training systems UK Focus on servicing installed base £100m sold and installed £50m+ potential upgrades & mods MIDDLE APAC EAST INSTALLED BASE (ALREADY SOLD) UPGRADES & MODS OPPORTUNITY
Slide 18: Case study: UK MOD – Upgrade and overhaul
18 Case study: UK MOD – Upgrade and overhaul • Training System developed and delivered to UK RAF in 1999. • Key component of UK aeronautical training system. • System supported by Pennant for of over 20 years. • Secured and delivering upgrade to installed training system –– to modernise and extend l
Slide 19: Financials
19 Financials CONFIDENTIAL Copyright 2025 © Pennant Intemational Group Plc. All other trademarks are the property of their respective owners.
Slide 20: Highlights
20 Highlights • Revenue reduced primarily due to delays in Training Systems contract awards • Annual recurring revenue from software sales are increasing, ending the year at £2.4m, 26% growth over prior year. Expectation to exit FY26 at £3.0m. • Order intake of £18m translating into a closing order
Slide 21: Statutory income statement
21 Statutory income statement
Slide 22: Reconciliation between statutory and adjusted result
22 Reconciliation between statutory and adjusted result Adjusted results The Pennant Board considers the adjusted results to be an important measure to exclude non-trading or non-recurring items and therefore better monitor and compare performance between reporting periods.
Slide 23: Segmental revenue performance
23 Segmental revenue performance Non-recurring 43% EMEA 39% Recurring 57% Americas 35% APAC 26%
Slide 24: Statement of financial position
24 Statement of financial position • Prior year current assets included £3.0m of assets held for sale (UK surplus land & buildings) • Current liabilities includes • £1.9m of contract liabilities – i.e. cash received ahead of revenue being recognised • £0.3m shareholder loan due for repayment April 2
Slide 25: Cash generation in the year
25 Cash generation in the year • Continued management focus on working capital discipline – engineering projects in cash positive positions • Tax receipts of £0.7m supported by R&D (UK) claim proceeds • Further investment in the development of our integrated Auxilium software £1.5m (2024: £1.3m) • C
Slide 26: Finance costs and tax
26 Finance costs and tax • Reducing finance costs from improving cash position and final settlement of deferred consideration in H1 • HSBC overdraft facility carries interest at 2.75% (2024: 2.50%) plus the bank’s base rate • The tax credit in 2025 includes prior year corporation tax credits arising
Slide 27: What to expect?
Auxdium a Gi wr e* Pennfnt CONFIDENTIAL Copyrig MAINTAIN TRAINING SYSTEMS >£5M TRAINING SYSTEMS Operational delivery of order book Winning high margin after market contracts - servicing installed base Pennant International Group Plc. All other trademarks are the pro Return to positive Adj PBT in FY2
Slide 28: pennantplc.com
3 sales@pennantplc.com 28 4 pennantplc.com AY Company Number: 03187528 | + ° . YS s . * . * 6 *s \ Maximizing Operational Efficiency & Ps e Copyright 2025 © Pennant Intemational Group Plc. All other trademarks are the property of their respective owners,
Slide 29: The Auxilium Investment Case
29 The Auxilium Investment Case
Slide 30: Disclaimer
30 Disclaimer This presentation is issued on behalf of Pennant structured verification exercise by the Company or its represents and warrants that they are either a Relevant behaviour based on any inside information which might International Group plc (the “Company”) solely for the advisers and is s
Pennant International Group — FY2025 Earnings Presentation on 6ix