Slide 1: 2026 Interim Results
September 2026 2026 Interim Results Building mentally healthier populations to enable a more productive future Kate Newhouse Sanjay Jawa Chief Executive Officer Chief Financial Officer 1
Slide 2: Executive Summary
Executive Summary Progress | Financials
Slide 3: Inflection point for growth on solid Californian footing and Soluna now in the UK
3 Inflection point for growth on solid Californian footing and Soluna now in the UK. Exceptional California delivery: entering year four with over 187,000 registrations. Independent evaluation validates wellbeing improvements; Governor Legacy Report inclusion confirms statewide institutional embeddi
Slide 4: Strong H1 delivery: Revenue £30.8 million, gross profit +13%, Adjusted EBITDA +102%
4 Strong H1 delivery: Revenue £30.8 million, gross profit +13%, Adjusted EBITDA +102%, £3.6m operating cash generation and £23.1m net cash. £30.8m revenue (H1 2025: £32.1m), £1.3m decline reflecting FX headwinds and planned reduction in California product development revenue offset by £0.5m from the
Slide 5: Market Context and Need
“Soluna has really affected how I deal with certain situations and emotions. It’s helped me learn how to make things better.” — 16-year-old, New Jersey Market Context and Need
Slide 6: Level of AI access supports the need for in the moment support
6 Level of AI access supports the need for in THE NEED FOR HELP IS S the moment support… 1 in 4 Immediate Availability, No Judgement, Coping with Isolation: young people cite Young people using AI chatbots and large these as key reasons to access AI chatbots and LLMs for mental health support. langu
Slide 7: …but critically it needs to be safe, universal and effective support
7 …but critically it needs to be safe, universal THE NEED FOR HELP IS S and effective support… ~50% This external context, coupled with Soluna data, shows that access to judgement of older teens and young adults (ages 16–24) free, barrier free, in the moment and safe support is highly valued. have u
Slide 8: $18bn Meta settlement acts as major funding catalyst
8 …$18bn Meta settlement acts as major funding catalyst to be able to deliver that support. The landmark $18bn Meta multi-state settlement represents an unprecedented regulatory shift. This legal and fiscal resolution will elevate youth mental health on state agendas nationwide, serving as a powerfu
Slide 9: The size of the opportunity is significant
9 The size of the opportunity is significant — our model is recognised as well placed to meet it. Market Need US Opportunity Recognised Market Gap $18bn Meta Settlement Size and scale of the problem to solve, coupled with existing Meta settlement $18bn over 10 years more than doubles the provision f
Slide 10: 2026 Strategic Progress
"Soluna gave me other peers perspectives in the world. Soluna showed me I shouldn't just care for my well-being but for those around me too.” — 14-year-old, CA 2026 Strategic Progress
Slide 11: Delivering on our strategy, statewide digital infrastructure of California's behavioural health system
11 Delivering on our strategy, we have become the statewide digital infrastructure of California’s behavioural health system. Scale Expansion: Soluna has reached over 187,000 registrations by 30 June 2026, a 46% increase from 127,000 in H1 2025. Education Integration: March 2026 joint directive from
Slide 12: Data from CA and NJ shows how valued the service is
12 Data from CA and NJ shows how valued the service is and that we are delivering effective, early help. 40% 85% 49% Of coaching chats occurring Of coaching users have had at Of respondents had never outside 9am-5pm least one need met during any received mental health single coaching session service
Slide 13: Gold certification with American Psychological Association enhanced our safety status
13 Gold certification with American Psychological Association enhanced our “safety” status. Continued proactive pursuit of rigorous, independent validation is crucial for providing evidence of clinical credibility, safety and assurance and sets us apart in the sector. APA Digital Labs Gold badge ach
Slide 14: Successful Soluna to the UK launch
14 Successful Soluna to the UK launch, enabling expansion in existing contracts and diversification. Soluna UK Launch: Successfully soft-launched Soluna in the UK across August and September, timed to coincide with the new school year. User Migration: All UK service users safely migrated from the le
Slide 15: Policy tailwinds supports growth opportunities
15 Policy tailwinds supports growth opportunities that the configurability in the Soluna model delivers Youth mental health is a core priority for Andy Burnham’s premiership: with a focus on non-diagnostic, open access support that transcends traditional clinical boundaries. Is an existing champion
Slide 16: Outlook
"Soluna has given me a place to be myself in a world where that otherwise isn't an option. It's let me say who I am and who I identify as in a safe space that won't judge me or sell my information, and I feel like I've truly found a community on Soluna." — 16-year-old, California Outlook
Slide 17: Outlook: US pipeline conversion and capitalising on Soluna
17 Outlook: US pipeline conversion and capitalising on Soluna. Convert US pipeline and pursue settlement funding: Convert delayed late-stage opportunities from 2025, start to convert 2026 pipeline, whilst ensuring full focus on Meta settlement opportunities. Capitalise on the Soluna UK Launch: Build
Slide 18: Investment Case
kooth Investment Case
Slide 19: Kooth has a clearly differentiated market-leading position and robust financial base
19 Kooth has a clearly differentiated market-leading position, robust financial base and a differentiated foundation for growth. Unserviced demand Leading market position Strong financial base Demand for help outstrips Largest digital mental health Top-quartile gross margin 74%+; traditional supply
Slide 20: 25 years of building trust, one interaction at a time
20 25 years of building trust, one interaction at a time. Kooth has shaped the infrastructure a mentally healthier population can rely on. In 2026 we are delivering on a clear and focused plan for growth, using the foundational strength that we have built in California and a successful launch of Sol
Slide 21: Kooth: 25 Years Building Mentally Healthier Populations
Kooth: 25 Years Building Mentally Healthier Populations As we celebrate our 25th anniversary, 2026 has been truly significant. We are growing in the US; independent evaluation and accreditation underpins the strength and impact of the work that we do and is showcased in our successful delivery acros
Slide 22: Appendices
kooth Appendices
Slide 23: Growth strategy: Meta settlement funding and the Alliance Model
23 Growth strategy: ensuring in pole position for Meta settlement funding and executing on the Alliance Model.. Something for everyone For eligible populations Statewide Digital Front Door Reimbursable Services Government Funded | Universal Access System Funded | Medicaid, Higher Ed, K-12, Commercia
Slide 24: Revenue and ARR Bridges
24 REVENUE AND ARR BRIDGES Reported movements separated from underlying trading and currency effects Revenue — H1 performance ARR — exit run-rate £32.1m → £30.8m | −4% reported / −2% constant currency £61.7m → £62.9m | +2% reported / −0.5% constant currency +£1.5m £62.9m £32.1m −£0.8m +£0.2m −£0.7m
Slide 25: Income Statement
25 £m (Unaudited) H1 2026 H1 2025 31 Dec 2025FY INCOME STATEMENT ARR 62.9 61.7 60.6 Revenue 30.8 32.1 63.3 Revenue of £30.8m decreased 2% on a constant currency basis. The £1.3m reported reduction principally reflects £0.8m lower California product Direct costs -7.9 -11.9 -17.0 development revenue a
Slide 26: Balance Sheet
26 BALANCE SHEET £m (Unaudited) 30 June 2026 30 June 2025 31 Dec 2025 Goodwill 0.5 0.5 0.5 Debt-free balance sheet with £23.1m net cash and £34.3m net Development costs 8.1 9.1 8.5 assets. Other non-current assets 0.6 1.9 0.6 Development costs capitalised were £2.6m (H1 2025: £2.0m), principally ref
Slide 27: Cash Flow Statement
27 CASH FLOW STATEMENT £m (Unaudited) 30 June 2026 30 June 2025 31 Dec 2025FY Adjusted EBITDA 5.3 2.6 11.3 Operating cash flow improved by £6.1m to an inflow of £3.6m (H1 2025: £2.5m outflow), driven by higher Adjusted EBITDA, lower tax Corporation Tax -0.1 -1.0 -1.4 payments and a materially lower
Slide 28: Disclaimer
Disclaimer The information contained in these slides and the accompanying oral presentation (together, the Presentation) has been prepared by Kooth plc (the “Company”). The Presentation is subject to updating, completion, revision and amendment without notice and as such it may change materially. Ne