Slide 1: 2025 Full Year Results
April 2026 2025 Full Year 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: 2025: Delivered impact, built trust, and laid foundations for the next stage of growth
3 2025: Delivered impact, built trust, and laid foundations for the next stage of growth. Exceptional delivery in California: Reached 1 in 41 exceeding performance targets, became embedded into State support ecosystem; ground-breaking research demonstrates significant sustainable improvement for Sol
Slide 4: Solid underlying performance: revenue £63.3 million, adjusted EBITDA ahead of expectations
4 Solid underlying performance: revenue £63.3 million, adjusted EBITDA ahead of expectations, £21.6m net cash, debt-free. £63.3m revenue (2024: £66.7m), £3.4m decline reflecting FX headwinds and an expected reduction in product development revenue. Annual recurring revenue fell £3.3m due to FX movem
Slide 5: Income Statement
5 £m 31 Dec 2023 31 Dec 2024 31 Dec 2025 INCOME STATEMENT ARR 64.6 66.4 60.6 Revenue declined modestly at £63.3 million (2024: £66.7 million). On a Revenue 33.3 66.7 63.3 constant currency basis*, revenue decreased 2.7% over the prior year Direct costs -7.5 -14.8 -17.0 and Annual Recurring Revenue (
Slide 6: Proven Model
Proven Model Market Context | Cost Effective | Positive Impact | Safe | Scalable
Slide 7: A generation's potential is being lost to a mental health crisis
7 A generation’s potential is being lost to a THE NEED FOR HELP IS S mental health crisis and our health systems are built for crisis, not prevention. 900k 16-24 year olds in the UK are out of education or work due to mental health 40% Diagnosis and referral gatekeeping: Services are oriented toward
Slide 8: Kooth's digital model proves population-scale early mental health support works
8 Kooth’s digital model proves population-scale early mental health support is not just possible, but is cost effective, works and is safe. Real-World Experience Clinical Evidence Meaningful Impact 25 years delivering national health World's largest real-world dataset £3+ saved in-year for every £1
Slide 9: For every £1 invested in Kooth services, more than £3 in-year return
9 For every £1 invested in Kooth services in the UK, independent research finds more than £3 in-year return through reduced healthcare utilisation, hospitalisation, and criminal justice costs*. Internal estimates show savings up to 12x in the US due to higher healthcare costs. *York Health Economics
Slide 10: Northwestern University evaluated the impact of Soluna
10 Northwestern University — one of the world’s most prestigious research institutions — evaluated the impact of Soluna, finding significant and sustained improvements in wellbeing across all users. Significant reductions in distress: Young people using Soluna experience sustained and significant re
Slide 11: Our commitment to independent oversight
11 Our commitment to independent oversight reflects our confidence in the efficacy and safety of our services. Proactive pursuit of rigorous, independent validation is crucial for providing evidence of clinical credibility, safety and assurance and sets us apart in the sector.. URAC accreditation ac
Slide 12: Our clinical and data foundation powers our AI strategy
12 Our clinical and data foundation powers our KOOTH’S PROPRIETARY DATASET AI strategy, a profound differentiator - supporting scalability and engagement. 6.3m messages between service users and practitioners In a climate of heightened scrutiny of general-purpose AI tools, our AI strategy is focused
Slide 13: 2025 Strategic Progress
kooth 2025 Strategic Progress
Slide 14: Five strategic priorities, delivered against each component
14 As shared in Q3 ‘25, our strategic evolution is focused on five priorities, we have delivered against each component. Whole Product Growth 1 Reach & Retention 3 California Contract Continue driving organic growth, Secure and expand 2027 California trust and engagement through renewal through prov
Slide 15: Becoming an integral part of California's behavioural health system
15 Delivering on our strategy, we have worked to become an integral part of California’s behavioural health system. Our partnerships and account management teams together with our youth and system ambassadors and engagement leads have secured the : LA County Board of Supervisors Motion (Nov ‘25) 🔗…
Slide 16: Soluna registrations and user outcomes in California
16 By the end of 2025, 144k+ young Californians had registered with Soluna ahead of DHCS target. 57% 88% 46% Of users come from under Of respondents who previously Of respondents would not resourced communities* used urgent care reported have access to support fewer visits after using Soluna without
Slide 17: We renewed our New Jersey contract
17 We renewed our New Jersey contract. Users’ needs are met in terms of access and outcome. 100% 94% 95% Of youth from every county in Of NJ service users had at least Of NJ service users would the state have proactively one need met in a session; 81% recommend Soluna to a turned to Soluna for suppo
Slide 18: The Michigan contract will launch in 2026
18 The Michigan contract, negotiated in 2025, will launch in 2026 — expanding Kooth and Soluna’s presence to a third US state. Contract value: $2.6 million in year one; scope: up to 100,000 students aged 13–18. Michigan has a shortage of trained professionals: 1 to 1,443 ratio for school psychologis
Slide 19: Strong UK performance despite NHS budget pressure
19 Despite NHS budget pressure, disciplined pipeline management maintained strong UK performance. £17.2m 54% 30% UK revenue down 4% from increasing number of contracts Reduction in net revenue £18.0m in 2024; broadly stable growing on renewal churn from £2.0m in 2024 to £1.4m 96% 3 75% Net revenue r
Slide 20: 2026 Outlook
kooth 2026 Outlook
Slide 21: Growth strategy: State Alliance Model with braided funding
21 Growth strategy: securing population-based, state-funded contracts from which to build the State Alliance Model with braided funding. Something for everyone For eligible populations Statewide Digital Front Door Reimbursable Services Government Funded | Universal Access System Funded | Medicaid, H
Slide 22: 2026 outlook: pipeline conversion, State Alliance Model and Soluna in the UK
22 2026 outlook: Pipeline conversion, building the State Alliance Model and bringing Soluna to the UK Sustained focus on delivery in California: Continue to embed Soluna and deliver impact at scale, and identify opportunities to extend the scope of services available to CA youth. US and UK pipeline
Slide 23: In 2026, Soluna will launch in the UK
23 In 2026, Soluna will launch in the UK, providing an improved user experience, driving improvement for users and delivery. Engineering and product development and regulatory approval process is well-advanced allowing for launch in H2 2026. Will deliver additional features and functions requested b
Slide 24: Acquisition of Kismet Health expands support for children under 12
24 The acquisition of Kismet Health expands our capability to support children under 12 with engaging functionality. Paediatric digital health platform: Supporting children under 12 through play-based technology, designed to address mental health issues in partnership with clinicians, parents, and c
Slide 25: Investment Case
kooth Investment Case
Slide 26: Clearly differentiated market-leading position, robust financial base
26 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 73%+; traditional supply
Slide 27: 25 years of building trust, one interaction at a time
27 25 years of building trust, one interaction at a time. Kooth has shaped the infrastructure a mentally healthier population can rely on. 2026 brings a clear and focused plan for growth, with the experience and expertise to execute at scale and deliver meaningful outcomes for individuals and their
Slide 28: Appendices
kooth Appendices
Slide 29: Kooth: 25 Years Building Mentally Healthier Populations
Kooth: 25 Years Building Mentally Healthier Populations Effective, timely mental health support doesn't just change individual lives. The benefits ripple outward in ways that are both measurable and profound. Young people stay in school. Adults sustain employment. Communities grow more resilient. Th
Slide 30: Balance Sheet
30 BALANCE SHEET £m 31 Dec 2023 31 Dec 2024 31 Dec 2025 Goodwill 0.5 0.5 0.5 Debt-free balance sheet with £21.6m net cash and £31.6m net Development costs 8.8 10.1 8.5 assets. Other non-current assets 3.0 1.6 0.6 Development costs capitalised of £4.4m in 2025 (2024: £6.9m) reflecting a reduction in
Slide 31: Cash Flow Statement
31 CASH FLOW STATEMENT £m 31 Dec 2023 31 Dec 2024 31 Dec 2025 Adjusted EBITDA 2.3 15.8 11.3 Cash generated from continuing operations was £5.6m. This has decreased from 2024 with a decrease in EBITDA, higher corporation Corporation Tax 0.6 -0.6 -1.4 taxes paid on the Group’s pre-tax profit in the pr
Slide 32: 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