Slide 1: Final Results FY26
Final Results FY26 Strong operational and strategic progress in our 20th year of operations Tommy Cook, CEO Ashleigh Greenan, CFO May 2026 calnexsol.com
Slide 2: Industry Leaders in Network and Application Test and Measurement
Industry Leaders in Network and Application Test and Measurement Calnex Solutions designs, produces and markets test instrumentation solutions for network synchronisation, monitoring and emulation. +20 years +700 customer sites 68 countries 34 products May 26 calnexsol.com Slide | 2
Slide 3: Providing the path to network assurance
Providing the path to network assurance For networks & applications that are critical in connecting the world in which we live Challenges of Multi-sector network Modelling military 5G validation networks Data centre Optimising AI Evolving satellite efficiency infrastructure networks May 26 calnexsol
Slide 4: Key strengths
Key strengths Trusted provider of test solutions An increasingly diversified Sticky, blue-chip customer base Supporting network testing for 20+ years business Global customer base across 68 countries Over 700 customer sites End markets Global footprint Long-term customer relationships Technical expe
Slide 5: Review of the Year
Review of the Year May 26 calnexsol.com Slide | 5
Slide 6: FY26: Delivering on our growth strategy
FY26: Delivering on our growth strategy Continued product innovation Expand within the digital Strategic partnerships & to capitalise on growth of build infrastructure and government & acquisitions to add to portfolio out of the mobile network and defence sectors & market reach growth of 5G • NAA an
Slide 7: Strategy in Action
Strategy in Action Building momentum in adjacent markets Momentum from Digital Infrastructure build-out US federal & defence momentum • SNE-X and NE-ONE platforms seeing increasing • Significant multi-product US federal order secured engagement from Digital Infrastructure customers • SNE-X gaining t
Slide 8: Financial Review
Financial Review May 26 6 calnexsol.com calnexsol.com Slide | 8
Slide 9: Diversified end-market exposure and stable customer metrics
Diversified end-market exposure and stable customer metrics Growing contribution from newer end markets alongside strong repeat business Revenue Streams (£'000) Geographic Split Market Split Top 10 Customers Repeat Customers (3 year order average) (3 year order average) May 26 calnexsol.com Slide |
Slide 10: Improved profitability
Improved profitability • FY26 revenues grew 19% on prior year. • Improvement in profitability, driven by increased Final dividend Cash position as trading, strong gross margins and positive at 21 May ‘26 operational gearing. 0.68p £11.2m • Underlying EBITDA margin 8% (FY25: 6%). • PBT £1.2m (FY25: £
Slide 11: Revenue analysis
Revenue analysis Region • ROW: Broad mix of end customers and sectors, helping to manage trading risk within any single sector. Revenues grew by 48%, largely due to repeat order from major hyperscaler customer. Underlying revenues also grew, driven by telecoms sector in EMEA and digital infrastructu
Slide 12: Revenue growth driving profitability
Revenue growth driving profitability Margin improvements; continued positive operational gearing benefits Period ending 31 March FY26 FY25 £000 £000 • Revenue growth of 19%. Revenue 21,875 18,386 Cost of sales (5,291) (4,623) • Gross margin 76%, improvement due to product mix in year. Gross Profit 1
Slide 13: Robust cash position
Robust cash position Strong cash balance; Q4 timing effect on receivables, collections post year end • Net cash inflow from operating activities £5.5m (FY25: £4.6m). Period ending 31 March FY26 FY25 £000 £000 EBITDA 6,398 5,422 • Working capital cash outflow predominantly due to Add back non cash it
Slide 14: A strong platform to execute on our strategy
A strong platform to execute on our strategy FY26 R&D investment Strong balance sheet Revenue growth, Targeted investment in increases for early access underpins continued maintenance of strong global sales and to technology for 1.6T targeted investments in gross margins and marketing teams to devel
Slide 15: Strategy & Outlook
Strategy & Outlook May 26 calnexsol.com Slide | 15
Slide 16: Evolving product portfolio
Evolving product portfolio Synchronisation Testing synchronisation Network emulation for testing in the lab performance of networks real-world testing in the lab LAB SYNC NETWORK SYNC NETWORK AND APPLICATION ASSURANCE Telecom Telecom Data Centre Infrastructure Validation Applications Testing Prove c
Slide 17: Track record of successful product innovation
Track record of successful product innovation Through R&D and M&A Major Releases Launched in FY26 Network Emulation, Data Centre Network 400GbE Network 5G O-RAN 400 GbE AI data centre Timing Performance 800Gb/s Lab acquisition of iTrinegy Synchronisation Emulator Network Emulator Network Emulator Mo
Slide 18: FY27–FY28 product roadmap
FY27–FY28 product roadmap Product investment supporting accelerated growth from FY28 Major Releases Hyperscale AI infrastructure Ultra-high speed assurance emulation synchronisation Sentry v2 Product roadmap Neo-S 1.6T H2 FY27 SNE-Ignite 400G Aggregated – H1 FY27 H2 FY28 SNE-Ignite 400G Native – H2
Slide 19: Well positioned for the decades ahead
Well positioned for the decades ahead Leadership, channel and operational changes completed during FY26 People and Operations Channel and market access • Senior hires completed across sales, marketing • Channel transition completed across key and partner management. regions. • Improved sales operati
Slide 20: Confident outlook
Confident outlook • Strong balance sheet, a robust product roadmap and a more diversified market footprint. • FY27 focus: advancing key development programmes and converting early engagement into commercial wins. • Diversification across the digital infrastructure and government & defence markets su
Slide 21: Appendix
Appendix info@calnexsol.com calnexsol.com Slide | 21
Slide 22: Balance sheet
Balance sheet Mar-26 Mar-25 £000 £000 Non-current assets Intangible assets 13,699 12,255 Goodwill 2,000 2,000 Tangible & right of use assets 976 1,302 Deferred tax asset 711 591 17,386 16,148 Current assets Inventories 5,445 5,358 Trade and other receivables 9,616 6,353 Cash and cash equivalents 9,3
Slide 23: The Board
The Board Tommy Cook Ashleigh Greenan Stephen Davidson Graeme Bissett Margaret Rice- Helen Kelisky CEO CFO Non-Exec Non-Exec Jones Non-Exec Director Tommy is the founder and Ashleigh qualified as a Chairman Director Non-Exec Director Helen Kelisky brings over 30 CEO of Calnex Solutions. chartered ac
Slide 24: General information
General information ▪ Share Price 73p (at 22.05.2026) Major Shareholders ▪ Market AIM % of Issued Share Shareholder Capital ▪ Ticker CLX Thomas (Tommy) Cook (CEO) 19.9% ▪ Market Cap. £63.35m BGF Investment Management Limited 12.0% Trinity Bridge 9.0% ▪ Ord. shares in issue 87.99m Scottish Enterprise
Slide 25: Financial structure
Financial structure • Two revenue streams: Revenue • Bundled hardware & software recognised on delivery • Warranty and software support recognised over life of product • Gross margin: approx. 73-76% net of discounts given to channel partners Telecoms Customer Case Study Gross • Cost of sales: approx
Slide 26: Market: Telecoms
Market: Telecoms Telecoms Ongoing market developments driving customer upgrades and new high-speed testing requirements Large customer base provides Next major opportunity: 1.6Tb/s upgrade & support opportunity (c. interfaces 1,500 installed units) • Positions Calnex at the forefront of high-speed A
Slide 27: Market: Digital infrastructure
Market: Digital infrastructure AI-driven demand and hyperscaler investment fuelling Digital growth in testing and optimisation Infrastructure Momentum from hyperscaler Increasing our discovery build-out and repeat orders activities amidst AI • Tailoring our products to specific use cases and using i
Slide 28: Market: Government & Defence
Market: Government & Defence Growing traction driven by uptake of the NAA products with routes-to-market developing Actively pursuing opportunities • Expanding European partner in the US network • Large contract values, with longer sales cycles. • Targeting regions with large defence budgets. • Now
Slide 29: Thank You
Thank You info@calnexsol.com calnexsol.com