Slide 1: 2025 Results
2025 Results 25/03/2026 Dan Mendis Sally Morton
Slide 2: Software subscription service
Software subscription service GPS GPRS/ 4G Fleet customers use our software to: • Increase capacity • Improve fuel economy • Reduce overtime payments • Eliminate fraud and wastage • Manage risk • Minimise carbon footprint 2
Slide 3: Subscription base growth
Subscription base growth 350,000 • Software subscription service 300,000 • Typically SME customers with mobile workers Investors in Customers Gold Trustpilot 4.9/5 – Excellent • c 334,000 subscriptions (Dec 2025) 250,000 London Stock Exchange Green • 11% increase vs 2024 Economy Mark Investors in Cu
Slide 4: KPIs
KPIs 2025 2024 Change New fleet subscriptions (units) 79,576 74,673 +7% Fleet subscription base (units) 333,922 300,168 +11% Fleet customer base 32,942 30,134 +9% Customer acquisition (new customers) 7,501 6,863 +9% Annualised Recurring Revenue (ARR) (£’m) 37.0 32.5 +14% Net Revenue Retention (NRR)
Slide 5: Cumulative growth in ARR by month
Cumulative growth in ARR by month 5,000 2025 £'k 4,500 4,000 2024 3,500 3,000 2022 2,500 2023 2,000 2021 1,500 1,000 500 Excellent ARR growth in 2024 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec and 2025 All figures quoted on a constant currency basis: 31 December 2025 5
Slide 6: ARR and ARR Growth by Country 2025
ARR and ARR Growth by Country 2025 ARR Growth (£m) 2.00 1.80 1.60 1.40 1.20 47% of ARR now outside the UK 1.00 0.80 0.60 0.40 ARR (£m) 0.20 20.00 0.00 18.00 UK/EI France USA Italy Spain Germany 16.00 14.00 12m to 31 Dec 2025 2024 12.00 10.00 ARR growth in UK increased by 70% and was the 8.00 stronge
Slide 7: Net revenue retention “NRR”
Net revenue retention “NRR” NRR is the ARR at the end of a 12month period divided by the starting ARR, but excluding any revenue derived from new customers during the year. It is a key measure of quality of our service and recurring revenues. 14% £37.0m growth ARR growth of £4.5m Customer £32.5m acq
Slide 8: Product Innovation
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Slide 9: Business characteristics
Business characteristics • ARR/ employee (FTE): £208,000 • ARR/ vehicle £111 • Subscriptions as % sales 96% • Hardware as % sales 1% • Subscription base (vehicles) 333,922 • Subscription base growth (TTM) 11% • ARR growth (TTM) 14% • Largest client as % sales < 1% 9
Slide 10: Financial Results 2025
Financial Results 2025 12 months ended 31 December £’000 (except where stated) 2025 Restated 2024 % change Revenue 35,707 31,808 12 Gross profit 26,128 22,773 15 Gross margin 73% 72% Operating profit 8,680 6,482 34 Operating margin 24% 20% EBITDA 13,160 10,695 23 EBITDA margin 37% 34% Adjusted EBIT
Slide 11: Change in Accounting Policy extract
Change in Accounting Policy extract 7,000 6,000 -1,702 1,720 5,000 4,000 6,464 6,482 3,000 2,000 1,000 - 2024 Reported Operating Profit France 2G upgrade provision PPE policy change 2024 Restated Operating Profit
Slide 12: Summary and the future
Summary and the future Great progress in 2025 • Record growth in ARR • Operating profit margin improvement from • £4.5m (+14%) 20% (FY 2024) to 24% (FY 2025) • Pricing adjusted for inflation • Good growth in customer acquisition • Increased investment in sales and 7,501 added YTD marketing to drive
Slide 13: 2025 Results
2025 Results 25/03/2026 Dan Mendis Sally Morton