Slide 1: © Next 15 Confidential | 2026
© Next 15 Confidential | 2026
Slide 2: FY26 The Results
FY26 THE RESULTS STABILISED PERFORMANCE. SIMPLER, HIGHER-QUALITY BUSINESS. EARLY FY27 PROGRESS. © Next 15 Confidential | 2026 2
Slide 3: Agenda
AGENDA 01 FY26 OVERVIEW 02 FINANCIAL REVIEW 03 STRATEGY UPDATE & OUTLOOK 04 SUMMARY © Next 15 Confidential | 2026 3
Slide 4: Key Headlines
KEY HEADLINES Decisive action taken to reset the business Portfolio simplified from 22 business to 11, cost base reset (£26m of annualised savings), operating discipline restored Performance stabilised in line with expectations Margins protected and working capital improved (£44m inflow) despite reven
Slide 5: Performance stabilised despite revenue pressure, driven by cost action and structural growth
PERFORMANCE STABILISED DESPITE REVENUE PRESSURE, DRIVEN BY DECISIVE COST ACTION AND STRUCTURAL GROWTH IN CORE AREAS Net revenue Performance ⬝ Down 4.3% LFL to £448.8m ⬝ Track 1 growing at +3.9% LFL net revenue, +7% profit ⬝ Strong growth in Digital Transformation (+41.8%) and Retail Media (+8.2%) Mar
Slide 6: Balance sheet strong, with improved working capital and low leverage
BALANCE SHEET STRONG, WITH IMPROVED WORKING CAPITAL AND LOW LEVERAGE Net debt as at 31 Jan 2026 Cash and working capital improved ⬝ Decreased to £35.6m (2025: £38.4m) Material £43.8m inflow driven by tighter operational control Net debt/Adjusted EBITDA as at 31 Jan Disciplined financial management 202
Slide 7: Financial Review
FINANCIAL REVIEW YEAR END RESULTS : FY26 © Next 15 Confidential | 2026 7
Slide 8: Adjusted P&L
Revenue in line with expectations despite a challenging environment. LFL ADJUSTED P&L revenue declined 4.3% reflecting global economic pressures, US policy shifts, £M FY26 FY25 Growth/(Decline) % and reduced tech client spending, with resilient growth Net revenue 448.8 479.2 (6.3)% from Transform, SM
Slide 9: Track 1, Track 2 and Track 3 Performance
Track 1: Core Growth Portfolio The Track 1 portfolio comprises TRACK 1, TRACK 2 and TRACK 3 PERFORMANCE higher-quality, data, technology and AI-enabled businesses operating in structurally growing markets. Track 1 delivered revenues of £273.4m with LfL growth of 3.9% and Net revenue LfL Operating ad
Slide 10: Revenue Bridge
Disposals: £11.3m reduction from in-year divestments REVENUE BRIDGE LfL revenue: Declined 4.3% ● Track 1 grew - strong growth in Transform (up over 40%), SMG and M Booth ● Track 2 declined - headwinds from reduced tech client spend, fewer creative projects, and delayed project starts impacting Elvis
Slide 11: Adjusted Operating Profit Bridge
ADJUSTED OPERATING PROFIT BRIDGE Margin and Cost Management ● Adjusted operating margin remained broadly stable at £m 15.1%, reflecting disciplined Margin: 15.4% cost management and the Margin: benefits of restructuring 15.1% actions ● Staff costs significantly reduced, driven by: ○ Full-year benefit of
Slide 12: Segmental Performance
5 new operating segments aligned to the Group’s refreshed strategy: Retail Media +8.2% SEGMENTAL PERFORMANCE ⬝ SMG continued to expand during the year. ⬝ Continued to invest in the US market, a significant growth opportunity which had a near-term impact on operating margin, which decreased to 18.2% (
Slide 13: Diversified customer base provides resilience
Consumer & Retail is now the largest client sector at 31% of total DIVERSIFIED CUSTOMER BASE PROVIDES RESILIENCE revenue, with spend heavily weighted towards the Retail Media segment. £m Technology client spend remains subdued, with its share of total FY26 (Group: £448.8m) revenue declining 4% FY25
Slide 14: Cash Flow
Cash Flow Performance CASH FLOW ● Net inflows from trading of £42.9m ● Operating cash flow significantly strengthened by a £43.8m working capital inflow, a material Working improvement on the £7.0m capital inflow of £43.8m vs outflow in the prior year outflow of £7.0m in FY25 ● Working capital inflow driven
Slide 15: Leverage and Liquidity
Leverage LEVERAGE AND LIQUIDITY ⬝ Net Debt/EBITDA at 0.4x EBITDA (covenant limit of 2.5x). ⬝ Even including full provision for the Mach49 earn-out within Net Debt, Net Debt/Adjusted EBITDA FY26 FY25 is anticipated to remain ~1.5x. £m 31 Jan 26 31 Jan 25 We are prioritising rigorous cash Total Debt 1
Slide 16: Estimated Earn-out Commitments
ESTIMATED EARN-OUT COMMITMENTS Majority of earn-out commitments now settled. 31 Jan 2026 31 Jan 2025 Remaining earn-outs £M £M (excluding Mach49) total less than £13m, payable through FY26 - 37.0 FY28 with no commitments FY27 10.6 8.2 beyond that date. FY28 2.2 0.6 Mach49 earn-out remains on Total e
Slide 17: Mach49 - Discontinued Operation
MACH49 - DISCONTINUED OPERATION Discontinued Operation Accounting for remaining Earn-Out liability In August 2025, the Board announced that it had initiated the process to As announced on 25 June 2025, the Group became aware of potential permanently discontinue the operations of Mach49, ceasing oper
Slide 18: Strategy & Outlook
STRATEGY & OUTLOOK YEAR END RESULTS : FY26 © Next 15 Confidential | 2026 18
Slide 19: Simplification enables a focused, data and AI-led growth model
SIMPLIFICATION ENABLES A FOCUSED, DATA AND AI-LED GROWTH MODEL Vision: Data-powered growth, fit for an AI future A simplified business, with clear focus, An AI and data first platform Unified, not uniform expertise and a strong capital base built for growth A focused, connected Next 15 — built on shared
Slide 20: Track 1 flywheel already delivering real client outcomes
TRACK 1 FLYWHEEL ALREADY DELIVERING REAL CLIENT OUTCOMES MBooth partnered with Google to deliver end-to-end AI-enabled creative execution for the marketing of the launch of Veo in Google Ads – using Veo and associated tools across the full workflow to “show, not tell” the product’s capability. Result
Slide 21: Capital is re-allocated towards higher-growth, AI driven businesses
CAPITAL IS RE-ALLOCATED TOWARDS OUR HIGHER-GROWTH, AI DRIVEN BUSINESSES TRACK 1 TRACK 2 Operating in structurally growing markets Profitability held despite mixed FY26 performance Investment underway to accelerate growth Stabilising and improving performance in FY27 © Next 15 Confidential | 2026 21
Slide 22: 'Unified but not uniform' operating model
‘UNIFIED BUT NOT UNIFORM’ OPERATING MODEL DRIVING INTEGRATION, GROWTH AND EFFICIENCY Track 1 operating board underway and showing early progress removing the silos including client crossover, centralising data and technology including early application of AI. Next 15 Aligned incentives driving colla
Slide 23: Resolve, Simplify, Grow
OUR PRIORITIES FOR THE NEXT 6 MONTHS RESOLVE SIMPLIFY GROW Progress portfolio actions Continue investment Conclude Mach49 and embed operating in Track 1 and scale arbitration model AI capabilities © Next 15 Confidential | 2026 23
Slide 24: Outlook and Dividend
OUTLOOK Trading in the early weeks of FY27 is showing signs of progress. ● Improving activity in key growth areas, particularly Digital Transformation ● Early benefits from simplification and a more focused investment approach We expect full year performance to be in line with expectations, supported
Slide 25: Summary
SUMMARY © Next 15 Confidential | 2026 25
Slide 26: Key Headlines
KEY HEADLINES Decisive action taken to reset the business Portfolio simplified from 22 business to 11, cost base reset (£26m of annualised savings), operating discipline restored Performance stabilised in line with expectations Margins protected and working capital improved (£43m inflow) despite reven
Slide 27: Appendices
APPENDICES © Next 15 Confidential | 2026 27
Slide 28: Adjustments
Mach49 costs are principally legal and adviser fees in connection with the potential serious misconduct and related ADJUSTMENTS arbitration proceedings as well as the wind-down of the Mach49 business. Upfront cost, one-off charge for incentive £M FY26 FY25 schemes. Adjusted profit before tax 63.4 68.0
Slide 29: EPS and Dilutive Shares
EPS AND DILUTIVE SHARES Dilutive shares include LTIPs and FY26 FY25 growth shares, as well as other potentially issuable shares. Adjusted earnings attributable to ordinary shareholders (£m) 47.2 49.5 Growth shares are subsidiary level management incentives giving certain Weighted average number of o
Slide 30: Regional
REGIONAL Net revenue LfL Operating Margin Margin Operation FY26 Growth/ Profit FY26 FY25 £M (Decline) £M US 169.2 (7.9)% 37.9 22.4% 22.7% UK 252.6 (1.8)% 41.9 16.6% 16.6% APAC 14.8 (3.3)% 2.0 13.8% 12.6% EMEA 12.2 (0.3)% 2.4 19.7% 21.2% Head Office - - (16.6) - - Total 448.8 (4.3)% 67.6 15.1% 15.4% © N
Slide 31: Balance Sheet Summary
BALANCE SHEET SUMMARY £M 31 January 2026 31 January 2025 Intangible assets 215.1 270.5 Non-current assets 73.5 77.9 Current assets 232.6 256.6 Non-current liabilities (81.2) (145.4) Current liabilities (308.1) (278.4) Net assets 131.9 181.2 Share capital 2.5 2.5 Reserves 129.4 179.2 Minorities - (0.
Slide 32: Next 15 Group plc
Next 15 Group plc www.next15.com © Next 15 Confidential | 2026 32