Auction Technology Group Plc · LSE:ATG
Auction Technology — H1 2026 Earnings Presentation
41 slides from Auction Technology's earnings presentation, May 14, 2026
Slide 1: Interim Results
2026 Interim Results SIX MONTHS ENDED 31 MARCH 2026 14 May 2026
Slide 2: Agenda
Agenda 01 H1 Highlights 02 Financial performance and guidance 03 Segment performance 04 Product deep dive 05 Summary and Q&A ATG 2026 Interim Results · 14 May 2026 2
Slide 3: H1 Results Highlights
H1 Results Highlights We delivered well in the half Strong revenue and profit growth. Guidance for FY26 upgraded GMV growth from higher average item values from platform improvements A&A has momentum and continued take rate expansion driving strong revenue growth I&C managing headwinds Proxibid mode
Slide 4: A Cleaner Group KPI Framework
A Cleaner Group KPI Framework A framework aligned to how we run the business ATG'S SIMPLIFIED KPI VALUE CHAIN Gross Merchandise Items Sold Average Item Value Take Rate Revenue volume × pricing = Value marketplace size × monetisation = financial outcome * Item equivalent to lot WHAT'S CHANGED AND WHY
Slide 5: Financial performance and guidance
Financial performance and guidance
Slide 6: HY26 Financial Highlights
FINANCIAL PERFORMANCE AND GUIDANCE HY26 Financial Highlights Financial momentum allowing for full year upgrade REVENUE ADJ. EBITDA ADJ. EBITDA MARGIN $126.1m $42.7m 33.9% +7.9% PF CCY +9.9% PF CCY +0.6ppt PF CCY +41.7% reported HY25: $89.0m reported +10.9% reported HY25: $38.5m reported HY25: 33.2%
Slide 7: Group Performance
FINANCIAL PERFORMANCE AND GUIDANCE Group Performance Growth of 7.9% driven by A&A GMV growth and take rate expansion REVENUE BY SEGMENT AND OPERATIONAL KPIS KEY TAKEAWAYS H1 2026 H1 2025 Movement Movement Revenue +7.9% pro-forma driven by A&A reported reported1 reported pro forma Growth driven by th
Slide 8: Arts & Antiques
FINANCIAL PERFORMANCE AND GUIDANCE Arts & Antiques More value per item, growth in take rate A&A OPERATIONAL KPIS AND REVENUE KEY TAKEAWAYS Revenue up 12.5% Grew ahead of expectations, with take rate expansion through the atgShip mandate, commission growth on LiveAuctioneers and H1 2026 H1 2025 Movem
Slide 9: Industrial & Commercial
FINANCIAL PERFORMANCE AND GUIDANCE Industrial & Commercial Impacted by weaker cyclical agriculture market conditions and medium-term competitive dynamics I&C OPERATIONAL KPIS AND REVENUE KEY TAKEAWAYS Revenue declined (1.8)% Driven by; - Well documented agriculture market pressures with 27% reductio
Slide 10: Revenue to Adjusted EPS
FINANCIAL PERFORMANCE AND GUIDANCE Revenue to Adjusted EPS Strong growth in EBITDA and EBIT flowing through to EPS growth of c.5% GROUP FINANCIAL SUMMARY – ADJUSTED* KEY TAKEAWAYS HY 2026 HY 2025 Movement Movement Revenue +7.9% PF $m Reported Reported Reported Pro forma Growth driven by A&A momentum
Slide 11: Cash Generation Remains a Core Strength
FINANCIAL PERFORMANCE AND GUIDANCE Cash Generation Remains a Core Strength Continued strong cash generation and leverage reduced to 1.8x ADJ. EBITDA → ADJ. FREE CASH FLOW · HY26 KEY TAKEAWAYS Working capital broadly flat Broadly flat reflecting continued focus on working capital; no $42.7m -$0.2m -$
Slide 12: Cost Savings as a Lever
FINANCIAL PERFORMANCE AND GUIDANCE Cost Savings as a Lever c.$4m of new savings in FY27 in addition to previously announced Chairish synergies and Group cost efficiencies ONE GLOBAL COMMERCIAL ORGANISATION ONGOING COST EFFICIENCIES Ongoing focus on cost efficiencies, Resetting cost structure to matc
Slide 13: Capital Allocation Framework Unchanged
FINANCIAL PERFORMANCE AND GUIDANCE Capital Allocation Framework Unchanged Deleveraging in H1 illustrates the optionality ahead CURRENT FOCUS CURRENT FOCUS MEDIUM TERM CONSIDERATIONS Efficient organic Deleveraging the Shareholder returns investment business Board will consider returning excess capita
Slide 14: The Building Blocks for FY26 Performance
FINANCIAL PERFORMANCE AND GUIDANCE The Building Blocks for FY26 Performance Upgrade to full year guidance after positive H1 performance H1 REVENUE Buyer experience atgShip adoption +7.9% improvements FY26 GUIDANCE - updated Fixed-fee growth AMP expansion 5% - 6% H1 ADJ. EBITDA MARGIN Chairish synerg
Slide 15: Upgrade to full year guidance after strong H1 performance
FINANCIAL PERFORMANCE AND GUIDANCE Upgrade to full year guidance after strong H1 performance FY26 GUIDANCE Revenue growth¹ 5% – 6% Adjusted EBITDA margin 34.5% – 35.5% Depreciation & amortisation c. $13m Interest cost2 c. $12m Effective tax rate c. 19%– 20% Share count3 123.4m Capex c. $13m Exceptio
Slide 16: Segment performance
GROUP Segment performance
Slide 17: Investing and Executing Against Our Objectives
SEGMENT PERFORMANCE Investing and Executing Against Our Objectives New leadership team for next C-level and Board changes adding operational, marketplace, technology and phase of ATG finance depth I&C managing headwinds Proxibid re-platforming making progress Successful rollout on LiveAuctioneers of
Slide 18: Industrial & Commercial
SEGMENT PERFORMANCE Industrial & Commercial H1 relatively soft: cyclical agriculture market headwinds and continuation of medium-term competitive trends I&C MARKET DYNAMICS I&C GMV & REVENUE TREND | FY22–H1 FY26 GMV ($) Green iron pressure White label adoption $2,000M 1 2 Macro headwinds impacting C
Slide 19: I&C: deeper dive
SEGMENT PERFORMANCE I&C: deeper dive GMV Revenue HY26 HY25 HY26 HY25 YoY YoY $bn $bn $m $m Construction (yellow) 0.6 0.6 2% 10.1 10.3 (2)% Agricultural (green) 0.1 0.2 (27%) 3.3 4.0 (17)% C&I (grey) 0.4 0.4 7% 14.3 13.8 4% Other 0.2 0.2 (10)% 9.3 9.4 (4)% Total 1.3 1.3 (2)% 37.0 37.4 (2)% Medium ter
Slide 20: I&C: deeper dive
SEGMENT PERFORMANCE I&C: deeper dive I&C¹ share of GMV by new and returning buyers 100% 90% 81% 82% 82% 82% 81% 81% 82% 80% 70% 60% 50% 40% 30% 19% 18% 18% 18% 19% 19% 18% 20% 10% 0% FY23 H1 FY23 H2 FY24 H1 FY24 H2 FY25 H1 FY25 H2 FY26 H1 Returning New I&C buyer loyalty remains high Seller loyalty r
Slide 21: Proxibid: Re-Platform on Track
SEGMENT PERFORMANCE Proxibid: Re-Platform on Track The new platform is the foundation that unlocks better performance H1 FY26 H2 CY26 CY27 Post-migration MVP live Wider testing Broad rollout Develop and innovate First auction house onboarded to Broader auction house cohort Platform rollout scales ac
Slide 22: Arts & Antiques
SEGMENT PERFORMANCE Arts & Antiques Targeted investment is moving the metrics that matter, contributing to GMV and revenue growth AT-A-GLANCE A&A — GMV & REVENUE OVER TIME GMV ($) Converting demand into transactions $400M An enhanced the user experience, reduced friction, increased protections and t
Slide 23: Product deep dive
GROUP Product deep dive
Slide 24: LiveAuctioneers: Investment at Work
PRODUCT DEEP DIVE LiveAuctioneers: Investment at Work Capital was prioritised. H1 results show it is working. 01 02 03 WHERE WE INVESTED WHAT WE DID IN H1 WHAT IT MOVED First dedicated investment Delivered against the plan The metrics that matter in A&A buyer experience Over the last 12 months we re
Slide 25: Trust & Buyer Experience
PRODUCT DEEP DIVE Trust & Buyer Experience A programme of experiments on LiveAuctioneers – all targeted at making it easier to bid, register and win +9% +79% bidders vs opted-in users control expanded re- of winning experiments engagement pool Fewer steps to bid and win More engaged buyers – re-enga
Slide 26: Discovery & Ranking
PRODUCT DEEP DIVE Discovery & Ranking AI ranking, visually similar item recommendations, and demand signals – making one-of-a-kind inventory findable at scale search-to-bid avg. item value +2% rate of winning +10% buyers finding better- experiments vs control matched items Price & sell-through model
Slide 27: Shared Intelligence & Platform Leverage
PRODUCT DEEP DIVE Shared Intelligence & Platform Leverage Thousands of auction houses, each with their own conventions – we provide the layer that makes them feel like one marketplace bids items won +20% of winning experiments vs +20% supply & demand control matching better Standardised item page Co
Slide 28: Chairish: Extending the Playbook, and it is Working
PRODUCT DEEP DIVE Chairish: Extending the Playbook, and it is Working What we prove on LiveAuctioneers, we are now deploying on Chairish. Integration on plan with early results showing levers are moving Pro-forma revenue Playbook transfer Channel extension Good growth in H1 Early wins on Chairish Ne
Slide 29: We are at the Beginning of a Long Runway
PRODUCT DEEP DIVE We are at the Beginning of a Long Runway Early signals start to validate the model: as we continue to build data we can meaningfully improve matching and pricing, and unlock meaningful upside MATERIAL VALUE CREATION STILL TO UNLOCK Matching buyers to inventory across the network Pr
Slide 30: Summary and Q&A
GROUP Summary and Q&A
Slide 31: Summary
WHERE WE ARE Summary Full year guidance raised Well underpinned assumptions Disciplined financial management Continued strong cash generation supported by targeted cost savings Investment in A&A providing Early positive signs and leading indicators translating to improved GMV and take confidence rat
Slide 32: Q&A
AUCTION TECHNOLOGY GROUP &A
Slide 33: Appendix
a AUCTION TECHNOLOGY GROUP Appendix
Slide 34: FY25 Restated KPIs
APPENDIX FY25 Restated KPIs Reported Change Reported HY25 HY25 HY25 Restated GMV Now includes ATG white label and Real Estate I&C 1.3 0.0 1.3 Take Rate A&A 0.4 0.0 0.4 Now defined as Revenue / GMV to better reflect GMV 1.7 0.0 1.7 revenue generated from GMV I&C 2.9% 0.0% 2.9% A&A 9.9% 2.8% 12.6% Tak
Slide 35: EBITDA Margin Bridge HY26
APPENDIX EBITDA Margin Bridge HY26 Adjusted EBITDA Margin Bridge HY26 (%) MARGIN COMMENTARY 43.2% -7.0ppt Chairish dilution -4.5ppt As expected, Chairish is dilutive to Group margins 2.1ppt 33.9% Revenue mix shift atgShip weighted revenue growth results in margin dilution Cost discipline Margin expa
Slide 36: Cash Generation Remains a Core Strength
APPENDIX Cash Generation Remains a Core Strength RECONCILIATION OF ADJUSTED EBITDA TO ADJUSTED FREE CASH FLOW $m HY26 HY25 Movement¹ Adjusted EBITDA 42.7 38.5 4.2 Adjustments Movement in working capital 1.0 (0.1) (0.1) Working capital from exceptional items (1.2) — — Adjusted cash from operations 42
Slide 37: Net Debt Bridge
APPENDIX Net Debt Bridge Net Debt Bridge FY25 → HY26 ($m) Movement commentary 174.0 -26.5 +5.7 -1.2 152.0 Adj. FCF $26.5m (HY25: $14.2m) +87% YoY. Stronger EBITDA and a lower tax outflow drove the step-up Exceptional items Cash outflows for Chairish integration, restructuring and project costs Path
Slide 38: Operating Profit to Adjusted EBITDA
APPENDIX Operating Profit to Adjusted EBITDA HY26 HY25 HY26 HY25 HY25 Depreciation HY26 Depreciation Pro forma HY26 Adjusting Adjusted HY25 Adjusting Adjusted Pro & Adjusted & CCY Reported Items Operating Reported Items Operating forma Amortisation EBITDA Amortisation adjustment Profit Profit EBITDA
Slide 39: Reconciliation of APMs
APPENDIX Reconciliation of APMs Reconciliation of (loss)/profit before tax to adjusted EBITDA Reconciliation of profit/(loss) after tax to adjusted earnings HY26 HY25 HY26 HY25 $m $m $m $m (Loss)/profit before tax (0.6) 8.9 Profit/(loss) attributable to equity shareholders of the (0.4) 7.0 Company A
Slide 40: Glossary of Terms
APPENDIX Glossary of Terms A&A Arts & Antiques i-bidder the Group’s marketplace operated by the www.i-bidder.com domain AIV average item value I&C Industrial & Commercial atgAMP the Group’s auction house and seller marketing programme LiveAuctioneers the Group’s marketplace operated via the www.live
Slide 41: Disclaimer
DISCLAIMER • NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND DEPENDENCIES, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, AUSTRALIA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA, T
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