S4 Capital Plc · LSE:SFOR
S4 Capital — H1 2026 Earnings Presentation
28 slides from S4 Capital's earnings presentation, Aug 5, 2026
Slide 1: H1 2026 Results
or CAPITAL 2026" Results 5 August 2026
Slide 2: Contents
S4 Capital plc H1 2026 Results 2 Contents 1. Results 2. Market Momentum 3. Artificial Intelligence 4. Summary and Outlook 5. Q&A 6. Appendix
Slide 3: Results
S4 Capital plc H1 2026 Results 3 1. Results
Slide 4: Financial Headlines
S4 Capital plc H1 2026 Results 4 Financial Headlines Net revenue1 Operational EBITDA3 Operational EBITDA margin3 £308.0m £38.0m 12.3% -6.2% reported +82.7% reported vs. 6.3% prior year reported -4.7% like-for-like2 +127.5% like-for-like2 vs. 5.2% prior year like-for-like2 Adjusted operating profit4
Slide 5: Profit or loss
S4 Capital plc H1 2026 Results 5 Profit or loss H1 2026 H1 2025 Change Change ● Net revenue down 4.7% like-for-like and 6.2% reported reflecting £m £m Reported Like-for-like macroeconomic uncertainty exacerbated by the Middle East Revenue 344.0 360.4 (4.6%) (3.2%) conflict, combined with technology
Slide 6: Net revenue by practice and geography
S4 Capital plc H1 2026 Results 6 Net revenue by practice and geography Net revenue by geography1 ● Marketing Services: Net revenue down 4.4% like for like and 5.7% reported to £281.9m. This reflected macroeconomic uncertainty, client caution and Technology clients prioritising AI infrastructure. Sco
Slide 7: Operational EBITDA by practice
S4 Capital plc H1 2026 Results 7 Operational EBITDA by practice ● Marketing Services: Despite the revenue pressure, Operational H1 2026 H1 2025 Change Change EBITDA increased to £44.1m with a margin improvement of 690 £m £m Reported Like-for-like bps like-for-like to 15.6%. This reflects the annuali
Slide 8: Debt and balance sheet
S4 Capital plc H1 2026 Results 8 Debt and balance sheet H1 2026 H1 2025 £m £m ● H1 2026 closing net debt reduced by £79.6m to £66.3m Intangible assets 621.6 639.4 (£145.9m H1 2025). This was driven by significant Right-of-use assets 22.8 27.3 improvement in EBITDA and strong liquidity. Property, pla
Slide 9: Cash flow highlights
S4 Capital plc H1 2026 Results 9 Cash flow highlights ● Free cash flow £10.4m in H1 2026 vs. £16.0m in H1 2025. H1 2026 H1 2025 £m £m Movement driven by an expected Q1 2026 working capital Operational EBITDA 38.0 20.8 outflow. This was primarily driven by a combination of stronger Capital expenditur
Slide 10: Net debt bridge
S4 Capital plc H1 2026 Results 10 Net debt bridge H1 2026 Net debt bridge ● H1 2026 FX benefit on net debt £7.3m, £4.7m term loan and £2.6m cash. ● £4.3m gain on loan repurchase. ● Free cash flow of £10.4m, lowering closing net debt position to £66.3m. 1. Other in chart above primarily includes hype
Slide 11: Capital Allocation priorities
S4 Capital plc H1 2026 Results 11 Capital Allocation priorities 1. Dividends Board has implemented dividend payout ratio of 50% of adjusted BEPS and will recommend a final 2026 dividend in line with that policy. 2. Debt buy-back The Company has met the targeted reduction of its Term Loan B, reducing
Slide 12: 2026 Guidance
S4 Capital plc H1 2026 Results 12 2026 Guidance Net revenue Operational EBITDA Operational EBITDA margin Expected to be down mid- Remaining at current analyst Targeted to increase by single digits1 consensus level of £85m2 140bps2 Net debt Net finance expense Effective tax rate 3 £50–80m c.£19-21m 2
Slide 13: Market Momentum
S4 Capital plc H1 2026 Results 13 2. Market Momentum
Slide 14: 2025 and 2026 market dynamics
S4 Capital plc H1 2026 Results 14 2025 and 2026 market dynamics Digital Marketing Technology services 2025 2025 Digital Media Spend growth Top 5 Platform growth Technology services market growth +8.7%1 +16%2 +4.2%3 2026 2026 Digital Media Spend growth Top 5 Platform growth Technology services market
Slide 15: Agency growth lags advertising spend
S4 Capital plc H1 2026 Results 15 Agency growth lags advertising spend Global Ad Spend and Agency Revenue Growth ● Digital Advertising spend is almost 70% of total and grew 8.7% in 2025, Analogue spend declined 0.6% ● Agency growth was almost 0% in 2025, it has decoupled from Advertising Spend growt
Slide 16: Tech companies prioritise Capex over Sales & Marketing spend
S4 Capital plc H1 2026 Results 16 Tech companies prioritise Capex over Sales & Marketing spend Alphabet, Meta, Amazon Capex Spend Vs Sales & Marketing Spend ● Capex spend at Alphabet, Meta and Amazon has increased 133% since 2022, whereas Sales & Marketing spend has flat lined ● Analysts project con
Slide 17: Our client portfolio
S4 Capital plc H1 2026 Results 17 Our client portfolio H1 2026 Client Categories H1 2025 Client Categories Technology 42% Technology 42% FMCG 9% FMCG 9% Financial 7% Financial 6% Auto 10% Auto 12% Retail 6% Retail 6% Media & Ent 5% Media & Ent 4% Fashion & Lux 5% Fashion & Lux 6% Agency 5% Agency 4%
Slide 18: Resilience with our larger client relationships
S4 Capital plc H1 2026 Results 18 Resilience with our larger client relationships Average revenue per client Client Revenue H1 2026 H1 2025 Number of % of Cumulative Number of % of Cumulative clients Revenue % clients Revenue % > £10m 5 42% 42% 6 42% 42% £5–10m 3 6% 48% 3 7% 49% £1–5m 37 22% 70% 40
Slide 19: Artificial Intelligence
19 3. Artificial Intelligence
Slide 20: YouTube Drive in @Google Beach
Monks Proprietary & Confidential 20 YouTube Drive in @Google Beach
Slide 21: Monks were two years ahead
Monks Proprietary & Confidential 21 NYC 20 26 " Monks were tw ahead o years 12 mon they ar ths ago e three , of the r years a est tod head ay. "
Slide 22: Growth: preferred by machines, loved by humans
↪ 2026 Preferred by machines Growth Loved by Monks humans Proprietary & Confidential
Slide 23: Summary and Outlook
S4 Capital plc H1 2026 Results 23 4. Summary and Outlook
Slide 24: Summary & Outlook
S4 Capital plc H1 2026 Results 24 Summary & Outlook ● H1 net revenue -6.2% reported and -4.7% like-for-like, reflecting continued macroeconomic uncertainty exacerbated by the Middle East conflict combined with technology clients/ hyperscalers prioritising AI investment. ● Reported record operational
Slide 25: Q&A
S4 Capital plc H1 2026 Results 25 5. Q&A
Slide 26: Appendix
S4 Capital plc H1 2026 Results 26 6. Appendix
Slide 27: Additional information
S4 Capital plc H1 2026 Results 27 Additional information Guidance on adjusting items for 2026 Weighted average share count Share consideration Expected weighted average share count for 2026 of Amortisation committed c.£50-55m c.675m1 Deferred share issuance of Share based payments Expected weighted
Slide 28: Thank You
CAPITAL Thank You