Northcoders Group Plc · LSE:CODE
Northcoders — H1 FY26 Earnings Presentation
16 slides from Northcoders's earnings presentation, Sep 30, 2026
Slide 1: Northcoders Group plc 2026 Interim Results
0 Northcoders Group PLC 2026 Interim Results Northcoders Group plc 2026 Interim Results 30 September 2026 northcodersgroup.com northcodersgroup.com
Slide 2: H1 FY26 at a Glance
1 Northcoders Group PLC 2026 Interim Results H1 FY26 at a Glance H1 FY26 H1 FY25 £ £ Revenue 1.4m 3.7m H1 reflects the financial impact of the Gross profit 0.7m 2.5m strategic reset, with H2 benefiting from Gross margin 55% 67% materially greater contracted corporate Adjusted EBITDA* (0.5m) 0.4m rev
Slide 3: Northcoders History
2 Northcoders Northcoders Group Group PLCPLC 2026 Interim Results Northcoders History A decade of building technology talent, now focused on the needs of enterprise. 2015–2017 2018–2022 2023–2026 2026+ The Pioneer The Scale Up The Reset The Future: B2B-Focused • Pioneered the UK coding • Expanded na
Slide 4: The Reset — Restructured and Repositioned
3 Northcoders Group PLC 2026 Interim Results The Reset — Restructured and Repositioned Fundamentally reshaped business with a lower cost base and a clear B2B focus WHAT CHANGED WHAT REMAINS WHERE IT IS GOING • Historic consumer and government-funded • Established enterprise customers, partnerships a
Slide 5: A More Flexible Operating Model
4 Northcoders Northcoders Group Group PLCPLC 2026 2026Interim InterimResults Results A More Flexible Operating Model Lower gross margin but delivery costs aligned directly to revenue H1 FY26 55% Gross Margin Reflects the increasing mix of corporate project revenue. Historic model B2B corporate model
Slide 6: The Revenue Mix has Fundamentally Changed
5 Northcoders Group PLC 2026 Interim Results The Revenue Mix has Fundamentally Changed The strategic shift previously communicated is now increasingly visible in the Group’s revenue mix £2.5 Million Annualised Cost Savings
Slide 7: Counter - Increasing Scale & Visibility
6 Northcoders Group PLC 2026 Interim Results Counter - Increasing Scale & Visibility Corporate delivery continues to build momentum Progression • April 2026: £1.5m FY26 revenue contracted • September 2026: £2.4m FY26 revenue recognised or contracted £2.4m Revenue Composition • £0.9m – H1 recognised
Slide 8: AI-Native Teams with Humans in the Lead
7 Northcoders Group PLC 2026 Interim Results AI-Native Teams with Humans in the Lead AI can accelerate organisations — but human judgement, accountability and capability still matter most. The future of technology teams Early Commercial Validation Business & Delivery Impact Al agents are increasingl
Slide 9: Financial Review
8 Northcoders Group PLC 2026 Interim Results Financial Review northcodersgroup.com northcodersgroup.com
Slide 10: Income statement
9 Northcoders Group PLC 2026 Interim Results Income statement 6 months ended 6 months ended Year ended 30 June 2026 30 June 2025 31 December 2025 £ £ £ Revenue 1,355,226 3,671,043 4,949,641 Gross profit 746,402 2,457,154 2,923,293 Gross margin 55% 67% 59% Adjusted EBITDA* (514,737) 405,187 (605,444)
Slide 11: Statement of cash flows
10 Northcoders Group PLC 2026 Interim Results Statement of cash flows 6 months ended 6 months ended Year ended 30 June 2026 30 June 2025 31 December 2025 £ £ £ Cash flows from operating activities: (591,737) 361,904 (818,467) Changes in working capital: (Increase)/decrease in trade & other receivabl
Slide 12: Statement of financial position
2026 Interim Results Statement of financial position 11 Northcoders Group PLC 30 June 2026 30 June 2025 31 December 2025 £ £ £ Non-current assets 1,559,127 3,651,673 1,592,609 Current assets 1,634,170 4,152,816 2,507,691 Total assets 3,193,297 7,804,489 4,100,300 Current Liabilities (929,646) (1,276
Slide 13: Outlook
12 Northcoders Group PLC 2026 Interim Results Outlook northcodersgroup.com northcodersgroup.com
Slide 14: FY2026 Trading & Outlook
13 Northcoders Group PLC 2026 Interim Results FY2026 Trading & Outlook Improving visibility and operating leverage • H2 revenue expected to be materially ahead of H1 • £2.4m Counter revenue recognised or contracted for FY26 • £3.6m near-term corporate opportunity pipeline • H2 adjusted EBITDA loss e
Slide 15: Any Questions?
14 Northcoders Group PLC 2026 Interim Results Thank You… Any Questions?
Slide 16: Disclaimer
15 Northcoders Group Northcoders PLC AIM IPO Proposed 2026 Interim Results Disclaimer Disclaimer This content of information contained in these slides and the accompanying presentation comprises an institutional presentati on (the Presentation) which has been prepared by and is the sole responsibili