Slide 1: Northcoders Group plc 2025 Full Year Results
0 Northcoders Group PLC 2025 Full Year Results Northcoders Group plc 2025 Full Year Results 29 April 2026 northcodersgroup.com northcodersgroup.com
Slide 2: Northcoders Group Business Model
1 Northcoders Group PLC 2025 Full Year Results Northcoders Group Business Model We operate two Business Divisions, Training Bootcamps and Consultancy, creating life-changing opportunities for people from all walks of life whilst providing the tech industry with the skills it needs. Bootcamp Career a
Slide 3: FY 2025 at a Glance
2 Northcoders Group PLC 2025 Full Year Results FY 2025 at a Glance Year ended Year ended 31 December 2025 31 December 2024 Operational Highlights £ £ Continued progress within the Group’s Revenue 4.9m 8.8m consultancy division, Counter®, increasing revenue by 77% to £1.5 million Gross profit 2.9m 5.
Slide 4: Market Context
3 Northcoders Group PLC 2025 Full Year Results Market Context Structural change in UK skills funding Shift from volume-led funding to targeted regional procurement • Delays and uncertainty in funding allocation cycles • Reduced visibility across bootcamp sector • Industry-wide contraction At the sam
Slide 5: Our Response
4 Northcoders Group PLC 2025 Full Year Results Our Response Early and decisive action Action: • Materially reduced cost base • Maintained delivery capability and quality • Shifted focus to: • Higher-quality targeted cohorts • Private & commercially funded training • Counter® consulting model Result:
Slide 6: Strategic Re-positioning
5 Northcoders Group PLC 2025 Full Year Results Strategic Re-positioning Two complementary divisions Counter Training Accreditations & Frameworks (Consulting) (Repositioned) • High margin • Modular • Recurring revenue • AI Focused Training Technology Services 4 Cloud Compute 2 • Enterprise demand • E
Slide 7: Counter Growth
6 Northcoders Group PLC 2025 Full Year Results Counter® Growth Strategic pivot gaining traction Financial: • 2025 Revenue: ~£1.5m • Contracted 2025 Sales: ~£2.5m • £1.0m of contracted revenue carried into FY2026 Clients include: • Major UK financial services organisations • Public sector engagements
Slide 8: Training Division Evolution
7 Northcoders Group PLC 2025 Full Year Results Training Division Evolution From high volume frameworks to flexible pathways Reduced reliance on government funding Growth in: • Private courses • Data Engineering & AI programmes • Modularisation strategy: • Short courses • Stackable learning • Early t
Slide 9: M&A & Strategic Options
8 Northcoders Group PLC 2025 Full Year Results M&A & Strategic Options The board will actively seek opportunities Potential combinations to: • Accelerate Counter scale • Expand into adjacent markets Focus on: • Complementary capability • Earnings enhancement • Shareholder value 8
Slide 10: Financial Review
9 Northcoders Group PLC 2025 Full Year Results Financial Review northcodersgroup.com northcodersgroup.com
Slide 11: Revenue and EBITDA
10 Northcoders Group PLC 2025 Full Year Results Revenue EBITDA 10 1.2 9 1 8 0.8 7 0.6 6 0.4 5 0.2 4 0 3 2021 2022 2023 2024 2025 -0.2 2 -0.4 1 -0.6 0 2021 2022 2023 2024 2025 -0.8 £M £M£M
Slide 12: Revenue Split 2024 vs 2025
11 Northcoders Group PLC 2025 Full Year Results Revenue Split 2024 vs 2025 4% 10% 9% Counter - 30% Direct to Corporate Direct to Consumer Government Funding 87% 60% FY 2024 FY 2025
Slide 13: Income statement
12 Northcoders Group PLC 2025 Full Year Results Income statement Year ended Year ended 31 December 2025 31 December 2024 £ £ Revenue 4,949,641 8,819,083 Gross profit 2,923,293 5,902,212 Gross margin 59% 67% Adjusted EBITDA* (605,444) 980,750 Operating profit/(loss) (2,862,802) 444,750 Profit/(loss)
Slide 14: Statement of cash flows
13 Northcoders Group PLC 2025 Full Year Results Statement of cash flows Year ended Year ended 31 December 2025 31 December 2024 £ £ Cash flows from operating activities: (818,467) 978,630 Changes in working capital: (Increase)/decrease in trade & other receivables 1,202,458 (11,106) Increase/ (Decre
Slide 15: Statement of financial position
14 Northcoders Group PLC 2025 Full Year Results Statement of financial position 31 December 2025 31 December 2024 £ £ Non-current assets 1,592,609 3,714,984 Current assets 2,507,691 3,271,528 Total assets 4,100,300 6,986,512 Current Liabilities (972,097) (1,357,635) Net current assets/(liabilities)
Slide 16: Outlook
15 Northcoders Group PLC 2025 Full Year Results Outlook northcodersgroup.com northcodersgroup.com
Slide 17: FY2026 Trading & Outlook
16 Northcoders Group PLC 2025 Full Year Results FY2026 Trading & Outlook Improving visibility into FY2026 • £1.5m Counter revenue already contracted • £1m Pipeline deals at Final stage • £4m+ Further Active Deals Pipeline • H2 Bootcamp expectation: • Private Modular Course focused on Ai • Positive e
Slide 18: Any Questions?
17 Northcoders Group PLC 2025 Full Year Results Thank You… Any Questions?
Slide 19: Appendices
18 Northcoders Group PLC 2025 Full Year Results Appendices
Slide 20: Your Partners for progress
19 Northcoders Group PLC 2025 Full Year Results Your Partners for progress
Slide 21: Counter's USPs
20 Northcoders Group PLC 2025 Full Year Results Counter’s USPs Highest performing Fast Northcoders & Tech implementation Returners graduates (6-8 weeks) On-Shore solution Subject Matter experts Near-Shore pricing No “hand-holding” required by client
Slide 22: Organisations we've worked with
21 Northcoders Group PLC 2025 Full Year Results Organisations we’ve worked with "Counter's skills, experience, collaborative approach and the time they dedicate to truly understanding our culture make them an ideal fit for Skipton.” June Powell, Engineering Enablement Lead Skipton Building Society
Slide 23: COUNTER's Strategy
22 Northcoders Group PLC 2025 Full Year Results COUNTER’s Strategy Grow presence through Build a compelling brand in sales teams equipped with the Manchester & London a compelling go-to with well-known clients -market strategy Large (£5-10m) contracts Build national and with strategic partners via i
Slide 24: Carving opportunities through large UK procurement frameworks
23 Northcoders Group PLC 2025 Full Year Results COUNTER CREDS DECK Carving opportunities through large UK procurement frameworks LVP Framework Cloud Compute 18
Slide 25: Group Awards & Accreditations Frameworks
24 Northcoders Group PLC 2025 Full Year Results Group Awards & Frameworks Accreditations Technology Services 4 G-Cloud 15 Cloud Compute 2 LVP DOS 7 Northcoders Limited t/a Counter
Slide 26: Disclaimer
25 Northcoders Group Northcoders PLC AIM IPO Proposed 2025 Full Year 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 responsibi