Slide 1: 2025 Half Year Results
2025 Half Year Results 9 September 2025
Slide 2: Disclaimer
Disclaimer This presentation includes statements that are, or may be deemed to be, ‘forward-looking statements’. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms ‘anticipates’, ‘believes’, ‘estimates’, ‘expects’, ‘intends’, ‘may’, ‘pla
Slide 3: Highlights
Highlights Delivering growth in • Executed well in first half against backdrop of significant macro and political uncertainty an uncertain market • Technology Sourcing and Services growth • North America and UK growth tempered by softer Continental Europe • Growth in total number of major customers
Slide 4: Financial Review
Financial Review Keith Mortimer, CFO 4
Slide 5: H1 2025 Financial highlights
H1 2025 Financial highlights Gross invoiced Revenue Gross Adjusted income profit operating profit £5.7bn £4.0bn £504m £82m +27.0% CCY +30.8% CCY +8.6% CCY +4.2% CCY +24.9% +28.5% +6.8% +1.2% Adjusted Adjusted Dividend Adjusted PBT diluted EPS net funds £82m 52.5p 23.6p £278m -3.8% CCY -4.5% +1.3% -3
Slide 6: H1 2025 Income Statement
H1 2025 Income Statement H1 2025 H1 2024 Change Change (CCY) • Strong GII growth driven by North £m £m America Technology Sourcing Gross invoiced income (GII) 5,665.3 4,536.6 +24.9% +27.0% • Gross profit up 8.6% in constant Revenue 3,988.8 3,103.8 +28.5% +30.8% currency with gross margin performance
Slide 7: Adjusting items
Adjusting items H1 2025 H1 2024 £m £m • £3.2m exceptional cost in H1 Adjusted operating profit 82.1 81.1 2025 relating to an unrealised acquisition Amortisation of acquired intangibles (5.1) (5.2) Gains / (Costs) related to (3.2) 2.5 • Includes legal fees, advisory acquisitions fees and other relate
Slide 8: Long-term GII and gross profit growth
Long-term GII and gross profit growth GII H1 since 2020 (£m) Gross profit H1 since 2020 (£m) CAGR CAGR +18% +10% 5,665 506 504 5,158 472 4,537 425 425 3,972 3,288 318 2,462 H1 20 H1 21 H1 22 H1 23 H1 24 H1 25 H1 20 H1 21 H1 22 H1 23 H1 24 H1 25 8
Slide 9: Operating profit bridge
Operating profit bridge £m in constant currency 130.8 (101.8) • Technology Sourcing volume growth and lower gross margin % driven largely by high-volume projects in North America 3.9 6.9 (36.5) • Modest increase in Services volume and margin driven by (2.3) Professional Services 81.1 78.8 82.1 • Inc
Slide 10: Operating profit bridge by geography
Operating profit bridge by geography £m reported 3.9 (11.4) 23.0 (11.0) • Growth in North America and UK 0.4 (3.9) driven by growth with existing and new customers • Decline in Continental Europe largely reflecting public sector weakness in Germany and France 81.1 78.8 82.1 H1 2024 North UK Germany
Slide 11: Performance overview by geography (1)
Performance overview by geography (1) Growth in North America and UK North America United Kingdom H1 2025 % ch • Another record performance • Return to growth H1 2025 % ch £m CCY o Hyperscale and enterprise £m o Technology Sourcing GII 2,533.1 +57.9% wins GII 1,303.6 +20.2% growth: AI infrastructure
Slide 12: Performance overview by geography (2)
Performance overview by geography (2) Public sector softness in Germany and France Germany Western Europe H1 2025 % ch • Softer performance, largely as • Disappointing performance, H1 2025 % ch £m CCY anticipated £m CCY mainly driven by France GII 1,209.8 +3.2% o Temporarily weaker public GII 592.3
Slide 13: Diversified by Service Line and geography
Diversified by Service Line and geography North America 44% of Group operating profit1 Revenue by Service Line Revenue by Geography Adj. operating profit1 by Geography £3,989m £3,989m £111.8m1 +30.8% in +30.8% in +6.9% in CCY CCY CCY Share of Change Change Share of Change Change Share of Change Chan
Slide 14: H1 2025 cash flow generation as expected
H1 2025 cash flow generation as expected Working capital As expected, H1 outflow driven by Summary cash flows (£m) unwind of c.£100m more of early customer payments at 31 December 73.8 (251.2) 2024 and normal seasonal trends Group inventory 482.2 • £316.8m at 30 June 2025 • Up £45.6m yoy and up £9.6
Slide 15: Disciplined and balanced approach to capital allocation
Disciplined and balanced approach to capital allocation Over £1bn of capital distributed to shareholders since 2013 Capital returns to shareholders (£m) Organic Investment 300 • Drive market share gains and improve efficiency 250 Total Return since 2013 M&A £1bn1 200 • Continue to assess acquisition
Slide 16: 2025 technical guidance
2025 technical guidance Exchange rates at Central costs Capex Adjusted effective Dividend cover constant currency1 16 tax rate c.-£4m impact c.£55-60m 29.5-31.5% c.£35m 2-2.5x adj. on adj. diluted EPS operating profit 16 2024 foreign exchange rates for Income Statement: GBP/USD $1.27, GBP/EUR €1.181
Slide 17: Operating Review
Operating Review Mike Norris, CEO 17
Slide 18: Market and customer challenges
Market and customer challenges Enabling our customers to achieve their goals Agility & speed Resilience People experience & security Organisations need Employees seek efficiency, flexibility and The threat landscape is innovative services that pace to keep ahead in ever evolving, and with provide se
Slide 19: We are uniquely positioned to enable AI advantage from end to end
We are uniquely positioned to enable AI advantage from end to end Our services span the whole infrastructure estate and the entire technology lifecycle, from advisory and solution design to implementation, optimisation and support. Equipping AI Engineering AI Optimising AI Activating AI Building the
Slide 20: Our strategic priorities
Our strategic priorities Target Scale and Empower market leverage our our people customers activities We build long-term We create economic We trust our teams to make relationships with the largest advantage and customer value responsible decisions that corporate and public sector in our core offeri
Slide 21: Good growth in major customers
Good growth in major customers Growth in UK, North America and Germany yoy Major customers each generating >£1m of gross profit pa • Growing the number of major customers is an important driver of long-term growth and 192 197 resilience 184 178 183 153 162 54 41 46 51 51 • Net 14 major customers add
Slide 22: Significant potential for further growth
Significant potential for further growth We have significant customer growth opportunities across all of our geographies Major customers at H1 2025 – those generating >£1m of gross profit 22 54 58 63 455 965 325 380 Customers and prospects with the potential to become major customers 22
Slide 23: North America – strong momentum continues
North America – strong momentum continues 44% of Group adjusted operating profit in H1 25 Operating profit ($m) • 97% increase in H1 25 adj. 92.3 operating profit in constant Computacenter Total acquisition 81.0 +97% currency to $65m ‘value added’ in CCY spend of $352m (EV) • Organic 65.3 49.3 growt
Slide 24: UK – return to growth
UK – return to growth • Starting to see the benefits of a more targeted approach and UK adjusted operating profit (£m) greater proximity to customers 33.3 • Added net 10 major customers since last year 27.2 • Technology Sourcing growth in subdued market: 25.5 o high-performance AI-related infrastruc
Slide 25: Germany – positioned for public sector recovery
Germany – positioned for public sector recovery • Softer H1 against the backdrop of: Germany adjusted operating profit (£m) o challenging economic backdrop o temporary lower public sector activity which impacted Technology Sourcing and Professional Services CAGR 14.6% 163.0 • Performed well versus c
Slide 26: France – navigating market challenges
France – navigating market challenges • Top 3/4 VAR with Technology Sourcing and Services offering across workplace, networking, data center and security • Acquisition of BT Services resulted in £27.6m cash inflow on completion and a net exceptional gain of £14.0m in 2020 • Challenging market backdr
Slide 27: Further progress with roll out of our Group-wide investments
Further progress with roll out of our Group-wide investments 27 SALES & CUSTOMER ENGAGEMENT ARTIFICIAL INTELLIGENCE CIRCULAR SERVICES New Sales CRM and Quotation Leveraging AI capabilities of Circular Services ERP system systems being deployed globally new platforms: e.g. ServiceNow, configured for
Slide 28: Summary and outlook
Summary and outlook Executed well in H1 Continued strategic progress • Against an uncertain backdrop • Growth in major customers • Excellent performance in North America • Delivering on North America growth • Growth in Technology Sourcing and Services opportunity • Investing for future growth Discip
Slide 29: Q&A
Q&A 29
Slide 30: Appendix
Appendix 30
Slide 31: H1 2025 Summary Income Statement
H1 2025 Summary Income Statement H1 2025 H1 2024 Constant Change £m £m currency Technology Sourcing 4,856.5 3,740.1 29.8% 32.2% Professional Services 384.0 365.7 5.0% 6.5% Managed Services 424.8 430.8 (1.4%) (0.4%) Services 808.8 796.5 1.5% 2.8% Gross invoiced income 5,665.3 4,536.6 24.9% 27.0% Tech
Slide 32: H1 2025 - Adjusted operating profit by geography
H1 2025 - Adjusted operating profit by geography £m H1 2025 FY 2024 H2 2024 H1 2024 Adjusted operating profit UK 17.3 40.7 27.3 13.4 Germany 48.1 156.9 97.4 59.5 Western Europe (8.9) 13.7 11.6 2.1 North America 49.1 72.3 46.2 26.1 International 6.2 14.0 8.2 5.8 Central costs (29.7) (50.9) (25.1) (25
Slide 33: Inventory by geography
Inventory by geography 30 June 30 June Change Constant 2025 2024 currency £m £m United Kingdom 18.5 20.8 (11.1%) (10.9%) Germany 85.1 66.1 28.7% 27.4% France 13.5 19.5 (30.8%) (31.8%) North America 191.2 160.2 19.4% 29.4% International 8.4 4.6 82.6% 105.0% Total Group 316.8 271.2 16.8% 22.2% 33