Slide 1: Building momentum: Full year results 2025
Building momentum Full year results 2025
Slide 2: Agenda
Agenda Full year overview Financial review Strategy progress RM Full Year Results 2025 2
Slide 3: FY25 overview
We believe education should be accessible for everyone. Because FY25 when education works for more people, the overview future gets better for all of us. Mark Cook Chief Executive RM Full Year Results 2025 3
Slide 4: FY25 overview
FY25 overview Our performance reflects the momentum building across the company • Adjusted operating profit improved to £11.5m (FY24: £8.6m) • Adjusted EBITDA excluding share-based payments increased from £13.7m to £16.5m • Overall revenue moderately down 2.5% with Assessment revenue up 19.9% • Good
Slide 5: RM at a glance
RM at a glance Learners Educators Accreditors We help learners globally Our managed We help accreditors through the entire services help schools provide unbiased and education journey from in the UK run secure assessment, early years to higher effectively and marking, and results. education and secu
Slide 6: FY25 overview: Divisional summary
FY25 overview Divisional summary Delia B. Herrin RM Assessment Content Creator RM Resources (TTS) Content Creator RM Technology Content Creator • Assessment revenue up 19.9% with • Revenue temporarily affected by the • Revenue impacted by pressures on operating margin increasing to 22.9% challenging
Slide 7: Financial review
Financial review Simon Goodwin Chief Financial Officer RM Full Year Results 2025 7
Slide 8: FY25 momentum showing through in our financial results
FY25 momentum showing through in our financial results FY 2025 FY 20241 % change Revenue from continuing operations £ 162.1m £ 166.1m (2.5)% Assessment revenue £ 47.6m £ 39.7m 19.9% Adjusted operating profit £ 11.5m £8.6m 33.2% Adjusted EBITDA2 £ 16.5m £ 13.7m 19.9% Adjusted EBITDA2 margin 10.2% 8.3
Slide 9: Summary income statement
Summary income statement FY 2025 FY 2024 Variance 1 1 £m Continuing Discontinued Total Continuing Discontinued Total Total Revenue 162.1 - 162.1 166.1 1.0 167.1 (5.0) Divisional contribution 32.3 - 32.3 32.8 (1.7) 31.1 1.2 Divisional contribution margin 20.0% - 20.0% 19.8% n/a 18.6% 1.4% 2 Adjusted
Slide 10: Revenue
Revenue £(4.0) m £m 3.5 (3.2) (1.0) 4.4 (1.9) (6.8) 167.1 166.1 162.1 FY 24 Exclude FY 24 Assessment Assessment TTS TTS Technology FY 25 Consortium Continuing recurring non -recurring UK International revenue operations • Assessment revenue on core platforms up 17.3% • Assessment revenue from underl
Slide 11: Divisional contribution
Divisional contribution* £(0.5)m 2.2 (1.5) (1.2) 1.7 32.8 32.3 31.1 FY 24 Exclude FY 24 Assessment TTS Technology FY 25 C onsortium Continuing loss operations • Assessment contribution increased £2.2m to £16.6m due to growth in core platform and recurring revenues, as well as non-recurring project r
Slide 12: Cashflow
Cashflow £(1.1)m £m 2.9 5.5 1.4 (12.7) £[x]m 51.7 9.7 1.6 (21.1) 50.6 11.6 Adjusted* Operating Working Capex Pension Interest p aid Lease Equity raise Other Adjusted* Net Debt cashflows before Capital payments Net Debt Working C apital FY24 FY25 • Adjusted net debt £50.6m – in line with market expec
Slide 13: Financial outlook
Financial outlook • Continue to see a higher proportion of revenue coming from our high margin Assessment division • Strong visibility of future revenues from long-term contracts with longstanding customers • Investment in RM Ava will continue into 2027, enabling the onboarding of a wider range of c
Slide 14: Strategy update
Strategy update Mark Cook Chief Executive RM Full Year Results 2025 14
Slide 15: Our strategy
Our strategy RM’s strategy is to become the world -class EdTech platform for learner assessment The recent equity investment will support four key priorities Complete the Strengthen Invest in RM Manage general work to RM Ava and Assessment’s working capital simplify and accelerate its sales and purp
Slide 16: Legal and operational separation of our three divisions
Legal and operational separation of our three divisions Paving the way for growth through simplification, cost reduction, and divestment Simplifying structures Untangling legacy IT Creating a business Supporting net debt with each division complexity with a built for flexibility, reduction and creat
Slide 17: Accelerate development and growth of RM Ava
Accelerate development and growth of Providing a smarter way to create, deliver and manage assessment RM operates in the global EdTech market which is forecast to grow by $170.8 billion at a CAGR of 15.9% between 2024 and 2029. The shift to hybrid and digital assessment is driving this growth phase.
Slide 18: Accelerate development and growth of RM Ava
18 Accelerate development and growth of RM Ava RM Ava brings our world -class tools into a single cloud -based platform. A single platform makes it It creates a seamless way for customers to work and a brilliant simpler for customers to experience for their candidates. move from paper to hybrid or f
Slide 19: Accelerate development and growth of RM Ava
Accelerate development and growth of New feature and module releases in 2025 include: Learner portal RM Echo AI marking PoCs Simple candidate access for all Standalone malpractice detection Secure AI tooling supporting things assessment module marking and feedback RM Full Year Results 2025 19
Slide 20: Future outlook
Future Priorities for FY26 outlook • Progress plans to simplify the business • Reduce net debt Current trading and full year • Accelerate development of RM Ava outlook in line with • Continue to build a high growth, high margin expectations Assessment business • Provide a brilliant customer and lear
Slide 21: Thank you
Thank you investorrelations@rm.com RM Full Year Results 2025 21
Slide 22: Disclaimer
Disclaimer Forward -looking statements speak only as at the date of this Presentation . Except as required by applicable law or regulation (including to meet the requirements of the London Stock Exchange Rules, the Market Abuse Regulation as it forms part of domestic law in the United Kingdom by vir