Ncc Group Plc · LSE:NCC
Ncc — Investor Day (March 2026)
46 slides from Ncc's investor day presentation, March 2026
Slide 1: Capital Markets Event - Cyber
Capital Markets Event - Cyber March 2026
Slide 2: Today's agenda
Today’s agenda 1 Introduction 6 How we differentiate from competitors 2 The market opportunity 7 Our go to market 3 NCC in numbers 8 Our value 4 Our Cyber expertise 9 Our right to win 5 Our clients and the work we do 10 Your questions answered
Slide 3: The purpose of today is to show…
The purpose of today is to show… Creating value for all stakeholders We are a focused, Large, durable, Structural A scalable Clear value pure-play cyber non-discretionary differentiation built go-to-market upside from business - the market demand on expertise, IP model driving mix, execution and res
Slide 4: Introduction
- = - ear, .& grou 4 L ' | ay — ‘In 5 troduction. fh Mike >
Slide 5: We've been on a transformation journey, laying the foundations for Cyber growth
We’ve been on a transformation journey, laying the foundations for Cyber growth Strategic inflexion point A pivotal year Driving growth 2023 2025 2026+ Operating isolated Unified global business with Delivering a full-circle boutiques ongoing alignment of tech-stack, Cyber service to our clients pri
Slide 6: The vision: The world leading, 'pure play' cyber services partner
The vision: The world leading, ‘pure play’ cyber services partner, trusted by leading companies and governments Creating value for all stakeholders Full-cycle cyber services coverage - one partner Client focus delivering global, end-to-end protection hnical assurance Tec Deep technical knowledge of
Slide 7: The market opportunity
The market opportunity Mike Maddison
Slide 8: Structural tailwinds
Structural tailwinds The accelerating pace of digital transformation has proliferated security- related challenges, increasing demand for outsourced security teams Ongoing digitisation (including AI) and expands Geopolitics and the Increasing regulation, the attack surface age of “unreliability” ove
Slide 9: Total addressable market
Total addressable market Total Addressable Markets Current market by service line, vertical and firm size Chart Title Chart Title Only ~50% of the TAM is currently penetrated across Chart Title £45-50bn regions, indicating sizeable whitespace for NCC to go after ~£3bn ~£3B DFIR ~£9bn ~£9B BFSI Large
Slide 10: Market growth
Market growth The cybersecurity services market in the UK, US and Europe is forecast to grow at 8-10% pa Chart Title £69 - 71bn 8-10% pa £3-5B £19-21B 8-10% pa £44 - 46bn £2-4B £34 - 36bn £12-14B £12-14B £1-3B £9-11B £9-11B £8-10B £32-34B £18-26B £13-15B £bn Service Line 2022 2025 2030 MS TAS C&I DF
Slide 11: Every capability, in every region, is expected to grow
Every capability, in every region, is expected to grow LEK analysis: Total market size Chart Title 45.1 across key markets (£’bn) 41.5 38.3 35.3 32.5 13.3 22.6 30.0 12.3 11.3 20.5 1.6 10.4 18.6 1.5 9.6 16.9 15.4 1.4 6.6 8.8 Chart Title 14.0 1.2 6.0 5.4 1.1 5.5 5.0 1.0 20.4 4.5 0.4 5.0 18.5 3.8 4.2 0
Slide 12: AI is a disruptor to cyber
AI is a disruptor to cyber Three things to take away AI creates more opportunity than risk for NCC Group Cyber will disrupt industry players AI is an opportunity to build AI creates new vulnerabilities and who have a one dimension efficiency, speed and add scale. the opportunity for provide new offe
Slide 13: NCC in numbers
NCC in numbers Guy Ellis
Slide 14: NCC Cyber in figures
NCC Cyber1 in figures Broad service line coverage UK HQ, global presence ‘Pure-play’ cyber business £227.4m FY25 Revenue 1 11 countries c1,800 Total Cyber and Group FTEs1 Commercial 36.6% FY25 gross margin1 13 offices c.1,400 and Delivery FTEs Proportion of 34% revenue from Managed Services 3,000+ c
Slide 15: A truly global presence
A truly global presence NCC Cyber operates globally with a presence in key regions providing independent services to multinational clients • Manila Office official opening in January 2023 • Circa 240 colleagues now employed across our technical delivery, as well as enabling functions 15
Slide 16: Scalable 'pure-play' cyber services platform within a structurally growing global market
Scalable ‘pure-play’ cyber services platform within a structurally growing global market Revenue split by Revenue split by Geography (FY25A) capability (FY25A) 4% 6% 1% 16% 21% 39% 56% 25% 34% UK North EU APAC MS TAS C&I DFIR CTO + UK NA EU America APAC TAS MS C&I DFIR CTO + Support SUPPORT Source:
Slide 17: Revenue by capabilities across our key geographies
Revenue by capabilities across our key geographies Chart Title Global revenues (£’m) 126 127 108 7 6 85 8 29 34 239 239 67 227 12 26 8 57 15 15 9 45 13 6 9 22 45 6 45 43 64 48 51 53 40 43 41 FY23A FY24A FY25A FY23A FY24A FY25A 51 75 North America UK 76 126 36 36 35 103 88 6 7 6 5 4 3 12 11 9 20 21 2
Slide 18: Successfully cross-selling solutions across multiple verticals of clients
Successfully cross-selling solutions across multiple verticals of clients Our Cyber solutions …with a clear history of …a fast growing … to large multinational cover multiple expanding and managed services clients, with limited client verticals… cross-selling across clients offering concentration ri
Slide 19: Client concentration limited, cross-sell opportunity high
Client concentration limited, cross-sell opportunity high Minimal client concentration while successfully increasing spend per client across core capabilities Revenue concentration per client (FY25A) Average capabilities per client 3.20 2.76 2.33 2.01 1.67 1.49 8% 100% 11% 34% 10% 38% Top 20 Top 50
Slide 20: Our Cyber expertise
Our Cyber expertise Damien Childs
Slide 21: NCC Cyber leverages a 'flywheel' of technical expertise and heritage
NCC Cyber leverages a ‘flywheel’ of technical mission-critical cyber security solutions FY25 Client focus FY25 £88.4m Techn ical assuranc e £76.4m Technical Assurance Services (TAS) Managed Services (MS) nt I Tec ▪ Penetration testing ▪ Managed Extended Detection and naged services Inc Digdi ent res
Slide 22: Technical Assurance
Technical Assurance Independent testing and validation of digital systems, platforms and environments Why it matters • Identifies real-world exposure From your phone, watch before attackers do and car charging to critical • Provides trusted assurance facilities – we test it! for boards, regulators a
Slide 23: Consulting & Implementation
Consulting & Implementation Secure change at enterprise scale Why it matters • Translates cyber strategy into durable, compliant operating reality How it scales • Regulator-aligned delivery • Repeatable frameworks • Increasingly tech- enabled assurance 23
Slide 24: Digital Forensics & Incident Response
Digital Forensics & Incident Response Trusted response when cyber risk materialises Why it matters (3) • Supports operational (2) continuity, regulatory response and stakeholder trust How it scales (8) • Intelligence-led response (7) • Independent, defensible outcomes • Ability to operate 1. Standar
Slide 25: Managed Services
Managed Services Continuous protection, delivered with discipline Why it matters • Threats are persistent, not one-off • Client needs visibility and response 24/7 How it scales • Automation-enabled operations • Repeatable, standardised service models 25
Slide 26: Talent is a constraint, and our advantage
Talent is a constraint, and our advantage Scarce cyber expertise is the limiting factor in this market, and NCC is built to access and retain it Depth of expertise, Credibility Internal mobility beats This enables: not volume hiring attracts credibility external churn We operate a skills and Our wor
Slide 27: Our clients and the work we do
Our clients and the work we do Peter Vorley
Slide 28: NCC is the trusted long-term adviser to blue-chip and government clients
NCC is the trusted long-term adviser to blue-chip and government clients Why clients choose NCC Cyber Help regulators shape global Comprehensive portfolio yields Strong relationship with leading Global reach with a local touch standards unmatched threat insights vendors Deep regulatory guidance Uniq
Slide 29: Clients are buying outcomes – not point solutions
Clients are buying outcomes – not point solutions Our portfolio maps directly to today’s converging cyber risks from AI and cloud security to operational technology and ecosystem exposure Securing AI Cyber Governance Digital Identity Governance & Assurance Reduce identity risk across and assurance f
Slide 30: Client example
Client example NCC is the independent third-party security provider as part of TikTok’s Project Clover, securing the privacy and data of more than 200m TikTok users in Europe NCC Group plays a strategic and operationally critical role in the success of our data protection and regulatory compliance e
Slide 31: How we differentiate from competitors
How we differentiate from competitors Peter Vorley
Slide 32: What sets NCC apart in the cyber services market
What sets NCC apart in the cyber services market Recruiting and Proprietary IP and Market reputation scaling expert talent knowledge base and track record Our proven expertise and proprietary know-how make us a dependable partner, delivering insight and value that many competitors cannot. 32
Slide 33: Unique among our many peers
Unique among our many peers Unlike other cyber firms, NCC Group can compete across the whole spectrum of cyber security and resilience Multi-national Global consulting firms Systems Integrators Local Others pure-play specialists (namely the Big 4) (SI’s) and telco-based cyber providers (national) pu
Slide 34: Our go-to-market
Our go-to-market Peter Vorley
Slide 35: Deepening client centricity
Deepening client centricity Increasing focus to drive growth while protecting our revenue Target TAM capabilities per client NCC Client Solution Client Consultants Tier-1 Select Executive Architect Success £16bn 3.2 Large Enterprise Sector Solution Client Sales £13bn 2.7 Pod Architect Success Specia
Slide 36: Pathway to strategic partner
Pathway to strategic partner The pathway to turn client’s compliance spending into high-value strategic partnerships and unlock greater wins 20x 4x Embed Becoming a strategic partner and 1x Elevate part of the client’s core DNA Establish Elevating value and footprint across the portfolio Continuous
Slide 37: In summary…
In summary… Differentiation A scalable Value Structural advantage + that matters + Creating growth engine Decades of deep expertise, We operate where A disciplined GTM proprietary insight and resilience truly counts model converting proven delivery demand into predictable growth margin. Earning the
Slide 38: Valuation and new financial framework
Valuation and new financial framework Guy Ellis
Slide 39: Valuation of NCC Group plc today
Valuation of NCC Group plc today Valuation today Valuation drags on NCC Cyber…… Total = £379m • Lack of performance transparency as part of the wider Group • Escode post-transaction costs enterprise • Complicated disclosures, impairments, value = £252m ‘one-offs’, year-end change etc. • Net cash pre
Slide 40: Measuring success: our new financial framework
Measuring success: our new financial framework Scale Strengthen Simplify Creating Value • Growth in key accounts • Increase % of recurring • Leverage global delivery • EBITDA margin • Like for like growth in and reoccurring revenue model and AI to drive consistent to peers established markets • Impr
Slide 41: Delivering mid-teens EBITDA% should drive additional uplift to the current 0.53 x FY25 Revenue
Delivering mid-teens EBITDA% should drive additional uplift to the current 0.53 x FY25 Revenue Cyber software companies1 Consulting and IT Services (low growth) High growth2 Medium growth2 Low growth2 20%+ 10-20% <10% Accenture, Infosys, HCL, Cognizant, Capgemini, Wipro, CGI, Booz Allen Hamilton, EP
Slide 42: To conclude
To conclude Mike Maddison
Slide 43: The vision: The world leading, 'pure play' cyber services partner
The vision: The world leading, ‘pure play’ cyber services partner, trusted by leading companies and governments Creating value for all stakeholders Full-cycle cyber services coverage - one partner Client focus delivering global, end-to-end protection hnical assurance Tec Deep technical knowledge of
Slide 44: In summary
In summary Creating value for all stakeholders We are a focused, Large, durable, Structural A scalable Clear value pure-play cyber non-discretionary differentiation built go-to-market upside from business - the market demand on expertise, IP model driving mix, execution and reset is complete with st
Slide 45: Thank you
Thank you
Slide 46: Cautionary statements
Cautionary statements This document and any related conference call or webcast (including any related Q&A session) has been prepared by NCC Group plc (“NCC”) and is the responsibility of NCC. This document is an investor/marketing communication and should not be regarded as a research recommendation