Calnex Solutions Plc · LSE:CLX
Calnex Solutions — H1 FY26 Earnings Presentation
27 slides from Calnex Solutions's earnings presentation, Nov 27, 2025
Slide 1: Interim Results HY26
Interim Results HY26 Good progress in H1, delivering revenue growth while investing in areas of strategic opportunity. Tommy Cook, CEO Ashleigh Greenan, CFO
Slide 2: Calnex Solutions: Bringing clarity, confidence and certainty to the world's networks
Calnex Solutions: Bringing clarity, confidence and certainty to the world’s networks and applications. We are at the forefront of the global test and Our heritage in telecoms standards put us at the measurement industry. forefront of innovation across sectors. Supporting industry leaders across 68 c
Slide 3: Why we are needed
Why we are needed Monitoring and Maintaining networks New product development lifecycle R&D Design Validation and Conformance Maintenance Testing post deployment Monitoring networks Testing ▪ Deep insight is required to identify and rectify ▪ Monitor all end points to identify when faults occur. com
Slide 4: Review of the year
Insight and Innovation
Slide 5: HY26 overview
HY26 overview Steady H1 performance, Innovative products Telecoms market stable Senior hires and with revenue growth increasingly relevant with pockets of activity expansion of partner and resilient margins across diverse end network supports entry markets into new markets • £8.0m • Strong demand fo
Slide 6: Channel partner network continues to perform
Channel partner network continues to perform Increased reach across key markets – onboarding going well • Benefitting from broadened sales coverage globally. • New partners signed in the US, brings total active partners to 65. • Now progressing through onboarding & training. • Addition of a US-based
Slide 7: Financial review
Insight and Innovation
Slide 8: Steady progression
Steady progression • H1 26 revenues grew 9% on prior period. Interim dividend Cash position as at 30 September • Gross margins remain resilient at 76%, improvement of 2pps on prior period. 0.31p £10.3m H1 25: 0.31p • Improvement in Underlying EBITDA, driven predominantly by growth in trading volumes
Slide 9: Revenue analysis
Revenue analysis Region • Americas: Revenue up 5%. Most impacted by the telecoms slow down in prior years. Focus on cloud- based infrastructure, applications and government opportunities continues to prove successful. We continue to manage the pass through of the US tariffs costs. • ROW: Revenue up
Slide 10: Revenue growth driving profitability improvement
Revenue growth driving profitability improvement Margin mix contributing to profitability improvement in period • Revenue growth of 9%; growth across all regions. Period ending 30 September H1 26 H1 25 £000 £000 • Gross margin 76%, improvement on prior year due to product mix. Revenue 8,048 7,359 Co
Slide 11: Continued strong cash position
Continued strong cash position Pre-dividend cashflows neutral in period • Net cash inflow from operating activities £2.8m (H1 25: Period ending 30 September H1 FY26 H1 FY25 £0.1m outflow), driven by improvements in EBITDA and £000 £000 positive working capital movements. Cashflows from operating act
Slide 12: A strong platform to execute our growth strategy
A strong platform to execute our growth strategy Revenue growth and Continuing to invest in Targeted hires into Confident in delivering gross margin R&D programmes global sales and continued growth in improvement where we see revenue marketing teams to H2 and FY26 Results in supporting growth potent
Slide 13: Strategy and market opportunity
Strategy and market opportunity
Slide 14: Three-Pillar Strategy
Three-Pillar Strategy Consistent Strategic Focus Continued product Expand within the cloud innovation to capitalise on computing & datacentre and growth of build out of the Target select acquisition and government & defence strategic partnership mobile network sectors. infrastructure opportunities t
Slide 15: Evolving product portfolio
Evolving product portfolio Synchronisation Testing synchronisation Network emulation for testing in the lab performance of networks real -world testing in the lab LAB SYNC NETWORK SYNC NETWORK AND APPLICATION ASSURANCE Telecom Telecom Data Centre Infrastructure Validation Applications Testing Prove
Slide 16: Market: Telecoms
Market: Telecoms Telecoms Ongoing market developments driving customer upgrades and new high-speed testing requirements Large customer base provides upgrade & support Next major opportunity: 1.6Tb/s interfaces opportunity (c. 1,500 installed units) Positions Calnex at the forefront of high-speed sta
Slide 17: Market: Cloud computing & datacentres
Market: Cloud computing & datacentres Cloud AI-driven demand and hyperscaler investment fuelling growth in testing and optimisation computing & datacentres Momentum from hyperscaler build-out and Increasing our discovery activities amidst AI repeat orders infrastructure investment cycle Tailoring ou
Slide 18: Market: Government & Defence
Market: Government & Defence Growing traction driven by uptake of the NAA products with routes-to-market developing Actively pursuing opportunities in the US Expanding European partner network Large contract values, with longer sales cycles. Targeting regions with large defence budgets. • Now have d
Slide 19: Confident outlook
Confident outlook • Entered H2 with encouraging momentum and a clear strategy to drive growth across both established and new market segments. • Full year performance anticipated to be in line with market expectations. • Expansion of channel network and operational enhancements provide a strong foun
Slide 20: Well positioned for continued growth
Well positioned for continued growth Trusted provider of test Increasingly diverse Innovation expanding our solutions spread of customers and addressable opportunity Heritage in telecoms put us at orders Investment to deliver the forefront of innovation Ongoing expansion into new solutions for the n
Slide 21: Q&A
——<— Calnex Insight and Innovation Q&A
Slide 22: Appendix
Insight and Innovation
Slide 23: Balance sheet
Balance sheet Sep-25 Sep-24 £000 £000 Non-current assets Intangible assets 12,633 12,483 Goodwill 2,000 2,000 Tangible & right of use assets 1,156 440 Deferred tax asset 566 533 16,355 15,456 Current assets Inventories 5,248 6,086 Trade and other receivables 4,058 4,104 Cash and cash equivalents 10,
Slide 24: The Board
The Board Tommy Cook Ashleigh Greenan Stephen Davidson Graeme Bissett Margaret Rice-Jones Helen Kelisky CEO CFO Non-Exec Chairman Non-Exec Director Non-Exec Director Non-Exec Director Tommy is the founder and Ashleigh qualified as a Stephen joined the Board of Graeme is an experienced Margaret has o
Slide 25: General information
General information ▪ Share Price 56p (at 18.11.2025) Major Shareholders ▪ Market AIM % of Issued Share Shareholder Capital ▪ Ticker CLX Thomas (Tommy) Cook (CEO) 19.9% ▪ Market Cap. £51.04m BGF Investment Management Limited 12.0% Scottish Enterprise 9.0% ▪ Ord. shares in issue 87.99m Close Brothers
Slide 26: Financial structure
Financial structure • Two revenue streams: Revenue • Bundled hardware & software recognised on delivery • Warranty and software support recognised over life of product • Gross margin: approx. 73-76% net of discounts given to channel partners Telecoms Customer Case Study Gross • Cost of sales: approx
Slide 27: Stable customer metrics FY25
Stable customer metrics FY25 Contribution from Cloud Computing markets continues to grow Revenue Streams (£'000) Geographic Split End Market Split (Restated) (year on year) (%) 36% 52% 45% 45% 12% 12% 17% 9% 52% 39% 43% 38% Americas North Asia Rest of World FY22 FY23 FY24 FY25 Hardware & Software Re