Next 15 Group Plc · LSE:NFG
Next 15 — H1 FY2026 Earnings Presentation
30 slides from Next 15's earnings presentation, September 2025
Slide 1: FY26 Interim Results
Confidential 2025 FY26 Interim Results September 2025 Confidential 2025 1
Slide 2: Agenda
Agenda FY26 Interim Overview Financial Review & Outlook Summary Confidential 2025 2
Slide 3: Introductions
Introductions Sam Knights Mickey Kalifa CEO CFO Confidential 2025 3
Slide 4: FY26 Interim Overview
FY26 INTERIM OVERVIEW Confidential 2025 4
Slide 5: Key Headlines
Key Headlines Decisive action in first 100 days Legacy issues being resolved, portfolio simplification underway, direction being clarified Resilient trading despite macro pressures Growth in Consumer and Retail, Government & Digital Transformation offset by tech sector weakness Margin discipline mainta
Slide 6: A robust performance despite difficult market conditions
A robust performance despite difficult market conditions Net revenue Market context ⬝ Down 3.6% to £230.8m (2024: ⬝ Economic uncertainty, including tariff impact, weighing on discretionary marketing spend £239.4m). ⬝ Technology clients prioritising capex for AI development ⬝ Currency impact of (£3.9m
Slide 7: Strong underlying financial health
Strong underlying financial health Adjusted diluted EPS Earnings Per Share (EPS) ⬝ Increased to 21.4p (2024: 20.8p) ⬝ EPS improved due to the reduction in minority interests and the payment of earn-outs in cash Net debt as at 31 Jul 2025 ⬝ Outstanding earn-out obligations significantly reduced, reflect
Slide 8: The first 100 days - decisive action
The first 100 days - decisive action 1. Resolve 2. Simplify 3. Clarify ⬝ Mach49 wind-down underway; ⬝ Divested Beyond & Palladium ⬝ Portfolio review underway discontinued classification by ⬝ Savanta + Plinc integration underway ⬝ Shaping a new course for the year-end ⬝ House + Elvis integration underw
Slide 9: Next 15 - Our core strengths
Next 15 - Our core strengths Specialized Early, applied Incredible 1 Data rich: 2 Agile: 3 AI 4 in growth 5 talent: markets: Our Data-rich: proprietary, Agile at scale: big enough Applied AI: delivering early Exposure to high-growth Strong culture & talent strengths real-time datasets to compete, sm
Slide 10: How our strengths are helping our customers today
How our strengths are helping our customers today Early, Automated NI parcel identification; 120m parcels/yr applied AI compliant with Windsor Framework; record accuracy Growth Plan-Apps activated 1P Advantage Card data; lifted ROAS by c.30%, improved supplier spend Markets capture by 20-30%. Bespoke
Slide 11: Financial Review
FINANCIAL REVIEW Interim Results : September 2025 Confidential 2025 11
Slide 12: Adjusted P&L
Adjusted P&L Revenue declined slightly due to a weaker USD, global economic challenges, US tariff uncertainty, £M H1 FY26 H1 FY25 Growth/(Decline) % and reduced tech client spending, offset by strong Net revenue 230.8 239.4 (3.6)% growth in SMG, M Booth, and Organic revenue decline Transform. (5.3%)
Slide 13: Revenue bridge
Revenue bridge Organic revenue declined by 5.3% (at constant currency). (5.3)% Average USD rate Strong growth in Transform, in H1 FY26 was SMG, and M Booth. 1.317 vs 1.268 in H1 FY25. Offset by declines in spend from tech clients, reduced creative projects and tariff-related delays impacting Organic
Slide 14: Adjusted operating profit bridge
Adjusted operating profit bridge Modest margin improvement £m to 14.2% due to restructuring benefits and strong cost management. Staff costs significantly reduced, reflecting the full-year benefit of FY25 savings, together with ongoing productivity Margin: Margin: 14.1% 14.2% improvements in FY26. Total
Slide 15: Segmental Performance
We continue to report the same 4 segments for H1 26, but will move to a new segmental Segmental Performance reporting format for the full year in line with the new business structure to be detailed at year end. Performance Highlights Business Transformation grew 31% largely due to Net revenue Organi
Slide 16: Diversified customer base provides resilience
Diversified customer base provides resilience The Consumer and Retail £m client base continues to grow and is now our largest customer vertical, fuelled by expansion in key areas such as retail media and influencer marketing. Technology client spend remains weak with decreased share. 31.0% 27.4% 30.1%
Slide 17: Cash flow
Cash flow H1 net debt increased due to earn-out settlements Operating cash flow strengthened by a £4.3m working capital inflow, reflecting disciplined management and a material improvement on the £31.9m Working capital inflow of £4.3m outflow in H1 FY25. vs outflow of £31.9m in H1 £m FY25 These inflows were
Slide 18: Leverage and liquidity
Leverage and liquidity Leverage Net Debt/EBITDA at 0.5x (covenant limit of 2.5x). Prioritising rigorous cash H1 FY26 FY25 management with commitment to £m 31 Jul 25 31 Jan 25 minimise leverage. Even with the full provision for the Total Debt 122.2 127.8 Mach49 earn-out included in Net Debt, Net Debt
Slide 19: Estimated Earn-Out Commitments
Estimated Earn-Out Commitments Majority of earn-out commitments have now been settled. 31 July 2025 31 Jan 2025 31 July 2024 £M £M £M Excluding the Mach49 liability, the total commitment is less FY25 - - 0.6 than £19m, payable between now and FY28. No further commitment beyond that. FY26 9.6 36.6 21
Slide 20: Adjustments
Adjustments Mach49 trading loss treated as adjusting item as it will be a discontinued operation for the full year. Adjustment for one-off legal and £M H1 FY26 H1 FY25 advisor costs in relation to Mach49. Adjusted profit before tax 30.9 31.4 Goodwill impairment and intangibles write offs relates enti
Slide 21: Interim dividend
Interim dividend Interim Dividend maintained at 4.75p ● This represents a cash cost of £4.75m, payable in November 2025. ● Dividend underpinned by strong balance sheet, low leverage and confidence in the outlook for the Group Confidential 2025 21
Slide 22: Mach49 - Discontinued Operation
Mach49 - Discontinued Operation Discontinued Operation Accounting for remaining Earn-Out liability We are winding down the Mach49 business and expect this process Based on the evidence to date, we maintain our position to be complete before year-end. For full year reporting, Mach49 will regarding th
Slide 23: Outlook
Outlook Early H2 progressing as expected Phasing of revenue and adjusted operating profit to be consistent with previous years FY26 results anticipated to be in line with market expectations* * Market consensus compiled by the Company for FY26 based on Company adjustments (not based on analyst expect
Slide 24: Summary
SUMMARY Confidential 2025 24
Slide 25: Summary
Summary Decisive action in first 100 days Legacy issues addressed, portfolio simplification underway, and strategic direction clarified Resilient trading despite macro pressures Growth in Consumer and Retail, Government & Digital Transformation offset by tech sector weakness Margin discipline maintaine
Slide 26: Appendices
APPENDICES Confidential 2025 26
Slide 27: Next 15 Board
Next 15 Board Sam Knights Mickey Kalifa Jonathan Peachey CEO CFO COO Paul Butler Sam Wren Mark Astaire Penny Ladkin-Brand Non-Executive Senior Independent Non Executive Chair Director Director Director Confidential 2025 27
Slide 28: EPS and Dilutive Shares
EPS and Dilutive Shares Dilutive shares include LTIPs £M H1 FY26 H1 FY25 and growth shares, as well as other potentially issuable Adjusted earnings attributable to ordinary shareholders 22.4 21.9 shares. Growth shares are subsidiary Weighted average number of ordinary shares 100.9 99.9 level managem
Slide 29: Regional
Regional Net revenue Organic Operating Margin Margin Operation H1 FY26 Growth/ Profit H1 FY26 H1 FY25 £M (Decline) £M US 87.9 (9.3%) 18.6 21.2% 21.5% UK 129.6 (2.3%) 19.9 15.3% 16.0% APAC 7.4 (5.2%) 0.7 9.6% 11.7% EMEA 5.9 1.6% 1.0 16.1% 21.1% Head Office - - (7.5) - - Total 230.8 (5.3%) 32.7 14.2% 14
Slide 30: Balance sheet summary
Balance sheet summary £M 31 July 2025 31 July 2024 Intangible assets 245.5 275.9 Non-current assets 70.0 89.5 Current assets 249.2 273.4 Non-current liabilities (117.2) (199.5) Current liabilities (283.5) (269.4) Net assets 164.0 169.9 Share capital 2.5 2.5 Reserves 161.0 166.1 Minorities 0.5 1.3 To