Slide 1: 2025 Final Results
2025 Final Results 12 March 2026
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 Strong 2025 Good Disciplined Well placed performance strategic progress capital allocation for 2026 • Double-digit growth in gross • Strong growth in major • Rollout of upgraded systems • Strong balance sheet profit and operating profit customers (+27) and tools continues at pace provides
Slide 4: Financial review
Financial review Keith Mortimer, CFO
Slide 5: 2025 Financial highlights
2025 Financial highlights Gross invoiced Revenue Gross profit Adjusted income operating profit £13.0bn £9.2bn £1,144m £275m +32.0% CCY +33.2% CCY +11.0% CCY +11.3% CCY +31.0% +32.0% +10.5% +11.3% Adjusted Adjusted Dividend Adjusted PBT diluted EPS net funds £272m 175.1p 74.6p £606m +7.0% CCY +9.5% +
Slide 6: 2025 Income statement
2025 Income statement 2025 2024 Change • Strong GII growth driven by North £m £m Change (CCY) America Technology Sourcing Gross invoiced income (GII) 12,988.3 9,916.5 +31.0% +32.0% • Gross profit up 11.0% in constant Revenue 9,193.9 6,964.8 +32.0% +33.2% currency with gross margin performance reflec
Slide 7: Adjusting items
Adjusting items 2025 2024 £m £m • £3.2m exceptional cost on unrealised acquisition Adjusted operating profit 274.7 246.7 • £20.2m non-cash impairment in Amortisation of acquired intangibles (10.1) (10.6) Western Europe segment relating to (Costs) / gains related to acquisitions (3.2) 1.8 France unde
Slide 8: Track record of growth in profit, cash and shareholder returns
Track record of growth in profit, cash and shareholder returns Adjusted diluted EPS (p) Net cash flow from operations (£m) Capital returned to shareholders (£m) 10 year 10 year 175.1 Total Return CAGR CAGR since 2013 13% 12% >£1bn 293.6 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY15 FY1
Slide 9: Operating profit bridge
Operating profit bridge £m in constant currency • Technology Sourcing volume growth and lower gross margin % 300.5 (200.5) driven largely by high-volume projects in North America • Modest increase in Services volume and margin driven by 3.5 (85.0) Professional Services 9.5 • Increase in SG&A driven
Slide 10: Operating profit bridge by geography
Operating profit bridge by geography £m reported • North America - outstanding 57.3 1.6 0.4 (21.5) performance 1.1 (10.9) +11.3% • UK - back to growth 274.7 246.7 • Germany – robust performance driven by a strong second half • Western Europe – decline driven by weak result in France 78.8 2024 North
Slide 11: Performance overview by geography (1)
Performance overview by geography (1) Outstanding performance in North America; UK back to growth North America United Kingdom • Another record performance • Return to growth 2025 % ch 2025 % ch £m CCY − Enterprise and hyperscale £m CCY − Technology Sourcing wins growth: AI infrastructure GII 5,884.
Slide 12: Performance overview by geography (2)
Performance overview by geography (2) Germany robust; France weak Germany Western Europe • Robust performance against • Disappointing performance, 2025 % ch challenging backdrop 2025 % ch mainly driven by France £m CCY £m CCY − Stronger H2 performance − Weaker public sector activity GII 2,981.8 +10.
Slide 13: Diversified by Service Line and geography
Diversified by Service Line and geography North America 39% of Group operating profit1 Revenue by Service Line Revenue by geography Adj. operating profit1 by geography £9,194m £9,194m £336.5m1 +33.2% in +33.2% in +13.1% in CCY CCY CCY Share of Change Change Share of Change Change Share of Change Cha
Slide 14: Continued focus on operating efficiency
Continued focus on operating efficiency Adjusted operating profit as a percentage of gross profit • Slight improvement in Group operating efficiency in 2025 31.5% 30.0% • North America now >36% 28.8% 28.0% 27.5% 30.2% 28.5% • +1.6pts improvement yoy to 27.1%, 26.0% excluding Western Europe 23.9% 24.
Slide 15: 2025 cash flow generation
2025 cash flow generation Summary cash flows (£m) Group inventory 41.2 1.2 2.0 (76.2) • £483m at 31 Dec 2025 • Up £176m year on year driven by 274.7 North America contract wins (36.0) Adjusted net funds 206.9 (74.6) • Adjusted net funds at 31 December 2025 increased by £124m year on year to £606m (1
Slide 16: Consistently strong Free Cash Flow generation and ROCE
Consistently strong Free Cash Flow generation and ROCE Free cash flow (£m) Return on capital employed1 339.9 348.6 87.8% 73.2% 206.9 55.4% 52.2% 42.9% 150.9 136.6 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 1. ROCE is calculated as adjusted operating profit, divided by capital employed, which
Slide 17: 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 • Drive market share gains and improve efficiency Total Return since 2013 M&A £1bn1 • Continue to assess acquisitions based on s
Slide 18: 2026 Technical guidance
2026 Technical guidance Adjusted Exchange Central Dividend Capex effective rates costs cover tax rate 2025 foreign Maintained at c.£85m 29.5% 2-2.5x exchange rates for Income Statement: £60-65m Increase due to: New Atlanta to 31.5% adjusted diluted EPS Integration Center GBP/USD $1.318 + ERP upgrade
Slide 19: Operating review
Operating review Mike Norris, CEO
Slide 20: Our strategic choices
Our strategic choices Target market Scale and leverage Empower our customers our activities people We build long-term relationships We create economic advantage We trust our teams to make with the largest corporate and and customer value in our core responsible decisions that public sector organisat
Slide 21: Our strategic advantages
Our strategic advantages Building long-term value for our customers Our business is Services breadth Powerful Market-leading Resilient scale about technology. and scale partnerships international infrastructure But first of all, it’s We have the largest We work with over 3,000 coverage We have the l
Slide 22: We are uniquely positioned to enable AI advantage from end to end
We are uniquely positioned to enable AI advantage from end to end Our services span the whole infrastructure estate and the entire technology lifecycle, from advisory and solution design to implementation, optimisation and support. Equipping AI Engineering AI Optimising AI Activating AI Building the
Slide 23: Strong growth in major customers
Strong growth in major customers Growth across all geographies Major customers each generating >£1m of gross profit pa • Increasing the number of major customers is an important driver of long-term growth and resilience 215 188 • Net 27 major customers added in 181 177 2025 160 59 39 46 • Highest gr
Slide 24: North America – strong execution and momentum
North America – strong execution and momentum 39% of Group adjusted operating profit in 2025 Operating profit ($m) +86.2% Total acquisition spend of in CCY • Growth driven by both $352m (EV) 2018-2025 172 enterprise and hyperscale customers • Net 13 major customers added Computacenter ‘value added’
Slide 25: Data center deployment at scale
Data center deployment at scale A critical delivery partner for leading AI companies leveraging Technology Sourcing and Professional Services Hyperscale AI Cloud Service Providers (CSPs) and emerging NeoCloud companies rapidly building 100MW+ data centers to support GPU-dense AI infrastructure North
Slide 26: AgreeYa adds scale and capability to NA Professional Services
AgreeYa adds scale and capability to NA Professional Services Strengthening our offer to customers in North America United States India Professional Services scale: ~$120m revenue 700 people (inc. contractors) 4-5 major customers ~$2m EBIT (inc. India GCCs) 600 people (inc. contractors) ~$12m EBIT C
Slide 27: UK – return to growth
UK – return to growth 13% of Group adjusted operating profit in 2025 • Benefits of a more targeted approach and greater UK adjusted operating profit (£m) proximity to customers now visible • Added net 9 major customers since last year 102.9 • Technology Sourcing growth − high-performance AI-related
Slide 28: Delivering AI infrastructure at scale
Delivering AI infrastructure at scale Projects delivered by UK team in Nordics 500,000 GPUs Europe’s largest Europe’s first GB200 deployed in last H200 Cluster liquid-cooled two years build build led by a partner 28
Slide 29: Germany – robust performance with strong H2
Germany – robust performance with strong H2 47% of Group adjusted operating profit in 2025 • Gained share in a challenging market backdrop Germany adjusted operating profit (£m) − public sector activity returned towards the end of the year following federal budget approval in September 163.0 156.9 1
Slide 30: France – a challenging year, refocus underway
France – a challenging year, refocus underway • 2025 market backdrop was a particularly challenging France adjusted operating profit (£m) with weak public sector volumes • We are adopting a more focused approach and will address legacy costs • Acquisition of BT Services resulted in £27.6m cash inflo
Slide 31: Further progress with roll out of our Group-wide investments
Further progress with roll out of our Group-wide investments Sales & customer engagement Artificial intelligence Circular Services New Sales CRM and Quotation Leveraging AI capabilities of Circular Services ERP system systems being deployed new platforms: e.g. configured for our specific globally to
Slide 32: Integration Center investments
Integration Center investments Scale infrastructure across our geographies Hatfield - liquid cooling facility to open in 2026 New Atlanta Integration Center to open in 2027 • £4m investment in infrastructure and technology • £32m investment • Multi-vendor facility delivering closed loop liquid-coole
Slide 33: Summary and outlook
Summary and outlook Strong 2025 performance Continued strategic progress • Growth in both Technology Sourcing and • Strong growth in major customers Services • North America now a major contributor • Outstanding performance in North America to the Group • Continued strong free cash flow generation •
Slide 34: Q&A
Q&A 34
Slide 35: Appendix
Appendix 35
Slide 36: Track record of growth in profit, cash and shareholder returns
Track record of growth in profit, cash and shareholder returns Adjusted diluted EPS (p) Net cash flow from operations (£m) Capital returned to shareholders (£m) 10 year 10 year 175.1 Total Return CAGR CAGR since 2013 13% 12% >£1bn 293.6 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY15 FY1
Slide 37: Strategic KPIs
Strategic KPIs Customer growth Adding value through Services Operating efficiency No of customers >£1m gross profit1 Services revenue (£m) Adj Op profit as % of Gross profit1 30.2% 215 1,691 28.5% 188 26.0% 181 1,637 1,638 23.9% 24.0% 177 160 1,571 1,451 2021 2022 2023 2024 2025 2021 2022 2023 2024
Slide 38: Financial KPIs
Financial KPIs Gross invoiced income / Revenue (£m) Gross profit (£m) 12,988 1,144 10,081 9,917 3,794 1,044 1,035 9,052 947 3,159 2,952 868 6,924 2,582 1,889 9,194 6,471 6,923 6,965 5,035 2021 2022 2023 2024 2025 Revenue GII 2021 2022 2023 2024 2025 Adjusted diluted EPS (p) Adjusted net funds (£m) 1
Slide 39: Long-term growth in Technology Sourcing and total Services
Long-term growth in Technology Sourcing and total Services Technology Sourcing GII (£m) Professional Services revenue (£m) Managed Services revenue (£m) 11,298 847 778 925 906 711 865 860 844 665 8,445 8,278 586 7,482 5,473 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 3
Slide 40: Summary income statement
Summary income statement 2025 2024 £m £m Change Constant currency Technology Sourcing 11,297.5 8,278.1 36.5% 37.8% Professional Services 847.2 778.3 8.9% 8.8% Managed Services 843.6 860.1 -1.9% -2.4% Services 1,690.8 1,638.4 3.2% 2.9% Gross invoiced income 12,988.3 9,916.5 31.0% 32.0% Technology Sou
Slide 41: Adjusted operating profit by geography – H1/H2 splits
Adjusted operating profit by geography – H1/H2 splits £m FY 2025 H2 2025 H1 2025 FY 2024 H2 2024 H1 2024 Adjusted operating profit UK 42.3 25.0 17.3 40.7 27.3 13.4 Germany 157.3 109.2 48.1 156.9 97.4 59.5 Western Europe (7.8) 1.1 (8.9) 13.7 11.6 2.1 North America 129.6 80.5 49.1 72.3 46.2 26.1 Inter
Slide 42: Summary balance sheet
Summary balance sheet 2025 2024 £m £m Non-current assets Property, plant and equipment 86.0 90.7 Right-of-use assets 165.9 119.0 Intangible assets 285.0 317.5 Trade and other receivables, Prepayment and Deferred tax asset 65.3 46.8 602.2 574.0 Current assets Inventories 482.8 307.2 Trade and other r
Slide 43: Inventory by geography
Inventory by geography 31-Dec 31-Dec 2025 2024 £m £m Change Constant currency United Kingdom 24.2 18.9 28.0% 28.0% Germany 104.0 93.5 11.2% 5.7% France 21.8 15.3 42.5% 35.4% North America 324.6 166.3 95.2% 109.7% International 8.2 13.2 (37.9%) (31.1%) Total Group 482.8 307.2 57.2% 60.8% 43
Slide 44: Net funds
Net funds 31-Dec 31-Dec 2025 2024 £m £m Change Cash and cash equivalents 628.5 489.6 28.4% Bank loans (22.5) (7.4) 204.1% Adjusted net funds 606.0 482.2 25.7% Lease liabilities (179.8) (129.5) 38.8% Net funds 426.2 352.7 20.8% 44