Rws Holdings Plc · LSE:RWS
Rws — H1 FY26 Earnings Presentation
40 slides from Rws's earnings presentation, Jun 11, 2026
Slide 1: HY26 Results & Progress Update
HY26 Results & Progress Update Investor & analyst briefing June 2026 11 JUNE 2026
Slide 2: Presenters
Ben Faes Stephen Lamb Christina Scott Lewis Whiting Chief Executive Officer Chief Financial Officer Chief Product & Chief Executive Officer – Technology Officer Obviously Group Ltd
Slide 3: Agenda
Agenda Introduction 01 Ben Faes HY26 results 02 Stephen Lamb Strategic growth pillars 03 Ben Faes, Christina Scott, Lewis Whiting, Stephen Lamb FY26 outlook 04 Ben Faes 05 Appendix
Slide 4: Returning to growth and accelerating momentum
Returning to growth and accelerating momentum Refreshed go-to- Product innovation Strategic market roadmap Efficiencies H1: strong performance and accelerating strategic progress 4 HY26 Results & Progress Update
Slide 5: Strategic progress
Strategic progress Performance Go-to-market • 7% OCC growth • New logos in all segments across many verticals • Profit improvement – Adj OP up 28% • New TrainAI clients delivering • New operating model working revenues Technology & innovation Simplification and efficiency • Language Weaver Pro • Ong
Slide 6: KPIs progress – HY26
KPIs progress – HY26 01. 02. 03. A new Go-To-Market An innovation roadmap An efficiency plan focused on large enterprise, to build the cultural layer to deliver a better experience to and high growth opportunities for enterprise AI at scale our clients Net Repeat Rev: Top 100 SaaS Rev / Tech Rev Rev
Slide 7: Agenda
Agenda Introduction 01 Ben Faes HY26 results 02 Stephen Lamb Strategic growth pillars 03 Ben Faes, Christina Scott, Lewis Whiting, Stephen Lamb FY26 outlook 04 Ben Faes 05 Appendix
Slide 8: Strong organic growth and double-digit profit growth
Strong organic growth and double-digit profit growth Revenue Adjusted OP2 margin Cash FY26 guidance Operational FCF Low single digit growth Expansion c.100bps (Dec-2025): conversion3 of c.65% OCC1 +7% +130bps 67% H1 FY26 • Strong start to the year, • Adjusted operating profit2 • Strong cash conversi
Slide 9: H1 financial highlights
H1 financial highlights H1 FY26 H1 FY25 Change • Revenue 7% OCC growth was above expectations. Total revenue £360m £344m +5% • Currency headwinds (weaker US$) reduce reported growth Revenue Revenue growth OCC1 +6.8% +1.4% to 5%. • Gross margin reflects business mix; out-performance in Gross margin G
Slide 10: H1 FY26 – Generate
H1 FY26 – Generate H1 FY26 outcome H1 FY26 H1 FY25 Change Total revenue £99m £69m +45% Revenue Revenue growth OCC1 +52% +37% Adj. operating profit2 £16.3m £13.7m +19% Operating profit Adj. OP margin 16.4% 20.0% % = CAGR 25-28 *: share of Vended FY25 Rev £140m (7%*) • Generate helps enterprises gener
Slide 11: H1 FY26 – Transform
H1 FY26 – Transform H1 FY26 outcome H1 FY26 H1 FY25 Change Total revenue £210m £226m -7% Revenue Revenue growth OCC1 -4.6% -5.5% Adj. operating profit2 £10.2m £8.7m +17% Operating profit Adj. OP margin 4.9% 3.8% % = CAGR 25-28 *: share of Vended FY25 Rev £453m (4%*) • Transform blends AI-enabled lan
Slide 12: H1 FY26 – Protect
H1 FY26 – Protect H1 FY26 outcome H1 FY26 H1 FY25 Change Total revenue £51m £49m +3% Revenue Revenue growth OCC1 +3.3% +0.8% Adj. operating profit2 £5.1m £8.1m -36% Operating profit Adj. OP margin 10.1% 16.5% % = CAGR 25-28 FY25 Rev £96m *: share of Vended (5%*) • Protect optimises the IP lifecycle
Slide 13: Strong cash generation
Strong cash generation Operational FCF1 £31m Operational FCF £31m (67% operational cash Adjusted EBITDA £46m conversion) driven by adjusted EBITDA growth and: • Working capital management; • Controlled capex (investment in Technology R&D and new platforms). Tax expense reflecting adjusted ETR of 25.
Slide 14: FY26 – current trading and outlook
FY26 – current trading and outlook HY H2 FY26 FY26 Expected segment performance in line with guidance: Mid single digit Revenue • Generate – TrainAI growth moderates. YoY OCC% 6.8% • Transform – improved H2 over H1. (Dec 25: low-mid • Protect – good momentum out of Q2. single) • Trading in line with
Slide 15: Agenda
Agenda Introduction 01 Ben Faes HY26 results 02 Stephen Lamb Strategic growth pillars 03 Ben Faes, Christina Scott, Lewis Whiting, Stephen Lamb FY26 outlook 04 Ben Faes 05 Appendix
Slide 16: Our new strategy is based around 3 growth pillars
Our new strategy is based around 3 growth pillars 01. 02. 03. A new Go-To-Market An innovation roadmap An efficiency plan focused on large enterprise, to build the cultural layer To deliver a better experience to and high growth opportunities to enterprise AI at scale our clients Ben Christina Lewis
Slide 17: Refresh our go-to-market strategy
01. Refresh our go-to-market strategy
Slide 18: Human-like conversational AI agents trained on real-world speech data
Achieving human-like conversational AI agents by training them on complex real-world speech data across challenging languages and accents Client challenge RWS solution Client outcomes Existing vendors failing to deliver TrainAI team implemented a • High-quality, human-verified high-quality speech tr
Slide 19: Fin Tech company voice-over localisation case
Fin Tech company offering banking, currency exchange, investment & payment solutions to over 40 million customers worldwide, mainly through its mobile app. Client challenge RWS solution Client outcomes • In 2024 the client launched its Deliver: • >550 VO assets delivered largest global brand campaig
Slide 20: Supporting leading plush toy brand during global expansion
Supporting leading plush toy brand during high-growth phase and global expansion Client challenge Obviously solution Client Outcomes Revolut logo / suitable image • Rapid commercial growth & Approach: • 90+ external IP lawyers viral global popularity onboarded providing access • Obviously Manage to
Slide 21: Marketing - AI-powered growth
Marketing - AI-powered growth RWS Marketing is re-inventing content creation for human and machines and optimising demand generation engine to deliver more visibility and pipeline at lower cost, faster than competitors #1 Most-cited brand in +124% 9 months 5→1 Copy and creative replaced by AI citati
Slide 22: Technology & innovation
02. Technology & innovation
Slide 23: Language Weaver Pro
Language Weaver Pro A 100+ billion parameter large language model Purpose-built for translations in partnership with Cohere Launched 25 March 2026 23 23 HY26 Results & Progress Update
Slide 24: Four barriers stood between LLMs and enterprise translation
Four barriers stood between LLMs and enterprise translation 01 02 03 04 Quality Scale Security Safety 24 HY26 Results & Progress Update
Slide 25: An LLM is the engine, not the product
An LLM is the engine, not the product Scale Security Speech to text Low GPU & translation Security PDF & document protocols processing 50+ file formats Identity and Quality Quality evaluation access mgt Safety LARGE LANGUAGE MODEL Terminology Hallucination & brand detection Dictionaries, style Trado
Slide 26: Market-leading cultural intelligence
Market-leading cultural intelligence Quality outranks rivals First collaboration of its type in the market Only our first collaboration with Cohere 26 HY26 Results & Progress Update Source: Cohere / LinkedIn, June 2026
Slide 27: Obviously: built by IP experts, powered by AI
Built by IP experts. Powered by AI. The platform that uniquely connects legal, commercial and brand data across the full brand lifecycle. Origin Journey Strong fit Brand & IP expertise 2019: Applying data science & AI to Obviously gains access to RWS’s Market understanding solve trademark law issues
Slide 28: Platform
Platform Obviously Obviously Protect Obviously Discover Manage AI-native anti- Connecting Collaborative IP counterfeiting and commercial data with asset anti-piracy solution IP rights to drive legal management decision making system. 28 HY26 Results & Progress Update
Slide 29: Five critical themes
Significant strategic opportunity Five critical themes 01 02 03 AI-powered IP attorney Market & Growth Brand guardianship and productivity platform trademark lifecycle Obviously tech and RWS scale Full IP lifecycle capability delivered with Our customers create content to enhance and accelerate expa
Slide 30: Efficiency
03. Efficiency
Slide 31: Efficiency and simplification
Efficiency and simplification Productivity improving across multiple workstreams Revenue OCC/FTE¹ (£k) People: • Net headcount reducing. • Leveraging offshore hubs. • More flexible cost base. Language technology products – transition programme • End of Life / End of Sale for last 4 language technolo
Slide 32: Agenda
Agenda Introduction 01 Ben Faes HY26 results 02 Stephen Lamb Strategic growth pillars 03 Ben Faes, Christina Scott, Lewis Whiting, Stephen Lamb FY26 outlook 04 Ben Faes 05 Appendix
Slide 33: Summary
Summary Encouraging H1 Significant Performance On track for full strategic progress culture year - Strong organic - New operating - New leadership growth model working - Dedication & - Improved profit - Language focus of teams Weaver Pro launch - Increasingly AI- first - Obviously acquisition 33 HY2
Slide 34: Q&A
Q&A
Slide 35: Agenda
Agenda Introduction 01 Ben Faes HY26 results 02 Stephen Lamb Strategic growth pillars 03 Ben Faes, Christina Scott, Lewis Whiting, Stephen Lamb FY26 outlook 04 Ben Faes 05 Appendix
Slide 36: Income statement
Income statement H1 FY26 H1 FY25 HY26/25 Revenue £m 360 344 5% 1 YoY OCC 6.8% 1.4% Gross Profit £m 150 149 1% Gross margin 41.6% 43.3% -170bps Adjusted Operating Profit2 £m 26 21 28% Adj. OP margin 7.3% 6.0% 130bps Adjusted PBT 3 £m 24 18 33% Adj. PBT margin 6.7% 5.2% 140bps Operational FCF4 £m 31 3
Slide 37: Balance Sheet
Balance Sheet • Non-current assets reduction of £26m primarily driven by amortisation and depreciation (£40m) offset by FX £7m and additions of £7m • Strong Working capital management, in line with expectations • Deferred tax liabilities reduced £9m on historic As at 31 Mar 2026 As at 30 Sept 2025 a
Slide 38: Modelling considerations for FY26
Modelling considerations for FY26 Guidance Dec-25 Guidance June-26 FY26 FY26 Group Low single digit growth Mid single digit growth Generate Mid-teens digit growth High-teens digit growth Revenue growth (OCC%) Transform Low to mid-single digit decline Low to mid-single digit decline Protect Mid singl
Slide 39: Investments governed by capital allocation policy
Investments governed by capital allocation policy Continued strong cash generation and disciplined capital allocation Invest to accelerate Appropriate capex Progressive Dividend Acquire for organic growth & and prudent further growth maintain BAU 01 leverage 02 03 04 Invest in go-to-market Normalise
Slide 40: About us
About us RWS is a global AI solutions company empowering the world’s most trusted enterprise AI. Our proprietary Cultural Intelligence Layer, powered by 250,000 data specialists, cultural and language experts and deep domain professionals, backed by 45+ patents, makes enterprise AI culturally fluent