S4 Capital Plc · LSE:SFOR
S4 Capital — FY2025 Earnings Presentation
47 slides from S4 Capital's earnings presentation, Mar 24, 2026
Slide 1: Results
CAPITAL N z J Ny F Res u Its 24 March 2026
Slide 2: Contents
S4 Capital plc 2025 Results 2 Contents 1. Results 2. Market Momentum 3. Artificial Intelligence 4. Summary and Outlook 5. Q&A 6. Appendix
Slide 3: Results
S4 Capital plc 2025 Results 3 1. Results
Slide 4: Financial Headlines
S4 Capital plc 2025 Results 4 Financial Headlines Net revenue1 Operational EBITDA3 Operational EBITDA margin3 £673.0m £81.2m 12.1% -10.8% reported -7.5% reported vs. 11.6% prior year reported 2 -8.4% like-for-like2 -3.2% like-for-like vs. 11.4% prior year like-for-like2 Adjusted operating profit4 Ad
Slide 5: Profit or loss
S4 Capital plc 2025 Results 5 Profit or loss 2025 2024 Change Change ● Net revenue down 8.4% like-for-like and 10.8% reported £m £m Reported Like-for-like reflecting continued client caution and increasingly challenging Revenue 754.8 848.2 (11.0%) (8.7%) global macroeconomic conditions. Q4 delivered
Slide 6: Net revenue by practice and geography
S4 Capital plc 2025 Results 6 Net revenue by practice and geography Net revenue by geography ● Marketing Services: Net revenue down 5.6% like for like and 8.1% reported to £614m. This reflected an improved fourth quarter performance from previous guidance due to the Americas. ● Technology Services:
Slide 7: Operational EBITDA by practice
S4 Capital plc 2025 Results 7 Operational EBITDA by practice ● Marketing Services: Despite the revenue pressure Operational 2025 2024 Change Change EBITDA was £92.6m with a margin improvement of 110 bps £m £m Reported Like-for-like like-for-like to 15.1%. This was due to the reduction in the Marketi
Slide 8: Debt and balance sheet
S4 Capital plc 2025 Results 8 Debt and balance sheet 2025 2024 £m £m ● 2025 closing net debt £86.9m (£142.9m December 2024) Intangible assets 639.4 706.4 below previous target range of £100-140m due to strong Right-of-use assets 27.3 34.7 working capital management. Property, plant and equipment 9.9
Slide 9: Cash flow highlights
S4 Capital plc 2025 Results 9 Cash flow highlights ● Free cash flow of £86.5m in 2025 vs £37.8m in 2024. 2025 2024 £m £m ● Working capital inflow £56m in 2025 vs £15m in 2024. Operational EBITDA 81.2 87.8 ● Reduction in interest and facility fees reflects lower floating rate Capital expenditure (4.9
Slide 10: Net debt bridge
S4 Capital plc 2025 Results 10 Net debt bridge 2025 Net debt bridge ● 2025 FX on net debt £21.3m £16.7m on term loan and £4.6m on cash ● 2025 dividend payment of £6.1m ● Free cash flow of £86.5m, £70.5m in H2, improving closing net debt position to £86.9m 1. Other in chart above includes Transaction
Slide 11: Capital Allocation priorities
S4 Capital plc 2025 Results 11 Capital Allocation priorities 1. Dividends 2. Further debt buy-back 3. Share buy-backs
Slide 12: 2026 Guidance
S4 Capital plc 2025 Results 12 2026 Guidance Net revenue Operational EBITDA margin Net debt Expected to be in line with Targeted to increase by at £60–90m current analyst consensus, least 100bps2 Medium term leverage of under 1.0x operational EBITDA Proportion of operational EBITDA in H1 2026 expect
Slide 13: Market Momentum
S4 Capital plc 2025 Results 13 2. Market Momentum
Slide 14: 2025 and 2026 market dynamics
S4 Capital plc 2025 Results 14 2025 and 2026 market dynamics Digital Marketing Technology services 2025 2025 Digital Media Spend growth Top 5 Platform growth Technology services market growth +8.7%1 +16%2 +4.2%3 2026 2026 Digital Media Spend growth Top 5 Platform growth Technology services market gr
Slide 15: Agency growth lags advertising spend
S4 Capital plc 2025 Results 15 Agency growth lags advertising spend Global Ad Spend and Agency Revenue Growth ● Digital Advertising spend is almost 70% of total and grew 8.7% in 2025, Analogue spend declined 0.6% ● Agency growth was almost 0% in 2025, it has decoupled from Advertising Spend growth ●
Slide 16: Tech companies prioritise Capex over Sales & Marketing spend
S4 Capital plc 2025 Results 16 Tech companies prioritise Capex over Sales & Marketing spend Alphabet, Meta, Amazon Capex Spend Vs Sales & Marketing Spend ● Capex spend at Alphabet, Meta and Amazon has increased 133% since 2022, whereas Sales & Marketing spend has flat lined ● Analysts project contin
Slide 17: Clients and Growth
S4 Capital plc 2025 Results 17 Clients and Growth Clients Growth ● Scaled client relationships remain healthy and resilient ● Simplified go to market messaging ● 8 whoppers (1 new one) ● Investment in sales / biz dev ● Exposure to Technology Clients ● Improving pipeline and recent wins ● Improved Ne
Slide 18: Our client portfolio
S4 Capital plc 2025 Results 18 Our client portfolio FY2025 Client Categories FY2024 Client Categories Technology 42% Technology 45% FMCG 9% FMCG 10% Financial 6% Financial 7% Auto 13% Auto 8% Retail 6% Retail 5% Media & Ent 5% Media & Ent 4% Fashion & Lux 5% Fashion & Lux 7% Agency 4% Agency 2% Othe
Slide 19: Resilience with our larger client relationships
S4 Capital plc 2025 Results 19 Resilience with our larger client relationships Average revenue per client Client Revenue FY2025 FY2024 Number of % of Cumulative Number of % of Cumulative clients Revenue % clients Revenue % > £10m 9 49% 49% 9 45% 45% £5–10m 7 6% 55% 17 14% 59% £1–5m 73 22% 77% 81 20%
Slide 20: Artificial Intelligence
S4 Capital plc 2025 Results 20 3. Artificial Intelligence
Slide 21: Monks AI Update
Monks →Proprietary Monks Proprietary& Confidential & Confidential March 2026 AI UPDATE MONKS
Slide 22: AI Marketing Transformation
↪ Update AI Marketing 05 Transformation Operation Run + optimize Helping clients change the way they work. 04 Implementation Build + deploy 03 Monks Monks →Proprietary 02 Roadmap 01 Proprietary Phased plan & Confidential Architecture & Confidential Identify System design Use cases
Slide 23: Monks → Proprietary & Confi dential
Monks → Proprietary & Confidential
Slide 24: Proprietary & Confi dential
Monks →Proprietary Monks Proprietary& Confidential & Confidential
Slide 25: Monks.Flow is Software and a Service
↪ Monks.Flow Monks.Flow is Software and a Service Monks → Proprietary & Confidential Monks.Flow bundles our software and services into a single offering.
Slide 26: Our subscription to innovation model
↪ Monks.Flow Our subscription Monks → Proprietary & Confidential to innovation model Monks Monks →Proprietary Proprietary& Confidential & Confidential Fixed fee. Annual contracts. No headcount pricing.
Slide 27: AI decouples hours from outputs
AI decouples hours from outputs and means our client operate more closely to real time Monks Proprietary & Confidential © 2026 Monks. All rights reserved. Any copying or use of this confidential information is strictly prohibited without the express written permission of Monks.
Slide 28: Mr. More than Muscle
Mr. More than Muscle Many saw Mr. Muscle as a one-note, heavy-duty cleaner. We reimagined him as a dynamic content creator who cleans it all.
Slide 29: We Crafted a Global Agentic Character Playbook
Monks Creative Proprietary & Confidential 29 We Crafted a Global Agentic Character Playbook designed to adapt Mr. Muscle across local markets and cultures.
Slide 30: We created custom AI agents, not to replace creativity
Monks Creative Proprietary & Confidential 30 We created custom AI agents, not to replace creativity, but to supercharge it.
Slide 31: Real-time relevance with Mr. Muscle debuting in China
Monks Creative Proprietary & Confidential 31 What started as a character production approach ended up delivering real-time relevance WIth Mr. Muscle primed to debut in China as a Douyin (TikTok) creator.
Slide 32: Monks Creative Proprietary & Confi dential
Monks Creative Proprietary & Confidential 32
Slide 33: Monks Creative Proprietary & Confi dential
Monks Creative Proprietary & Confidential 33
Slide 34: Monks Creative Proprietary & Confi dential
Monks Creative Proprietary & Confidential 34
Slide 35: Monks Creative Proprietary & Confi dential
Monks Creative Proprietary & Confidential 35
Slide 36: Architect Express video on GMC social
We launched the Architect Express video on GMC social just after Preacher’s Hummer TVC spot aired during the Divisional round of the NFL playoffs (1/19). Video went viral on social Meta Organic Views 495k
Slide 37: We created a custom process to bring it to life
Final Editorial Music + Audio Cinematic Renderings of Environment WE CREATED A CUSTOM PROCESS TO BRING IT TO LIFE We used a mixture of AI environments + CGI vehicles. The process was tedious: 3D modeling, Storyboards, Pre-Viz, and PI reviews. We kept the storyline intact and ensured product accuracy
Slide 38: A bear that moves with the market
Our brand character is build like a system. A custom agentic pipeline that is able to deliver real-time content that's always relevant. AGENTIC PIPELINE A bear that moves with the market
Slide 39: We crafted bespoke AI agents
We crafted bespoke AI agents Not to replace creative, but to supercharge it.
Slide 40: Resulting in 360° campaign that stays relevant
Resulting in 360° campaign that stays relevant 365
Slide 41: Sizzle Reel
Monks Proprietary & Confidential 41 Sizzle Reel
Slide 42: Summary and Outlook
S4 Capital plc 2025 Results 42 4. Summary and Outlook
Slide 43: Summary & Outlook
S4 Capital plc 2025 Results 43 Summary & Outlook ● 2025 results in line with revised guidance, with improved margin and significant improvement in liquidity and net debt. ● Net revenue £673.0m, down 10.8% reported and down 8.4% like-for-like due to continued client caution and challenging global mac
Slide 44: Q&A
S4 Capital plc 2025 Results 44 5. Q&A
Slide 45: Appendix
S4 Capital plc 2025 Results 45 6. Appendix
Slide 46: Additional information
S4 Capital plc 2025 Results 46 Additional information Guidance on adjusting items for 2026 Weighted average share count Share consideration committed Expected weighted average share count for 2026 of Amortisation c.£50-55m c.675m1 Deferred share issuance of Expected weighted average share count for
Slide 47: Thank You
CAPITAL Thank You