Final results presentation (cerillion plc final results presentation 24 november 2025)

1

24 November 2025

Louis Hall

▪

▪

Joined in 2022

Over 20 years' experience; early career

at Deloitte LLP.

• Previously Group Director of Finance at

The Vitec Group plc (now renamed Videndum plc)

Founder & CEO

Andrew Dickson CFO

Year to 30 September 2025

Net cash (£m)

29.9

34.4

24.7

20.2

13.2

7.7

2020 2021 2022 2023 2024 2025

• Group continued to trade well

  • New highs across key financial measures

  • Total new orders up 25% to record £47.6m (2024: £38.1m)

  • Back-order book up 21% as at 30 September to high of £56.9m (30 September 2024: £46.9m)

    - 50.9% adj EBITDA margin (2024: 47.4%)

    - Net cash up 15% to £34.4m (2024: £29.9m)

    
    
    

• Two major wins

  • $11.4m contract (5-year term) with Ucom, a national telecoms provider in Armenia - new customer/new geography

    Dividend per share (p)

    15.4

    13.2

    11.3

    9.1

    7.1

    5.5

    2020 2021 2022 2023 2024 2025

  • £25.3m expansion with an existing European customer to extend existing agreements and onboard a newly-acquired, tier-1 mobile customer base

• Dividend for the year up 17% to 15.4p (2024: 13.2p)

• Business is well-positioned for growth in FY26 and beyond, supported by:

  • Record back-order book and record new customer sales pipeline

    Major Transformation Project New Geography/New Market

    "After the extensive selection process our evaluation team visited three different Cerillion customers, to see their BSS/OSS Suite in action and to speak with real users," said Ralph Yirikian, General Director of Ucom. "These reference visits proved to be invaluable, seeing the software used and talking with the teams validated our own technical assessment, and gave us absolute confidence in the certainty of outcome that Cerillion delivers. Robustness, flexibility and scalability, are all non-negotiable, and we're confident this partnership with Cerillion will provide the digital foundation we need to support our ongoing growth."

    Ralph Yirikian, General Director, Ucom

    
    
    

• Major new implementations completed with

  • Virgin Media Ireland

    Mobile migration completed Fixed wire migration in planning

  • Paratus (Southern Africa)

    Migration completed

    New mobile services launched

• Sales and marketing teams expanded in the USA, Europe and Asia, and senior hires made in delivery roles

• Launch of new features in Cerillion 25.2 - with focus on AI

  Leveraging AI for service and value creation

  TM Forum Report, sponsored by Cerillion

  
  
  

  • Model Context Protocol Server (MCP)

  • Powerful suite of AI Agents

  • New Service Catalogue module

  • Composable Mobile App

  • Refreshed Interconnect Manager module

Mission critical BSS/OSS1 software for the global telecoms market

1. Business Support Systems / Operations Support Systems

c.70 customer installations across c.45 countries

2025 REVENUE

£45.4m

(2024: £43.8m)

2025 ADJ PBT

£21.8m

(2024: £19.8m)

c. 386 staff

UK c. 133

India c. 220

Bulgaria c. 33

Revenue by Type Revenue by Region Customer Longevity New v Existing Customer Revs

17%

83%

42%

54%

2%

13%

8%

77%

7%

93%

4%

< 5 Years

• 5 Years

5

Software revenue is made up of licence, support and maintenance, managed service and Skyline revenue

Business Support

Systems ("BSS")

Operations Support

Systems ("OSS")

Digital Engagement

Planning

Product Offerings

Capacity Management

Sales

Service Connection

Work-flow

Work-flow

Customer Care

Balance Management

Billing

Charging

Payments & Receivables

Top-Ups

Credit Control/Dunning

Service Disconnection

Analytics & Insights

Analytics & Insights

ervice

MANAGED SERVICE

SUPPORT

LICENSE

MODULAR ENTERPRISE PRODUCT SUITE

MAINTENANCE

OPERATIONS

PUBLIC CLOUD

PRIVATE CLOUD

Software-as-a-S

Pre-integrated BSS/OSS modules Common product for all customers End-to-end or modular delivery Large transformation projects Cloud or on-premise deployment Term licensing

5+ year subscription agreements

2024 2025 2026 2027 2028 2029

Year

0

10

20

30

$bn

40

48.7

50

60

60.4

4.4% CAGR

70

"The combined telco software solution market will grow from $48.7 billion in 2024 to $60.4 billion in 2029 as telcos invest in the systems that will provide new levels of automation consistent with their commitment to embrace AI and automation across network- and customer-facing operations."

Source:

Worldwide Telco Operations and Monetization Solution Forecast, 2025-2029 (July 2025) https://my.idc.com/getdoc.jsp?containerId=US52330725

20+ years R&D

for a full suite solution

Access to the

specialist resources

Investme

Expertise

BSS/OSS is

mission-critical

software

A continually

moving target

Credibility

Market

Evolution

nt

Large ISVs1 Equipment Vendors Small ISVs1

SaaS/Best-of-Breed

Independent Analysis

OUR DIFFERENTIATORS OUR DIFFERENTIATORS

OUR DIFFERENTIATORS

OUR DIFFERENTIATORS

• Lower TCO2

• Shorter time-to-market

• More flexible

• Market shift to SaaS

  1. Independent Software Vendor

  2. Total Cost of Ownership

  WHY WE WIN

• Lower TCO2

• Shorter time to market

• More flexible

• Market shift to SaaS

• Greater breadth/depth

• Broader references

• Lower TCO2

• Shorter time to market

  
  
  

• No integration

• Seamless upgrade path

  
  
  
  
  
  

• True product model/SaaS delivery - lower TCO2, faster time-to-market, seamless upgrades

  
  
  
  
  
  

• Functionally rich, end-to-end, convergent, carrier-grade CRM & billing product suite

• Unifies all service types, payment methods, customer segments and business models

• Customer focus: strong blue-chip references and track record of delivery

  
  
  

• Product recognised by leading independent global research consultancies

• Fully integrated product demos

  2025

  2024

  2023

  2022

  2021

  2020

  20.8

  26.1

  32.7

  39.2

  45.4

  43.8

  Revenue (£m)

  2025

  2024

  2023

  2022

  2021

  2020

  3.7

  8.5

  11.9

  16.8

  19.8

  21.8

  Adj PBT1 (£m)

  2025

  2022 2023 2024

  2020 2021

  27.9

  42.0

  40.3

  47.4

  46.2

  50.9

  Adj EBITDA margin2 (%)

  Recurring3 & annualised term licence4 revenue (£m)

  3

  Recurring revenue in the year

  4 20.4

  Annualised term licence

  19.2

  17.2

  13.5

  11.4

  7.9

  2020

  2021

  2022

  2023

  2024

  2025

  2025

  2024

  2023

  2022

  2021

  2020

  7.7

  13.2

  20.2

  24.7

  29.9

  34.4

  Net cash (£m)

  2025

  2024

  2023

  2022

  2021

  2020

  5.5

  7.1

  9.1

  11.3

  13.2

  15.4

  Dividend per share (p)

  1. Adjusted PBT is a non-GAAP, Company-specific measure which is earnings excluding taxes, amortisation of acquired intangible assets and share-based payment charges.

  2. Adjusted EBITDA margin is a non-GAAP, Company-specific measure which is earnings excluding finance income, finance costs, taxes, depreciation, amortisation and share-based payment charges divided by revenue.

  3. Recurring revenue includes support and maintenance, managed service, Skyline, and third-party hardware and hosting revenue reported in the year.

  4. Annualised term licence revenue is calculated as total term licence revenue divided by the contract length for each customer and excludes any deduction for financing; note this differs to Cerillion's revenue recognition policy which is to recognise core

     
     
     

     2025 FINANCIAL HIGHLIGHTS

     £m	2025	2024
     Orders	47.6	38.1
     Back-order book1	56.9	46.9
     Total revenue	45.4	43.8
     Software2	24.4	24.3
     Services	19.0	17.9
     Other	2.0	1.6
     Recurring3 & annualised term licence4 revenue (£m)	20.4	19.2
     Gross margin	81.5%	80.5%
     Adj. EBITDA5	23.1	20.7
     Adjusted EBITDA margin	50.9%	47.4%
     Adjusted PBT6	21.8	19.8
     Adjusted EPS7	56.5p	52.2p
     DPS	15.4p	13.2p
     Net cash	34.4	29.9

     • Back-order book up 21% to £56.9m (2024: £46.9m)

     • FY25 margins at record levels

       
       
       

     • Improvement in adj EBITDA margin reflected favourable FX, higher day rate on implementation projects and favourable licence revenue mix.

     • Very strong balance sheet:

       • £34.4m net cash (2024: £29.9m)

       • Total dividend up 17% to 15.4p (2024: 13.2p)

         
         
         

         1. Back -order book consists of £47.4m of orders contracted but not yet recognised at the end of the reporting period plus £9.5m of annualised support and maintenance revenue. It is anticipated that c. 33% of the £47.4m of sales contracted but not yet recognised as at the end of the reporting period will be recognised within 12 months from 1 October 2025.

         2. Software revenue is made up of licence, support and maintenance, managed service and Skyline revenue.

            
            
            

         3. Recurring revenue includes support and maintenance, managed service, Skyline, and third-party hardware and hosting revenue reported in the year.

         4. Annualised term licence revenue is calculated as total term licence revenue divided by the contract length for each customer and excludes any deduction for financing; note this differs to Cerillion's revenue recognition policy which is to recognise core term licence revenue in full upfront when the customer has the ability and right to use the licences, rather than being spread over the contract term, and includes a deduction for the

            financing component.

         5. Adjusted EBITDA is a non-GAAP, Company-specific measure which is earnings excluding finance income, finance costs, taxes, depreciation, amortisation and share-based payment charges.

         6. Adjusted PBT is a non-GAAP, Company-specific measure which is earnings excluding taxes and share-based payment charges.

         7. Adjusted EPS is a non-GAAP, Company-specific measure which is earnings after taxes, excluding share-based

  £m	2025	2024
  Adj. EBITDA	23.1	20.7
  Increase in working capital	(5.8)	(6.1)
  Cash generated from operations	17.3	14.6
  Capitalisation of intangible assets	(1.9)	(1.3)
  Purchase of property, plant, equipment	(0.4)	(0.2)
  Net interest and tax paid	(4.1)	(3.4)
  Free cash flow	10.9	9.7

  • Increase in working capital driven by higher accrued income due to upfront licence revenue recognition

  • Free cash flow used to fund payment of dividends, leases and employee incentive shares

  • Company continued to generate strong cash flows, with improved cash conversion

Net cash

FY24

Free cash

flow Dividends

Employee incentive shares

Lease Payments

FY25

Net cash

£29.9m £10.9m £(4.1)m £(1.3)m £(1.0)m £34.4m

• Continued investment in R&D with c. 17,500 days worked in FY25, an increase of over 30% vs. FY24

  
  
  

• Opex broadly flat despite higher headcount and inflation mainly due to favourable FX and higher capitalisation of development costs

  
  
  

• Other income of £0.3m reflects presentational change due to the new merged R&D expenditure credit scheme; this was included within the tax line in the prior year

  
  
  

  1 Adjusted EBITDA is a non-GAAP, Company-specific measure, which is earnings excluding finance income, finance costs, taxes, depreciation, amortisation and share-based payment charges.

  
  
  

  16

  £'000	Consolidated	2025	2024
  Non-current assets	Goodwill	2,053	2,053
  	Other intangible assets	3,320	2,626
  	Property, plant and equipment	567	546
  	Right of use assets	2,797	2,181
  	Trade and other receivables	13,282	8,082
  	Deferred tax assets	250	240
  		22,269	15,728
  Current assets	Trade and other receivables	18,597	17,524
  	Cash and cash equivalents	34,399	29,850
  		52,996	47,374
  Total assets		75,265	63,102
  Non-current liabilities	Trade and other payables	(629)	(605)
  	Lease liabilities	(2,369)	(1,926)
  	Deferred tax liabilities	(561)	(604)
  	Provisions	(191)	(166)
  Current liabilities	Trade and other payables	(10,224)	(10,420)
  	Lease liabilities	(942)	(873)
  	Provisions	(743)	-
  Net assets		59,606	48,508
  	Called up share capital	147	147
  	Share premium account	13,319	13,319
  	Treasury stock	(688)	-
  	Share option reserve	277	394
  	Foreign exchange reserve	(470)	(342)
  	Retained earnings	47,021	34,990
  Total equity		59,606	48,508

  • Balance sheet remains very strong with net cash of

    £34.4m (2024: £29.9m)

  • Increase of 23% in net assets to £59.6m (2024: £48.5m)

17

NEW LOGO SALES PIPELINE, NEW ORDERS AND BACK-ORDER

Prospective Customers Unweighted (£m)1

New Orders (£m)

2021 2022 2023 2024 2025

2021 2022 2023 2024 2025

Prospective Customers Weighted (£m)1

Back-order Book (£m)2

2021 2022 2023 2024 2025

1 As at 30 September in each year. Estimated figures, based upon management accounts and management estimates.

2021 2022 2023 2024 2025

SUMMARY AND OUTLOOK

New Orders (£m)

48

38

33

29

32

2021

2022

2023

2024

2025

• New highs across key financial measures

• New orders up 25%

• New customer pipeline at record level, including substantial potential deals

• Strong financial profile

  • good cash generation and net cash of £34.4m

    2025

    2024

    2023

    2022

    2021

    47

    45

    45

    42

    57

    Back-order Book (£m) 1

  • supports growth

• Progressive dividend policy - total FY25 dividend up 17%

• Group is well-positioned for FY26 and beyond

20

BOARD OF DIRECTORS

Alan Howarth

Chairman

Louis Hall

CEO

Andrew Dickson

CFO

Guy O'Connor

Non-executive Director

Mike Dee

Non-executive Director

Alan Howarth was a partner in Ernst & Young where he served for nearly two decades. For the last twenty years, Alan has been an Independent Board Director at over 30 organisations, which included being Chairman or NED of listed, AIM-listed, PE-backed, owner-managed and public entities. Organisations include Norman Broadbent plc, Premier Technical Services Group plc, Chamberlin plc, Highams Group plc, McLellan Group plc, Gresham Computing plc, CRF Inc, Cyberfort Group Ltd and Dr Foster Intelligence Ltd. He is currently Chairman of Cerillion plc and Change Management Group Ltd.

Louis Hall is the CEO and founder of Cerillion, having led the management buy-out of the original business from Logica PLC in 1999. He later went on to lead the IPO of Cerillion in 2016. Louis has worked in the enterprise software industry for over 30 years and prior to forming Cerillion held a number of product, sales and management positions at Logica.

Andrew joined Cerillion as CFO in February 2022. Prior to this he spent seven years at The Vitec Group plc in a number of senior financial roles, including Group Director of Finance based in London and Finance Director of a subsidiary business based in the USA. In his earlier career, Andrew worked for Smiths Group plc, the FTSE 100 international engineering business, and qualified as a chartered accountant with Deloitte LLP.

Guy is a co-founder of Cerillion and formerly led business development. Prior to joining Cerillion, Guy was Group Director for Matheson Investment International, a subsidiary of Jardine Matheson Group.

Mike Dee served as CEO of Manx Telecom plc from April 2011 to July 2015, overseeing its successful AIM IPO in February 2014. In 1987, Mike was part of the BT team involved in setting up Manx Telecom plc and served as Director of Finance and Company Secretary before stepping up to CEO. Mike is a qualified accountant and holds a BA (Hons) degree in Business Studies and CIMA qualification.

MAJOR SHAREHOLDERS1

As at 06 November 2025

1 Source: Equiniti Limited

EO - Shareholdings where all investment decisions are made by the client without consultation with the stockbroker.

ND - Investment manager must discuss investment strategies or planned movements with the client before any investment decision is taken. PB - Shares held by a bank on behalf of private investors.

Maximising shareholder returns

Strategic

investments

Strategic investments

to support longer term growth

• strategic acquisitions of operating businesses to improve and enhance scope and scale of earnings

Other

considerations

Maintain strong

balance sheet to support strategy to partner with larger customers

Net cash

• maintain strong balance sheet

FY25: net cash £34.4m

FY24: net cash £29.9m

Interim & Final FY25:

4.8p & 10.6p

Interim & Final FY24: 4.0p & 9.2p

Progressive dividend

policy:

• pay out a third to a half of free cash flows each year

• dividend cover on adj. EPS of three-to-four times

Dividend policy

Continued

investment to:

• enhance offering

• improve service levels and deliver operational efficiencies

• expand sales team and marketing spend

Investment man-days:

- FY25: 17,351 days

- FY24: 12,795 days

Organic growth

23

FINANCIAL SUMMARY

£m

43.8

45.4

39.2

32.7

26.1

20.8

23.1

14.0

14.8

16.0

17.4

18.8

18.1

20.7

10.5

13.8

2.9 3.1

FY2015 FY2016

3.6

FY2017

3.9

4.6

5.8

FY 2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

Revenue Adjusted EBITDA

Long-Term Track Record (£m)