Interim results presentation (cerillion plc interim results presentation 1 june 2026)

1 June 2026

1

PRESENTATION TEAM

Louis Hall

Founder & CEO

Greg Price CFO

▪

▪

Joined Cerillion in May 2026 as CFO.

Over 20 years' experience in senior

finance roles. Previously CFO at AIM-listed, essensys plc and Checkit plc.

• Early career included 10 years at Diageo

plc, before holding senior financial positions at Monarch Airlines and The AA.

2

KEY HIGHLIGHTS

For the six months to 31 March 2026

• Largest ever contract win helped to deliver record new orders

  
  
  

  • New orders more than doubled to £39.6m (H1 2025: £19.6m)

  • £42.5m contract win in Q2 with Omantel (5-year term)

• Back-order book up 64% to record £82.1m at 31 March 2026 (31 March 2025: £50.2m)

• H1 results reflect the phasing of new orders from new and existing customers

  • Revenue of £18.0m (H1 2025: £20.9m), annualised recurring revenue1 of £19.1m at period-end (31 March 2025: £18.2m) and adj. PBT of £5.5m (H1 2025: £9.3m)

  • Material software licence revenue is expected to be recognised in H2/minimal recognition in H1

    - Cash up 4% to £32.5m (H1 2025: £31.2m)

• New customer pipeline at a new high of £271m (H1 2025: £261m) - even after Omantel win

• Interim dividend up 15% to 5.5p (H1 2025: 4.8p)

• Business remains well-positioned to achieve full-year consensus market expectations

  1. Annualised recurring revenue includes the annualised value of support and maintenance, managed service, Skyline and third-party hardware and hosting revenue, plus annualised term licence revenue, which 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 3

  spread over the contract term, and includes a deduction for the financing component.

  
  
  

  OPERATIONS

  Major Transformation Project

  "This partnership with Cerillion represents an important step in Omantel's long-term transformation journey. Our focus is not only on modernisation, but on building the agility, scale, and innovation capacity required to operate as a true Techco.

  "Cerillion's proven expertise and flexible, future-ready platform made them the right partner to accelerate our digital evolution while delivering enhanced value to our customers and the wider market."

  Jassim Al Masfary, Senior Principal, BSS/OSS

  
  
  

• Major new implementations:

  • Ucom (major telecommunications provider in Armenia)

    Delivery of this $11.4m contract, signed in January 2025, progressing well Initial delivery phases completed, cutover scheduled for autumn

  • Omantel (Oman's largest telecommunications provider)

    £42.5m contract secured in January 2026 Implementation progressing well

    Teams have the ability to work remotely with minimal impact on productivity

• Launch of new features in Cerillion 26.1

  • Agent2Agent (A2A) capabilities

  • Allow AI agents to operate with a shared understanding of context and to coordinate actions across multiple systems in real-time

  • Supports more advanced, multi-step process orchestration

4

CERILLION AT A GLANCE

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

H1 2026 REVENUE

£18.0m

(H1 2025: £20.9m)

H1 2026 ADJ PBT

£5.5m

(H1 2025: £9.3m)

c. 395 staff

UK c. 130

India c. 230

Bulgaria c. 35

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

11%

89%

43%

51%

7%

93%

6%

2%

13%

15%

< 5 Years

• 5 Years

5

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

BSS/OSS - MONETISING NETWORK INFRASTRUCTURE

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

6

CERILLION PRODUCT SUITE

7

PRODUCT SOLUTION DELIVERY MODEL

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

"Our priority is simple: adapt quickly to a fast-changing market while staying close to our customers. With Cerillion, we now have a platform that allows us to launch offers at speed, harness AI to automate and optimise operations, and create a truly connected view of the customer. This gives us the foundation to innovate continuously and deliver the kind of digital experiences our customers expect." Doric Ramlakhan, CEO, Telesur

8

GLOBAL CUSTOMER BASE

9

BSS/OSS MARKET SIZE

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

10

nt

HIGH BARRIERS TO ENTRY

20+ years R&D

for a full suite solution

Access to the

right resources

Investme

Expertise

BSS/OSS is

mission-critical

software

A continually

moving target

Credibility

Market

Evolution

11

COMPETITOR CONSOLIDATION

CSG Optiva Matrixx

Comarch

KEY COMPETITORS

ACQUIRED BY NETCRACKER ACUIRED BY QUANTEL

ACQUIRED BY AMDOCS

TAKEN PRIVATE BY CVC

• Full-suite competitor  Full-suite competitor  Last standalone

  charging competitor

• Full-suite competitor

  WHY WE WIN

• True product model/SaaS delivery - lower TCO1, 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

  1. Total Cost of Ownership 12

H1 2026 KPIs

Six months to 31 March 2026

2026

2025

2024

2023

2022

2021

12.8

16.1

18.0

20.9

20.5

22.5

Revenue (£m)

2026

2025

2024

2023

2022

2021

3.8

5.5

6.3

9.3

9.2

10.5

Adj PBT1 (£m)

Adj EBITDA margin2 (%)

48.9

44.9

48.9

47.7

37.6

34.5

2021 2022

2023 2024 2025

2026

Recurring3 & annualised term licence4 revenue (£m)

3

Recurring revenue in the year

4

Annualised term licence

18.5

18.2

19.1

16.2

12.2

11.1

2021

2022

2023

2024

2025

2026

2026

2025

2024

2023

2022

2021

7.7

16.5

23.6

26.6

32.5

31.2

Net cash (£m)

2026

2025

2024

2023

2022

2021

2.1

2.6

3.3

4.0

4.8

5.5

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

   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. 13

   
   
   

   H1 2026 FINANCIAL HIGHLIGHTS (UNAUDITED)

   £m	H1 2026	H1 2025
   New orders	39.6	19.6
   Back-order book1	82.1	50.2
   Total revenue	18.0	20.9
   Software2	7.8	9.6
   Services	9.1	10.3
   Other2	1.1	1.0
   Recurring revenue in year3	7.3	8.2
   Gross margin	75.8%	80.6%
   Adj. EBITDA4	6.2	10.0
   Adjusted EBITDA margin	34.5%	47.7%
   Adjusted PBT5	5.5	9.3
   Adjusted EPS6	14.1p	23.9p
   DPS	5.5p	4.8p
   Net cash	32.5	31.2

   • New orders up 102% to record high of £39.6m, including largest ever contract win (H1 2025: £19.6m)

     
     
     

   • Back-order book up 64%, a new high of £82.1m (31 March 2025: £50.2m)

   • Very strong balance sheet: £32.5m net cash

   • Interim dividend up 15%

     
     
     

     1. Back -order book consists of £72.6m 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. 40% of the

        
        
        

        £72.6m of sales contracted but not yet recognised as at the end of the reporting period will be recognised within 12 months.

     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 period.

     4. 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.

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

     6. Adjusted EPS is a non-GAAP, Company-specific measure which is earnings after taxes, excluding share-based payment charges divided by the average weighted number of shares in the period.

14

CASH GENERATION

HY25

Net cash

Free cash flow

Dividends

Employee incentive shares

Lease Payments

Asset Financing

HY26

Net cash

£31.2m £5.6m £(4.5)m £(0.0)m £(1.0)m

£1.2m

£32.5m 15

SUMMARY CONSOLIDATED INCOME STATEMENT

• Continued investment in R&D with c. 9,000 days worked in H1 26, an increase of 7%

  
  
  

• Gross profit margin decrease mainly reflected revenue phasing, with minimal high-margin software licence revenue recognised in H1

  
  
  

• Operating expenses up 8%, mainly the result of increased headcount to drive future growth and inflationary pressure

  
  
  
  
  

  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

  
  
  

  SUMMARY CONSOLIDATED BALANCE SHEET

  		Unaudited	Unaudited
  £'000	Consolidated	H1 2026	H1 2025
  Non-current assets	Goodwill	2,053	2,053
  	Other intangible assets	3,459	2,969
  	Property, plant and equipment	692	552
  	Right of use assets	2,381	3,192
  	Other receivables	12,216	9,019
  	Deferred tax	239	247
  		21,040	18,032
  Current assets	Trade and other receivables	22,405	18,246
  	Cash and cash equivalents	32,467	31,213
  		54,872	49,459
  Total assets		75,912	67,491
  Current liabilities	Trade and other payables	(10,431)	(10,930)
  	Lease liabilities	(932)	(977)
  Non-current liabilities	Other payables	(1,501)	(661)
  	Deferred tax liabilities	(561)	(604)
  	Lease liabilities	(1,907)	(2,767)
  Net assets		60,580	51,552
  	Called up share capital	147	148
  	Share premium account	13,319	13,319
  	Treasury stock	(93)	(764)
  	Foreign exchange reserve	(521)	(331)
  	Share option reserve	114	266
  	Retained earnings	47,614	38,914
  Total equity		60,580	51,552

  • Balance sheet remains very strong with net cash of

£32.5m

17

NEW LOGO SALES PIPELINE, NEW ORDERS AND BACK-ORDER

As at 31 March 2026

Prospective Customers

Unweighted (£m)1

271

254

261

212

172

New Orders (£m)

2022 2023 2024 2025 2026 2022 2023 2024 2025 2026

Prospective Customers Weighted (£m)1

Back-order Book (£m)2

2022 2023 2024 2025 2026

2022 2023 2024 2025 2026

1. As at 31 March in each year. Estimated figures, based upon management accounts and management estimates.

2. Back-order book at 31 March 2026 consisted of £72.6m 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 18

anticipated that c. 40% of the £72.6m of sales contracted but not yet recognised as at the end of the reporting period will be recognised within 12 months from 31 March 2026.

SUMMARY AND OUTLOOK

Net cash (£m)

31.2

32.5

26.6

23.6

16.5

7.7

2021 2022 2023 2024 2025 2026

• Omantel win is a step change in contract scale

  • Further proof point to support further deals with larger telcos

  • Opens up further opportunities in the region

• H1 results reflect the weighting of expected licence extensions/renewals towards H2

• New customer pipeline is very strong and includes further large contract opportunities

  Dividend per share (p)

  5.5

  4.8

  3.3

  4.0

  2.6

  2.1

  2021 2022 2023 2024 2025 2026

• Strong balance sheet and cash generative model

  • Net cash of £32.5m at 31 March 2026

• Group is well-positioned to achieve market expectations for FY2026 and beyond

  • Based on the delivery of projects under way and anticipated new orders from existing customers

    19

    Supplementary Information

    • Capital Allocation Policy

    • Board of Directors

    • Major Shareholders

    • Summary Consolidated Cash Flow Statement

    • Financial Summary

20

BOARD OF DIRECTORS

Alan Howarth

Chairman

Louis Hall

CEO

Greg Price

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 Non-executive Director of 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.

Greg joined Cerillion as CFO in May 2026 and has over 20 years' experience in senior finance roles, previously serving as CFO at AIM-listed essensy PLC and Checkit plc. His early career included 10 years at Diageo plc, and senior financial positions at Monarch Airlines and The AA.

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.

21

MAJOR SHAREHOLDERS1

as at 23 April 2026

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.

22

CAPITAL ALLOCATION POLICY

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

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

Interim FY26: 5.5p

(Interim FY25: 4.8p)

Final FY25: 10.6p (FY24: 9.2p)

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

SUMMARY CONSOLIDATED CASH FLOW STATEMENT

Unaudited Unaudited

24

FINANCIAL SUMMARY

Long-Term Track Record (£m)

£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

25