Investor Presentation 2025 Full Year Results (Investor Presentation)

‌Pebble Beach Systems Group plc

Final Results for the year ended

31 December 2025

28 April 2026

25 years of industry-leading experience

‌Presentation Team

Tom Crawford

Chairman

• Joined Group as Chairman in December 2025.

• 25 years+ experience of software businesses.

• Formerly: CEO of Aptitude Software Group plc, Chairman of Attraqt Group, and Chairman of K3 Business Technology Group.

• Chairman of Made with Intent, the agentic AI ecommerce start-up.

  Peter Mayhead

  CEO

  
  
  

• Appointed CEO in January 2018. Joined Group as CFO in 2013.

• 30 years+ experience in the broadcast industry.

• Previously CFO of Pro-Bel Ltd, (technology provider to the broadcasting market) playing a key role in its turnaround and later merger.

  Paul Inzani

  Head of Finance

  
  
  

  • Joined Group as Head of Finance in 2021.

  • Wide-ranging financial and commercial experience, including at Fox Network Group.

  • 9 years' experience of the

    software and media sector.

    
    
    
    
    ‌Business Overview

    Pebble designs, integrates and supports advanced workflow automation systems for the broadcast market

    Trusted by leading broadcasters and streamers globally

• Highly trusted brand - 25 years of developing and supporting feature-rich, flexible playout solutions that are mission critical

  • recognized as 'best of breed' product within broadcast automation

  • specialist proprietary IP for complex workflows and live playout

• Long customer relationships (typically 10 years+)

• Global customer base - c. 120 customers in c.60+ countries, supporting c.1,000+ channels on air

• Strong base of recurring revenue - £6.6m in FY25 equating to c. 64% of total revenue excl. third-party hardware revenue

• Broadcast automation software market growing at CAGR of 10.2% from 2026 to

FY 2025 REVENUE

£12.2m

(FY 2024: £11.5m)

FY 2025 ADJ. PBT

£3.0m

(FY 2024: £1.1m)

2033, USD 2.8 Billion by 2033

3%

17%

Revenue by Geography

UK and Europe

ARR* AS AT 31 DEC 2025

£6.7m

OPS CASHFLOW

£4.0m

28%

FY 2025

52%

Americas

MENA

Asia/Pacific

(FY 2024: £6.3m)

*Annualised recurring revenue

SALES MODEL

(FY 2024: £4.1m)

Third-party partner network + own sales team 3

‌Product Overview pebble

Mission-critical broadcast automation software for live television and streaming

Schedules programmes - cues adverts - overlays graphics - manages live feeds

• All with precise, frame-by-frame accuracy in real time, 24 hrs a day

• 'Downtime' is unacceptable in broadcasting, especially in live events

• Deterministic by nature and therefore an AI-resistant core

Pebble software is the engine behind everything a viewer sees and hears

K E Y C H A R A C T E R I S T I C S

Automation - Enterprise playout control for scheduling, media, ingest and device integration. Scaling from single channels to installations of 150+ channels with over 150 pre-built device integrations. Deployable on-premises or in private/public cloud. Integrates with legacy systems, traffic platforms, graphics providers, and third-party infrastructure.

Integrated Channel - Software-based video and audio processing for channel playout. Uniquely flexible design, handling everything from graphics to loudness correction to format conversion. Supports SDI, IP (ST 2110) and hybrid environments.

Remote - Web-based monitoring and control, enabling secure anywhere-access to playout operations across multiple systems.

Flexible deployment

On-premises, cloud, public cloud, or hybrid

Easily integrated

Within any existing IT infrastructure

Highly scalable

From 1 to 150+ channels across multiple locations

Highly secure

Latest hardware, updated OS, compliance-ready

Product installation

9-12 months

Ongoing revenue stream post installation

Annual support and maintenance fees

(Initial perpetual licence - which is industry standard)

Proprietary IP

25 yrs of continuous development. Not easily

replicated

‌'Sticky', Blue-chip Customer Base

Global customers

STREAMERS

MARKET IS

EMERGING

Tier 1 national and international broadcasters requiring complex, multi-channel solutions

Managed playout and media services providers serving broadcasters and content owners

Streaming platforms moving into live events and advertising-supported content

~120 customers worldwide

10 yrs+

average

customer tenure

~1,000 channels on air

78% of recurring revenue from customers

of 5 yrs+

‌Case Study

Tier 1 US-based Streaming Company

• 2022 - initial automation order placed by US streaming company. Order secured via a sales

  partner

  £2.6m

  Total orders

• 2025 - further £1.3m order secured via Pebble partner, IMG, the global sports, entertainment and media group, to facilitate coverage of live sports

• Software installation is under way and 'due to go-live' in 2026

• The new deal includes a 5-year support and maintenance contract worth £0.6m in total

  Timing	Source	Revenue
  Total order	Perpetual software licences	£0.6m
  	One-off, upfront hardware	£0.5m
  	Implementation services	£0.5m
  	Support and maintenance agreement (SLA) 2023 - to date	£0.4m
  	Support and maintenance agreement (SLA) future 5 years	£0.6m

  Hardware Professional services Software Support
  
  
  
  
  
  ‌Competitive Landscape

  • Playout automation market: $2.9bn in 2023

    $6.1bn by 2028 I CAGR 15.8% (Source: MarketsandMarkets)
    
    

  • Market consolidating, reducing the number of specialists

    CLO U D - N AT I V E / FAST *

Pebble, Aveco, Florical, Crispin

Specialist automation software controlling the playout chain

Varying degrees of 'completeness' of solution

Amagi, PlayBox Neo, BCNexxt Adjacent market segment with lower complexity; not competing with Pebble

Volume driven, no live capability, not

competing with Pebble's market

Simpler automation - not complex Tier 1

Market Drivers

or 2 broadcast

*Free Ad-supported Streaming Television

Lower cost base and notable new wins

‌Financial Highlights

All KPIs improved

Notes -

1. Revenue generated in year from support and maintenance contracts

2. Revenue generated from perpetual software licence sales

3. Revenue generated from professional services delivered in year

4. Annualised value of contracted support and maintenance contracts

5. PBT excluding exceptional items, share based payment and FX charges

• Increase in recurring revenue and ARR values

• Increased software and installation revenue following strong project order intake

• EBITDA margin rise driven by increases in higher margin software and support revenue

• £1.0m of debt repaid in line with focus on net debt reduction. Net cash position expected in H2 2026

  
  
  
  
  ‌Summary Consolidated Income Statement

  £m	FY25	FY24
  Total revenue	12.23	11.45
  Cost of sales	(2.75)	(2.64)
  Gross profit	9.48	8.80
  Gross profit margin	77.5%	76.9%
  Operating expenses	(5.32)	(5.52)
  Adjusted EBITDA	4.16	3.28
  Other income/loss	(0.77)	(3.04)
  EBITDA	3.39	0.24
  Depreciation/amortisation	(0.81)	(1.01)
  Finance charges	(0.39)	(0.52)
  Profit before tax	2.19	(1.30)
  Taxation	0.52	(0.01)
  Profit after tax	2.71	(1.30)

  Adj. EBITDA margin significantly higher

• Total revenue includes recurring revenue of £6.6m (2024: £6.1m)

• Significant improvement in adj. EBITDA margin driven by better revenue mix. Increase in high-margin support and software revenue

• Reduced operating expenses reflected headcount reduction following the strategic restructuring

• Other income/loss in 2025 reflected the cost of the restructuring

• Other income/loss in 2024 included intangible impairments of £2.74m

• Reduction in finance charges reflected substantial paydown of net debt

• Tax credit in 2025 relates to the recognition of a deferred tax asset.

• Carried forward tax losses available

  £'000		At 31 Dec 2025	At 31 Dec 2024
  Non-current assets	Intangible assets	6,031	5,765
  	Property, plant and equipment	232	410
  	Deferred tax asset	540	-
  	Other non-current assets	12	12
  	Total non-current assets	6,815	6,187
  Current assets	Inventories	314	411
  	Trade and other receivables	4,171	4,110
  	Cash and cash equivalents	1,616	840
  	Total current assets	6,101	5,361
  Total assets		12,916	11,548
  Current liabilities	Borrowings	1,000	1,000
  	Trade and other payables	6,853	7,099
  	Lease liabilities - current	62	68
  	Total current liabilities	7,915	8,167
  Net current liabilities		(1,814)	(2,806)
  Non-current liabilities	Borrowings	2,550	3,550
  	Other payables - non-current	106	199
  	Lease liabilities - non-current	36	126
  	Total non-current liabilities	2,692	3,875
  Net assets/ (liabilities)		2,309	(494)
  	Ordinary shares	3,115	3,115
  	Share premium	6,800	6,800
  	Reserves	2,229	2,323
  	Accumulated losses	(9,835)	(12,732)
  Total surplus/ (deficit)		2,309	(494)

  ‌Consolidated Balance Sheet
  
  
  
  

  Substantially strengthened balance sheet

• Growing cash balance following strategic

  restructure and increase in SLA revenue

• New banking agreement signed in April 2026. Annual repayment of £1m, in line with previous extensions

• Forecasting a net cash position in H2 2026

• Deferred tax asset now recognised and taxable profits are being forecasted going forward

• Group capital restructure exercise occurring in 2026 to allow future dividend payment

  
  
  
  
  ‌Cash Generation
  
  

  Movement in net debt over FY25

  Strong cash generation

  £m	FY25	FY24
  Adj. EBITDA	4.16	3.28
  Increase in working capital	(0.15)	(0.95)
  Cash generation from operations	4.01	2.33
  Capitalisation of intangible assets	(0.91)	(2.23)
  Purchase of property plant, equipment	(0.01)	(0.17)
  Net interest and tax paid	(0.38)	(0.52)
  Free cash flow	2.71	(0.59)

  • Reduced overheads and strong recurring revenue drove improvements in EBITDA

  • Spend on R&D capitalisation more than halved following the restructuring

  • Lower interest payments as interest rates reduced in 2025 and loan balance was paid down

Net cash from operations

Working capital

Capex

FY24

Net debt

£3.71m

- £149k

- £917k

+£2.93m

FY25

Net debt

£1.85m 13

‌FY 2025 Revenue Analysis

Revenue by Type

(excluding third-party hardware)

Recurring Revenue by

Customer Longevity

Order Intake by Order Type

24%

FY2025

12%

65%

Software

Professional services

Support and maintenance

5+ years Under 5 years

FY24 FY25

22%

FY2025

78%

Support Contract Update to existing system

New project





‌Growth Strategy

High-quality

recurring revenue

Increase

market share

Positioned for profitable, cash-generative growth

Key focus:

• Continue to grow high-margin recurring revenues - support and maintenance (SLA)

  - 64% of total revenue excluding third-party hardware and growing

• Increase market share with Tier 1/ 2 broadcasters

  • geographic expansion - esp. targeting Asia/Pacific

• Build presence in the streaming market

  Streaming market

  opportunity

  Product evolution

  • opportunity emerging as streamers move into live events and

    advertising-based programming - which require complex playout automation

  • Tier 1 streaming reference customers available

• Continued product evolution

  • incorporate AI options into existing offering to enhance operational benefits

• Potential for selective bolt-on acquisitions in due course

  • scope to broaden platform functionality and addressable market

    AI POSITIONING: open up the product to enable AI operations around the product. The need for frame-accurate precision in live broadcasting and deterministic processing keeps Pebble's core playout engine within the realm of traditional computing. This is technology less suitable for AI replacement.

    
    
    
    
    ‌Summary and Outlook

    Firm platform for growth - continued progress expected over FY26

    Well established, cash-generative business model

• Highly experienced management team

• 'Best of breed' technology - established reputation in core Tier 1 broadcast marketplace

• Recurring (10 years+), high-margin revenues from blue-chip, global customer base

• Strong cash flows

  Outlook

• Stronger trading in FY25 - Q1 FY26 trading has been encouraging

• Entered FY26 with a much-improved balance sheet - expect to move into a net cash in H2 2026, with net cash growing thereafter

  • Board now commencing process to enable dividend payments when appropriate

• Healthy order book - will drive recurring revenue growth (support and maintenance contracts)

• Strong pipeline of prospects

• Pebble is well-positioned to meet market forecasts for FY26

‌Supplementary Information

• Financial Information

• The Board

• Major Shareholders

• Glossary of Terms

17

‌Consolidated Statement of Cash Flows



‌The Board

Tom Crawford

Chairman

Peter Mayhead

CEO

Richard Logan

NED (Snr. Independent)

Oliver Scott

NED

Tom joined the Company as Chairman in December 2025.

He has over 25 years of experience of software businesses.

Tom was formerly CEO of Aptitude Software Group plc, Chairman of Attraqt Group, and Chairman of K3 Business Technology Group.

He is Chairman of Made with Intent, the agentic AI ecommerce start-up.

Peter was appointed as CEO in January 2018, having joined Group in 2013.

He was previously CFO of Pro-Bel Ltd, the technology provider to the broadcasting market., where he played a key role in its turnaround and later merger with Snell.

Peter is also a Fellow of ACCA and holds an MBA from Henley Business School.

Richard was appointed to the Board in 2020.

He has extensive knowledge of growing companies and of acquisitions from his long career within a number of successful companies. He was CFO at Iomart Group PLC, the cloud computing company quoted on AIM, from 2006 until his retirement in 2018.

Richard holds a BA in Accountancy from the University of Stirling and is a member of ICAS.

He is Chairman of Kerrera Topco Limited.

Oliver was appointed to the Board in 2026 as a representative of Kestrel Partners LLP, a major Pebble shareholder.

He is Managing Partner of Kestrel, which is a London-based investment manager.

Oliver is currently on the Board of Redcentric plc and K3 Business Technology Group PLC. His previous Board positions include Gresham Technologies plc, Idox plc, IQGeo Group plc and KBC Advance Technology plc.

‌Major Shareholders



‌Glossary of Terms

Playout Automation - is the software-driven technology that automatically schedules, manages and delivers television or radio content to air without manual intervention. It controls the seamless, 24/7 playback of programmes, advertisements and graphics, ensuring reliable broadcasting, reducing human error, and lowering operational costs.

Integrated Channel - instead of using multiple physical devices for different tasks, an integrated channel combines several core functionalities into one platform. It is analogous to a smartphone, which combines camera, calculator, map, torch into one device that does that everything through different apps.

On-premises - means that a company keeps all its computer equipment, like servers and software, physically inside its own building instead of using the internet to "rent" them from somewhere else thereby retaining total control.

Web-based Interface - software that allows access to on-premise playout via a browser

IP Controller - software which allows a user to manage connections within their IP environment, e.g. connections from cameras and sound equipment in a sports facility

Ingest - is the initial, foundational process of importing, capturing, and registering raw audio, video, and metadata into a production or asset management system (PAM/MAM). It transforms content from cameras, feeds, or files into usable, structured digital formats for editing, broadcasting, or archiving.

OTT (Over-the-top) - this refers to streaming services that deliver film and TV content directly over the internet, bypassing traditional cable, satellite or broadcast providers. Users access content on-demand via smart TVs, smartphones, tablets and gaming consoles e.g. Netflix, Disney+ and Hulu

Cloud-native - cloud native is the software approach of building, deploying, and managing modern applications in cloud computing environments.These cloud-native technologies support fast and frequent changes to applications without impacting service delivery, providing adopters with an innovative, competitive advantage.

FAST - this stands for free ad-supported streaming TV. This is streaming TV - without a paid subscription. 21