Pinewood Technologies : FY25 Results Presentation

About this update from Pinewood Technologies Group Plc

‌Pinewood Technologies Group PLC FY25 Results‌ 22 nd April 2026 ‌Agenda 1. Introduction & Overview Bill Berman 2. Financial Review Ollie Mann 3. Operating Highlights & Strategic Priorities Bill Berman 4. Summary & Outlook Bill Berman Bill Berman CEO Ollie Mann CFO 2 ‌Introduction & Overview ‌Strong Strategic and Operational Progress Good momentum in North America; system testing underway in US dealerships Integration work underway with a significant number of US OEMs Seez AI integration driving benefits across new and existing customers Lookers implementation commenced in July 2025 and is progressing on schedule - due to complete Q4 2026 Customer retention remains very high with minimal net customer churn of 2.5% in FY25 4 ‌Financial Review ‌Financial Highlights - Another Period of Strong Strategic & Financial Progress Revenue Gross profit Underlying EBITDA £40.5m FY24: £31.2m +29.8% £34.7m FY24 : £28.2m +23.0% £16.4m FY24 : £14.0m +17.1% Recurring revenue Net customer churn Total Contract Value (TCV)* 83.2% FY24 : 86.5% -3.3% 2.5% FY24 : 1.1 % +1.4% £64.5m Another period of strong strategic & financial progress Note: FY24 is 11m ended Dec-24 * Total Contract Value (TCV) is future incremental recurring revenue not yet recognised at Dec-25 from signed customers 6 £m FY25 FY24 Profit for the period Adjustment for tax Gain on remeasurement of previously held equity interest 1 Share of result of associate Net fair value losses on financial instruments Adjustment for net financing expense 50.3 (0.6) 5.7 2.5 - 0.5 -(4.4) (60.8) 1.6 0.8 (0.7) Depreciation & amortisation Share based payments Working capital movements (9.4) 12.1 3.6 0.2 4.3 5.6 1.0 (6.0) Cash generated from operations Tax paid Bank and stocking interest paid Bank interest received Lease interest 6.5 (0.6) (0.1) 1.1 (0.1) 4.9 (0.1) (0.1) 4.5 (0.1) Net cash from operating activities 6.8 9.1 Proceeds from sale of businesses 2 Capital expenditure Acquisition of subsidiaries & resellers, net of cash acquired 3 Investment in associate Other investments 10.0 395.4 (7.5) -(10.0) (3.2) (11.4) (13.5) - - Net cash from investing activities (14.9) 374.7 Net proceeds from issue of share capital 4 Payment of lease liabilities Repayment of loans Payment of dividend 34.1 30.0 (0.5) (93.0) (358.4) (1.2) - - Net cash outflow from investing activities 32.9 (421.9) Net increase / (decrease) in cash 24.8 (38.1) Cash b/f 9.3 47.4 Cash c/f 5 34.1 9.3 ‌Strategic Fundraise and Cash Generation Enable Seez Acquisition and Strengthen Financial Position 1 • £60.8m gain on North American JV buyout 2 • £10.0m relates to final settlement of Lithia tax debtor 3 • £13.5m of net spend on acquisitions and reseller buyouts: c.£26m of spend on Seez acquisition c.£2.5m spend on South Africa reseller buyout c.£15m of cash received as part of US JV buyout 4 • £34.1m of net proceeds from Feb-25 equity raise 5 • £34.1m of cash at end of FY25 7 Notes: FY24 is the 11m period ended 31 December 2024 ‌Material increase in Net Assets driven by Equity Raise and JV Buyout £m Dec-25 Dec-24 Property, plant & equipment 2.3 1.7 Goodwill 2 51.5 0.3 Investment in associate - 9.6 Other Investments - 3.2 Other Intangible Assets 3 168.0 16.3 Receivables 11.1 21.4 Payables (20.1) (12.7) Deferred Income (7.5) (7.6) Net Tax Balances 4 (35.2) (2.5) Cash 5 34.1 9.3 Shareholders Funds 1 204.2 39.0 1 • Movement in shareholders funds driven by equity raise in March 2025 and US JV Buyout in July 2025 2 • Increase in goodwill relates to US JV Buyout, Seez AI acquisition and South Africa reseller buyout c.£32m from US JV buyout c.£18m from Seez acquisition c.£1m from South Africa reseller buyout 3 • Increase in other intangible assets primarily driven by US JV buyout and Seez acquisition c.£125m is North American customer contract 4 • £34m of the tax liability relates to the US JV Buyout 5 • Strong balance sheet with £34.1m of cash at Dec-25. The Group also has a £10m unutilised RCF 8 ‌Non-underlying Items £m FY25 FY24 Within operating expenses: Restructuring and transition costs re Lithia transaction (1.3) (2.2) Restructure and transition costs, including transaction fees, following FY25 acquisitions 1 - (4.6) Administrative expenses in Pinewood North America, LLC as subsidiary 2 (4.2) - Share based payments (3.6) (1.0) Amortisation of Intangibles arising on acquisition (4.0) - Transaction costs re Lithia transaction - (0.9) (17.7) (4.1) Within finance income: Interest receivable on cash held at bank 0.2 4.3 0.2 4.3 Other items: -(0.5) - Gain on buyout of North American JV 3 60.8 Share of JV Result (1.6) Losses on Financial Instruments (0.8) 58.4 - Total non-underlying items before tax 40.9 0.2 Non-underlying items in tax 3.7 (0.4) Total non-underlying items before tax 44.6 (0.2) 1 • £4.6m of costs relating to FY25 acquisitions 2 • £4.2m of North American admin expenses incurred since JV buyout in Jul-25 3 • £60.8m gain recognised on JV buyout - JV buyout based on third party valuation of JV of $150m 9 ‌Guidance Further to the recent 'business update' announcement made on 25 March 2026 which noted the updated timing of the Marshalls implementation, the Board reiterates revised expectations for FY26 We reaffirm our expectation that the Group will achieve underlying EBITDA of £58-62m by FY28 This is underpinned by strong visibility from our existing signed contracts and a significant pipeline of opportunities, with c.85% of the projected EBITDA growth covered by signed contracts 10 ‌Operating Highlights & Strategy ‌A Leading Technology Provider to Automotive Retailers & OEMs Automotive Intelligence Platform Pinewood Technologies Group PLC today High user loyalty Software-as-a-Service (SaaS) for 2 decades First SaaS Automotive System A leading Automotive Retail Ecosystem Pure cloud-based software designed around customers and hyperscale Our system is active in 36 countries focused on UK, Europe and Asia Recurring revenue streams < 2% avg net customer churn over the last 3 years Consistent growth in revenue and high, stable gross margins c.83% of revenue is recurring (FY25) Partnerships with 50+ OEM Brands Long-standing strategic partners Enables transformation of customer experience, improved efficiency and increased profitability Experienced workforce Fully Embedded AI 40 years experience in the automotive industry International workforce across multiple countries Headcount of c.400 employees of which c.50% are software developers Fully embedded AI across the whole Pinewood.AI system Covers vehicle sales, CRM, aftersales/fixed ops and back office accounting 12 ‌Progress on Strategy UK & Ireland International Products / Vertical Sales North America Lookers implementation started in July 2025 and progressing well Marshalls implementation starting H2 2026 Commitment to win more business from AM100 dealers (Global Auto Holdings) Signed Feb-25 Signed Oct-24 Japan: implementation underway with Porsche Japan; Volkswagen Japan rollout to start following completion of Porsche Scandinavia: addition of Scandinavian dealers with Global Auto Holdings contract DACH: shortlisted for a number of sizeable contracts Buyout of South African & Netherlands resellers now completed Significant amount of integration work between Seez and Pinewood platforms completed Has enabled step-change in some of the main Seez products: Connect (AI Chat), Serve (Service AI) & Reach (Sales AI) Completed buyout of Lithia's 51% stake in JV $60m contract signed with Lithia for North America Rollout of Seez chatbots into Lithia's North American dealers is underway North American roll-out preparation progressing well with systems testing underway in Lithia US dealers 13 ‌Well Positioned to Grow Market Share in Lucrative North American Market North America Total Addressable Market of $9.3bn*: $6.5bn for the core automotive software products Plus another $2.8bn for related addressable markets such as commercial vehicles dealer software Pinewood.AI has a significant foothold in the market following $60m contract signed with Lithia to install Pinewood.AI platform in all their c.320 North American dealers System testing underway in Lithia's US dealers following OEM engagement and rollout of Seez chatbots into Lithia's North American dealers has commenced Well-positioned to grow share of North American automotive dealer software market following buying Lithia out of their share of North American JV & targeted marketing including first-time showing at NADA * Per third party consultant market study (2024) 14 ‌UK System Implementations Progressing Well Lookers implementation is progressing well and on time after starting in July 2025 - due to finish in Q4 2026 Lithia UK team are seeing the benefits of having Pinewood.AI fully operational in all of their dealerships Marshall implementation ready to start in H2 2026 Increased cross-sell opportunities in existing UK customers primarily through AI products and Data & Analytics products 15 ‌Progress in Key Growth Markets Contracts signed with Porsche Japan and Volkswagen Japan Porsche rollout underway, Volkswagen to follow Ongoing discussions with a number of European customers, primarily in Central Europe Well-positioned in Southern African countries and Netherlands, following buyout of resellers in these geographies 16 ‌Why Invest in Automotive DMS? Mission-Critical Software Long Customer Tenure High Switching Costs DMS is a mission critical system of record , allowing car dealerships to manage day-to-day operations It is the operational backbone for dealerships-downtime halts revenue, reinforcing its strategic indispensability OEM relationships and market "know-how" are required to sell to dealerships, creating barriers to entry and reinforcing incumbent advantage Average customer relationships exceed a decade , giving vendors durable, annuity-like retention Certification with each manufacturer can cost vendors up to $1m per brand, deterring new entrants Historically, DMS migration has been a lengthy process, taking 12+ months and requires retraining staff and risking short-term revenue disruption This has historically resulted in high retention rates Attractive Financial Profile Digital-Transformation Catalyst Regulatory and Cybersecurity Tailwinds Subscription revenue visibility as dealer groups pay on multi-year contracts, creating highly predictable cash flows Asset light SaaS model and minimal COGS translates to high gross margins AI-enabled features (e.g., automated scheduling, customer outreach) address labour shortages and boost ROI for dealerships This has accelerated modern DMS adoption Heightened scrutiny and rising compliance demands after recent cyberattacks has driven dealers towards secure, cloud-based DMS platforms like Pinewood.AI 17 ‌Summary & Outlook ‌Summary & Outlook Priority in the UK remains to continue the system implementations with Lookers and to begin the Marshalls implementation in H2 2026 as well as onboarding other smaller customers Significant progress in North America with good progress on OEM integrations and system testing underway in US Lithia dealers Huge opportunity in North American market - Total Addressable Market > $9 billion FY28 guidance: underlying EBITDA of £58m-62m, underpinned by strong visibility from existing contracts 19 Ollie Mann CFO Bill Berman CEO ‌Q&A ‌Appendix ‌Financial Review - Statutory Income Statement £m unless stated FY25 FY24 Change Revenue 40.5 31.2 29.8% Gross Profit 34.7 28.2 23.0% Gross Margin % 85.7% 90.4% -470 bps Underlying EBITDA 16.4 14.0 17.1% Underlying EBITDA % 40.5% 44.9% -440 bps Underlying Operating Profit 8.3 8.4 -1.2% Underlying Profit Before Tax 8.8 8.5 3.5% FY25 was the 12m period ended 31-Dec-25 and FY24 was the 11m period 31-Dec-24 22 ‌A Mission-Critical, Full-Service and Embedded Platform Secure end-to-end ecosystem of apps, designed to help dealership groups unlock automotive business value and drive performance and profitability 1 One Version of the Truth Single interface with comprehensive functionality, seamlessly integrating data points into a centralized user-friendly platform 2 100% Cloud Hosted Highly scalable and flexible , allowing for real-time updates, agile development and quick adaptation to the changing needs of the automotive industry 3 End-to-End Connected Data Real-time data provides full visibility of individual customer interactions and high-level business insights, enhancing operational efficiencies 4 AI Capabilities Fully embedded AI functionality across whole product suite 5 Superior Cybersecurity Well-invested platform architecture provides a secure data environment 6 Longstanding Customer Relationships 5 of the top 20 UK dealership groups as customers with <2% net user churn over the last 3 years 7 Highly Skilled Team Unrivalled automotive industry expertise - Built by Car People for Car People 23 ‌Pinewood.AI Customers* * Includes Pinewood and Seez customers 24 ‌Total North America Addressable Market* North American automotive market constitutes ~$6.5bn of the total ~$9.3bn TAM # of rooftops DMS CRM Layered Apps Highly fragmented with lower spend ~$2.8bn ~$9.3bn Target segments given they cover ~70% of the franchise Auto market. More suitable to the Pinewood.AI proposition ~$1.9bn ~$0.9bn ~$1.2bn ~$2.5bn ~$2.4bn ~$1.0bn ~$3.1bn ~$3.7bn ~$1.4bn ~$4.2bn ~$1.1bn ~$0.4bn ~$1.3bn Highly fragmented with varied needs between RV, Power sports, Boats and Commercial Vehicles ~$6.5bn 10+ Rooftops 3-10 Rooftops 1-2 Rooftops Independents Auto Non-auto Total ~3.5k ~8.5k ~7.5k ~28.5k ~48k ~31.5k ~80k * Per third party consultant market study (2024) 25 25

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