NCC Group (NCC) Trading Update summary

Executive summary

• Adjusted EBITDA for the year ended 30 September 2025 is expected to be approximately £43.5m, in line with Board expectations.

• Net cash as of 30 September 2025 is expected to be around £13m.

• Group revenue on a constant currency basis (excluding non-core disposals) declined by about 2.5% to £294m.

Financial highlights

• Escode segment grew by approximately 2% to £66.5m, while Cyber Security declined by about 4% to £227m.

• Gross margin (excluding non-core disposals) is expected at 44.5%, up from 43.9% in 2024.

• Escode gross margin improved to 71% (2024: 68.8%), Cyber Security gross margin at 36.5% (2024: 37.0%).

Outlook and guidance

• Revenue performance improved in H2 2025 for both Escode and Cyber Security compared to H1 2025.

• The Board remains confident in future prospects and plans to commence an initial share buy-back programme after 11 December 2025.

• Dividend policy will remain unchanged despite the share buy-back.