NCC Group (NCC) Trading Update summary

Strategic update and business transformation

• Escode business sale to TDR Capital for £275m enterprise value is on track, with completion expected no earlier than 30 April 2026 and plans for a substantial capital return post-completion.

• The sale will result in a pure-play global cyber security and resilience business, with continued momentum and a second consecutive quarter of underlying revenue growth in Cyber.

• FY26 revenue is expected to grow marginally, with both Escode and Cyber segments experiencing low single-digit growth as the pipeline builds.

Financial outlook and guidance

• FY26 Group Adjusted EBITDA, after non-core disposals, is expected to be in line with Board expectations, supporting confidence in medium-term financial goals.

• The Board confirms the FY26 profit forecast remains valid, compiled on consistent accounting policies and based on internal forecasts and stated assumptions.

• Assumptions include stable political, economic, and market environments, no significant adverse events, and no major changes in commercial relationships or leadership.

Capital management and shareholder returns

• Share buyback programme continues, utilizing authority for up to 31,473,997 shares, with renewal sought at the AGM.

• Board plans for a substantial capital return following the completion of the Escode sale.