Final Results

30 March 2026

accesso® Technology Group plc

("accesso" or the "Group")

RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025

accesso Technology Group plc (AIM: ACSO), the premier technology solutions provider for attractions and venues worldwide, today announces results for the year ended 31 December 2025 ('2025').

Commenting on the results, Steve Brown, Chief Executive Officer of accesso, said:

"2025 was another year of heightened uncertainty across the global economy. Consumer behaviour was constrained and discretionary spending was uneven. This drove transactional volatility and increased pressure on our customers' revenue streams.

Against this backdrop, accesso still delivered strong strategic and operational progress. We strengthened our commercial execution, advanced our platform capabilities, improved operational efficiency, and maintained profitability, all while continuing to invest deliberately to position the Group for its next phase of growth.

We delivered a significant increase in new customer wins, expanded adoption of our SaaS solutions and built strong pipeline momentum, reinforcing the underlying strength of our platform and reflecting the continued demand for accesso's products.

We also continued to prioritise shareholder returns, particularly in view of our share price dynamics, purchasing $15.9m (£11.9m) of our shares by way of on-market share buybacks as well as conducting a $20.0m (£14.5m) tender offer post year end. We continue to be strong believers in the robustness of our business and its potential.

Ultimately, accesso is built to adapt and evolve. Our platform, people and strategy position us well to navigate near-term variability and to re-accelerate growth as market conditions normalise. The acquisition of Dexibit reinforces this, adding AI capabilities and analytics that strengthen our ecosystem and position us to shape how the attractions industry operates in the years ahead

I am also today confirming my intention to step down as Chief Executive Officer of accesso following an organised transition. It has been a privilege to lead this business through a period in which we have grown from a small team serving a handful of venues to an organisation of more than 600 people serving customers across 31 countries. As a Board we have been planning this succession for some time and in January last year, Lee Cowie joined as Chief Operating Officer with the clear intention that he would, in due course, assume the role of CEO. Having worked with Lee for the last year as a colleague and for many years as a customer, I have total confidence in his ability to lead accesso forward. His deep understanding of our end markets, our customers and our technology, combined with the meaningful impact he has already had since joining as Chief Operating Officer, make him the right person to take accesso into its next chapter".

Commenting on the succession plan, Bill Russell, Non-Executive Chairman of accesso, said:

"On behalf of the Board, I want to express our sincere gratitude to Steve Brown for his significant contribution to accesso. Steve has led this business with conviction and ambition, building it from a single product into the diversified global technology platform it is today. His legacy is a strong foundation on which we will continue to build. We thank him for his years of dedication and wish him every success.

The appointment of Lee Cowie as Chief Operating Officer in 2025 was the first step in a planned succession, and it is the Board's intention that Lee will assume the role of Chief Executive Officer with effect from 1 May 2026. We are confident he is the right leader to take accesso into its next chapter".

2025 Highlights

Financial highlights

*Statutory profit before tax and basic earnings per share have been restated in the comparative period following a prior year adjustment to share-based payments. See details in note 16.

Footnotes:

(1) Cash EBITDA: operating profit before the deduction of amortisation, depreciation, acquisition, integration and disposal costs, and costs related to share-based payments less capitalised development costs (see reconciliation in the financial review).

(2) Net cash is calculated as cash and cash equivalents less borrowings.

(3) Adjusted basic earnings per share is calculated after adjusting operating profit for impairment of intangible assets, amortisation on acquired intangibles, acquisition, integration and disposal costs and share-based payments, net of tax at the effective rate for the period on the taxable adjusted items (as detailed in note 11).

(4) Revenue metrics for the period ended 31 December 2025 have been prepared on a constant currency basis with the period ended 31 December 2024 to assist with assessing the underlying performance of the revenue streams. Average monthly rates for 2024 were used to translate the monthly 2025 results into a constant currency using the range of currencies as set out below:

a. GBP sterling - $1.25 - $1.32

b. Euro - $1.05 - $1.11

c. Canadian dollars - $0.70 - $0.75

d. Australian dollars - $0.63 - $0.68

e. Mexican pesos - $0.05 - $0.06

f. Singapore dollars - $0.74 - $0.77

g. United Arab Emirates dirham - $0.27 - $0.27

(5) The Group exited its B2C business, From the Box Office, in May 2024; the figures presented exclude the revenues generated from this business in 2024 ($0.3m). The Group also sold its Brazilian subsidiary in early January 2025; the figures presented exclude revenues generated from this business in 2025 ($nil) and 2024 ($0.5m). Further, in 2024, the Group made a sale of $1.8m of accesso PrismSM hardware to a large blue-chip customer. These sales should not be expected to repeat in subsequent years.

Performance highlights

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

Upon the publication of this announcement, this inside information is now considered to be in the public domain.  The Company will be hosting a webcast presentation for analysts at 1pm. Analysts and institutional investors can register for the presentation using the following link: https://sparklive.lseg.com/AccessoTechnologyGroup/events/0ac4464e-b41e-47fa-a3f0-a58c6a5901e8/accesso-full-year-results-2025. A copy of the presentation made to analysts will also be available for download from the Group's website shortly after the conclusion of the meeting.

For further information, please contact:

About accesso Technology Group plc

At accesso, we believe technology has the power to redefine the guest experience. Our patented and award-winning solutions drive increased revenue for attraction operators while improving the guest experience. Currently serving over 1,100 clients in 31 countries around the globe, accesso's solutions help our clients streamline operations, generate increased revenues, improve guest satisfaction and harness the power of data to facilitate business and marketing decisions.

accesso stands as the leading technology provider of choice for tomorrow's attractions, venues and institutions. To stay ahead, we invest heavily in research and development because our industries demand it, our clients benefit from it and it makes a positive impact on the guest experience. Our innovative technology solutions allow venues to increase the volume and range of on-site spending and to drive increased transaction-based revenue through cutting edge ticketing, point-of-sale, virtual queuing, distribution and experience management software.

Many of our team members have direct, hands-on experience working in the venues we serve. In this way, we are experienced operators who run a technology company serving attractions operators, versus a technology company that happens to serve the market. From our agile development team to our dedicated client service specialists, every team member knows that their passion, integrity, commitment, teamwork and innovation are what drive our success.

accesso is a public company, listed on AIM: a market operated by the London Stock Exchange. For more information visit www.accesso.com. Follow accesso on X, LinkedIn and Facebook.

Chief Executive's review

2025 was a year in which accesso continued to demonstrate its resilience, adaptability and commitment to supporting customers through this ongoing period of heightened uncertainty. We saw transactional volatility, pressure on discretionary spending and shifting customer behaviour patterns which created an uneven and at times challenging environment. Heightened focus on near-term profitability and potential AI-driven disruption also added complexity to customer investment decisions. Against this backdrop, accesso pressed ahead. We introduced a new commercial strategy that delivered immediate momentum, continued to advance our technology platform and placed renewed emphasis on operational excellence, all while maintaining strong profit and cash flow generation. Our actions during the year reinforced the resilience of our diversified business model and the relevance of our solutions for customers navigating similarly challenging conditions.

The Group's balance sheet remains a key strategic asset. We ended the year with $30.5m of net cash, providing the flexibility to allocate capital with discipline and conviction. During 2025, we returned approximately 7% of issued share capital through two buyback programmes totalling $15.9m (£11.9m), and in early 2026 completed a further $20.0m (£14.5m) tender offer, reflecting the Board's clear view that the shares were meaningfully undervalued. At the same time, we remain open minded about how best to deploy capital beyond direct returns to shareholders. The acquisition of Dexibit, completed post year end, is a deliberate investment in analytics and AI capability that strengthens our ecosystem and aligns with our long-term strategy. This combination of disciplined returns and targeted investment reflects our approach to capital allocation: return value directly when the opportunity is compelling, and invest to create value over the longer-term when the strategic case is clear.

Strong commercial execution and increased win momentum and quality of wins

Improving commercial execution was a clear priority entering 2025, and it became a defining strength of the year. The Group delivered 43 new venue wins, up from 30 in the prior year, reflecting sharper focus, improved execution and a more disciplined go-to-market approach. Importantly, the quality of those wins also improved, with 25 venues converting to SaaS solutions and/or expanding relationships through the adoption of additional products, compared with 9 in the prior year.

This momentum was driven by refreshed commercial leadership, stronger sales engagement and an expanded marketing function. Early benefits from our updated website and refined market positioning translated into improved engagement and opportunity flow, strengthening pipeline visibility as the year progressed and supporting confidence in continued commercial momentum.

Transactional performance impacted by macro conditions

Transactional revenues softened during peak summer months, reflecting constrained discretionary spending and broader macroeconomic pressure across multiple geographies. This was particularly evident in attendance-driven solutions, where operators were slow in some cases to adjust pricing and product strategies in response to changing demand. Encouragingly, transactional volumes stabilised later in the year, with a December well ahead of our expectations. Softer transactional performance during the year was partially offset by strong Professional Services activity, reinforcing the resilience and diversification of the Group's revenue base.

Continued adoption of the accesso Freedom Restaurant and Retail proposition

Strong momentum in Freedom accelerated during 2025, reflecting growing customer demand for flexible, cloud-native eCommerce solutions. By year end, 63 venues were signed to go live on the product, up from 11 venues at the end of the prior year.

Freedom continues to perform strongly as both a lead product and a cross-sell solution, reinforcing the Group's position across food and beverage, retail and guest commerce. Freedom is successfully expanding existing customer relationships and winning new venues as both a lead product and a cross-sell - with contracted venues more than doubling year-on-year.

Keeping perspective on virtual queuing

During the year, attention became disproportionately focused on accesso's virtual queuing offerings, particularly one customer's use of accesso LoQueue. In July 2025 we announced that this deployment was not expected to continue beyond year end. Meanwhile, the customer has subsequently confirmed its intention to extend use through 2026 on revised commercial terms, alongside a pilot at two additional venues. This reversal reflects the strength of the underlying technology, not a concession. At the same time, another major customer indicated plans to discontinue the solution. While customer decisions are inevitable at our scale, one discontinuation is not a verdict on the technology. It should not detract from the breadth, strength and diversification of the wider business.

We are confident in the quality of the accesso LoQueue solution, which benefits from 25 years of fine-tuning that no alternative comes close to replicating. Furthermore, we maintain a wide range of virtual queuing patents for specific functionality needed to maximise the solution's effectiveness at scale. In 2025, we validated the strength of our intellectual property and defended our position by successfully challenging a patent filed by a major operator. As the model has evolved from a hardware centric solution to a fully mobile-based product, our commercial model is evolving in ways that can increase adoption over time.

Disciplined cost management and AI-driven operational efficiency

During the year we continued to drive profitability and operational discipline as central priorities. Management focused on careful prioritisation of initiatives, disciplined headcount management and aligning resources with long-term strategic objectives, ensuring the cost base remained appropriate in a variable trading environment. Year-end headcount reduced to 657 from 689 in the prior year, and a targeted workforce reduction programme implemented in January resulted in a further reduction of 45 roles.

Alongside these structural actions, the Group increasingly deployed AI-enabled tools to improve efficiency across the organisation. These tools supported productivity gains across sales, marketing and product teams, including accelerating proposal development, enhancing content creation and enabling AI-assisted UI and UX design. Together, these initiatives contributed to improved operational efficiency and cost control. The continued adoption of AI across the Group is expected to further enhance our ability to move at pace to deliver for customers in a cost-efficient manner.

Overall, the Group made strong progress embedding AI across its operations during 2025, with momentum continuing into 2026. Our approach has been disciplined and practical, focusing on areas where AI delivers measurable productivity and quality improvements while strengthening our capability to embed AI into our products and platform.

Across engineering, product and operations, AI-assisted workflows are now well established, supporting faster delivery, improved accuracy and more effective use of resources. Early adoption has delivered meaningful time savings, enhanced output quality and enabled teams to operate at higher velocity without increasing headcount. AI adoption is a strategic priority and a structural advantage for the Group. Beyond efficiency gains, it is building the organisational capability required to accelerate innovation, improve decision-making and support long-term growth.

Platform innovation and product advancement

Innovation at accesso is continuous and spans every product in the portfolio. Throughout the year, teams delivered a steady cadence of enhancements, performance improvements and functional expansion across our product set. These included ticketing, commerce, virtual queuing, access management, mobile and analytics. Our continuous shipping schedule ensures customers benefit from modern, secure and scalable technology aligned with evolving operational and consumer expectations.

Critically, the Group made notable progress on Composable Commerce, the next evolution of our eCommerce platform, enabling significantly greater configurability and flexibility for customers without the need for bespoke programming. A successful pilot was completed during summer 2025, providing a strong foundation for rollout to accesso Paradox clients from 2026. In addition, accesso Passport was enhanced through the release of a comprehensive open API, enabling customers to support custom storefronts and mobile applications.

Payments strategy evolved

The Group's evolved approach to payments represented a major strategic focus during the year. Following a comprehensive review of provider options, we announced a major agreement to enter into a partnership with Adyen in early 2026. This will see accesso offer end-to-end payment processing aligned with leading commerce platforms.

By leveraging the scale of the Group's transaction volumes, this partnership enables customers to benefit from enhanced pricing, reduced complexity and a more seamless payments experience. For accesso, payments represent a material evolution of our role within customers' commerce ecosystems - moving from gateway to processor, where the real margin opportunity lies. This creates a capital-light incremental revenue stream while further expanding the value accesso delivers within customers' core operational workflows. Customers retain full flexibility to use alternative payment providers, and we are confident the strength of our offering - competitive rates, reduced complexity and deep platform integration - will make accesso the most compelling choice.

Acquiring Dexibit: intelligence at the heart of the ecosystem

In March 2026, we completed the acquisition of Dexibit, the only purpose-built AI and analytics platform for the attractions industry. This is not an incremental step. It is a step-change, acquiring a capability built over years that no competitor can replicate quickly, if at all.

Dexibit brings more than 100 integrations with the major operating systems used across the attractions industry, over 1,000 pre-built visualisations, and years of cross-vendor historical data spanning ticketing, staffing, weather, local events, and visitor behaviour. The depth of domain-specific context training, the breadth of integration across the industry's fragmented technology landscape, and the historical pattern recognition that only accumulates with time and scale represent years of purposeful development acquired in a single move.

The acquisition establishes accesso Intelligence, which will empower operators to make smarter, faster decisions across their entire business. It will apply within accesso's own solutions and across the third-party systems they rely on every day. Through conversational AI, predictive forecasting and cross-platform data integration, an operations manager can ask why last weekend underperformed and get an answer that synthesises attendance, staffing, weather, and guest feedback automatically. Intelligence for the people running the venue, not just data specialists.

Venue operators typically lack the scale or in-house expertise to build an enterprise-wide intelligence capability on their own. Yet without the right solution, they risk missing significant optimisation opportunities as AI reshapes how businesses operate. While others in our industry are introducing basic AI features within their individual products, we asked a more fundamental question: how do we help our clients optimise their entire operation, holistically, across every system they use.

accesso Intelligence answers that question. It does not simply report on what happened. It generates insight that will inform the operational systems that act on it. For example, as we integrate accesso Intelligence across the ecosystem, dynamic pricing could be determined by drawing on weather forecasts, school calendars, and visitor sentiment - not just booking patterns - with the resulting pricing fed directly into our ticketing, virtual queuing, and retail solutions. The power is in connecting the operator's full environment into a single intelligence layer that drives better decision making: external data sources, third-party systems, and accesso's own platform. Already proven across more than 100 external integrations, we now have the foundation to advance through these stages rapidly rather than spending years building one.

We will of course also continue to embed AI into our individual products as part of their natural evolution. But this acquisition represents something larger: a cross-platform intelligence capability that sits above any single product and strengthens the entire ecosystem. As a provider of mission-critical systems of record with deep domain expertise and transaction-based revenue, AI reinforces accesso's position and deepens the Group's strategic relevance to its clients. Dexibit already serves some of the world's most recognised cultural and entertainment institutions, and its capabilities have been validated across a demanding and diverse client base. This acquisition is central to where we are taking accesso.

Planned leadership transition

During 2025, the Group initiated a structured and long-term leadership succession plan. In January of last year, Lee Cowie joined accesso as Chief Operating Officer with the clear intention that he would, in due course, assume the role of CEO. The Board's succession plan enables a structured and well-executed handover, ensuring leadership continuity while positioning the business for its next phase of growth.

The intention is, effective 1 May 2026, Lee will join the Board and assume the role of CEO. I will remain with the business for a period to support the transition, ensuring continuity across key customer relationships and other areas where my involvement adds value.

Having worked with Lee for many years - first as a client, and now as part of accesso - I have total confidence in his ability to lead accesso forward. His keen understanding of our end markets, our technology, international operators and his proven ability to lead a large, high-performing team make him the right person to take accesso into its next chapter.

Over the past year, Lee has worked across all areas of the business, engaging deeply with our teams, customers and operations while making meaningful contributions to performance and strategic execution. He has been particularly impactful on our AI strategy and operational transformation. Our deliberate approach has ensured he is fully prepared to lead the organisation as CEO.

I could not be more proud of the leadership team and all they have accomplished. Together, we have built accesso into the market-leading technology provider it is today, with operations around the world, more than 1,100 venues, and a full portfolio of leading technology. accesso is all about innovation and constantly evolving, and Lee will do an outstanding job leading the business forward with that mindset.

Outlook

Looking ahead, while near-term market conditions may remain variable, accesso enters 2026 with a strengthened commercial engine, a more flexible and scalable platform, disciplined operational foundations and a clear strategic direction.

The broader conversation about AI and its impact on software businesses is one we welcome. Our revenue model is transaction-based and aligned with customer outcomes. Our platform holds proprietary operational data that no AI model can replicate. We are actively embedding AI into our products and operations, not as a defensive response, but because it makes our platform more valuable to the customers and industries we serve. We are confident that AI will be a catalyst for accesso's growth, not a threat.

The Group has made a solid start to the year, with broader momentum across the business reinforcing our confidence in the long-term strength of the Group's queuing, ticketing and guest management offerings. We are mindful of the evolving situation in the Middle East, where professional services milestones and licence implementations for customers in the region are expected to generate between $4.5m and $5.0m of revenue in the current year. Of this, approximately $2.5m relates to milestone revenue yet to be achieved through the remainder of the year, with the balance already delivered and pending final customer acceptance. Notwithstanding this uncertainty, trading in the early part of the year has been in line with expectations and the Board believes revenue and Cash EBITDA for the full year will be consistent with current market expectations of approximately $146m and $20.0m respectively.

Overall, we remain confident in the Group's ability to adapt, execute and deliver sustainable growth over the medium term.

Steve Brown

Chief Executive Officer

28 March 2026

Financial review

Matthew BoyleChief Financial Officer

"In 2025, accesso delivered resilient results despite softer attendance in certain verticals, growing revenue 1.8% to $155.1m and maintaining strong repeatable revenue. Gross profit increased with a favourable revenue mix, while disciplined cost control helped offset inflationary pressures on overheads, resulting in stable EBITDA margins. We strengthened our leadership team, continued targeted investment in our platform and people, and ended the year with a strong balance sheet, positioning the Group well for 2026."

*Statutory profit before tax and basic earnings per share have been restated in the comparative period following a prior year adjustment to share-based payments. See details in note 16.

Footnotes:

(1) Cash EBITDA: operating profit before the deduction of amortisation, depreciation, acquisition, integration and disposal costs, and costs related to share-based payments less capitalised development costs.

(2) Net cash is calculated as cash and cash equivalents less borrowings.

(3) Adjusted basic earnings per share is calculated after adjusting operating profit for impairment of intangible assets, amortisation on acquired intangibles, acquisition, integration and disposal expenses and share-based payments, net of tax at the effective rate for the period on the taxable adjusted items (as detailed in note 11).

The Board continues to utilise consistent alternative performance measures (APMs) internally and in evaluating and presenting the results of the business. The Board views these APMs as representative of the Group's underlying performance.

The historic strategy of enhancing accesso's technology offerings via acquisitions, as well as an all-employee share option arrangement, necessitate adjustments to statutory metrics to remove certain items which the Board does not believe are reflective of the underlying business.

By consistently making these adjustments, the Group provides a better period-to-period comparison and is more readily comparable against businesses that do not have the same acquisition history and equity award policy.

APMs include Cash EBITDA, Adjusted basic EPS, net cash, underlying administrative expenditure and repeatable and non-repeatable revenue analysis and are defined as follows:

· Cash EBITDA is defined as operating profit before the deduction of amortisation, impairment of intangible assets, depreciation, acquisition, integration and disposal costs, and costs related to share-based payments less capitalised internal development costs;

· Adjusted basic earnings per share is calculated after adjusting operating profit for impairment of intangible assets, amortisation on acquired intangibles, acquisition, integration and disposal-related costs and share-based payments, net of tax at the effective rate for the period on the taxable adjusted items (see note 11);

· Net cash is defined as available cash less borrowings. Lease liabilities are excluded from borrowings on the basis they do not represent a cash drawing;

· Underlying administrative expenses are administrative expenses adjusted to add back the cost of capitalised development expenditure and property lease payments and remove amortisation, impairment of intangible assets, depreciation, acquisition costs, and costs related to share-based payments. This measure is to identify and trend the underlying administrative cost before these items;

· Repeatable revenue consists of transactional revenue from Virtual Queuing, Ticketing, eCommerce and Distribution and is defined as revenue earned as either a fixed amount per sale of an item, such as a ticket sold by a customer or as a percentage of revenue generated by a venue operator. Normally, this revenue is repeatable where a multi-year agreement exists and purchasing patterns by venue guests do not significantly change. Other repeatable revenue is defined as revenue, excluding transactional revenue, that is expected to be earned through a customer's agreement, without the need for additional sales activity, such as maintenance and support revenue. Non-repeatable revenue is revenue that occurs one-time (e.g. up-front licence fees) or is not repeatable based upon the current agreement (e.g. billable professional services hours) and is unlikely to be repeatable without additional successful sales execution by accesso. Other revenue consists of hardware sales and other revenue that may or may not be repeatable with limited sales activity if customer behaviour remains consistent; and

· The revenue streams for year ended 31 December 2025 have been prepared on a pro forma basis using consistent currency rates with the year ended 31 December 2024 to assist with assessing the underlying performance. Average monthly rates from 2024 were used to translate the monthly 2025 results into a constant currency using the range of currencies as set out below:

o  GBP sterling - $1.25 - $1.32

o  Euro - $1.05 - $1.11

o  Canadian dollars - $0.70 - $0.75

o  Australian dollars - $0.63 - $0.68

o  Mexican pesos - $0.05 - $0.06

o  Singapore dollars - $0.74 - $0.77

o  United Arab Emirates dirham - $0.27 - $0.27

The Group considers Cash EBITDA, which disregards any benefit to the income statement of capitalised development expenditure, as its principal operating metric.

These APMs should not be viewed in isolation but as supplementary information. As adjusted results include the benefits of the Group's acquisition history but exclude significant costs (such as significant legal or amortisation expenditure), they should not be regarded as a complete picture of the Group's financial performance, which is presented in its total results.

Key financial metrics

The Group showed resilience to deliver revenue of $155.1m (2024: $152.3m) being growth of 1.8% despite the Group facing multiple headwinds through the year.

As in the prior year, the Group derives approximately 75% of revenue from transactional sources, typically through % revenue share or usage arrangements with its SaaS customers.

We set out details of our revenue by segment, geography and repeatable to non-repeatable analysis below.

Revenue on a segmental basis was as follows:

* The Other Guest Experience comprises revenue from accesso's mobile application platforms and accesso Freedom.

Revenue by type was as follows:

*The prior year comparative has been enhanced to split out implementation, change request and billable services revenue from the professional services revenue attributable to the Professional Services segment. These were previously presented as a single total of $13.1m.

Transactional revenue consisting of Virtual Queuing, Ticketing, eCommerce and Distribution is defined as revenue earned as either a fixed amount per sale of an item, such as a ticket sold by a customer, or as a percentage of revenue generated by a venue operator. Normally, this revenue is repeatable where a multi-year agreement exists and purchasing patterns by venue guests do not significantly change.

Other repeatable revenue is defined as revenue, excluding transactional revenue, that is expected to be earned through each year of a customer's agreement, without the need for additional sales activity, such as maintenance and support revenue or recurring licences.

Non-repeatable revenue is revenue that occurs one-time (e.g., up-front licence or implementation fees) or is not repeatable based upon the current agreement (e.g. billable professional services hours) and is unlikely to be repeatable without additional successful sales execution by accesso.

Other revenues are largely hardware-related. Hardware revenues have historically included the large sale of accesso Prism bands to a blue-chip customer. Other revenues comprise commissions received from the Group's guest ticket insurance partners as well as third-party hardware partners.

Ticketing and Distribution:

Revenue by type within the Ticketing and Distribution segment is set out below:

Transactional revenue

As set out in the revenue by type table above, ticketing and eCommerce transactional revenue decreased $0.3m or 0.4% on 2024. These broadly flat revenues reflect challenging attendance volumes across the majority of verticals, most notably in live entertainment, a vertical served by our accesso ShoWareSM product. The transactional revenues include $0.5m generated by our Brazilian subsidiary that exclusively sold ShoWare, and was disposed of in January 2025. The outlier to the challenging volumes was in the ski vertical where continued strong commercial performance alongside positive weather conditions early in the year resulted in a 17% increase in transactional revenue.

Distribution revenues increased by 4.5% on 2024. These increases are primarily driven by new venues being signed to our distribution channels rather than new relationships with new distributors, as was the case with growth in 2024. In an environment of softer attendance growth, distribution networks are a valuable promotional sales channel. This growth in distribution comes despite the strategic decision to move away from the lower-margin consumer direct portion of our Distribution business near the end of the H1 2024 and contributed $0.3m in that period.

Other repeatable revenue

Maintenance and support and recurring licence revenues increased 13.7% and 30.8% over 2024 respectively. These increases were driven by clients going live on the accesso HorizonSM product both in late 2024 and early in 2025. As an 'on premise' product, this has historically been operated on a licence and support model rather than a transactional model.

Non-repeatable revenue

Non-repeatable revenue increased $1.8m or 23.3%, predominantly as a result of change request services provided to existing blue-chip customers. While not our core offering, the services highlight how critical our solutions are to customers and our ability to respond to changing needs in their business.

Guest Experience:

Revenue by type was as follows:

Repeatable revenue

Transactional virtual queuing revenue decreased by $1.5m, being 5.8%, on 2024 as a result of challenging venue attendance, particularly at major customers.

Platform revenues, comprising fees for accesso's mobile application platforms, declined $1.0m, being 32.6%. This comes as a larger enterprise customer moved mobile app services in-house. In previous years, the mobile app product has primarily served enterprise customers, however we are seeing a transition from these customers to a more standardised offering with wider market potential.

Other revenue (hardware)

The $0.6m of hardware revenue delivered in 2025 was generated through the resale of point-of-sale devices and payment terminals sold alongside accesso Freedom. 2024 included hardware sales of $1.8m of accesso Prism bands to a blue-chip customer that were not repeated in 2025.

Professional Services:

Revenue by type within the Professional Services segment is set out below:

The Professional Services segment contains the delivery of bespoke professional services to large customers in the ski, theme park, and cruise ship markets and that are not directly associated with a particular product. As a key technology infrastructure partner, large attractions and leisure operators look to us to provide support for their own internal project cycles. We realise that this element of our business will fluctuate year over year, however we are positioned to take the opportunities when they arise. In 2025, Professional Services revenues were 15.4% ahead of the prior period.

Revenue on a geographic and segmental basis was as follows:

\* The Group's revenue by location disclosure has been revised for the comparative period to present revenues by the location of the contractual customer, rather than the end venue. This basis is considered to more closely reflect the Group's geographical structure and underlying contractual commitments. There is no change to the total revenue reported or impact to numbers reported outside of this disclosure.

While our revenues in the UK remained broadly flat, the Guest Experience segment saw declines of 14.2%, which were offset by an increase of 0.8% in the Ticketing and Distribution segment, due to the strong performance of the Ingresso distributions business discussed earlier in this report.

Our North American business grew by $1.3m (1.4%) where we saw a similar dynamic to the UK, where growth in Ticketing and Distribution of $4.2m or 6.3% was offset by decreases in Guest Experience of $3.4m or 15.9%. These decreases were driven by the shortfalls in transactional volumes in our virtual queuing products discussed earlier.

Revenues in the South Pacific, mainly derived from Australia remained flat year over year at $5.0m.

Revenues in Asia, excluding the Middle East, decreased 33.7% to $2.4m from $3.6m, driven entirely by Japan and Singapore where significant accesso Horizon implementations were delivered during 2024 and not repeated in 2025.

Revenues coming from the Middle East increased by 161% to $5.9m as a result of the completion of accesso Horizon implementations in the region.

We recorded a gross profit increase of 2.3% from $119.0m to $121.8m. This gross profit was delivered at an improved gross margin of 78.5% (2024: 78.1%). This improvement in gross margin is reflective most notably of the increase in Ticketing revenue, which is delivered at a higher margin than our Guest Experience revenue. Among other streams, the Guest Experience segment includes hardware revenue which is typically at a lower margin when compared to our SaaS products or services.

(1) See consolidated cash flow statement.

(2) This excludes acquired intangibles but includes depreciation on right of use assets.

*Share-based payments have been restated in the comparative period by $1.28m. These were previously disclosed as $3.71m. See details of the prior year adjustment in note 16.

Reported administrative expenses increased by 0.2% to $107.4m (2024 Restated: $107.1m) in the year and underlying administrative expenditure increased by 2.5% to $99.5m (2024: $97.0m).

Included within the underlying administrative expenditure is the impact of foreign exchange volatility on our assets and liabilities held in our non-US entities. The foreign exchange loss recorded in underlying administrative expenses for 2025 was $1.1m (2024: FX loss of $0.6m). On a constant currency basis, underlying administrative expenditure increased by 1.5% or $1.4m, driven predominantly by increased staffing costs.

The Group's headcount, including contractors, has decreased throughout the preceding 12 months from 682 at 31 December 2024 to 655 at the end of December 2025. The figure at 31 December 2025 is inclusive of seven staff recruited from 1RISK following the acquisition of intellectual property. While the headcount has decreased 4.0%, there remains an inflationary impact of retaining staff that is reflected in the increase in underlying expenditure.

We are continuing to mitigate the impact to revenue shortfalls by managing the cost base accordingly.

Amortisation from acquired intangibles decreased to $3.4m from $4.2m due to acquired intellectual property and customer relationships assets becoming fully amortised at the end of 2024. Amortisation and depreciation related to all other assets also decreased to $4.0m from $4.3m due to much of the capitalised Research & Development spend becoming fully amortised in prior years.

Share-based payment costs decreased by 14.9% to $4.2m (2024 Restated: $5.0m). The Group continues to use equity-based incentives as a core element of its retention and reward framework, with awards granted under the LTIP and Company-wide share plans during the year reflecting continued investment in employee incentive programmes.

The Group delivered Cash EBITDA for the year of $23.0m, a 0.8% increase on 2024. Cash EBITDA margin was 14.8% in 2025 (2024: 15.0%).

The table below sets out a reconciliation between statutory operating profit and Cash EBITDA:

*Share-based payments have been restated in the comparative period by $1.28m. These were previously disclosed as $3.71m. There is no change to the Cash EBITDA figure previously stated. See details of the prior year adjustment in note 16.

The Group recorded an operating profit of $14.4m in 2025 (2024 Restated: $11.9m); and adjusted basic earnings per share increased to 44.26 cents (2024: 38.39 cents).

Our Distribution business, focused on B2B, will continue to be a key part of our service offering, however, due to the accounting standards covering revenue recognition, our margins in this business will always be significantly lower than the rest of our revenue streams. These revenue recognition standards require us to recognise the full amount of commission included within the gross value of a ticket sold as our revenue, with the larger portion of this commission paid to the distributor as our cost of goods sold. To illustrate the impact this has on our results, the table below presents what our revenue and gross profit and Cash EBITDA margins would be if we were permitted to recognise net commission as our revenue.

Proforma income statement with Distribution revenue recognised net:

Our total development expenditure for 2025 remained flat on 2024 at $45.7m, being 29.5% of revenue (2024: 29.4%).

Development expenditure represents all expenses incurred by the Group's Engineering and Product Management functions, predominantly comprising payroll and software-related costs. These functions maintain our existing solutions and work with our customers to ensure the Group's products are well positioned to meet customer needs. In addition, these functions also perform research and development activities based on the product roadmaps, which set out the planned features and releases over time.

The Group capitalises elements of development expenditure where it is appropriate and in accordance with IAS 38 Intangible Assets. Capitalised development expenditure of $3.1m (2024: $2.6m) represents 6.7% (2024: 5.9%) of total development expenditure. The Group's research and development is primarily focused on constant and iterative improvement of existing customer products, which in turn leads to increased customer satisfaction and retention, rather than a focus on creating new revenue streams. It continues to be critical in order to continue to meet and exceed the expectations of our existing customers' requirements and the current solutions they utilise. Development continues to expand the product set and add features that will be important for our customers' operations in the future. 

Net cash at the end of the year has increased to $30.5m from $28.7m at 31 December 2024.

*Pass-through cash is received from ticket distributors representing the gross value of a ticket sold via the Group's distribution platform, Ingresso, and its 'collect and remit' business in Mexico. This cash is payable to attractions and venues and does not form part of Group revenue.

The Group has maintained a strong net cash position with net cash inflow from operating activities, prior to working capital movements, of $26.1m (2024: $25.7m). The Group had a total working capital inflow for the year of $6.1m (2024: outflow of $10.9m). This swing is primarily driven by the timing of collections around the year-end, particularly in our Distribution business that operates a 'collect and remit' business model, receiving the face value of a ticket purchase and remitting to both the distributor and venue. The timing of these collections around the year end can materially affect the working capital position in any given period; pass-through cash held at year end was $8.9m, up from $2.8m in the prior year, reflecting a higher volume of ticket sales collected through the platform close to the year-end.

The cash outflows from investing activities were $7.7m (2024: $2.4m). This was predominantly driven by the acquisition of intellectual property in May 2025 for $4.0m alongside capitalised internal development costs of $3.1m (2024: $2.6m). As of 31 December 2025, the Group had drawn $11.3m ($10.9m net of finance costs) of the $40.0m facility that expires in May 2027.

Net cash outflows from financing activities were $25.1m (2024: $17.1m), this included outflows of $15.9m (2024: $8.1m) on the purchase and cancellation of accesso's own shares through the two buyback programmes operating during the year as well as share purchases for the Group's Employee Benefit Trust totalling $4.1m (2024: $nil). The Group also made repayments of a net $3.4m on its revolving credit facility.

The Board continuously evaluates capital allocation decisions and holds the view surplus cash is most effectively used in share repurchases or special dividends, strategic product development or, where the opportunities arise, value accretive acquisitions.

During the year, the Group operated two share repurchase programmes, up to a total value of GBP £12.0m. The first programme commenced in April 2025 and concluded in October 2025 with a total repurchase and cancellation of 1,746,901 shares for a total consideration of $10.8m (GBP £8.0m). The second programme commenced in October 2025 and concluded in January 2026 with a total of 1,175,202 shares being repurchased for a total of $5.3m (GBP £4.0m). In total, during 2025, the Group repurchased and cancelled 2,863,647 shares for a total of $15.9m (GBP £11.9m).

On 18 March 2026, post year end, the Group completed a tender offer of $20.0m (GBP £14.5m) at a fixed price of £3.00 per share, representing 12.7% of the ordinary shares in issue at the date of the tender.

In line with relevant accounting standards, the Group reviews the carrying value of all intangible assets on an annual basis or at the interim where indicators of impairment exist. No development costs (2024: none) were impaired following a review of their year-end carrying values.

The tax charge of $3.3m represents an effective tax rate on the $14.3m of statutory profit before tax of 23.29% (2024 Restated: 25.0%).

The key reconciling items to the Group's weighted average tax rate of 25.62% are: a net $0.25m reduction relating to the adjustment of R&D estimates from the prior period and the generation of R&D credits during the year. A further reduction of $1.2m in relation to adjustments in respect of prior periods, $0.5m of which relates to US State tax filings and the balances relates to prior period adjustments arising from the refiling of UK corporate tax returns to reflect the application of available tax reliefs. These reductions were offset by $1.0m in adjustments relating to share awards and non-deductible expenses.

Matthew Boyle

Chief Financial Officer

28 March 2026

Consolidated statement of comprehensive income

for the financial year ended 31 December 2025

*Administrative expenses for the comparative have been restated to include $1.28m of costs relating to share-based payment transactions. This impacts the profit and the earnings per share calculations accordingly. Details of this restatement are included in note 16.

All activities of the Group are classified as continuing.

Consolidated statement of financial position

as at 31 December 2025

Consolidated statement of cash flow

for the financial year ended 31 December 2025

*Profit for the year and the share-based payment charge have been restated to reflect the prior year adjustment to share-based payments. Details of this can be found in note 16. There is no impact to the net cash inflow from operating activities.*\* The disclosure for contract assets and contracts liabilities has been enhanced to present these movements separately. These were previously disclosed as a combined total of $0.1m.

Consolidated statement of changes in equity

for the financial year ended 31 December 2025