Full Year Results

Dotdigital Group plc

("Dotdigital" or the "Group")

Full Year Results

Year of organic growth, enhanced profitability and significant product advancement aligned to market demand

Dotdigital Group (AIM: DOTD), the leading SaaS provider of an AI-powered customer experience and data platform for intelligent, personalised marketing engagement at scale, announces its final audited results for the year ended 30 June 2025 ("FY25").

Financial Highlights

Operational Highlights

Outlook

Milan Patel, CEO of Dotdigital, said:

"We are pleased to report another year of profitable growth alongside meaningful progress on our platform strategy. New customer wins were complemented by consistently high retention and expansion within our existing base, underscoring the strategic value clients place on our platform as the foundation of their digital marketing strategy.

Customers are consolidating around fewer, more capable systems and demanding clear returns; we are meeting that need. With advances in AI, data and mobile messaging, the addition of Social Snowball and the integration of Fresh Relevance, our CXDP is broader and more valuable than ever.

With market conditions improving, our pipeline is healthy, our balance sheet is strong and our partner network continues to expand. We enter the new financial year focused on disciplined execution: expanding usage, growing internationally and delivering innovation that drives measurable outcomes for our customers."

1 Consensus market expectations for the year to 30 June 2025 were: Revenue £83.9m; Adjusted EBITDA £26.0m; Adjusted PBT £18.3m; Adjusted EPS 4.7p; DPS 1.2p.

2 Functionality recurring revenue refers to the value charged to customers for the core software platform and functionality, excluding contracted or transactional based revenue in relation to communication volumes.

Analyst Briefing

Management will host an in-person-only briefing and Q&A for analysts today at 9am UK time. To register to attend, please contact [email protected].

Investor Presentation

Management will host a virtual investor presentation and Q&A via the Investor Meet Company platform on Thursday 6 November at 12.00 GMT. Investors can sign up for free and follow Dotdigital here.

A copy of the Results Presentation and FY25 Annual Report will be available on our website shortly.

Contacts

About Dotdigital

Dotdigital Group plc (AIM: DOTD) is a leading provider of cross-channel marketing automation technology to marketing professionals. Dotdigital's customer experience and data platform (CXDP) combines the power of automation and AI to help businesses deliver hyper-relevant customer experiences at scale. With Dotdigital, marketing teams can unify and enrich their customer data, identify valuable customer segments, and deliver personalised cross-channel customer journeys that result in engagements, conversions, and loyalty.

Founded in 1999, Dotdigital is headquartered in London with offices in Manchester, Southampton, New York, Melbourne, Sydney, Singapore, Tokyo, Warsaw and Cape Town. Dotdigital's solutions empower over 4,000 brands across 150 countries.

Chairman's Statement

Financial year 2025 (FY25) was a year of encouraging delivery against the strategy, combining solid financial performance with further strengthening of the platform and development of the organisation to prepare it for global scaling in the years to come.

Profitable growth and strategic progress

We delivered growth across all regions, with international markets the standout. North America was particularly strong, while APAC achieved sustained double-digit growth supported by continued investment in product and people on the ground. We also delivered a solid performance in EMEA, albeit at lower growth rates than previously experienced, pleasingly this was more than offset by the acceleration overseas. It was encouraging to broadly maintain Group-level growth across a period of softer conditions for much of the wider software sector, including for many of our significantly larger competitors, reflecting the strength and resilience of our model.

Selective acquisitions remain a core component of our strategy. The addition of Social Snowball at the end of our financial year is both strategically and financially important and broadens our capability into the influencer, affiliate and referral marketing space, and strengthens our presence in the Shopify ecosystem. This follows the integration of our acquisition of Fresh Relevance in financial year 2024 (FY24), which deepened our personalisation offering and has contributed to higher-value customer wins. We will continue to assess opportunities that are earnings enhancing, strategically aligned and fairly valued, recognising the benefits that come from adding adjacent capabilities to an increasingly coherent platform.

Alongside this, we continued to build out our Customer Experience Data Platform (CXDP), unifying data, personalisation and communications into a connected suite that is easier to adopt and scale. Our investment in Winston AI continues to benefit our customers, with capabilities continuously being added and adopted. We will continue to invest in research and development (R&D) with spend being directed towards Winston AI, as well as driving AI adoption throughout our own operations. With over 250 integrations now in place and new channels such as WhatsApp launched, customers can access richer insights and deliver more tailored campaigns. These developments deepen adoption across our base, enhance retention and reinforce Dotdigital's position as a differentiated, future-ready platform.

High-quality financial model

Our financial model remains a key strength and differentiator. With 94% recurring or repeating revenue and c. 80% contracted, we enjoy high levels of visibility and resilience, supporting attractive margins and do not chase non-profitable business. With strong cash generation and a robust balance sheet, we are committed to continuing to reinvest in innovation while funding selective acquisitions that bolster our product offering and enhance our long-term opportunity.

Strengthened executive

During the period, we strengthened our leadership with the appointment of Tom Mullan as Chief Financial Officer. Tom brings significant public tech company and international software sector experience that will support the Group's financial discipline, scalability and M&A ambitions.

We are in the process of appointing a Chief Revenue Officer, a new role designed to centralise and align our go-to-market activities across regions and with an emphasis on expansion, retention and enhancing lifetime value. Together, these appointments will deepen the expertise of the executive team, enhance operational execution and ensure the Group is well positioned to capture the opportunities ahead.

ESG in action

We continued to advance our sustainability agenda during the year, building upon strong foundations, and remain on track to achieve our Net Zero 2030 objective. From a social standpoint, we continue to focus on our people and their communities. It's encouraging to see the increased uptake of the government-backed electric vehicle scheme from our UK employees as well as strong participation across our global teams in dotCommunity initiatives to give back to local communities.

Growing momentum and increasing opportunity

With each year that passes, the opportunity for Dotdigital increases. Organisations increasingly want the highest-quality products, cutting-edge capabilities and demonstrable ROI. At the same time, there is a growing trend towards rationalising their technology stack to fewer providers. With Fresh Relevance and now Social Snowball, alongside the stellar work of our R&D teams introducing new functionality and bolstering existing features, we are uniquely positioned to respond, with a broad, independent platform that meets the needs of marketers globally now and tomorrow.

On behalf of the Board, I would like to thank our employees for their commitment and energy this year amid a challenging macroeconomic backdrop, to our customers for choosing us and to our shareholders for their continued support. We are making steady progress as we move through the new financial year; our integrated platform has significant strategic value as the industry evolves, and we have a clear plan to enhance it further and increase penetration across marketers globally. We look to the future with confidence.

CEO's Report

Overview

Dotdigital delivered yet another year of resilient progress and strong cash generation. We grew in every region, with international revenue now accounting for 33% of Group revenue (FY24: 32%). North America delivered the strongest growth in absolute value terms, APAC continued to build as we ramped up localisation, and EMEA remained our anchor for scale and stability while delivering a solid performance. Our execution centred on expanding usage and retention through disciplined implementations and customer success, and a continued focus of driving new logo wins in international regions.

Our Customer Experience and Data Platform (CXDP) advanced at pace. We strengthened Winston AI, expanded data and reporting capabilities, and broadened connectivity across social and commerce ecosystems. WhatsApp moved from trial to full launch and is already in production with customers across regions, reinforcing our position in mobile messaging. These enhancements are being adopted steadily as customers look to augment their engagement strategies and seek measurable return on investment.

The acquisition of Social Snowball just before the end of the period adds high-growth influencer, affiliate and referral capability while bolstering the Group's presence in the Shopify ecosystem. Fresh Relevance, acquired in FY24, is now fully embedded and performing, deepening our personalisation capability and helping us win and expand higher-value accounts. In the year we also expanded the go-to-market strategies for our personalisation capabilities into international markets. Together, these acquisitions broaden our addressable market and create clear opportunities to expand average revenue per customer, increase customer retention and win higher value customers.

Operational discipline remained a priority throughout, strengthening our long-term prospects. We focused on accelerating onboarding so customers realise value sooner, stepped away from a lower margin contract that would have become loss-making, and continued to invest selectively in product and go-to-market where we see the most attractive returns.

With a strong balance sheet, a comprehensive product suite and an expanding partner ecosystem, we enter the new financial year with measured confidence, underpinned by a highly recurring, contracted revenue base.

Results

Group revenue increased to £83.9m (FY24: £79.0m), up 6% on an actual currency basis and 7% on a constant currency basis, driven by organic growth. Recurring and repeating revenue represented 94% of total revenue, consistent with FY24, and 80% of Group revenue was high margin CXDP and related contracted recurring (FY24: 79%). Gross profit was £66.6m at a margin of 79%, consistent with the prior year.

Profitability was slightly ahead of market expectations. Adjusted EBITDA increased to £26.8m (FY24: 24.3m) and adjusted profit before tax to £19.0m (FY24: £16.8m). Adjusted diluted EPS was 4.80p (FY24: 4.71p) slightly ahead of market expectations.

Integration synergies from Fresh Relevance were delivered as planned, and the exit from competitor resellers improved revenue quality with a modest ARR impact already reflected in the year.

Cash generation remained strong. The cash balance at 30 June 2025 was £36.2m, after the $20m initial cash payment for the Social Snowball acquisition and continued cash inflow. The Board intends to pay an increased final dividend in line with adjusted EBITDA growth. The balance sheet supports ongoing investment in product and go-to-market, together with selective, earnings-enhancing acquisitions.

Business Review

Our product offering

Dotdigital's AI powered platform gives marketers a single suite of products based upon real-time data to connect with their customers more effectively. We help our customers create and manage automated personalised communications and understand customer behaviour across multiple channels. Key elements of the suite include:

Our WinstonAI offering is embedded within and underpins the suite, enabling our customers to amplify their results whilst driving efficiencies.

In addition to our core product offerings, we have a smaller number of heritage customers, using the originally acquired SMS communications offering on an API-only basis without the power of our CXDP. This CPaaS or transactional messaging business generates high-volume, largely repeatable revenues, albeit at lower margins.

Market Opportunity

Marketing teams are operating with increased scrutiny on outcomes. Buyers want clear, defensible ROI, simpler stacks and faster time to value. That environment favours platforms that unify data and channels, reduce handoffs and make performance obvious. Dotdigital's CXDP is built for this shift: a single place to bring customer data together, orchestrate journeys across email, SMS, WhatsApp, app push and web, and evidence results in one view.

Rather than adding more tools, organisations are prioritising fewer, interoperable enterprise grade systems that plug into existing commerce and CRM platforms and can be rolled out across brands and regions without the risk of a single global 'rip and replace' implementation process. Our breadth of native channels and deep connector set - now extended with Fresh Relevance for web personalisation and Social Snowball for influencer, affiliate and referral programmes - positions the Group as a practical consolidation choice for mid-market and enterprise customers.

AI is now expected to make a tangible impact. Marketers expect measurable gains in speed, quality and return on investment, not gimmicks or window-dressing. Our 15+ years of investment into AI, culminating in the launch of WinstonAI in 2023, along with our reporting enhancements, meet that brief; assisting with content, imagery and analysis inside existing workflows, while the underlying platform enables predictive and real-time use cases as customers mature. Our AI functionality delivers both stronger ROI for our customers as well as creating efficiencies within the Marketing department.

Customer engagement continues to lean towards mobile-first, with messaging apps and social platforms becoming core to how brands reach and retain audiences. Our native WhatsApp, expanding mobile messaging and social integrations allow customers to meet users where they are, while keeping zero- and first-party data and attribution inside the CXDP.

Taken together, these trends play to Dotdigital's strengths: a unified, extensible platform, clear routes to value and an ecosystem that helps customers achieve more with less complexity.

M&A Strategy: Social Snowball

Social Snowball provides influencer, affiliate and referral capability with an analytics-first design that attributes creator activity to revenue. This broadens the CXDP, expands our total addressable market and creates tangible opportunities to increase ARPC through targeted cross-sell.

Acquired in June 2025 for up to $35m, being an initial cash payment of $20m and maximum deferred consideration of $15m (funded from existing cash resources), the business was immediately earnings-enhancing. It reported 200% revenue growth in FY24 to $3m and entered 2025 cash-flow positive with run-rate revenues above $5m at the time of acquisition. Since completion, ARR has risen to approximately $6m, supported by strong merchant engagement across a base of 1,500+ Shopify brands including Crocs, G Fuel, Blume, Sharma Brands and True Classic.

As we have entered FY26, back- and middle-office functions have been onboarded, and product integration is progressing so that creator programmes can be planned and measured within Dotdigital alongside existing channels with unified reporting.

Go-to-market remains focused on Shopify through a dedicated team where there is a significant scope for further expansion across its brand network, complemented by a growing flow of referrals from Dotdigital customers.

Progress Against Organic and Select Acquisitive Growth Strategy

Our strategy is consistent and focused on three organic growth pillars: Geographic Expansion, Product Innovation and Partnerships. We target the mid-market while serving larger enterprises, across commerce and selected non-commerce verticals. A broad ecosystem of commerce, CRM and data integrations means quicker results and wider adoption. The business model is predominantly recurring subscription revenues, with multi-year contracts priced by selected modules, data volumes and messaging usage. Growth is driven by new customer wins and by increasing average revenue per customer through additional functionality and products, channels and integrations, supported by selective, earnings-enhancing acquisitions that strengthen the platform.

Geographic Expansion

Regional revenue and growth are shown in local currency. Recurring revenue growth rates are on a constant-currency basis.

We delivered growth across all regions in the period. Performance reflected disciplined execution of our geographic plan, namely focusing on our core commerce target customer profile, expanding global brands across markets and driving platform adoption to support net retention. Headline growth also reflects the previously reported increase in customer administrations in the first half and our decision in the second half to exit a low-margin contract to strengthen revenue quality.

We expect solid double-digit international growth in FY26, driven by expansion with global brands and a continued focus on adoption and retention.

EMEA

Revenue grew 3% to £61.5m (FY24: £59.7m), in spite of headwinds incurred as a result of the planned exit from specific competitor resellers within Fresh Relevance and the previously announced Board's decision not to renew the low margin CPaaS contract due to unprofitable pricing requirements. Through the year we leaned into implementations and deeper CXDP adoption to improve retention as trading conditions remained mixed. Fresh Relevance continued to drive higher-value work across the region, with joint go-to-market activity converting both new logos and cross-sell. Procurement cycles increasingly favoured vendors that can break down data siloes and simplify stacks, a trend that played to our strengths and supported steady progress across enterprise and mid-market accounts.

North America

Revenue increased 19% to US$18.2m (FY24: US$15.2m). Growth was driven by expanded usage within existing accounts and wins with larger customers, consistent with the progress delivered in the first half. The region now has a clearer path to land-and-expand across mid and enterprise commerce, supported by strengthened customer success and solutions consulting. Fresh Relevance was brought to market in the region late in the year and added to our credibility in data-led personalisation, helping us compete for multi-brand and global mandates. We continue to view North America as a significant opportunity, with growth expected to track in the mid-teens over the medium term.

APAC

Revenue rose 20% to A$16.6m (FY24: A$13.8m). APAC remains a largely mobile-first region. Localisation remained a differentiator: in Japan; we expanded in-app translation, introduced regional templates and added local delivery expertise, which shortened time to value and improved conversion. Fresh Relevance supported several wins and the pipeline continues to grow, while investments in people and R&D in Japan positioned us to capitalise on rising demand for WhatsApp, app push and social integrations such as TikTok.

Product Innovation

We strengthened the CXDP offering during the period with a series of high-impact releases.

We made significant additions and enhancements to WinstonAI in the year, including the release of in-campaign language translation and AI-powered image search. Adoption statistics across the AI platform have all increased significantly and, particularly of note, AI email campaign translation was responsible for £100k+ wins in Europe and Japan.

WhatsApp progressed from trial to wider revenue generating usage. More than 50 brands have trialled the channel, with retention of approximately 80% amongst adopters, while well-targeted campaigns have achieved open rates of up to 95%. WhatsApp functionality is currently only available on our premium packages, which we are encouraged to see is beginning to drive package upgrades to CXDP.

Further enhancements in our data capabilities have been released, including strengthening firehose capabilities to Amazon S3, SFTP and Snowflake (beta).

We also completed the Personalisation (Fresh Relevance) integration and launched joint roadmap items that simplify activation, including a unified script with Dotdigital, Shopify Marketplaces support and high-resolution image handling. These improvements allow teams to run web personalisation alongside email and mobile with one set of data and reporting capabilities.

Connectivity broadened so that customers can activate data faster and reach audiences across more social channels, including TikTok and LinkedIn, building on existing connections to Facebook and Google.

Looking ahead to FY26, we will continue to strengthen the CXDP and extend our lead in AI. Priorities include deepening WinstonAI so that it operates as a truly agentic assistant, expanding the underlying Customer Data Platform to support broader audience types and more real-time experiences, and accelerating audience-growth tools that maximise reach. We are also progressing plans to broaden the CXDP with an in-house-developed Loyalty product which will launch early in calendar year 2026.

Strategic Partnerships

Revenue from customers using named technology connectors increased by 8% to £37.0m (FY24: £34.1m), highlighting the part our ecosystem plays in adoption and expansion on the CXDP. Revenue per connected customer increased by 19% in FY25, indicating deeper deployments and therefore stickier customers with higher revenue potential.

Within e-commerce, connector-attached revenue increased by 8% to £25.1m (FY24: £23.3m). Stand-out growth came from Shopify, up 25% to £6.5m. In addition, Adobe (Magento), BigCommerce, WooCommerce and Shopware all experienced increases.

In CRM and ERP, connector-attached revenue increased by 10% to £11.9m (FY24: £10.8m), led by Salesforce increasing 13%. Dynamics also saw strong growth and, pleasingly, we saw early momentum in NetSuite, indicating developing ERP momentum.

Personalisation (Fresh Relevance) remains a catalyst for connector adoption and is now native within our CXDP. This is helping customers activate data from commerce and CRM connectors more quickly and at greater depth, which in turn supports higher average contract values.

Alongside this, we broadened the ecosystem with additions such as Blackbaud Raiser's Edge, Trustpilot service reviews, Segment and Bynder. We will continue to invest in enablement, co-marketing, certification and marketplace presence to extend our reach in priority regions and verticals.

Outlook

We enter FY26 with measured confidence, supported by a robust pipeline and sustained international momentum, further strengthened by a growing Social Snowball pipeline. International markets and Social Snowball are expected to be the main growth accelerators as they continue to build scale. We also expect EMEA growth rates to normalise following the previously mentioned one-off events which moderated growth in FY25. We are seeing the market converge around integrated platform offerings, driven by organisations' need for efficiency, simplicity, and measurable ROI; precisely the strengths of our secure, data-driven platform that enables seamless automation and AI integration.

Execution will continue to centre on expanding usage and retention. We are investing in customer success, implementations and onboarding to shorten time to value and to support durable net retention. The revenue mix remains highly recurring with a strong contracted component, which underpins visibility.

Our product priorities are clear. We will deepen WinstonAI, expand the underlying Customer Data Platform for broader audiences and real-time use cases, and progress our Loyalty product. Social Snowball is progressing to plan - ARR has increased since acquisition, operations are onboarded and product integration into the Dotdigital platform is advancing.

Capital allocation will remain disciplined. We will continue to fund organic growth and targeted M&A from free cash flow, with a proactive pipeline and intention to continue with our stated acquisition strategy to assess opportunities that broaden our proposition and where the asset, valuation and timing are right.  Our focus is on adding bolt-on capabilities that can be rapidly integrated into the platform to extend workflow coverage across clients, unlock new revenue streams, and expand our total addressable market (TAM).

Overall, we expect FY26 to be another year of sustainable growth and strong cash generation.

Financial Review

Business Model

We sell access to our CXDP and messaging (email, SMS, MMS, WhatsApp, push) on 1-3 year contracts priced by modules taken, data volumes and message volumes. Revenue is recognised evenly over the contract life under IFRS 15, with customers able to upgrade during term as usage grows.

Fresh Relevance, acquired in FY24, added website-personalisation capability and an additional pricing lever via page-view volumes.

In late June 2025 we acquired Social Snowball, a subscription SaaS product for influencer, affiliate and referral programmes. Social Snowball's revenues are recognised in the same way as our other software revenues, albeit the vast majority of contracts are currently month-to-month. The product broadens our addressable market and increases cross-sell potential, with a margin profile consistent with the Group.

Professional services remain a small contributor (well under 5% of group revenue) and are recognised as delivered.

Revenue and gross margin

Total revenue increased 6% on an actual currency basis or 7% on a constant currency basis to £83.9m (FY24: £79.0m), including a £0.7m in-year headwind from the previously announced exit of a non-core, low margin contract. Growth was driven by the core SaaS and contracted messaging base and continued expansion in international markets.

Core CXDP (and related) recurring revenue rose by 8% on a constant currency basis to £67.8m (FY24: £62.7m), while repeating revenues from our low margin transactional messaging CPAAS business were £12.0m (FY24: £11.7m). Together with repeating revenue, ~94% of Group revenue was recurring or repeating.

By region (local currency): EMEA £61.5m (+3%); North America US$18.2m (+19%); APAC A$16.6m (+20%). International revenue represented 33% of Group revenue (FY24: 32%).

Gross profit was £66.6m (FY24: £62.8m), with a gross margin of 79%, consistent with the prior year. Core CXDP and related margins are at ~90%, with overall Group revenues being diluted by the standalone transactional CPaaS business which operates on gross margins of ~15%.

R&D credit presentation change & tax

From FY25, the UK R&D incentive is presented in Other income under the RDEC regime rather than as a tax credit, which amounted to £0.7m in FY25. When considered together with the tax expense of £3.9m (FY24: £2.1m), the net tax position has increased by £1.1m to £3.2m, equating to a like-for-like effective tax rate increase from 16% to 21%. This increase in effective tax rate is a result of the increase in the UK tax rate and the significant reductions to the UK R&D tax incentive scheme for FY25.

Operating expenses

Total operating expenses were £49.8m (FY24: £47.2m), up 5%, reflecting disciplined investment in go-to-market and product while managing inflationary pressure.

Profitability

Adjusted EBITDA increased 10% to £26.8m (FY24: £24.3m), a margin of 32% (FY24: 31%). Adjusted operating profit rose 13% to £17.5m (FY24: £15.6m). Adjusted PBT increased 13% to £19.0m (FY24: £16.8m). The tax charge was £3.9m (FY24: £2.1m), reflecting the higher UK rate and the change to the RDEC presentation noted above. Statutory PAT was £11.2m (FY24: £11.1m), up 1%.

EPS

Adjusted diluted EPS growth of 2% to 4.80p (FY24: 4.71p), with underlying profit growth being partly offset by the higher effective tax rate.

Balance sheet and cash

The Group remained strongly cash-generative with a robust working-capital profile. The upfront cash consideration for the acquisition of Social Snowball in June 2025 was funded from existing cash resources. We continue to allocate cash with discipline across organic investment and selective, earnings-enhancing M&A.

Dividend policy

We remain committed to a progressive dividend policy aligned to earnings and cash generation. The Board are proposing a dividend for shareholder approval of 1.21p per share (FY24: 1.10p) an increase of 10% in line with adjusted EBITDA growth. The dividend record and payment timetable will be announced following the approval of the dividend payment at the 2025 annual general meeting.

Dotdigital Group Plc

Consolidated Income Statement

For the year ended 30 June 2025

Earnings per share from all operations (pence per share)

Dotdigital Group Plc

Consolidated Statement of Comprehensive Income

For the year ended 30 June 2025

Dotdigital Group Plc

Consolidated Statement of Financial Position

As at 30 June 2025

Dotdigital Group Plc

Company Statement of Financial Position

As at 30 June 2025

As permitted by section 408 of the Companies Act 2006, the parent company's income statement has not been included in these financial statements. The profit for the Company was £3,205,824 (2024: loss of £1,814,895).

Dotdigital Group Plc

Consolidated Statement of Changes in Equity

For the year ended 30 June 2025

· Share capital is the amount subscribed for shares at nominal value.

· Retained earnings represents the cumulative earnings of the Group attributable to equity shareholders.

· Share premium represents the excess of the amount subscribed for share capital over the nominal value net of the share issue expenses.

· Retranslation reserve relates to the retranslation of foreign subsidiaries into the functional currency of the Group.

· The reverse acquisition reserve relates to the adjustment required to account for the reverse acquisition in accordance with UK Adopted International Accounting Standards.

· Share-based payment reserve relates to the charge for the share-based payment in accordance with IFRS 2 and the transfer on the exercise or lapsing of share options.

Dotdigital Group plc

Company Statement of Changes in Equity

For the year ended 30 June 2025

· Share capital is the amount subscribed for shares at nominal value.

· Retained earnings represents the cumulative earnings of the Company attributable to equity shareholders.

· Share premium represents the excess of the amount subscribed for share capital over the nominal value net of the share issue expenses.

· Share-based payment reserve relates to the charge for the share-based payment in accordance with IFRS 2 and the transfer on the exercise or lapsing of share options.

Dotdigital Group Plc

Consolidated Statement of Cash Flows

For the year ended 30 June 2025