H1 FY26 Trading Update and Notice of Results

20 January 2026

Eagle Eye Solutions Group plc

("Eagle Eye", the "Group", or the "Company")

H1 FY26 Trading Update and Notice of Results

Full year FY26 profits expected to be ahead of current market expectations

Increased win rate, first OEM contracts signed and strong margin recovery in H1

Eagle Eye (LSE: "EYE"), a leading SaaS and AI technology company that creates digital connections enabling personalised, real-time marketing at scale, provides an update on the Group's trading for the six months ended 31 December 2025 ("H1 FY26" or the "Period").

Overview

The Group has delivered strong progress against each of its strategic objectives and a financial performance for H1 FY26 ahead of the Board's expectations. As a result, the Board now believes that the Group will deliver adjusted EBITDA for full year FY26 comfortably ahead of current market expectations*.

ARR is rebuilding strongly, with ARR added in H1 FY26 exceeding that achieved in the entirety of the prior year. Following investment into the Sales organisation, the number and value of new customers won in the first half of the year have considerably improved, particularly in North America. Alongside this progress, the first contracts via the transformational global OEM agreement have been signed, in line with the Board's anticipated timing.

H1 margin performance has exceeded the Board's expectations due to the Group's ongoing SaaS transformation and cost optimisation. This will allow the Board to upgrade profit expectations, while continuing to selectively invest in growth initiatives during Q3. The Board continues to expect to exit FY26 with a 20% EBITDA margin run rate.

H1 Financial Summary

Notes

* In so far as the Board is aware, as at 19 January 2026, consensus market expectations for FY26 were for Revenue of £45.1m, and adjusted EBITDA of £5.9m.

** Excluding the revenues related to the Neptune Retail Solutions' ("NRS") related contract lost in June 2025.

*** EBITDA has been adjusted for the exclusion of share-based payment charges along with depreciation, amortisation, interest, restructuring costs and tax from the measure of profit.

**** Net cash is stated after investment of £0.6m in share buybacks.

Highlights

Outlook

Tim Mason, Chief Executive of Eagle Eye, said:

"We entered this new financial year with a new sales structure following investment in this area which is delivering results. The business has achieved double digit revenue growth, excluding NRS, and our financial foundations have been strengthened through cost optimisation initiatives. The strength of our ARR and margin recovery means we have raised our adjusted EBITDA expectations for FY26, and will selectively increase investment into the business, to ensure we capitalise on the growing, global demand for AI-powered loyalty and personalisation, while delivering on our commitment to margin progression.

"Major new retailers have selected our offerings, with particularly strong progress in North America, and the first customers have been secured via the OEM agreement within weeks of launch, taking us into new sectors, demonstrating the potential from this transformational opportunity. As a result of this strong progress we look to the second half of the year and beyond with growing excitement and confidence."

H1 Financial and Operational performance

Win momentum, further Deepening, and first OEM contracts

Win & Deepen

The Group has delivered a considerable uplift in ARR in H1 FY26, with new ARR exceeding that achieved in the entirety of the prior year.

Multi-year contracts for the AIR platform and EagleAI solutions were secured with eight major customers in the Period, being:

· A three-year contract with a leading European value retailer

· A three-year contract, with a two-year extension option, with Central Thailand

· A three-year contract with a UK builders' merchant

· A five-year contract with one of the largest independent North American food retailers

· A three-year contract with a large regional US grocery supermarket

· A multi-year contract with Wakefern, the largest retailer-owned cooperative in the US

· A three-year agreement with Kwik Trip, a US convenience store chain

· A three-contract with FairPrice Co-Operative Ltd in Singapore, a returning customer

The Group has also continued to deepen its engagement with existing customers, including Giant Eagle in North America and PepCo in EMEA.

OEM progress

The OEM's new cloud hosted loyalty management solution was released onto its price list at the start of November 2025. Since then, the partner has closed deals with two blue-chip European retailers: one of the largest furniture retailers globally, with over 500 stores and a significant presence in Europe; and a prominent retail group in the DACH region, with over 2,000 locations.

The OEM partner contract is transactional and therefore ARR is an estimate. The Group expects the ARR of these combined clients to be c.£2.0m initially, derived from customer numbers and volumes based on experience, and revenue-generating from FY27. This estimated amount is included in Period end Group ARR stated above.

A strong financial performance

The Group exited the Period with strong ARR growth to £42.2m (30 June 2025: £34.0m). Underlying organic ARR, excluding the Neptune Retail Solutions' ("NRS") related contract loss as announced in June 2025, grew approximately 29% compared to 31 December 2024, driven by new Win ARR and deepening of existing relationships with increased volumes seen with Morrisons, Asda and Carrefour. 

Group revenue excluding the NRS loss increased 16% to £22.4m (H1 FY25: £19.3m) aided by SaaS and transaction revenue growth of 24% to £19.1m (H1 FY25: £15.4m), offsetting the impact of the NRS-related loss which saw headline Group revenue fall slightly to £23.0m (H1 FY25: £24.2m). 

The Group has sought out further cost efficiencies to mitigate against the impact of the loss of the high-margin NRS contract, delivering adjusted EBITDA of approximately £4.3m, (H1 FY25: £5.9m). This represents an adjusted EBITDA margin of 18% (H1 FY25: 24%).

The Group was cash generative in the Period with strong cash collection of customer receipts at Period end. The Group closed the Period with a net cash position of £12.1m (31 December 2024: £11.7m), after having returned £0.6m in share buybacks.

Notice of results

The Group expects to announce its results for the six months ended 31 December 2025 on 17 March 2026.

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The person responsible for arranging release of this announcement on behalf of Eagle Eye is Lucy Sharman-Munday, Chief Financial Officer.

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About Eagle Eye

Eagle Eye is a leading SaaS and AI company, enabling retail, travel and hospitality brands to earn lasting customer loyalty through harnessing the power of real-time, omnichannel and personalised marketing. Our powerful technology combines the world's most flexible and scalable loyalty and promotions capability with cutting edge, built-for-purpose AI to deliver 1:1 personalisation at scale for enterprise businesses, globally.

Our growing customer base includes Loblaws, Southeastern Grocers, Giant Eagle, Asda, Tesco, Morrisons, JD Sports, E.Leclerc, Carrefour, the Woolworths Group and many more. Each week, more than 1 billion personalised offers are seamlessly executed via our platform, and over 700 million loyalty member wallets are managed worldwide. 

AI-powered, API-based and cloud-native, Eagle Eye's enterprise-grade technology is fully certified by the MACH Alliance and has received recognition from leading industry bodies, including Gartner, Forrester, IDC and QKS. 

Web - www.eagleeye.com