Interim Results

27 November 2025

Altitude Group plc

("Altitude", the "Company" or the "Group")

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

Altitude Group Plc (AIM: ALT), the leading end-to-end solutions provider for branded merchandise, today announces its unaudited interim results for the six months to 30 September 2025 ("HY26").

Strategic Highlights

· Leadership changes strengthened capability across the Group, providing clearer focus on margin improvement and disciplined execution.

· Targeted restructuring tightened commercial focus and strengthened operational alignment within AIM, enhancing the Group's ability to deliver increased value across the ecosystem.

· A structured review of ACS was completed to sharpen commercial discipline and identify opportunities to enhance margin delivery and improve alignment between affiliate activity and the AIM platform.

· A portfolio-wide review of UGS highlighted a set of actions to improve efficiency and strengthen future margin performance, informing the next phase of operational changes designed to support a more scalable model.

· Decentralised operating model introduced in HY26 has enhanced speed of decision-making and operational discipline, supporting scalable growth into FY27.

Financial Highlights

· Revenue grew year-on-year, driven primarily by strong merchanting performance from newly onboarded Gear Shop sites and continued expansion across the ACS affiliate network.

· Gross Profit and Adjusted Operating Profit increased, supported by higher merchanting volumes. Overall margins moderated, as expected, due to the greater weighting of lower-margin merchanting revenues and the early-stage contribution profile of new Gear Shop sites.

· The uplift in net debt reflects the working capital investment required to bring new Gear Shop sites into operation, including the increase in total inventory held across the expanded store base.

Operational Highlights

Services - AIM Platform

· AIM distributor subscribers and members, whose aggregated revenues are c.$2.3 billion, remained stable at c.2,500, maintaining a strong, high-margin marketplace for the Group's platform-services led strategy.

· Early delivery of the Group's AI-first services roadmap introducing enhanced forecasting, pricing insight and workflow automation, supporting greater efficiency for both members and supplier partners.

· Development of the next phase of AIM platform services capability is well advanced, focused on customer-experience enhancements, deeper data insight and strengthened supplier connectivity. These initiatives form the basis of a refreshed platform experience that will begin rolling out in stages across the first half of 2026.

Merchanting - ACS and UGS

· ACS delivered continued year-on-year growth, with annualised run-rate revenues increasing to $23.7m (HY25: $21.4m), supported by higher transaction volumes and ongoing affiliate recruitment.

· UGS expanded with seven new Gear Shop sites successfully onboarded during the period, expanding the portfolio to 29 programmes across 47 campus locations.

Commenting on the results, Alexander Brennan, Executive Chairman said:

 "HY26 has been an important period of strategic realignment for the Group. We have established clearer priorities, sharpened our operational focus, and begun to execute the actions required to improve margin quality and strengthen the foundations of the business. While these changes did not materially affect first-half performance, they set the conditions for stronger earnings and cash generation over the medium term. As we move into the second half, our focus remains firmly on accelerating progress in the core AIM business, improving scalability, and positioning the Group for sustainable growth into FY27 and beyond."

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Throughout this announcement:

1 Comparatives have been restated in USD following the Group's change in presentation currency implemented in H2 FY25.

2 Adjusted Operating Profit and Operating Profit Margin exclude share-based payment charges and exceptional charges.

Executive Chairman's Report

Overview

HY26 represented a period of solid revenue growth and organisational realignment for the Group. Under the newly refreshed leadership team, the Group is sharpening its strategic direction to focus on profitable growth, disciplined execution, and enhanced operational delivery. Immediate priorities include optimising performance across all divisions and reinforcing the strength of the AIM Platform, which remains central to the Group's growth strategy and future margin potential.

To support these objectives, the Group completed a comprehensive review of the ACS and UGS portfolios, following rapid expansion in recent years. In parallel, strategic focus has been sharpened around AIM as the core driver of future, platform-led, growth. Together, these actions clarify operating criteria, enhance commercial discipline and establish the foundations required to improve margin quality, strengthen cash generation and support scalable growth into FY27 and beyond.

HY26 delivered modest but resilient year-on-year growth in Adjusted Operating Profit, with revenue growth reflecting continued momentum in Merchanting. Margin movements were in line with expectations, driven by the greater weighting of Merchanting revenues.

The remainder of the financial year will focus on executing this realignment, with initiatives underway expected to enhance operating leverage in H2, improve performance and ultimately strengthen shareholder value.

Strengthened Leadership

Leadership changes made during the period have strengthened the Group's ability to execute its strategy. The senior team now combines deep promotional-products industry expertise with strengthened plc-level financial, technology and governance capability. Across the Group, Deborah Wilkinson (Chief Operating Officer) and Martin Varley (Chief Strategy Officer), bringing over 20 and 35 years of sector experience respectively, have taken on expanded strategic and operational responsibilities, using their insight to help sharpen focus, improve operational alignment and direct the Group's efforts toward higher-value, margin-enhancing opportunities. As part of this programme, initial organisational changes within AIM have been completed, with further efficiency-focused actions underway across ACS and UGS to support a more scalable operating model.

This depth of industry and operating experience is complemented by the technology-enabled, capital-markets and public-company capability provided by Executive Chairman Alexander Brennan and Drew Whibley (Chief Financial Officer), who joined during HY26. Together, the refreshed leadership team is now operating with clearer execution focus, strengthened governance oversight and a disciplined approach to scaling, positioning the Group to enhance margin quality and deliver sustainable long-term growth.

The Board has also commenced the process to appoint an Independent Non-Executive Director to further strengthen governance.

Strategic progress

HY26 marked a period of meaningful strategic progress for the Group, centred on sharper commercial focus, improved operational alignment and continued advancement of the AIM platform. The leadership team has established clearer priorities for profitable, scalable growth, with execution now organised around three areas: enhancing the AIM Platform, strengthening merchanting discipline, and improving Group-wide operating efficiency.

Within AIM, the Group advanced its AI-first product and services strategy, delivering early enhancements that improve usability, efficiency and workflow automation, and laying the foundations for the broader evolution of the platform and the new recurring revenue streams it will unlock. Work also progressed on strengthening data infrastructure, deepening supplier connectivity and elevating the overall customer experience, priorities that underpin AIM's role as the Group's highest-margin division.

Across ACS and UGS, the portfolio reviews conducted during the period have informed refined commercial criteria, tighter contract-evaluation thresholds and a clearer framework for margin improvement. These actions are designed to ensure both divisions scale in a more disciplined and financially resilient manner, with future growth aligned to more robust hurdle rates and improved operational expectations.

Ahead of the review, the Board decided to pause new UGS contract acquisition and adopt a more selective approach to onboarding new ACS affiliates, ensuring that the existing portfolio is performing to expectations and enabling refinement of the UGS bid model.

Alongside product and divisional progress, the decentralised operating structure continued to embed well, improving the speed and quality of decisions across daily operations while maintaining robust oversight. This structure gives our teams clearer accountability, enhances commercial discipline and helps ensure investment is directed toward the highest-return opportunities.

Collectively, these initiatives support the Group's ambition to improve margin quality, enhance cash conversion and establish a more scalable foundation for FY27 and beyond.

Operational performance

Operational delivery across the Group remained resilient during HY26, supported by stable platform performance, improved workflow consistency and continued progress across ACS and UGS.

AIM delivered a performance broadly consistent with HY25. The focus during HY26 was on strengthening the foundations required to support higher transaction throughput and deeper supplier alignment. Platform stability remained strong, with fulfilment reliability, order-cycle times and workflow performance remaining within expected parameters. Early AI-enabled tools introduced during the period contributed to a reduction in manual handling and improved workflow visibility across AIM Services, supporting a more consistent operating rhythm.

Development activity also continued on the next phase of AIM capability, with effort directed toward customer-experience improvements, increased automation and the underlying data structures required to support future platform enhancements.

In parallel, AIM's go-to-market approach was further streamlined. Onboarding processes were simplified, accessibility for distributors was expanded, and marketing activity was repositioned to broaden the top of the funnel. These changes supported a steady pipeline of prospective members through the period and provided a clearer platform for engagement ahead of next year's planned releases.

Operational performance across ACS and UGS reflected disciplined execution. ACS maintained higher throughput and continued to expand its affiliate base. UGS successfully brought seven new Gear Shop sites live, with operational ramp-up progressing in line with expectations. Work also advanced on improving inventory management, process consistency and the scalability of the campus-store model.

Group-wide execution discipline continued to improve, with early adoption of AI-led tools across sales, marketing, operations and development teams helping to streamline workflows and improve responsiveness. These initiatives are still at an early stage but are already supporting improved day-to-day efficiency and more consistent internal processes.

Collectively, these developments contributed to stable operational performance in the first half and strengthened the foundation for improved scalability, margin enhancement and stronger cash conversion as further platform enhancements are introduced.

Outlook

The Group entered the second half with clearer priorities and a more disciplined operating structure. AIM has been repositioned as the focal point of the Group's platform-led strategy, underpinned by stronger operational and development foundations established during the first half. In ACS and UGS, the comprehensive portfolio reviews completed in HY26 have given the leadership team clearer visibility of programme economics and more robust criteria for future contracts, supporting a more focused approach to growth and margin delivery across the merchanting divisions.

As noted above, the Board have paused new UGS contract acquisition for the current year, though anticipate a return to the bidding market in 2026. Within ACS, the Board is reviewing options to improve capital efficiency and support more scalable growth, including approaches that reduce the working capital intensity of the current transactional model.

Recently revised expectations for FY26 reflect softer than expected AIM member purchasing activity, influenced by wider macro-economic conditions affecting corporate spending in the U.S. branded merchandise market, together with amended assumptions across ACS and UGS following the portfolio reviews. Trading since the end of HY26 has remained consistent with these revised expectations.

Operationally, the work undertaken in HY26 has created the conditions for more scalable and predictable delivery. The next phase of AIM development, centred on deeper automation, improved customer experience and enhanced insight, is expected to support higher value member and subscription activity as phased releases progress through 2026. Within ACS and UGS, the reviews completed earlier in the year have clarified programme level performance and the operational changes required to improve predictability and strengthen working capital control.

The focus for the remainder of the year will be on driving profitable growth in AIM, executing with greater commercial discipline across ACS and UGS, and ensuring that the realignment completed to date translates into improved earnings quality and stronger cash generation. With a clearer operating model, firmer commercial foundations and a disciplined approach to investment, the Group is well positioned to build momentum into FY27 and deliver sustainable progress against its strategic objectives.

HY26 has been an important period of strategic realignment for the Group. We established clearer priorities, sharpened operational focus and initiated the actions required to improve margin quality and strengthen the foundations of the business. While these changes were not expected to materially influence first-half performance, they set the conditions for stronger earnings and cash generation over the medium term.

Executive Chairman

Alexander Brennan

Chief Financial Officer's Report

Financial Performance

Revenue

Total revenue for the six months ended 30 September 2025 totalled $21.6m (HY25: $18.3m), representing year-on-year growth of 18%.

Services - AIM Platform

Services revenue is generated through the AIM platform, including membership subscriptions, supplier-funded Preferred Partner arrangements and related technology and marketing services.

Services revenue in HY26 was $5.3m (HY25: $5.4m), reflecting a broadly stable performance as supplier-throughput activity remained consistent with prior-period levels. This aligns with wider U.S. promotional products market data, which continues to indicate subdued demand across the quarters ending June and September amid ongoing macro-economic uncertainty.

AIM remains the Group's highest-margin division, and the stability in throughput provides a resilient earnings base. Future growth is expected to come from the Group's renewed focus on platform-led value creation, deepening the proposition for both members and suppliers. By enhancing the effectiveness and utilisation of the AIM Platform, the Group aims to drive higher transaction throughput and support more sustainable, margin-accretive growth.

Revenue from annual Preferred Partner arrangements has been recognised using the most current throughput data, applying a consistent and prudent methodology.

Merchanting - ACS and University Gear Shops (UGS)

Merchanting performance is volume-driven, with margins varying by product mix and programme maturity, and its revenue arises from:

• ACS, where affiliates use AIM's supplier network and operational support to fulfil promotional product orders; and

• UGS, which operates contracted campus retail and online stores.

Merchanting revenue increased in HY26 by 25% to $16.3m (HY25: $13.0m), reflecting higher volumes across both ACS and UGS.

ACS delivered year-on-year growth supported by increased transaction volumes and continued affiliate recruitment, with annualised run-rate revenues rising to $23.7m (HY25: $21.4m). While the division continues to expand, the strategic review completed earlier in the year is informing updated criteria and pricing to support future margin improvement.

UGS also reported good progress, with revenue of $4.7m (HY25: $2.8m). The seven new Gear Shop contracts awarded last year went live during the period, contributing as expected. UGS now operates 29 programmes across 47 campus locations, with newly onboarded sites expected to scale through FY26 and reach full annualised contribution during FY27.

Gross Profit

Gross profit increased by $1.0m to $7.7m (HY25: $6.7m), with gross profit margin of 35.8% (HY25: 36.5%). The modest reduction in margin reflects the increased weighting of Merchanting revenues, consistent with the Group's growth mix in HY26.

Merchanting gross profit increased to $3.1m (HY25: $1.9m), with margin improving to 19.1% (HY25: 14.9%). This improvement reflects higher throughput across ACS and UGS and early efficiency gains as previously transitioned Gear Shop sites mature, although margins remain materially below those attached to Services.

Services gross profit was stable at $4.6m (HY25: $4.8m), with margin at 87.1% (HY25: 88.5%). This consistency reflects largely unchanged supplier-throughput activity and continues to provide the Group's primary high-margin contribution.

Operating Profit and Margins

Adjusted Operating Profit for the six months ended 30 September 2025 was $1.6m (HY25: $1.5m), representing an Adjusted Operating Margin of 7.5% (HY25: 8.1%). The year-on-year movement in margin reflects the same revenue-mix dynamics seen at gross profit level.

Exceptional charges

Exceptional charges totalled $0.8m (HY25: $0.1m). The increase reflects costs associated with the leadership changes implemented during the period, a one-off stock provision recognised following a comprehensive review of Gear Shop inventory undertaken as part of the Group's enhanced financial review processes and a bad debt write-off.

Earnings per share

Earnings per share for the period were (0.75c) on both a basic and diluted basis (HY25: 0.11c basic and diluted), reflecting the impact of the increased exceptional charges in HY26.

Balance sheet

Net operating cash flow before exceptional items was an outflow of $1.1m (HY25: $0.8m outflow). The movement reflects the working capital investment required to support the onboarding of new Gear Shop sites, most notably the increase in inventory to $3.0m (HY25: $2.0m). In addition, trade and other receivables increased to $9.6m (HY25: $8.9m), driven by higher merchanting volumes. Together, these working capital movements account for the majority of the outflow in the period. These same factors contributed to the increase in net debt to $2.3m at 30 September 2025.

Drew Whibley

Chief Financial Officer

Condensed Consolidated income statement for the six months ended 30 September 2025

1 The reporting currency of the Group was changed from sterling to US dollars for FY25. The results for the six months ended 30 September 2024 have been restated in US dollars.

Condensed Consolidated statement of changes in equity for the six months ended 30 September 2025

1 The reporting currency of the Group was changed from sterling to US dollars for FY25. The results for the six months ended 30 September 2024 have been restated in US dollars.

Condensed Consolidated balance sheet as at 30 September 2025

1 The reporting currency of the Group was changed from sterling to US dollars for FY25. The results for the six months ended 30 September 2024 have been restated in US dollars.

Condensed Consolidated cash flow statement for the six months ended 30 September 2025

1 The reporting currency of the Group was changed from sterling to US dollars for FY25. The results for the six months ended 30 September 2024 have been restated in US dollars.

Notes to the consolidated interim financial statements

1. Basis of preparation

These condensed consolidated interim financial statements for the six months ended 30 September 2025 have been prepared in accordance with the AIM Rules for Companies and using the same recognition and measurement principles applied in the Group's audited financial statements for the year ended 31 March 2025. The accounting policies are based on UK-adopted international accounting standards.

The interim financial information is presented in US Dollars and rounded to the nearest thousand ($000). The financial information does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006, has not been audited or reviewed, and should be read in conjunction with the Group's most recent annual financial statements.

The consolidated half-yearly report was approved by the Board on 26 November 2025.

2. Accounting policies

The accounting policies applied in these condensed consolidated interim financial statements are consistent with those set out in the Group's audited financial statements for the year ended 31 March 2025. The Group has not adopted IAS 34 "Interim Financial Reporting"; however, the financial information has been prepared using the same accounting principles and methods of computation as applied in the annual financial statements.

The principal areas requiring judgement and estimation remain materially unchanged from those disclosed in the Group's most recent annual report.

The principal risks and uncertainties facing the Group remain consistent with those detailed in the Annual Report for the year ended 31 March 2025.

No new or amended accounting standards effective in the period have had a material impact on the Group's financial statements.

3. Going concern

The Directors have assessed the Group's ability to continue as a going concern for a period of at least twelve months from the date of approval of these interim financial statements. This assessment has included a review of the Group's cash flow forecasts to November 2026, which incorporate year-to-date performance and the Board's expectations for trading through the remainder of FY26.

The forecasts demonstrate that the Group has sufficient liquidity to meet its obligations as they fall due, supported by its $4 million debt facility, which provides additional headroom. This facility is due to mature on 31 March 2026. The Directors note that discussions regarding the renewal of this facility, or an equivalent arrangement, are planned for Q1 2026 and, based on preliminary engagement with the lender and the Group's recent trading performance, expect an appropriate facility to be available.

The Directors have also considered reasonably possible downside scenarios, including lower demand levels and timing variations in cash receipts. Under these scenarios, and assuming renewal of the facility on terms consistent with those historically available to the Group, adequate liquidity is maintained throughout the assessment period.

The Directors have reviewed the financial position of each trading entity to ensure they remain able to meet their individual obligations. No contingent liabilities have been identified that would materially affect the Group's solvency or liquidity position.

Based on this assessment, the Directors believe the going-concern basis of preparation remains appropriate, and these interim financial statements do not include any adjustments that would result from this basis being inappropriate.

4. Segmental Performance

The chief operating decision maker has been identified as the Board of Directors and the segmental analysis is presented in the Group's internal reporting to the Board. At 30 September 2025, the Group has two operating segments, North America, and the United Kingdom.

Service revenues are derived from servicing our AIM membership base and generating throughput with our contracted Preferred Partners. Merchanting revenues are from the sale of promotional products.

1 Adjusted Operating Profit/(Loss) represents EBITDA excluding share-based payment charges and exceptional charges.

1 Adjusted Operating Profit/(Loss) represents EBITDA excluding share-based payment charges and exceptional charges.

5. Exceptional charges

Exceptional charges totaled $0.8m (HY25: $0.1m). The increase reflects costs associated with the leadership changes implemented during the period, a one-off stock provision recognised following a comprehensive review of Gear Shop inventory undertaken as part of the Group's enhanced financial review processes and a bad debt write-off.

6. Basic and diluted earnings per share

7. Related party transactions

During HY26, the Group incurred costs of $77,000 (HY25: $nil) in respect of Director services provided by Ice Helicopters Ltd, a company in which Martin Varley, a Director of Altitude Group plc, is also a Director. The transactions were conducted on an arm's-length basis and on normal commercial terms.

Other than the transaction noted above, there were no related party transactions during the period.