Trading Update, Board Change and Notice of Results

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Group's obligations under Article 17 of MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

11 November 2025

Altitude Group plc

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

Trading Update, Board Changes and Notice of Results

Altitude Group plc (AIM: ALT), the leading end-to-end solutions provider for branded merchandise, today provides an update on trading for the six months ended 30 September 2025 ('HY26').

Trading Update

The Group's financial performance in HY26 is expected to demonstrate steady year-on-year growth. Revenue for the period grew by 17.5% to $21.6 million (HY25: $18.3 million¹), reflecting the first contribution from the seven University Gear Shop ('UGS') contracts awarded last year, alongside continued growth in the Affiliate programme ('ACS'), where annualised run-rate revenues increased to $23.7 million (HY25: $21.4 million¹). UGS now operates 29 programmes across 47 campus locations, with the newly onboarded sites expected to contribute progressively through FY26, reaching their full annualised run-rate during FY27. Services revenue through the AIM platform was broadly consistent with HY25 levels.

Adjusted EBITDA2 increased to $1.7 million (HY25: $1.6 million1), growth of 6%, reflecting the Group's revenue mix during the period. A principal driver of this margin profile is the onboarding of new UGS sites, which typically generate lower profitability in their first year as the Group builds the sales and operational infrastructure to support future growth.

Outlook

Following changes in senior leadership during the first half of the year, the strengthened management team has undertaken a comprehensive review of both the ACS and UGS portfolios given their rapid growth in the last few years. The review identified a requirement for the Group to realign current-year expectations, together with hurdle criteria and pricing for future contracts.

In addition, growth assumptions for AIM revenue in the current year have been revised against confirmed member purchase activity for quarters ending June and September, which is softer than forecast expectations, reflecting ongoing subdued demand and cautious corporate spending across the U.S. branded merchandise market.

In light of this review, the Group expects revenue and Adjusted EBITDA for FY26 to be not less than $43 million and $3.7 million respectively.

In response, the refreshed leadership team, which combines deep sector experience with extensive expertise in scaling technology-enabled and publicly listed businesses, is taking active steps to strengthen the Group's margin profile by improving efficiency, exercising cost discipline, and directing investment toward higher-margin revenue opportunities.

With a clear focus on profitable growth, disciplined execution, and enhanced operational delivery, these initiatives form part of a broader plan to improve operational efficiency and financial resilience, laying the foundations for margin accretion, stronger cash conversion, and scalable growth into FY27 and beyond.

Board changes

To support the Group through the next phase of its growth, Martin Varley, Non-Executive Director, has been appointed Chief Strategy Officer with effect from 1 October 2025.

With over 35 years of experience in the branded merchandise industry, Martin will help shape and guide the Group's strategic priorities and support operational execution.

The Board's search for an Independent Non-Executive Director is well advanced and expected to conclude in the near term.

Alexander Brennan, Executive Chairman of Altitude commented:

"Whilst we acknowledge the short-term impact on performance as we realign trading expectations, the Board remain positive for future growth in profitability. As we move into the second half, our focus remains firmly on driving profitability, particularly in the core AIM business, enhancing cash generation, and strengthening the scalability of our operations. The actions we are continuing to take are laying the groundwork for improved financial performance and sustainable value creation in FY27 and beyond."

Notice of Results

Altitude anticipates issuing its interim results for the six months ended 30 September 2025 on Thursday 27 November 2025.

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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 EBITDA represents EBITDA before share-based payment charges and exceptional charges.