Variation of PDMR Option Vesting conditions

3 June 2025

Cordel Group PLC

("Cordel" or the "Company" or the "Group")

Variation of PDMR Option Vesting conditions

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for transport corridor analytics, announces a variation to the vesting conditions of Chief Revenue Officer Mike Turner's existing unvested options to align with the Company's 2025 Fiscal Year ('FY25') Bookings Target.

The Bookings Target is the total value of multi-year recurring revenue contracts signed up to 30 June 2025. These contracts underpin the Company's long term shareholder value growth objectives.

Mike Turner has two, previously announced, tranches of options of 500,000 each: Tranche 2 announced 6 February 2024 and Tranche 3 announced 8 August 2024, both vesting against achievement of the Group revenue target for FY25. These will now vest upon achievement of the FY25 Bookings Target.

Ian Buddery, Chair of Cordel, commented:

"Securing multi-year recurring revenue contracts, particularly involving Positive Train Control ('PTC') is of vital importance to our long term growth plan. Realigning Mike's incentive to bookings is more aligned to our priorities."

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About Cordel

Cordel produces specialist hardware and software for capturing, analysing and reporting on large datasets within the transport sector, employing sophisticated artificial intelligence algorithms.

Further information on the Company is available at: www.cordel.ai