Slides
Page 1
© 2026 ELIXIRR Investor Presentation Elixirr: The Challenger Consultancy built for the AI era H1 2026 S E PTE MBE R 2026
Page 2
© 2026 ELIXIRR Contents 01 CEO Introduction 02 Financial Performance 04 Summary & Outlook 03 Business Review
Page 3
© 2026 ELIXIRR Contents 01 CEO Introduction 02 Financial Performance 04 Summary & Outlook 03 Business Review
Page 4
© 2026 ELIXIRR 4 CEO Introduction We have had another strong first half, with revenue up 25% and adjusted EBITDA up 29%, demonstrating continued profitable growth as we scale and invest in the business for our next phase of growth. AI is changing what our clients need from us. Businesses are moving quickly from asking what AI can do to working out how they can use it to transform the way they operate and grow. We have built a powerful combination of consulting, technology, data and AI expertise to help them do that, with AI-related revenue increasing by 185% in the first half. The scale of the opportunity ahead is significant. Industry research estimates that agentic AI alone could create up to $200 billion of new demand for technology services over the next five years. We have spent the last six years deliberately building our business to benefit from this shift. At the same time, we are investing in our Partner team, integrating our recent acquisitions and getting more value from the capabilities, clients and geographies they have added. We have an ambitious team and a proven growth model, and we are making the investments now that we believe will create a strong platform for the years ahead. Stephen Newton Founder & CEO CEO Introduction Financial Performance Business Review Summary & Outlook “ “
Page 5
© 2026 ELIXIRR Record financial performance, deep client relationships and investment in differentiated capabilities position Elixirr strongly for continued growth © 2026 ELIXIRR CEO Introduction Financial Performance Business Review Summary & Outlook Record H1 26 financial performance Elixirr delivered another record performance in H1 26, with revenue and adjusted EBITDA performance continuing our track record of profitable growth and placing us again in the ‘Rule of 50’. +25% Revenue growth compared to H1 25 +29% Adjusted EBITDA growth compared to H1 25 31% Adjusted EBITDA margin for H1 26; (H1 25: 30%) Delivered AI-led transformation for clients We continued to deliver high-impact transformation programmes, combining AI, technology and operational expertise to drive meaningful client outcomes. 185% Increase in AI- related revenue compared to H1 25 c.£8m AI-related revenue in H1 26 $200bn Expected incremental professional services opportunity from agentic AI2 Expanded our capabilities and global footprint Cross-sell momentum and our expanding global footprint demonstrate the value of bringing together complementary capabilities and expertise across Elixirr. +27% Cross-sell revenue growth from H1 25 £19m Revenue generated from cross-sell in H1 26; (H1 25: £15m) Acquisition of Kvadrant Consulting (Denmark) Strengthened leadership for continued growth We continued to strengthen our leadership team, adding senior expertise and experience to support Elixirr’s next phase of growth. 1 Appointment of Bill Michael as Independent Non- Executive Director 4 New Elixirr Group Partners Deepened client relationships We continued to strengthen our position within major global clients, broadening relationships and unlocking new areas of work. Global recognition as a market leader Elixirr continued to gain global recognition as a leading consultancy, based on independent feedback from clients and industry peers. 1 Based on a 12-month rolling period. 2 BCG, “The $200 Billion Agentic AI Opportunity for Tech Service Providers”, 20 February 2026. 35 (+13% YoY) Client accounts generating more than £1m revenue; (H1 25: 31)1 24 (+50% YoY) Client accounts generating more than £2m revenue; (H1 25: 16)1 5
Page 6
© 2026 ELIXIRR 6 CEO Introduction Financial Performance Business Review Summary & Outlook Elixirr vs. FTSE 100 | FY 22 -FY 25 revenue growth and price return to August 2026 1 1Source: Yahoo Finance public fundamentals and weekly price feeds. Revenue rebased to FY 22; price returns rebased to 22 Aug 2021 and exclude dividends. FTSE revenue is the average GBP-normalised revenue of reporting constituents; annual points are interpolated for presentation. 135% Elixirr 110ppt revenue growth advantage, yet a 43ppt price return shortfall. REVENUE GROWTH | FY 22 – AUG 2026: 25% FTSE 100 8% Elixirr PRICE RETURN | TO AUG 2026: 51% FTSE 100 Elixirr delivered more than five times the FTSE 100’s average revenue growth, yet its share price return was 43ppts lower. Elixirr’s sustained revenue outperformance has not yet been matched by share price performance, creating a clear valuation disconnect.Key Takeaway Significant growth outperformance is not yet fully reflected in the share price Elixirr’s sustained market outperformance provides a strong foundation for continued long- term value creation STRENGTHENING OUR MARKET POSITIONING We are taking targeted action to close this valuation gap, including appointing Canaccord Genuity as a second broker post-period (Aug 26) and sharpening Elixirr’s positioning and investor engagement in the US market. -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Aug-25 Feb-26 Aug-26 Elixirr price return FTSE 100 price return Elixirr revenue growth FTSE 100 average revenue growth
Page 7
© 2026 ELIXIRR © 2026 ELIXIRR Elixirr is the Challenger Consultancy built for the AI era 71 Excluding Partner hires via M&A. 2Based on a 12-month rolling period. As AI commoditises traditional consulting work, differentiation shifts towards judgement, expertise and execution – where Elixirr is strongest. S E N I O R- L E D B Y D E S I G N AI amplifies our non-pyramidal talent model. Senior, industry-focused teams combine the judgement and expertise AI cannot replicate with AI-enabled speed and productivity. 2 Internal Partner promotions 3 External Partner hires1 30% Of employee base are Principals or above A P L A T F O R M T H A T C O M P O U N D S C A P A B I L I T Y We scale specialist expertise across the Group. Our M&A model rapidly adds differentiated capabilities and distributes them across a growing global client base. AI - P O W E R E D D E L I V E R Y Embedded AI increases productivity, capacity and speed across the business. Our proprietary AI tools are embedded across the consulting lifecycle, increasing the capacity and speed of our teams. Execution Edge Launched Elixirr’s newest and sixth core capability: Execution Edge. Established to assure and accelerate execution of the executive agenda E N D- TO - E N D D E L I V E R Y We turn AI ambition into measurable business value. We combine strategy, data, AI, technology and execution to deliver measurable outcomes for our clients. BUILT TO TAKE MARKET SHARE Increasing leadership depth in AI, data, and technology Further deepening the leadership bench Reinforcing our differentiated, senior-led delivery model H1 26 Highlights: H1 26 Highlights: 9th acquisition welcomed to the Group 100% FY 25 TRC earn-out achieved >£100m Cross-sell Revenue since IPO Completed January 2026 Reflecting strong post-deal performance H1 26 Highlights:H1 26 Highlights: 35 Clients generating >£1m2 H 1 25: 31 (+13% ) 24 Clients generating >£2m2 H 1 25: 16 (+50% ) AI structurally improves our competitive model. CEO Introduction Financial Performance Business Review Summary & Outlook Elixirr OS Launched as Elixirr’s proprietary agentic AI platform, embedding AI agents across project delivery to increase productivity and accelerate outputs 32 hrs Across an eight-week engagement 3-10x With early indications of considerably greater gains in onboarding and infrastructure setup Saved on project reporting Faster engineering delivery £19m Cross-sell Revenue H1 26
Page 8
© 2026 ELIXIRR Contents 01 CEO Introduction 02 Financial Performance 04 Summary & Outlook 03 Business Review
Page 9
© 2026 ELIXIRR 9 H1 26 Financial Highlights © 2026 ELIXIRR CEO Introduction Financial Performance Business Review Summary & Outlook Total Revenue £89.0m H1 25: £71.4m (+25%) Gross Profit £30.6m H1 25: £24.3m (+26%) Adjusted EBITDA £27.6m H1 25: £21.5m (+29%) Adjusted Profit Before Tax £25.1m H1 25: £20.1m (+25%) Adjusted Diluted EPS 34.2p H1 25: 29.0p (+18%) Free Cash Flow £1.8m H1 25: £7.9m (-78%) Adjusted EBITDA Margin 31.0% H1 25: 30.0% (+1.0pp) Net Debt (£56.5m) FY 25: (£24.1m)
Page 10
© 2026 ELIXIRR 10 Elixirr has a track record of strong financial performance CEO Introduction Financial Performance Business Review Summary & Outlook Elixirr has repeatedly delivered strong growth while maintaining exceptional margins. H1 26 delivered more revenue and EBITDA than the whole of FY 23. 1 Adjusted EBITDA excludes the following items from operating profit: non-cash depreciation and amortisation charges, share-based payments, non-recurring Main Market listing costs and non-recurring M&A-related items. 2 Annualised and normalised EBITDA used for FY 19, as per the AIM admission document. Revenue CAGR from 2020 – 2025 38% revenue CAGR EBITDA CAGR from 2020 – 2025 35% EBITDA CAGR EBITDA margin 2020 – 2025 30% average EBITDA margin Promote 10 Principals promoted to Partner since AIM IPO Hire 12 Partners hired since IPO Acquire 8 businesses bought since IPO Stretch Revenue per Partner increased from £2.2m in FY 19 to £4.4m in FY 25 Revenue and Adjusted EBITDA: FY 19 to H1 26 £24.5m £30.3m £50.6m £71.7m £85.9m £111.3m £149.6m £89.0m £7.4m £9.7m £15.7m £20.5m £25.4m £31.2m £44.3m £27.6m 0% 5% 10% 15% 20% 25% 30% 35% £0m £20m £40m £60m £80m £100m £120m £140m £160m FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 H1 26 Revenue (£) Adjusted EBITDA (£) Adjusted EBITDA margin (%)1 H1 26 Revenue (£) H1 26 EBITDA (£) AIM IPO (£98m market cap) Main Market (£325m market cap) 2
Page 11
© 2026 ELIXIRR 11 Revenue growth drivers CEO Introduction Financial Performance Business Review Summary & Outlook Totals Negative Change Positive Change H1 26 Performance H1 26 REVENUE BRIDGE H1 26 PERFORMANCE • H1 26 revenue increased 25% to £89.0m, despite a 4% USD/GBP foreign- exchange headwind. • Constant-currency organic revenue grew 5%, driven by £7.6m from existing clients and £8.0m from new clients. This was intentionally quality-led growth, maintaining premium margin standards and resisting lower-value, commoditised work. • £12.1m end of programme reflected the successful completion of multiple programmes of work for clients. • Acquisitions contributed £15.7m, reflecting a half-year impact of prior-year transaction (TRC) together with additional deal completed in H1 26 (Kvadrant). • Growth was driven by the expansion of existing client relationships alongside new client wins, supported by our integrated commercial, technology and AI offering. £71.4m £89.0m -£1.6m -£12.1m £7.6m £8.0m £15.7m - £10m £20m £30m £40m £50m £60m £70m £80m £90m £100m H1 25 Revenue Foreign Currency Impact End of Programme Existing Clients New Clients Acquisitions H1 26 Revenue Growth continues to be underpinned by a balanced contribution from existing and new clients, complemented by acquisitions.
Page 12
© 2026 ELIXIRR © 2026 ELIXIRR 12 H1 cash flow reflects seasonality. Over a full 12 months, Elixirr’s strong free cash flow provides flexibility to reinvest, acquire and return capital. We are a highly cash-generative business H1 26 CASH FLOW BRIDGE DISCIPLINED CAPITAL ALLOCATION -£24.1m £2.8m -£23.5m -£5.0m -£3.7m -£3.0m -£56.5m £0.0m -£20.0m -£40.0m -£60.0m -£80.0m -£100.0m -£120.0m £1.8m H1 26 free cash flow £3.7m Dividends paid during H1 26 £56.5m Net debt (At 30 June 2026) £18.3m RCF Headroom (At 30 June 2026) • Net debt of £56.5m comprised £2.5m of cash less £59.0m of borrowings. • Free cash flow of £1.8m reflected normal H1 seasonality, including higher June revenue/debtors and payment of annual bonuses, plus the impact of legacy TRC debtor terms and timing of tax payments. • Increase in net debt principally funded the FY25 earn out payment for TRC (which was earned in full) and the acquisition of Kvadrant. • Net debt is expected to reduce significantly in H2 26 due to free cash flow seasonality. • EBT holds £4.6m of shares at H1 26. CEO Introduction Financial Performance Business Review Summary & Outlook Totals Negative Change Positive Change
Page 13
© 2026 ELIXIRR 13 Strong balance sheet and efficient capital structure © 2026 ELIXIRR £m H1 26 FY 25 Comments on movements Intangible assets 211.1 197.3 Increase due to goodwill and other intangibles on the acquisition of Kvadrant, net of amortisation. Non-current tangible assets 17.7 16.5 Loans to new Partners to acquire equity, net of capitalised offices lease depreciation. Trade and other receivables 36.8 26.8 Increase due to business growth, June being a stronger revenue month compared with December and the acquisition of Kvadrant, impact of legacy debtor terms in TRC. No issues with recoverability of trade debtors in current market. Net tax receivable 3.7 4.8 Corporation and deferred tax estimates for H1 26 less payments. Cash 2.5 5.1 Refer to H1 26 cash flow bridge. Trade and other liabilities (30.7) (32.2) Decrease in trade and other payables due to FY 25 bonus payments, net of final FY 25 dividend accrued. Contingent consideration (24.8) (42.2) TRC top-up and Hypothesis indemnity holdback payments, net of earn-out recognised for the acquisition of Kvadrant. Loans and borrowings (63.6) (33.6) Revolving credit facility drawn, net of quarterly office lease payments. Net assets 152.7 142.5 CEO Introduction Financial Performance Business Review Summary & Outlook
Page 14
© 2026 ELIXIRR 14 Illustrative model to highlight relationship between growth and dilution 11% dilution experienced with c.3x equity value growth since IPO. Illustrative 18% dilution over the next 6 years With acquisitions, equity value projections are expected to grow faster than the figures below Controlled dilution of <20% The equity required to facilitate this growth results in an estimated dilution of 18% by 2031. Opportunity to reduce dilution further through use of operating cash flow Model does not use cash generated to offset dilution. If used, dilution would decrease significantly. Equity value assumptions Growth rate 20% EBITDA to FCF 70% No acquisitions assumed Dilution assumptions • Existing employee and Partner options: Dilutive impact of current options pool at year-end share price for that year • New Partner options: 6 –10 new Partners per year (promote and hires) to deliver growth ambitions • New employee options: 20% growth in our employee base • ESPP: Both existing and future employees • New options for existing Partners once their options mature: to ensure they remain incentivised • All employees in our firm are enrolled into our share options scheme with vesting contingent on achieving personal and business performance targets. When targets are not met, the options do not vest, and when an employee leaves before the first exercise date, options are lost • Model assumes performance and attrition rates in line with historical average Note: Options are granted at market exercise price, not nil costNote: share price of £7.00 used in 2026. Model grows from this as a base. This is not a forecast. It is an illustrative example to show the relationship between growth and dilution under simplified assumptions. 2026 2027 2028 2029 2030 2031 Total equity value / market cap (GBP) £0.35bn £0.48bn £0.57bn £0.69bn £0.83bn £1.00bn Dilution from Options 2% 5% 8% 12% 15% 18% Value attributable to Current ISC (GBP, post-dilution) £0.34bn £0.45bn £0.53bn £0.62bn £0.72bn £0.85bn 2% 5% 8% 12% 15% 18% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% £0.00bn £0.20bn £0.40bn £0.60bn £0.80bn £1.00bn £1.20bn CEO Introduction Financial Performance Business Review Summary & Outlook
Page 15
© 2026 ELIXIRR Contents 01 CEO Introduction 02 Financial Performance 04 Summary & Outlook 03 Business Review
Page 16
© 2026 ELIXIRR © 2026 ELIXIRR From strategy through execution, we delivered measurable results for global clients in H1 2026 16 CEO Introduction Financial Performance Business Review Summary & Outlook O U R E N D - TO - E N D C A P A B I L I T Y O F F E R I N G O U R G L O B A L C L I E N T B A S E 01 Strategy & Transformation 02 Research & Insights 03 Digital Experience 04 Operational Excellence 05 AI, Data & Technology Selected global clients we supported in H1 2026 06 Execution Edge
Page 17
© 2026 ELIXIRR © 2026 ELIXIRR In H1, we helped clients reignite growth and return to profitability 17 CEO Introduction Financial Performance Business Review Summary & Outlook We developed a commercial strategy identifying $74m in annual EBITDA uplift T H E C H A L L E N G E A chemicals manufacturer facing declining performance needed to prioritise profitable growth and shift its mix towards higher-value products. $74m Annual EBITDA uplift identified for 2030 $20m 2030 EBITDA uplift embedded in the plan 51% Cumulative EBITDA growth over four years W H A T W A S A C H I E V E D Quantified the value opportunity and developed a detailed action plan to capture it. Clear market choices and commercial playbooks created a quantified path to profit growth W H A T E L I X I R R D I D ✓ Prioritised six growth platforms, developed market-specific playbooks, and redesigned commercial coverage around customers and applications. We transformed a specialty retailer’s loyalty app into a $138m digital growth channel A better customer experience and real-time insight turned a tactical loyalty app into a strategic growth platform 275% Increase in the app’s share of total sales $138m Digital sales channel created Real-time Customer journey and performance analytics established T H E C H A L L E N G E A specialty retailer’s mobile app suffered from reliability and usability issues, limiting adoption and demand. Limited analytics also restricted visibility into customer journeys. W H A T E L I X I R R D I D ✓ Stabilised and redesigned the app, embedding first-party data and customer analytics to improve adoption and guide investment. W H A T W A S A C H I E V E D A mobile app transformed into a data-led growth platform.
Page 18
© 2026 ELIXIRR © 2026 ELIXIRR In H1, we converted AI ambition into measurable impact for our global client base 18 CEO Introduction Financial Performance Business Review Summary & Outlook We turned AI insight into a live production platform protecting up to $1.3m in margin T H E C H A L L E N G E A large US ethanol producer was identifying fermentation yield losses too late to intervene, with reactive diagnostics and significant margin exposure from underperforming batches. $640k–$1.3m Margin protected in one quarter 96% Predictive accuracy 10-25hrs Earlier warning of yield loss W H A T W A S A C H I E V E D AI-enabled early intervention delivered measurable value in live production. Proven in production, the AI platform is now being commercialised as a scalable industry product W H A T E L I X I R R D I D ✓ Built an AI-powered predictive model and live production platform, identifying underperformance and enabling teams to intervene before yield was lost. We built and launched an AI-native motor insurer in just six months AI-native technology and operations created a radically lower-cost, scalable insurance model 60% Lower cost-to-serve 99% Process automation 6 months From concept to regulated, live business T H E C H A L L E N G E A leading global insurer needed a fundamentally lower-cost model to compete in UK motor insurance, where legacy technology and operating models constrained speed, scalability and economics. W H A T E L I X I R R D I D ✓ Designed and built an AI-native insurer from scratch, combining a cloud- native technology platform and automated operating model. W H A T W A S A C H I E V E D Launch of new MGA for Personal Lines Motor Insurance.
Page 19
Our internal AI platform is already changing how Elixirr delivers Launched Elixirr OS in H1 26 – Elixirr’s proprietary agentic AI platform, enabling consultants and AI agents to work from the same client and firm context. HOW ELIXIRR OS CHANGES PROJECT DELIVERY 01 Human-led Consultants set direction and own outcomes Teams retain judgement, client relationships and ownership of every output. Shared intelligence layer: live project knowledge combined with Elixirr methods, IP and standards Early results from 20+ client examples Live projects are showing faster delivery, lower production effort and capacity for more client value, for example: c.3 weeks FASTER DELIVERY 60-page report and three financial models delivered in 4 weeks vs. a 7–8 week original estimate 32 hours SAVED ON REPORTING Four hours saved each week across an eight- week engagement 8x faster 28 HOURS SAVED ON CRM MATCHING 658 client records processed in half a day vs. four days manually Elixirr OS is reinforcing the strength of Elixirr’s broader AI proposition, with: © 2026 ELIXIRR 19 02 AI-powered Agents accelerate execution AI agents complete repeatable delivery tasks and produce outputs for consultant review CEO Introduction Financial Performance Business Review Summary & Outlook A I R E V E N U E U P 1 8 5 % I N H 1 2 6
Page 20
© 2026 ELIXIRR © 2026 ELIXIRR We remain committed to a programmatic M&A strategy 20 C O N V E R S I O N 100% 15% 35% 60% 18% 28% c. 850 ENGAGED c. 300 INTRO MEETINGS c. 180 FOLLOW -UPS 32 OFFERS MADE 9 DEALS COMPLETED c. 5,700 SCREENED As a key part of our four -pillar growth strategy, inorganic growth via a cquisition extends capability, geography and client access while integrating into the Elixirr model. OUR HIGHLY SELECTIVE M&A APPROACH 1 OUR 9 ACQUISITIONS TO DATE Pipeline statistics from IPO to 1 September 2026: 2017 Creative & Digital 2020 Digital Marketing 2021 Procurement 2022 Data & Technology 2023 LLM & Gen AI Platform 2023 Leadership Alignment & Execution Enablement 2024 Research & Insights 2025 Commercial Transformation 2026 Commercial, Sales & GTM Advisory 1Conversion % shows the proportion of opportunities progressing from each stage to the next. 2Payment form (equity or cash) at Elixirr’s discretion and dependent on pre-agreed performance targets being met. Typical deal shape 1/3 Day 1 Cash 1/3 Day 1 Equity 1/3 3yr performance earn-out2 >£100m Of cross-sell since IPO Cross-sell statistics CEO Introduction Financial Performance Business Review Summary & Outlook £19m H1 26 cross-sell revenue (+27% YoY) £15m H1 25 cross-sell revenue
Page 21
© 2026 ELIXIRR Contents 01 CEO Introduction 02 Financial Performance 04 Summary & Outlook 03 Business Review
Page 22
© 2026 ELIXIRR 22 Outlook Summary A proven track record of delivering exceptional growth in bull and bear markets for a global blue- chip client base A scaled, high-value, specialist platform aligned to structural growth areas including AI, digital and commercial transformation A proven acquisition strategy that adds differentiated capabilities and accelerates global growth Built for AI, with in-house design and delivery capabilities to capture end- to-end value from strategy through implementation A respected brand, recognised as a market leader across a variety of capabilities and industries A global team invested in Elixirr’s success with interests that align to shareholders and clients Momentum Strong first-half performance extended the Group’s track record of sustained, profitable growth and demonstrated continued execution across its strategic priorities. Outlook Our scalable business model and diversified platform provides multiple avenues for growth. This, combined with our focus on quality of earnings and higher margin work, gives the Board confidence that total adjusted EBITDA for FY26 will be in line with market expectations and revenue will be broadly in line. AI & Technology-Led Demand AI continues to represent a significant growth opportunity for Elixirr as clients move beyond experimentation towards scaled deployment, driving demand for broader transformation programmes that integrate strategy, technology, data and AI. Deepening Capability Offering The acquisition of Kvadrant and launch of Execution Edge demonstrate continued delivery against our proven growth strategy, creating new cross-selling opportunities and unlocking further value. CEO Introduction Financial Performance Business Review Summary & Outlook
Page 23
© 2026 ELIXIRR ELIXIRR.COM E L I X I R R . C O M S E P T E M B E R 2 0 2 6 We present new ways of thinking to help propel organisations forward. Delivering results in boardroom strategy through to execution.