Interim report
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M&C SAATCHI PLC (the “Company” or “M&C Saatchi”) Interim Results for the period ended 30 June 2026First half LFL net revenue exit rate showing early signs of improved business momentum FY LFL results expected to be in line with market expectations Initiatives undertaken to simplify the business Financial Summary Like-for-like (LFL) 1 results Statutory results 2026 £m 2025 £m % change 2026 £m 2025 £m % change Net revenue2 86.2 87.4 (1.4%) 87.8 90.2 (2.7%) Operating profit3 6.2 9.0 (31.7%) 1.3 7.0 (81.7%) Operating profit margin 7.2% 10.3% -3.1pps 1.5% 7.8% -6.4pps PBT 4.8 6.1 (21.3%) (0.2) 4.3 (104.7%) Net cash2 2.5 8.7 (71.3%) 1 Like-for-like (LFL) results adjust statutory results to reflect the underlying profitability of the business units, by excluding a number of items that are not part of routine expenses including one-off and exceptional items (defined as Headline Results), also excluding subsidiaries which management had or intends to exit in 2026 and 2025, and those of newly acquired subsidiaries in 2025 and 2026, and retranslating 2025 figures to 2026 FX rates. Like-for-like adjustments are summarised in the Note 4 to the Unaudited Consolidated Interim Financial Statements. All figures are subject to rounding. Please refer to the reconciliation table on page 6 showing like-for-like, headline and statutory results. By definition, Headline excludes a constant currency adjustment and includes results from discontinued, acquired and exited agencies. 2 Refer to Notes for the definition of net revenue and net cash. Headline net revenue of £95.9 million in H1 2026 (£103.8 million in H1 2025). 3 Headline operating profit of £5.9 million in H1 2026 (£10.2 million in H1 2025). Dame Heather Rabbatts, Executive Chair, said: “The tough trading environment experienced in the second half of 2025 continued into the first quarter, but trading hasprogressively improved since with the second quarter returning to modest top-line growth. Our Citizen expertise provided goodgrowth, supported by work with government clients, while our connected Specialisms within Commercial have begun to deliver integrated pitch wins across key markets, supported by our data stack and digitally led capabilities. The Group remains focused onimproving operational effectiveness, simplifying the business and improving sustainable profitability. Notwithstanding marketconditions, we are confident in delivering LFL net revenue and operating profit growth for the full year 2026, in line with market expectations, supported by the Company’s unique market position across Citizen and Commercial expertise, collaborative growthopportunities and AI-enabled data. The Board believes the Company is well positioned to unlock intrinsic value and create futurevalue for shareholders.” Financial headlines Net revenue performance: LFL net revenue declined by 1.4%, primarily reflecting a softer Q1 performance, with Q2 in modestLFL growth. Trading improved through Q2, led by Issues, Media as well as US and UK Advertising. Operating margins: LFL operating profit declined by £2.9 million (principally driven by Q1 dynamics), with margin down 3.1percentage points to 7.2%, reflecting revenue shortfall, scaling up of growth businesses and AI tool investments.Statutory financials: Statutory net revenue was £87.8 million (-2.7%), with lower operating profit of £1.3 million (2025: £7.0 million), reflecting one-off items and revenue reduction.Net cash: Net cash decreased to £2.5 million (June 2025: £8.7 million), reflecting £2.2 million of share purchases under thebuyback programme and a temporary working capital increase due to seasonal phasing which is expected to unwind in H2. Operational headlines Unique market position: Our Citizen expertise is a strong proposition and generates diverse growth opportunities, withongoing work across the US, UK and Australia, on top of increasing pipeline opportunities across the EU and beyond.Integrated pitching and collaboration: Our connected creativity and shared expertise delivered wins in H1, including Dawsons and Hugo Boss, as well as expanded scopes with existing clients including JPMorgan Chase.Digital, AI and data-driven insights: The Group continues to deploy and up-value AI to enhance client delivery and productivitythrough investments across our shared infrastructure. Our data-led Media Specialism is using AI-powered discovery and creative optimisation to address client needs, while the Group’s proprietary Return on Cultural Power (ROCP) proposition issupporting integrated pitching and new business wins. Business wins and client retention: Business wins total[1] 121 so far in 2026, including Brand USA, Pizza Hut, Ras Al Khaimah Tourism Development Authority and Riot Games. Client retention remained strong, supported by the Group’s collaborative andconnected approach to addressing client needs across its full suite of capabilities. CEO and leadership: Dame Heather Rabbatts to remain Executive Chair, given continued market volatility, current simplificationinitiatives and the focus on unlocking intrinsic value.Global transformation leadership team creation: In response to rapid shifts in technology, culture and client needs, this new leadership structure will accelerate the Group’s strategy to turn Return on Cultural Power (ROCP), AI and data into scalableproducts, capabilities and new sources of growth. Actions taken in H1 2026 Simplifying the business: The management buyout of the Australia and New Zealand business backed by private equity is nolonger progressing and the local team is in discussions with clients regarding ongoing work and, where appropriate, thepotential to transition work to another part of the wider Group. The Group has also taken action to simplify global personnel structures to empower regional creative teams and support long-term profitability, alongside the disposal of sub-scaleMalaysia, which was completed in Q1.
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Shareholder value creation: The share buyback programme, launched in March 2026, has purchased £2.2 million of shares asof 30 June 2026. The initial share buyback programme completed on 15 September 2026, and the Company is currently evaluating an extension. FY 2026 Outlook The Company is targeting net revenue growth in FY 2026 driven by positive momentum in the Issues and Media Specialisms,supported by regional Advertising growth in the US, UK and Europe. While macroeconomic conditions remain uncertain, the Company has shown early signs of improved momentum with Q2 returning to modest LFL top-line growth which we expect to bereinforced by new business activity in the more seasonal H2. The conflict in the Middle East continues to have a significant impacton the Group’s Sport and Entertainment and consumer-facing businesses in the region. The Group is targeting full year operating profit growth and operating margin improvement largely driven by growth in the high-margin Non-Advertising Specialisms (particularly Issues which benefits from the weak comparator due to the US Government shutdown last year in Q4 as well as Media) in a more seasonally weighted H2 period, alongside continued active management ofthe cost base. The Group expects the working capital position at the half year to unwind in H2, with the capital-light modelcontinuing to deliver operating cash conversion of more than 80% in the full year, in line with its medium-term target. M&C Saatchi 2026 half-year results presentationDame Heather Rabbatts, Executive Chair, and Simon Fuller, Chief Financial Officer, will host an in-person presentation, which canalso be joined online, for analysts and investors at 9.00am BST on 22 September at 36 Golden Square, London W1F 9EE. To register, please email Headland Consultancy at MCSaatchi@headlandconsultancy.com. A replay will also be available on theCompany’s website following the event at https://mcsaatchiplc.com/ Further information M&C Saatchi +44 (0)20-7543-4500 Dame Heather Rabbatts, Executive Chair Simon Fuller, Chief Financial Officer Tom Fahey, Head of Investor Relations Headland Consultancy +44 (0)20-3805-4822 Rob Walker, Charlie Twigg, James Waters Panmure Liberum – Nominated adviser and joint broker +44 (0)20-3100-2000 Edward Mansfield, Will King, Gaya Bhatt Deutsche Numis – Joint broker +44 (0)20-7260-1000 Nick Westlake, Iqra Amin Group performance Financial performance[2] The macroeconomic and market conditions which adversely affected trading in 2025 continued into H1 2026. Client caution,particularly in consumer-facing sectors, resulted in slower decision-making, lower project-based spend and increased retainerturnover, contributing to a weaker Q1 performance against a strong prior-year comparator. However, trading improved during Q2, with increased business activity, particularly within our data-led Media Specialism.Like-for-like net revenue decreased by 1.4% to £86.2 million (2025: £87.4 million). Statutory net revenue decreased by 2.7% to£87.8 million (2025: £90.2 million). Like-for-like operating profit decreased to £6.2 million (2025: £9.0 million), with operating margin reducing by 3.1 percentage points to 7.2%. The reduction reflected revenue shortfall, annualisation of investments, scalingup of Media behind wins, capability and infrastructure build in Issues as well as investment into AI tools.Statutory operating profit was £1.3 million (2025: £7.0 million). The statutory loss before tax was £0.2 million (2025: profit before tax of £4.3 million), principally reflecting one-off items, including restructuring costs. Like-for-like profit before tax decreased to£4.8 million (2025: £6.1 million).Net cash was £2.5 million at 30 June 2026 (30 June 2025: £8.7 million), after £2.2 million of share purchases under the buyback programme, £0.7 million relating to the Malaysia disposal and a temporary increase in working capital (which will unwind in H2),primarily due to seasonality, the timing of lease payments and some delayed cash collections. Operating review and Specialisms like-for-like performance LFL Net revenue LFL Operating profit £m H1 2026 H1 2025 Change H1 2026 H1 2025 Change Non-Advertising Specialisms 62.7 63.2 (0.7%) 9.9 12.8 (22.7%) Advertising 23.5 24.2 (3.1%) 1.8 1.3 38.5% Group Central costs - - - (5.6) (5.1) 9.8% Total like-for-like 86.2 87.4 (1.4%) 6.2 9.0 (31.1%) Non-Advertising Specialisms declined 0.7% in like-for-like net revenue to £62.7 million and contributed 73% of Group net revenue, while Advertising delivered £23.5 million (down 3.1%).
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Our higher-margin Non-Advertising Specialisms experienced a 22.7% decrease in operating profit, with an operating margin of 15.8% (-4.5pps) reflecting a double-digit decline in net revenue from both high-margin Consulting and Passions & PR in parallel to investments into capability and infrastructure builds (particularly Issues) and scaling up of Media. Advertising’s operating profit increased by 38.5% with an operating margin of 7.7% (up 2.3pps), reflecting active management of the cost base and discontinuation of the low-margin business in Australia. Group central operating costs increased from £5.1 million in H1 2025 to £5.6 million in H1 2026, reflecting FX (largely US Dollar), legal and tax fees. Like-for-like results Net revenue by Specialism £m H1 2026 H1 2025 % change Issues 30.0 27.5 9.3% Passions & PR 12.7 15.2 (16.4%) Consulting 8.3 9.9 (16.1%) Media 11.7 10.6 9.9% Non-Advertising Specialisms 62.7 63.2 (0.7%) Advertising 23.5 24.2 (3.1%) Total 86.2 87.4 (1.4%) Issues35% of like-for-like Group net revenue (H1 2025: 31%) Continued current-year growth is expected to be supported by new project wins and a more favourable prior-year comparator inthe fourth quarter, which included the impact of the US Government shutdown. The Issues Specialism remains a differentiatedproposition as a unique and highly sophisticated data and technology business with a significant worldwide presence and high barriers to entry. The Group expects to develop further opportunities with an increasing pipeline across the EU, other democraciesand their allies over the medium term. Passions & PR 15% of like-for-like Group net revenue (H1 2025: 17%) The decline was driven by weakness in Sport & Entertainment, largely in the UAE, which was affected by the conflict in the Middle East and the cancellation of events. In the US and UK, Sport & Entertainment was impacted by reduced activity in the key alcoholsegment (experiential marketing) and lower client project spend against a softer consumer demand backdrop. Sport &Entertainment remains a high-potential growth opportunity, supported by the Group’s data systems, particularly in the US. For 2026, the Specialism will continue to be significantly impacted by the conflict in the Middle East as well as lower client spend. Consulting9% of like-for-like Group net revenue (H1 2025: 11%) Consulting continued to be affected by macroeconomic challenges, resulting in project deferrals, particularly within the brandingand design-led part of the Specialism. The data and strategy businesses within Consulting are showing signs of progress as part ofthe Group’s integrated pitching strategy and through support for the Return on Cultural Power proposition. Sector challenges and continued client spend pressures are expected to continue in H2 2026, partly mitigated by higher seasonality. Media 14% of like-for-like Group net revenue (H1 2025: 12%) Media delivered strong growth, supported by client wins and retained work, principally in the US, UK and APAC markets. Demand for performance media, digital expertise and app-related digital projects remained strong, particularly among clients seekingimproved return-on-investment measurement for campaigns. The Group expects Media to continue to grow in H2 2026,supported by recent wins, improving momentum and the strength of its data-led client proposition. Advertising 27% of like-for-like Group net revenue (H1 2025: 28%) Growth in the US and UK, supported by client wins and project extensions, was more than offset by a double-digit decline in theUAE, where performance was significantly affected by the conflict in the Middle East. Excluding the impact from the UAE,Advertising grew net revenue by over 7% in H1. Advertising is expected to improve in H2 2026, supported by seasonality, particularly in the UK and the US. However, the UAE will continue to be a significant drag for the Specialism and we expect growthto be muted. Like-for-like regional net revenue performance The UK remains the Group’s largest region, supported by the inclusion of the Issues Specialism. The Americas primarily reflects theGroup’s US operations, while Europe and the Middle East has been established to simplify the Group’s regional structure and
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combines its two largest EU markets, Italy and Germany, with the UAE. Following the removal of Australia from the Group’s like-for-like results, APAC is now the Group’s smallest region and is primarily Media-focused. Like-for-like results Net revenue by region £m H1 2026 H1 2025 % change UK 52.6 49.7 5.9% Americas 18.5 20.2 (8.7%) Europe & Middle East 10.1 12.5 (19.4%) APAC 5.1 5.1 0.4% Total 86.2 87.4 (1.4%) UK: Net revenue increased by 5.9%, with positive momentum in Media and Advertising partly offset by softer performances inPassions & PR and Consulting. Issues, whose financial results are recognised entirely in the UK, delivered good growth. Americas: Net revenue decreased by 8.7%, as growth in US Advertising and Media was more than offset by project delays andweaker performance in Consulting and Sport & Entertainment.Europe and the Middle East: Net revenue decreased by 19.4%, principally reflecting the impact of the conflict in the Middle East on Advertising and Sport & Entertainment.APAC: Net revenue was broadly flat, with modest growth in Media offset by declines in Advertising. Board structure The first half of 2026 marked a period of progress for the Board. Dame Heather Rabbatts formally assumed the role of Executive Chair in April, following CEO Zaid Al-Qassab’s departure on 31 March 2026, to ensure leadership continuity during the current transition period. Dame Heather Rabbatts will remain Executive Chair given market volatility, current simplification initiatives and the focus on unlocking intrinsic value. As announced in March 2026, the Board remains focused on accelerating initiatives to maximise shareholder value. To support this objective, we were pleased to strengthen the Board’s expertise with the appointments of Nicholas Shott, as an Independent Non-Executive Director, and Vin Murria as Non-Executive Director. Their combined experience has been and will continue to be instrumental in guiding the Company through its next phase of value creation. Global transformation leadership teamHeaded by Karen Boswell (current Global CEO for Consulting and Media), the team will lead the Company’s transformation agenda, with a remit focused on defining the next evolution of Return on Cultural Power (ROCP) and how it creates competitiveadvantage for clients; determining how agentic AI can transform the way the Group works, creates and delivers value; and shapingthe long-term strategy and capabilities the Group needs to compete and grow. Shareholder returns and capital allocation Our key focus as stated above is to unlock the intrinsic value of the Company that the Board believes is not currently recognised. The initial share buyback programme completed on 15 September 2026, and the Company is currently evaluating an extension. Operationally we aim to drive earnings per share growth through a combination of organic growth, margin enhancement andsmall bolt-on acquisitions to strengthen capabilities as well as share buybacks.The organic growth and evolution of the Company will require investment. Our policy is to reinvest to drive long-term growth and to add capability, capacity and scale where we can generate the greatest return.The Company remains open to accelerating this progress through selective M&A, to address gaps in our capabilities or regionalcoverage. Given our current focus on business simplification, immediate M&A is not a priority. However, our medium-termfocus is likely to be more bolt-on opportunities. M&C Saatchi is a capital-light business which, over the medium term, can convert at least 80% of its operating profits into cash,subject to some degree of variability over the cycle. Reconciliation of like-for-like to Headline to Statutory results The table below summarises the reconciliation from like-for-like to Statutory results for H1 2026 and H1 2025 including Headline results: H1 2026 Like-for-like Acquisitio- ns/Exits Discontin- ued Headline Discontin- ued Adjust- ments Statutory £m Revenue 160.0 3.8 14.7 178.5 (14.7) 163.8 Net revenue 86.2 1.6 8.1 95.9 (8.1) 87.8
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Operating profit 6.2 (0.7) 0.4 5.9 (0.4) (4.2) 1.3 Operating profit margin 7.2% 6.2% 1.4% Profit before tax 4.8 (0.7) (0.1) 4.0 0.1 (4.2) (0.2) H1 2025 Like-for- like Acquisitio- ns/Exits FX Discontin- ued Headline Discontin- ued Adjust- ments Statutory £m Revenue 147.9 2.0 1.9 21.6 173.4 (21.6) 151.8 Net revenue 87.4 1.2 1.5 13.7 103.8 (13.7) 90.2 Operating profit 9.0 (0.3) 0.4 1.1 10.2 (1.1) (2.2) 7.0 Operating profit margin 10.3% 10.2% 7.8% Profit before tax 6.1 (0.3) 0.3 0.7 6.8 (0.7) (2.5) 4.3 *** Financial statement begins on following page Unaudited Consolidated Income Statement Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 Note £000 £000 £000 Billings 200,845 170,928 384,832 Revenue 163,768 151,829 307,912 Project cost / direct cost (75,955) (61,657) (122,892) Net revenue 87,813 90,172 185,020 Staff costs (66,302) (64,801) (130,925) Depreciation (2,396) (2,482) (5,024) Amortisation (353) (325) (701) Impairment reversal / (charges) – – (1,610) Other operating charges (17,225) (15,517) (31,056) Other gains / (losses) – – (1,237) Loss on disposal of subsidiaries (277) – (4) Operating profit 1,260 7,047 14,463 Share of results of associates and joint ventures – 21 – Other non-operating income 88 7 62 Finance income 404 183 401 Finance costs (1,913) (2,944) (5,197) (Loss)/profit before taxation (161) 4,314 9,729 Taxation (295) (1,261) (4,511) (Loss)/profit for the period from continuing operations (456) 3,053 5,218 Profit for the period from discontinued operations 11 (4,241) 74 (7,227) Total (loss)/profit for the year (4,697) 3,127 (2,009) Total (loss)/profit from continuing operations (456) 3,053 5,218 Attributable to: Equity shareholders of the Group (511) 3,076 4,993 Non-controlling interests 55 (23) 225 (Loss)/profit for the period (456) 3,053 5,218 Earnings per share Basic (pence) 5 (0.42) 2.55 4.14
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Diluted (pence) 5 (0.42) 2.52 4.14 Total (loss)/profit from discontinued operations (4,241) 74 (7,227) Attributable to: Equity shareholders of the Group (4,241) 74 (7,227) Non-controlling interests – – – (Loss)/profit for the period (4,241) 74 (7,227) Earnings per share Basic (pence) 5 (3.52) 0.06 (5.99) Diluted (pence) 5 (3.52) 0.06 (5.99) Unaudited Consolidated Income Statement (continued) Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 £000 £000 £000 Total (loss)/profit for the period (4,697) 3,127 (2,009) Attributable to: Equity shareholders of the Group (4,752) 3,150 (2,234) Non-controlling interests 55 (23) 225 (Loss)/profit for the period (4,697) 3,127 (2,009) Earnings per share Basic (pence) 5 (3.94) 2.61 (1.85) Diluted (pence) 5 (3.94) 2.58 (1.85) Like-for-like results Net revenue 86,201 87,430 178,119 Operating profit 4 6,158 9,027 22,700 Profit before tax 4 4,760 6,055 17,978 Profit after tax attributable to equity shareholders of the Group 4 3,311 4,573 13,124 EBITDA 8,720 11,624 27,936 Unaudited Consolidated Comprehensive Income Statement Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 £000 £000 £000 Profit/(loss) for the period (4,697) 3,127 (2,009) Other comprehensive income/(loss) Exchange differences on translating foreign operations before tax 240 (63) (105) Other comprehensive income/(loss) for the period net of tax 240 (63) (105) Total comprehensive income/(loss) for the period (4,457) 3,064 (2,114) Total comprehensive income attributable to: Equity shareholders of the Group (4,512) 3,087 (2,339) Non-controlling interests 55 (23) 225 Total comprehensive income/(loss) for the period (4,457) 3,064 (2,114) Unaudited Consolidated Balance Sheet Note Six months ended 30 June 2026 Six months ended Year ended
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30 June 2025 31 December 2025 £000 £000 £000 Non-current assets Intangible assets 30,957 31,868 32,273 Investments in associates and JVs 139 157 138 Plant and equipment 6,003 5,706 6,107 Right-of-use assets 14,921 24,623 16,456 Investment properties 4,341 1,244 4,205 Other non-current assets 2,233 5,247 3,819 Deferred tax assets 2,105 3,979 2,214 Financial assets at fair value through profit or loss 33 668 34 60,732 73,492 65,246 Current assets Trade and other receivables 129,375 118,243 110,544 Current tax assets 1,553 4,819 2,335 Restricted cash – 2,517 237 Cash and cash equivalents 19,751 24,201 21,317 150,679 149,780 134,433 Assets held for sale 11 – – – 150,679 149,780 134,433 Current liabilities Trade and other payables (124,673) (117,871) (111,550) Provisions (39) (33) (39) Current tax liabilities (2,730) (3,599) (1,253) Borrowings (30) (28) (29) Lease liabilities (4,136) (4,953) (5,101) Minority shareholder put option liabilities (2,411) (3,482) (3,054) (134,019) (129,966) (121,026) Net current assets 16,660 19,814 13,407 Total assets less current liabilities 77,392 93,306 78,653 Non-current liabilities Deferred tax liabilities 816 (909) (1,113) Borrowings (16,546) (14,874) (7,366) Lease liabilities (31,086) (35,835) (33,115) Other non-current liabilities (2,246) (2,159) (2,223) (49,062) (53,777) (43,817) Total net assets 28,330 39,529 34,836 Equity Share capital 1,215 1,227 1,227 Share premium 50,327 50,327 50,327 Merger reserve 37,554 37,554 37,554 Treasury reserve (2,765) (3,505) (2,765) Minority interests put option reserve (1,175) (1,175) (1,175) Non-controlling interests acquired (34,428) (34,428) (34,428) Foreign exchange reserve 1,549 1,351 1,309 Accumulated loss (24,315) (11,887) (17,526) Equity attributable to shareholders of the Group 27,962 39,464 34,523 Non-controlling interests 368 65 313 Total equity 28,330 39,529 34,836 Unaudited Consolidated Statement of Changes in Equity Share capital Share premium Merger reserve Treasury reserve MI put option reserve Non- controlling interests acquired Foreign exchange reserves Retained earnings/ (accumulated losses) Subtotal Non- controlling interests in equity Total £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 At 31 December 2025 1,227 50,327 37,554 (2,765) (1,175) (34,428) 1,309 (17,526) 34,523 313 34,836 Purchase of own shares (12) – – – – – – (2,037) (2,049) – (2,049) Total transactions with owners (12) – – – – – – (2,037) (2,049) – (2,049) Total (loss)/profit for the period – – – – – – – (4,752) (4,752) 55 (4,697)
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Total other comprehensive loss for the period – – – – – – 240 – 240 – 240 At 30 June 2026 1,215 50,327 37,554 (2,765) (1,175) (34,428) 1,549 (24,315) 27,962 368 28,330 Unaudited Consolidated Statement of Changes in Equity (continued) Share capital Share premium Merger reserve Treasury reserve MI put option reserve Non- controlling interests acquired Foreign exchange reserves Retained earnings/ (accumulated losses) Subtotal Non- controlling interests in equity Total £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 At 31 December 2024 1,227 50,327 37,554 (2,698) (1,175) (34,428) 1,414 (12,198) 40,023 88 40,111 Share option exercise – – – 740 – – – (740) – – – Purchase of own shares – – – (807) – – – – (807) – (807) Dividends – – – – – – – (2,354) (2,354) – (2,354) Total transactions with owners – – – (67) – – – (3,094) (3,161) – (3,161) Total loss for the year – – – – – – – (2,234) (2,234) 225 (2,009) Total other comprehensive loss for the period – – – – – – (105) – (105) – (105) At 31 December 2025 1,227 50,327 37,554 (2,765) (1,175) (34,428) 1,309 (17,526) 34,523 313 34,836
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Unaudited Consolidated Cashflow Statement and Analysis of Net Cash Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 £000 £000 £000 Operating profit from continuing operations 1,260 7,043 14,464 Operating (loss)/profit from discontinued operations (3,316) 410 (4,301) Total operating (loss)/profit (2,056) 7,453 10,163 Adjustments for: Depreciation of plant and equipment 834 1,038 2,014 Depreciation of right-of-use assets 1,801 2,203 4,233 Impairment of right-of-use assets – – 206 Revaluation of investment properties – – 3,292 Revaluation of financial assets at FVTPL – – 636 Amortisation and impairment of acquired intangible assets 207 157 363 Impairment of goodwill and other intangibles 1,772 – 1,710 Impairment and amortisation of capitalised software intangible assets 145 175 351 Exercise of IFRS 2 put options – (488) (488) Purchase of shares (EBT) – (807) – Loss on disposal of subsidiary 277 – – Equity settled share-based payment expenses – (485) – Operating cash before movements in working capital 2,980 9,246 22,480 Decrease/(Increase) in trade and other receivables (18,830) 9,845 14,779 (Decrease)/Increase in trade and other payables 13,126 (12,749) (18,920) Transfer from restricted cash 237 – 3,225 Decrease in provisions – (57) (51) Cash generated/(consumed) from operations (2,487) 6,285 21,513 Tax paid (372) (1,974) (4,400) Net cash generated/(consumed) from operating activities (2,859) 4,311 17,113 Investing activities Disposal of subsidiary (net of cash disposed of) (657) 2,220 2,713 Acquisition of subsidiary (net of cash acquired) – (717) (1,727) Long-term loans – – 150 Investment loans 182 – – (Loss)/gain from sale of plant and equipment (2) 22 52 Purchase of plant and equipment (846) (853) (2,278) Intangible assets under construction – (568) (797) Purchase of capitalised software (94) (38) – Interest received 434 200 526 Principal sublease repayment 376 – 953 Net cash generated/(consumed) from investing activities (607) 266 (408) Net cash generated/(consumed) from operating and investing activities (3,466) 4,577 16,705 Unaudited Consolidated Cashflow Statement and Analysis of Net Cash (continued) Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 £000 £000 £000 Financing activities Dividends paid to equity holders of the company – (2,354) (2,354) Purchase of own shares (2,049) – (807) Payment of lease liabilities (2,687) (1,991) (5,265) Proceeds from bank loans 9,180 1,475 – Repayment of bank loans – (15) (6,013) Borrowing costs – – (135) Interest paid (1,272) (1,077) (2,001) Interest paid on lease liabilities (1,465) (1,585) (3,166) Net cash received/(used) in financing activities 1,707 (5,547) (19,741) Net (decrease) in cash and cash equivalents (1,759) (970) (3,036) Effect of exchange rate fluctuations on cash held 192 (684) (1,502) Cash and cash equivalents at the beginning of the year 21,317 25,855 25,855 Total cash and cash equivalents at the end of period 19,750 24,201 21,317 Net debt reconciliation Cash and cash equivalents 19,750 24,201 21,317 Total cash and cash equivalents at the end of period 19,750 24,201 21,317
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Bank loans and borrowings (17,250) (15,528) (8,030) Net cash 2,500 8,673 13,287
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Notes to the Unaudited Consolidated Interim Financial Statements 1. General information The Company is a public limited company incorporated and domiciled in the UK. The address of its registeredoffice and the Company is 36 Golden Square, London W1F 9EE. The Company is listed on the AIM market of the London Stock Exchange. This consolidated half-yearly financial information was approved for issue on 21 September 2026. The comparative financial information for the year ended 31 December 2025 in these interim financialstatements does not constitute statutory accounts for that year. The statutory accounts for the year ended 31 December 2025 have been delivered to the Registrar ofCompanies. The auditors' report on those accounts was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006. 2. Basis of preparation The consolidated interim financial statements for the six months ended 30 June 2026 have been prepared on the going concern basis, in accordance with the AIM Rules for companies. The interim financial statements do not include all of the information required in annual financial statements in accordance with IFRS and should beread in conjunction with the consolidated financial statements for the year ended 31 December 2025. 3. Use of judgements and estimates In the course of preparing the interim financial statements, management necessarily makes judgements andestimates that can have a significant impact on the interim financial statements. These estimates andjudgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant accounting judgements Management has considered the following judgements, which have the most significant effect in terms of theamounts recognised, and their presentation, in the interim financial statements. These are the same accountingestimates and judgements the Group has applied in its financial statements for the year ended 31 December 2025:
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Non-controlling interests put option accounting – IFRS 2 or IFRS 9 The key judgement is whether the awards are given beneficially as a result of employment, which can bedetermined where there is an explicit service condition, where the award is given to an existing employee,where the employee is being paid below market value or where there are other indicators that the award is a reward for employment. In such cases, the awards are accounted for as a share-based payment in exchange foremployment services under IFRS 2. Otherwise, where the holder held shares prior to the Group acquiring the subsidiary or gained the equity tostart a subsidiary using their unique skills, and there are no indicators it should be accounted for under IFRS 2,then the award is accounted for under IFRS 9. Impairment – assessment of CGUs and assessment of indicators of impairment Impairment reviews are undertaken annually, or more frequently if events or changes in circumstances indicatea potential impairment. Assets with finite lives are reviewed for indicators of impairment (an impairment “trigger”) and judgement is applied in determining whether such a trigger has occurred. External and internalfactors are monitored by management, including a) adverse changes in the economic or political situation of thegeographic locale in which the underlying entity operates, b) heightened risk of client loss or chance of client gain, and c) internal reporting suggesting that an entity’s future economic performance is better or worse thanpreviously expected. Where management have concluded that such an indication of impairment exists, then therecoverable amount of the asset is assessed. For the half year, the goodwill of £1.8m relating to the Australia business has been fully impaired after an offerof sale has been accepted for AUD $1. The deemed value of the business has dropped since the year end impairment assessment due to the loss of two major clients, with no large new client wins to replace this lostrevenue. This charge is part of the result of discontinued operations on the Consolidated Income Statement. Management have acknowledged the challenging market conditions in the US and Middle East. These have been factored into and reviewed against budgets as part of our internal forecasting process and, as such, it wasconcluded that there were no new impairment indicators at the half year. Significant estimates and assumptions The areas of the Group’s interim financial statements subject to key assumptions and other significant sources ofestimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to thecarrying amounts of assets and liabilities are described below. The Group has based its assumptions and estimates on information available when the interim financial statements were prepared. Deferred tax assets The Group assesses the future availability of carried forward losses and other tax attributes by reference tojurisdiction-specific rules around carry forward and utilisation and it assesses whether it is probable that futuretaxable profits will be available against which the attribute can be utilised. Fair value measurement of financial instruments The Group holds certain financial instruments which are recorded on the balance sheet at fair value at the pointof recognition and remeasured at the end of each reporting period. At the period end these relate to: (i) equity investments at FVTPL in non-listed limited companies; and(ii) certain contingent consideration. No formal market exists to trade these financial instruments and, therefore, their fair value is measured by themost appropriate valuation techniques available, which vary based on the nature of the instruments. The inputs to the valuation models are taken from observable markets where possible, but where this is not feasible,judgement is required to establish fair values. Share-based incentive arrangements Share-based incentives are valued at the date of the grant, using stochastic Monte Carlo pricing models withnon-market vesting conditions. Typically, the value of these awards is directly related to the performance of aparticular entity of the Group in which the employee holds a minority interest. The key inputs to the pricing model are risk-free interest rates, share price volatility and expected future performance of the entity to whichthe award relates. Management apply judgement to these inputs, using various sources of information,including the Company’s share price, experience of past performance and published data on risk-free interest rates (government gilts). Leasing estimates Anticipated length of lease term – IFRS 16 defines the lease term as the non-cancellable period of a lease, together with the options to extend or terminate a lease, if the lessee is reasonably certain to exercise thatoption. Where a lease includes the option for the Group to extend the lease term, the Group takes a view, atinception, as to whether it is reasonably certain that the option will be exercised. This will take into account the length of time remaining before the option is exercisable, current trading, future trading forecasts and the leveland type of any planned capital investment. The assessment of whether the option will be exercised is
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reassessed in each reporting period. A reassessment of the remaining life of the lease could result in arecalculation of the lease liability and a material adjustment to the associated balances. 4. Like-for-like results Like-for-like results – Six Months Ended 30 June 2026 Statutory resultsSeparately discloseditems Exiting and acquiredagencies Gain/loss ondisposal ofsubsidiaries Amortisation ofacquiredintangibles Dividends paidto IFRS 2 putholders Like-for-like results Six months ended 30June 2026 £000 £000 £000 £000 £000 £000 £000 Revenue 163,768 – (3,799) – – – 159,969 Net revenue 87,813 – (1,612) – – – 86,201 Staff costs (66,302) 3,551 1,864 – – 4 (60,883) Depreciation (2,396) – 67 – – – (2,329) Amortisation (353) – – – 208 – (145) Impairments – – – – – – – Other operatingcharges (17,225) 172 367 – – – (16,686) Gain on disposal ofsubsidiaries (277) – – 277 – – – Operating profit 1,260 3,723 686 277 208 4 6,158 Other non-operatingincome 88 – – – – – 88 Finance income 404 – (20) – – – 384 Finance expense (1,913) – 43 – – – (1,870) Profit/(loss) beforetaxation (161) 3,723 709 277 208 4 4,760 Taxation (295) (895) (72) – (46) – (1,308) Profit/(loss) for theyear from continuingoperations (456) 2,828 637 277 162 4 3,452 Non-controllinginterests 55 – – – – 86 141 Profit/(loss)attributable to equityholders of the Group (511) 2,828 637 277 162 (82) 3,311 Like-for-like results – Six Months Ended 30 June 2025 Statutoryresults Separatelydiscloseditems Exiting andacquired agenciesShare of results ofassociates Amortisation ofacquiredintangibles Dividendspaid to IFRS 2put holders Put optionaccounting Constantcurrencyadjustment Like-for-likeresults Six months ended 30June 2025 £000 £000 £000 £000 £000 £000 £000 £000 £000 Revenue 151,829 – (1,967) – – – – (1,973) 147,889 Net revenue 90,172 – (1,215) – – – – (1,527) 87,430 Staff costs (64,801) 1,589 1,100 – – 93 (155) 846 (61,328) Depreciation (2,482) – 49 – – – – 11 (2,422) Amortisation (325) – – – 157 – – – (168) Impairment charges – – – – – – – – – Other operatingcharges (15,517) 339 355 – – – – 338 (14,485) Operatingprofit/(loss) 7,047 1,928 289 – 157 93 (155) (332) 9,027 Share of results ofassociates 21 – – (21) – – – – – Other non-operatingincome 7 – – – – – – – 7 Finance income 183 – (4) – – – – 104 283 Finance expense (2,944) – 23 – – – (249) (92) (3,262) Profit/(loss) beforetaxation 4,314 1,928 308 (21) 157 93 (404) (320) 6,055
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Taxation (1,261) (470) (36) – (50) – – 340 (1,477) Profit/(Loss) for theyear 3,053 1,458 272 (21) 107 93 (404) 20 4,578 Non-controllinginterests (23) – – – – (12) – 40 5 Profit/(loss)attributable to equityholders of the Group 3,076 1,458 272 (21) 107 105 (404) (20) 4,573 Like-for-like results – Year Ended 31 December 2025 Statutoryresults Separatelydiscloseditems Exiting andacquiredagencies Gain/loss ondisposal ofsubsidiaries Amortisation ofacquiredintangiblesImpairmentof goodwill Revaluation ofloans andinvestments Dividendspaid to IFRS2 putholders Put optionaccounting Constantcurrencyadjustment Like-for-likeresults Year ended 31December 2025 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 Revenue 307,912 – (8,361) – – – – – – (2,698) 296,853 Net revenue 185,020 – (5,101) – – – – – – (1,800) 178,119 Staff costs (130,925) 3,139 3,791 – – – – 83 (52) 1,164 (122,800) Depreciation (5,024) – 155 – – – – – – 22 (4,847) Amortisation (701) – – – 363 – – – – – (338) Impairments (1,610) – – – – 1,554 – – – 56 – Other operatingcharges (31,056) 2,458 772 – – – – – – 392 (27,434) Other losses (1,237) – – – – – 1,237 – – – – Gain on disposalof subsidiaries (4) – – 4 – – – – – – – Operatingprofit/(loss) 14,463 5,597 (383) 4 363 1,554 1,237 83 (52) (166) 22,700 Other income 62 – (1) – – – – – – (10) 51 Finance income 401 – (6) – – – – – – (146) 249 Finance expense (5,197) – 81 – – – – – (64) 158 (5,022) Profit/(loss)before taxation 9,729 5,597 (309) 4 363 1,554 1,237 83 (116) (164) 17,978 Taxation (4,511) (1,128) 216 – (108) (317) – – – 1,377 (4,471) Profit/(loss) forthe year 5,218 4,469 (93) 4 255 1,237 1,237 83 (116) 1,213 13,507 Non-controllinginterests 225 – – – – – – 137 – 21 383 Profit/(loss)attributable toequity holders ofthe Group 4,993 4,469 (93) 4 255 1,237 1,237 (54) (116) 1,192 13,124 5. Earnings per share Earnings per share – Six Months Ended 30 June 2026 Basic and diluted earnings per share are calculated by dividing appropriate earnings metrics by the weightedaverage number of the Company’s ordinary shares in issue during the year. Diluted earnings per share is calculated by adjusting the weighted average number of the Company’s shares inissue on the assumption of conversion of all potentially dilutive ordinary shares. The dilutive effect of unvested outstanding put options is calculated based on the number that would vest had the balance sheet date been thevesting date. Six months ended 30 June 2026 Continuing operations 2026 Discontinued operations 2026 Total 2026 Like-for- like 2026 (Loss)/profit attributable to equity shareholders of the Group (£000) (511) (4,241) (4,752) 3,311 Basic earnings per share Weighted average number of shares (thousands) 120,498 120,498 120,498 120,498 Basic EPS (0.42)p (3.52)p (3.94)p 2.75p Diluted earnings per share Weighted average number of shares (thousands) as above 120,498 120,498 120,498 120,498 Add – LTIP – – – 1,005 – Put options – – – 759
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Total 120,498 120,498 120,498 122,262 Diluted EPS (0.42)p (3.52)p (3.94)p 2.71p Excluding the put options (payable in cash) – – – (759) Weighted average numbers of shares (thousands) including dilutive shares 120,498 120,498 120,498 121,503 Diluted EPS – excluding items the Group intends and is able to pay in cash (0.42)p (3.52)p (3.94)p 2.61p Earnings per share – Six Months Ended 30 June 2025 Six months ended 30 June 2025 Continuing operations 2025 Discontinued operations 2025 Total 2025 Like-for- like 2025 Profit attributable to equity shareholders of the Group (£000) 3,076 74 3,150 4,573 Basic earnings per share Weighted average number of shares (thousands) 120,714 120,714 120,714 120,714 Basic EPS 2.55p 0.06p 2.61p 3.79p Diluted earnings per share Weighted average number of shares (thousands) as above 120,714 120,714 120,714 120,714 Add – LTIP 1,574 1,574 1,574 1,574 – Put options – – – – Total 122,288 122,288 122,288 122,288 Diluted EPS 2.52p 0.06p 2.58p 3.74p Excluding the put options (payable in cash) – – – – Weighted average numbers of shares (thousands) including dilutive shares 122,288 122,288 122,288 122,288 Diluted EPS – excluding items the Group intends and is able to pay in cash 2.52p 0.06p 2.58p 3.74p Earnings per share – Year Ended 31 December 2025 Year ended 31 December 2025 Continuing operations 2025 Discontinued operations 2025 Total 2025 Like-for- like 2025 Profit/(Loss) attributable to equity shareholders of the Group (£000) 4,993 (7,227) (2,234) 13,124 Basic earnings per share Weighted average number of shares (thousands) 120,747 120,747 120,747 120,747 Basic EPS 4.14p (5.99p) (1.85)p 10.87p Diluted earnings per share Weighted average number of shares (thousands) as above 120,747 120,747 120,747 120,747 Add – LTIP – – – 1,176 – Put options – – – 605 Total 120,747 120,747 120,747 122,528 Diluted EPS 4.14p (5.99)p (1.85) p 10.71p Excluding the put options (payable in cash) – – – (605) Weighted average numbers of shares (thousands) including dilutive shares 120,747 120,747 120,747 121,923 Diluted EPS – excluding items the Group intends and is able to pay in cash 4.14p (5.99)p (1.85)p 10.76p
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6. Separately disclosed items Separately disclosed items include one-off, non-recurring revenues or expenses. These are shown separately and are excludedfrom Like-for-like profit to provide a better understanding of the underlying results of the Group. 30 June 2026 Separately disclosed items for the six months ended 30 June 2026 comprise the following: Staff costs £000 Operating costs £000 Taxation £000 Total £000 Restructuring – discontinued business 81 – (20) 61 Restructuring – ongoing businesses 1,432 7 (350) 1,089 Transformation project costs 1,412 92 (391) 1,113 Acquisition related costs 336 51 (63) 324 Other 290 22 (71) 241 Total separately disclosed items 3,551 172 (895) 2,828 Local businesses within the Group have continued to review their own future operational structures, following market changes,which has resulted in staff redundancy costs in the period across nine ongoing businesses across the Group. The restructuringcosts are treated as separately disclosed items only when a role has been permanently eliminated from the business (there should be no intention for the role to be replaced in the next 12 months). There are £1,513k of restructuring costs excludedfrom like-for-like results relating to restructuring for ongoing businesses and £300k of redundancy costs included within like-for-like staff costs. Staff costs related to business transformation (£1,412k) and associated operating costs (£92k) have been classified asseparately disclosed items. These costs are one-off and will continue until project conclusion. Other separately disclosed items relate to management earn-outs for M&C Saatchi Sport & Entertainment (Middle East) and the Women’s Sports Group, which will continue in accordance with agreement of sale; dividends paid to put option holders in relation to MCD Partners, The Source (W1) LLP and M&C Saatchi Sport & Entertainment (Middle East); and one-off advisory costs. 30 June 2025 Separately disclosed items for the six months ended 30 June 2025 comprise the following: Staff costs £000 Operating costs £000 Taxation £000 Total £000 Restructuring – ongoing businesses 225 – (48) 177 Restructuring – global efficiency programme 240 – (60) 180 Transformation project costs 1,124 339 (362) 1,101 Total separately disclosed items 1,589 339 (470) 1,458 There were £225k (FY25: £1,431k) of non-like-for-like restructuring costs for ongoing businesses; and £224k (FY25: £313k) ofredundancy costs included within like-for-like staff costs. The Group’s global efficiency programme continued to identify and reduce specific central HQ roles, which were replacedoverseas to save cost. The redundancy costs associated with this restructuring programme of £240k (FY25: £302k) have been treated as an exceptional non-like-for-like cost, as they were one-off exit costs relating to compensation to employees forperiods not worked. The staff costs of the global efficiency programme project team dedicated to this transformation project of £1,124k (FY25:£1,474k) have been classified as separately disclosed items in line with the treatment since 2022. The project team continued tomanage the project through to conclusion in H2 2025. The operating cost mainly related to recruitment costs for roles that were being replaced overseas, service charges and travel costs.
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7. Segmental information The Group’s operating segments are aligned to those business units that are regularly evaluated by the chief operating decisionmaker (“CODM”), namely the Board, in making strategic decisions, assessing performance and allocating resources. We primarily assess the Group’s performance by division, namely Advertising, Non-advertising Specialisms and Group CentralCosts. The segmental information is reconciled to the Like-for-like results in Note 4. Segmental Information by Division[3] Advertising Non-advertising Specialisms Group Central Costs LFL Total Six Months Ended 30 June 2026 £000 £000 £000 £000 Net revenue 23,476 62,725 – 86,201 Operating profit/(loss) 1,833 9,893 (5,568) 6,158 Operating profit margin 8% 16% – 7% Profit/(loss) before tax 1,934 10,497 (7,671) 4,760 Advertising Non-advertising Specialisms Group Central Costs LFL Total Six Months Ended 30 June 2025 £000 £000 £000 £000 Net revenue 24,234 63,196 – 87,430 Operating profit/(loss) 1,297 12,820 (5,090) 9,027 Operating profit margin 5% 20% – 10% Profit/(loss) before tax 1,290 12,089 (7,324) 6,055 Advertising Non-advertising Specialisms Group Central Costs LFL Total Year Ended 31 December 2025 £000 £000 £000 £000 Net revenue 49,862 128,257 – 178,119 Operating profit/(loss) 6,261 27,771 (11,332) 22,700 Operating profit margin 13% 22% – 13% Profit/(loss) before tax 6,270 28,754 (17,046) 17,978 Segmental Information by Geography[4] UK Europe Middle East Asia Americas Group Central Costs LFL Total Six Months Ended 30 June 2026 £000 £000 £000 £000 £000 £000 £000 Net revenue 52,228 6,274 4,140 5,073 18,486 – 86,201 Operating profit/(loss) 12,052 648 (323) 568 (1,219) (5,568) 6,158 Operating profit margin 23% 10% (8%) 11% (7%) – 7% Profit/(loss) before tax 12,929 632 (348) 501 (1,283) (7,671) 4,760 UK Europe Middle East Asia Americas Group Central Costs LFL Total Six Months Ended 30 June 2025 £000 £000 £000 £000 £000 £000 £000 Net revenue 49,661 6,253 6,216 5,053 20,247 – 87,430 Operating profit/(loss) 9,236 1,043 1,008 1,065 1,765 (5,090) 9,027 Operating profit margin 19% 17% 16% 21% 9% – 10% Profit/(loss) before tax 8,802 1,023 958 902 1,694 (7,324) 6,055 UK Europe Middle East Asia Americas Group Central Costs LFL Total Year Ended 31 December 2025 £000 £000 £000 £000 £000 £000 £000 Net revenue 101,573 12,234 11,341 11,809 41,162 – 178,119 Operating profit/(loss) 23,960 2,288 1,747 3,181 2,856 (11,332) 22,700 Operating profit margin 24% 19% 15% 27% 7% – 13% Profit/(loss) before tax 25,388 2,245 1,635 2,980 2,776 (17,046) 17,978
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8. Net finance income / (expense) Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 £000 £000 £000 Bank interest receivable 112 93 234 Other interest receivable 259 6 – Sublease finance income 33 84 167 Finance income 404 183 401 Bank interest payable (822) (1,052) (1,981) Amortisation of loan costs (59) (136) (285) Other interest payable* 58 (807) (587) Interest on lease liabilities (1,090) (1,198) (2,408) Valuation adjustment to IFRS 9 put option liabilities – 249 64 Finance expense (1,913) (2,994) (5,197) Net finance expense (1,509) (2,761) (4,796) * Other interest payable includes exchange differences on financing activities 9. Taxation Income tax expenses are recognised based on management’s estimate of the average annual income tax rate expected for the full financial year. The estimated effective Like-for-like annual tax rate used for H1 2026 is 14.1% (H1 2025: 24.4%; Full Year 2025: 24.9%). 10. Dividends The Board did not recommend a dividend for the financial year ended 31 December 2025. The Board is currently evaluating the reallocation of the amount that would have been proposed as a final dividend for the year ended 31 December 2025 which will be communicated in due course. The share buyback programme, launched in March 2026, has purchased £2.2 million of shares as of 30 June 2026. The initial share buyback programme completed on 15 September 2026, and the Company is currently evaluating an extension. 11. Discontinued Operations On 12 July 2026, the Group signed a non-binding indicative term sheet to sell the business of M&C Saatchi Australia for a sale price of AUD $1 with completion expected on 1 October 2026. Based on the terms of that agreement, an Asset Held for Sale has been classified on the Balance Sheet with a value equal to the sale price of AUD $1. The results of entities classified as assets held for sale, which have been excluded from the results for prior periods as discontinued operations under IFRS, were as follows: Period ended 30 June 2026 Period ended 30 June 2025 Year ended 31 December 2025 £000 £000 £000 Revenue 14,712 21,576 39,487 Project cost / direct cost (6,659) (7,909) (14,536) Net revenue 8,053 13,667 24,951 Staff costs (8,235) (11,041) (21,272) Depreciation and amortisation (239) (763) (1,236) Impairment charges (1,772) – (306) Other operating charges (1,124) (1,454) (3,146) Other gains / (losses) – – (3,292) Operating (loss)/profit (3,316) 409 (4,301) Finance expense (509) (445) (965) Finance income 30 17 125 (loss)/profit before tax (3,795) (18) (5,141) Tax (446) 93 (2,086) (Loss)/profit for the year (4,241) 74 (7,227) EPS from discontinued operations (Note 4) Basic (pence) (3.52)p 0.06p (5.99)p Diluted (pence (3.52)p 0.06p (5.99)p
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The statement of cash flows includes the following amounts relating to discontinued operations: Period ended 30 June 2026 Period ended 30 June 2025 Year ended 31 December 2025 £000 £000 £000 Operating activities (3,575) 342 (3,034) Investing activities 164 6 532 Financing activities (1,304) (1,138) (2,175) Net cash outflow from discontinued operations (4,715) (790) (4,677) 12. Events after the balance sheet date On 12 July 2026, the Company signed a non-binding indicative term sheet to sell the business of M&C Saatchi Australiafor a sale price of AUD $1 with completion expected on 1 October 2026. The results of this business have been classified as held for sale and a discontinued operation as at 30 June 2026. Subsequent to this, we were not able tofinalise acceptable terms for the sale of the Australian business and as a result, the sale is no longer progressing andthe local team is in discussions with clients regarding ongoing work and, where appropriate, the potential to transition work to another part of the wider Group. Notes CompanyM&C Saatchi plc, a company incorporated and domiciled in England and Wales with company number 05114893, listed on the AIMMarket of the London Stock Exchange plc. GroupThe Company and its subsidiaries. Like-for-like resultsA self-defined alternative measure of profit that provides a different perspective to the Statutory results. The Directors believe itprovides a better view of the underlying performance of the Company, because it excludes a number of items that are not part of routine business income and expenses. These Like-for-like figures are a better way to measure and manage the business and areused for internal performance management and reward. “Like-for-like results” is not a defined term in IFRS. Like-for-like results represent the underlying trading profitability of the Group and exclude:• Separately disclosed items that are one-off in nature and are not part of running the business.• Impairment of non-current assets. • Amortisation of acquired intangibles.• Gains or losses generated by disposals of subsidiaries and associates.• Fair value adjustments to unlisted equity investments, acquisition related contingent consideration, investment properties and put options.• Dividends paid to IFRS 2 put option holders.• Results of subsidiaries acquired or which management did or intends to exit in the current and prior year. • Foreign exchange movements by restating prior year figures using current year foreign exchange rates. A reconciliation of Statutory to Like-for-like results is presented in Note 4. Foreign ExchangeThe Group is exposed to movements in foreign currency exchange rates in respect of the translation of net assets and income statements of foreign operations. The like-for-like basis applies the constant foreign exchange rate applicable for the currentperiod to the comparative period in order to present the reported results on a more comparable basis. Key currencies and average FX rates taken for the period measured (January 2026 to June 2026) to restate H1 2025. Currency Jun-26 Dec-25 Sterling Stronger/(weaker) United Arab Emirates Dirham AED 4.94 4.84 1.96% Australian $ AUD 1.92 2.04 (6.30%) Euro € EUR 1.15 1.17 (1.25%) US $ USD 1.34 1.32 1.95% South African Rand ZAR 22.09 23.57 (6.29%) Operating profit margin Operating profit margin refers to the percentage calculated through dividing operating profit by net revenue.
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Net cash Net cash refers to cash and cash equivalents, less borrowings of the Group, excluding lease liabilities. Net revenue Net revenue is equal to revenue less project cost / direct cost. It is not an IFRS defined term. It is, however, used as a keyperformance indicator by the Group. RevenueRevenue comprises the total of all gross amounts billed, or billable, to clients in respect of commission-based, fee-based and anyother income where we act as principal and our share of income where we act as an agent. The difference between Billings and Revenue is represented by costs incurred on behalf of clients with whom we operate as an agent, and timing differences whereinvoicing occurs in advance or in arrears of the related revenue being recognised. EBITDAEBITDA is earnings before depreciation, amortisation, finance expense and taxation, and excludes any charges relating to IFRS 16.It is not an IFRS defined term. It is, however, used as a key performance indicator by the Group. BillingsBillings comprise all gross amounts billed, or billable to clients in respect of commission-based and fee-based income, whether acting as agent or principal, together with the total of other fees earned, in addition to those instances where the Group has madepayments on behalf of customers to third parties. It is stated exclusive of VAT and sales taxes. Minority interests and non-controlling interestsWithin the Group, there are a number of subsidiary companies and partnerships in which employees hold a direct interest in theequity of those companies. These employees are referred to as minority shareholders. Of these subsidiary companies and partnerships, most account for the shareholding of their minority shareholders as a management incentive (through the award ofconditional shares) and are 100% consolidated in the Group’s financial statements. The remaining four subsidiary companies(including one without a put option) account for their minority shareholders as non-controlling interests, a defined IFRS term, with their share of the Group’s profits being shown separately on the Income Statement. Discontinued operations The Australia business has been classified as Held for Sale as at 30 June 2026. As the results of the business represent a majorgeographic segment of the Group’s results, these have been presented as a discontinued operation on the face of the IncomeStatement and shown separately from the results of the rest of the Group in the current and comparative periods. For moreinformation see Note 11.
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This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial ConductAuthority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution ofthis information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services.For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our PrivacyPolicy. END [1] New wins and project extensions with current clients from January to June 2026. [2] LFL performance, therefore excluding Australia which is classed as an asset held for sale as of 30 June 2026. [3] The segmental reporting reflects Like-for-like results[4] The segmental reporting reflects Like-for-like results