Trading Update, Renewals and New Contract Orders

Intercede, the leading cybersecurity software company specialising in digital identities, today announces the following trading update for the financial year ending 31 March 2026 (FY26) together with new contract orders and renewals.

Subject to completion of the year-end audit, the Group delivered revenues for FY26 of approximately £17.2m (2025: £17.7m), representing a decrease of 2.8% year-on-year. On a constant currency basis, Group revenues declined by 0.5%, with subscription revenue increasing by c17.6% and now totalling £2.0m (2025: £1.7m). As highlighted in the announcement of 17 March 2026, the Group's revenues for FY26 reflect procurement delays, particularly in the United States, and customer purchasing deferrals attributable to heightened geopolitical uncertainty, including the conflict in the Middle East.

Recurring revenues from support & maintenance, and subscriptions amounted to approximately £11.4m, representing c66% of total revenues. This underscores the Group's continued progress in securing new licence wins from both new and existing customers as well as maintaining low customer churn rates.

As at 31 March 2026, the Group held gross cash balances of £20.0m (2025: £18.7m). The Group continues to maintain a debt-free balance sheet, providing financial stability and flexibility to support future growth initiatives.

Further details will be provided within Intercede's final preliminary results which are expected to be published in June 2026.

The Group is also pleased to announce the following recent renewals and new orders worth c$5.22m in aggregate:

• a large US Federal Government annual subscription renewal for MyID CMS, totalling c$3.49m with a longstanding US client for the period from 1 April 2026 to 31 March 2027. This is the third year of a base year plus four optional incremental year agreement;
• a MyID CMS renewal, subscription and professional services order for a US supervisory banking system, totalling c$0.35m;
• a MyID CMS renewal for a global US defence contractor, totalling c$0.37m;
• a MyID CMS renewal for a global European defence contractor, totalling c$0.23m;
• a MyID CMS renewal for a large North American Telecoms provider, totalling c$0.25m;
• continued professional services order, of more than $0.31m, for an existing POC client in the US federal space, to prepare the groundwork for a future software deployment of MyID CMS;
• a professional services order of c$0.22m with DoS for the continued maintenance of MyID CMS.

These orders, majority of which are received via our partners, are in line with expectations and reinforce a solid footing as the Group enters the new financial year.

Klaas van der Leest, CEO, commented:

"Whilst our revenues for FY26 were impacted by procurement delays and customer purchasing deferrals, what was important to the board was that these opportunities were not lost. Following our update on 17 March, the Group has secured a number of contract renewals and new business wins.

Furthermore, we are encouraged by customer engagement and the improvement in order intake momentum in the second half of FY26. As we enter the new financial year (FY27), the Group is well placed to build on this momentum, while being mindful of the evolving global macroeconomic environment".

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