Trading Update, New Contract Orders and Renewals

Intercede, the leading specialist in digital identity, credential management and secure mobility, today announces the following trading update for the six months ended 30 September 2026 (H1FY27), together with an update on new contract orders and renewals received since the Group’s announcement on 3 August 2026.

Trading Update

The Group expects revenue for H1FY27 to be approximately £10.85 million (H1FY26: £8.21 million), representing a year-on-year increase of 32.1% on a reported basis and an increase of 34.5% on a constant currency basis.

Revenue for the period included:

 Subscription licence revenue of approximately £0.45 million (H1FY26: £0.36 million);

 Perpetual licence revenue of approximately £2.73 million (H1FY26: £1.08 million);

 Support & Maintenance recurring revenue of approximately £5.64 million (H1FY26: £5.37 million); and

 Professional services, our repeatable revenue, and development income of approximately £2.02 million (H1FY26: £1.4 million).

As at 30 September 2026, gross cash balances stood at approximately £23.4 million (30 September 2025: £17.8 million; 31 March 2026: £20.0 million). The Group continues to operate with no debt.

The Group has made a good start to H2FY27 and the Board continues to expect that full-year financial performance will be in line with current market expectations.¹

New Contract Orders and Renewals

Since the Group’s announcement on 3 August 2026, Intercede has received further contract orders and renewals totalling approximately £3.0 million. The orders comprise a mix of subscription and perpetual licences, Support & Maintenance renewals, professional services and development activity across the Group’s core government, defence, aerospace and enterprise markets. These orders include:

 a subscription licence order, including Support & Maintenance and additional recurring licences, for an existing US Federal Government deployment, totalling approximately £0.42 million;

 a perpetual licence order, including associated Support & Maintenance, for an existing large US defence and aerospace customer, totalling approximately £0.24 million;

 a Support & Maintenance renewal from a large existing US defence and aerospace manufacturer, totalling approximately £0.45 million;

 a Support & Maintenance renewal associated with an existing US Department of State deployment, totalling approximately £0.35 million;

 a Support & Maintenance renewal from a large existing US defence and aerospace manufacturer, totalling approximately £0.24 million;

 a Support & Maintenance renewal from a large existing North American telecommunications customer, totalling approximately £0.19 million;

 Support & Maintenance renewals associated with an existing US Federal agency, totalling approximately £0.14 million; and

 professional services and development orders supporting an existing US Federal POC deployment, totalling approximately £0.37 million in aggregate.

The remaining balance comprises a range of smaller subscription and perpetual licence sales, recurring revenue and professional services orders across the Group’s established customer base and partner network.

In addition to the above, the Group also received an Authority to Proceed (ATP) for development work in support of a large deployment in a US Federal agency with an initial value of £0.52 million. It is expected that a formal purchase order will be issued in Q3FY27.

Further details on the Group’s performance will be provided in its interim results for H1FY27, which are expected to be released on 24 November 2026.

Klaas van der Leest, CEO, commented:

“We have delivered a very solid first half, and have signed £3.0 million of orders since August and an ATP of £0.5m, demonstrating continued demand across our core markets. We enter H2 from a position of strength, with a healthy pipeline, £23.4 million of cash and increasing revenue visibility into FY28.

With a geo-diverse pipeline and clear opportunities for further growth, we remain confident in delivering FY27 in line with current market expectations¹ and in the Group’s long-term prospects”.

¹ For the purpose of this announcement, the Board understands current market expectations for FY27 to be revenue of £21 million and adjusted EBITDA of £5.0 million.