Unaudited Half Year Results 2026

The Pebble Group (AIM: PEBB), a leading provider of technology, products and related services to the global promotional products industry, announces its unaudited results for the six months ended 30 June 2026 ("HY 26" or the "Period").

The results in HY 26 are in line with the update given in our July 2026 trading statement, and the Board expects the Group's results for the year ending 31 December 2026 ("FY 26") to be in line with market expectations.

Commenting, Chris Lee, Chief Executive Officer of The Pebble Group said: "We are beginning to see the benefits of our recent investment decisions. The Group has delivered a strong first half performance with revenue growth across both of our businesses.

"At Facilisgroup, we have materially strengthened our recurring revenue profile through entry into multi-year contracts and Brand Addition has delivered profitable growth supporting significant shareholder returns.

"Backed by a robust balance sheet, we remain focused on executing our strategy and are confident in our ability to deliver shareholder value."

Financials

Presentation for Analysts and Investors

A presentation for analysts and investors with Q&A will take place at 8:00am today by webinar.

Please register to attend via this link: Analyst Presentation

A copy of the presentation is available on the Investors section of The Pebble Group's website at

The Pebble Group investor relations

Presentation for retail investors

The management team is hosting a separate online presentation for retail investors with Q&A at 4:30pm on Thursday 10 September 2026.

Please register to attend via this link: Retail Investor Presentation

A recording of this presentation will be made available on the Investors section of The Pebble Group's website at The Pebble Group investor relations

CHIEF EXECUTIVE OFFICER'S REVIEW

Summary of results

We are pleased with the Group's financial performance in HY 26 achieving revenue of £60.7m (HY 25: £58.6m) and Adjusted EBITDA of £6.6m (HY 25 £6.2m). These results are robust with revenue growth in both Facilisgroup and Brand Addition.

The reduction in statutory Operating Profit to £1.4m (HY 25: £2.8m) primarily reflects increased non-cash amortisation charges associated with previous investment in technology and share-based payment charges arising from the Group's Long Term Incentive Plans.

The Group's strong cash generation continues to support our organic growth initiatives whilst delivering capital returns to shareholders in HY 26 of £7.9m (HY 25: £5.2m). Following these distributions, and the normal working capital cycle of the business, net debt at 30 June 2026 was £1.2m (Net cash at 30 June 2025: £6.0m).

Introduction

The Pebble Group's core competency is to use its technology and sustainability expertise, deep industry understanding and global footprint to create long term relationships and grow its market share in the circa $50 billion promotional products market. Our two businesses, Facilisgroup and Brand Addition, hold market leading and differentiated positions in this industry, delivering strong margins and cash generation.

Facilisgroup: merges comprehensive software with proven playbooks and supplier buying power, helping promotional product distributors scale beyond typical growth plateaus

Revenue and profit analysis

Facilisgroup delivered a strong first half performance and continues to build momentum. In its home currency of USD, revenue was 7% ahead compared with HY 25, demonstrating the increasing strength of the business model. Reported revenue growth in GBP is 3% following the impact of foreign exchange movements.

The quality of the Facilisgroup recurring revenue model remains a key strength. Revenue is generated through two complementary streams: technology subscription fees from Partners and activity-based fees from Preferred Suppliers linked to Partner purchasing volumes. Both drivers supporting these revenues delivered growth during the period, with Partner GMV increasing by 8% and Preferred Supplier activity rising by 6%, demonstrating the health of the network and the value being created by the community.

During the Period, we continued to invest with confidence in the growth opportunity. Supported by a strong Partner lifetime value to cost of acquisition ratio, targeted investment has strengthened the foundations of the business increasing our ability to win new Partners and supporting existing Partners as they grow. While these investments moderate margins, with Adjusted EBITDA of 43% in line with the prior year, we are seeing encouraging returns, and the business is well positioned for an accelerated phase of sustainable growth.

A significant achievement has been the progress made in strengthening the quality and visibility of our recurring revenues. We entered H2 26 with a 12% increase in look forward ARR from technology subscription fee revenues compared to 31 December 2025. This growth stems from expansion within the existing Partner base, the addition of new Partners and the successful implementation of new technology subscription fee agreements.

These new agreements deepen long term Partner relationships, support the adoption of our enhanced technology platform and, as at 1 July 2026, extended contracted revenue visibility to twenty-two months. The transition has been well received by Partners, reinforcing our confidence in both the mission critical nature of the platform and the significant opportunity ahead.

The continued strength of the business is reflected in the quality of the Partner community. As at 7 September 2026, Facilisgroup had 258 Partners, compared with 253 at 31 December 2025. There were 16 new Partner wins, representing combined ARR 50% higher than the cohort added in the comparable prior year period. Five Partners exited through acquisition activity and six smaller Partners through normal attrition.

Facilisgroup has entered H2 26 with strong momentum, materially enhanced contractual revenue visibility and a growing Partner base. We are increasingly seeing the benefits of the investments and actions taken over the past two years, giving us confidence in our ability to deliver sustainable double digit revenue growth and meaningful value for all stakeholders.

Brand Addition: an end-to-end branded merchandise provider that enables companies of scale to build meaningful connections with their customers, employees and communities

Revenue and profit analysis

HY 26 revenue was £51.8m, 4% ahead of HY 25. This results from a combination of increasing momentum from new contract wins in 2025 and a robust contribution from existing clients where retention rates remain high.

Gross margins have continued to be strong, being 35.1% in HY 26 (HY 25: 35.6%) demonstrating the value creation for our clients. Alongside this, careful cost management has resulted in EBITDA of £4.2m (HY 25: £3.8m).

Brand Addition has a proven track record of attracting and retaining high quality, repeat revenue clients, which include many of the best-known brands in the world, by providing a range of complex services to deliver promotional merchandise strategies. These services are underpinned by our technology, creative product solutions with a strong and consistent sustainability focus and delivered across multiple geographies. We believe that Brand Addition is one of the few businesses with the skills, knowledge and experience to provide this level of service at scale and this supports our high client retention levels.

Most of Brand Addition's revenue is generated through approximately 70 client contracts and has a large addressable market to grow into. Brand Addition enters H2 26 with a strong new business pipeline and, as at 7 September 2026, orders received for FY 26 are 5% ahead of the same period in the prior year. We expect these year-to-date activities to support the delivery of results for FY 26 in line with market expectations.

Through the economic cycle, Brand Addition has proven that the high-quality nature of the client relationships and the embedded experience of the team, consistently deliver creditable financial results including excellent cash generation.

Group outlook

Facilisgroup entered the second half of 2026 with materially enhanced recurring revenue visibility and growing revenue momentum. Plus we expect Brand Addition to continue to deliver resilient growth, profitability and cash generation. These attributes underpin our confidence in the Group's ability to deliver FY 26 Group results in line with market expectations.

The Board continues to actively review its strategic opportunities to deliver shareholder value, including organic and inorganic investments, capital returns and the Group's structure.

Christopher Lee

Chief Executive Officer

CHIEF FINANCIAL OFFICER'S REVIEW

HY 26 Results

Revenue

Revenue for the Period to 30 June was £60.7m (HY 25: £58.6m), an increase of £2.1m (3.6%) compared to the same period in 2025. Facilisgroup's revenue was £8.9m (HY 25 £8.6m), a 3% increase in GBP. When measured in its home currency of USD, revenue was 7% ahead. This reflects the growth in GMV of existing Partners and new Partner wins which had a higher average ARR than those won in previous periods. The balance of the movement (£1.8m) relates to Brand Addition, where revenue from 2025 new contract wins is gaining momentum alongside a robust contribution from existing clients on excellent retention levels.

Gross profit

Gross profit as a percentage of revenue was 44.6% (HY 25: 45.1%) demonstrating the ongoing value created for clients at Brand Addition.

Adjusted EBITDA

Adjusted EBITDA was £6.6m (HY 25: £6.2m) made up as follows:

Depreciation and amortisation

The total charge for the Period was £4.2m (HY 25: £3.7m) of which £3.1m (HY 25: £2.6m) was the amortisation of intangible assets. The increase in the underlying expense from HY 25 arises as the increased investment in software development from its peak in 2023 and 2024 is now being charged to the income statement.

Share-based payments

The total charge for the Period under IFRS 2 "Share-based payments" was £1.0m (HY 25: credit £0.3m) and relates to the 2025 and 2026 awards made under The Pebble Group Long Term Incentive Plan ("LTIP") and Sharesave Plan.

Operating profit

Operating profit for the Period was £1.4m (HY 25: £2.8m) as the impact of increased sales volumes was offset by an increase in the charge for amortisation and share based payments.

Taxation

The tax charge for the Period was £0.3m (HY 25: £0.6m) and is based on the full year Group expected tax rate for 2026.

Basic earnings per share

The earnings per share analysis in note 5 covers both adjusted earnings per share (profit attributable to equity shareholders before amortisation of acquired intangibles and share-based payment credit, net of taxation, divided by the weighted average number of shares in issue during the Period) and basic earnings per share (profit attributable to equity holders divided by the weighted average number of shares in issue during the Period). Adjusted earnings were £1.8m (HY 25: £2.0m) meaning basic adjusted earnings per share was 1.25 pence per share (HY 25: 1.21 pence per share), an increase of 0.04 pence per share. Basic earnings per share was 0.62 pence per share (HY 25: 1.24 pence per share), a decrease of 0.62 pence per share.

Dividends

In March 2026 the Board announced a final dividend payment in respect of FY 25 of 2.0 pence per share. At this time, the Board does not intend to introduce the payment of an interim dividend. An update on the dividend payment in respect of FY 26 will be provided at the time of the full year announcement in March 2027.

Cash Flow

The Group had net debt of £1.2m at 30 June 2026 (Net cash 30 June 2025: £6.0m) after distributions of £7.9m (HY 25: £5.2m) through the previously announced dividend and Share Buyback Programme.

Cash flow for the Period is set out below:

The outflow in working capital in the Period was £5.2m (HY 25: £7.2m). This is in line with the normal in-year cycle which peaks in Q3.

Capital expenditure in the Period was £2.7m (HY 25: £2.3m). This relates principally to investment in technology development at Facilisgroup.

Tax paid in the Period was £0.3m (HY 25: £0.6m) and the movement reflects timing differences in payments on account in the UK and Canada.

Lease payments relate to leases capitalised in accordance with IFRS 16 "Leases".

Cash and liquidity

The Group's working capital cycle is following its expected profile, and Operating cash conversion remains strong. On 30 July, the Group completed its £7.0m Share Buyback Programme bringing total returns to shareholders to date in 2026 to £10.0m. (FY 25: £11.7m). Net cash as at 31 December 2026 is expected to be approximately £5.0m (31 December 2025: £9.6m).

Claire Thomson

Chief Financial Officer

CONSOLIDATED INCOME STATEMENT

1 Adjusted EBITDA, which is defined as operating profit before depreciation, amortisation and share-based payment (charge)/credit, is a non-GAAP metric used by management and is not an IFRS disclosure.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Items that may be subsequently reclassified to profit and loss

The Group has an Employee Benefit Trust (EBT) to administer share plans and to acquire shares, using funds contributed by the Group, to meet commitments to employee share schemes. At 30 June 2026, the EBT held 715,706 shares (30 June 2025: 94,225, 31 December 2025: 1,346,208 shares).

CONSOLIDATED CASH FLOW STATEMENT

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

GENERAL INFORMATION

The principal activity of The Pebble Group plc (the "Company") is that of a holding company and the principal activity of the Company and its subsidiaries (the "Group") is the sale of technology solutions, products and related services to the promotional merchandise industry. The Group has two segments: Brand Addition; and Facilisgroup. For Brand Addition, this is the sale of promotional products internationally, to many of the world's best-known brands. For Facilisgroup, this is the provision of digital technology, consolidated buying power and community learning and networking events to SME promotional product distributors in North America, its Partners, through subscription-based services.

The Company was incorporated on 27 September 2019 in the United Kingdom and is a public company limited by shares registered in England and Wales. The registered office of the Company is Broadway House, Trafford Wharf Road, Trafford Park, Manchester, England M17 1DD. The Company registration number is 12231361.

BASIS OF PREPARATION

These Condensed consolidated interim financial statements of the Group are for the 6 months ended 30 June 2026. They have been prepared on the basis of the accounting policies set out in the 2025 annual financial statements and in accordance with the requirements of UK-adopted IAS 34 "Interim Financial Reporting".

The Condensed consolidated interim financial statements are unaudited and do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. They should be read in conjunction with the Group's 2025 Annual report and financial statements which were prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006. The 2025 Annual report and financial statements have been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain a statement under Section 498 of the Companies Act 2006.

The Condensed consolidated interim financial statements are presented in the Group's functional currency of Sterling and all values are rounded to the nearest thousand (£'000) except when otherwise indicated.

Accounting Policies

The accounting policies adopted in the preparation of the Condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2025 as described in the Group's Annual report and financial statements for that year and as available on the Group's website (www.thepebblegroup.com).

Taxation

Taxes on income in the interim periods are accrued using management's best estimate of the weighted average annual tax rate that would be applicable to expected total annual earnings.

Alternative performance measures

Throughout the report, we refer to a number of alternative performance measures (APMs). APMs are used internally by management to assess the operating performance of the Group. These are non-GAAP measures and so other entities may not calculate these measures in the same way and hence are not directly comparable. The APMs that are not recognised under UK-adopted international accounting standards are:

• Adjusted EBTIDA;
• Adjusted operating profit;
• Adjusted profit before tax;
• Adjusted earnings; and
• Adjusted earnings per share (note 5).

A reconciliation of the APMs can be found in note 6.

The Board considers that the above APMs provide useful information for stakeholders on the underlying trends and performance of the Group and facilitate meaningful year-on-year comparisons.

Key risks and uncertainties

The Group has in place a structured risk management process which identifies key risks and uncertainties along with their associated mitigants. The key risks and uncertainties that could affect the Group's medium-term performance and the factors that mitigate those risks are set out in the Group's Annual Report which can be found on the Group's website (www.thepebblegroup.com). These have not substantially changed in the period.

Going concern statement

The Group meets its day-to-day working capital requirements through its own cash balances and committed banking facilities. The Group has a £10m Revolving Credit Facility to February 2029. In assessing the appropriateness of adopting the going concern basis in the preparation of these financial statements, the Directors have prepared cash flow forecasts and projections up to 31 December 2027.

The forecasts and projections, which the Directors consider to be prudent, have been further sensitised by applying reductions to revenue growth and margin, to consider a severe but plausible downside. Under both the base and sensitised case, the Group is expected to have headroom against covenants, which are based on interest cover and net leverage, and a sufficient level of financial resources available through existing facilities when the future funding requirements of the Group are compared with the level of committed available facilities. Based on this, the Directors are satisfied that the Group has adequate resources to continue in operational existence for at least 12 months from the date of signing the financial statements. For this reason, they continue to adopt the going concern basis in preparing the consolidated interim financial statements.

SEGMENTAL ANALYSIS

The Chief Operating Decision Maker (CODM) has been identified as the Executive Directors. The Directors have determined that the operating segments, based on these financial statements, are: Brand Addition; Facilisgroup; and Central operations.

Segment information about the above businesses is presented below.

Income statement for the 6 months ended 30 June 2026

Due to the timing on the delivery of orders, the Brand Addition segment of The Pebble Group plc traditionally raises a higher number of invoices in the period July to December which results in The Pebble Group plc's performance being weighted to the second half of the year.

All the above revenues are generated from contracts with customers.

Income statement for the 6 months ended 30 June 2025

INCOME TAX EXPENSE

The income tax expense for the 6 months ended 30 June 2026 is based upon management's best estimate of the weighted average annual tax rate expected for the full year ending 31 December 2026. The income tax expense is lower than the standard rate of 25% due to tax relief that the Group is claiming in relation to qualifying research and development costs it incurs in the USA. The income tax expense for the year ended 31 December 2025 was also lower than the standard rate of 25% due to tax relief for research and development costs.

EARNINGS PER SHARE

Basic earnings per share are calculated by dividing the earnings attributable to equity shareholders by the weighted average number of Ordinary Shares in issue during the period.

For diluted earnings per share, the weighted average number of Ordinary Shares in issue is adjusted to assume conversion of all potentially dilutive Ordinary Shares. The Company has potentially dilutive Ordinary Shares arising from share options granted to employees.

Options are dilutive under the Group Sharesave Plan (SAYE) where the exercise price together with the future IFRS 2 charge of the option is less than the average market price of the Company's Ordinary Shares during the period. Options under The Pebble Group plc Long Term Incentive Plan (LTIP), as defined by IFRS 2, are contingently issuable shares and are therefore only included within the calculation of diluted earnings per share if the performance conditions are satisfied at the end of the reporting period, irrespective of whether this is the end of the vesting period or not.

The impact of the potentially dilutive share options issued under the LTIP 28 March 2023, 26 March 2024, 9 September 2025, 30 April 2026 and the SAYE on 25 April 2023 and 11 October 2024 is: 0.01p for the 6 months ended 30 June 2026 (6 months ended 30 June 2025: nil, year ended 31 December 2025: 0.01p) in respect of statutory earnings per share; and nil for the 6 months ended 30 June 2026 (6 months ended 30 June 2025: nil, year ended 31 December 2025: 0.01p) in respect of adjusted earnings per share.

The calculation of basic earnings per share is based on the following data:

Statutory earnings per share

Adjusted earnings per share

The calculation of adjusted earnings per share is based on the after-tax adjusted profit after adding back certain costs as detailed in the table in note 6. Adjusted earnings per share figures are given to exclude the effects of amortisation of acquired intangible assets and share-based payment credit, all net of taxation, and are considered to show the underlying performance of the Group.

ALTERNATIVE PERFORMANCE MEASURES

Throughout the consolidated interim financial statements, we refer to a number of alternative performance measures (APMs). A reconciliation of the APMs used are shown below.

Adjusted EBTIDA

Proposed for approval at AGM (not recognised in the period)

As per the Trust Deed, the EBT waived its entitlement to a dividend on the shares held by the trust.

INTANGIBLE ASSETS

The Group tests annually for impairment, at the year end, or more frequently if there are indicators that goodwill might be impaired. There were no such indicators as at 30 June 2026.

PROPERTY, PLANT AND EQUIPMENT

LEASES

Amounts recognised in the consolidated statement of financial position

In addition to the right-of-use assets included within note 9, the consolidated statement of financial position shows the following amounts relating to leases:

Lease liability

Amounts recognised in the consolidated income statement

The consolidated income statement shows the following amounts relating to leases:

SHARE CAPITAL

The authorised, issued and fully paid number of shares are set out below.

In March 2026, the Group commenced a share buyback programme to repurchase up to £5 million of its own shares. During the 6 months ended 30 June 2026, 8,335,500 Ordinary Shares with a total nominal value of £83,355 were bought back by the Company for a total consideration, including transaction costs, of £4.86 million, charged to retained earnings (6 months ended 30 June 2025: 5,405,908 Ordinary Shares with a total nominal value of £54,059 for a total consideration, including transaction costs of £2.22 million). The Company subsequently cancelled these shares which resulted in a reduction in share capital of £83,355 (6 months ended 30 June 2025: £54,059), with a corresponding increase in the capital reserve.

In the 6 months ended 30 June 2026, the EBT purchased a total of 650,000 Ordinary Shares at an average price of £0.52 per share, which were used to satisfy the exercise of 1,280,503 LTIP options. The EBT did not sell any shares and the remaining 715,706 shares are held by the Trust.

FINANCIAL INSTRUMENTS

The fair values of all financial instruments included in the consolidated statement of financial position are a reasonable approximation of their carrying values.

SHARE-BASED PAYMENTS

In the 6 months ended 30 June 2026, the Group operated equity-settled share-based payment plans.

The Group recognised a total charge of £982,000 in respect of equity-settled share-based payment transactions for the 6 months ended 30 June 2026 (6 months ended 30 June 2025: credit of £333,000, year ended 31 December 2025: charge of £331,000).

On 30 April 2026, members of the senior management team below the Executive Director level were granted a total of 2,563,580 share options under the LTIP. The awards will vest in two tranches over a 24-month period, subject to continued employment. The awards are subject to malus and clawback.

SUBSEQUENT EVENTS

On 9 July 2026, the Company announced that it increased the maximum aggregate consideration of the Original Share Buyback Programme by £2.0 million, taking the programme to a total of £7.0 million.

On 30 July 2026, the Company announced the completion of the Share Buyback Programme. In total, the Group repurchased 12,236,837 ordinary shares for a total consideration of £7.0 million, representing an average price per share of 57.20 pence.