Year End Trading Update

ProService Building Services Marketplace Plc ("PRO" or the "Group"), the asset-light, pure-play digital marketplace business announces the following trading update for the financial year ended 31 March 2026 (the "Period").

Trading

The Group delivered a resilient top-line performance in the Period despite a difficult market backdrop. Revenue from continuing operations1 is expected to be £248m2, reflective of slower than anticipated progress in mobilising and ramping up the supply agreements with Speedy Hire (as announced on 6 October 2025) ("Supply Agreement") alongside broader macroeconomic pressures - particularly within the UK construction sector, which has weighed on demand across parts of the Group's end markets. Adjusted EBITDA for the Period is expected to be at breakeven, in line with market expectations3.

Operational progress

During the Period, strong progress was made on executing the Group's transformation programme, including entering into the Supply Agreement.

PRO continues to grow its proposition as a pure-play marketplace platform and develop its market presence, with a broad range of buyers having signed up for platform access and a healthy pipeline of potential new large buyers attracted to its proposition.

PRO continues to focus on frictionless transactions and is working on further automation, augmented by AI, which will allow the Group to reduce operational costs and improve its offering to both buyers and sellers.

Speedy Hire Commercial Supply Agreement

The Supply Agreement and dealings with Speedy Hire commenced on 17 November 2025. As previously announced, early trading post-completion was positive, however some operational challenges were experienced as volumes increased and due to the scale of the mobilisation.

Encouragingly, volumes transacted with Speedy Hire are now trending towards the targets set at the time of entering into the Supply Agreement.

Our exclusive contract to supply rehire, certain resale, and training services to Speedy Hire's customers continues to represent a material revenue growth opportunity and the Board remains confident that the Supply Agreement will enhance PRO's net margins and be earnings-accretive in the financial year ending March 2027.

Refinancing

The Group's net debt as at 31 March 2026 was £27.2m (pre-IFRS16), which included total bank debt of £40.9m comprising £35.9m of term debt and £5.0m revolving credit facility ("RCF"). The Group's debt facilities are due to expire in September 2026. Discussions regarding the refinancing of the Group's debt facilities are ongoing with a number of parties. Wider macroeconomic and geopolitical issues have resulted in discussions taking longer than previously guided, with completion of the refinancing now expected by the end of August, ahead of the relevant maturity date. As previously announced, successful completion of such refinancing is expected to resolve outstanding covenant issues.

Current Trading & Outlook

As previously announced, FY27 is expected to be a transitional year and this is now set against an uncertain macro-economic backdrop which is having an impact on both our buyers and sellers. Given the potential volatility in the UK economy, the Board believes a prudent approach is required and therefore FY27 underlying EBITDA is expected to be between £9 million and £12 million.

Further detail will be provided with the Group's preliminary results which are expected to be reported in late summer, following completion of the refinancing.

• Results for the Period included The Hire Service Company ("THSC") until its disposal on 17 November 2025. Continuing Operations also excludes THSC and HSS Ireland which was sold in May 2025.
• Results remain subject to audit.
• For the purpose of this announcement, the Group believes market consensus for FY26 for the continuing operations of ProService to be revenues of £260m and underlying EBITDA of breakeven and for FY27 to be revenues of £375.8m and underlying EBITDA of £19.6m.