Completion of Refinancing

ProService Building Services Marketplace Plc (AIM: PRO) ("ProService", the "Company" or the "Group") is pleased to announce that the refinancing announced on 29 June 2026 has today completed, following approval of the relevant resolutions by shareholders at the General Meeting held on 17 July 2026.

As previously announced, the refinancing comprised:

• up to £25 million of floating rate secured[1] Convertible Loan Notes due 2031, issued to Ravensworth (International) Limited (the "CLN"); and
• a £35 million asset-based lending revolving credit facility ("ABL Facility") provided by Leumi UK Group Limited[2].

Certain of the proceeds from the CLN and the ABL Facility have been applied to repay the £37.9 million outstanding under the Group's Senior Facilities Agreement and associated Revolving Credit Facility (the "Debt Facility"), which were due to mature on 30 September 2026. The Company confirms that the existing Lenders under the Debt Facility have now been repaid in full and that all associated security has been released.

Total availability under the ABL Facility at inception is c£27 million, against a maximum facility of £35 million and this availability is expected to change over time, in line with the Group's trading performance and approved receivables base. Of this, an initial amount of £19 million of the ABL Facility was drawn on Completion to fund part of the repayment referred to above, and to meet immediate working capital needs, leaving the Group with further available liquidity of £8 million under the ABL Facility, based on the current approved receivables base. The full £25 million was drawn under the CLN.

Following Completion, the Group has no near-term refinancing requirement and benefits from a stable financing platform to support its growth plan. Pro-forma Net debt at completion was £36.9 million.

Current Trading Update

Further to the trading update provided in the Company's announcement dated 29 June 2026, the Board confirms that the Group has continued to perform well, with Group revenue for the first quarter up over 15% year-on-year, supported by the new commercial agreement with Speedy Hire.

Whilst economic uncertainly continues to impact the Group's customers, the Board believes that FY2027 will be a transitional year for ProService. Given the potential volatility in the UK economy, the Board believes a prudent approach is required and therefore reiterates that FY2027 underlying EBITDA for the Group is expected to be between £9 million and £12 million, as previously announced on 1 May 2026.

Full Year Results

The Group intends to release its full year results for the year ended 31 March 2026 in or around early September 2026.

Potential Equity Fundraising

As announced on 29 June 2026, in addition to the Proposed Refinancing, the Board has been discussing a potential Equity Fundraising, which if carried out would provide additional working capital for the Group, enabling it to continue with the delivery of its marketplace strategy.

Shareholders should note that no formal decision has been taken by the Board to proceed with an Equity Fundraising, nor as to the possible terms of any such Equity Fundraising.

Greig Thomas, Chief Financial Officer of ProService, commented:

"Completion of this refinancing marks a significant step forward for the Group. Repaying our previous facility ahead of its maturity and replacing it with a stable platform gives the Group certainty - both in the funding itself and in the runway to deliver our long-term growth strategy. The ABL and CLN, at interest rates of SONIA + 2.1% and SONIA plus 2.5% respectively, provide a very cost-effective and flexible package. I would like to thank our new lenders, Ravensworth and Leumi UK, and our advisers, for their support in bringing this to completion, and our shareholders for their backing at the General Meeting. We now move forward from a position of financial strength and operational momentum to deliver value for our stakeholders."

Other than where defined, capitalised terms used in this announcement have the meanings given to them in the announcement by the Company on 29 June 2026.

[1] The Convertible Loan Notes are guaranteed by the Guarantor (being HSS Training Limited) and secured by both a fixed charge over the Guarantor's entire issued share capital and an all asset debenture granted by the Guarantor. Any enforcement action is subject to a standstill period as set out in the CLN Instrument.

[2] The ABL Facility is secured by an all asset debenture granted by the Company, Hampshire Topco Limited, Hero Acquisitions Limited and HSS ProService Limited, with HSS ProService Limited also assigning all of its receivables to the ABL Lender. The shares held by HSS ProService Limited in HSS Training Limited are also subject to a floating charge in favour of the ABL Lender.