Trading Update and Notice of Results

Tribal (AIM: TRB), a leading provider of software and services to the international education market, is pleased to provide an update on trading for the year ended 31 December 2025 ("FY25").

Tribal expects to report a positive close to FY25, delivering revenue and adjusted EBITDA slightly ahead of the recently upwardly revised market expectations.1

Importantly, Tribal closed FY25 with a substantially improved net cash position of £11.4m, significantly ahead of current market forecasts (FY24: net debt of £3.2m), reflecting a considerable improvement in profitability, reduced capex requirements within the business, an exceptional working capital performance and a one-off advance customer payment of £3.2m. The return to a net cash position in FY25 marks an important step for the Group, demonstrating the growing levels of cash generation and improved operational leverage within the business, providing the Board with confidence in strong future cash generation.

The strong financial performance reflects healthy demand for Student Information Solutions ("SIS"), with key go-lives including University of Warwick, University of Wolverhampton and University of the Arts London, and significant product upgrades. Etio, Tribal's education services business, also delivered an improved contribution, benefitting from operational efficiencies and the strategic changes implemented in FY24.

Closing Annual Recurring Revenue (ARR2) increased by 11% to £63.3m (FY24: £57.0m at constant currency) driven by both new customer wins and upgrades, and the implementation of the Higher Education Full-Service ("HEFS") subscription licence. Contracted ARR3 increased by 14% to £65m (FY24: £57m at constant currency).

The deployment of HEFS is progressing well and already delivering results, with a large proportion of Tribal's Higher Education customers now signed up to the licence. The subscription-based model provides greater revenue visibility, margin resilience and improved cash flow generation, as well as facilitating deeper engagement with customers and supporting the next step of migration to Tribal cloud.

Outlook

The Group remains committed to driving recurring revenue growth and cloud adoption, in line with its overarching strategic objective to transform into a SaaS business.

Continued financial pressure on the Higher Education sector from constrained funding and cost inflation is accelerating demand for secure, cost-effective and fully supported digital transformation, supporting greater efficiency in their student interactions and processes. These factors and the strength of the Group's offerings, customer relationships and deep sector expertise, provide the foundations for long-term, sustainable growth.

Supported by a strengthened balance sheet, growing ARR and a strong base of long-term customer relationships, the Board is confident in continued SaaS momentum in FY26 and the delivery of a consistent financial performance, and as such, expects to deliver an adjusted EBITDA and cash performance in FY26 ahead of current market expectations.

Notice of Results

The Group expects to announce its audited full year results on Thursday, 26 March 2026.

Mark Pickett, CEO of Tribal Group, commented: "FY25 has been a transformational year for Tribal, delivering improved profitability, a return to a net cash position, and significant progress against our SaaS strategy. We are particularly encouraged by the significant proportion of Higher Education customers now onboarded to our subscription model, which not only delivers a stronger base of recurring revenue and drives broader adoption of Tribal's portfolio, but provides a clear and proven pathway to cloud migration, deeper customer engagement and long-term value creation. We have entered FY26 in an increasingly healthy position and now anticipate a profit and cash performance ahead of current market expectations."

1 In so far as the Board is aware, as at 28 January 2026, consensus market expectations for FY25 were Revenue of £90.75m, adjusted EBITDA of £16.5m, and Net cash of £5.00m; and for FY26 were Revenue of £91.75m, adjusted EBITDA of £15.9m and Net cash of £4.15m.

2 ARR is annual recurring revenues at period end (a forward-looking metric), which includes the exit rate annualised recurring revenue, plus contracted recurring revenue within a 12-month timeframe and in some cases yet to be delivered, including known losses within the next 12 months where customers have a high probability of ending or have given notice. This is an additional metric that has been included for increased transparency.

3 Contracted ARR, as used in prior announcements, takes the annual recurring revenue as at the end of the contract, as some contracts ramp up over time, including known losses.

Mark Pickett, Chief Executive Officer Diane McIntyre, Chief Financial Officer & Company Secretary

Caroline Forde, Hannah Campbell, Emma Thompson