UK small-cap RNS · 11 Jun 2026

Moved: new: Edge AI ASIC supply contract – Production tape-out completed; tooling and samples next

Moved: Return £185m of Escode proceeds via £170m tender offer and £15m buyback: changed → on_track – The method is now set as a £170m tender offer followed by a £15m buyback. It is subject to a capital reduction and circular. · Cyber strategic options review: Review ongoing; return method awaits outcome → Review concluded; company stays listed (closed)

Moved: FCM outflows: net reduction of £249m in FY26 → Resolved by agreed sale of FCM (closed) · new: FCM sale to Guinness – Agreed; completion expected Q3 2026

Moved: CEO succession: Recruitment progressing; Chairman to cover interim → Successor named; starts 13 July 2026

Moved: New store development pipeline: 3 of 8 FY26 openings done; pipeline on track → 4 openings in H1; £86m FY26 new-store capex

Moved: Cash conversion greater than 90% (medium term): on_track → delivered – Cash conversion of 116% is well above the 90% target. · Return on capital employed greater than 20% (medium term): on_track → delivered – Underlying ROCE reached 20.0%, in line with the target of greater than 20%. · Deliver SBTi-validated emissions targets by 2028, cutting scope 1 and 2 emission: on_track → delivered – The 2028 SBTi Scope 1 and 2 target is already met, and the targets will be reset.

Moved: Core CEE network refocus and new bases: May traffic +26%, Italian bases growing, Tel Aviv resumed → Capacity growing; unit revenue guided down in Q1 · F26 guidance cut: Breakeven guidance; May traffic supportive, no new guidance → F26 delivered at breakeven; no F27 guidance · GTF engine groundings: Groundings easing: 33 aircraft → Groundings easing faster than expected

Moved: Portfolio disposal and capital return: Buyback started; wider capital return planned → Buyback under way; wider return depends on GM · St James's Gate Newcastle refurbishment: £1.3m contract placed for two floors → Refurbishment complete; letting needed

Moved: New strategy and operating model: Executing; tech-led bolt-on proposed → Executing; H1 progress, Obviously acquisition completed

Moved: FY25 guidance and FY26 recovery: FY25 delivered in line; FY26 growth targeted → Four months in line; FY26 growth targeted · Share buyback programme: Buyback to be enlarged in place of dividend → Ongoing buyback programme · CEO succession and interim leadership: Rabbatts Executive Chair since early April → Rabbatts Executive Chair; no CEO named

Moved: Going concern uncertainty: Recapitalisation proposed, non-binding, terms unagreed → Costs settled in shares; recapitalisation still unagreed

Moved: SMCC integration and enlarged Group: Integration; Wave exclusive framework signed → Integration; Wave and Lloyds programmes expanding

Moved: new: Record European GBAD supply contract – Order secured; four-year delivery starting · Systems unit path to profitability: FY25 performance below expectations; revenue up 157% → Order intake improving; profitability not yet stated

Moved: Deliver £100m underlying EBITDA by end of FY26: delayed → missed – FY26 underlying EBITDA came in at £92.0m, short of the £100m target due by end of FY26. · Net revenue growth of 5-8% a year through FY28: pending → on_track – Target growth rate reaffirmed, though FY26 net revenue grew only 1.7% so delivery depends on reorganisation benefits. · Launch self-service kiosks and extend Royal Mail shop across Collect+: on_track → delayed – Royal Mail Shop extended to 8,500 sites, but self-serve kiosks are only to be piloted in H1 FY27, past the Q4 FY26 deadline.