For the six months ended 30 September 2025
25 November 2025
Dev Dhiman, CEO
years experience
identity checks every year
Powering over
customers around the world
across
countries
bad transactions blocked per year
Document types
across
countries
Address validations per second
Address data in
countries & territories
available in
languages
Identity data in
countries
Addresses verified per year
listed
our customers
Win more
Unlock
Optimise
Turnaround Americas
Operating Model
Transition to GBG Go
Accretive M&A
Share buybacks
with industry experience
new business YOY
renewals w/ min. commit in Q2
team
legacy platform sunset
• Money 2020 photo
faster activation
renewal pipeline
w/ min. commit
Increasing our pace of growth through new customers wins
Momentum accelerates opportunity to upgrade existing customers, driving cross-sell
The adaptive platform meets evolving customer needs, building advocacy
Win
new logos
Enabling rapid Innovation
Build once globally
Unlock cross-sell
Accelerated growth
Sustainable differentiation
Drive
Customer advocacy
Unlocks efficiency
Delivering growth through a focus on GBG's strategic customers
Meaningful revenue accelerator
Singular ownership of largest accounts
Hardwiring cross-sell into pay plans
Investing in a GBG-wide
innovation system
Delivering on the opportunity to combine all our assets to create powerful new solutions
Embedding simplicity & global alignment into GBG's DNA
Ensuring prioritisation of key initiatives
Reducing cost and duplication, enabling reinvestment into key initiatives
On pace for the turnaround
Encouraging early proof points
Driving the Americas turnaround
Americas returns to growth
Continued focus on driving GTM execution & improving metrics
Platform launched in April
18 new customer wins
Integrated Digital Identity capability
Transition to
GBG Go platform
Execute on strong sales pipeline
Deliver no code & AI-driven insights
Functional operating model
Combined product & tech teams
Created GBG innovation lab
Unlock
synergies
Functional operating model
Next phase focused on Go to Market
Continue to reinvest efficiencies
Executed share buybacks
Completed accretive bolt-on acquisition
in Australia
Optimise capital allocation
Deploying our free cash flow to drive
growth and shareholder returns
for the six months ended 30 September 2025
David Ward, CFOPerformance reflects underlying momentum and strong profitability
Revenue
1.8% CCY growth
+4.4% underlying growth adjusting for two specific short-term factors in Identity
Underpins expected mid-single-digit growth in 2H26
Operating profit
growth2 (CCY)
Operating profit² of
£29.5m benefitting from ongoing cost discipline
12m-rolling
cash conversion
Net debt of £66.6m
Net debt / EBITDA leverage now 0.96x due to share
buybacks and dividend payment
FY26 committed
shareholder returns
£11m FY25 annual dividend payment
£35m of share buyback programmes announced in H1
Additional £10m of buyback announced today
¹ Constant currency = CCY
² On an adjusted basis
Delivered good operating profit margin while enabling growth-focused investment
1H26
£m
1H25
£m Growth
CCY
growth
Revenue | 135.5 | 136.9 | (1.0)% | 1.8% |
Gross profit | 94.9 | 95.3 | (0.5)% | |
Gross profit margin % | 70.0% | 69.6% | +40bps | |
Adjusted operating expenses | (65.4) | (66.3) | (1.5)% | 1.1% |
Adjusted operating profit¹ | 29.5 | 29.0 | +1.9% | 4.6% |
Adjusted operating profit margin %¹ | 21.8% | 21.2% | +60bps | |
Net finance costs | (2.6) | (3.8) | (31.7)% | |
Adjusted profit before tax | 27.0 | 25.2 | +6.9% | |
Adjusted effective tax rate % | 23.0% | 26.5% | -350bps | |
Adjusted earnings Adjusted diluted earnings per share | 20.7 | 18.5 | +11.9% | |
8.2 | 7.3 | +12.6% |
Adjusted operating expense increase of just 1.1% CCY as disciplined cost management offset inflation
Adjusted operating profit up 1.9% (up 4.6% CCY)
Strong adjusted diluted EPS growth of 12.6% reflects profitability and lower net interest & tax costs
Exceptional items
£2.2m due to continued transformation actions increasing our simplicity and global alignment
£1.4m related to costs for admission to the main market on 30 October 2025
Exceptional items
(3.6)
-
¹ Adjusted operating profit is stated before amortisation of acquired intangibles, share-based payments and exceptional items
Underlying revenue growth driven by strong new logo wins
Revenue bridge
Excluding the impact of Santander & Compliance platform
Constant currency revenue
growth 1.8%
CCY
adjustment
1H25 reported revenue
1H25 CCY
revenue
1H26 reported revenue
Underlying growth 4.4%
Adjustment for 1H25 Santander volumes + Compliance retirement
£133.2m
£135.5m
£136.9m
Reported revenue decline 1.0% includes a 2.8%
currency translation headwind
Revenue growth on a constant currency basis (CCY) 1.8%
- 4.4% excluding two short-term factors in identity
- 95% repeatable revenue, of which, 54% is subscription-based
Underlying NRR trend has stabilised with a clear opportunity for improvement
Underlying trend stable
~ 100%2H23 | 1H24 | 2H24 | 1H25 | 2H25 | 1H26 | |
NRR | 91.1% | 94.0% | 99.0% | 102.6% | 101.1% | 97.8% |
New logo | 3.3% | 3.0% | 2.9% | 2.3% | 3.1% | 4.1% |
Strong growth from new logo 4.1% (1H25: 2.2%)
Net revenue retention 97.8% reflects Santander volume in PY and tariff-related volume weakness for Location
- Underlying NRR trend is stable with clear
opportunity for improvement
Note: NRR or Net revenue retention is a 12-month rolling year on year comparison of our revenue from existing customers
Underlying growth driven by EMEA & APAC; Americas well-positioned for second half growth
Enabling our global customer base to build trusted relationships through our portfolio of data and document identity verification solutions to deliver strong match rates to onboard good individuals and prevent the growing impact of origination fraud.
Key sectors: Financial services, Gaming & Enterprise partners
Key regions: Americas, EMEA & APAC
63% of Group revenue Revenue
1H26 £86.0m up 0.4%¹
1H25 £85.6m
Contribution margin28%
(1H25: 29%)
Underlying Identity revenue growth improving
£m, constant currency
5.1%
decline
1.2%
growth
3.9%
growth
2.8%
growth
4.5%
growth
1H24
2H24
1H25
2H25
1H26
Growth driven by EMEA & APAC, notably new logo success
Americas Identity turnaround on track and
positioned for growth
Go platform secured 18 new logo wins with a strong pipeline
Notable 1H26
¹ Growth stated on a constant currency basis
Resilient performance driven by channel partner activity in support of AI adoption
Delivers precise location and address data solutions that enhance user experience, data quality, conversion rates, and delivery accuracy.
Key sectors: Retail, Enterprise partners &
Financial services
Key regions:
EMEA,
Americas
30% of Group revenue
Revenue1H26 £40.7m up 4.8%¹
1H25 £39.5m
Contribution margin40%
(1H25: 38%)
Delivered resilient growth despite Q1 softness related to tariff uncertainty
Strong partner channel activity driven by demand for master data capabilities to support AI adoption
Notable 1H26
¹ Growth stated on a constant currency basis
Growth driven by strong renewals; new hires strengthening our proposition in our addressable markets
Delivers on-premise fraud prevention and transaction monitoring software capabilities that offer realtime protection and regulatory compliance against modern- day financial crime
Key sectors:
Financial services
Key region:
Europe, APAC
7% of Group revenue
Revenue1H26 £8.9m up 1.4%¹
1H25 £9.0m
Contribution margin39%
(1H25: 25%)
Growth of 1.4% on a CCY basis driven by strong subscription renewals
Strong contribution margin of 39% (1H25: 25%) reflects strategic investment focused firmly on Identity to drive biggest impact on shareholder value
Notable 1H26
¹ Growth stated on a constant currency basis
FY25 final dividend
Transformation costs
Share buyback Programme
Bolt-on M&A
DataTools acquisition in ANZ (~£8m)
31 March 2025
leverage:
0.7xShare buyback programmes (~£45m)
1H26: Completed £17m
Expect to complete a further £18m by 30 November 2025
Transformation (~£7m exceptional items)
Investment accelerating our growth and
simplification
AIM to Main Market costs
Additional £10m buyback announced today
Indicative
31 March 2026
leverage:
~1.0xFY25 Final dividend (~£11m)
Reflected a 4.8% increase in final dividend per
share to 4.4p (FY24: 4.2p)
FY26 indicative
free cash flow
FY26 capital
allocation
Well-positioned for
second half growth
Dev Dhiman, CEO
MGBG
SVmmery end QGA
AIM to Main
1st share buybacks
Turnaround Americas
1st acquisition
Transition to GBG Go
Operating Model
1H FY26 investor roadshow
November/December 2025
Headquartered in the UK, we are a global identity technology business, enabling safe and rewarding digital lives for genuine people, everywhere.
We provide mission-critical services that protect against digital crime, strengthening business resilience and driving responsible growth, at scale across a diverse range of sectors.
Today, our team of over 1,100 people serve more than 20,000 customers globally. GBG is a publicly traded company on the LSE Main Market (LSE: GBG).
Digital transformation
Customer experience
Industrialised fraud
& financial crime
Increased regulation
& compliance
years experience
identity checks every year
Powering over
customers around the world
across
countries
bad transactions blocked per year
Document types
across
countries
Address validations per second
Address data in
countries & territories
available in
languages
Identity data in
countries
Addresses verified per year
listed
Automated, scalable and technology-first, GBG powers the identity needs of over 20,000 organisations
in branch
at home
on the move
Enhance and cleanse customer data to
deliver a better customer experience
Identity verification through the use of a wide range of data Sources
Verification includes use of face match or liveness detection
Locating individuals and supporting fraud and criminal Investigations
Monitor customer behaviour to identify fraud
Our business has three reporting segments: Location, Identity and Global Fraud Solutions
~30% of FY25 Group revenue
Key sectors: Retail, Enterprise partners & Financial services,
Key region: EMEA, Americas
Delivers precise location and address data solutions that enhance user experience, data quality, conversion rates, and delivery accuracy.
Enabling our global customer base to build trusted relationships through our portfolio of data and document identity verification solutions to deliver strong match rates to onboard good individuals and prevent the growing impact of origination fraud.
~62% of FY25 Group revenue
~8% of FY25 Group revenue
Key sector: Financial services
Key region:
APAC
Provides fraud prevention solutions that offer real-time protection and regulatory compliance against modern- day financial crime
Key sectors: Financial services, Gaming & Enterprise partners
Key region: Americas, EMEA & APAC
Note: *FY26 segmental change
Following a strategic review of the Fraud prevention business mostly operating in emerging markets generating the majority of the Fraud segment revenues (8% of Group revenue) will now operate standalone business to drive growth opportunities. Our UK-focused Identity investigation solution (6% of Group), previously within the Fraud segment, will now be reported within our Identity Fraud segment from FY26.
25
1H26 Results November 2025
Solutions delivered through a mix of commercial models, with diversity on a sector & geographic basis
High repeatable revenue
5% 54%
1H26
Group revenue
41%
~95%
repeatable revenue
Subscription-based (1H25: 54%)
Consumption-based (1H25: 41%)
Non-repeatable (1H25: 5%)
39%
15%
4%
5%
6%
Group revenue
1H26
9%
10%
12%
Financial Services (1H25: 42%) Enterprise partners (1H25: 9%) Gaming (1H25: 9%)
Retail (1H25: 11%)
Prof. Services (1H25: 5%)
Tech (1H25: 6%)
Public Sector (1H25: 4%)
Other1 (1H25: 15%)
1. Other incl. Travel & leisure, Utilities & telcos, Autos and Manufacturing
11%
35%
1H26
Group revenue
18%
32%
USA (1H25: 35%)
UK (1H25: 32%)
APAC (1H25: 18%)
Europe (1H25: 10%)
Rest of World revenue is 4% (1H25: 5%)
Delivered strong profitability and cash generation as we focus on re-accelerating growth
Revenue
3.0% YoY constant currency growth
Resilient given macro backdrop and ongoing turnaround in Americas Identity
95% repeatable revenue
Adjusted operating profit
Up 9.5% benefitting from ongoing cost discipline representing a 23.7% operating margin
17.4p adj. diluted eps
was up 14.9% reflecting strong profitability and reduced net interest costs
Net debt
£32.4m lower
Driven by 91.3% cash conversion
Net debt / EBITDA leverage now 0.7x creates optionality in capital allocation
Final dividend 4.4p
per share, up 4.8%
Focused on building
Reported revenue (£m)
FY21 FY22 FY23 FY24 FY25
Adjusted operating profit1 (£m)
FY21 FY22 FY23 FY24 FY25
FY25 | 101.1% | 3.1% |
FY24 | 99.0 | % 2.9% |
FY23 | 91.1% | 3.3% |
Net revenue retention (NRR)
NRR for Identity and Location continues to improve
New Logo growth
5.0% ARR growth for Fraud segment
Note:
Net revenue retention is a 12-month rolling year on year comparison of our revenue from existing customers
1H26
£m
1H25
£m Growth
Revenue Cost of sales | 135.5 (40.6) | 136.9 (41.6) | (1.0)% |
Gross profit | 94.9 | 95.3 | (0.5)% |
Gross profit margin % | 70.0% | 69.6% | |
Adjusted operating expenses | (65.4) | (66.3) | |
Adjusted operating profit | 29.5 | 29.0 | +1.9% |
Adjusted operating profit margin % | 21.8% | 21.2% | +60bps |
Share-based payments | (2.7) | (2.2) | |
Amortisation of acquired intangibles | (16.5) | (17.4) | |
Exceptional items | (3.6) | - | |
Operating profit | 6.7 | 9.4 | |
Net finance costs | (2.6) | (3.8) | |
Profit before tax | 4.1 | 5.6 | |
Tax charge | (2.1) | (4.1) | |
Profitafter tax | 2.0 | 1.6 | |
Focus on simplicity & efficiency drives margin improvement and underpins growth initiatives
Reconciliation of operating expenses
1H26
£m
1H25
£m
%
change
CCY*
adjustment
1H25 at
CCY
% CCY
change
Reported operating expenses Amortisation of acquired intangibles Equity-settled share-based payments Other exceptional items | 88.2 | 85.9 | 2.7% | (2.4) | 83.5 | 5.6% |
(16.5) (2.7) (3.6) | (17.4) (2.2) - | (5.2)% 22.7% - | 0.7 0.1 - | (16.7) (2.1) - | (0.9)% 27.1% - | |
Adjusted operating expenses | 65.4 | 66.3 | (1.4)% | (1.6) | 64.7 | 1.1% |
*Constant currency = CCY
Exceptional items£2.2m due to continued transformation actions
increasing our simplicity and global alignment
£1.4m related to costs for admission to the main market on 30 October 2025
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Disclaimer
GB Group plc published this content on November 25, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 25, 2025 at 16:17 UTC.
