Endava Q2 2026 revenue £184.1m, EPS turns loss
Endava plc reported weaker results for Q2 FY2026 as it ramps AI investments.
Rhea-AI Filing Summary
Endava plc reported weaker results for Q2 FY2026 as it ramps AI investments. Revenue was £184.1 million, down 5.9% year over year, though up 3.3% from Q1’s £178.2 million. At constant currency, revenue declined 5.1%.
The company swung to a loss before tax of £7.2 million versus a £2.5 million profit a year earlier. Diluted EPS was £(0.13) compared with £0.11, while adjusted diluted EPS fell to £0.16 from £0.30 as the adjusted profit before tax margin dropped to 5.8% from 11.2%.
Operating cash generation remained solid but softer, with net cash from operating activities of £28.2 million versus £32.0 million and adjusted free cash flow of £20.1 million versus £31.6 million. Cash and cash equivalents increased to £68.5 million from £59.3 million at June 30, 2025.
Client and headcount metrics softened: clients over £1 million in trailing-12‑month revenue fell to 135 from 141, and headcount edged down to 11,385 from 11,668. Endava has repurchased 8,047,338 ADSs for $121.9 million, with $28.1 million remaining under its authorization.
For Q3 FY2026, Endava guides revenue to £182.0–£185.0 million, implying a constant-currency decline of 4.0% to 2.5%, and adjusted diluted EPS of £0.18–£0.21. For full-year FY2026, it expects revenue of £736.0–£750.0 million, a constant-currency decline of 3.5% to 1.5%, and adjusted diluted EPS of £0.80–£0.86.
Positive
- Solid cash generation and liquidity: Q2 FY2026 net cash from operating activities was £28.2 million and adjusted free cash flow was £20.1 million, while cash and cash equivalents rose to £68.5 million from £59.3 million at June 30, 2025.
- Meaningful share repurchases: As of January 31, 2026, Endava had repurchased 8,047,338 American Depositary Shares for $121.9 million, with $28.1 million remaining under the existing authorization.
Negative
- Revenue contraction and loss-making quarter: Q2 FY2026 revenue declined 5.9% year over year to £184.1 million, and the company reported a £7.2 million loss before tax versus a £2.5 million profit in the prior-year quarter.
- Sharp margin and EPS deterioration: Adjusted profit before tax fell to £10.7 million with a 5.8% margin from £21.8 million and 11.2%, and adjusted diluted EPS dropped to £0.16 from £0.30 year over year.
- Softer client and growth outlook: Clients generating over £1 million in annual revenue decreased from 141 to 135, and guidance for FY2026 implies constant-currency revenue decline between 3.5% and 1.5% with lower adjusted EPS than the prior year.
Insights
Endava shows revenue decline, margin compression and cautious guidance despite solid cash flow and buybacks.
Endava delivered Q2 FY2026 revenue of £184.1 million, down 5.9% year over year and 5.1% lower at constant currency. The shift to AI-native capabilities appears to be weighing on near-term profitability, with loss before tax of £7.2 million versus a prior-year profit.
Adjusted profitability weakened meaningfully: adjusted profit before tax fell to £10.7 million with a 5.8% margin, roughly half the 11.2% margin a year earlier, and adjusted diluted EPS declined from £0.30 to £0.16. Client metrics also softened, with clients contributing over £1 million in annual revenue dropping from 141 to 135.
Cash generation, however, remained healthy, with Q2 net cash from operating activities of £28.2 million and adjusted free cash flow of £20.1 million. The company held £68.5 million of cash at December 31, 2025 and has repurchased 8,047,338 ADSs for $121.9 million. Guidance for Q3 and full-year FY2026 points to continued revenue decline at constant currency and lower adjusted EPS versus the prior year.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Endava (DAVA) perform financially in Q2 FY2026?
Endava reported Q2 FY2026 revenue of £184.1 million, down 5.9% year over year. It posted a loss before tax of £7.2 million versus a £2.5 million profit a year earlier, and diluted EPS declined to £(0.13) from £0.11.
What were Endava’s adjusted earnings and margins in Q2 FY2026?
Endava’s adjusted profit before tax in Q2 FY2026 was £10.7 million, representing a 5.8% margin versus 11.2% a year earlier. Adjusted profit for the period was £8.6 million, and adjusted diluted EPS fell to £0.16 from £0.30.
What guidance did Endava (DAVA) give for Q3 FY2026 and full-year 2026?
For Q3 FY2026, Endava expects £182.0–£185.0 million of revenue and adjusted diluted EPS of £0.18–£0.21. For FY2026, it guides to revenue of £736.0–£750.0 million and adjusted diluted EPS of £0.80–£0.86.
How strong was Endava’s cash flow and balance sheet in Q2 FY2026?
Net cash from operating activities was £28.2 million in Q2 FY2026, with adjusted free cash flow of £20.1 million. Cash and cash equivalents stood at £68.5 million at December 31, 2025, up from £59.3 million at June 30, 2025.
How are Endava’s client base and headcount trending?
At December 31, 2025, Endava’s headcount was 11,385, slightly down from 11,668 a year earlier. Clients generating over £1 million of revenue on a rolling twelve‑month basis declined to 135 from 141 at December 31, 2024.
How did Endava’s revenue mix look by region and industry in Q2 FY2026?
In Q2 FY2026, Endava generated 40% of revenue from North America, 23% from Europe, 31% from the United Kingdom and 6% from the rest of the world. By vertical, Payments contributed 19%, Banking and Capital Markets 22%, and TMT 16%.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the Month of February 2026
Commission File Number: 001-38607
ENDAVA PLC
(Name of Registrant)
125 Old Broad Street
London EC2N 1AR
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
x Form 20-F ¨ Form 40-F
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
Press Release and Investor Deck
On February 19, 2026, Endava plc (the “Company”) issued a press release announcing its financial results for the second quarter ended December 31, 2025. A copy of this press release is attached hereto as Exhibit 99.1. Additionally, the Company posted an updated investor presentation, which is attached hereto as Exhibit 99.2. The updated investor presentation is available in the “News and Events” section of the Company’s website at www.endava.com and will be used by the Company from time to time at investor conferences and in meetings with investors and others beginning on February 19, 2026.
.
INCORPORATION BY REFERENCE
Exhibit 99.1, other than the portions of Exhibit 99.1 under the caption "Outlook," is hereby expressly incorporated by reference into the Company’s registration statement on Form F-3 (File No. 333-229213) and registration statements on Form S-8 (File Nos. 333-228717, 333-248904, 333-259900, 333-268067, 333-274571, 333-282207 and 333-290043), and any related prospectuses, as such registration statements may be amended from time to time, and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT LIST
| Exhibit | Description | |||||||
| 99.1 | Press Release dated February 19, 2026 | |||||||
| 99.2 | Investor Presentation Q2 FY26 | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ENDAVA PLC | |||||||||||
| Date: February 19, 2026 | By: | /s/ John Cotterell | |||||||||
| Name: John Cotterell | |||||||||||
| Title: Chief Executive Officer | |||||||||||
 | Q2 FY2026 | |||||||
ENDAVA ANNOUNCES SECOND QUARTER FISCAL YEAR 2026 RESULTS
Q2 FY2026
5.9% Year on Year Revenue Decline to £184.1 million
5.1% Revenue Decline at Constant Currency
Diluted EPS £(0.13) compared to £0.11 in the prior year comparative period
Adjusted Diluted EPS £0.16 compared to £0.30 in the prior year comparative period
London, U.K. – Endava plc (NYSE: DAVA) ("Endava" or the "Company"), the technology-driven business transformation group whose AI-native approach combines cutting edge technology with deep industry expertise, today announced results for the three months ended December 31, 2025 ("Q2 FY2026").
"Over the past several quarters we have been investing heavily in our pivot towards AI to establish Endava as an AI leader. These investments have encompassed recruitment and training of NextGen Talent, introducing a shift towards becoming AI Native, building our Partner ecosystem and evolving our engagement strategy. I would like to flag some highlights of the quarter:
•Revenue in Q2FY26 rose to £184.1 million, representing sequential growth of 3.3% compared to £178.2 in Q1FY26.
•We are seeing strong initial interest with clients on Dava.Flow, our AI-native engagement lifecycle
•We continued to expand our network of strategic partners and broadened several existing relationships, further extending our reach.
•A PayNet-NETS joint venture, recently appointed as Nexus Technical Operator by Nexus Global Payments, has selected Endava to design and build its cloud-native cross-border payment switch on AWS, underscoring our depth in the Payment vertical.
We believe we are building the operational agility required to achieve sustainable, long-term growth," said John Cotterell, Endava's CEO.
SECOND QUARTER FISCAL YEAR 2026 FINANCIAL HIGHLIGHTS:
•Revenue for Q2 FY2026 was £184.1 million, a decline of 5.9% compared to £195.6 million in the same period in the prior year.
•Revenue decline at constant currency (a non-IFRS measure)* was 5.1% for Q2 FY2026.
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| Q2 FY2026 | |||||||
•Loss before tax for Q2 FY2026 was £(7.2) million, compared to profit before tax of £2.5 million in the same period in the prior year.
•Adjusted profit before tax (a non-IFRS measure)* for Q2 FY2026 was £10.7 million, or 5.8% of revenue, compared to £21.8 million, or 11.2% of revenue, in the same period in the prior year.
•Loss for the period was £(6.9) million, resulting in diluted loss per share of £(0.13), compared to profit for the period of £6.9 million and diluted earnings per share ("EPS") of £0.11 in the same period in the prior year.
•Adjusted profit for the period (a non-IFRS measure)* was £8.6 million, resulting in adjusted diluted EPS (a non-IFRS measure)* of £0.16, compared to adjusted profit for the period of £17.9 million and adjusted diluted EPS of £0.30 in the same period in the prior year.
CASH FLOW:
•Net cash from operating activities was £28.2 million in Q2 FY2026, compared to net cash from operating activities of £32.0 million in the same period in the prior year.
•Adjusted free cash flow (a non-IFRS measure)* was £20.1 million in Q2 FY2026, compared to £31.6 million in the same period in the prior year.
•At December 31, 2025, Endava had cash and cash equivalents of £68.5 million, compared to £59.3 million at June 30, 2025.
* Definitions of the non-IFRS measures used by the Company and a reconciliation of such measures to the related IFRS financial measure can be found under the sections below titled “Non-IFRS Financial Information” and “Reconciliation of IFRS Financial Measures to Non-IFRS Financial Measures.”
OTHER METRICS FOR THE QUARTER ENDED DECEMBER 31, 2025:
•Headcount totaled 11,385 at December 31, 2025, with an average of 10,326 operational employees in Q2 FY2026, compared to a headcount of 11,668 at December 31, 2024 and an average of 10,456 operational employees in the same period in the prior year.
•Number of clients with over £1 million in revenue on a rolling twelve-month basis was 135 at December 31, 2025 compared to 141 clients at December 31, 2024.
•Top 10 clients accounted for 35% of revenue in Q2 FY2026, compared to 36% in the same period in the prior year.
•By geographic region, 40% of revenue was generated in North America, 23% was generated in Europe, 31% was generated in the United Kingdom and 6% was generated
2
| Q2 FY2026 | |||||||
in the rest of the world in Q2 FY2026. This compares to 39% in North America, 24% in Europe, 32% in the United Kingdom and 5% in the Rest of the World in the same period in the prior year.
•By industry vertical, 19% of revenue was generated from Payments, 22% from BCM, 9% from Insurance, 16% from TMT, 9% from Mobility, 12% from Healthcare, and 13% from Other in Q2 FY2026. This compares to 19% from Payments, 19% from BCM, 9% from Insurance, 19% from TMT, 9% from Mobility, 12% from Healthcare, and 13% from Other in the same period in the prior year.
OUTLOOK:
Third Quarter Fiscal Year 2026:
Endava expects revenue will be in the range of £182.0 million to £185.0 million, representing a constant currency revenue decline of between (4.0)% and (2.5)% on a year over year basis. Endava expects adjusted diluted EPS to be in the range of £0.18 to £0.21 per share.
Full Fiscal Year 2026:
Endava expects revenue will be in the range of £736.0 million to £750.0 million, representing a constant currency revenue decline of between (3.5)% and (1.5)% on a year over year basis. Endava expects adjusted diluted EPS to be in the range of £0.80 to £0.86 per share.
This above guidance for the third quarter and full fiscal year 2026 assumes the exchange rates on January 31, 2026 (when the exchange rate was 1 British Pound to 1.37 US Dollar and 1.15 Euro).
Endava is not able, at this time, to reconcile its expectations for the third quarter and full fiscal year 2026 for a rate of revenue growth or decline at constant currency or adjusted diluted EPS to their respective most directly comparable IFRS measures as a result of the uncertainty regarding, and the potential variability of, reconciling items such as share-based compensation expense, amortisation of acquired intangible assets, foreign currency exchange losses / (gains), net, and fair value movement of contingent consideration, as applicable. Accordingly, a reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to Endava's results computed in accordance with IFRS.
The guidance provided above is forward-looking in nature. Actual results may differ materially. See “Forward-Looking Statements” below.
3
| Q2 FY2026 | |||||||
SHARE REPURCHASE PROGRAM:
As of January 31, 2026, the Company had repurchased an aggregate of 8,047,338 American Depositary Shares for $121.9 million under its share repurchase program. As of January 31, 2026, the Company had $28.1 million remaining for repurchase under our Board's share repurchase authorisation.
CONFERENCE CALL DETAILS:
The Company will host a conference call at 8:00 am ET today, February 19, 2026, to review its Q2 FY2026 results. To participate in Endava’s Q2 FY2026 earnings conference call, please dial in at least five minutes prior to the scheduled start time (844) 481-2736 or (412) 317-0665 for international participants, Conference ID: Endava Call.
Investors may listen to the call on Endava’s Investor Relations website at http://investors.Endava.com. The webcast will be recorded and available for replay until Wednesday March 18, 2026.
ABOUT ENDAVA PLC:
Endava is a leading provider of next-generation technology services, dedicated to enabling its clients to accelerate growth, tackle complex challenges and thrive in evolving markets. By combining innovative technologies and deep industry expertise with an AI-native approach, Endava consults and partners with clients to create solutions that drive transformation, augment intelligence and deliver lasting impact. From ideation to production, it supports clients with tailor-made solutions at every stage of their digital transformation, regardless of industry, region or scale.
Endava’s clients span payments, insurance, banking and capital markets, technology, media, telecommunications, healthcare, mobility, retail and consumer goods and more. As of December 31, 2025, 11,385 Endavans are helping clients break new ground across locations in Europe, the Americas, Asia Pacific and the Middle East.
4
| Q2 FY2026 | |||||||
NON-IFRS FINANCIAL INFORMATION:
To supplement Endava’s Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows presented in accordance with IFRS, the Company uses non-IFRS measures of certain components of financial performance in this press release. These measures include revenue (decline)/growth rate at constant currency, adjusted profit before tax, adjusted profit for the period, adjusted diluted EPS and adjusted free cash flow.
Revenue (decline)/growth rate at constant currency is calculated by translating revenue from entities reporting in foreign currencies into British Pounds using the comparable foreign currency exchange rates from the prior period. For example, the average currency rates in effect for the fiscal quarter ended December 31, 2024 were used to convert revenue for the fiscal quarter ended December 31, 2025 and the revenue for the comparable prior period.
Adjusted profit before tax ("Adjusted PBT") is defined as the Company’s (loss)/profit before tax adjusted to exclude the impact of share-based compensation expense, amortisation of acquired intangible assets, realised and unrealised foreign currency exchange losses/(gains), net, restructuring costs, exceptional people charges, and fair value movement of contingent consideration, all of which are non-cash items except for realised foreign currency exchange losses/(gains), net and restructuring costs and exceptional people charges. Our Adjusted PBT margin is our Adjusted PBT as a percentage of our total revenue.
Adjusted profit for the period is defined as Adjusted PBT less the adjusted tax charge for the period. The adjusted tax charge is the tax charge adjusted for the tax impact of the adjustments to PBT and the release of the deferred tax liability relating to Romanian withholding tax.
Adjusted diluted EPS is defined as Adjusted profit for the period, divided by weighted average number of shares outstanding - diluted.
Adjusted free cash flow is the Company’s net cash from operating activities, plus grants received, less net purchases of non-current assets (tangible and intangible). Adjusted free cash flow is not intended to be a measure of residual cash available for management's discretionary use since it omits significant sources and uses of cash flow, including mandatory debt repayments and changes in working capital.
Management believes these measures help illustrate underlying trends in the Company's business and uses the measures to establish budgets and operational goals, communicated
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| Q2 FY2026 | |||||||
internally and externally, for managing the Company's business and evaluating its performance. Management also believes the presentation of its non-IFRS financial measures enhances an investor’s overall understanding of the Company’s historical financial performance. The presentation of the Company’s non-IFRS financial measures is not meant to be considered in isolation or as a substitute for the Company’s financial results prepared in accordance with IFRS, and its non-IFRS measures may be different from non-IFRS measures used by other companies. Investors should review the reconciliation of the Company’s non-IFRS financial measures to the comparable IFRS financial measures included below and not rely on any single financial measure to evaluate the Company’s business.
FORWARD-LOOKING STATEMENTS:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of terms and phrases such as “believe,” “expect,” "intends," "outlook," “may,” “will,” and other similar terms and phrases. Such forward-looking statements include, but are not limited to, statements regarding our pipeline of potential large opportunities, Endava's business strategies, plans, operations and growth opportunities and Endava's future financial performance, including management's financial outlook for the third quarter and full fiscal year 2026. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: Endava’s ability to achieve its revenue growth goals including as a result of a slower conversion of its pipeline; Endava's expectations of future operating results or financial performance; Endava’s ability to accurately forecast and achieve its announced guidance; Endava's ability to retain existing clients and attract new clients, including its ability to increase revenue from existing clients and diversify its revenue concentration; Endava’s ability to attract and retain highly-skilled IT professionals at cost-effective rates; Endava's ability to successfully identify acquisition targets, consummate acquisitions and successfully integrate acquired businesses and personnel; Endava's ability to penetrate new industry verticals and geographies and grow its revenue in current industry verticals and geographies; Endava’s ability to maintain favorable pricing and utilisation rates to support its gross margin; the effects of increased competition as well as innovations by new and existing competitors in its market; the size of Endava's addressable market and market trends; Endava’s ability to adapt to technological change and industry trends and innovate solutions for its clients; Endava's plans for growth and future operations, including its ability to manage its
6
| Q2 FY2026 | |||||||
growth; Endava's ability to effectively manage its international operations, including Endava's exposure to foreign currency exchange rate fluctuations; Endava's future financial performance; the impact of unstable market, economic, and global conditions, as well as other risks and uncertainties discussed in the “Risk Factors” section of Endava's Annual Report on Form 20-F for the year ended June 30, 2025 filed with the SEC on September 4, 2025 and in other filings that Endava makes from time to time with the SEC. In addition, the forward-looking statements included in this press release represent Endava’s views and expectations as of the date hereof and are based on information currently available to Endava. Endava anticipates that subsequent events and developments may cause its views to change. Endava specifically disclaims any obligation to update the forward-looking statements in this press release except as required by law. These forward-looking statements should not be relied upon as representing Endava’s views as of any date subsequent to the date hereof.
INVESTOR CONTACT:
Endava plc
Laurence Madsen, Head of Investor Relations
Investors@endava.com
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| Q2 FY2026 | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | Six Months Ended December 31 | Three Months Ended December 31 | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| REVENUE | 362,285 | 390,641 | 184,098 | 195,589 | ||||||||||
| Cost of sales | ||||||||||||||
| Direct cost of sales | (273,839) | (283,066) | (139,800) | (143,546) | ||||||||||
| Allocated cost of sales | (13,180) | (13,898) | (6,696) | (7,025) | ||||||||||
| Total cost of sales | (287,019) | (296,964) | (146,496) | (150,571) | ||||||||||
| GROSS PROFIT | 75,266 | 93,677 | 37,602 | 45,018 | ||||||||||
| Selling, general and administrative expenses | (81,131) | (87,314) | (40,556) | (43,345) | ||||||||||
| OPERATING (LOSS) / PROFIT | (5,865) | 6,363 | (2,954) | 1,673 | ||||||||||
| Net finance (expense) / income | (9,833) | 354 | (4,272) | 831 | ||||||||||
| (LOSS) / PROFIT FOR THE PERIOD BEFORE TAX | (15,698) | 6,717 | (7,226) | 2,504 | ||||||||||
| Tax on (loss) / profit on ordinary activities | 635 | 2,381 | 320 | 4,347 | ||||||||||
| (LOSS) / PROFIT FOR THE PERIOD | (15,063) | 9,098 | (6,906) | 6,851 | ||||||||||
| OTHER COMPREHENSIVE INCOME | ||||||||||||||
| Items that may be reclassified subsequently to profit or loss: | ||||||||||||||
| Exchange differences on translating foreign operations and net investment hedge impact | 5,874 | (13,813) | (719) | 9,527 | ||||||||||
| Total comprehensive (expense) / income for the year attributable to the equity holders of the Company | (9,189) | (4,715) | (7,625) | 16,378 | ||||||||||
| (LOSS) / EARNINGS PER SHARE: | ||||||||||||||
| Weighted average number of shares outstanding - Basic | 52,957,541 | 59,269,752 | 52,877,958 | 59,488,389 | ||||||||||
| Weighted average number of shares outstanding - Diluted | 52,957,541 | 59,472,250 | 52,877,958 | 59,628,436 | ||||||||||
| Basic (Loss) / EPS (£) | (0.28) | 0.15 | (0.13) | 0.12 | ||||||||||
| Diluted (Loss) / EPS (£) | (0.28) | 0.15 | (0.13) | 0.11 | ||||||||||
8
| Q2 FY2026 | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | December 31, 2025 | June 30, 2025 | December 31, 2024 (1) | ||||||||
| £’000 | £’000 | £’000 | |||||||||
| ASSETS - NON-CURRENT | |||||||||||
| Goodwill | 478,156 | 473,296 | 500,958 | ||||||||
| Intangible assets | 99,677 | 100,890 | 117,095 | ||||||||
| Property, plant and equipment | 14,809 | 14,177 | 16,603 | ||||||||
| Lease right-of-use assets | 41,261 | 41,515 | 47,459 | ||||||||
| Deferred tax assets | 22,068 | 19,030 | 21,466 | ||||||||
| Financial assets and other receivables | 6,096 | 5,009 | 9,005 | ||||||||
| TOTAL | 662,067 | 653,917 | 712,586 | ||||||||
| ASSETS - CURRENT | |||||||||||
| Trade and other receivables | 196,607 | 209,523 | 190,059 | ||||||||
| Corporation tax receivable | 1,082 | 12,865 | 10,072 | ||||||||
| Financial assets | 117 | 121 | 118 | ||||||||
| Cash and cash equivalents | 68,484 | 59,345 | 60,065 | ||||||||
| TOTAL | 266,290 | 281,854 | 260,314 | ||||||||
| TOTAL ASSETS | 928,357 | 935,771 | 972,900 | ||||||||
| LIABILITIES - CURRENT | |||||||||||
| Lease liabilities | 13,815 | 13,661 | 14,457 | ||||||||
| Trade and other payables | 91,827 | 96,827 | 106,263 | ||||||||
| Corporation tax payable | 3,422 | 7,757 | 6,832 | ||||||||
| Contingent consideration | 74 | 100 | 3,577 | ||||||||
| Deferred consideration | 2,487 | 3,376 | 4,170 | ||||||||
| TOTAL | 111,625 | 121,721 | 135,299 | ||||||||
| LIABILITIES - NON CURRENT | |||||||||||
| Borrowings | 202,745 | 180,943 | 123,669 | ||||||||
| Lease liabilities | 32,888 | 33,448 | 37,711 | ||||||||
| Deferred tax liabilities | 14,203 | 15,183 | 19,974 | ||||||||
| Tax liabilities related to Pilar II Income tax | 584 | 584 | — | ||||||||
| Contingent consideration | — | 401 | 1,155 | ||||||||
| Deferred consideration | 278 | — | — | ||||||||
| Other liabilities | 599 | 552 | 377 | ||||||||
| TOTAL | 251,297 | 231,111 | 182,886 | ||||||||
| EQUITY | |||||||||||
| Share capital | 1,061 | 1,123 | 1,189 | ||||||||
| Share premium | 21,280 | 21,280 | 21,280 | ||||||||
| Merger relief reserve | 63,440 | 63,440 | 63,440 | ||||||||
| Retained earnings | 536,155 | 575,428 | 602,688 | ||||||||
| Other reserves | (54,418) | (60,369) | (33,872) | ||||||||
| Treasury shares | (2,078) | (17,958) | — | ||||||||
| Investment in own shares | (5) | (5) | (10) | ||||||||
| TOTAL | 565,435 | 582,939 | 654,715 | ||||||||
| TOTAL LIABILITIES AND EQUITY | 928,357 | 935,771 | 972,900 | ||||||||
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| Q2 FY2026 | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | Six Months Ended December 31 | Three Months Ended December 31 | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| OPERATING ACTIVITIES | ||||||||||||||
| (Loss) / Profit for the period | (15,063) | 9,098 | (6,906) | 6,851 | ||||||||||
| Income tax charge | (635) | (2,381) | (320) | (4,347) | ||||||||||
| Non-cash adjustments | 37,665 | 46,207 | 17,673 | 22,614 | ||||||||||
| Tax received / (paid) | 3,894 | (3,786) | (1,787) | (2,466) | ||||||||||
| Research & Development Credit received | 3,871 | — | 3,774 | — | ||||||||||
| Net changes in working capital | 10,678 | (12,716) | 15,724 | 9,396 | ||||||||||
| Net cash from operating activities | 40,410 | 36,422 | 28,158 | 32,048 | ||||||||||
| INVESTING ACTIVITIES | ||||||||||||||
| Purchase of non-current assets (tangibles and intangibles) | (11,127) | (1,571) | (8,037) | (436) | ||||||||||
| Proceeds from disposal of non-current assets | 63 | 36 | 16 | — | ||||||||||
| Payment for acquisition of subsidiary, net of cash acquired | (3,586) | (5,900) | (99) | (5,832) | ||||||||||
| Interest received | 1,249 | 720 | 555 | 353 | ||||||||||
| Net cash used in investing activities | (13,401) | (6,715) | (7,565) | (5,915) | ||||||||||
| FINANCING ACTIVITIES | ||||||||||||||
| Proceeds from borrowings | 43,000 | 10,000 | 33,000 | 10,000 | ||||||||||
| Repayment of borrowings | (23,330) | (30,842) | (23,330) | (23,842) | ||||||||||
| Proceeds from sublease | 53 | 64 | 30 | 34 | ||||||||||
| Repayment of lease liabilities | (6,583) | (6,159) | (3,685) | (3,066) | ||||||||||
| Repayment of lease interest | (855) | (989) | (438) | (482) | ||||||||||
| Grant received | 10 | 274 | 10 | |||||||||||
| Interest and debt financing costs paid | (5,162) | (4,282) | (2,694) | (2,030) | ||||||||||
| Payment for repurchase of own shares | (24,985) | (2,068) | ||||||||||||
| Net cash (used in) / provided by financing activities | (17,852) | (31,934) | 825 | (19,386) | ||||||||||
| Net change in cash and cash equivalents | 9,157 | (2,227) | 21,418 | 6,747 | ||||||||||
| Cash and cash equivalents at the beginning of the period | 59,345 | 62,358 | 47,225 | 52,811 | ||||||||||
| Effects of exchange rate changes on cash and cash equivalents | (18) | (66) | (159) | 507 | ||||||||||
| Cash and cash equivalents at the end of the period | 68,484 | 60,065 | 68,484 | 60,065 | ||||||||||
10
| Q2 FY2026 | |||||||
RECONCILIATION OF IFRS FINANCIAL MEASURES TO NON-IFRS FINANCIAL MEASURES
RECONCILIATION OF REVENUE (DECLINE) / GROWTH RATE AS REPORTED UNDER IFRS TO REVENUE (DECLINE) / GROWTH RATE AT CONSTANT CURRENCY:
| Six Months Ended December 31 | Three Months Ended December 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| REVENUE (DECLINE) / GROWTH RATE AS REPORTED UNDER IFRS | (7.3) | % | 5.0 | % | (5.9 | %) | 6.6 | % | ||||||
| Impact of Foreign exchange rate fluctuations | 1.0 | % | 2.0 | % | 0.8 | % | 2.5 | % | ||||||
| REVENUE (DECLINE) / GROWTH RATE AT CONSTANT CURRENCY | (6.3) | % | 7.0 | % | (5.1 | %) | 9.1 | % | ||||||
RECONCILIATION OF ADJUSTED PROFIT BEFORE TAX AND ADJUSTED PROFIT FOR THE PERIOD:
| Six Months Ended December 31 | Three Months Ended December 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| (LOSS) / PROFIT BEFORE TAX | (15,698) | 6,717 | (7,226) | 2,504 | ||||||||||
| Adjustments: | ||||||||||||||
| Share-based compensation expense | 14,176 | 21,965 | 6,496 | 10,944 | ||||||||||
| Amortisation of acquired intangible assets | 10,170 | 12,182 | 5,149 | 6,036 | ||||||||||
| Foreign currency exchange losses / (gains), net | 4,842 | (3,420) | 1,294 | (2,574) | ||||||||||
| Restructuring costs | 6,531 | 5,494 | 4,093 | 5,494 | ||||||||||
| Exceptional people charges | 668 | — | 668 | — | ||||||||||
| Fair value movement of contingent consideration | (169) | (1,871) | 194 | (569) | ||||||||||
| Total adjustments | 36,218 | 34,350 | 17,894 | 19,331 | ||||||||||
| ADJUSTED PROFIT BEFORE TAX | 20,520 | 41,067 | 10,668 | 21,835 | ||||||||||
| (LOSS) / PROFIT FOR THE PERIOD | (15,063) | 9,098 | (6,906) | 6,851 | ||||||||||
| Adjustments: | ||||||||||||||
| Adjustments to (loss) / profit before tax | 36,218 | 34,350 | 17,894 | 19,331 | ||||||||||
| Release of Romanian withholding tax | — | (3,800) | — | (3,800) | ||||||||||
| Tax impact of adjustments | (4,642) | (6,682) | (2,397) | (4,511) | ||||||||||
| ADJUSTED PROFIT FOR THE PERIOD | 16,513 | 32,966 | 8,591 | 17,871 | ||||||||||
11
| Q2 FY2026 | |||||||
RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE:
| Six Months Ended December 31 | Three Months Ended December 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| DILUTED (LOSS) / EARNINGS PER SHARE (£) | (0.28) | 0.15 | (0.13) | 0.11 | ||||||||||
| Adjustments: | ||||||||||||||
| Share-based compensation expense | 0.27 | 0.37 | 0.12 | 0.18 | ||||||||||
| Amortisation of acquired intangible assets | 0.19 | 0.20 | 0.10 | 0.10 | ||||||||||
| Foreign currency exchange losses / (gains) net | 0.09 | (0.06) | 0.03 | (0.03) | ||||||||||
| Restructuring costs | 0.12 | 0.09 | 0.08 | 0.09 | ||||||||||
| Exceptional people charges | 0.01 | — | 0.01 | — | ||||||||||
| Fair value movement of contingent consideration | — | (0.02) | — | (0.01) | ||||||||||
| Release of Romanian withholding tax | — | (0.06) | — | (0.06) | ||||||||||
| Tax impact of adjustments | (0.09) | (0.12) | (0.05) | (0.08) | ||||||||||
| Total adjustments | 0.59 | 0.40 | 0.29 | 0.19 | ||||||||||
| ADJUSTED DILUTED EARNINGS PER SHARE (£) | 0.31 | 0.55 | 0.16 | 0.30 | ||||||||||
RECONCILIATION OF NET CASH FROM OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
| Six Months Ended December 31 | Three Months Ended December 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| NET CASH FROM OPERATING ACTIVITIES | 40,410 | 36,422 | 28,158 | 32,048 | ||||||||||
| Adjustments: | ||||||||||||||
| Grant received | 10 | 274 | 10 | — | ||||||||||
| Net purchases of non-current assets (tangibles and intangibles) | (11,064) | (1,535) | (8,021) | (436) | ||||||||||
| ADJUSTED FREE CASH FLOW | 29,356 | 35,161 | 20,147 | 31,612 | ||||||||||
12
| Q2 FY2026 | |||||||
SUPPLEMENTARY INFORMATION
SHARE-BASED COMPENSATION EXPENSE
| Six Months Ended December 31 | Three Months Ended December 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| Direct cost of sales | 9,283 | 15,048 | 4,419 | 7,254 | ||||||||||
| Selling, general and administrative expenses | 4,893 | 6,917 | 2,077 | 3,690 | ||||||||||
| Total | 14,176 | 21,965 | 6,496 | 10,944 | ||||||||||
DEPRECIATION AND AMORTISATION
| Six Months Ended December 31 | Three Months Ended December 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| Direct cost of sales | 9,282 | 10,413 | 4,691 | 5,233 | ||||||||||
| Selling, general and administrative expenses | 11,503 | 13,720 | 5,802 | 6,823 | ||||||||||
| Total | 20,785 | 24,133 | 10,493 | 12,056 | ||||||||||
13
| Q2 FY2026 | |||||||
EMPLOYEES, TOP 10 CUSTOMERS AND REVENUE SPLIT
| Six Months Ended December 31 | Three Months Ended December 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Closing number of total employees (including directors) | 11,385 | 11,668 | 11,385 | 11,668 | ||||||||||
| Average operational employees | 10,329 | 10,541 | 10,326 | 10,456 | ||||||||||
| Top 10 customers % | 35% | 34% | 35% | 36% | ||||||||||
| Number of clients with > £1m of revenue (rolling 12 months) | 135 | 141 | 135 | 141 | ||||||||||
| Geographic split of revenue % | ||||||||||||||
| North America | 41 | % | 39 | % | 40 | % | 39 | % | ||||||
| Europe | 23 | % | 24 | % | 23 | % | 24 | % | ||||||
| UK | 30 | % | 32 | % | 31 | % | 32 | % | ||||||
| Rest of World (RoW) | 6 | % | 5 | % | 6 | % | 5 | % | ||||||
| Industry vertical split of revenue % | ||||||||||||||
| Payments | 18 | % | 19 | % | 19 | % | 19 | % | ||||||
| Banking and Capital Markets | 22 | % | 18 | % | 22 | % | 19 | % | ||||||
| Insurance | 9 | % | 9 | % | 9 | % | 9 | % | ||||||
| TMT | 17 | % | 20 | % | 16 | % | 19 | % | ||||||
| Mobility | 9 | % | 9 | % | 9 | % | 9 | % | ||||||
| Healthcare | 12 | % | 12 | % | 12 | % | 12 | % | ||||||
| Other | 13 | % | 13 | % | 13 | % | 13 | % | ||||||
14
| Q2 FY2026 | |||||||
FOOTNOTES
(1) Restated to include the effect of revisions arising from provisional to final acquisition accounting for GalaxE.
15
Q2 FY26 Investor presentation .
2 Disclaimer. This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation, other than statements of historical facts, are forward-looking statements. The words “believe,” “estimate,” “expect,” “may,” “will” and similar expressions are intended to identify forward- looking statements. Such forward-looking statements include, but are not limited to, the statements regarding our business strategy and our plans and objectives for future operations, our estimated addressable market, our assumptions regarding industry trends, including with respect to AI,potential technological disruptions, and client demand for our services. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: our ability to achieve its revenue growth goals including as a result of a slower conversion of its pipeline; our expectations of future operating results or financial performance; our ability to accurately forecast and achieve its announced guidance; our ability to retain existing clients and attract new clients, including its ability to increase revenue from existing clients and diversify its revenue concentration; our ability to attract and retain highly-skilled IT professionals at cost-effective rates; our ability to successfully identify acquisition targets, consummate acquisitions and successfully integrate acquired businesses and personnel; our ability to penetrate new industry verticals and geographies and grow its revenue in current industry verticals and geographies; our ability to maintain favourable pricing and utilisation rates to support its gross margin; the effects of increased competition as well as innovations by new and existing competitors in its market; the size of our addressable market and market trends; our ability to adapt to technological change and industry trends and innovate solutions for its clients; our plans for growth and future operations, including its ability to manage its growth; our ability to effectively manage its international operations, including our exposure to foreign currency exchange rate fluctuations; our future financial performance; the impact of unstable market, economic and global conditions, as well as other risks and uncertainties discussed in the “Risk Factors” section of our Annual Report on Form 20-F for the year ended June 30, 2025 filed with the SEC on September 4, 2025 and in other filings that we make from time to time with the SEC. Except as required by law, we assume no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this presentation. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. This presentation includes non-IFRS financial measures which have certain limitations and should not be considered in isolation, or as alternatives to or substitutes for, financial measures determined in accordance with IFRS. The non-IFRS measures as defined by us may not be comparable to similar non-IFRS measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by these or other unusual or non-recurring items. See the IFRS to Non-IFRS Reconciliation section for a reconciliation of these non-IFRS financial measures to the most directly comparable IFRS financial measures.
About Endava.
© Copyright 2023 Endava • Confidential and Proprietary • Version 1.0 4 We are a technology services company built for ongoing change. Endava supports clients in adapting to dynamic market demands through human ingenuity, intelligent systems and deep delivery expertise. We embed modern technologies - including AI - into the heart of our clients’ operations to deliver measurable outcomes and improved competitive advantage.
5 Endava at a glance .. Revenue by Vertical (Q2) 22% Banking & Capital Markets 19% Payments 16% Tech, Media & Telco 12% Healthcare 9% Mobility 9% Insurance 13% Other Capabilities • Software Engineering • Cloud & Platform Engineering • Data & AI • Digital Product & Experience Design • Intelligent Automation • Core Modernisation Accelerators • Chronos • Compass • Morpheus Concise UK, IT Consultancy Compudava Moldova, Nearshore Location Alpheus Germany, Consulting Business Nickelfish USA, Digital, UX & Strategy firm Velocity Partners USA & LATAM, NA Sales & LATAM Delivery PS Tech Serbia, Agile Delivery ISDC Netherlands & CE, Agile Delivery Intuitus UK, IT Consultancy Private Equity Exozet Germany, Digital Agency Comtrade Adriatic Region, Software Engin. Services FIVE USA, Croatia, Digital Agency Levvel USA, Tech Strategy Consulting & Engineering Lexicon Australia, Tech Consulting, Design & Engineering Mudbath Australia, Tech Strategy, Design & Engineering Australia, Sweden, Vietnam, Software Solutions DEK TLM USA, Gaming Services GalaxE USA, India IT & Business Solutions • Ray • Dash Deep Expertise Strategic & Tenured Client Relationships Client tenure Of last 12 months of revenue: ● 34% > 2 years ● 21% > 5 years ● 34% > 10 years Over the last five fiscal years, 90.7% of our revenue each fiscal year, on average, came from customers who purchased services from us during the prior fiscal year. Global Footprint • Maps • Infra Endavans 11,385 People 36% Women Locations 72 Cities 32 Countries Key Partnerships FOUNDED 2000 TODAY 2026 Strategic M&A
6 Positioned at the intersection of digital transformation and AI adoption, supporting demand from enterprise clients. High levels of client tenure and repeat business reflect trusted partnerships and strong delivery reputation. Investments in proprietary methods like Dava.Flow and ecosystem partnerships (e.g. OpenAI) position Endava as a credible AI transformation partner. Diversified sector exposure, geographic footprint, and delivery capabilities provide stability and scalability. Investment Highlights . Early Mover in AI-Native Services Delivery Scalable and Adaptable Global Delivery Model Deep and Enduring Client Relationships Attractive Market Tailwinds
7 >25 years navigating digital shifts . For over 25 years we’ve been helping our customers transform people’s lives through technology. Businesses rely on Endava as a trusted partner to harness emerging technologies, modernise operations and digitise customer interactions. Successive Waves of Tech-Enabled Change for Enterprise: • What is technologically possible • The way work flows and how it is governed and managed • Accountability and quality • Deep domain expertise and problem-solving What has changed? What has never changed? 2000 The Internet & Distributed Systems Shift 2010 The Digital Transformation Shift Today The AI-Native Shift
8 The AI transformation shift is here & redefining the rules of engagement . The Enterprise AI Transformation Opportunity Today’s enterprise reality AI adoption is currently limited and not scaled. The emerging “AI Steady State” AI is reshaping software delivery: 62% organisations are at least experimenting with AI agents 2 ~2/3 of organisations have not yet begun scaling AI across the enterprise 2 23% organisations fully embedded GenAI into workflow 2 84% Executives investing in Generative Ai 1 Execution Gap High Intent Limited Traction • How teams work together • How decisions are made • How systems evolve once they are live The AI shift is introducing new expectations for Technology Services vendors. Speed with control Practical AI adoption Continuous change delivery Deep domain knowledge 1 Gartner CIO & Technology Executive Survey, Jan 2026 2 McKinsey, The state of AI: Global Survey 2025 (published Nov 2025)
• Dava.X Academy is training the next-generation talents in AI- native technology and delivery models • Built multidisciplinary teams combining engineering, AI, product and domain expertise • Strengthened leadership with industry, technology, and advisory talent Next-Gen Talent & Leadership • Dava.Flow - our governed, AI-native engagement lifecycle • Aligned delivery tooling, metrics and governance for hybrid agent–human workflows • Embedding AI across functions - from engineering to legal - boosting speed, accuracy, and strategic capacity • 75% adoption of AI 1 AI-Native Operating Model • Expanded cloud and AI platform partnerships (AWS, Microsoft, Google, etc.) to co-develop solutions • Launched Dava.Rise - Endava`s venture acceleration programme to connect enterprise problems with venture-scale innovation Partner Ecosystem & Innovation • Deepening alignment with partners and ventures to help expand pipeline and co-define new growth • Convening leaders through our Global Advisory Board to anticipate client needs and technology shifts Evolving Engagement Strategy Investing for the AI - Native era . 9 1 75% of Endavans use AI tools on a daily basis, driving measurable improvements in client delivery and outcomes.
© Copyright 2025 Endava Dava.Flow Built for the post-agile era Four AI-enhanced phases Capturing value from every signal Tool-agnostic architecture Dava.Flow replaces headcount-based, time- and-materials delivery with a continuous flow of valuable business outcomes enabled by AI and guided by human oversight. Engagements flow through 4 AI-enhanced phases: Signal, Explore, Govern, and Evolve. with every phase producing optimised, agent-ready inputs that accelerate value in the next. Dava.Flow captures industry-wide insights and client-specific signals at the first conversation, so we can identify and validate opportunities within days, not weeks. Integrating the best tools across the engagement lifecycle, using reusable artefacts to build adaptive, best-in-class, vendor- neutral toolchains, creating a provable, repeatable system of quality delivery.
© Copyright 2025 Endava Dava.Flow Four AI-enhanced phases AI accelerates analysis and design into an agent-ready backlog — rapidly generating prototypes, models and evaluation hooks that align teams. Explore Make the work agent-ready Why it’s valuable: Reduces uncertainty, improves alignment, and lets delivery start sooner with clear priorities and a validated path to outcomes. Feedback AIOps monitors live systems, spotting anomalies and performance trends; small fixes flow automatically while insights feed back into Signal for the next cycle. Evolve Compound advantage in production Why it’s valuable: Creates more reliable, adaptive systems, reduces maintenance effort, and uncovers new opportunities to accelerate client growth and efficiency. Agents and teams capture, enrich and interrogate market, client and operational signals to test assumptions and define a clear value hypothesis. Signal Qualify the right problems Why it’s valuable: Focuses effort on opportunities that matter, removes noise early, and builds client trust through data- backed insight and sharper guidance. Feedback Govern blends AI and human expertise to execute complex delivery work under clear guardrails — accelerating engineering without compromising quality or compliance. Over time, the system learns and automates more of the flow safely and transparently. Govern Deliver at speed with control Why it’s valuable: Drives higher productivity, stronger quality and traceability, and lower rework — enabling faster, more consistent, and easier-to-assure delivery that increases client confidence.
© Copyright 2025 Endava Cloud, Data & AI Consulting & Strategic Commerce & Digital Experience CRM, Marketing & Personalisation Integration / iPaaS / Workflow Insurance & Risk Business, Security, Data Privacy & Sustainability Payments & FinTech Emerging & Incubation Ecosystem of leading partners .
72 632 Cities Countries Regions 13 Geographic footprint and delivery capabilities . Western Europe Central and Eastern Europe North America Latin America APAC MENA North America 40% Europe 23% UK 31% RoW 6% Q2 FY26 Revenue by Region
14 Solving complex client problems at speed and scale . By building on... Define vision & strategy ● Increase speed to market ● Reduce cost ● Drive efficiency ● Grow revenue ● AI enablement Capabilities Dava.X Accelerators Chronos Ray Dash MorpheusInfra Maps Compass Accelerators Pre-built, reusable tools, code and components that leverage Endava’s proven delivery patterns to increase velocity and consistency. Core modernisation Strategy Embedded Google Cloud Platform Sustainability Cloud AICyber security Physical Computing Quantum Dava.X Specialist advisory and engineering teams that clients adopt, implement, and scale AI and emerging technologies with confidence. Managed Services DevSecOpsTesting Cyber SecuritySoftware Engineering Design Data Capabilities From AI product design to intelligent operations, our deep capabilities span every stage of the product lifecycle.
Q2 ‘26 Financial Highlights.
16 Revenue .. 195.1 178.2 195.6 184.1 446.3 654.8 794.7 740.8 772.3 390.6 362.3 FY21 FY22 FY23 FY24 FY25 6M FY25 6M FY26 FY21-FY25 CAGR 14.7% Over the last five fiscal years, 90.7% of our revenue each fiscal year, on average, came from customers who purchased services from us during the prior fiscal year. -5.9% Q2 YOY Revenue (£m) Q1 Jun 30 Dec 31 Q2
54.4 102.4 114.2 27.0 24.1 6.7 (15.7) 2.5 (7.2) 4.2 (8.5) FY21 FY22 FY23 FY24 FY25 6M FY25 6M FY26 Profit / (Loss) before tax (£m) Jun 30 Dec 31 12.2% 15.6% 14.4% 3.6% 3.1% 1.7% (4.3)% 6MMargin 92.1 138.3 164.2 83.0 82.1 41.1 20.521.8 10.7 19.2 9.9 FY21 FY22 FY23 FY24 FY25 6M FY25 6M FY26 Adjusted profit before tax (£m)* Q1 Jun 30 Dec 31 Margin 20.6% 21.1% 20.7% 11.2% 10.6% 10.5% 5.7% 6M * See page 23 for reconciliation of IFRS to Non-IFRS metrics 17 Q1 Profitability .. Q2 Q2
85 134 146 146 133 141 135 615 732 711 695 619 657 595 FY21 FY22 FY23 FY24 FY25 Q2FY25 Q2FY26 Total no. of clients and with revenue > £1m* Dec 31Jun 30 Dec 31 Top 10 clients (% of total revenue) 18 *Calculated on a 12-month rolling basis. Client Relationships .. 35% 34% 33% 32% 36% 36% 35% 36% 35% FY21 FY22 FY23 FY24 FY25 6M FY25 6M FY26 Q2 FY25 Q2 FY26 Jun 30
15.6 22.2 26.0 24.1 27.9 14.1 12.8 7.1 6.5 FY21 FY22 FY23 FY24 FY25 6M FY25 6M FY26 Q2FY25 Q2FY26 19 Top 10 clients - average spend (£m) 0.70 0.84 0.91 0.79 0.84 0.52 0.53 0.29 0.30 FY21 FY22 FY23 FY24 FY25 6M FY25 6M FY26 Q2FY25 Q2FY26 Jun 30 Dec 31Jun 30 Dec 31 Remaining clients - average spend (£m) Clients Spend ..
42% 41% 39% 33% 33% 32% 31% 24% 21% 23% 26% 23% 24% 23% 31% 35% 32% 33% 38% 39% 40% 3% 3% 6% 8% 6% 5% 6% RoW N. America Europe UK Payments 19% Banking & Capital Markets 22% Insurance 9% Technology, Media & Telecom 16% Mobility 9% Healthcare 12% Other* 13% * Other includes consumer products, natural resources, services, and retail verticals Q2 FY26 Revenue by Vertical FY21 Jun 30 Q2 FY25 Q2 FY26FY22 FY23 FY24 FY25 Dec 31 Revenue by Region 20 Geography & Industry verticals ..
1.1 3.0 0.4 8.0 5.2 13.7 13.5 5.1 4.4 1.5 11.1 FY21 FY22 FY23 FY24 FY25 6M FY25 6M FY26 Capital expenditures (£m) Jun 30 Dec 31 1.2% 2.1% 1.7% 0.7% 0.6% 0.4% 3.0% 6M 0.2% 4.4% Q2 0.6% 1.7% Q1 % of Revenue 82.7 107.2 111.5 58.4 48.7 3.5 9.2 31.6 20.1 35.2 29.4 FY21 FY22 FY23 FY24 FY25 6M FY25 6M FY26 Adjusted free cash flow (£m)* Q1 Jun 30 Dec 31 18.5% 16.4% 14% 7.9% 6.3% 9.0% 8.1% 6M 16.2% 10.9% Q2 1.8% 5.2% Q1 * See page 23 for reconciliation of IFRS to Non-IFRS metrics % of Revenue 21 Q1 CAPEX & Adjusted FCF .. Q2 Q2
Appendix
© Copyright 2025 Endava IFRS to Non-IFRS reconciliation. 23 2021 2022 2023 2024 2025 2024 2025 2024 2025 Reconciliation of Revenue Growth / (Decline) at Constant Currency to Revenue Growth / (Decline) as Reported under IFRS Revenue Growth / (Decline) as Reported under IFRS 27.2 % 46.7 % 21.4 % (6.8)% 4.3 % 5.0 % (7.3)% 6.6 % (5.9)% Impact of foreign exchange rate fluctuations 2.4 % 0.9 % (4.8)% 2.3 % 2.0 % 2. % 1.0 % 2.5 % 0.8 % Revenue Growth / (Decline) at Constant Currency Including Worldpay Captive 29.6 % 47.6 % 16.6 % (4.5)% 6.3 % 7.0 % (6.3)% 9.1 % (5.1)% Impact of Worldpay Captive 0.8 % — — — — — — — — Proforma Revenue Growth / (Decline) Rate at Constant Currency Excluding Worldpay Captive 30.4 % 47.6 % 16.6 % (4.5)% 6.3 % 7.0 % (6.3)% 9.1 % (5.1)% Revenue 446,298 654,757 794,733 740,756 772,255 390,641 362,285 195,589 184,098 Reconciliation of Adjusted Profit Before Tax and Adjusted Profit for the Period £ in 000s Profit / (Loss) before Tax 54,368 102,379 114,163 26,980 24,113 6,717 (15,698) 2,504 (7,226) Adjustments: Share based compensation expense 24,427 35,005 31,058 34,678 32,045 21,965 14,176 10,944 6,496 Amortization of acquired intangible assets 6,725 10,823 12,270 14,980 21,577 12,182 10,170 6,036 5,149 Foreign currency exchange (gains) / losses, net 6,546 (9,944) 10,729 2,233 3,727 (3,420) 4,842 (2,574) 1,294 Restructuring costs — — 6,588 11,645 6,539 5,494 6,531 5,494 4,093 Exceptional people charges — — — — — — 668 — 668 Exceptional property charges — — — 1,925 — — — — — Fair value movement of contingent consideration — — (10,613) (9,486) (5,880) (1,871) (169) (569) 194 Total Adjustments 37,698 35,884 50,032 55,975 58,008 34,350 36,218 19,331 17,894 Adjusted Profit Before Tax 92,066 138,263 164,195 82,955 82,121 41,067 20,520 21,835 10,668 Adjusted Profit Before Tax as a percentage of Revenue 20.6 % 21.1 % 20.7 % 11.2 % 10.6 % 10.5 % 5.7 % 11.2 % 5.8 % Profit / (Loss) for the Period 43,450 83,093 94,163 17,122 21,212 9,098 (15,063) 6,851 (6,906) Adjustments: Adjustments to profit before tax 37,698 35,884 50,032 55,975 58,008 34,350 36,218 19,331 17,894 Release of Romanian withholding tax (3,800) (3,800) — (3,800) — Tax impact of adjustments (7,241) (6,933) (11,829) (7,109) (8,806) (6,682) (4,642) (4,511) (2,397) Adjusted Profit for the Period 73,907 112,044 132,366 65,988 66,614 32,966 16,513 17,871 8,591 Reconciliation of Net Cash from Operating Activities to Adjusted Free Cash Flow Net Cash from Operating Activities 87,668 120,719 124,518 54,392 52,773 36,422 40,410 32,048 28,158 Adjustments: Grant received 228 139 494 707 274 274 10 — 10 Net purchases of non-current assets (tangibles and intangibles) (5,236) (13,695) (13,487) (5,140) (4,364) (1,535) (11,064) (436) (8,021) Settlement of COC bonuses on acquisition — — — 8,442 — — — — — Adjusted Free Cash Flow 82,660 107,163 111,525 58,401 48,683 35,161 29,356 31,612 20,147 Adjusted Free Cash Flow as a percentage of Revenue 18.5 % 16.4 % 14.0 % 7.9 % 6.3 % 9.0 % 8.1 % 16.2 % 10.9 % SIX MONTHS ENDED DECEMBER 31 THREE MONTHS ENDED DECEMBER 31
