Group revenue decreased year-on-year, reflecting continued strategic repositioning, including the exit of Trinexia DMCC and the absence of large one-off deals recorded in the prior period. In addition, extended enterprise sales cycles and delays in government procurement, particularly in Southern Africa, impacted revenue timing. Despite this, underlying activity across core regions remained stable, supported by consistent customer engagement and pipeline development.

Total gross margin improved to approximately 22%, compared to ~20% in H2 2024, reflecting a deliberate shift toward higher-margin offerings, including managed services, implementation services, and continued growth in the Group’s Security Operations Centre (Maidar Secure). This improvement highlights the increasing contribution of recurring and services-led revenue streams to overall margin quality.

Operating expenditure decreased meaningfully compared to the prior period, driven by continued cost optimisation initiatives, operational streamlining, and improved vendor and subscription management. As a result, EBITDA improved to €(638k), compared to €(1,746k) in H2 2024, demonstrating continued progress toward operational breakeven and a more disciplined cost base.

The Group also delivered strong cash generation during the period, supported by improved working capital management and operational efficiencies, further strengthening its financial position.

“During H2 2025, we continued to execute on the strategic actions initiated earlier in the year, with a clear focus on improving the quality of revenue, strengthening margins, and aligning our cost base with current market conditions. While revenue remains lower compared to the prior year, this reflects deliberate decisions to exit underperforming areas and focus on sustainable, higher-margin opportunities.

These actions have resulted in improved gross margins, reduced EBITDA losses, and significantly stronger cash generation. We believe the business is now operating on a more stable and disciplined foundation, with a clear strategic direction and improved resilience. As we move into 2026, our focus remains on driving profitability, strengthening recurring revenue streams, and delivering long-term value for our shareholders,” concludes Brown.