Dotdigital Group Plc · LSE:DOTD
Dotdigital — H1 FY26 Earnings Presentation
35 slides from Dotdigital's earnings presentation, March 2026
Slide 1: H1 FY26 results presentation
H1 FY26 results presentation For the six months ended 31 December 2025 Milan Patel, CEO Tom Mullan, CFO March 2026
Slide 2: Disclaimer
Disclaimer Certain statements included or incorporated by reference within this This presentation does not constitute or form part of any offer or presentation may constitute ‘forward-looking statements’ in respect invitation to sell, or any solicitation of any offer to purchase any shares of the Gr
Slide 3: Agenda
1.Business Overview & Strategic Position 2.Business Model & Financial Performance Agenda 3.Strategic Progress & Alia 4.Looking Ahead 3
Slide 4: Business overview & strategic position
Business overview & strategic position 4
Slide 5: Why Dotdigital
Why Dotdigital The foundational platform helping brands reach customers and thrive M A R K E T I N F L E C TI O N T H E D O TD I G I T AL A D V A N TA G E Consumer expectations 15+ years embedded AI of consumers will pay more for personalised 86% experiences WinstonAI powers personalisation, analyti
Slide 6: H1 FY26 overview
H1 FY26 overview Solid progress against strategic priorities Growth quality Geos & Partners Product delivery M&A execution 6 DELI VER I NG AC ROS S GR OWTH, PR ODUCT AND M& A PR IO RI TI ES
Slide 7: Group transformation
Group transformation Evolution to a multi-product business with strengthened partner network +66% ARR growth since FY23 £48.9m >£81m FY23 opening ARR Fresh Relevance Social Snowball Alia ARR today Sep 2023 Jun 2025 Mar 2026 ~50% → >60% ~15% → >30% ~25% → ~40% >20% → >20% Partner-connected ARR US-ori
Slide 8: The leading CXDP for marketers
Dotdigital | Start winning customers for life | Video The leading CXDP for marketers Data Strategic Data Automation and Channel sources partners management personalisation orchestration Data aggregation | Data enrichment| Deduplication | Profile unification | Behavioural data capture Email Commerce
Slide 9: The convergence opportunity
The convergence opportunity Clearly defined market with structural tailwinds and low penetration Structural tailwinds $176B Platform consolidation, AI adoption, and first-party data shifts all drive demand for integrated solutions global martech market (2025) Proven across three regions Scalable mid
Slide 10: A platform built to capture AI upside
A platform built to capture AI upside AI agents need trusted platforms with rich data, deep integrations, and proven execution infrastructure - that’s us. Proprietary Data Layer Deep Integration Moat Unified Single Customer View across c. 9,000 brands in 150 countries - a 250+ certified connectors c
Slide 11: Commercial model
Commercial model Existing pricing strategy already optimized for AI & acquisitions PACKAGE VOLUME ADD ONS : EXCESS VOLUMES: - Package upgrade fee to access full suite of AI features & functionality COMMITMENT - Web personalization Charged when customer - Volumes improved by AI usage, recent acquisit
Slide 12: Business model & financial performance
Business model & financial performance 12
Slide 13: Financial model
Financial model Drive high margin sticky recurring revenues and strong cash conversion 44.3 42.4 41.5 38.7 40.3 33.9 35.3 Group 28.2 29.9 30.9 31.9 Non-recurring Contracted recurring revenue Recurring and repeating revenues were 84% of profile Repeating revenues were 96% of total Group revenues and
Slide 14: Dotdigital commercial model
Dotdigital commercial model A predictable, high margin business Standalone API only transactional messaging CPaaS Core CXDP and related business lines business line Revenue £44.2m £35.2m Gross profit 80% margin (H1 prior year: 78%) Gross margins of ~90% Gross margin of ~15% Our core CXDP and related
Slide 15: ARR bridge – December '24 to December '25
Forward-looking ARR growth from core business 3 Year ARR CAGR: ARR bridge – December ‘24 to December ‘25 • Total 14% Social Snowball acquisition Total actual currency growth 13% • Organic 9% Fresh Relevance acquisition 72.6 75.4 Total constant currency growth 14% 67.0 63.3 63.6 Organic constant curr
Slide 16: Income statement overview
Income statement overview Headline income statement • Total revenue growth of 4% on H1-25 or 5% on a constant 44.2 currency basis 42.4 41.5 40.3 • Recurring revenue growth in the core CXDP business was 38.7 11% (12% in constant currency) or 4% on an organic basis 35.3 (5% in constant currency) 33.9
Slide 17: Profitability, taxation and EPS spotlight
Profitability, taxation and EPS spotlight PBT – adjusted v statutory (£m & %) 8.9 7.6 6.3 6.2 27% • Sustained delivery of commitment to generating adjusted PBT margins of 20+% 20% • Post pandemic acquisition activity has led to increased amortisation of acquired 22% 14% intangibles and other excepti
Slide 18: Cashflow overview
Cashflow overview Free cash flow bridge (£m) Free cash flow half on half (£m) FCF £3.0m 10.1 9.1 13.6 (2.3) (0.3) (0.2) 0.5 (5.4) 3.8 3.4 (2.9) 3.0 36.2 (0.8) 36.1 (0.9) (1.3) (0.1) H1-24 H2-24 H1-25 H2-25 H1-26 £'m HY26 HY25 Adjusted EBITDA 13.6 13.8 Working capital - operational (2.3) (1.5) Lease
Slide 19: Key financials takeaway
Key financials takeaway • 15+ year successful delivery of baseline financial metrics: • Growth ~10% • Adj. EBITDA margin exceeding 30% • Adj. PBT margin exceeding 20% • FCF margin approaching 20% • Core CXDP business forward looking ARR growing at a 3 year CAGR of 14% and accounts for 97% of group g
Slide 20: Strategic progress & Alia
Strategic progress & Alia 20
Slide 21: A well-defined strategic framework
A well-defined strategic framework Expand our product suite Focus on cross- Globalising selling our talent Core organic growth pillars Grow our Growth by acquisition Deepening global customer Organic strategic Geographic base growth partnerships Geographic coverage Product Deeper functionality Partn
Slide 22: H1 FY26 execution
H1 FY26 execution Scorecard against strategic priorities Growth quality Geos & Partners Product delivery M&A execution • 13% increase in ARR demonstrating • Geo – growth in all regions, with • Continued enhancements to Winston • Completed acquisition of Alia in March contracted revenue momentum (4%
Slide 23: Acquisition of Alia Software
Acquisition of Alia Software AI-powered on-site conversion and zero-party data capture for Shopify merchants What is Alia? SHOPIFY NATIVE Deal overview AI-powered pop-up and email/SMS list-growth platform built exclusively for Shopify merchants. Initial consideration $30m cash from reserves Converts
Slide 24: Product strategy
Product strategy Multi-product suite expanding TAM and deepening customer value Marketing Personalisation Influencer Loyalty Audiences CXDP Fresh Relevance Social Snowball In private preview NEW CATEGORY TO DA Y TO DA Y TO DA Y TO DA Y TO DA Y Email, SMS, WhatsApp, push, Web personalisation, real-ti
Slide 25: Looking ahead
Looking ahead 25
Slide 26: Looking ahead
Looking ahead Growth engine Multi product strategy Market drivers - High visibility and growing ARR - Product portfolio strength - Need for efficiency, simplicity Confidence - Strong cash generation - Recent acquisitions - Expansion of TAM - Emphasis on AI & zero party in H2 and beyond - Improving c
Slide 27: Questions
Questions 27
Slide 28: Appendix
Appendix 28
Slide 29: Board of Directors
Board of Directors Milan Patel Tom Mullan John Conoley Boris Huard Liz Richards ACA Chief Executive Officer Chief Financial Officer Non-Executive Chairman Non-Executive Director Non-Executive Director Milan joined the Group in 2007 before being Tom joined the Board in April 2025 and brings John was
Slide 30: Strong and supportive shareholders
Strong and supportive shareholders Significant shareholdings | as of 31 December 2025 Global reach • Octopus Investments 14.3% • Liontrust Asset Management 13.1% • Directors & PDMR 10.3% Switzerland Germany France • Slater Investments 6.6% • Rathbones 6.5% • Canaccord Genuity Wealth Management 5.6%
Slide 31: Financial statements – Income statement & cashflow
Financial statements – Income statement & cashflow Reconciliation from statutory to adjusted profits: £'m HY25 HY24 Growth Core CXDP & related business – recurring 37.3 33.7 11% Core CXDP & related business – one off 1.8 2.3 Transactional CpaaS business – repeating 5.1 6.4 Revenue 44.2 42.4 4% Cost
Slide 32: Financial statements – cashflow statement
Financial statements – cashflow statement 32
Slide 33: Financial statements – statement of financial position
Financial statements – statement of financial position 33
Slide 34: Investment case
Investment case STRATEGY SCALABLE GROWTH INDEPENDENCE LEADERSHIP OUTLOOK Clear and compelling Highly scalable platform Attractive industry strategy focussed on for all sizes of customers growth, accelerating in The successful Experienced management Strong growth prospects organic growth with a predi
Slide 35: Our stance on ethical AI
Our stance on ethical AI SAFEGUARDS AND PRINCIPLES DATA SECURITY ✓ Transparency. We let you know when Generative AI and how AI is being used ✓ Delivered with Microsoft Azure AI Foundry, a ✓ Control. Switch generative AI features best in breed product with leading models, on or off whenever you choos