Pinewood Technologies Group (PINE) H2 2025 earnings summary

Executive summary

• Revenue grew 30% year-over-year to GBP 40.5 million, driven by new customers, upselling, and the Seez acquisition.

• Achieved strong strategic and operational progress, especially in North America with system testing in US dealerships, integration with multiple OEMs, and the buyout of Lithia's share in the North American JV.

• Major milestones included a $60 million contract with Lithia for U.S. and Canadian dealerships.

• Integration of Seez enhanced AI capabilities and diversified revenue streams.

• Strategic expansion continued in the U.K., North America, Japan, Central Europe, and South Africa.

Financial highlights

• Revenue rose 29.8% year-over-year to £40.5m; gross profit increased 23% to £34.7m.

• Gross margin declined to 85.7% due to Seez's lower margins.

• Underlying EBITDA increased 17.1% to GBP 16.4 million; recurring revenue represented 83.2% of total.

• Net customer churn was 2.5%, higher than last year but still low.

• Total Contract Value (TCV) reached £64.5m, up 1.4% year-over-year.

Outlook and guidance

• FY 2028 underlying EBITDA guidance remains GBP 58 million-GBP 62 million, underpinned by existing contracts, with 85% of projected growth covered by signed contracts.

• FY 2026 underlying EBITDA expected to align with consensus of GBP 21.3 million.

• Majority of FY 2028 EBITDA target covered by current customers and signed contracts.

• FY26 guidance reaffirmed, supported by strong contract visibility and a robust pipeline.