Announcement PDF RNS Number : 9159G Aurrigo International PLC 04 June 2026 4 June 2026 Aurrigo International plc ("Aurrigo" or the "Company") Full Year Results for Year Ended 31 December 2025 and Notice of AGM Aurrigo International plc (AIM: AURR), a leading international provider of fully autonomous vehicles, autonomy software, mobile robotics platforms and high-end, low-volume automotive technology, reports its full year results for the year ended 31 December 2025. Financial highlights · Revenue of £8.0m (FY24: £8.9m), ahead of revised expectations announced in August 2025 despite a volatile trading backdrop. · Autonomous division revenues of £2.6m (FY24: £2.9m), with programme milestones moving into FY26 as customer deployments progressed into increasingly complex phases. · Automotive division delivered revenues of £5.4m (FY24: £5.9m), reflecting strong H2 recovery and demonstrating the strength of long-standing OEM customer relationships. · Adjusted EBITDA (see note 7) loss of £3.0m (FY24: £1.6m), in line with expectations, reflecting improved gross margins and continued investment in international scaling, engineering capability and operational infrastructure. · Strong balance sheet with year-end net cash of £11.5m (FY24: £3.1m), following successful equity raises totalling £13.8m net during the year, positioning the Group well to execute its next phase of growth. Operational highlights · Strong strategic and operational progress made across the Autonomous division as airport programmes advanced from proof-of-concept activity toward larger scale operational deployment. o Delivery of Auto-Cargo®, Aurrigo's largest autonomous aviation vehicle to date. o Strategic partnership signed with Swissport International AG, including a six-month trial at Zurich Airport, providing access to a network of more than 270 airports globally. o Progress continued at Amsterdam Airport Schiphol, where Auto-DollyTug® and Auto-Sim® solutions were formally recommended to Aviation Solutions B.V., supporting access to a network of 60+ airports. o Continued advancement of software, strengthening the Group's ability with mission-critical airport infrastructure and increasing barriers to entry. · Automotive division remained a resilient foundation for the Group, successfully navigating temporary customer disruption before recovering strongly in the second half. Post-period end and current trading · Launch of the Group's international Hub strategy post-period end, establishing regional delivery and deployment capability across key global markets including Coventry, Cincinnati, Singapore/Malaysia, Dubai and Amsterdam. · Secured largest autonomous vehicle order in the Group's history with a £6.28m contract awarded by Ultra Global Limited for the design and manufacture of 25 autonomous guided vehicles for airport and passenger transit applications in the UK. · Awarded a three-year £4.5m framework agreement within the Automotive division to supply high-performance electrical systems for a next-generation supercar programme. · Trading in the new financial year has started positively with pipeline activity and tender engagement continuing to build across target markets. Prof. David Keene MBE, CEO of Aurrigo International, commented: "FY25 was another strong year of progress for Aurrigo as we continued to scale the business internationally and advance our autonomous solutions into increasingly complex operational environments. During the year we expanded our Autonomous presence across key global markets, strengthened strategic partnerships and continued to build the operational capability required to support larger scale deployment. Building on this progress, post-period end we launched our international Hub strategy, establishing regional delivery and deployment capability across our key markets. The industry is moving forward quickly and we're seeing increasing interest from airports looking at how automation can improve their operations. "Automotive again demonstrated the resilience of the division and the strength of its customer relationships, recovering well during the second half and securing an important new contract post-period end. With growing commercial momentum, an expanding pipeline, a clear international growth strategy and a strengthened balance sheet, we believe Aurrigo is well positioned as airports increasingly move beyond trials and toward the long-term deployment of autonomous solutions." Notice of Investor Presentation David Keene, Chief Executive Officer, will host a presentation and Q&A relating to the Company's results at 3:00pm on Monday 8 June 2026. The presentation will enable existing and prospective investors the opportunity to listen to management discuss the Group's full year results. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9:00am the day before the meeting or at any time during the live presentation. To sign up to the presentation via Investor Meet Company please register using the following link:https://www.investormeetcompany.com/aurrigo-international-plc/register-investor Notice of AGM The Company also announces that its Annual General Meeting (AGM) will be held on 30 June 2026 at Aurrigo's offices at Power Park, 2 Woodhams Road, Siskin Drive, Coventry, CV3 4FJ at 10:00am. The Annual Report and Accounts for the year ended 31 December 2025, together with the notice of the Annual General Meeting will be available to download from the Company's website at https://investors.aurrigo.com/shareholder-documents and will be posted today to those shareholders who have elected to receive a hard copy. Investor Hub For more information and the chance to have your questions directly answered by the management team, please head to our interactive investor hub via: https://investors.aurrigo.com/link/rDEgpP For further enquiries: Aurrigo International plc David Keene, Chief Executive Officer Ian Grubb, Chief Financial Officer +44 (0)2476 635818 Canaccord Genuity (Nominated Adviser and Joint Broker) Adam James Harry Pardoe George Grainger +44 (0)20 7523 8000 VSA Capital Limited (Joint Broker) Andrew Monk Andrew Raca Brian Wong +44 (0)20 3005 5000 Alma Strategic Communications Hilary Buchanan Caroline Forde Louisa El-Ahwal +44(0)20 3405 0205 Cucumber PR Russ Cockburn +44 (0)78 1260 0271 Notes to Editors: Aurrigo International plc (AURR LN) is a UK based developer and producer of autonomy software, fully autonomous vehicles and mobile robotics platforms. Aurrigo's first application is autonomous airport Ground Support Equipment (GSE) designed to move cargo, baggage and people between terminals, baggage halls and airside next to aircraft. Thus, transforming operations that are manually intensive improving safety, operational efficiencies and meeting sustainability targets, while navigating growing passenger volumes, rising costs and increasing labour shortages. Aurrigo's autonomy software and controls, designed to operate in safety, security sensitive and harsh environments, have an opportunity to transform airside logistics and bring autonomy to wider markets. Headquartered in Coventry, UK with offices in Singapore, Cincinnati and Ottawa, the Group has a 33-year heritage designing and supplying automotive vehicle OEM's with highly advanced, innovative product and system solutions. For more information, please visit the Group's website at www.aurrigo.com. Chair Statement Introduction - Strategic Delivery This has been a year of continued progress for Aurrigo, achieved against a backdrop of elevated macroeconomic volatility. The Group has advanced the next phase of its autonomous airport programmes, each of which has required increasing levels of technical and operational sophistication. This has underpinned another year of widening market penetration in the Autonomous division, alongside a resilient Automotive performance that reinforces the strength and durability of our longstanding customer relationships. Review of 2025 - Building Blocks for the Future FY25 was characterised by a series of important milestones across the business, each contributing to the strengthening of Aurrigo's long-term position and prospects. Progress made during the year reflects the cumulative impact of years of investment in technology, partnerships and capability, and places the Group on a strong footing for the next phase of growth. A key highlight of the year has been the advancement of major global Autonomous projects and the establishment of new strategic partnerships. The broadening and deepening of relationships with leading innovators, including Aviation Solutions B.V., Swissport, Teesside and long-standing airport partners, has significantly expanded Aurrigo's geographical footprint. As a result, vehicles are now deployed across a growing number of locations in North America, APAC, UK and Europe, with this expansion reflecting both rising customer interest and the Group's increasing capability to deliver and support autonomous solutions at scale on a global basis. Innovation and technology advancement progressed at pace as vehicles moved into increasingly complex real-world deployments. The launch of Auto-Cargo® marked a significant expansion of the Group's autonomous offering into the large air cargo market, while advancements across software and systems capabilities further widened the competitive gap. In particular, proven capability in interfacing with mission-critical airport systems at some of the world's busiest airports, together with strengthened cyber security, has been instrumental in advancing programmes towards operational deployment, with these capabilities critical to customer decision-making and representing a clear and sustainable competitive advantage. In Automotive, the Group demonstrated the strength of its long-standing customer relationships by supporting key partners through periods of disruption, including the impact of US tariffs and customer-specific operational challenges. Aurrigo's ability to respond quickly and effectively helped restore operations at pace, and, as anticipated, activity levels increased during the second half of the year, with the full-year outturn proving more resilient than the revised expectations announced in August. Investing in our People The Group continued to invest in its people, growing the workforce to 112 employees and further diversifying its geographic footprint with teams established in the UK, North America and South East Asia. I would like to thank all our employees for their commitment, expertise and belief in Aurrigo's mission. Their contribution remains central to the Group's progress. A Strong and Disciplined Financial Position The Company ends the year in a strong cash position following continued shareholder support. Total equity raised during the year was £15.9 million, comprising the £1.8 million January placing announced in December 2024 and an oversubscribed £14.1 million Placing in September anchored by strategic investor Next Gen Mobility. Together these raises enhance the Group's flexibility to accelerate delivery of strategic priorities while maintaining a disciplined and prudent approach to investment. I would like to thank existing shareholders for their ongoing support and welcome new shareholders to the register. Governance As previously announced, Executive Director Lewis Girdwood retired from the Board during the year, following significant contribution since the Group's IPO in 2022. The Board continues to give active consideration to its composition and succession planning to support the Group's next phase of growth. Sustainability - Scaling Responsibly As Aurrigo expands its operational and international footprint, the Group remains committed to scaling responsibly. This includes maintaining high standards of governance, safety and cyber security, alongside a focus on sustainability. The ESG Committee continues to progress the Group's ESG roadmap and monitor key performance indicators aligned to our broader sustainability strategy. The growth of the Autonomous division is also contributing to improved environmental outcomes within airports and transportation, through increased efficiency, reduced emissions and optimised vehicle utilisation. The contribution of the Group's technology to airport decarbonisation was externally recognised post year end with the award of an MBE to CEO David Keene for services to the decarbonisation of airports. As deployments continue to scale across global airport environments, the Group is building an expanding evidence base to measure the environmental benefits of its solutions. Over time, this data will further demonstrate the environmental and operational advantages that our technologies can deliver. Outlook - On the Cusp of Industry Transformation Looking ahead, the Group remains focused on progressing existing programmes, transitioning customers from proof-of- concept into operational deployment, and accelerating delivery through its Hub-based strategy launched at period end. This approach is expected to enhance customer adoption, improve delivery efficiency and support expansion into new geographies. Aviation infrastructure is entering a period of unprecedented transformation, and airports of the future will look fundamentally different from today. Aurrigo is well positioned to be part of that change, having demonstrated since IPO and particularly in FY25 the capability, resilience and ambition to navigate the challenges of scaling disruptive technology. While the challenges associated with scaling disruptive technology should not be underestimated, the Board remains confident in the Group's trajectory and the significant market opportunity ahead. Andrew Cornish Non-Executive Chair CEO Statement Introduction - Operational Review 2025 was an important year for Aurrigo, marked by continued operational and strategic progress. During the year we deepened our relationships with major airport partners, successfully managed disruption in the Automotive division, and strengthened our balance sheet. Despite a challenging external environment, we stayed focused on execution and delivered against our strategy, a testament to the quality of our people, the strength of our customer relationships and the growing maturity of our technology. In the Autonomous division, we made real progress in getting our technology ready for scale-up deployment. We tested our solutions in live airport environments and worked closely with customers and partners to prove that our systems can perform reliably in a variety of real-world conditions. These steps are helping airports move from trials to planning full-scale operations, while we continue to refine and expand our technology to meet their needs. Alongside this, our Automotive division once again provided a resilient base for the Group. While it experienced disruption in the first half of the year as OEM customers adjusted ordering patterns in response to tariff-related uncertainty and customer- specific operational issues, volumes recovered in the second half as we had anticipated, and we were able to respond quickly to renewed demand. Longstanding customer relationships which are supported by disciplined delivery and deep engineering expertise, helped the division navigate periods of disruption and maintain its role as a strong foundation to the wider business. During the year we also invested across the Group to position the business for a step-change in growth, supported by the equity raised. We strengthened our teams in key locations, improved our operational infrastructure and further aligned our organisation to support future scale. Taken together, these steps have placed Aurrigo in a more robust and capable position with a clearer pathway to growth and a business that is increasingly well prepared for the next phase of adoption across our target markets. This progress culminated in the launch of our Hub strategy at the end of the year, bringing together years of focused investment, and marking the next chapter for the Group as we begin to take what we've built and scale it internationally. Financial Highlights The Group delivered a resilient financial performance in FY25, reporting revenue of £8.0m (FY24: £8.9m), ahead of the revised expectations announced in August. While the year presented its challenges, both divisions performed well and helped to maintain momentum across the Group. In Automotive, revenues recovered strongly in the second half of the year. The business experienced disruption in H1 due to US tariffs and customer operational issues, but activity stabilised as anticipated, and the division grew in the second half, with H2 revenues c. 30% higher than H1, delivering full-year revenues of £5.4m (FY24: £5.9m). This recovery highlights the strength of our long-standing customer relationships and the ability of our engineering and delivery teams to respond quickly when conditions change. Autonomous revenues were £2.6m (FY24: £2.9m). Several programme milestones moved into the new year as deployments moved into more complex phases, requiring more time to complete, which demonstrates the increasing maturity of our solutions and the higher level of integration required by customers. Adjusted EBITDA loss for the year was £3.0m (FY24: £1.6m), with loss before tax at £3.9m, in line with expectations. Gross margins improved during the year while operating costs rose modestly as we continued to invest in scaling our operations and supporting the expansion of our international teams. We end the year in a stronger financial position, with the capacity to invest in growth initiatives across both divisions and continue building the capabilities required to scale. Post-Period End Highlights Following the period end, we announced a £6.28m contract with Ultra Global Limited to design and manufacture 25 autonomous guided vehicles for use in airport and passenger transit settings in the UK. This is the largest autonomous vehicle order secured by Aurrigo to date and reflects the progress we are making in turning our technology and engineering capability into commercial work. Under the agreement, we will work with Ultra Global to update and develop its existing vehicle platform using our experience in autonomous vehicle engineering. The contract is expected to generate approximately £1.53m revenue in FY26 and £4.75m in FY27 with engineering work largely taking place in FY26 and vehicle production following in FY27. We also announced a three-year £4.5m framework agreement through our Automotive Division to supply innovative high performance electrical systems for a next generation supercar programme. The contract is with a long-standing customer and is expected to generate £0.81m in FY26 with the remainder placed across FY27 and FY28. We further strengthened our team with the appointment of Mark Gower as Director, Global Airport Operations. Mark brings more than 25 years' experience leading safety-critical aviation operations most recently as Managing Director of Gatwick Ground Services, and will support our transition from proof-of-concept trials to repeatable commercial deployments. Business Review Aurrigo is a UK based developer and producer of autonomy software, fully autonomous vehicles and mobile robotics platforms. Aurrigo's first application is autonomous airport Ground Support Equipment (GSE) designed to move cargo, baggage and people between terminals, baggage halls and airside next to aircraft. Thus, transforming operations that are manually intensive improving safety, operational efficiencies and meeting sustainability targets, while navigating growing passenger volumes, rising costs and increasing labour shortages. Aurrigo's autonomy software and controls, designed to operate in safety, security sensitive and harsh environments, have an opportunity to transform airside logistics and bring autonomy to wider markets. Over the last year we've seen the level of interest in automation increase, and it's clear that airports are increasingly looking to technology as a practical way to tackle capacity, cost and sustainability challenges. We deliver a complete end-to-end solution that can actually operate in the real world. That includes: Hardware · Auto-DollyTug® - fully autonomous baggage and cargo handling vehicle · Auto-Cargo® - our largest autonomous vehicle designed for heavier cargo movements · Auto-Shuttle® - designed to provide safe and efficient "first and last mile" transportation in airside and other environments Software · Autonomous Driving Software stack (ADS) - our in-house software platform for autonomous vehicles · Auto-Sim® - airport simulation and modelling tool with 3D visualisation · Auto-Connect® - a cyber-secure fleet management SaaS platform The work we've done this year has moved us closer to the point where these solutions are no longer pilots, but operational tools that airports can rely on. Autonomous Market Interest in autonomous solutions at airports is clearly growing. Airports are under increasing pressure to improve efficiency, reduce emissions and manage a tightening labour market, and they are looking to technology to help them achieve these goals. We continue to see this reflected in the number of enquiries and the quality of opportunities coming through, particularly across Europe, North America and APAC. Baggage handling has historically been an area where change has been slow, so being an early mover continues to work in our favour. At the same time, the industry is becoming more comfortable with autonomy which is helping to drive the broader adoption of our technology. Around 42% of passengers now have access to real-time baggage updates, and two-thirds of airlines already offer automated baggage drop-off[1]. Even with passenger numbers hitting a record 5.3 billion in 2024, the baggage mishandling rate has improved by 8.7% in the past year [2]. Automation is making baggage handling faster and more reliable and Aurrigo's technology is at the core of helping airports deliver a better experience for passengers. Progress on the Ground This year has been about taking our technology into real airport environments. We're now moving into the kind of testing that really shows what our solutions can do in live operations. A huge achievement for the business was the delivery of Auto-Cargo® - our largest autonomous aviation vehicle to date and a significant expansion of our capability beyond baggage handling. Progress with one of our longstanding customers in Asia also continued through the year, advancing through the defined technical and operational milestones. During the year we signed a multi-year contract with Tees Valley Combined Authority to deploy Auto-Shuttle® and Auto- DollyTug® at Teesside International Airport. This was a strategic win for Aurrigo, demonstrating our ability to deploy multiple autonomous solutions in a live operational environment, strengthening our reference base and supporting the scalability of the Group's platform. We also entered a three-year strategic collaboration partnership with Swissport International AG, including a six-month trial agreement, with Zurich Airport as the launch site. This is an important partnership for us because it opens the door to Swissport's global network of more than 270 airports and demonstrates the potential for scalable deployment across a global operator footprint. Meanwhile, at Amsterdam Airport Schiphol, trials progressed to the point where our Auto-DollyTug® and Auto-Sim® solutions were formally recommended to Aviation Solutions B.V., the commercial arm of Royal Schiphol Group. That recommendation gives us access to a network of over 60 airports and is a meaningful step in growing our international footprint. In North America, our programme at Cincinnati/Northern Kentucky International Airport (CVG) continued to advance, supported by the team we've established on the ground. We also launched Auto-Shuttle® in Ottawa during the year, which involves the deployment of a shuttle in a live, mixed-traffic environment. Across all of these programmes, the focus has been the same: working closely with customers to understand their operational needs and refining our solutions accordingly. The progress we've made this year gives us confidence that we're moving from trials into genuine deployments. Launch of the Hub Strategy In December we launched our Hub strategy which is an important strategic step in how we plan to scale internationally. Instead of relying on a single site in the UK, we're building regional hubs with trusted local partners to manage manufacturing, assembly, and deployment. Each hub is also designed to protect our intellectual property, ensuring that our core technology remains fully under our control as we grow. The first five hubs will be in Coventry, Cincinnati, Singapore/Malaysia, Dubai, and Amsterdam, giving us a strong presence in these key regions and a foundation to bring our technology to airports worldwide. This approach is a gamechanger for how we operate globally. With hubs in key regions, we're no longer constrained by geography, we can get technology to airports faster, respond to local challenges immediately, and roll out deployments with far greater efficiency. It puts Aurrigo in a position to move faster than competitors and deliver real value to customers wherever they are and take full advantage of the growing demand for autonomous solutions at airports. Automotive The Automotive division remains a strong and reliable part of Aurrigo. It continues to generate important cash flow and keeps our engineering and delivery capability at world class levels. The first half of FY25 was disrupted by US tariffs and customer- specific operational issues, but our teams responded quickly and activity stabilised in the second half. That recovery reflects the strength of our long-standing customer relationships and our ability to manage complex programmes under pressure. Looking ahead, Automotive continues to provide important revenue and cash generation, supporting our investment in Autonomous while we continue to build new customer partnerships and deliver for existing ones. R&D Our R&D focus remains on improving the capability, reliability and cost efficiency of our autonomous solutions. During the year we made further enhancements to both hardware and software, informed by learnings from our deployments and customer feedback. We also continued to build our engineering teams, adding 20 people to the team across the UK and internationally, including engineers and staff supporting proof-of-concept trials. This will improve how we work across different locations to speed up development. As part of supporting the rollout of our Hub strategy, we also established an Application Engineering group, placing experienced engineers closer to our customers and operational deployments. Acting as a bridge between our field engineering teams and central engineering capability, they help translate Aurrigo's software and technical expertise into solutions tailored to specific airport operations while also supporting training and knowledge sharing. This investment strengthens communication between the hub and deployment locations and helps speed up the rollout of our intellectual property while reducing operational risk and time to market. As deployments have progressed, Aurrigo's solutions have become increasingly embedded within customers' airport infrastructure, systems and operating environments. Ongoing development of the Group's software architecture, systems integration capabilities and cyber security credentials has enabled vehicles to interface reliably with mission-critical airport platforms, a requirement for live operational deployment at scale. These capabilities continue to raise barriers to entry, deepen customer relationships and create a growing competitive moat, as few competitors are able to meet the technical, safety and security standards demanded by global airports and ground handlers. Current Trading & Outlook The new financial year has started positively and the pipeline continues to build. We are making steady progress across our key programmes and working with customers to move from trials into real operational deployment. The level of interest and tender activity we're seeing reinforces our belief the market is shifting and that airports are now actively preparing for automation at scale. At the same time, we're focused on scaling in a sensible way by moving from pilots to larger deployments. This means we need the right manufacturing and delivery capability in place, which is why we're rolling out our Hub strategy and strengthening our engineering teams around the world. We remain focused on converting the pipeline into deployments and continuing to support our customers as they move through the next stages of their programmes. Airports are changing and automation is becoming a more practical and accepted part of how they operate. While the challenges associated with scaling disruptive technology should not be underestimated, the Board remains confident in the Group's trajectory and the significant market opportunity ahead. With the capability we've built, the relationships we've established and the global reach we now have, we are well placed to capture the opportunities ahead. David Keene Chief Executive Officer CFO Statement I am pleased to present the Chief Financial Officer's report for Aurrigo International plc for the financial year ended 31 December 2025. This year has been one of consolidation in the autonomous division with continued progress in aviation contracts, while automotive has been impaired by geopolitical and customer IT issues. The year's results, however, are a positive reflection of the work and performance of the business in a difficult trading environment. Financial Performance Total revenue for the year was £8.0 million, repre