Announcement PDF RNS Number : 8786V Aurrigo International PLC 23 September 2026 23 September 2026 Aurrigo International plc ("Aurrigo", “the Group”, or “the Company") Interim results for the six months to 30 June 2026 Aurrigo International plc (AIM: AURR), a leading international provider of transport technology solutions, reports its interim results for the six months ended 30 June 2026. Financial highlights The Group delivered H1 revenue growth of 19% to £4.2m (H1 2025: £3.5m). 53% growth in Automotive revenues to £3.6m (H1 2025: £2.4m), as trading continued to recover from the disruption experienced in H1 2025, together with new contract wins. First defence contract secured and parts supplied in H1. Autonomous revenues of £0.6m (H1 2025: £1.1m), with all current programmes continuing to make very good progress. Gross profit of £1.1m (H1 2025: £1.5m), reflecting revenue mix during the period. Adjusted EBITDA loss of £3.1m (H1 2025: £1.6m) and loss before tax of £3.8m (H1 2025: £2.1m), reflecting continued investment in the Group's expanded UK facility and in building manufacturing capacity ahead of the Ultra Global contract build phase and anticipated autonomous vehicles orders. Cash of £8.4m (31 December 2025: £11.5m), following continued investment in the Group's growth including the new UK facility, with the balance sheet retaining sufficient headroom to fund the Group's ongoing growth initiatives. Operational highlights Significant £6.28m contract secured with Ultra Global to design and manufacture 25 autonomous guided vehicles, the largest in the Group's history with £1.53m to be recognised in H2 2026 and £4.75m expected to be recognised in FY27 upon completion of various milestones. Secured a £4.5m three-year framework agreement in the Automotive division to supply electrical systems for a next-generation supercar programme. Granted a licence to provide ground handling services at East Midlands Airport, supporting the roll-out of the Group's autonomous ground service equipment. Relocated global headquarters and core manufacturing to a new facility at Power Park, Coventry, more than three times the size of the previous site, supporting the delivery of the Group's wider hub strategy. Strengthened the international leadership team with the appointment of Mark Gower as Director of Global Airport Operations. Post-period end and current trading Trading has remained in line with the Board’s expectations. The Group continues to make excellent progress across its contracted programmes and wider Autonomous pipeline, with several opportunities expected to reach key decisions around the end of 2026. Awarded £1.43m in UK Government grant funding to deploy Auto-Shuttle® vehicles in autonomous safety and inspection roles at UK airports. The Group has begun to see early-stage interest in applying its engineering capability to adjacent sectors beyond automotive and aviation. The Group has signed its first defence contract for the supply of electrical systems for unmanned vehicles, with some deliveries completed in H1 and the balance already shipped in H2. Several other defence opportunities are being pursued and if secured will be in the pipeline for FY27 and FY28. Prof. David Keene MBE, CEO of Aurrigo International, commented: “The first half has demonstrated the complementary strengths of Aurrigo’s business. Automotive delivered a strong recovery and remained cash generative, while the £6.28m Ultra Global contract, the largest single contract in our history, provides further validation of our autonomous aviation strategy. “I was particularly pleased to secure our first defence contract – this could become a significant market for us. With our expanded manufacturing facility now operational, contracted programmes progressing and a more mature Autonomous pipeline, we enter the second half with confidence in our growth prospects.” Notice of Investor Presentation David Keene, Chief Executive Officer, and Ian Grubb, Chief Financial Officer, will host a presentation and Q&A relating to the Group's results at 9:30am today. 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 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/r8XGLr 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 is an international designer and developer of fully integrated smart airside solutions for the aviation industry, including automated vehicles, systems and software. The Group's proprietary, award-winning autonomous technology and secure management system is supporting some of the world's leading airports. Customers choose to partner with Aurrigo to transform their baggage and cargo handling operations, improving safety, operational efficiencies and meeting sustainability targets, while navigating growing passenger volumes, rising costs and increasing labour shortages. 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. CEO Statement The first half of 2026 marked further progress in Aurrigo’s transition towards the commercial deployment of autonomous aviation solutions. The £6.28m Ultra Global contract, the largest in the Group’s history, provides an important validation of this strategy, while the Automotive division delivered a strong recovery and continued to provide a reliable source of revenue and cash generation. We were very pleased to see early-stage interest building in applying our technology and engineering capability to adjacent sectors, including defence, where we won our first contract, with deliveries underway and a growing pipeline of opportunities for FY27 and FY28. As a result, the Group delivered a resilient first-half performance, with Group revenue growth of 19%. In addition to our largest Autonomous contract with Ultra Global, we further strengthened our Automotive division with a new three year £4.5m framework agreement, enhancing our forward visibility. Our focus remains firmly on converting this progress into delivery, both for our Automotive customers and across our wider Autonomous pipeline. To support this next phase of growth, we relocated our global headquarters and core manufacturing to a new, significantly expanded facility at Power Park, Coventry. This investment will allow us to scale production, build out the manufacturing capability required to deliver the Ultra Global contract, and support the continued growth of our international hub network as we look ahead to the opportunities in the second half of the year and beyond. Post-Period End Highlights Since the period end, we were awarded £1.43m in UK Government grant funding to deploy our Auto- Shuttle® vehicles in autonomous safety and inspection roles at UK airports, a fantastic endorsement of the breadth of our technology application beyond baggage and cargo handling. Business Review Aurrigo combines advanced engineering, autonomous vehicle technology, manufacturing and operational expertise to serve customers across aviation, automotive and emerging adjacent markets. The Group’s established Automotive activities provide engineering capability, revenue and cash generation, while its Autonomous solutions address the growing need for safer, more efficient and increasingly automated ground operations. Autonomous Market Interest in autonomous airport solutions continues to grow as operators seek practical ways to manage rising passenger volumes, cost pressures and persistent labour constraints. Global air passenger demand rose by 5.3% in 2025, with aircraft load factors reaching record levels1 . Industry research also indicates continued pressure on the ground-handling workforce, with 37% of respondents anticipating ongoing staffing shortages and 60% reporting insufficient qualified staff to support smooth operations2 . These structural pressures are reflected in the quality and increasing maturity of the opportunities in our pipeline. Progress on the Ground In March, we signed a £6.28m contract with Ultra Global to design and manufacture 25 autonomous guided vehicles for airport and passenger transit use in the UK, the largest single contract in the Group’s history. Engineering and prototype development are underway, with £1.53m of revenue expected to be recognised in FY26 and the remaining £4.75m in FY27 as production and delivery milestones are achieved. We were also granted a licence to provide ground handling services at East Midlands Airport, supporting the roll-out of our autonomous ground service equipment there. Mark Gower joined the Group during the period as Director of Global Airport Operations. Before joining us, he spent 25 years in safety-critical aviation roles, most recently as Managing Director of Gatwick Ground Services, and he will be supporting us as we turn our proof-of-concept trials into deployments we can repeat commercially. Automotive Automotive remains an important and reliable part of Aurrigo. Revenue recovered strongly from the disruption experienced in H1 2025, supported by new contract wins including a three-year, £4.5m framework agreement to supply electrical systems for a next-generation supercar programme, alongside inaugural revenues from a defence contract. The division remained cash generative during the period and continues to underpin the Group’s engineering, manufacturing and delivery capabilities. Defence We're delighted to have signed our first contract in the defence sector during the period, supplying electrical systems for unmanned vehicles, a fantastic validation of the electrical and electronics capability built up through our Automotive and Autonomous divisions. We've since been invited to bid for further defence programmes with potential deliveries in FY27 and FY28. Revenues from this industry are accounted for within the Automotive division. Current Trading and Outlook We enter the second half of 2026 with growing confidence in the Group’s prospects. Our Hub strategy for expanding autonomous airside vehicles globally continues to develop well, and while airports plan over long timeframes, we're encouraged by the quality of the conversations already taking place. Engagement across our Autonomous pipeline remains strong, with a number of opportunities expected to make key decisions around the end of 2026. All existing programmes continue to progress, with customers responding positively to both the technical performance of our solutions and their operational application. With our expanded manufacturing facility now operational and engineering work on the Ultra Global contract underway, we are well placed to meet our existing delivery commitments and scale production as further opportunities convert. The Board is encouraged by the progress across the pipeline and looks forward to the second half and beyond with confidence. Prof. David Keene MBE Chief Executive Officer 1 IATA, "Strong 2025 Passenger Demand Masks Ongoing Capacity Constraints," 29 January 2026 2 IATA, "Ground Handling Priorities: Recruitment & Retention, Global Standards and Digitalization," 16 May 2023 CFO Statement I am pleased to present the Chief Financial Officer’s report for Aurrigo International plc for the six months ended 30 June 2026. This has been a period of strong recovery in Automotive and continued progress in Autonomous, as existing programmes have matured and new contracts began to take shape. The results reflect the strength of the Group’s underlying business and the benefit of the investment made over the last year. Financial Performance Total revenue in the period was £4.2m (H1 25: £3.5m), an increase of £0.7m (19.4%) compared to H1 25. Revenue from the Autonomous segment was £0.6m compared to £1.1m in H1 25 as some existing contracts completed during the period and new contracts are not expected to start until later in H2 at the earliest. Automotive revenues have increased by 52.9% from £2.4m in H1 25 to £3.6m in H1 26. The division performed well in H1 26, which also included inaugural revenues from a defence contract, and shows continued recovery from the restricting effects of the impact of US tariffs on UK car OEM production volumes in H1 25, which gave rise to volatility and deferrals in customer schedules impacting performance. Gross Profit Gross profit for the period was £1.1m (H1 25: £1.5m). Gross profit margin was 25.5% (H1 25: 42.3%), reflecting the higher contribution from the Automotive division. Automotive and Autonomous margins have remained stable in the first half of 2026 compared to 2025 but product segment mix is expected to improve again in the second half as Autonomous revenue rises. Adjusted EBITDA The adjusted EBITDA loss for the period was £3.1m (H1 25: £1.6m), representing an increase of £1.5m (96.2%) compared to H1 25. This reflects continued investment in staffing to support the delivery of Autonomous contracts and development alongside increased property costs arising from the Group’s move to its expanded Head Office at the end of Q1 26, which provides significantly greater production capacity to deliver contracted projects. The Company continues to attract grant funding for its operating and capital activities. Other operating income of £0.2m (H1 25: £0.4m) reflects amortisation of deferred income and operational grant funding which the Company continues to take advantage of where strategically available. Depreciation and Amortisation The total charge for the period was £0.7m (H1 25: £0.5m). Of this £0.22m (H1 25: £0.23m) related to the amortisation of intangible assets and £0.23m (H1 25: £0.12m) related to depreciation of Right of Use assets. Cashflow As at 30 June 2026 the Company’s cash position was £8.4m (H1 25: £1.8m), reflecting the strength added to the balance sheet by the £14.1m placing completed in September 2025. The net cash used in operating activities was £3.8m (H1 25: £2.0m). Balance Sheet The Group had net assets of £17.1m as at 30 June 2026 (H1 25: £9.5m), which was again improved by the placement in September 2025, leaving the Group sufficiently capitalised to support the next phase of its growth. Ian Grubb Chief Financial Officer Aurrigo International Plc Consolidated Statement of Total Comprehensive Income For the period ended 30 June 2026 Notes Unaudited 6 months ended 30 June 2026 Unaudited 6 months ended 30 June 2025 Audited Year ended 31 December 2025 £’000 £’000 £’000 Revenue 4 4,181 3,502 8,000 Cost of sales (3,113) (2,021) (4,747) Gross profit 1,068 1,481 3,253 Other operating income 243 364 499 Administrative expenses including non- recurring expenses, share based payment charges, depreciation and amortisation (5,117) (3,945) (7,812) Operating loss (3,806) (2,100) (4,060) Share based payments 1 7 6 Depreciation 499 297 643 Amortisation 228 227 455 Adjusted EBITDA * (3,078) (1,569) (2,956) Finance income 189 54 171 Finance costs (139) (19) (33) Loss before taxation (3,756) (2,065) (3,922) Income tax credit/(charge) - 54 23 Loss for the period attributable to equity shareholders of the parent (3,756) (2,011) (3,899) Other comprehensive income: Items that will not be reclassified to profit or loss Currency translation differences (3) (14) 25 Total other comprehensive income (3) (14) 25 Total comprehensive loss for the period attributable to equity shareholders of the parent (3,759) (2,025) (3,874) Basic EPS (£ per share) 5 (0.04) (0.03) (0.06) Diluted EPS (£ per share) 5 (0.04) (0.03) (0.06) * Adjusted EBITDA refers to earnings before interest, tax, depreciation and amortisation and impairment. Share based payments are also excluded. All results were derived from continuing operations. Aurrigo International Plc Consolidated Statement of Financial Position For the period ended 30 June 2026 Notes Unaudited 30 June 2026 Unaudited 30 June 2025 Audited 31 December 2025 £’000 £’000 £’000 Non-current assets Intangible assets 6 7,035 6,554 7,047 Goodwill 202 202 202 Property, plant and equipment 7 6,264 1,974 1,656 Total non-current assets 13,501 8,730 8,905 Current assets Inventories 1,685 1,277 1,576 Contract assets 1,632 1,561 1,614 Trade and other receivables 2,776 1,279 2,804 Current tax receivable 202 323 333 Cash and cash equivalents 8,406 1,794 11,453 Total current assets 14,701 6,234 17,780 Total assets 28,202 14,964 26,685 Current liabilities Trade and other payables (2,503) (1,806) (2,089) Borrowings - (10) - Contract liabilities (89) - - Lease liabilities (513) (183) (65) Deferred grant income (293) (293) (293) Total current liabilities (3,398) (2,292) (2,447) Net current assets 11,303 3,942 15,333 Total assets less current liabilities 24,804 12,672 24,238 Non-current liabilities Lease liabilities (4,230) (22) (10) Deferred grant income (3,473) (3,146) (3,421) Total non-current liabilities (7,703) (3,168) (3,431) Total liabilities (11,101) (5,460) (5,878) Net assets 17,101 9,504 20,807 Share capital 179 116 179 Share premium account 28,989 15,844 28,934 Share option reserve 398 461 460 Retained losses (12,538) (6,954) (8,842) Foreign exchange reserve 73 37 76 Total equity 17,101 9,504 20,807 Aurrigo International Plc Consolidated Statement of Changes in Equity For the period ended 30 June 2026 Share capital Share Premium account Share option reserve Foreign exchange reserve Retained losses Total equity attributable to owners of the parent £’000 £’000 £’000 £’000 £’000 £’000 At 1 January 2025 (audited) 107 14,107 499 51 (4,990) 9,774 Loss for the six month period ended 30 June 2025 - - - - (2,011) (2,011) Currency translation differences - - - (14) - (14) Transactions with owners in their capacity as owners: Issue of share capital 9 1,810 - - - 1,819 Costs of issue set against premium - (88) - - - (88) Share option expense - - 7 - - 7 Share options exercised - 15 (45) - 45 15 Deferred tax on share based payment transactions - - - - 2 2 At 30 June 2025 (unaudited) 116 15,844 461 37 (6,954) 9,504 Loss for the six month period ended 31 December 2025 - - - - (1,888) (1,888) Currency translation differences - - - 39 - 39 Transactions with owners in their capacity as owners: Issue of share capital 63 14,054 - - - 14,117 Costs of issue set against premium - (964) - - - (964) Share option expense - - (1) - - (1) At 31 December 2025 (audited) 179 28,934 460 76 (8,842) 20,807 Loss for the six month period ended 30 June 2026 - - - - (3,759) (3,759) Currency translation differences - - - (3) - (3) Transactions with owners in their capacity as owners: Issue of share capital - 55 - - - 55 Share option expense - - 1 - - 1 Share options exercised - - (63) - 63 - At 30 June 2026 (unaudited) 179 28,989 398 73 (12,538) 17,101 Aurrigo International Plc Consolidated Statement of Cash Flows For the period ended 30 June 2026 Unaudited 6 months ended 30 June 2026 Unaudited 6 months ended 30 June 2025 Audited Year ended 31 December 2025 £’000 £’000 £’000 Cash flow from operating activities Loss for the period (3,756) (2,011) (3,899) Adjustments for: Tax (credit)/charge - (54) (23) Finance costs 139 19 33 Investment income (189) (54) (171) RDEC grant income - (101) - Amortisation of intangible assets 228 227 454 Depreciation of tangible assets 499 297 643 Gain on sale of property, plant and equipment - (7) (8) Non cash grant income (277) 262 (499) Equity settled share-based payment expense 1 7 6 (3,355) (1,415) (3,464) Changes in working capital: Increase in inventories (109) (211) (510) Decrease / (increase) in trade and other receivables 28 696 (838) Increase in contract asset (18) (586) (639) Increase in contract liabilities 89 - - Increase /(decrease) in trade and other payables 395 (513) (230) Cash used in operations (2,970) (2,029) (5,681) Income taxes refunded 164 - 27 Net cash used in operating activities (2,806) (2,029) (5,654) Cash flow from investing activities Capitalised development costs (207) (325) (1,040) Grant income 258 (359) 508 Purchase of intangible assets (9) (11) (17) Purchase of property, plant and equipment (95) (188) (355) Proceeds from the sale of property, plant and equipment - - 150 Interest received 189 54 171 Net cash generated from / (used in) investing activities 136 (829) (583) Cash flow from financing activities Interest paid (5) (10) (33) Proceeds from issue of shares (net of issue costs) 55 1,834 14,899 Cost of share issue - (88) - Repayments of bank loans and borrowings - (15) (25) Payment of lease liabilities (424) (141) (262) Net cash (used in) / generated from / financing activities (374) 1,580 14,579 Net (decrease) / increase in cash and cash equivalents (3,044) (1,278) 8,342 Cash and cash equivalents at beginning of the period 11,453 3,086 3,086 Effect of foreign exchange rates (3) (14) 25 Cash and cash equivalents at end of period 8,406 1,794 11,453 1. Company information Aurrigo International Plc is a public limited company domiciled and incorporated in England and Wales. The registered office is 2 Woodhams Road, Siskin Drive, Coventry, CV3 4FJ, United Kingdom. These consolidated interim financial statements comprise Aurrigo International Plc and all of its subsidiaries, collectively the “Group”. The principal activity of the Group is that of the supply of electrical components to the automotive industry and the development of electric autonomous vehicles. 2. Significant accounting policies 2.1 Basis of preparation The financial information set out in these interim consolidated financial statements for the six months ended 30 June 2026 is unaudited. The financial information presented are not statutory accounts prepared in accordance with the Companies Act 2006, and are prepared only to comply with AIM requirements for interim reporting. Statutory accounts for the year ended 31 December 2025, on which the auditors gave an audit report which was unqualified and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006, have been filed with the Registrar of Companies. These financial statements have been prepared in accordance with international financial reporting standards (“IFRS”) as adopted by the United Kingdom (“UK”) insofar as these apply to interim financial statements. The interim consolidated financial statements have been prepared using consistent accounting policies as those adopted in the financial statements for the year ended 31 December 2025. The interim consolidated financial statements are prepared in sterling, which is the functional currency of the Group. Monetary amounts in these interim consolidated financial statements are rounded to the nearest £1,000. The financial statements have been prepared on the historical cost basis, modified to include the revaluation of certain financial instruments at fair value. 2.2 Basis of consolidation The interim consolidated financial statements consist of the financial statements of the parent company, Aurrigo International Plc, together with all entities controlled by the parent company (its subsidiaries), and the Group’s share of its interests in joint ventures and associates. All financial statements are made up to 30 June 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group. All intra-Group transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Subsidiaries are consolidated in the Group’s financial statements from the date that control commences until the date that control ceases. 2.3 Going concern The Group has consolidated its trading position in the period, achieving sales of £4.2m and gross profit of £1.1m. Cash and cash equivalents amount to £8.4m at the year end. The financial statements have been prepared on a going concern basis, which assumes that the Group will continue in operational existence for the foreseeable future and will be able to realise its assets and discharge its liabilities in the normal course of business. The Directors have prepared detailed cash flow forecasts covering the period to December 2027, based on the Group’s approved annual business plan. These forecasts incorporate assumptions regarding trading performance, cost inflation, working capital requirements and capital expenditure. In assessing the appropriateness of the going concern basis, the Directors have considered sensitivities to the key assumptions underpinning the forecasts. Severe but plausible downside scenarios have been modelled, including reductions in revenue growth and delays in anticipated cash inflows. The impact of these scenarios has been assessed alongside mitigating actions available to the Group, including the reduction or deferral of discretionary expenditure and capital investment. The forecasts, including the sensitized scenarios, demonstrate that the Group is expected to maintain sufficient liquidity throughout the forecast period. The Board has reviewed and challenged the key assumptions applied in the preparation of these projections. Based on this assessment, and after making appropriate enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis. 2.4 Use of estimates and judgements In the application of the Group’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. Critical judgements: Autonomous vehicles The Directors make a judgement as to the appropriate classification of each autonomous vehicle constructed during a period. Where vehicles are constructed for sale, autonomous vehicles are classified as inventory and are measured at the lower of cost and estimated selling price less costs to complete and sell. Where vehicles are intended for use on a continuing basis in the Group’s activities they are classified as tangible fixed assets and are measured at depreciated cost and less impairment, if any. In addition there are estimation uncertainties around determining labour and overheads absorbed during the construction of vehicles as well as estimating likely selling price less costs to complete and sell. Key sources of estimation uncertainty Revenue and margin recognition The Group recognises revenue from certain long-term contracts over time in accordance with IFRS 15 – Revenue from Contracts with Customers, using the input method based on costs incurred to date relative to total estimated contract costs. This approach requires significant estimation and judgement, particularly in assessing the areas of total contract costs, the measurement of progress towards completion and the recovery of contract assets. Due to the inherent uncertainty in estimating future costs and performance outcomes, actual results may differ from those estimates. A significant increase in total estimated costs or a decrease in expected recoveries may materially impact revenue recognition and profit margins on affected contracts. Useful lives and impairment of development costs Development costs included within intangible fixed assets are amortised over their estimated useful life of 10 years, once they are brought into use. The selection of the estimated lives requires the exercise of management judgement. Useful lives are regularly reviewed and should management’s assessment of useful lives shorten or increase then amortisation charges in the financial statements would increase or decrease and carrying amounts of the assets would change accordingly. The Group is required to consider, on an annual basis, whether indications of impairment relating to such assets exist and if so, perform an impairment test. The recoverable amount is determined based on the higher of value in use calculations or fair value less costs to sell. The use of value in use method requires the estimation of future cash flows and the choice of a discount rate in order to calculate the present value of the cash flows. The Directors are satisfied that all recorded assets will be fully recovered from expected future cash flows. Capitalisation of development costs The Group recognises development costs as i