6-K
Endava plc (DAVA)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the Month of May 2026
Commission File Number: 001-38607
ENDAVA PLC
(Name of Registrant)
125 Old Broad Street
London EC2N 1AR
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
x Form 20-F ¨ Form 40-F
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
Press Release and Investor Deck
On May 21, 2026, Endava plc (the “Company”) issued a press release announcing its financial results for the third quarter ended March 31, 2026. A copy of this press release is attached hereto as Exhibit 99.1. Additionally, the Company posted an updated investor presentation, which is attached hereto as Exhibit 99.2. The updated investor presentation is available in the “News and Events” section of the Company’s website at www.endava.com and will be used by the Company from time to time at investor conferences and in meetings with investors and others beginning on May 21, 2026.
.
INCORPORATION BY REFERENCE
Exhibit 99.1, other than the portions of Exhibit 99.1 under the caption "Outlook," is hereby expressly incorporated by reference into the Company’s registration statement on Form F-3 (File No. 333-229213) and registration statements on Form S-8 (File Nos. 333-228717, 333-248904, 333-259900, 333-268067, 333-274571, 333-282207 and 333-290043), and any related prospectuses, as such registration statements may be amended from time to time, and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT LIST
| Exhibit | Description |
|---|---|
| 99.1 | Press Release dated May 21, 2026 |
| 99.2 | Investor Presentation Q3 FY26 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ENDAVA PLC | ||
|---|---|---|
| Date: May 21, 2026 | By: | /s/ John Cotterell |
| Name: John Cotterell | ||
| Title: Chief Executive Officer |
Document
| Q3 FY2026 |
|---|
ENDAVA ANNOUNCES THIRD QUARTER FISCAL YEAR 2026 RESULTS
Q3 FY2026
8.4% Year on Year Revenue Decline to £178.5 million
6.4% Revenue Decline at Constant Currency
Diluted EPS £(7.55) compared to £0.18 in the prior year comparative period
Adjusted Diluted EPS £0.05 compared to £0.34 in the prior year comparative period
London, U.K. – Endava plc (NYSE: DAVA) ("Endava" or the "Company"), the technology-driven business transformation group whose AI-native approach combines cutting edge technology with deep industry expertise, today announced results for the three months ended March 31, 2026 ("Q3 FY2026").
"This has been one of the more challenging periods Endava has faced in recent years. Demand remains uneven across sectors, deal cycles continue to be extended, and clients are scrutinizing technology spending more carefully than at any point since the macro slowdown began. Against this backdrop, revenue came in below expectations, margin contracted, and we recognized a non-cash goodwill impairment.
We are disappointed by these outcomes, but it is important to distinguish near-term execution challenges from our long-term strategic positioning. During the quarter, we accelerated our transition toward AI-native delivery and deepened our presence in payments transformation work. We also engaged more directly with senior client decision-makers on enterprise-scale AI initiatives.
We recently announced a collaboration with Mastercard combining our AI-native engineering and industry expertise with Mastercard’s global reach and data-driven products and services. Additionally, we were selected as a strategic partner by Tyl by NatWest, NatWest Group’s merchant-payments arm, to modernize and expand its payments-acceptance platform.
These initiatives, and others like them, have moved our AI driven business up from 5% of total revenue a year ago in Q3FY25, to 15% of total revenue in Q3FY26, showing the underlying momentum of our pivot.
By keeping our teams focused on these priorities and serving as trusted partners to decision-makers who are redefining their technology roadmaps, we believe we are positioning Endava to convert today’s headwinds into tomorrow’s momentum," said John Cotterell, Endava's CEO.
| Q3 FY2026 |
|---|
THIRD QUARTER FISCAL YEAR 2026 FINANCIAL METRICS:
•Revenue for Q3 FY2026 was £178.5 million, a decline of 8.4% compared to £194.8 million in the same period in the prior year.
•Revenue decline at constant currency (a non-IFRS measure)* was 6.4% for Q3 FY2026.
•Loss before tax for Q3 FY2026 was £(372.0) million, compared to profit before tax of £13.6 million in the same period in the prior year.
•Adjusted profit before tax (a non-IFRS measure)* for Q3 FY2026 was £3.2 million, or 1.8% of revenue, compared to £24.6 million, or 12.6% of revenue, in the same period in the prior year.
•Loss for the period was £(394.4) million, resulting in diluted loss per share of £(7.55), compared to profit for the period of £10.9 million and diluted earnings per share ("EPS") of £0.18 in the same period in the prior year.
•Adjusted profit for the period (a non-IFRS measure)* was £2.6 million, resulting in adjusted diluted EPS (a non-IFRS measure)* of £0.05, compared to adjusted profit for the period of £20.1 million and adjusted diluted EPS of £0.34 in the same period in the prior year.
•During the quarter, an impairment of £364.6 million was recognised against goodwill, which is included as an exceptional item in the condensed consolidated statements of comprehensive income. This goodwill impairment has arisen due to the performance of the Company in the year to date, as well as management's reforecast of the Company's future performance through to FY31 and into perpetuity, by comparing the Company's recoverable amount derived from future forecasts to the Company's enterprise value. No goodwill impairment was recognised in the same period in the prior year.
•During the quarter the Group incurred a tax charge of £23.2m relating to the derecognition of the entire UK deferred tax asset. The amount is included as an exceptional item in the condensed consolidated statements of comprehensive income. The derecognition follows a reassessment of the recoverability of the deferred tax asset based on updated expectations for future UK taxable profits. The reassessment is consistent with the reforecast of the company’s future performance considered in the assessment of the recoverable value of goodwill.
| Q3 FY2026 |
|---|
CASH FLOW:
•Net cash used in operating activities was £(0.4) million in Q3 FY2026, compared to net cash from operating activities of £18.7 million in the same period in the prior year.
•Adjusted free cash flow (a non-IFRS measure)* was £(3.1) million in Q3 FY2026, compared to £17.5 million in the same period in the prior year.
•At March 31, 2026, Endava had cash and cash equivalents of £48.4 million, compared to £59.3 million at June 30, 2025.
* Definitions of the non-IFRS measures used by the Company and a reconciliation of such measures to the related IFRS financial measure can be found under the sections below titled “Non-IFRS Financial Information” and “Reconciliation of IFRS Financial Measures to Non-IFRS Financial Measures.”
OTHER METRICS FOR THE QUARTER ENDED MARCH 31, 2026:
•Headcount totaled 11,225 at March 31, 2026, with an average of 10,166 operational employees in Q3 FY2026, compared to a headcount of 11,365 at March 31, 2025 and an average of 10,272 operational employees in the same period in the prior year.
•Number of clients with over £1 million in revenue on a rolling twelve-month basis was 129 at March 31, 2026 compared to 136 clients at March 31, 2025.
•Top 10 clients accounted for 40% of revenue in Q3 FY2026, compared to 39% in the same period in the prior year.
•By geographic region, 38% of revenue was generated in North America, 23% was generated in Europe, 33% was generated in the United Kingdom and 6% was generated in the rest of the world in Q3 FY2026. This compares to 37% in North America, 22% in Europe, 35% in the United Kingdom and 6% in the Rest of the World in the same period in the prior year.
•By industry vertical, 23% of revenue was generated from Payments, 22% from BCM, 9% from Insurance, 16% from TMT, 8% from Mobility, 11% from Healthcare, and 11% from Other in Q3 FY2026. This compares to 19% from Payments, 21% from BCM, 9% from Insurance, 18% from TMT, 8% from Mobility, 12% from Healthcare, and 13% from Other in the same period in the prior year.
| Q3 FY2026 |
|---|
OUTLOOK:
Fourth Quarter Fiscal Year 2026:
Endava expects revenue will be in the range of £181.0 million to £185.0 million, representing a constant currency revenue decline of between (3.5)% and (1.0)% on a year-over-year basis. Endava expects adjusted diluted EPS to be in the range of £0.09 to £0.13 per share.
Full Fiscal Year 2026:
Endava expects revenue will be in the range of £721.8 million to £725.8 million, representing a constant currency revenue decline of between (6.0)% and (5.0)% on a year-over-year basis. Endava expects adjusted diluted EPS to be in the range of £0.45 to £0.49 per share.
This above guidance for the fourth quarter and full fiscal year 2026 assumes the exchange rates on April 30, 2026 (when the exchange rate was 1 British Pound to 1.35 US Dollar and 1.16 Euro).
Endava is not able, at this time, to reconcile its expectations for the fourth quarter and full fiscal year 2026 for a rate of revenue growth or decline at constant currency or adjusted diluted EPS to their respective most directly comparable IFRS measures as a result of the uncertainty regarding, and the potential variability of, reconciling items such as share-based compensation expense, amortisation of acquired intangible assets and foreign currency exchange losses / (gains), net, as applicable. Accordingly, a reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to Endava's results computed in accordance with IFRS.
The guidance provided above is forward-looking in nature. Actual results may differ materially. See “Forward-Looking Statements” below.
SHARE REPURCHASE PROGRAM:
As of March 31, 2026, the Company had repurchased an aggregate of 8,047,338 American Depositary Shares for $121.9 million under its share repurchase program. As of March 31, 2026, the Company had $28.1 million remaining for repurchase under our Board's share repurchase authorization.
| Q3 FY2026 |
|---|
CONFERENCE CALL DETAILS:
The Company will host a conference call at 8:00 am ET today, May 21, 2026, to review its Q3 FY2026 results. To participate in Endava’s Q3 FY2026 earnings conference call, please dial in at least five minutes prior to the scheduled start time (844) 481-2736 or (412) 317-0665 for international participants, Conference ID: Endava Call.
Investors may listen to the call on Endava’s Investor Relations website at http://investors.Endava.com. The webcast will be recorded and available for replay until Thursday, June 18, 2026.
ABOUT ENDAVA PLC:
Endava is a leading provider of next-generation technology services, dedicated to enabling its clients to accelerate growth, tackle complex challenges and thrive in evolving markets. By combining innovative technologies and deep industry expertise with an AI-native approach, Endava consults and partners with clients to create solutions that drive transformation, augment intelligence and deliver lasting impact. From ideation to production, it supports clients with tailor-made solutions at every stage of their digital transformation, regardless of industry, region or scale.
Endava’s clients span payments, insurance, banking and capital markets, technology, media, telecommunications, healthcare, mobility, retail and consumer goods and more. As of March 31, 2026, 11,225 Endavans are helping clients break new ground across locations in Europe, the Americas, Asia Pacific and the Middle East.
| Q3 FY2026 |
|---|
NON-IFRS FINANCIAL INFORMATION:
To supplement Endava’s Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows presented in accordance with IFRS, the Company uses non-IFRS measures of certain components of financial performance in this press release. These measures include revenue (decline)/growth rate at constant currency, adjusted profit before tax, adjusted profit for the period, adjusted diluted EPS and adjusted free cash flow.
Revenue (decline)/growth rate at constant currency is calculated by translating revenue from entities reporting in foreign currencies into British Pounds using the comparable foreign currency exchange rates from the prior period. For example, the average currency rates in effect for the fiscal quarter ended March 31, 2025 were used to convert revenue for the fiscal quarter ended March 31, 2026 and the revenue for the comparable prior period.
Adjusted profit before tax ("Adjusted PBT") is defined as the Company’s (loss)/profit before tax adjusted to exclude the impact of share-based compensation expense, amortisation of acquired intangible assets, realised and unrealised foreign currency exchange losses/(gains), net, goodwill impairment charge, restructuring costs, exceptional people charges, and fair value movement of contingent consideration, all of which are non-cash items except for realised foreign currency exchange losses/(gains), net, restructuring costs and exceptional people charges. Our Adjusted PBT margin is our Adjusted PBT as a percentage of our total revenue.
Adjusted profit for the period is defined as Adjusted PBT less the adjusted tax charge for the period. The adjusted tax charge is the tax charge adjusted for the tax impact of the adjustments to PBT, the release of the deferred tax liability relating to Romanian withholding tax and the reduction of the UK deferred tax asset in full.
Adjusted diluted EPS is defined as Adjusted profit for the period, divided by weighted average number of shares outstanding - diluted.
Adjusted free cash flow is the Company’s net cash from / (used in) operating activities, plus grants received, less net purchases of non-current assets (tangible and intangible). Adjusted free cash flow is not intended to be a measure of residual cash available for management's discretionary use since it omits significant sources and uses of cash flow, including mandatory debt repayments and changes in working capital.
| Q3 FY2026 |
|---|
Management believes these measures help illustrate underlying trends in the Company's business and uses the measures to establish budgets and operational goals, communicated internally and externally, for managing the Company's business and evaluating its performance. Management also believes the presentation of its non-IFRS financial measures enhances an investor’s overall understanding of the Company’s historical financial performance. The presentation of the Company’s non-IFRS financial measures is not meant to be considered in isolation or as a substitute for the Company’s financial results prepared in accordance with IFRS, and its non-IFRS measures may be different from non-IFRS measures used by other companies. Investors should review the reconciliation of the Company’s non-IFRS financial measures to the comparable IFRS financial measures included below and not rely on any single financial measure to evaluate the Company’s business.
FORWARD-LOOKING STATEMENTS:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of terms and phrases such as “believe,” “expect,” "intends," "outlook," “may,” “will,” and other similar terms and phrases. Such forward-looking statements include, but are not limited to, statements regarding our long-term strategic positioning, Endava's business strategies, plans, operations and growth opportunities, and Endava's future financial performance, including management's financial outlook for the fourth quarter and full fiscal year 2026. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: Endava’s ability to achieve its revenue growth goals, including as a result of a slower conversion of its pipeline; Endava's expectations of future operating results or financial performance; Endava’s ability to accurately forecast and achieve its announced guidance; Endava's ability to retain existing clients and attract new clients, including its ability to increase revenue from existing clients and diversify its revenue concentration; Endava’s ability to attract and retain highly-skilled IT professionals at cost-effective rates; Endava's ability to successfully identify acquisition targets, consummate acquisitions and successfully integrate acquired businesses and personnel; Endava's ability to penetrate new industry verticals and geographies and grow its revenue in current industry verticals and geographies; Endava’s ability to maintain favorable pricing and utilisation rates to support its gross margin; the effects of increased competition as well as innovations by new and existing competitors in its market; the size of Endava's addressable market and market trends;
| Q3 FY2026 |
|---|
Endava’s ability to adapt to technological change and industry trends and innovate solutions for its clients; Endava's plans for growth and future operations, including its ability to manage its growth; Endava's ability to effectively manage its international operations, including Endava's exposure to foreign currency exchange rate fluctuations; Endava's future financial performance; the impact of unstable market, economic, and global conditions, as well as other risks and uncertainties discussed in the “Risk Factors” section of Endava's Annual Report on Form 20-F for the year ended June 30, 2025 filed with the SEC on September 4, 2025 and in other filings that Endava makes from time to time with the SEC. In addition, the forward-looking statements included in this press release represent Endava’s views and expectations as of the date hereof and are based on information currently available to Endava. Endava anticipates that subsequent events and developments may cause its views to change. Endava specifically disclaims any obligation to update the forward-looking statements in this press release except as required by law. These forward-looking statements should not be relied upon as representing Endava’s views as of any date subsequent to the date hereof.
INVESTOR CONTACT:
Endava plc
Laurence Madsen, Head of Investor Relations
| Q3 FY2026 | |||
|---|---|---|---|
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
| --- | --- | --- | --- |
| 2025 | 2026 | 2025 | |
| ’000 | ’000 | ’000 | |
| REVENUE | |||
| Cost of sales | |||
| Direct cost of sales | |||
| Allocated cost of sales | |||
| Total cost of sales | |||
| GROSS PROFIT | |||
| Selling, general and administrative expenses | |||
| Goodwill impairment charge | |||
| OPERATING (LOSS) / PROFIT | |||
| Net finance expense | |||
| (LOSS) / PROFIT FOR THE PERIOD BEFORE TAX | |||
| Tax on profit / (loss) on ordinary activities | |||
| (LOSS) / PROFIT FOR THE PERIOD | |||
| OTHER COMPREHENSIVE INCOME | |||
| Items that may be reclassified subsequently to profit or loss: | |||
| Exchange differences on translating foreign operations and net investment hedge impact | |||
| Total comprehensive (expense) / income for the year attributable to the equity holders of the Company | |||
| (LOSS) / EARNINGS PER SHARE: | |||
| Weighted average number of shares outstanding - Basic | |||
| Weighted average number of shares outstanding - Diluted | |||
| Basic (Loss) / EPS () | |||
| Diluted (Loss) / EPS () |
All values are in British Pounds.
| Q3 FY2026 | |||
|---|---|---|---|
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||
| --- | --- | --- | --- |
| ’000 | ’000 | ’000 | |
| ASSETS - NON-CURRENT | |||
| Goodwill | |||
| Intangible assets | |||
| Property, plant and equipment | |||
| Lease right-of-use assets | |||
| Deferred tax assets | |||
| Financial assets and other receivables | |||
| TOTAL | |||
| ASSETS - CURRENT | |||
| Trade and other receivables | |||
| Corporation tax receivable | |||
| Financial assets | |||
| Cash and cash equivalents | |||
| TOTAL | |||
| TOTAL ASSETS | |||
| LIABILITIES - CURRENT | |||
| Lease liabilities | |||
| Trade and other payables | |||
| Corporation tax payable | |||
| Contingent consideration | |||
| Deferred consideration | |||
| TOTAL | |||
| LIABILITIES - NON CURRENT | |||
| Borrowings | |||
| Lease liabilities | |||
| Deferred tax liabilities | |||
| Tax liabilities related to Pillar II Income tax | |||
| Contingent consideration | |||
| Other liabilities | |||
| TOTAL | |||
| EQUITY | |||
| Share capital | |||
| Share premium | |||
| Merger relief reserve | |||
| Retained earnings | |||
| Other reserves | |||
| Treasury shares | |||
| Investment in own shares | |||
| TOTAL | |||
| TOTAL LIABILITIES AND EQUITY |
All values are in British Pounds.
(1) Restated to include the effect of revisions arising from provisional to final acquisition accounting for GalaxE.
| Q3 FY2026 | ||||
|---|---|---|---|---|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
| --- | --- | --- | --- | --- |
| 2026 | 2025 | 2026 | 2025 | |
| ’000 | ’000 | ’000 | ’000 | |
| OPERATING ACTIVITIES | ||||
| (Loss) / Profit for the period | ||||
| Income tax charge | ||||
| Non-cash adjustments | ||||
| Tax received / (paid) | ||||
| Research & Development Credit received | ||||
| Net changes in working capital | ||||
| Net cash from / (used in) operating activities | ||||
| INVESTING ACTIVITIES | ||||
| Purchase of non-current assets (tangibles and intangibles) | ||||
| Proceeds from disposal of non-current assets | ||||
| Payment for acquisition of subsidiary, net of cash acquired | ||||
| Interest received | ||||
| Net cash used in investing activities | ||||
| FINANCING ACTIVITIES | ||||
| Proceeds from borrowings | ||||
| Repayment of borrowings | ||||
| Proceeds from sublease | ||||
| Repayment of lease liabilities | ||||
| Repayment of lease interest | ||||
| Grant received | ||||
| Interest and debt financing costs paid | ||||
| Payment for repurchase of own shares | ||||
| Net cash (used in) financing activities | ||||
| Net change in cash and cash equivalents | ||||
| Cash and cash equivalents at the beginning of the period | ||||
| Effects of exchange rate changes on cash and cash equivalents | ||||
| Cash and cash equivalents at the end of the period |
All values are in British Pounds.
| Q3 FY2026 |
|---|
RECONCILIATION OF IFRS FINANCIAL MEASURES TO NON-IFRS FINANCIAL MEASURES
RECONCILIATION OF REVENUE (DECLINE) / GROWTH RATE AS REPORTED UNDER IFRS TO REVENUE (DECLINE) / GROWTH RATE AT CONSTANT CURRENCY:
| Nine Months Ended March 31 | Three Months Ended March 31 | |||||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |||||
| REVENUE (DECLINE) / GROWTH RATE AS REPORTED UNDER IFRS | (7.6) | % | 7.2 | % | (8.4 | %) | 11.7 | % |
| Impact of Foreign exchange rate fluctuations | 1.3 | % | 1.6 | % | 2.0 | % | 0.7 | % |
| REVENUE (DECLINE) / GROWTH RATE AT CONSTANT CURRENCY | (6.3) | % | 8.8 | % | (6.4 | %) | 12.4 | % |
RECONCILIATION OF ADJUSTED PROFIT BEFORE TAX AND ADJUSTED PROFIT FOR THE PERIOD:
| Nine Months Ended March 31 | Three Months Ended March 31 | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| £’000 | £’000 | £’000 | £’000 | |
| (LOSS) / PROFIT BEFORE TAX | (387,650) | 20,314 | (371,952) | 13,597 |
| Adjustments: | ||||
| Share-based compensation expense | 18,594 | 28,186 | 4,418 | 6,221 |
| Amortisation of acquired intangible assets | 15,240 | 16,236 | 5,070 | 4,054 |
| Foreign currency exchange losses / (gains), net | 3,772 | 1,446 | (1,070) | 4,866 |
| Goodwill impairment charge | 364,624 | — | 364,624 | — |
| Restructuring costs | 9,056 | 5,494 | 2,525 | — |
| Exceptional people charges | 668 | — | — | — |
| Fair value movement of contingent consideration | (626) | (5,963) | (457) | (4,092) |
| Total adjustments | 411,328 | 45,399 | 375,110 | 11,049 |
| ADJUSTED PROFIT BEFORE TAX | 23,678 | 65,713 | 3,158 | 24,646 |
| (LOSS) / PROFIT FOR THE PERIOD | (409,505) | 20,044 | (394,442) | 10,946 |
| Adjustments: | ||||
| Adjustments to (loss) / profit before tax | 411,328 | 45,399 | 375,110 | 11,049 |
| UK deferred tax asset derecognition | 23,225 | — | 23,225 | — |
| Release of Romanian withholding tax | — | (3,800) | — | — |
| Tax impact of adjustments | (5,916) | (8,539) | (1,274) | (1,857) |
| ADJUSTED PROFIT FOR THE PERIOD | 19,132 | 53,104 | 2,619 | 20,138 |
| Q3 FY2026 | ||||
| --- |
RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE:
| Nine Months Ended March 31 | Three Months Ended March 31 | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| £’000 | £’000 | £’000 | £’000 | |
| DILUTED (LOSS) / EARNINGS PER SHARE (£) | (7.77) | 0.34 | (7.55) | 0.18 |
| Adjustments: | ||||
| Share-based compensation expense | 0.35 | 0.47 | 0.08 | 0.10 |
| Amortisation of acquired intangible assets | 0.29 | 0.27 | 0.10 | 0.07 |
| Foreign currency exchange losses / (gains) net | 0.07 | 0.02 | (0.02) | 0.08 |
| Goodwill impairment charge | 6.92 | — | 6.98 | — |
| Restructuring costs | 0.17 | 0.09 | 0.05 | — |
| Exceptional people charges | 0.01 | — | — | — |
| Fair value movement of contingent consideration | (0.01) | (0.09) | (0.01) | (0.06) |
| UK deferred tax asset derecognition | 0.44 | — | 0.44 | — |
| Release of Romanian withholding tax | — | (0.06) | — | — |
| Tax impact of adjustments | (0.11) | (0.15) | (0.02) | (0.03) |
| Total adjustments | 8.13 | 0.55 | 7.60 | 0.16 |
| ADJUSTED DILUTED EARNINGS PER SHARE (£) | 0.36 | 0.89 | 0.05 | 0.34 |
RECONCILIATION OF NET CASH FROM / (USED IN) OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
| Nine Months Ended March 31 | Three Months Ended March 31 | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| £’000 | £’000 | £’000 | £’000 | |
| NET CASH FROM / (USED IN) OPERATING ACTIVITIES | 40,041 | 55,081 | (369) | 18,659 |
| Adjustments: | ||||
| Grant received | 105 | 274 | 95 | — |
| Net purchases of non-current assets (tangibles and intangibles) | (13,896) | (2,677) | (2,832) | (1,142) |
| ADJUSTED FREE CASH FLOW | 26,250 | 52,678 | (3,106) | 17,517 |
| Q3 FY2026 | ||||
| --- |
SUPPLEMENTARY INFORMATION
| SHARE-BASED COMPENSATION EXPENSE | Nine Months Ended March 31 | Three Months Ended March 31 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| Direct cost of sales | 12,309 | 19,550 | 3,026 | 4,502 | ||||||||||
| Selling, general and administrative expenses | 6,285 | 8,636 | 1,392 | 1,719 | ||||||||||
| Total | 18,594 | 28,186 | 4,418 | 6,221 | DEPRECIATION AND AMORTISATION | Nine Months Ended March 31 | Three Months Ended March 31 | |||||||
| --- | --- | --- | --- | --- | ||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| Direct cost of sales | 13,240 | 15,571 | 3,958 | 5,158 | ||||||||||
| Selling, general and administrative expenses | 17,095 | 18,525 | 5,592 | 4,805 | ||||||||||
| Total | 30,335 | 34,096 | 9,550 | 9,963 | EMPLOYEES, TOP 10 CUSTOMERS AND REVENUE SPLIT | Nine Months Ended March 31 | Three Months Ended March 31 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Closing number of total employees (including directors) | 11,225 | 11,365 | 11,225 | 11,365 | ||||||||||
| Average operational employees | 10,275 | 10,452 | 10,166 | 10,272 | ||||||||||
| Top 10 customers % | 35% | 36% | 40% | 39% | ||||||||||
| Number of clients with > £1m of revenue<br>(rolling 12 months) | 129 | 136 | 129 | 136 | ||||||||||
| Geographic split of revenue % | ||||||||||||||
| North America | 40 | % | 38 | % | 38 | % | 37 | % | ||||||
| Europe | 23 | % | 24 | % | 23 | % | 22 | % | ||||||
| UK | 31 | % | 33 | % | 33 | % | 35 | % | ||||||
| Rest of World (RoW) | 6 | % | 5 | % | 6 | % | 6 | % | ||||||
| Industry vertical split of revenue % | ||||||||||||||
| Payments | 20 | % | 19 | % | 23 | % | 19 | % | ||||||
| Banking and Capital Markets | 22 | % | 19 | % | 22 | % | 21 | % | ||||||
| Insurance | 9 | % | 9 | % | 9 | % | 9 | % | ||||||
| TMT | 16 | % | 20 | % | 16 | % | 18 | % | ||||||
| Mobility | 8 | % | 8 | % | 8 | % | 8 | % | ||||||
| Healthcare | 12 | % | 12 | % | 11 | % | 12 | % | ||||||
| Other | 13 | % | 13 | % | 11 | % | 13 | % |
14
earningspresentationpdf_
Q3 FY26 Investor presentation.
2 Disclaimer. This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation, other than statements of historical facts, are forward-looking statements. The words “believe,” “estimate,” “expect,” “may,” “will” and similar expressions are intended to identify forward- looking statements. Such forward-looking statements include, but are not limited to, the statements regarding our business strategy and our plans and objectives for future operations, our estimated addressable market, our assumptions regarding industry trends, including with respect to AI, potential technological disruptions, and client demand for our services. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: our ability to achieve its revenue growth goals including as a result of a slower conversion of its pipeline; our expectations of future operating results or financial performance; our ability to accurately forecast and achieve its announced guidance; our ability to retain existing clients and attract new clients, including its ability to increase revenue from existing clients and diversify its revenue concentration; our ability to attract and retain highly-skilled IT professionals at cost-effective rates; our ability to successfully identify acquisition targets, consummate acquisitions and successfully integrate acquired businesses and personnel; our ability to penetrate new industry verticals and geographies and grow its revenue in current industry verticals and geographies; our ability to maintain favourable pricing and utilisation rates to support its gross margin; the effects of increased competition as well as innovations by new and existing competitors in its market; the size of our addressable market and market trends; our ability to adapt to technological change and industry trends and innovate solutions for its clients; our plans for growth and future operations, including its ability to manage its growth; our ability to effectively manage its international operations, including our exposure to foreign currency exchange rate fluctuations; our future financial performance; the impact of unstable market, economic and global conditions, as well as other risks and uncertainties discussed in the “Risk Factors” section of our Annual Report on Form 20-F for the year ended June 30, 2025 filed with the SEC on September 4, 2025 and in other filings that we make from time to time with the SEC. Except as required by law, we assume no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this presentation. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. This presentation includes non-IFRS financial measures which have certain limitations and should not be considered in isolation, or as alternatives to or substitutes for, financial measures determined in accordance with IFRS. The non-IFRS measures as defined by us may not be comparable to similar non-IFRS measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by these or other unusual or non-recurring items. See the IFRS to Non-IFRS Reconciliation section for a reconciliation of these non-IFRS financial measures to the most directly comparable IFRS financial measures.
About Endava.
© Copyright 2023 Endava • Confidential and Proprietary • Version 1.0 4 We are a next gen technology services company built for ongoing change. Endava helps clients adapt to dynamic market demands through human ingenuity, intelligent systems, and deep delivery expertise. We embed AI and modern technologies into core operations to deliver measurable outcomes, stronger resilience and a sustainable competitive advantage.
5 Endava at a glance.. Revenue by Vertical (Q3) 23% Payments 22% Banking & Capital Markets 16% Tech, Media & Telco 11% Healthcare 9% Insurance 8% Mobility 11% Other Capabilities • Software Engineering • Cloud & Platform Engineering • Data & AI • Digital Product & Experience Design • Intelligent Automation • Core Modernisation Accelerators • Chronos • Compass • Morpheus Concise UK, IT Consultancy Compudava Moldova, Nearshore Location Alpheus Germany, Consulting Business Nickelfish USA, Digital, UX & Strategy firm Velocity Partners USA & LATAM, NA Sales & LATAM Delivery PS Tech Serbia, Agile Delivery ISDC Netherlands & CE, Agile Delivery Intuitus UK, IT Consultancy Private Equity Exozet Germany, Digital Agency Comtrade Adriatic Region, Software Engin. Services FIVE USA, Croatia, Digital Agency Levvel USA, Tech Strategy Consulting & Engineering Lexicon Australia, Tech Consulting, Design & Engineering Mudbath Australia, Tech Strategy, Design & Engineering Australia, Sweden, Vietnam, Software Solutions DEK TLM USA, Gaming Services GalaxE USA, India IT & Business Solutions • Ray • Dash Deep Expertise Strategic & Tenured Client Relationships Client tenure Of last 12 months of revenue: ● 31% > 2 years ● 24% > 5 years ● 34% > 10 years Over the last five fiscal years, 90.7% of our revenue each fiscal year, on average, came from customers who purchased services from us during the prior fiscal year. Global Footprint • Maps • Infra Endavans 11,225 People 36% Women Locations 72 Cities 32 Countries Key Partnerships FOUNDED 2000 TODAY 2026 Strategic M&A
Investment Highlights. 6 Endava is positioned where enterprise AI ambition meets enterprise execution difficulty. Our AI-native transformation, global delivery model, deep client relationships and proprietary methods such as Dava.Flow strengthen our ability to help clients move from experimentation toward governed, scalable business outcomes.
7 Investment Highlights. Attractive Market Tailwinds in enterprise AI adoption Drawing on its digital transformation expertise, Endava is positioned to meet rising enterprise-AI demand. Early Mover in AI-Native Services Delivery Investments in proprietary methods like Dava.Flow and ecosystem partnerships (e.g. OpenAI) position Endava as a credible AI transformation partner. Industry-Aligned Delivery Expertise Driving Sector-Specific Outcomes: dedicated vertical business units pair deep domain specialists with AI- native engineers, enabling faster, sector-specific solutions and consistent outcomes at scale. Deep and Enduring Client Relationships High levels of client tenure and repeat business reflect trusted partnerships and strong delivery reputation. Scalable and Adaptable Global Delivery Model Diversified sector exposure, geographic footprint, and delivery capabilities provide stability and scalability.
More than 25 years navigating technology shifts. Now reshaping Endava for the AI-native era. 2000 Internet & distributed systems shift 2010 Digital transformation shift What has changed • AI makes some tasks faster, cheaper and easier to replicate across the market. • Buyers increasingly expect service partners to show how AI will improve delivery. What has not changed • Clients still pay for the right problems being solved, not for activity alone. • Quality, judgement and accountability remain critical. • Sector expertise still matters. Today AI-native shift 8
9 AI use is now mainstream. Scaled enterprise value is still uneven. The market challenge has shifted from access to AI tools to turning AI into governed business outcomes. (1) McKinsey, The State of AI: in 2025: Agents, innovation, and transformation November 2025; (2) PwC 2026 Global CEO Survey January 2026;(3) Deloitte: State of AI in the Enterprise, January 2026 (4) Fiona Czerniawsk: “AI: An identity crisis for consultants? August 19, 2025. Client expectations have moved on 74% of consulting buyers now expect firms to explain how AI will be used in delivery (4) Adoption is mainstream Penetration is still uneven Value is still unproven Governance is still immature 88% of organizations report AI use in at least one business function (1) National statistics and Central- bank analysis still show lower economy-wide adoption across the UK, EU and US business base Only 12% of CEOs say AI has delivered both cost and revenue benefits (2) Only 1 in 5 companies has mature governance for autonomous AI agents (3)
Since early 2025, Endava has been embedding AI across delivery, operations and client solutions.i Endava has been reshaping itself for the AI-native era. This is a company-wide transformation spanning capability, workflows, governance, partnerships, and leadership. 10 What has changed • Redesigning workflows for hybrid human–agent delivery. • Evolving delivery discipline and ways of working. • Moving from isolated tool use to a governed system. How work flows Talent and leadership • Building next-generation talent across engineering, AI, product and domain expertise. • Reinforcing leadership for AI- native change. • Creating multidisciplinary teams that can shape and deliver faster. Who does it Governance and enablement • Embedding guardrails, metrics and traceability into delivery. • Creating clearer rules for where automation can accelerate safely. • Making assurance visible rather than retrospective. How it scales Ecosystem and innovation • Expanding strategic partnerships, including Cognition and Miro, alongside hyperscalers. • Using ventures and ecosystem routes to market where they strengthen the response. • Keeping the method adaptable as tools evolve. How it adapts
Dava.Flow is one methodology of that broader shift. What it does Enhanced problem qualification Captures signals early so teams start with clearer priorities rather than assumptions. Defined scope and agent-ready work Turns intent into validated, decision-ready work that humans and agents can act on safely. Execution under guardrails Accelerates delivery while keeping quality, security, traceability and human approvals visible. Continuous learning Uses production evidence and operational signals to improve what happens next. It is a tool-agnostic, human-accountable lifecycle for moving from signal to clearer definition to controlled execution to ongoing learning. Dava.Flow TM 11 Signal Qualify what matters early. Explore Make the work decision-ready. Evolve Turn production into learning. Govern Deliver faster under guardrails.
Four connected phases designed to improve clarity, speed and control. Each phase contributes one clear job and one clear commercial benefit; together they create a governed flow rather than a chain of hand-offs. Identify and qualify the right opportunities early. Why it matters: reduces noise and avoids premature commitment. 1 Signal Turn intent into clear, decision-ready and agent-ready work. 2 Why it matters: improves alignment and lowers rework before delivery starts. Explore Execute faster under explicit quality, security and approval guardrails. 3 Why it matters: increases speed while keeping accountability visible. Govern Learn from production and feed evidence back into the next cycle. 4 Why it matters: compounds improvement and keeps systems aligned over time. Evolve 12
© Copyright 2025 Endava Cloud, Data & AI Consulting & Strategic Commerce & Digital Experience CRM, Marketing & Personalisation Integration / iPaaS / Workflow Insurance & Risk Business, Security, Data Privacy & Sustainability Payments & FinTech Emerging & Incubation Ecosystem of leading partners. 13
Geographic footprint and delivery capabilities. North America 38% Europe 23% UK 33% RoW 6% Q3 FY26 Revenue by Region 72 632 Cities Countries Regions Central Europe EU countries 43% APAC & MENA 21% Central Europe non-EU countries 17% Latin America 10% North America 5% Western Europe 4% Total Employees (end of period) 11,225 14
Solving complex change where speed, expertise and control all matter. The differentiator is not only faster activity. It is combining expertise, method and accountable execution to reduce wasted effort and improve confidence in what clients are buying. Problems clients need solved • Speed to market and decision latency • Cost, inefficiency and rework • Core modernisation and resilience • Growth opportunities that need disciplined execution • Control, traceability and assurance 1 Problems How Endava responds • AI-native transformation across workflows, capability and governance • Dava.Flow as a governed method for shaping and delivering change • Endava uses accelerators to increase speed of delivery • Tool-agnostic execution designed to adapt as the market evolves How we deliver at scale • Software engineering • Cloud and platform engineering • Data and AI • Digital product and experience design • Testing, quality and managed services 2 Response 3 Execution 15
Q3 ‘26 Financial Highlights.
17 Revenue.. 195.1 178.2 195.6 184.1 194.8 178.5 446.3 654.8 794.7 740.8 772.3 585.5 540.8 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 FY21-FY25 CAGR 14.7% Over the last five fiscal years, 90.7% of our revenue each fiscal year, on average, came from customers who purchased services from us during the prior fiscal year. -8.4% Q3 YOY Revenue (£m) Q1 Jun 30 Mar 31 Q2 Q3
54.4 102.4 114.2 27.0 24.1 20.3 (387.7) 2.5 (7.2) 13.6 (372.0) 4.2 (8.5) FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 Profit / (Loss) before tax (£m) Jun 30 Mar 31 12.2% 15.6% 14.4% 3.6% 3.1% 3.5% (71.7)% 9MMargin 92.1 138.3 164.2 83.0 82.1 65.7 23.7 21.8 10.7 24.6 3.2 19.2 9.9 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 Adjusted profit before tax (£m)* Q1 Jun 30 Mar 31 Margin 20.6% 21.1% 20.7% 11.2% 10.6% 11.2% 4.4% 9M * See page 24 for reconciliation of IFRS to Non-IFRS metrics 18 Q1 Profitability.. Q2 Q2 Q3 Q3
85 134 146 146 133 136 129 615 732 711 695 619 656 584 FY21 FY22 FY23 FY24 FY25 Q3FY25 Q3FY26 Total no. of clients and with revenue > £1m* Mar 31Jun 30 Mar 31 Top 10 clients (% of total revenue) 19 *Calculated on a 12-month rolling basis. Client Relationships.. 35% 34% 33% 32% 36% 36% 35% 39% 40% FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 Q3 FY25 Q3 FY26 Jun 30
15.6 22.2 26.0 24.1 27.9 21.2 19.2 7.5 7.1 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 Q3FY25 Q3FY26 20 Top 10 clients - average spend (£m) 0.70 0.84 0.91 0.79 0.84 0.71 0.71 0.28 0.27 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 Q3FY25 Q3FY26 Jun 30 Mar 31Jun 30 Mar 31 Remaining clients - average spend (£m) Clients Spend..
42% 41% 39% 33% 33% 35% 33% 24% 21% 23% 26% 23% 22% 23% 31% 35% 32% 33% 38% 37% 38% 3% 3% 6% 8% 6% 6% 6% RoW N. America Europe UK * Other includes consumer products, natural resources, services, and retail verticals FY21 Jun 30 Q3 FY25 Q3 FY26FY22 FY23 FY24 FY25 Mar 31 Revenue by Region 21 Geography & Industry verticals.. Payments 23% Banking & Capital Markets 22% Insurance 9% Technology, Media & Telecom 16% Mobility 8% Healthcare 11% Other* 11% Q3 FY26 Revenue by Vertical
1.1 3.0 0.4 8.0 1.1 2.8 5.2 13.7 13.5 5.1 4.4 2.7 13.9 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 Capital expenditures (£m) Jun 30 Mar 31 1.2% 2.1% 1.7% 0.7% 0.6% 0.5% 2.6% 9M 0.6% 1.6% Q3 0.2% 4.4% Q2 0.6% 1.7% Q1 % of Revenue 82.7 107.2 111.5 58.4 48.7 3.5 9.2 31.6 20.1 17.5 (3.1) 52.7 26.3 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 Adjusted free cash flow (£m)* Q1 Jun 30 Mar 31 18.5% 16.4% 14% 7.9% 6.3% 9.0% 4.8% 9M 9.0% (1.7)% Q3 16.2% 10.9% Q2 1.8% 5.2% Q1 * See page 24 for reconciliation of IFRS to Non-IFRS metrics % of Revenue 22 Q1 CAPEX & Adjusted FCF.. Q2 Q2 Q3 Q3
Appendix
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