Facilities by ADF plc

16 September 2026

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

16 September 2026

Facilities by ADF plc

("Facilities by ADF", "ADF", the "Company" or the "Group")

Half year results for the six months ended 30 June 2026

Facilities by ADF, a leading provider of premium serviced production facilities to the UK film and high-end television (“HETV”) industry announces its unaudited half year results for the six months ended 30 June 2026 (“HY26”).

Financial KPIs

	HY26	HY25
Group Revenue	£16.6m	£17.4m
Adjusted EBITDA	£1.7m	£2.2m
Adjusted EBITDA %	10.2%	12.6%
Loss Before Tax	£3.3m	£2.0m
Loss per share - basic	3.02p	1.04p
Net Debt at 30 June 2026	£14.5m	£13.2m

Market KPIs

	HY26	HY25
BFI H1 UK Film and HETV Spend	£2.7bn	£3.2bn
% Variance YOY	-16%	+10%

Financial performance

	Revenue declined 4.6% to £16.6m, reflecting the weak UK film and HETV production market where overall production spends declined 15.6% in the same period.
	Location One and Autotrak both delivered year-on-year growth, demonstrating the resilience of the Group's diversified business model and exposure to broader markets.
	Adjusted EBITDA decreased from £2.2m to £1.7m, primarily due to the shortfall in revenue and operational deleverage.
	Net debt rose to £14.5m (H1 FY25: £13.2m), reflecting a deferred consideration payment for the Autotrak acquisition and the timing of cash flows.

Operational highlights

	The Group supported 117 high profile productions during the period, including Rivals, Black Doves, Peaky Blinders, Slow Horses, Unforgotten, The Diplomat, Gangs of London, Supacell and Buccaneers, supported by the quality of the Group’s fleet, people and long-standing customer relationships.
	Net Promoter Score of 89 (H1 2025: 87) underscoring the Group's sustained focus on customer satisfaction and loyalty as a core driver of long-term value.
	New Group-level sales structure launched, unifying business development across the three operating entities to capture cross-selling opportunities and drive additional revenue.
	Productions worked on across two companies has increased to 38% vs. 24% in H1 FY25, and 10% of production vs. 9% for three companies.
	Greater integration across the Group, driving efficiencies through shared locations and stronger use of combined assets and capabilities.

Outlook

	Management expects an H2 weighting to FY26, aligned with prior years.
	The lower than anticipated H1 performance and the current shape of the Q4 pipeline mean that management now expects full year results to be below current market expectations.
	The new management team has established a clear medium-term strategic plan to provide a roadmap for sustainable growth and shareholder value creation.
	The Group has initiated further efficiencies in H2 FY26 which are expected to deliver material cost savings over the medium term.
	Current indications are that market sentiment for 2027 is improving; the order book and weighted pipeline as at 7th September 2026 for FY27 is4.5% ahead of the equivalent position for FY26 at the same point last year.

Commenting, CEO Nicola Pearcey, said:

"My first six months at ADF have highlighted the strength of our people, customer relationships, and leading market position. While trading conditions across the film and TV industry have remained challenging, the business has delivered growth in Location One and Autotrak, underlining the resilience of our increasingly diversified model.ADF's core business is extending its reach beyond its traditional client base - a shift that will take time, given the Company’s heritage. The steps we are taking to integrate the businesses, sharpen our impact and drive growth are already bearing fruit, with our combined order book and pipeline for FY27 ahead of the prior year. This gives us confidence in our future positioning. We remain focused on operational discipline and efficiency, alongside a clear plan for growth."

For further enquiries:

Facilities by ADF plc Nicola Pearcey, Chief Executive Officer William Worsdell, Chief Financial Officer	via Alma Strategic Communications
Singer Capital Markets (Nomad and Broker) James Moat Charles Leigh-Pemberton Harry Littlewood	Tel: +44 (0)20 7496 3000
Alma Strategic Communications Josh Royston Hannah Campbell Sarah Peters	Tel: +44 (0)20 3405 0205 facilitiesbyadf@almastrategic.com

Chairman’s Statement

The first half of 2026 has been a challenging period for the UK film and high-end television industry, with lower production spend and hence a more competitive environment. Against this backdrop, and continued geopolitical uncertainty, the Group’s performance has been resilient. Location One and Autotrak both delivered year-on-year growth, providing further evidence of the benefits of our increasingly integrated business model.

The Group has entered an important period of change. During the first half year we welcomed Nicola Pearcey as CEO in January and Will Worsdell as CFO in March. Along with our existing COO, James Long, the leadership team has assessed the businesses in depth and established clear priorities for the next phase. These include identifying new growth markets for our services, simplifying and integrating our three businesses more closely, improving operational efficiency and asset utilisation, and allocating capital more selectively. The Board expects these measures to enhance the Group’s performance and resilience over the medium term.

We have important competitive advantages in a market where customers are increasingly focused on value, reliability, flexibility and quality of service. I remain impressed by the quality and commitment of our people, the strength and longevity of our customer relationships, our sustainability credentials and the quality and breadth of the Group's assets and capabilities.These are all reflected in the Group’s market leading NPS score of 89 and position us well for future growth.

I have been impressed by the speed at which the new Executive team have identified the challenges and opportunities facing the business and taken action to address these. Whilst the team are working tirelessly to improve performance, the Board recognises that the recent management changes and ongoing market backdrop will constrain the current year operational and financial performance, despite the underlying strengths of the business.

I would like to thank all my colleagues for their continued hard work and commitment, and our customers for their ongoing support.

Russell Down

Chair of the Board

CEO Review

Overview

Six months into the role, I have spent time visiting our different bases, meeting with production teams and colleagues on site and have heard directly from customers. Three things are clear to me:

First, the quality of the operation. Our fleet and our people are the reason ADF is a leading provider of premium serviced production facilities to the UK film and high-end television industry, and the reason customers continue to return to us production after production. During H1 FY26 we supported 117 high profile productions, including Rivals, Black Doves, Peaky Blinders, Slow Horses, Unforgotten, The Diplomat, Gangs of London, Supacell and Buccaneers. Location One and Autotrak further supported a wider range of productions also demonstrating the scope for growth across the Group.

Second, the strength of our customer relationships. Customers often choose their facilities partner based on trust built over many years and across multiple productions. Those relationships have been earned through consistently delivering a reliable, high-quality service, and they represent one of the Group's greatest strengths. These are not easily replicated and represent a strong platform from which to grow. Our client base includes many of the UK's and the world's leading studios and streaming platforms, including Netflix, Apple, Amazon MGM, NBC Universal, Sky, Disney, BBC, ITV, Channel 5, HBO Max, Channel 4, Sony, A24, Warner Bros. & Paramount.

Thirdly, the opportunity that lies ahead. We have three highly complementary businesses, ADF, Location One and Autotrak, each with strong capabilities, talented people and established customer relationships. Together, they have the potential to offer customers a broader, more integrated service than any of them could alone. This positions the Group as a genuine one-stop shop for production services, with early revenue synergies already emerging as clients draw on facilities, location and ground protection services across the Group on the same production.

Realising that opportunity means ensuring we operate as one Group. Simplifying how we work, making the best use of our combined assets and presenting a more joined-up proposition to customers. This includes building on our existing base of hubs, strategically located to serve all of the UK's major studios. It also means aligning our cost base and operational footprint with the market as it is today, while creating a business that is more efficient, more agile and better positioned for future growth.

The actions we are taking are designed not simply to improve efficiency, but to build a stronger, more integrated Group that is well positioned to create long-term value for our shareholders, customers and teams alike.

Performance in the period

Group revenue for H1 FY26 was £16.6m (H1 FY25: £17.4m), with adjusted EBITDA of £1.7m (H1 FY25: £2.2m). These results reflect the conditions in our core ADF business, where customers remain cost-conscious in a competitive environment. Given the fixed-cost nature of much of our operational infrastructure, this has had a greater impact on margins than on revenue. The actions we are taking across the Group are designed to improve efficiency, better align our cost base and position the business to deliver stronger returns as market conditions improve.

Performance across the Group, however, demonstrates the benefits of our diversified business model. Location One, the UK's largest TV and film location service provider, increased revenue to £3.3m (H1 FY25: £3.1m), driven by diversification. Likewise, Autotrak delivered revenue of £3.9m (H1 FY25: £3.5m), providing resilience and reinforcing the strategic rationale for the acquisition. Revenue in the core ADF business was £9.4m (H1 FY25: £10.8m), reflecting the conditions in film and HETV production spend in the period. Opportunities lie in diversification, coupled with an expected surge in productions running into 2027.

While trading conditions remain mixed across our end markets, the quality of our customer relationships, the breadth of the Group's capabilities and the actions we are taking to simplify the business and strengthen operational performance, give us confidence that we are well positioned to benefit as production activity continues to recover.

Seasonality

FY26 seems reflective of FY25 in terms of the weighting towards H2, with production activity more heavily weighted towards the second half of the financial year. Management currently expect a similar weighting to FY27. As at 7th September 2026, the combined orderbook and pipeline for FY27 was 4.5% ahead of the prior year.

Cost actions and capital discipline

We have taken decisive action to simplify the Group, improve efficiency and align our cost base more closely with current market conditions. These measures are intended to protect near-term profitability while creating a more agile business with a stronger platform for sustainable growth.

The programme includes optimising our operational footprint to strengthen regional impact, integrating activities across the Group, streamlining support functions and improving the utilisation of our fleet and wider asset base.

We are also taking a disciplined approach to fleet investment. During H1, we disposed of a portion of the fleet that was under-utilised or no longer aligned with customer requirements, generating a small profit on disposal. We will continue to review the fleet to ensure capital is deployed effectively, while maintaining a modern, high-quality fleet aligned with customer demand.

As the fleet is already modern, we expect core fleet investment to be lower than recent years over the medium term. This will enable us to increase utilisation and revenue from a largely fixed cost base, supporting greater operational leverage and stronger free cash flow generation.

Where we are taking the Group

Our ambition is to build a stronger, more focused Group that maximises our capabilities, strengthens customer relationships and unlocks new opportunities for sustainable growth. To support this ambition, the Group is exploring opportunities to enter new end markets and increase the utilisation of our existing assets.

Our growth agenda will focus on areas where we see the greatest potential for the Group and where our existing assets, capabilities and expertise provide a strong platform for success.

Outlook

The decline in industry-wide production spend in H1 reflects, in part, ongoing geopolitical uncertainty and the resulting economic and inflationary pressures on production budgets; while these pressures have not yet fully abated, our order book and pipeline gives us confidence in an improving H2.

The new management team has established a clear medium-term strategic plan to provide a roadmap for sustainable growth and shareholder value creation. However, the lower than anticipated H1 performance and the current shape of the Q4 pipeline mean that management now expects full year results to be below current market expectations.

The Group enters the second half of FY26 with improved visibility over future activity. The order book and weighted pipeline as at 7th September 2026 for FY27 is4.5% ahead of the equivalent position for FY26 at the same point last year, providing a solid foundation for the future.

Over the medium term, we continue to see structural growth drivers for the UK Film and HETV sector, including sustained investment by global streaming platforms and continued studio expansion across the UK's production hubs.

Nicola Pearcey

Chief Executive Officer

Financial performance

Summary

The results for the six months ended 30 June 2026 are representative of an ongoing challenging market for the UK Film and HETV industry. A summary of the results for the six months to 30 June 2026 are set out as follows:

Group P&L (millions)	H1-FY26	H1-FY25	H2-FY25
Revenue
CAD Services	9.4	10.8	14.0
Location One	3.3	3.1	4.1
Autotrak	3.9	3.5	5.8
Total Revenue	16.6	17.4	23.9
Cost of sales	(11.8)	(11.6)	(14.1)
Gross profit	4.8	5.7	9.8
Gross margin	29%	33%	41%
Admin expenses	(3.1)	(3.6)	(2.8)
Adj. EBITDA	1.7	2.2	7.0
Adj. EBITDA margin	10%	13%	29%
Exceptional admin credit / (expense)	(0.3)	-	1.4
Share based payments	(0.0)	(0.0)	(0.0)
EBITDA	1.5	2.2	8.4
Depreciation & amortisation	(3.8)	(3.2)	(3.3)
Impairment of property, plant and equipment and right of use assets	-	-	(2.9)
Amortisation of acquired intangibles	(0.1)	-	(0.1)
EBIT	(2.4)	(1.0)	2.1
Finance expenses	(0.7)	(0.8)	(0.7)
Exceptional finance expenses	(0.2)	(0.2)	(0.2)
(Loss) / profit before tax	(3.3)	(2.0)	1.2
Tax credit / (charge)	0.0	0.9	(0.1)
(Loss) / profit after tax	(3.3)	(1.1)	1.1
EPS - pence	(3.02)	(1.04)	1.05
Diluted EPS - pence	(3.02)	(1.04)	1.05

H1 FY26

Revenue

Production spend across the UK Film and High-End Television ("HETV") market was down 15.6% in H1 versus the prior year, as reported by the BFI in August 2026. Against this backdrop, the Group outperformed this benchmark. Revenues in the core ADF business were down 13.4% on the prior year, whilst revenues in Location One and Autotrak were up 6.7% and 13.7%, respectively. ADF is has the most exposure to the Film and HETV sector in the Group and therefore has been the most impacted by the decline in overall production spend.

As in the prior year, management expects a strong H2 weighting to FY26 across revenue, profitability and cash generation, reflecting the phasing of productions and a strong half year end order book.Gross Margin

The Group’s Gross Margin fell from 33% in H1 FY25 to 29% in H1 FY26. Direct Costs increased from £11.6m to £11.8m over the same period, with the principal driver of margin dilution being higher people costs, driven by rises in the National Living Wage, largely offset the reduction in costs associated with lower revenues.

Fuel was the other key contributor to the increase in Direct Costs, reflecting higher wholesale oil prices following geopolitical instability in the Middle East. The Group has mitigated some of this increase through the forward purchase of fuel at fixed rates. Importantly, the increase in fuel costs is not margin dilutive, as the majority of these additional costs are passed through to customers.

Management recognises that a significant proportion of the Group’s Cost of Sales are fixed, meaning that reductions in revenue are particularly margin dilutive. Management have therefore reviewed the cost base and identified further synergies and cost-saving opportunities across the Group. These actions will reduce the impact of future revenue variability on gross margin.

Admin Expenses

Admin expenses decreased from £3.6m in the prior year to £3.1m in the current year, reflecting the full year impact of restructuring undertaken in H2 FY25, as well as continued strong cost control across the Group.

Depreciation and Amortisation

Depreciation and amortisation increased from £3.2m in H1 FY25 to £3.8m in H1 FY26. Following a review in H2 2025, the useful economic lives of certain assets were shortened to better reflect their expected period of use by the Group. This will ensure that the carrying value of fleet assets is appropriately aligned with expected disposal proceeds, reducing the risk of losses arising on disposal and future P&L volatility. The Group has disposed of a small part of the fleet in H1 2026 and, as a result of the measures noted above, has generated a profit on disposal.

Finance Expenses

Finance expenses decreased from £0.8m in H1 FY25 to £0.7m in H1 FY26, primarily reflecting lower hire purchase (“HP”) interest following reduced fleet renewal activity and the extension of HP terms by two years on certain assets. The latter better aligns the financing period with the assets’ useful economic lives and provides an in-year phasing benefit to interest costs. These benefits were partially offset by interest and commitment fees on the Group’s new Revolving Credit Facility with HSBC.

Exceptional Items

The Group incurred non-recurring administrative costs of £0.3m, which relate primarily to restructuring. Exceptional finance expenses of £0.2m relate primarily to the unwinding of contingent consideration relating to the acquisition of Autotrak Portable Roadways Limited.

Loss Before Tax

The loss before tax for H1 2026 was £3.3m (H1 2025: loss of £2.0m).

EBITDA

The Group measures performance based on EBITDA and Adjusted EBITDA. We consider EBITDA and Adjusted EBITDA to be useful measures of operating performance; EBITDA approximates the underlying operating cash flow by eliminating depreciation and amortisation. Adjusted EBITDA adds back any non-recurring expenses, impairment of assets, gains or losses on deferred consideration, and any acquisition related fees. EBITDA and Adjusted EBITDA are not direct measures of our liquidity, which is shown by our cash flow statement, and need to be considered in the context of our financial commitments.

Adjusted EBITDA for H1 FY26 was £1.7m compared to £2.2m in H1 FY25.

A reconciliation of Adjusted EBITDA is shown below:

Adjusted EBITDA £m	H1-FY26	H1-FY25	H2-FY25
(Loss) / profit before tax	(3.3)	(2.0)	1.2
Add back:
Finance expenses	0.7	0.8	0.7
Exceptional finance expenses	0.2	0.2	0.2
Depreciation and amortisation	3.8	3.2	3.3
Impairment	-	-	2.9
Amortisation of acquired intangibles	0.1	-	0.1
Other non-recurring expense / (credit)	0.3	-	(1.4)
Share based payments	0.0	0.0	0.0
Adjusted EBITDA	1.7	2.2	7.0
Adjusted EBITDA %	10.2%	12.6%	29.2%

Revenue

The table below shows the revenue analysed between the two main facilities categories, being main packages (pre-agreed before filming) and additional sales (agreed during filming), plus other miscellaneous sales. Revenue for Location One and Autotrak is shown separately.

Turnover£m	H1-FY26	H1-FY25	% Change	H2-FY25
Facilities - Main packages	6.0	7.0	-14%	9.0
Facilities - Additional sales	3.4	3.8	-12%	5.0
Facilities - Total	9.4	10.8	-13%	14.0
Location Equipment hire (Location One)	3.3	3.1	7%	4.1
Ground Protection hire (Autotrak)	3.9	3.5	14%	5.8
Total Revenue	16.6	17.4	-5%	23.9
Uplift on main packages % (see explanation below)	57%	55%		56%

Uplift % is an important metric being the increase in total facilities sales from the initial main packages. This increased to 57% in H1 FY26 from 55% in H1 2025. This was driven predominantly by increases to labour rates and fuel costs in the intervening period.

Revenue Mix

The Group worked on 117 productions in H1 FY26 (H1 FY25: 128). The average value of productions in H1 FY26 was £142k compared to £135k in the same period in FY25 with the mix of different productions undertaken over the period.

Share Based Payments

Share-based payments in H1 FY26 related to options granted to certain executive directors in Facilities by ADF Plc and Location One Limited in December 2025.

Dividends

The Board declared an interim dividend of 0.3 pence per share in respect of the six months ended 30 June 2025, which amounted to £0.3m, and was paid to shareholders in January 2026.

The Board did not recommend the payment of a final dividend in relation to the year ended 31 December 2025 and additionally is not recommending the payment of an interim dividend in relation to the six months ended 30 June 2026.

The Board believes that prioritising capital towards maintaining a prudent balance sheet and sufficient covenant headroom - as well as investing in the Group’s highest-return growth opportunities - will deliver greater long-term returns for shareholders than distributing capital by way of dividends at the present time. The Board will keep this policy under regular review.

Capital Expenditure & Disposals

Capital expenditure during H1 FY26 was limited, with total additions of £0.3m. The single largest item was an Executive Single Artiste Trailer (“ESAT”) for the feature film market, which was delivered to the Group in June.

The Group disposed of several assets during the period, including 6 vehicles in the core ADF business. Total proceeds were £0.2m, with a profit on disposal of £0.1m.

Cash Flow, Funding & Net Debt

In April 2026, the Group put in place a £5.0m, 3-year, Revolving Credit Facility with HSBC, replacing the Group's £1m overdraft facility.Under the terms of this facility the Group will be required to meet quarterly covenant tests in respect of leverage and an annual covenant test in respect of interest cover.The facility is expected to provide sufficient headroom for the Group to meet working capital and organic growth requirements.

In addition, in February 2026, a further £0.7m of existing assets were placed onto a new 5-year hire purchase agreement, and certain existing hire purchase agreements were extended from 5 to 7 years, resulting in an annualised cash flow benefit of c.£0.8m.

In May 2026, a payment of £0.8m was made to the former owners of Autotrak Portable Roadways Ltd in respect of deferred consideration. The business continues to perform in line with the Board’s expectations.

As previously mentioned, management expects a strong H2 weighting to revenue, profitability and cash generation, consistent with FY25. Given the relatively fixed nature of the cost base across the year, this creates a greater working capital requirement in H1. Accordingly, the Group drew net £3.0m on its Revolving Credit Facility during H1 2026 to maintain prudent cash reserves, with £1.9m of cash at bank at period end.

Net Debt, excluding IFRS 16 leases, was £14.5m at H1 FY26, compared with £13.2m in H1 FY25. The increase primarily reflects additional RCF debt and borrowings relating to refinanced assets, partly offset by a reduction in hire purchase liabilities.

As a result of increasing operating cash flow, the Group expects Net Debt to decrease in H2 FY26.

William Worsdell FCA

Chief Financial Officer

FACILITIES BY ADF PLC

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2026

	Note		Six months ended 30 June 2026 (unaudited) £’m		Six months ended 30 June 2025 (unaudited) £’m
Revenue	3		16.6		17.4
Cost of sales	4		(11.8)		(11.6)
Gross profit			4.8		5.7
Administrative expenses			(6.8)		(6.8)
Non-recurring expenses	5		(0.3)		(0.0)
Share based payment expense	11		(0.0)		0.1
Operating loss			(2.4)		(1.0)
Finance expense			(0.7)		(1.0)
Exceptional finance expenses	5		(0.2)		-
Loss before taxation			(3.3)		(2.0)
Taxation			0.0		0.9
Loss for the period			(3.3)		(1.1)
Earnings per share for loss attributable to the owners
Basic loss per share (pence)	6		(3.02)		(1.04)
Diluted loss per share (pence)	6		(3.02)		(1.04)

FACILITIES BY ADF PLC

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2026

	Note		As at 30 June 2026 (unaudited) £’m			As at 31 December 2025 (audited) £’m
Assets
Current assets
Inventories			1.1			1.0
Trade and other receivables			3.8			3.5
Cash and cash equivalents			1.9			2.2
Total current assets			6.8			6.7
Non-current assets
Property, plant and equipment	7		13.3			14.5
Right-of-use assets	8		28.0			29.9
Intangible assets	9		20.1			20.1
Total non-current assets			61.5			64.5
Total assets			68.3			71.2
Liabilities
Current liabilities
Trade and other payables			6.7			6.3
Lease liabilities	8		6.3			7.8
Total current liabilities			13.0			14.1
Non-current liabilities
Other borrowings			3.6			-
Lease liabilities	8		15.8			16.9
Contingent consideration			2.9			3.5
Deferred tax liabilities			3.4			3.5
Total non-current liabilities			25.7			23.9
Total liabilities			38.7			38.0
Net Assets			29.6			33.2
Equity
Called up share capital	11		1.1			1.1
Share premium			25.2			25.2
Share based payment reserve			1.5			1.5
Merger reserve			2.7			2.7
Retained earnings			(0.9)			2.7
Total equity			29.6			33.2

FACILITIES BY ADF PLC

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2026

		Share Capital £’m	Share Premium £’m	Share Based Payment Reserve £’m	Merger Reserve £’m	Retained Earnings £’m	Total Equity £’m
Balance at 1 January 2025		1.1	25.2	1.5	2.7	3.2	33.7
Comprehensive Income
Profit for the year		-	-	-	-	-	-
Transactions with owners
Dividends		-	-	-	-	(0.5)	(0.5)
Balance at 31 December 2025 (audited)		1.1	25.2	1.5	2.7	2.7	33.2
Balance at 1 January 2026		1.1	25.2	1.5	2.7	2.7	33.2
Comprehensive Income
Loss for the period		-	-	-	-	(3.3)	(3.3)
Transactions with owners Dividends						(0.3)	(0.3)
Share based payment charge on long term incentive program		-	-	0.0	-	-	-
Balance at 30 June 2026 (unaudited)		1.1	25.2	1.5	2.7	(0.9)	29.6

FACILITIES BY ADF PLC

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2026

	Note		Six months ended 30 June 2026 (unaudited) £’m		Year ended 31 December 2025 (audited) £’m
Cash flows from operating activities
Loss before taxation from continuing activities			(3.3)		(0.8)
Adjustments for non-cash/non-operating items:
Depreciation of property, plant and equipment	7		1.3		3.5
Depreciation and impairment of right-of-use assets	8		2.4		5.7
Amortisation of intangible assets	9		0.1		0.1
(Profit)/loss on disposal of property, plant and equipment	7		(0.1)		0.3
Loss on disposal of right of use assets	8		-		0.8
Share based payment (credit)/charge	11		0.0		-
Fair value gain on deferred consideration			-		(3.4)
Finance expense	5,8		0.9		1.9
			1.3		8.1
Increase in inventories			(0.1)		(0.3)
Increase in trade and other receivables			(0.3)		(0.4)
Increase in trade and other payables			0.3		1.9
Corporation tax			-		0.2
Net cash generated from operating activities			1.2		9.5
Cash flows from investing activities
Purchase of property, plant and equipment	7		(0.3)		(1.6)
Purchase of intangible assets	9		(0.1)		-
Purchase of right-of-use assets[1]	8		(0.1)		(0.3)
Proceeds from sale of property, plant and equipment			0.2		0.3
Payments made in respect of Deferred Consideration			(0.8)		(0.2)
Net cash used in investing activities			(1.1)		(1.8)
Cash flows from financing activities
Proceeds from borrowings			3.5		-
Repayment of borrowings			(0.5)
Payments on lease liabilities	8		(3.2)		(5.8)
Interest paid on lease liabilities	8		(0.4)		(1.5)
Bank interest paid			(0.0)		-
Proceeds from re-financing[2]			0.7		-
Re-financing repayments			(0.1)		-
Dividends paid			(0.3)		(0.5)
Net cash used in financing activities			(0.4)		(7.8)
Net decrease in cash and cash equivalents			(0.3)		(0.1)
Cash and cash equivalents at beginning of period			2.2		2.3

FACILITIES BY ADF PLC

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2026

1. General Information

Facilities by ADF Plc (the "Company") is a public company limited by shares, incorporated, domiciled and registered in England and Wales in the UK. The registered number is 13761460 and the registered address is Ground Floor, 31 Oldfield Road, Bocam Park, Pencoed, Bridgend, United Kingdom, CF35 5LJ.

The principal activity of the Company and its subsidiaries (together, the "Group") continues to be the supply of equipment for television and film productions.

1. Summary of significant accounting policies

1. Basis of preparation

The unaudited interim financial information presents the financial results of the Group for the six-month period to 30 June 2026. This financial information has been prepared in accordance with UK-adopted International Accounting Standards and are presented on a condensed basis. All values are rounded to the nearest million except where otherwise indicated.

The financial information presented in this interim financial report for the period ended 30 June 2026 does not constitute statutory accounts, within the meaning of section 434 of Companies Act 2006. These interim financial statements do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements.

The Annual Report and Financial Statements for the year ended 31 December 2025 have been filed with the Registrar of Companies. The Independent Auditor’s Report on the Annual Report and Financial Statement ended 31 December 2025 was Unqualified.

1. Accounting policies

The accounting policies are consistent with those followed in the preparation of the Annual Report and Financial Statements for the year ending 31 December 2025,which are filed with the Registrar of Companies.

1. Going concern

The interim financial statements have been prepared on a going concern basis, which the Directors consider appropriate for the reasons set out below.

The Directors have prepared cash flow forecasts covering the 12-month period from the date of approval of these interim financial statements. These forecasts indicate that the Group will have sufficient funds to meet its liabilities as they fall due, and to continue in operational existence for the foreseeable future.

On 7 April 2026, the Group entered into a new £5.0 million revolving credit facility ("RCF") with HSBC UK Bank plc. The RCF has a three-year term and replaces the Group's previous £1.0 million overdraft facility, providing enhanced headroom to support working capital requirements given the Group's relatively fixed cost base and seasonal cash generation profile. The RCF is subject to financial covenants based on leverage and interest cover.

The Directors have also considered the ongoing impact of current macro-economic factors on the Group's forecast cash flows and liabilities and have concluded that these do not present a material risk to the Group, given the long-term nature of its operations.

The current sales pipeline is robust, with strong visibility over returning seasons for a number of the Group's largest productions, underpinning confidence in near-term revenue generation.

The Directors remain focused on returning the Group to the organic growth delivered in prior years and expect further synergies from previous acquisitions to be realised over the coming 12 months.

1. Critical accounting judgements and estimates

The preparation of the interim financial information requires the use of certain critical accounting estimates. It also requires management to exercise judgement and use assumptions in applying the Group’s accounting policies. The resulting accounting estimates calculated using these judgements and assumptions will, by definition, seldom equal the related actual results but are based on historical experience and expectations of future events. Management believe that the estimates utilised in preparing the interim financial information are reasonable and prudent.

Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.

The judgements and key sources of estimation uncertainty that have a significant effect on the amounts recognised in the interim financial information are consistent with those followed in the preparation of the Annual Report and Financial Statements for the year ending 31 December 2025which are filed with the Registrar of Companies.

1. Revenue from contracts with customers

All of the Group’s revenue was generated from the provision of equipment and services in the UK in the period ended 30 June 2026 and 30 June 2025. Management considers that revenue is derived from one source, being that of hire of equipment and facilities (30 June 2025: One).

Timing of transfer of goods or services	Six months ended 30 June 2026 (unaudited) £’m	Six months ended 30 June 2025 (unaudited) £’m
Services transferred over time	16.6	17.4
	16.6	17.4

1. Segmental reporting

The Group has three reporting segments, being Facilities by ADF (which represents all revenues and cost of sales generated from Facilities by ADF Plc and CAD Services Limited), Location One (which represents all revenues and cost of sales generated from Location 1 Group Ltd and Location One Ltd), and Autotrak (which represents all revenues and cost of sales generated from Autotrak Portable Roadways Limited). Total assets and liabilities are not provided to the Chief Operating Decision Maker (“CODM”) in the Group’s internal management reporting by segment and therefore are not presented below, information on segments is reported at a gross profit level only.

All non-current assets are located in the UK.

	Six months ended 30 June 2026 (unaudited) £’m	Six months ended 30 June 2025 (unaudited) £’m
Revenue
Facilities by ADF	9.4	10.8
Location One	3.3	3.1
Autotrak	3.9	3.5
	16.6	17.4
Cost of sales
Facilities by ADF	(7.4)	(7.8)
Location One	(2.2)	(2.1)
Autotrak	(2.2)	(1.8)
Gross Profit	4.8	5.7

1. Non-recurring expenses

The Group incurred £0.3m ofnon-recurring administrative expenses during the period to 30 June 2026 (30 June 2025: £0.0m) and exceptional finance expenses of £0.2m (30 June 2025: £0.0m).

Non-recurring administrative expenses relate to one-off costs relating to Group integration and restructuring.

Exceptional finance expenses relate to the unwinding of deferred consideration arising from the acquisition of Autotrak Portable Roadways Limited.

	Six months ended 30 June 2026 (unaudited)	Six months ended 30 June 2025 (unaudited)
Non-recurring administrative expenses	0.3	0.0
Exceptional finance expenses	0.2	-
Total non-recurring expenses	0.5	0.0

1. Earnings per share

The calculation of the basic earnings per share (‘‘EPS’’) is based on the results attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. Diluted EPS includes the impact of outstanding share options. The basic and diluted earnings per share are the same given the loss in each period, making the outstanding share options and warrants anti-dilutive.

	Six months ended 30 June 2026 (unaudited)	Six months ended 30 June 2025 (unaudited)
Basic
Loss attributable to owners of the parent (£m)	(3.3)	(1.1)
Weighted average shares in issue	107.8	107.8
Basic loss per ordinary share (pence)	(3.02)	(1.04)
Diluted
Loss attributable to owners of the parent (£m)	(3.3)	(1.1)
Shares in issue	107.8	107.8
Diluted loss per ordinary share (pence)	(3.02)	(1.04)

1. Property, plant, and equipment

	Plant and machinery £’m	Hire Fleet £’m	Motor vehicles £m	Computer equipment £m	Leasehold improvement £’m	Assets under construction £’m	Total £’m
Cost
At 1 January 2025	0.6	16.4	3.8	0.3	0.7	0.2	22.0
Additions	-	1.2	0	0.1	0.1	0.2	1.6
Adjustment	-	0.5	-	-	-	-	0.5
Transfers3	-	2.1	-	-	-	(0.2)	1.9
Disposals	-	(1.1)	(0.6)	-	-	-	(1.7)
At 31 December 2025	0.6	19.1	3.2	0.4	0.8	0.2	24.3
Depreciation
At 1 January 2025	0.1	5.4	0.9	0.1	0.2	-	6.7
Charge for the year	-	1.4	0.3	0.1	0.1	-	1.9
Impairment	0.1	0.6	0.9	-	-	-	1.6
Transfers	-	0.7	-	-	-	-	0.7
Disposals	-	(0.7)	(0.4)	-	-	-	(1.1)
At 31 December 2025	0.2	7.4	1.7	0.2	0.3	-	9.8
Cost
At 1 January 2026	0.6	19.1	3.2	0.4	0.8	0.2	24.3
Additions	0.0	0.2	0.0	0.1	0.0	0.0	0.3
Transfers3	-	0.6	0.0	-	-	-	0.6
Disposals	0.0	(0.5)	0.0	-	-	-	(0.5)
At 30 June 2026	0.6	19.4	3.2	0.5	0.8	0.2	24.7
Depreciation
At 1 January 2026	0.2	7.4	1.7	0.2	0.3	-	9.8
Charge for the period	0.1	0.9	0.2	0.0	0.1	-	1.3
Transfers[3]	-	0.6	0.0	-	-	-	0.6
Disposals	(0.0)	(0.3)	(0.0)	-	-	-	(0.3)
At 30 June 2026	0.3	8.6	1.9	0.2	0.4	-	11.4
Net book amount
At 30 June 2026	0.3	10.8	1.3	0.3	0.4	0.2	13.3
At 31 December 2025	0.4	11.7	1.5	0.2	0.5	0.2	14.5

Depreciation is charged to administrative expenses within the statement of Comprehensive Income.

Transfers between ROU and Fixed Assets can happen for a number of reasons including the expiry of a HP financing agreement or the refinancing of assets already owned.

1. Leases

Right-of-use assets

	Leasehold Property £’m	Motor Leasehold £’m	Hire Fleet and Motor Vehicles £’m	Equipment £’m	Assets under construction £’m	Total £’m
Cost
At 1 January 2025	10.6	0.6	27.3	0.1	2.9	41.5
Additions	1.5	0.5	2.6	0.2	0.5	5.3
Transfers4	-	-	0.9	-	(2.8)	(1.9)
Disposals	(0.4)	-	(0.7)	-	-	(1.1)
At 31 December 2025	11.7	1.1	30.1	0.3	0.6	43.8
Depreciation
At 1 January 2025	2.7	0.1	6.4	-	-	9.2
Charge for the year	1.0	0.5	2.8	0.1	-	4.4
Impairment	-	-	1.3	-	-	1.3
Transfers4	-	-	(0.7)	-	-	(0.7)
Disposals	(0.2)	-	(0.1)	-	-	(0.3)
At 31 December 2025	3.5	0.6	9.7	0.1	-	13.9
Cost
At 1 January 2026	11.7	1.1	30.1	0.3	0.6	43.8
Additions	-	0.0	0.1	0.1	0.2	0.4
Transfers4	-	-	(0.0)	-	(0.5)	(0.5)
Disposals	(0.0)	-	-	(0.0)	-	(0.0)
At 30 June 2026	11.7	1.1	30.2	0.4	0.3	43.7
Depreciation
At 1 January 2026	3.5	0.6	9.7	0.1	-	13.9
Charge for the period	0.6	0.2	1.5	0.1	-	2.4
Transfers4	-	-	(0.6)	-	-	(0.6)
Disposal	-	-	-	-	-	-
At 30 June 2026	4.1	0.8	10.6	0.2	-	15.7
Net book amount
At 30 June 2026	7.6	0.3	19.6	0.2	0.3	28.0
At 31 December 2025	8.2	0.5	20.4	0.2	0.6	29.9

4 Transfers are made between Property, Plant, and Equipment, and Right-of-Use-Assets whereby the amounts transferred between asset type are identical.

Lease liabilities

	Leasehold Property £’m	Motor Leasehold £’m	Hire Fleet and Motor Vehicles £’m	Equipment £’m	Total £’m
At 1 January 2025	8.9	0.4	16.1	0.1	25.5
Additions	1.2	0.6	3.0	0.2	5.0
Interest expense	0.5	-	1.0	-	1.5
Lease payments (including interest)	(1.1)	(0.5)	(5.6)	(0.1)	(7.3)
At 31 December 2025	9.5	0.5	14.5	0.2	24.7
At 1 January 2026	9.5	0.5	14.5	0.2	24.7
Additions	-	-	0.6	0.1	0.6
Interest expense	0.2	0.0	0.1	0.0	0.4
Lease payments (including interest)	(0.8)	(0.3)	(2.5)	(0.1)	(3.6)
At 30 June 2026	8.9	0.2	12.7	0.2	22.1

1. Intangible assets

	Goodwill £’m	Customer relationships £’m	Software £’m	Total £’m
Cost
At 1 January 2025	22.8	1.0	0.2	24.0
Adjustment	(0.3)	-	-	(0.3)
Additions	-	-	-	-
At 31 December 2025	22.5	1.0	0.2	23.7
Amortisation
At 1 January 2025	3.4	-	0.1	3.5
Charge for the year	-	0.1	-	0.1
At 31 December 2025	3.4	0.1	0.1	3.6
Cost
At 1 January 2026	22.5	1.0	0.2	23.7
Additions			0.1	0.1
At 30 June 2026	22.5	1.0	0.3	23.8
Amortisation
At 1 January 2026	3.4	0.1	0.1	3.6
Charge for the period	-	0.0	0.0	0.1
At 30 June 2026	3.4	0.2	0.1	3.7
Net book amount
At 30 June 2026	19.1	0.8	0.2	20.1
At 31 December 2025	19.1	0.9	0.1	20.1

1. Capital commitments and contingencies

Capital and financial commitments

The Group commits to lease agreements in respect of hire facilities over six months in advance due to the nature of the facilities leased.

As at 30 June 2026 the Group was committed to new fleet capital expenditure orders of £0.4 million for the remainder of the year.

On 7 April 2026, the Group entered into a new £5.0 million revolving credit facility ("RCF") with HSBC UK Bank plc. The RCF has a three-year term and replaces the Group's previous £1.0 million overdraft facility, providing enhanced headroom to support working capital requirements given the Group's relatively fixed cost base and seasonal cash generation profile. The RCF is subject to financial covenants based on leverage and interest cover.

The Group held no other additional capital, financial and or other commitments as at 30 June 2026.

1. Share capital

Ordinary Shares of 1p each	£’m
Allotted, called up and fully paid
At 1 January 2025	1.1
At 31 December 2025	1.1
At 1 January 2026	1.1
At 30 June 2026	1.1

All classes of shares have full voting, dividends, and capital distribution rights.

Share Options

The Group has not granted any new share options and no options were exercised or forfeited during the period ending 30 June 2026. Details of all outstanding options are included in the Group’s 2025 Annual Report and Accounts which are available at https://facilitiesbyadf.com.

Expense related to Options

An expense of £27,288 (30 June 2025: credit of £61,809) has been recognised in the Statement of Comprehensive Income in respect of the LTIP Options issued to certain directors of Facilities by ADF Plc and Location One Limited in December 2025. The LTIP Options will vest on 1 January 2028.

12Post balance sheet events

No adjusting or non-adjusting events have occurred between the reporting date and the date these financial statements were authorised for issue on 15 September 2026.

[1] The purchase of right-of-use assets relates to cash additions made to improve assets held on hire purchase, included in right -of-use assets as detailed in Note 8.

[2] Proceeds from re-financing relate to PPE assets that were re-financed during 2026.

3 Transfers are made between Property, Plant, and Equipment, and Right-of-Use-Assets whereby the amounts transferred between asset type are identical.

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