Interim Results

ATC Music Group PLC

14 September 2026

14 September 2026

ATC Music Group plc

("ATC", the "Company" or the “Group”)

Interim Results for the six months ended 30 June 2026

Accelerating growth and improving operating performance across the Group

ATC Music Group plc (AIM: ATC), the independent music company providing an end-to-end music services platform spanning talent management, live touring, merchandising, e-commerce and digital engagement, is pleased to announce its unaudited interim results for the six months ended 30 June 2026 (“H1 2026”).

Financial Highlights

	H1 2026 £’000 Unaudited	H1 2025 £’000 Unaudited	FY 2025 £’000 Audited
Revenue	30,641	22,067	67,447
Adjusted operating EBITDA1	(450)	(924)	1,274
Loss for the period after tax	(2,051)	(2,346)	(3,190)
Cash and cash equivalents2	20,288	11,559	21,447
Basic and diluted loss per share (pence)	(7.29)	(10.74)	(19.01)

¹ adjusted operating EBITDA is a non-statutory performance measure, as displayed in the consolidated statement of comprehensive income, and is defined as the operating result before interest, tax, depreciation, amortisation and impairment and before the share of results of associates and joint ventures, adjusted for share-based payment charges and exceptional items.

2 Cash and cash equivalents at 30 June 2026 of £20.3 million includes client funds and is £9.4 million excluding client funds (30 June 2025: £11.6 million and £4.1 million respectively)

	Group revenue increased by 39% to £30.6m (H1 2025: £22.1m) driven by continued organic growth and strategic acquisitions.
		Representation revenue up 39% to £7.0 million (H1 2025: £5.0 million): ATC Management - Europe and USA, Raw Power Management, ROAM, and Easy Life Group.
		Services revenue up 40% to £21.6 million (H1 2025: £15.4 million): Sandbag, Circa, Push, Cirkay and Driift.
		Events revenue up 29% to £2.0 million (H1 2025: £1.5 million): ATC Experience, Joy Entertainment Group and ATC LiveX.
	Adjusted operating EBITDA loss1 of £0.45 million (H1 2025: £0.9 million), halving year-on-year and demonstrating improved operating leverage. Performance of the Group is weighted towards the second half of the year
	Loss after tax reduced to £2.1 million (H1 2025: loss of £2.3 million).
	Cash and cash equivalents2 of £20.3 million (H1 2025: £11.6 million), providing a strong platform for continued investment.

Operational Highlights

	In January 2026, the Group changed its name from All Things Considered Group plc to ATC Music Group plc, reflecting the closer alignment of the Group’s businesses and its ambition to operate as a more unified and scalable organisation.
	Continued organic growth complemented by the strategic acquisition and rapid integration of Push and Cirkay, adding digital marketing, data analytics and direct fan engagement capabilities to the Group’s integrated platform.
	Development underway on a multi-year proprietary technology roadmap to unify fan data from across the Group’s streaming, commerce and audience engagement touchpoints into a single intelligence layer, positioning ATC to become a market leader in fan data and enabling artists and managers to better understand, engage and monetise their audiences.
	Strengthened senior leadership team with the appointment of Simon Scott as Chief Technology and Product Officer, enhancing the Group’s technology and operational capabilities to support continued growth and scale.
	In Representation, the headline addition of Robbie Williams to the management roster, one of the best-selling artists in British music history.

Post Period End, Current Trading and Outlook

	In Events, ATC Experience continued to invest in its debut production, Hamlet Hail to the Thief, as lead producing partner. The London premiere runs at the Barbican from 31 October 2026 to 23 January 2027, following the show's sold-out run at the Royal Shakespeare Theatre. Tickets went on public sale in June and, as at 5 September 2026, £3.1 million of advance ticket sales had been taken, representing 41% of available inventory for the 12-week run. The Board is encouraged by the pace of advance sales, which is running ahead of its expectations at this stage, and expects the production to contribute producer fees and profit share across the second half of FY26 and into FY27.
	Joy Entertainment Group successfully delivered a sold-out 50,000-capacity Nick Cave show at Preston Park, Brighton, demonstrating the Group’s ability to route management and live agency clients through its own promoted events and capture a greater share of the live value chain.
	Established a solid foundation for future organic growth, supported by a large and visible pipeline of strategic acquisitions for FY26 and beyond.
	Trading momentum in the second half of the year has continued to grow.

Adam Driscoll, Chief Executive Officer of ATC, commented:"The first half of 2026 shows our strategy delivering at pace. Revenue grew considerably, our adjusted EBITDA loss more than halved, and each of our segments traded EBITDA-positive, before central costs, all while investing in the leadership and technology that will drive our next phase of growth.

“The breadth of ATC's platform has been on full display: Robbie Williams joined our management roster, we acquired and rapidly integrated Push and Cirkay, we promoted and sold out Nick Cave's 50,000-capacity Brighton homecoming, delivered to huge acclaim, shortly after the period end, and we confirmed the London premiere of Hamlet Hail to the Thief at the Barbican this October. Each reflects the strength of the relationships we continue to build across our artist and client base.

“Every new relationship increases both the scale of our platform and the value of the data it generates. As streaming matures and AI raises the premium on authentic artists and real experiences, the industry's shift towards direct-to-fan economics plays directly to our integrated model, helping clients strengthen audience engagement through data-led activity, diversify their income streams and unlock greater long-term value. With a strong balance sheet following our oversubscribed fundraise and move to AIM, we have the resources to keep investing where the value in music is moving."

Contacts:

ATC Music Group plc Adam Driscoll, CEO Deborah Lovegrove, CFO	Via Alma PR
Allenby Capital Limited-Nominated Adviser and Broker Jeremy Porter/Liz Kirchner/Ashur Joseph - Corporate Finance Matt Butlin/Jos Pinnington - Equity Sales & Corporate Broking	+44(0)20 3328 5656
Alma Strategic Communications-Financial PR Hilary Buchanan/Justine James/Will Merison	+44(0)20 3405 0205

Notes to Editors

ATC Music Group plc is an independent music company operating internationally with strong business focus in the key commercial areas of music artist's business. The Group encompasses direct artist representation in the form of management and live representation, merchandising, music promotion, livestreaming, fan engagement and a range of other music services. The Group is headquartered inLondon, with offices in the key industry hubs ofLos AngelesandNew York,and also inEurope.

The Group's key businesses are structured into segments that reflect the growing range of the Group's activities:

	Representation- artist management and live representation (ATC Management - Europe and USA, Raw Power Management, ROAM, Easy Life Group)
	Services- merchandising and e-commerce, promotion, placement and technology solutions (Sandbag, Circa, Push, Cirkay, Driift)
	Events - venue ownership, production and promotion of live events (ATC Experience, Joy Entertainment Group, ATC LiveX)

For more information see:www.atcmusicgroup.com

CEO Review

Overview

The six-month period to 30 June 2026 has once again seen significant progress across the Group as we continue to execute on our ambition to build a fully integrated, globally scalable music representation and services business. Revenue grew 39% to £30.6 million and our adjusted operating EBITDA loss halved from £0.9 million to £0.45 million, reflecting both the breadth of the platform we have assembled and the operational discipline with which we are scaling it. Our focus remains firmly on delivering creative and commercial value for artists while driving operational efficiency and disciplined capital deployment.

We entered the year with a strong foundation, following the move of the Company’s shares from the Aquis Stock Exchange to AIM at the end of 2025, supported by an oversubscribed fundraise of £8.6 million against an initial £4.0 million target, a clear endorsement of the Group’s strategy from new and existing shareholders.

Over the past five years, we have firmly established the Group’s position in the artist management and live agency space, while expanding into the adjacent services critical to delivering both the creative and commercial ambitions of our artists: merchandising, brand partnerships, digital marketing, fan engagement technology and the conception and production of live experiences. With nearly half of global music industry revenues now generated through live events, and the industry shifting decisively towards direct-to-fan economics, these pillars sit at the heart of our long-term strategy.

The integrated suite of services we offer our artist client base is key to future growth. The direct relationship between artist and fan is becoming an ever more important facet of revenue growth, and that relationship needs to be serviced through strong representation in Management and Live alongside the ability to deliver commercial offerings at scale. As we grow the number of artist and client relationships across the business, we increase both the scale of the platform and the value of the data it generates. Unifying the fragmented data sets created by the multiple ways in which a fan engages with an artist enables us to better serve both parties and drive improved commercial outcomes.

In March 2026, we completed the acquisition of Push and Cirkay, providers of digital marketing, data analytics, fan engagement and e-commerce solutions to the music industry. Push brings long-standing relationships with major industry clients, including a two-decade relationship with Universal Music Group, for whom it has built platforms hosting websites for thousands of artists. Both bring proven technology capabilities that strengthen our ability to support artists in building deeper relationships with their audiences: we had previously used these technologies and services with a number of our artist clients and seen substantially improved fan engagement and improved economic outcomes as a result. The acquisition now enables us to embed these platforms across our operations, accelerating our strategy of building a fully integrated, data-led artist services company at scale. The shareholders of Push have shown their confidence in the Group’s strategy and our collective future growth by taking 70% of the purchase consideration in ATC shares. As part of the acquisition, Simon Scott, previously CEO of Push and Cirkay, joined the Group’s senior leadership team as Chief Technology and Product Officer and now leads the development of the Group’s technology and product strategy. We regard Push as one of the most important acquisitions the Group has ever made: it provides the technology platform through which we can identify, connect with and serve our artists’ most engaged fans directly and at scale, turning the market opportunity described below from an industry theme into an operating capability that sits at the centre of our strategy.

Both Push and Cirkay are integrating rapidly into the Group, with early results already visible in client delivery and internal operations: Push is enhancing direct-to-fan data capture for clients while supporting improved operating efficiencies across the wider Group, and the deployment of the Cirkay Fan Pass at several recent Robbie Williams live shows has delivered substantial direct fan engagement. Integrations of this kind reflect our broader strategy of combining specialist services with technology-enabled capabilities to deepen client relationships and strengthen the Group’s data assets.

Teams across the Group continue to cross-sell effectively between segments, supported by greater use of technology to identify and track opportunities. We remain confident that, as we bring our segments closer together, we are well placed to deliver further growth.

We continue to apply a disciplined approach to cost control and operational management, ensuring resources are allocated to high-impact areas that directly support growth and profitability. The halving of our adjusted operating EBITDA loss against 39% revenue growth demonstrates the operating leverage inherent in the model. As we scale, integrated technology systems and data-driven decision-making will remain critical to margin improvement and long-term sustainability, and we will continue to automate routine workflows, optimise supply chain and touring logistics and refine performance tracking across functions while maintaining the agility to respond quickly to market opportunities.

Market backdrop

The broader music industry continues to experience structural growth, driven by digital innovation, shifting consumer behaviours and rising global demand for music content, with Goldman Sachs projecting industry growth of around 7% per annum through 2030. Notably, the structural shifts reshaping the industry moved into the mainstream financial press during the period, with high-profile debate around the ownership and valuation of the world’s largest music company focusing investor attention on the themes that sit at the heart of ATC’s model: streaming maturity, AI disruption and the premium now attaching to direct-to-fan monetisation. The market has now delivered eleven consecutive years of growth: global recorded music revenues reached US$31.7 billion in 2025, up 6.4% year-on-year and above US$30 billion for the first time (IFPI Global Music Report 2026), while paid streaming subscriptions grew 8.8% to 837 million and total music subscribers rose 10.1% to 921.6 million - nearly double 2020 levels (MIDiA Research).

As subscription streaming matures in developed markets, industry growth is increasingly reliant on price rises and lower-ARPU (average revenue per user) emerging territories, and value is migrating towards the channels that connect artists directly with their fans. Our model is built to capture spend that sits outside DSP (digital service provider) economics - merchandise, livestreaming, premium experiences and superfan offerings, so as the streaming growth story moderates, the case for our direct-to-fan infrastructure strengthens.

AI presents both challenge and opportunity for the sector. As AI lowers the cost of producing recorded music, the scarcity premium on authentic artists and real-world experiences rises. Our roster, from Nick Cave and PJ Harvey to Robbie Williams and Radiohead-related projects, represents precisely the culturally irreplaceable artistry that cannot be replicated, and our investments in data and fan engagement technology position us to harness AI’s benefits while insulating our artists from its dilutive effects.Fan appetite for artist-controlled AI engagement is also clear: in a recent survey of 30,000 streaming subscribers across 13 major markets, 30% expressed interest in using AI to remix or personalise songs, rising to 80% among 16–19 year olds - underlining the value of the fan engagement infrastructure we are building. (Source: UMG Streaming 2.0 subscriber survey).The largest streaming platform has likewise committed to developing AI music only in licensed partnership with rights holders, governed by consent, credit and compensation, reinforcing both the value of authentic artist relationships and the principle that AI-era engagement should reward the artist.

The economics of the superfan underline the scale of this opportunity: attendees at Oasis’s 2025 reunion tour are estimated to have spent £766 per person across the full event experience, well beyond the ticket price itself (source: Barclays, "Supersonic" Spending, May 2025). Capturing this broader spend halo is exactly what Sandbag, Driift, Joy Entertainment and ATC Experience are designed to do, spanning merchandise and e-commerce, livestreaming, venues and promotions, and immersive cultural IP. The underlying consumer shift is equally striking: the most committed fans purchase 105% more merchandise than the average music listener (Luminate, 2024), and 40% of Britons now say they prioritise spending on experiences over material goods (The Times, August 2026). Around 10–15% of music listeners are willing to spend multiples of the standard streaming subscription if offered the right mix of exclusivity and access, a segment that, properly served, could add billions of dollars to annual industry revenues by 2030 (Goldman Sachs), and those committed fans spend 66% more on live music than the average listener and twice as much on physical purchases (Goldman Sachs / Luminate). Streaming platforms are themselves now experimenting with superfan tiers, confirming the direction of travel. Most visibly, Spotify’s Reserved ticketing offering, launched in the US with Live Nation in June, saw nearly 100,000 tickets reserved within weeks, with some tours selling 100% of their allocations; the platforms themselves are now investing to reach the superfan. For ATC this is not a theoretical construct: with Sandbag providing global merchandising and fulfilment, Driift offering premium livestreams, Joy Entertainment, ATC Experience and ATC LiveX delivering high-touch physical and cultural events, and the Cirkay Fan Pass providing the identity layer that connects them, our platform is already designed to capture this spend.

The strength of live demand is equally visible at the top of the market: analysis of Pollstar data shows stadium concerts grew 11% year-on-year in 2025, with the number of stadium headliners up 16%, and Wembley Stadium alone staging 34 concerts this summer for around three million fans (source: IQ Magazine / Pollstar). While ATC’s roster spans club to stadium scale, this expanding live economy, and the spend that surrounds it, is the market our Events and Services divisions are built to serve. With major promoters investing in new venue capacity across the Gulf States, the Pacific Rim, Latin America, West Africa and India, the geographic runway for live music continues to lengthen.

Looking ahead, we expect performance to strengthen through H2 2026, in line with the seasonal nature of the business and increased activity across festivals, touring and live events. Our priorities are clear: to drive long-term value through disciplined cost and capital management, strategic investment in high-potential areas, and continued innovation across a growing global music economy.

Representation

Revenue in the Representation segment increased by 39% to £7.0 million in H1 2026 (H1 2025: £5.0 million). The period was marked by the addition of Robbie Williams to the Group’s management roster, one of the most successful artists in the world, with 90 million album sales, six of the top 100 best-selling albums in British history and a record-breaking 16 UK number 1 albums, reflecting ATC’s continued ability to attract and support globally recognised talent. Elsewhere on the roster, US managed artist underscores secured the main support slot on Charli XCX’s US tour following sold-out solo headline shows, and Radiohead’s KID A MNESIA exhibition launched at Coachella before continuing its international run with a New York residency, with San Francisco and Mexico City to follow. This project was developed in partnership with AEG and ATC management client namethemachine.

Awards & Recognition:

	Nick Cave received his first ever Academy Award nomination, for Best Original Song at the 98th Academy Awards for 'Train Dreams', co-written with Bryce Dessner, a song also nominated for a Golden Globe and a Critics Choice Award.
	Raw Power Management founder Craig Jennings and co-CEOs Matt Ash and Don Jenkins were announced, post period end, as recipients of the Managers' Manager Award at the 2026 Artist & Manager Awards, one of the highest peer recognitions in UK artist management.
	ROAM was named Booking Agency of the Year (21+ agents) at the UK LIVE Awards, and founder Alex Bruford was shortlisted for International Booking Agent of the Year at the 2026 Pollstar Awards.

Services

Revenue in the Services segment was £21.6 million in H1 2026 (H1 2025: £15.4 million). The division continues to provide a strategically important growth pillar: beyond its revenue contribution, it enriches the Group’s integrated offering through market intelligence, supports direct artist-to-fan connections and drives cross-divisional synergies. The acquisition and rapid integration of Push materially strengthen this segment, adding digital marketing, data analytics and fan engagement capabilities alongside Sandbag’s merchandising and e-commerce infrastructure. We continue to see good levels of uptake of our merchandising offering from clients within the Group, and the build-out of the segment into a foundational data hub for the wider business is progressing well, with the Cirkay Fan Pass deployment providing an early demonstration of direct fan engagement at scale.

Work is now well underway on a multi-year product roadmap to build proprietary ATC technology that unifies fan data from across the Group’s touchpoints into a single intelligence layer, giving artists and their managers a consolidated view of streaming, commerce and audience engagement, and ensuring the value of that data accrues to the artist and the Group rather than to third-party platforms. The acquisition of Push is enabling us to accelerate this process and we believe will enable us to command a market leading position in fan data. This, in turn, will drive a new economic model in the music industry.

Events

Revenue in the Events segment grew to £2.0 million in H1 2026 (H1 2025: £1.5 million). Joy Entertainment Group delivered a strong performance across its summer events programme, headlined by a 50,000-capacity sold-out show during the period and delivered post period end at Preston Park, Brighton for management and live agency client Nick Cave, a powerful demonstration of the Group’s ability to route its own artists through promoted events and capture more of the live value chain. The show itself became a case study in the experience economy: the event extended across the whole city, with a four-day takeover of Brighton’s Resident record shop featuring exclusive vinyl and merchandise, a season of films personally selected and introduced by Nick Cave at the Duke of York’s Picturehouse, and an unannounced rooftop performance that drew fans from across Europe, with industry press describing it as a model for how a hometown show can give the entire town a role to play (source: Hypebot / The Guardian, August 2026). Events of this kind capture spend and engagement far beyond the ticket, and are precisely what the Group’s integrated venues, promotion and experience businesses are built to deliver. In parallel, ATC LiveX developed and promoted a week of shows at New York’s Radio City Music Hall featuring Joe Hisaishi, Music from the Studio Ghibli Films.

During the period, ATC Experience announced the London premiere of its debut production, Hamlet Hail to the Thief, which will open at the Barbican in October 2026, following its acclaimed sold-out run at the Royal Shakespeare Theatre in Stratford-upon-Avon last year. The announcement generated substantial press coverage and highlights ATC’s role as one of the key producers and backers of the show, with work now underway on the continued rollout into other locations around the world. The project illustrates our capacity to co-create artistically bold, culturally resonant work that drives both audience engagement and commercial returns, and the value of IP development within the live entertainment space.

Current Trading and Outlook

The second half of the year presents a strong opportunity to build on the strategic and commercial progress made in H1 2026. Our business is inherently seasonal, with a significant proportion of live events, touring and festivals concentrated in the latter half of the year, and we enter this period with a healthy roster of upcoming festivals, tours and brand-led music events. ROAM, now the world’s largest independent booking agency and fifth largest overall, representing more than 1,000 artists with a team of over 80 staff across London, New York, Los Angeles, Chicago, Paris and Glasgow, continues to demonstrate the Group’s position as a leading global independent music business.

With £9.4 million of own funds at the period end, the Group has the balance sheet strength to continue evaluating corporate growth opportunities, both organically and through acquisition, that align with our strategic focus on deepening our footprint across live entertainment, rights management, fan engagement technology and adjacent creative sectors.

The first half of 2026 has been a period of substantial development, and the Group is seeing the clear benefits of its strategy as artists engage ever more deeply with our range of service offerings. These robust first-half results support our mission and, with a large and visible pipeline ahead of us, we expect to convert and integrate further opportunities that will contribute to shareholder value. I would like to thank everyone across the Group for their continued hard work and dedication – we are only ever as good as the people that work with us and the talent that we represent.

Adam Driscoll

Chief Executive Officer

11 September 2026

Financial review

Overview

The Group delivered revenue of £30.6 million in the six months to 30 June 2026, 39% ahead of the prior period (H1 2025: £22.1 million).Growth was recorded across the Group’s principal segments: Representation, Services and Events, reflecting both the contribution of recent acquisitions and continued organic momentum. The adjusted operating EBITDA halved to £0.45 million (H1 2025: loss of £0.92 million). Notably, each of the Group’s four segments was EBITDA positive in the period before the deduction of central costs. The Group EBITDA loss reflects central costs of £1.2 million (H1 2025: £0.8 million), which have risen to support the Group’s enlarged scale, to meet the additional compliance requirements of the AIM listing, and to fund investment in operations and technology to drive future growth. As in prior years, the Group’s earnings are weighted towards the second half, when festivals, touring and live experiences generate the majority of live-related revenue, and performance is expected to strengthen through H2 2026 accordingly. Overall trading remains in line with the Board’s expectations.

Performance comparisons are shown below:

Revenue	Six months ended 30 June 2026 £’000 Unaudited	Six months ended 30 June 2025 £’000 Unaudited	FY25 £’000 Audited
Representation	7,014	5,046	14,444
Services	21,646	15,443	45,375
Events	1,953	1,516	7,523
Rights	28	62	105
Total revenue	30,641	22,067	67,447
Adjusted operating EBITDA
Representation	366	14	1,773
Services	271	(66)	1,251
Events	93	(150)	96
Rights	43	36	54
Central costs	(1,223)	(758)	(1,900)
Total adjusted operating EBITDA	(450)	(924)	1,274
Depreciation, amortisation and impairment	(1,091)	(880)	(2,222)
Share-based payment charge	(41)	(11)	(22)
Exceptional items	(124)	(325)	(1,044)
Share of results of associates and JV’s	8	(11)	(2)
Net finance costs and tax	(353)	(195)	(1,174)
Loss for the period after tax	(2,051)	(2,346)	(3,190)

Revenue

The Group’s revenue increased year-on-year, from £22.1m in H1 2025 to £30.6m in H1 2026, an increase of 39% that builds on the substantial growth delivered in recent periods and was achieved across the principal three operating segments. This performance reflects the strength of our diversified business model, the contribution of recent acquisitions, and continued organic momentum across the Group. The growth is primarily due to the following factors:

	the first full six-month contribution from the businesses acquired during 2025, including Easy Life Group, Control Industry Inc and the Concorde 2 and Volks venues
	the initial contribution from Push and Cirkay, acquired in March 2026
	growth of 39% in Representation, reflecting roster additions and increased touring activity
	growth of 40% in Services, driven by merchandising, e-commerce and touring demand

Representation

The revenue of our Representation segment increased by 39% from £5.05 million in H1 2025 to £7.0 million in H1 2026, attributable mainly to the following:

	ATC Management: revenue increased by 85% to £2.5 million (H1 2025: £1.4 million), reflecting the timing of touring cycles among key client acts.
	ROAM: generated £1.7m revenue in H1 2026, compared to £1.3m in H1 2025, an increase of 29%, reflecting the successful expansion of the client roster and the onboarding of new agents and high-profile talent.
	Raw Power Management: revenue of £1.2 million in H1 2026 (H1 2025: £1.3 million), reflecting the phasing of touring cycles.Several of its largest acts toured in the prior period and are between cycles this year.A strong H2 is expected, supported by a robust pipeline of confirmed activity.

Services

Revenue in our Services segment increased significantly by 40% to £21.6 million (H1 2025: £15.4 million).The majority of the growth was delivered by Sandbag, which benefited from the contribution of Control Industry Inc, acquired in October 2025, alongside continued demand for its merchandising and e-commerce offering. The segment also includes the initial contribution from Push Group, acquired in March 2026. The segment’s role within the Group is also expanding; with Push and Cirkay’s technology now sitting alongside Sandbag’s merchandising and fulfilment infrastructure, Services is evolving from a collection of artist services into the Group’s direct-to-fan engine, capturing fan data at every transaction and converting it into commercial insight for artists across the platform.This was reflected in the segment’s return to profitability, with adjusted operating EBITDA of £0.3 million (H1 2025: loss of £0.1 million).

Events

Events revenue increased by 29% to £2.0 million in H1 2026 (H1 2025: £1.5 million), driven by a full six month contribution from Concorde 2 and Volks, the two Brighton music venues acquired early 2025, together with growing promoted-event activity within Joy Entertainment Group. Now fully embedded, the venues are delivering on the strategy behind their acquisition: giving the Group a physical presence in the live market, supporting intelligent, demand-led bookings, and capturing audience data across the live value chain. As in prior years, the division's revenue is heavily weighted towards H2, when festivals and major touring activity are concentrated.

In July 2026, post period end, Joy delivered its summer events programme in Brighton, headlined by the sold-out 50,000-capacity Nick Cave and the Bad Seeds show at Preston Park, the artist's only UK show of 2026, co-promoted by Joy, alongside its festival activities. The event extended across the city, with a record shop takeover, a curated film season and an unannounced rooftop performance drawing fans from across Europe, demonstrating the Group's ability to build citywide experiences around a single show.

Post period end, ATC Experience confirmed the London premiere of Hamlet Hail to the Thief, opening at the Barbican in October 2026 following its sold-out run at the Royal Shakespeare Theatre, with international rollout under development.

Central costs

Central costs increased to £1.2 million (H1 2025: £0.8 million). Central costs comprise the Group's board and senior leadership, together with the group functions that support the wider business: finance, legal, HR and technology, and the costs of operating as an AIM-quoted company. The increase reflects deliberate, upfront investment in the Group's leadership and infrastructure to support its next phase of growth, including the appointment of Simon Scott as Chief Technology and Product Officer following the acquisition of Push, and the first full six-month contribution of James Patterson, Group Chief Operating Officer, who joined during 2025. The period also carries the additional ongoing compliance and governance costs of an AIM listing, including nominated adviser and broker retainers, enhanced audit, reporting and regulatory requirements, investor relations and directors' and officers' insurance. These costs are largely fixed in nature, and the Board expects operating leverage to improve as revenue growth is delivered across a stable central cost base.

Adjusted performance measures

The Group uses adjusted measures as key performance indicators, in addition to those reported under IFRS, as they are more representative of the underlying performance of the business and enable comparability between periods. These adjusted measures exclude certain non-operational and exceptional items and have been consistently applied in all years presented.

Adjusted operating EBITDA

Adjusted operating EBITDA is a non-statutory performance measure that the Group monitors closely as part of its management reporting function. It is defined as the operating result before interest, tax, depreciation, amortisation and impairment and before the share of results of associates and joint ventures, adjusted for share-based payments and exceptional items.

The adjusted profit measures can be reconciled to the reported statutory numbers as follows:

	Six months ended 30 June 2026 £’000 Unaudited	Six months ended 30 June 2025 £’000 Unaudited	FY25 £’000 Audited
Operating loss	(1,706)	(2,140)	(2,014)
Depreciation and amortisation and impairment	1,091	880	2,222
Share-based payment charge	41	11	22
Exceptional items	124	325	1,044
Adjusted operating EBITDA	(450)	(924)	1,274

The adjusted operating EBITDA loss for H1 2026 more than halved to £0.45 million (H1 2025: loss of £0.92 million). The Board is particularly pleased with this improvement given it was delivered while investing ahead of growth, in senior leadership, technology and the infrastructure of an AIM quotation, with central costs rising accordingly, as set out above. Each of the Group's four operating segments was EBITDA-positive in the period, with the residual loss wholly attributable to central costs. The Group's business remains seasonal, with the majority of live, touring and festival activity, and therefore profitability, concentrated in the second half of the year. This pattern was clearly demonstrated in FY25, when a first-half loss of £0.9 million converted into positive adjusted operating EBITDA of £1.3 million for the full year, and performance is expected to strengthen through H2 2026 on the same basis.

Exceptional items reduced to £124k (H1 2025: £325k), comprising severance and legal costs incurred as a result of acquisitions.

Cash flow and net cash (debt)

At 30 June 2026, the Group held cash and cash equivalents of £20.3 million (30 June 2025: £11.6 million), of which £9.4 million (H1 2025: £4.1 million) represents the Group's own funds after excluding £10.9 million of funds held on behalf of clients. The Group reported net cash of £8.1 million after current debt (30 June 2025: £3.4 million) and a net debt position of £1.0 million after both current and non-current debt, a £3.2 million improvement on the same point last year (30 June 2025: net debt of £4.2 million). Detailed movements are set out in the cash flow statement.

Cash generated from operations was £1.9 million (H1 2025: £1.3 million), resulting in a net cash inflow from operating activities of £1.6 million (H1 2025: £1.1 million). These figures include the movement in funds held on behalf of clients, which contributed an inflow of £8.3 million (H1 2025: £4.5 million); excluding client funds, operations used £6.3 million of cash before interest and tax (H1 2025: £3.2 million). As noted at the year end, the Group's operating cash performance reflects the underlying growth of the business alongside continued volatility in working capital driven by the timing of touring, settlements and client activity. The first-half outflow on an own-funds basis principally represents the unwind of the favourable working capital position reported at 31 December 2025, when trade creditors included payments associated with major artists touring in the final quarter.

Own funds decreased by £9.5 million from the year-end position of £18.9 million. The largest element is the £6.3 million absorbed by operations before interest and tax, which reflects the unwind of the favourable working capital position at 31 December 2025 and includes £1.3 million of costs relating to the Company’s AIM admission (including VAT) paid in the first quarter, together with the operating loss for the seasonally quieter first half.Beyond this, the Group paid £0.2 million of interest and £0.1 million of tax, repaid £1.2 million of loan principal in February, invested £0.6 million in Hamlet Hail to the Thief, made lease payments of £0.5 million paid initial cash consideration for the acquisition of Push (£0.2 million net of cash acquired), and incurred £0.3 million of capital and intangible expenditure.Total borrowings reduced to £4.0 million at the period end (31 December 2025: £5.0 million), after £0.3 million of borrowings acquired with Push. Lease liabilities increased following new lease arrangements for offices and venues in New York, Scotland and Brighton, reflecting the continued growth of the Group's operational footprint.

The Group's liquidity position remains strong following the £8.6 million gross fundraise completed in December 2025 in connection with the move to AIM, providing flexibility to support further acquisitions and long-term growth initiatives. The Board expects the cash position to strengthen through H2 in line with the seasonal profile of the business.

	At 30 June 2026 £’000 Unaudited	At 30 June 2025 £’000 Unaudited	At 31 December 2025 £’000 Audited
Cash and cash equivalents	20,288	11,559	21,447
Funds held on behalf of clients	(10,859)	(7,449)	(2,596)
Own funds	9,429	4,110	18,851
Short-term debt:
Borrowings	(911)	(223)	(233)
Right of use lease liabilities	(452)	(442)	(595)
Net cash after current debt	8,066	3,445	18,023
Non-current borrowings:
Bank loans and borrowings	(3,124)	(4,911)	(4,728)
Lease liabilities	(3,966)	(2,720)	(2,869)
Net cash/(debt) after current and non-current debt	(976)	(4,186)	10,426

Earnings Per Share

	Six months ended 30 June 2026 £’000 Unaudited	Six months ended 30 June 2025 £’000 Unaudited	FY25 £’000 Audited
Loss attributable to owners of parent company	(1,736)	(1,776)	(3,157)
Basic and diluted number of shares in issue	23,813	16,542	16,610
Earnings per share	Pence	Pence	Pence
Basic and diluted loss per share	(7.29)	(10.74)	(19.01)
Basic and diluted loss per share (Continuing activities)	(7.29)	(10.74)	(19.01)

Basic earnings per share is calculated by dividing the loss after tax attributable to the equity holders of ATC Music Group plc by the weighted numbers of shares in issue during the year.

Where a loss has been recorded the effect of options is not dilutive and therefore the basic and diluted figure is the same.

Dividend policy

The Board remains committed to a capital allocation policy that prioritises investment in the business to drive long-term growth, both organic and through targeted acquisitions. The Board believes that the opportunities ahead of the Group are significant.As a result, the Board does not anticipate paying a dividend in the near term as it prioritises the Group’s strategy for growth but will keep this under review in the future.

Going Concern

The accounts have been prepared on a going concern basis. The Board has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, based on the projections for at least twelve months from the date of approval of the interim accounts.

Deborah Lovegrove

Chief Financial Officer

11 September 2026

Consolidated statement of profit and loss and other comprehensive income for the six months ended

30 June 2026

	Note	Six months ended 30 June 2026 £’000 Unaudited	Six months ended 30 June 2025 £’000 Unaudited	FY25 £’000 Audited
Revenue	4	30,641	22,067	67,447
Cost of sales		(21,557)	(14,769)	(48,163)
Gross profit		9,084	7,298	19,284
Other operating income		74	80	116
Administrative expenses		(9,608)	(8,302)	(18,126)
Share-based payments		(41)	(11)	(22)
Depreciation, amortisation and impairment	5	(1,091)	(880)	(2,222)
Exceptional items	6	(124)	(325)	(1,044)
Operating loss		(1,706)	(2,140)	(2,014)
Share of results of associates and joint venture Finance income Finance charges	11	8 92 (416)	(11) 40 (243)	(2) 91 (795)
Loss before tax		(2,022)	(2,354)	(2,720)
Taxation (charge)/credit		(29)	8	(470)
Loss for the period after tax		(2,051)	(2,346)	(3,190)
Other comprehensive income: Items that will not be reclassified to profit and loss Currency translation differences and others		80	(82)	(87)
Total other comprehensive income		80	(82)	(87)
Total comprehensive income for the year		(1,971)	(2,428)	(3,277)
Loss for the year attributable to: - Parent company		(1,736)	(1,776)	(3,157)
- Non-controlling interests		(315)	(570)	(33)
		(2,051)	(2,346)	(3,190)
Total comprehensive income for the year is attributable to:
- Parent company		(1,656)	(1,858)	(3,244)
- Non-controlling interests		(315)	(570)	(33)
		(1,971)	(2,428)	(3,277)

Profit/(loss) per share:	Note	Total Pence	Total Pence	Total Pence
Basic and diluted (pence)	7	(7.29)	(10.74)	(19.01)

All amounts relate to continuing activities.

Non-GAAP metric – adjusted operating EBITDA

		Six months ended 30 June 2026 £’000 Unaudited	Six months ended 30 June 2025 £’000 Unaudited	FY25 £’000 Audited
Operating loss		(1,706)	(2,140)	(2,014)
Depreciation, amortisation and impairment		1,091	880	2,222
Share-based payment charge		41	11	22
Exceptional items		124	325	1,044
Adjusted operating EBITDA*		(450)	(924)	1,274

*Adjusted operating EBITDA, which is defined as operating profit before interest, tax, depreciation, amortisation, impairment and before the share of results of associates and joint ventures, adjusted for share-based payments and exceptional items.It is a non-GAAP metric used by management and is not an IFRS disclosure.

Consolidated statement of financial position as at 30 June 2026

	Note	At 30 June 2026 £’000 Unaudited	At 30 June 2025 £’000 Unaudited	At 31 December 2025 £’000 Audited
Assets
Non-current assets
Intangible assets		10,107	9,555	9,328
Property, plant and equipment		4,853	3,682	3,915
Investments		714	177	127
Total non-current assets		15,674	13,414	13,370
Current assets
Inventories		1,485	897	1,085
Trade and other receivables		19,843	10,906	14,589
Cash and cash equivalents	9	20,288	11,559	21,447
Total current assets		41,616	23,362	37,121
Total assets		57,290	36,776	50,491
Liabilities
Current Liabilities
Trade and other payables	10	36,301	22,116	28,040
Income tax payable		956	705	950
Borrowings		911	223	233
Lease liabilities		452	442	595
		38,620	23,486	29,818
Non-current liabilities
Bank loans and borrowings		3,124	4,911	4,728
Deferred tax liability		879	989	996
Lease liabilities		3,966	2,720	2,869
Financial instrument – put and call option		1,085	846	1,085
Total non-current liabilities		9,054	9,466	9,678
Total liabilities		47,674	32,952	39,496
Net assets		9,616	3,824	10,995

Equity
Share capital		238	165	234
Share premium		18,894	10,261	18,331
Merger reserve		2,884	2,884	2,884
Share-based payment reserve		103	52	62
Currency translation reserve		(69)	(145)	(150)
Retained deficit		(13,588)	(10,445)	(11,858)
Equity attributable to the shareholders of the parent company		8,462	2,772	9,503
Non-controlling interests		1,154	1,052	1,492
Total equity		9,616	3,824	10,995

Consolidated statement of changes in equity for the six months ended 30 June 2026

	Share capital £’000	Share premium £’000	Share-based payment reserve £’000	Merger reserve £’000	Currency translation reserve £’000	Retained deficit £’000	Total £’000	Non-controlling interests £’000	Total equity/ (deficit) £’000
At 1 January 2026	234	18,331	62	2,884	(150)	(11,858)	9,503	1,492	10,995
Loss for the period	-	-	-	-	-	(1,736)	(1,736)	(315)	(2,051)
Other comprehensive income
Currency translation differences on overseas subsidiaries and others	-	-	-	-	80	-	80	-	80
Total comprehensive income for the year	-	-	-	-	80	(1,736)	(1,656)	(315)	(1,971)
Issue of shares	4	563	-	-	-	-	567	-	567
Share based payment charge	-	-	41	-	-	-	41	-	41
Other movements	-	-	-	-	1	6	7	(23)	(16)
At 30 June 2026	238	18,894	103	2,884	(69)	(13,588)	8,462	1,154	9,616
At 1 January 2025	165	10,261	41	2,884	(86)	(7,325)	5,940	1,154	7,094
Loss for the period	-	-	-	-	-	(1,776)	(1,776)	(570)	(2,346)
Other comprehensive income
Currency translation differences on overseas subsidiaries and others	-	-	-	-	(59)	-	(59)	(23)	(82)
Total comprehensive income for the year	-	-	-	-	(59)	(1,776)	(1,835)	(593)	(2,428)
Share based payment charge	-	-	11	-	-	-	11	-	11
Additions from business combinations	-	-	-	-	-	(1,299)	(1,299)	437	(862)
Other movements	-	-	-	-	-	(45)	(45)	54	9
At 30 June 2025	165	10,261	52	2,884	(145)	(10,445)	2,772	1,052	3,824
At 1 January 2025	165	10,261	41	2,884	(86)	(7,325)	5,940	1,154	7,094
Profit/(loss) for the period	-	-	-	-	-	(3,157)	(3,157)	(33)	(3,190)
Other comprehensive income
Currency translation differences on overseas subsidiaries and others	-	-	-	-	(87)	-	(87)	-	(87)
Total comprehensive income for the year	-	-	-	-	(87)	(3,157)	(3,244)	(33)	(3,277)
Issue of shares	69	8,531	-	-	-	-	8,600	-	8,600
Share issue costs	-	(461)	-	-	-	-	(461)	-	(461)
Share based payment charge	-	-	22	-	-	-	22	-	22
Dividends paid to non-controlling interests	-	-	-	-	-	-	-	4	4
Additions from business combinations	-	-	-	-	-	(1,299)	(1,299)	354	(945)
Other movements	-	-	(1)	-	23	(77)	(55)	13	(42)
At 31 December 2025	234	18,331	62	2,884	(150)	(11,858)	9,503	1,492	10,995

Consolidated cash flow statement for the six months ended 30 June 2026

	Note	Six months ended 30 June 2026 £’000 Unaudited	Six months ended 30 June 2025 £’000 Unaudited	FY25 £’000 Audited
Cash flows from operating activities Loss for the year		(2,051)	(2,346)	(3,190)
Adjustments for:
Tax charge/(credit)		29	(8)	470
Finance costs		416	243	556
Finance income		(93)	(40)	(91)
Fair value adjustment to put and call option		-	-	239
(Profit)/Loss of disposal of property, plant and equipment		-	6	-
Provision for inventory obsolescence		-	185	-
Depreciation of property, plant and equipment	5	575	375	747
Amortisation	5	516	442	1,003
Impairment	5	-	63	472
Share-based payment		41	11	22
Share of results of associates and joint ventures		(8)	11	2
Cash flows from operating activities before changes in working capital		(575)	(1,058)	230
Increase in trade and other receivables		(4,581)	(2,871)	(6,174)
Increase in inventories		(399)	(187)	(159)
Increase in trade and other payables – funds held on behalf of clients		8,263	4,525	684
Increase/(decrease) in trade and other payables – others		(782)	914	10,439
Cash generated from operations		1,926	1,323	5,020
Interest paid		(182)	(243)	(182)
Tax paid		(140)	(7)	(77)
Net cash flows from operating activities		1,604	1,073	4,761
Cash flows from investing activities
Purchase of property, plant and equipment		(164)	(427)	(466)
Proceeds from disposal of property, plant and equipment		-	275	-
Purchase of subsidiaries (net of cash acquired)	8	(171)	(1,750)	(1,750)
Purchase of intangible assets		(88)	(550)	(1,128)
Net amount invested in associates and joint ventures		(578)	(48)	-
Interest received		92	40	91
Net cash used by investing activities		(909)	(2,460)	(3,253)
Cash flows from financing activities
Issue of equity shares – net of costs		-	-	8,139
Proceeds from issue of shares to non-controlling interests		-	248	-
Net proceeds/(repayments) of loans and borrowings		(1,208)	3,465	3,291
Dividends received/(paid) to non-controlling interests		(23)	4	-
Repayment of lease liability (including interest)		(531)	(326)	(873)
Net cash flows from financing activities		(1,762)	3,391	10,557
Net increase/(decrease) in cash and cash equivalents		(1,067)	2,004	12,065
Effect of foreign exchange rates		(92)	(107)	(280)
Cash and cash equivalents at the start of the period		21,447	9,662	9,662
Cash and cash equivalents at the end of the period		20,288	11,559	21,447

Note - Cash and cash equivalents at the 30 June 2026 include restricted cash balances of £10,859,000 (at 30June 2025: £7,449,000) held in separately designated client accounts. These funds are held on behalf of clients and are not available for general use by the Group. These balances are included within cash and cash equivalents for the purposes of the consolidated cash flow statement, in accordance with IAS 7Statement of Cash Flows.

Notes to the Consolidated Financial Statements

1.General information

ATC Music Group plc was incorporated in England and Wales on 20 May 2021 as a company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales (company registration number 13411674), having its registered office at The Hat Factory, 168 Camden Street, London NW1 9PT.ATC is quoted on the AIM market of the London Stock Exchange (symbol ATC).

2.Basis of preparation

The results for the six months ended 30 June 2026 and 30 June 2025 are unaudited. This interim report, which has neither been audited nor reviewed by independent auditors, was approved by the Board of Directors on 11 September 2026.

The consolidated Group financial statements represent the consolidated results of ATC Music Group plc and its subsidiaries. The consolidated interim financial information has been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRSs), as adopted by the United Kingdom.

The accounting policies applied by the Group are the same as those applied by the Group in its financial statements for the year ended 31 December 2025. The independent auditors' report was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

3.Accounting policies

The accounting policies used in the preparation of the interim consolidated financial information for the six months ended 30 June 2026 are in accordance with the recognition and measurement criteria of IFRS and are consistent with those which were adopted in the annual financial statements for the year ended 31 December 2025.

The consolidated statement of cash flows is prepared in accordance with IAS 7Statement of Cash Flows, using the indirect method.

Cash flows are classified into operating, investing, and financing activities. Financing cash flows primarily represent movements in borrowings and associated financing costs. Proceeds from new borrowings are presented as cash inflows under financing activities, while repayments of borrowings are presented as cash outflows. Interest paid on borrowings is presented as operating activitiesand applied consistently with prior periods.

4.Segment reporting

Segmental analysis – Unaudited six months ended 30 June 2026

	Representation £’000	Services £’000	Events £’000	Rights £’000	Central costs £’000	Total £’000
Revenue	7,014	21,646	1,953	28	-	30,641
Cost of Sales	(2,194)	(17,974)	(1,389)	-	-	(21,557)
Gross Profit	4,820	3,672	564	28	-	9,084
Other operating income/(costs)	3	(134)	10	17	178	74
Administrative expenses	(4,457)	(3,267)	(481)	(2)	(1,401)	(9,608)
Adjusted operating EBITDA	366	271	93	43	(1,223)	(450)
Depreciation, amortisation and impairment Share-based payments Exceptional items	(249) - (9)	(554) - (44)	(142) - -	- - -	(146) (41) (71)	(1,091) (41) (124)
Operating profit/(loss)	108	(327)	(49)	43	(1,481)	(1,706)
Share of results of associates and joint ventures	-	5	3	-	-	8
Finance income	39	-	-	-	53	92
Finance charges	(141)	(9)	(266)	-	-	(416)
Profit/(loss) before taxation	6	(331)	(312)	43	(1,428)	(2,022)
Taxation	(2)	(63)	-	-	36	(29)
Profit/(loss) for the period	4	(394)	(312)	43	(1,392)	(2,051)

Segmental analysis – Unaudited six months ended 30 June 2025

	Representation £’000	Services £’000	Events £’000	Rights £’000	Central costs £’000	Total £’000
Revenue	5,046	15,443	1,516	62	-	22,067
Cost of Sales	(1,236)	(12,395)	(1,124)	(14)	-	(14,769)
Gross Profit	3,810	3,048	392	48	-	7,298
Other operating income	90	(164)	14	(9)	149	80
Administrative expenses	(3,886)	(2,950)	(556)	(3)	(907)	(8,302)
Adjusted operating EBITDA	14	(66)	(150)	36	(758)	(924)
Depreciation, amortisation and impairment Share-based payments Exceptional items	(289) - (25)	(499) - (57)	(28) - (143)	- - -	(64) (11) (100)	(880) (11) (325)
Operating profit/(loss)	(300)	(622)	(321)	36	(933)	(2,140)
Share of results of associates and joint ventures	2	-	(13)	-	-	(11)
Finance income	11	17	12	-	-	40
Finance charges	(112)	(18)	(113)	-	-	(243)
Profit/(loss) before taxation	(399)	(623)	(435)	36	(933)	(2,354)
Taxation	(4)	(12)	24	-	-	8
Profit/(loss) for the period	(403)	(635)	(411)	36	(933)	(2,346)

Segmental analysis – Audited year ended 31 December 2025

	Representation £’000	Services £’000	Events £’000	Rights £’000	Central costs £’000	Total £’000
Revenue	14,444	45,375	7,523	105	-	67,447
Cost of Sales	(4,101)	(37,763)	(6,278)	(21)	-	(48,163)
Gross Profit	10,343	7,612	1,245	84	-	19,284
Other operating income	103	(320)	51	(18)	300	116
Administrative expenses	(8,673)	(6,041)	(1,200)	(12)	(2,200)	(18,126)
Adjusted operating EBITDA	1,773	1,251	96	54	(1,900)	1,274
Depreciation, amortisation and impairment Share-based payments Exceptional items	(943) - (27)	(944) - (107)	(200) - (170)	- - -	(135) (22) (740)	(2,222) (22) (1,044)
Operating profit/(loss)	803	200	(274)	54	(2,797)	(2,014)
Share of results of associates and joint ventures	18	(23)	3	-	-	(2)
Finance income	28	28	32	-	3	91
Finance charges	(233)	(33)	(290)	-	(239)	(795)
Profit/(loss) before taxation	616	172	(529)	54	(3,033)	(2,720)
Taxation	(378)	(179)	(19)	-	106	(470)
Profit/(loss) for the year	238	(7)	(548)	54	(2,927)	(3,190)

5. Operating loss

This is stated after the following:

	Six months ended 30 June 2026 £’000 Unaudited	Six months ended 30 June 2025 £’000 Unaudited	FY25 £’000 Audited
Depreciation, amortisation and impairment
Depreciation – owned assets	106	99	143
Depreciation – right of use assets	469	276	604
Depreciation – total	575	375	747
Amortisation - customer relationships	430	417	834
Amortisation – other intangibles Impairment of goodwill	86 -	25 63	169 472
Total	1,091	880	2,222

6.Exceptional items

This is stated after the following:

	Six months ended 30 June 2026 £’000 Unaudited	Six months ended 30 June 2025 £’000 Unaudited	FY25 £’000 Audited
Termination costs	50	47	82
Business combination costs	74	278	322
Transaction and IPO-related costs	-	-	640
Total Exceptional costs	124	325	1,044

During the six months ended 30 June 2026, the Group incurred costs of £124,000 (H1 2025: £325,000) classified as exceptional items. These comprise:

	Severance costsassociated with a targeted restructuring programme aimed at streamlining operations and improving long-term efficiency. These costs primarily relate to one-off termination payments and related expenses for roles made redundant as part of this strategic initiative.
	Business combination costsrepresenting legal, professional, and advisory fees incurred in connection with the Group’s acquisition activities. These include due diligence, legal structuring, and transaction advisory services related to completed acquisitions and those in progress.

In line with the Group’s accounting policy, these costs have been classified as exceptional items on the basis that they are non-recurring and not considered part of the Group’s underlying operating performance

7.Earnings per share

	Six months ended 30 June 2026 £’000 Unaudited	Six months ended 30 June 2025 £’000 Unaudited	FY25 £’000 Audited
Loss attributable to owners of parent company	(1,736)	(1,776)	(3,157)
Basic and diluted number of shares in issue	23,813	16,542	16,610
Earnings per share	Pence	Pence	Pence
Basic and diluted loss per share	(7.29)	(10.74)	(19.01)
Basic and diluted loss per share (Continuing activities)	(7.29)	(10.74)	(19.01)

Basic earnings per share is calculated by dividing the loss after tax attributable to the equity holders of ATC Music Group plc by the weighted numbers of shares in issue during the year.

The weighted average number of shares in issue for the basic earnings per share calculations is 23,812,742 (H1 2025: 16,541,467).

The calculation of basic earnings per share is based on the loss for the period of £1,736,000 (H1 2025: loss of £1,776,000). Based on the weighted average number of shares in issue during the year of 23,812,742 (H1 2025: 16,541,467) the basic loss per share is 7.29p (H1 2025: loss of 10.74p).

Where a loss has been recorded the effect of options is not dilutive and therefore the basic and diluted figure is the same.

8. Business Combinations

On 10 March 2026, the Group, through its subsidiary All Things Considered Services Limited, acquired the Push Group, comprising Push Media Ventures Limited ("Push"), Push Entertainment Limited and Cirkay Limited ("Cirkay"). The acquisition comprised 100% of the issued share capital of Push, the holding company of Push Entertainment Limited, a UK-based technology services business providing digital marketing, data analytics, fan engagement and e-commerce solutions to the music industry. Cirkay is a technology platform business whose Fan Pass product creates lasting connections between artists and fans. Push held 42% of Cirkay prior to the acquisition, with the remaining shares acquired directly from third-party investors and employees, giving the Group 100% ownership of Cirkay on completion.

Total consideration was £1,047,906, structured as approximately 30% cash and 70% shares. Upfront consideration of £828,140 comprised cash of £260,791 and 391,275 new ordinary shares issued at 145 pence per share (£567,349). Deferred consideration of up to £219,767, settleable in cash and shares, is contingent on the satisfaction of performance hurdles by 30 September 2026 and 31 December 2026 and has been recognised as consideration at its acquisition-date fair value. In accordance with IFRS 3 Business Combinations, the Group has performed a provisional purchase price allocation. The acquired entities had combined net identifiable liabilities of £223,036 at completion. Identifiable intangible assets of £800,145 were recognised, comprising developed technology of £522,819 (the Fan Pass platform, valued on a cost-to-build basis, amortised over five years) and customer relationships of £277,326 (valued using a multi-period excess earnings method, amortised over seven years). Resulting goodwill of £470,797 reflects the acquired workforce, data capabilities and the synergies expected from embedding the acquired platforms across the Group. The purchase price allocation remains provisional within the IFRS 3 measurement period.

The acquisition strengthens the Group's technology and data capabilities, supporting its strategy of building a data-led, fully integrated artist services business.

Details of the fair value of identifiable assets and liabilities acquired, and purchase consideration and combined goodwill at the date control passed are as follows:

	Push Group Total £’000
Property, plant and equipment	32
Intangible assets	2
Trade and other receivables	674
Cash and cash equivalents	90
Trade and other payables	(739)
Borrowings	(282)
Fair value adjustments:
Intangible assets	800
Net identifiable assets acquired at fair value	577
Consideration
% acquired during period	100%
Cash consideration on completion for % acquired	261
Deferred cash consideration	55
Ordinary shares issued at completion	567
Deferred share consideration	165
Total consideration	1,048
Goodwill
Total consideration	1,048
Fair value of net assets acquired	(577)
Goodwill acquired	471
Net cash acquired
Cash consideration on completion	261
Cash and cash equivalents acquired	90
Net cash acquired/(paid) on completion	(171)

9.Cash and cash equivalents

	At 30 June 2026 £’000 Unaudited	At 30 June 2025 £’000 Unaudited	At 31 December 2025 £’000 Audited
Own funds	9,429	4,110	18,851
Funds held on behalf of clients	10,859	7,449	2,596
Total cash and cash equivalents	20,288	11,559	21,447

Funds held on behalf of clients represent cash and cash equivalents held in separately designated accounts on behalf of promoters and artists.

10.Trade and other payables

	At 30 June 2026 £’000 Unaudited	At 30 June 2025 £’000 Unaudited	At 31 December 2025 £’000 Audited
Trade payables	2,240	2,068	3,537
Accruals and deferred income	17,220	9,445	18,392
Tax and social security	5,388	2,686	2,820
Amounts owed to clients for funds held on their behalf	10,859	7,449	2,596
Deferred consideration	220	-	178
Other payables	374	468	517
Total trade and other payables	36,301	22,116	28,040

11.Share of results of associates and joint ventures

		Six months ended 30 June 2026 £’000 Unaudited		Six months ended 30 June 2025 £’000 Unaudited		At 31 December FY25 £’000 Audited
Associates: Company X LLC	5		-		(10)
Driift Holdings Limited	-		(14)		(13)
Brighton Psych Fest	3		-		3
Total associates	8		(14)		(20)
Joint Ventures:
ATC 9 LLP		-		3		18
Total joint ventures		-		3		18
Total associates and joint ventures	8		(11)		(2)

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