Cerillion (CER) Interim Results Presentation - June 2026

So highlights for the half.

One of the key points we're making is that we're very pleased with the doubling of new orders from around 20 million the previous first half to around 40 million for this half year.

And that's a significant jump.

It's a new record.

That was largely facilitated by closing the large deal with Amantel that we announced in January.

That's a significant deal for us, not just in terms of setting a new bar, in terms of scale.

So it's almost double our last largest ever contract win.

But it's also a beacon for other telcos in the Middle East who traditionally buy from very large brands and So for a large Middle East telco to buy from Cerulean is really helpful.

And that should give us more traction in that region.

Also, you've got to bear in mind that Omar and Teller are the biggest shareholder in Zane Group, which is another regional telco, which has, I think, eight properties across the region, eight other telcos across the region, serving 50 million customers.

So that's a lot of potential customers.

for us to go after as well.

So very important, not just in terms of global scale and credibility we have from a much larger telco, but also regional residents.

So all of that's pushed the back order up 64% to a record 82 million.

Obviously, that gives a lot of confidence looking into H2.

And I think the other thing that we're quite pleased about is that the new customer pipeline, even after taking out the significant value of Omantel, actually increased a bit from 261 million to 271 million.

So that gives us confidence that we can replace the pipeline quickly because there is strong demand in the market.

Of course, there is a disparity between H1 and H2, which we flagged in the trading update.

So revenue is actually down compared to the prior period, and that plays through into margins, obviously.

And it has a sort of disproportionate effect on margins because the shortfall in revenue in the first half, the largest part of that is licensed revenue, where a bit like last year, we expect most of this year's licensed revenue to be recognized in the second half rather than the first half.

And licensed revenue is much more profitable than services or other revenue.

You know, we feel... confident that we have the backlog to deliver the H2 numbers.

And if we thought we weren't going to achieve that, we would have said something.

So I think you can assume that we fully expect to achieve those numbers.