EX-99.2
Published on May 14, 2025
Investor presentation Q3 FY2025
Disclaimer This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation, other than statements of historical facts, are forward-looking statements. The words “believe,” “estimate,” “expect,” “may,” “will” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the statements regarding our business strategy and our plans and objectives for future operations, our estimated addressable market, our assumptions regarding industry trends, potential technological disruptions, and client demand for our services. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: our ability to achieve its revenue growth goals including as a result of a slower conversion of its pipeline; our expectations of future operating results or financial performance; our ability to accurately forecast and achieve its announced guidance; our ability to retain existing clients and attract new clients, including its ability to increase revenue from existing clients and diversify its revenue concentration; our ability to attract and retain highly-skilled IT professionals at cost-effective rates; our ability to successfully identify acquisition targets, consummate acquisitions and successfully integrate acquired businesses and personnel; our ability to penetrate new industry verticals and geographies and grow its revenue in current industry verticals and geographies; our ability to maintain favorable pricing and utilization rates to support its gross margin; the effects of increased competition as well as innovations by new and existing competitors in its market; the size of our addressable market and market trends; our ability to adapt to technological change and industry trends and innovate solutions for its clients; our plans for growth and future operations, including its ability to manage its growth; our ability to effectively manage its international operations, including our exposure to foreign currency exchange rate fluctuations; our future financial performance, including trends in revenue, cost of sales, gross profit, selling, general and administrative expenses, finance income and expense and taxes; the impact of unstable market and economic conditions, including as a result of actual or anticipated changes in interest rates, economic inflation and the responses by central banking authorities to control such inflation, and the imposition of tariffs in the United States and abroad; and the impact of political instability, natural disaster, events of terrorism and wars, including the military conflict between Ukraine and Russia and related sanctions, as well as other risks and uncertainties discussed in the “Risk Factors” section of our Annual Report on Form 20-F for the year ended June 30, 2024 filed with the SEC on September 19, 2024 and in other filings that we make from time to time with the SEC. Except as required by law, we assume no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this presentation. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. This presentation includes non-IFRS financial measures which have certain limitations and should not be considered in isolation, or as alternatives to or substitutes for, financial measures determined in accordance with IFRS. The non-IFRS measures as defined by us may not be comparable to similar non- IFRS measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by these or other unusual or non-recurring items. See the IFRS to Non-IFRS Reconciliation section for a reconciliation of these non- IFRS financial measures to the most directly comparable IFRS financial measures. 3
Technology is our how. And people are our why. A new wave of AI-driven digital transformation is underway, and businesses must embrace a more digital core that enables the real-time usage of data to support the rapid and efficient delivery of new initiatives. At Endava, we’ve partnered with our customers over the last two decades to drive their digital agenda and we have upgraded our capabilities to align with their emerging needs. We combine our engineering heritage, digital transformation expertise and deep industry knowledge with new core modernization capabilities to support our customers on their transformation journey. These enhanced capabilities provide the transparency and predictability needed to confidently shape the future and harness the leading technologies of tomorrow.
5 Opportunity & Approach01
We enable change. We are a leading provider of next-generation technology services, dedicated to helping our customers drive real impact and meaningful change. For over two decades, we have been honing our digital transformation approach that now serves as our cornerstone for navigating the new AI-driven era. Our focus is on enhancing our customers’ systems and utilising innovative technologies to create modern value propositions that fuel their competitive edge in the market. This is achieved through our multi-disciplinary teams, who bring together decades of expertise, creativity and delivery at scale to support our clients in reaching their goals. We empower people to engage with innovative technologies and achieve transformational results. 6
Next-gen Tech Core Modernisation Strategy Customer-centric Engineering Agile Automation Data Integration & AI Traditional IT Services Business & Tech Consultants Digital Agencies We are a pure play next-gen technology company 7
© Copyright 2024 Endava • Confidential and Proprietary • Version 1.0 Accelerators Dava.X Capabilities Managed Services DevSecOps Testing Cyber Security Software Engineering Design Data by building on... We solve complex problems Define vision & strategy Increase speed to market Drive efficiency Grow revenue AI enablementReduce cost Core modernisation Strategy Embedded Google Cloud Platform Sustainability Cloud AICyber security Physical Computing Quantum Chronos Ray Dash MorpheusInfra Maps
We serve a large addressable market. $4.0T 16.2% Five-year CAGR for digital transformation investments IDC Worldwide Digital Transformation Spending Guide, May 2024 update. 2027 9
3.1% Employee increase Q3FY24 to Q3FY25 11,365 Global employees as of Mar 31, 2025 37% Women in total staff as of Mar 31, 2025 Our people are at the heart of who we are and drive our success as a business. We enable Endavans to be the best they can be so that we can deliver the highest caliber of results for our customers. Western Europe & EU 43% Europe Non-EU 19% North America 7% Latin America 11% APAC & Middle East 20% Endavans 10 Endavans by geography FY21 FY22 FY23 FY24 Q3FY24 Q3FY25 Western Europe 493 602 659 562 581 499 Central Europe - EU Countries 4,469 6,093 5,693 4,904 5,152 4,389 4,962 6,695 6,352 5,466 5,733 4,888 Central Europe - Non-EU Countries 2,361 2,842 2,689 2,346 2,454 2,155 Latin America 1,244 1,927 1,661 1,357 1,432 1,283 North America 311 348 324 807 381 787 APAC 5 38 1,032 2,101 1016 2,244 Middle East 3 5 8 9 8 8,883 11,853 12,063 12,085 11,025 11,365 Q3 FY25 Endavans by Region
69 cities, 29 countries European Union Austria, Bulgaria, Croatia, Denmark, Germany, Ireland, Netherlands, Poland, Romania, Slovenia and Sweden Europe - Non-EU Bosnia & Herzegovina, Moldova, North Macedonia, Serbia, Switzerland and the United Kingdom North America Canada and the United States Latin America Argentina, Colombia, Mexico and Uruguay Asia Pacific Australia, India, Malaysia, Singapore and Vietnam Middle East United Arab Emirates Endava around the world 11
Founded in 2000 Expand to CE Concise UK, IT Consultancy Expand to USA Expand to LATAM IPO NYSE July 2018 Compudava Moldova, Nearshore Location Alpheus Germany, Consulting Business Nickelfish USA, Digital, UX & Strategy firm Velocity Partners USA & LATAM, NA Sales & LATAM Delivery PS Tech Serbia, Agile Delivery ISDC Netherlands & CE, Agile Delivery Intuitus UK, IT Consultancy Private Equity Exozet Germany, Digital Agency Comtrade Digital Services Adriatic Region, Software Engin. Services FIVE USA, Croatia, Digital Agency Levvel USA, Tech Strategy Consulting & Engineering Lexicon Australia, Tech Consulting, Design & Engineering Mudbath Australia, Tech Strategy, Design & Engineering Australia, Sweden, Vietnam, Software Solutions DEK TLM USA, Gaming Services 2025 11,365 Founded in 2000 60 240 1,000 2,000Headcount Q3 FY25 5,000 2025 GalaxE USA, India IT and Business Solutions 12 History of Endava
Current Influential Tends 2030 2040+20352026 Open Banking Usage Specific Insurance AI for Everything Advanced Semiconductors/Chiplets Immersive, Integrated In-Vehicle Infotainment AI-Embedded Chips AI-Integrated Applications Real-time Payments Biometric Authentication Synthetic Media Neuromorphic Computing Advanced Robotics Zero Emissions Generative AI Weight Loss Pharmaceuticals Agentic AI Frictionless Commerce Embedded Finance Edge Computing Digital Twins Next-Gen Clean Energy Tech 6G Process Mining Platforms AI & Gen AI-Powered Cyber Security CBDC Level 5 Autonomous Vehicles Practical Quantum Computing 13 AI powering the future of cross-industry trends Spatial Computing Hybrid Computing
14 Our People / We enable our people to be the best they can be by creating learning and development opportunities, fostering an inclusive work environment and making sure everyone is connected to our culture. Social Impact / We aim to make a positive difference in the communities where we live and work through strong strategic partnerships with NGOs. By concentrating on education, health, environment and humanitarian aid we focus on areas where we can have the greatest impact. Operating Responsibly / Our commitment to act ethically and with the highest levels of integrity enables us to retain the trust and confidence of our people, customers and investors to build a strong and sustainable business for the future. Innovation & Data Integrity / We develop smart solutions that are helping transform lives through technology. In doing so, we strive to safeguard customer privacy and security by aligning with industry best practices. Environmental Impact / We care about our impact on the world and follow sound environmental practices to reduce our environmental footprint. articulates our ESG approach and key priorities
15 Financials02
188.4 195.1 183.6 195.6 174.4 194.8 351.0 446.3 654.8 794.7 740.8 546.4 585.5 FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 FY20-FY24 CAGR 20.5% Over the last five fiscal years, 89.7% of our revenue each fiscal year, on average, came from customers who purchased services from us during the prior fiscal year. +11.7% Q3 YOY Revenue (£m) Q1 Q3 Revenue June 30 Mar 31 16 Q2
17.3 4.2 10.6 2.5 13.6 (0.5) 23.4 54.4 102.4 114.2 27.0 27.4 20.3 FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 Profit before tax (£m) Q2 Q3 Profitability June 30 Mar 31 Margin 29.8 19.2 22.7 21.8 15.5 24.6 66.7 92.1 138.3 164.2 83.0 68.0 65.7 FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 Adjusted profit before tax (£m)* Q1 Q3 June 30 Mar 31 Margin * See page 23 for reconciliation of IFRS to Non-IFRS metrics 17 Q2 Q1
38% 35% 34% 33% 32% 34% 36% 34% 39% FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 Q3 FY24 Q3 FY25 65 85 134 146 146 142 136 416 615 732 711 695 695 656 FY20 FY21 FY22 FY23 FY24 Q3FY24 Q3FY25 Total no. of clients and with revenue > £1m* June 30 Mar 31June 30 Mar 31 Top 10 clients (% of total revenue) Number & spend of clients 18 *Calculated on a 12 month rolling basis.
13,380 15,590 22,150 26,030 24,050 18,660 21,200 5,870 7,540 FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 Q3 FY24 Q3 FY25 19 Top 10 clients - average spend (£000s) 647 697 841 905 794 661 710 263 277 FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 Q3 FY24 Q3 FY25 June 30 Mar 31June 30 Mar 31 Remaining clients - average spend (£000s) Number & spend of clients
44% 42% 41% 39% 33% 35% 35% 24% 24% 21% 23% 26% 28% 22% 29% 31% 35% 32% 33% 30% 37% 3% 3% 3% 6% 8% 7% 6% RoW N. America Europe UK * Other includes consumer products, natural resources, services, and retail verticals **Healthcare vertical broken out of what was historically reported as Other Payments 19% Banking & Capital Markets 21% Insurance 9% Technology, Media & Telecom 18% Mobility 8% Healthcare** 12% Other* 13% Geography & Industry verticals Q3 FY25 Revenue by Vertical FY20 June 30 Q3 FY24 Q3 FY25FY21 FY22 FY23 FY24 Mar 31 Revenue by Region 20
0.8 1.1 1.4 0.4 1.4 1.1 7.3 5.2 13.7 13.5 5.2 3.7 2.7 FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 Capital expenditures (£m) Q2 Q3 CAPEX & Adjusted FCF June 30 Mar 31 % of Revenue 16.0 3.5 33.6 31.6 2.2 17.5 31.5 82.7 107.2 111.5 58.4 51.8 52.7 FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 Adjusted free cash flow (£m)* Q1 Q3 June 30 Mar 31 * See page 23 for reconciliation of IFRS to Non-IFRS metrics % of Revenue 21 Q1 Q2
22 Appendix03
IFRS to Non-IFRS reconciliation 23 2020 2021 2022 2023 2024 2024 2025 2024 2025 Reconciliation of Revenue Growth/(Decline) at Constant Currency to Revenue Growth/(Decline) as Reported under IFRS Revenue Growth / (Decline) as Reported under IFRS 21.9 % 27.2 % 46.7 % 21.4 % (6.8)% (9.7)% 7.2 % (14.3)% 11.7 % Impact of foreign exchange rate fluctuations (0.9)% 2.4 % 0.9 % (4.8)% 2.3 % 2.7 % 1.6 % 2.5 % 0.7 % Revenue Growth / (Decline) at Constant Currency Including Worldpay Captive 21.0 % 29.6 % 47.6 % 16.6 % (4.5)% (7.0)% 8.8 % (11.8)% 12.4 % Impact of Worldpay Captive 3.2 % 0.8 % — — — — — — — Proforma Revenue Growth / (Decline) Rate at Constant Currency Excluding Worldpay 24.2 % 30.4 % 47.6 % 16.6 % (4.5)% (7.0)% 8.8 % (11.8)% 12.4 % Revenue 350,950 446,298 654,757 794,733 740,756 546,338 585,479 174,365 194,838 Reconciliation of Adjusted Profit Before Tax and Adjusted Profit for the Period £ in 000s Profit / (Loss) before Tax 23,364 54,368 102,379 114,163 20,314 27,389 20,314 (529) 13,597 Adjustments: Share based compensation expense 15,663 24,427 35,005 31,058 34,678 29,740 28,186 6,184 6,221 Discretionary EBT bonus 27,874 — — — — — — — — Amortization of acquired intangible assets 4,075 6,725 10,823 12,270 14,980 9,930 16,236 2,845 4,054 Foreign currency exchange (gains) / losses, net (2,054) 6,546 (9,944) 10,729 2,233 2,864 1,446 179 4,866 Restructuring costs — — — 6,588 11,645 7,259 5,494 7,259 — Exceptional property charges — — — — 1,925 — — — — Fair value movement of contingent consideration — — — (10,613) (5,963) (9,148) (5,963) (442) (4,092) Net gain on disposal of subsidiary (2,215) — — — — — — — — Total Adjustments 43,343 37,698 35,884 50,032 45,399 40,645 45,399 16,025 11,049 Adjusted Profit Before Tax 66,707 92,066 138,263 164,195 82,955 68,034 65,713 15,496 24,646 Adjusted Profit Before Tax as a percentage of Revenue 19.0 % 20.6 % 21.1 % 20.7 % 11.2 % 12.5 % 11.2 % 8.9 % 12.6 % Profit / (Loss) for the Period 19,991 43,450 83,093 94,163 20,044 18,976 20,044 (1,737) 10,946 Adjustments: Adjustments to profit before tax 43,343 37,698 35,884 50,032 45,399 40,645 45,399 16,025 11,049 Release of Romanian withholding tax — (3,800) — — Tax impact of adjustments (8,787) (7,241) (6,933) (11,829) (7,109) (6,503) (8,539) (1,587) (1,857) Adjusted Profit for the Period 54,547 73,907 112,044 132,366 58,334 53,118 53,104 12,701 20,138 Reconciliation of Net Cash from Operating Activities to Adjusted Free Cash Flow Net Cash from Operating Activities 37,877 87,668 120,719 124,518 55,081 54,631 55,081 3,008 18,659 Adjustments: Grant received 888 228 139 494 707 822 274 592 — Net purchase of non-current assets (tangibles and intangibles) (7,319) (5,236) (13,695) (13,487) (5,140) (3,660) (2,677) (1,433) (1,142) Settlement of COC bonuses on acquisition — — — — 8,442 — — — — Adjusted Free Cash Flow 31,446 82,660 107,163 111,525 59,090 51,793 52,678 2,167 17,517 Adjusted Free Cash Flow as a percentage of Revenue 9.0 % 18.5 % 16.4 % 14.0 % 8.0 % 9.5 % 9.0 % 1.2 % 9.0 % TWELVE MONTHS ENDED JUNE 30 NINE MONTHS ENDED MARCH 31 THREE MONTHS ENDED MARCH 31
