Financial Highlights • Revenue up 21.7% to £19.6m (H1 FY24: £16.1m), driven by increased client spend and the successful integration of the Seez AI solution. • Recurring revenue increased to £16.8m in H1 HY25 (representing 85.7% of total revenue). • Gross profit up 17.2% to £17.0m (H1 FY24: £14.5m), with a gross profit margin of 86.7%. • Underlying EBITDA up 14.5% to £7.9m (H1 FY24: £6.9m), with an underlying EBITDA margin of 40.3%. • Modest dilution of gross profit margins and EBITDA margins following the acquisition of Seez, in line with expectations. • H1 FY25 underlying profit before tax of £4.4m up 10.0% (H1 FY24: £4.0m). • Cash of £30.3m up from £13.0m at 31 July 2024, reflecting the oversubscribed equity placing, strong cash conversion and final settlement of tax balances arising from the sale of the motor group. Operational Highlights • Net user churn (excluding Lithia) remained minimal at 0.3% in H1 FY25. • Successful phased launch of new user experience (UX) in H1 2025; early customer feedback strong. • Acquisition of outstanding 90.9% ownership in market-leading automotive AI company, Seez, for US$42m which was announced in February 2025 and funded by an oversubscribed equity fundraise. o The acquisition further strengthens Pinewood.AI’s expertise and product suite, particularly in the delivery of AI-powered chatbots. • On 29 April 2025, the Company announced a five-year contract with Volkswagen Group Japan to implement the Pinewood.AI platform into all c.350 Volkswagen and Audi dealers in Japan. • Officially entered North America in May 2025, as we extended our network of Porsche dealers with a successful installation in Canada. This was enabled by the development of new, internationally deployable, manufacturer interfaces. • Wider North American roll-out preparation progressing well: o Engagement with majority of OEMs represented by Lithia as well as third party layered app providers, with integration work underway o Pinewood.AI product team continuing to enhance system for North American customer specific needs o On track for pilot in two Lithia US stores in Q4 FY25, with the wider roll-out to Lithia US stores starting in mid-FY26 o New North American headquarters opened in Florida during June 2025, with recruitment of North America team underway • On 6 June 2025, Pinewood.AI announced it had entered into an agreement to buy out Lithia of its 51 per cent stake in Pinewood North America LLC for $76.5m, subject to shareholder approval, which was received on 30 June 2025. • Pinewood.AI also announced that it has entered into a five-year contract with Lithia to roll out the Pinewood.AI platform in North America. By the end of 2028, this contract is expected to generate an estimated $60m of revenue per year. Post-Period End Updates • On 7 July 2025, Pinewood.AI announced it had agreed to acquire key customer contracts from its South African reseller for £2.5m. The acquisition completed on 1 August 2025 and is expected to add approximately £0.5m to £0.7m of incremental annual EBITDA. • The implementation of the Pinewood.AI platform across Lookers’ dealerships commenced on 21 July 2025 and is progressing well. • On 31 July 2025, Pinewood.AI announced that the agreement to buy out Lithia of its 51 per cent stake in Pinewood North America LLC had completed. • Agreement with Porsche Japan in September 2025 to commence implementation of the Pinewood system in all Porsche Centres in the country. Outlook • Pinewood.AI has made significant progress against the strategic priorities that were outlined at its 2024 Capital Markets Day and the size of the available opportunity remains vast. • The Group’s priority in the UK in H2 FY25 remains to continue the system implementations with Lookers and to begin the Marshall Motor Group (“Marshall”) implementation in Q1 2026. Pinewood.AI continues to look to add more Top 100 dealer groups to our customer base in the future. In agreement with Marshall, so that we can align the timing of a rollout of a number of IT projects in Marshall’s systems, and therefore the Pinewood integration of systems, we have moved the start date for their implementation from Q4 2025 to Q1 2026. • Outside the UK, the geographies identified at the Capital Markets Event in H2 2024 also remain the priority, namely, opportunities in North America, Central Europe, Japan and Southeast Asia and South Africa. • The Group is capitalising on Seez’s strong regional presence to pursue growth in the Middle East. The region has been identified as a strategic priority.