Trading Update and New National Delivery Model

Haydale PLC

13 October 2026

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

13 October 2026

Haydale plc

(“Haydale”, “Group” or “Company”)

FY26 Trading Update and New National Delivery Model

Current trading business remains on track for operating breakeven during H1 FY27

FY26 trading update

Haydale plc (AIM: HAYD), the advanced materials and clean technology group, provides a trading update for the financial year ended 30 September 2026 ("FY26") and an update on the implementation of a new national delivery model within its SaveMoneyCutCarbon ("SMCC") business.

FY26 has been a year of significant strategic change for the Group following completion of the SMCC acquisition in January 2026. As the year has progressed it has become increasingly apparent that the volume of opportunities emanating from SMCC's Impact Partner relationships has been more significant than previously envisaged. Whilst pleasing to validate the original premise for acquiring SMCC, this has placed an effective constraint on the Group’s ability to effectively and/or economically service order flow through SMCC's existing infrastructure, particularly during the final quarter of FY26.

This has affected the pace and level of revenue recognised during FY26 which together with delays to the commercial ramp-up of JustHeat, means that the Group now expects to report the following results for FY26:

●	revenue of £5.0 million, compared with market expectations of approximately £8.0 million;
●	an adjusted EBITDA loss of approximately £2.69 million, compared with market expectations of approximately £2.0 million;
●	gross margin of approximately 44 per cent. for FY26, compared with 37.9 per cent. at H1 FY26; and
●	a year-end cash position ahead of market expectations.

The improvement in gross margin and continuing tight cost control is important in understanding the FY26 result. Had the Group delivered revenue at the level of market expectations, and assuming a broadly consistent contribution margin, the Board estimates that the adjusted EBITDA loss would have been approximately £1.5 million (£0.5 million favourable to market expectations).

The Board therefore believes that the principal issue affecting the FY26 outturn has been the Group's capacity to convert the commercial opportunities being generated rather than underlying customer demand or unit economics.

During the year, the Group experienced delays in the recognition of JustHeat within the UK's building energy performance (EPC) framework. As updated in the Interim Results, from July 2026 changes in the EPC framework have improved the commercial proposition, particularly in retrofit and the private rented sector.

Importantly, the Board continues to believe that the Group’s current trading business will achieve operating breakeven during H1 FY27, broadly as anticipated at the time of the SMCC acquisition. For these purposes, the current trading business comprises the Group's operating activities, excluding costs associated with the development and commercialisation of the Group's Super-Efficient Thermal Transfer Fluid ("SETTF") opportunity which were not envisaged at the time of the SMCC acquisition. Whilst not directly recoverable these costs will be reflected in the Group’s interest in the dedicated SETTF commercialisation venture now being created as more fully described in the Company’s announcement of 15 September 2026.

Re-basing the delivery model

The growth of SMCC's Impact Partner relationships has increasingly demonstrated that the principal constraint on the business is not the availability of commercial opportunities, but the capacity and economics of delivering those opportunities nationally through SMCC's existing infrastructure.

The strength of the underlying demand has continued to increase. Since completion of the SMCC acquisition, its qualified commercial pipeline has grown by almost 70 per cent. and currently stands at approximately £20 million, with demand continuing to expand across its Impact Partner relationships.

Rather than scaling the fixed cost base of SMCC in response to these opportunities the Board has therefore taken the strategic decision to re-base SMCC’s activities around a more capital-light model under which SMCC remains focused on commercial origination, Impact Partner relationships, programme design and management, consultancy and technology sales, with physical delivery increasingly undertaken through a national network of delivery partners (the “SMCC Delivery Network”).

To deliver the SMCC Delivery Network, the Board has elected to pursue a new contractual joint-venture, established in partnership with Quidos Protect Ltd (“Quidos Protect”) to utilise its national supply chain for commercial installations across solar, battery storage, EV charging and related technologies, materially extending the platform's national delivery capacity. SMCC will continue to originate opportunities whilst the new joint-venture will provide shared infrastructure through which SMCC can improve capacity, geographic coverage, customer delivery and economics without having to replicate the same national infrastructure.

Quidos Protect is already an established part of SMCC's delivery supply chain and has delivered approximately £1.6 million of SMCC-originated business. The new model therefore represents an expansion of an existing and proven delivery relationship rather than the introduction of an untested delivery route.

The joint venture platform is expected to go live in October 2026 across energy and water efficiency, with national coverage from launch. Further information on the key terms of the joint venture (“Joint Venture Agreement”) are set out below.

The platform will be open to other origination partners, accredited installers, and technology providers as it develops. As a founding joint-venture partner, SMCC will participate in the economics of work that is originated and delivered by other organisations on the platform.

Information on Quidos Protect

Quidos Protect provides the field-management and compliance infrastructure on which the SMCC Delivery Network will operate. Its platform contracts, accredits, schedules and manages independent field businesses and currently supports more than 80,000 installations and service visits each year for national insurers, housing providers and property managers. Control sits at platform level, with accreditation on entry, common workmanship, warranty and health and safety standards, managed scheduling and performance data captured on each job. This provides the SMCC Delivery Network with a controlled route to national capacity that can scale by adding accredited businesses rather than fixed headcount.

Financial impact of the new delivery model

Revenue from the SMCC Delivery Network is expected to be accounted in the usual way by Haydale. Revenue associated with the origination of energy and water efficiency projects and from supply-only and consulting work is not expected to change. The effective contribution to Group results from project delivery will be lower than under an internally delivered model, though the associated fixed-cost base, execution risk and working capital burden will be significantly reduced.

As a consequence, the Board estimates that the annualised revenue required for the Group to reach operating breakeven will reduce from approximately £17 million under the previous operating model to approximately £10 million under the new structure.

The Board believes the combination of a lower fixed-cost base and access to substantially greater national delivery capacity should allow the Group to improve conversion of qualified pipeline while improving the economics and cash characteristics of that revenue.

Accordingly, the Board continues to expect the current trading business to reach operating breakeven during Q2 FY27, broadly as anticipated.

Updated FY27 Group guidance, incorporating the expected impact of SETTF, will be provided alongside publication of the Group's full-year results expected during February 2027.

Further terms of the Joint Venture Agreement

The Company has reached legally binding heads of terms on the Joint Venture Agreement and will now move to execute definitive agreements which will supersede the heads of terms, before 31 December 2026. The Company will notify the market should there be any material alteration to the terms of the Joint Venture Agreement.

The initial term of the Joint Venture Agreement is for three years, followed by successive 12-month periods unless either party gives at least six months’ notice to expire at the end of the relevant period. Either party may terminate for material unremedied breach, insolvency or a materially adverse change of control. SMCC also has broader suspension or termination rights.

SMCC will continue to own customer, opportunity and project data relating to SMCC customers and SMCC-originated work, and will retain its existing intellectual property. SMCC may use another delivery route where Quidos Protect does not accept an opportunity within the agreed response time, cannot meet the customer programme, required standard or approved economics, or is affected by a material service, compliance, capacity or financial concern. Such use does not breach the routing or non-circumvention provisions.

Related Party Transaction

The entering into of the Joint Venture Agreement with Quidos Protect (the "Transaction") constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies (“ARC”) by virtue of Quidos Protect being controlled by Nicholas Pritchard, who has been a Substantial Shareholder (within the meaning of the ARC) in the Company within the last 12 months. The Directors consider, having consulted with the Company's nominated adviser, Cavendish Capital Markets Limited, that the terms of the Transaction are fair and reasonable insofar as the Company's shareholders are concerned.

The Directors have considered alternative possible providers to Quidos Protect and concluded that its combination of an existing and proven delivery relationship with SMCC, national field-management platform, established engineer network, ability to onboard additional accredited capacity rapidly and readiness to support the transition within the required timeframe, meant that Quidos Protect represented the best, most practical, viable and cost-effective partner.

Outlook

The changes undertaken during FY26 are intended to leave Haydale entering FY27 with a materially different economic model.

The new structure is targeting a materially lower fixed-cost base while retaining the commercial origination capability and Impact Partner relationships which provide access to a significant pool of opportunities. Delivery capacity will increasingly be accessed through partners and can therefore scale with demand rather than being carried permanently within the Group.

At the same time, the Group starts FY27 with sufficient JustHeat inventory for its anticipated H1 sales requirements and work is underway to shorten and simplify its supply chain.

Accordingly, notwithstanding the lower FY26 financial outturn, the Board continues to anticipate the current trading business to reach operating breakeven during Q2 FY27, broadly as anticipated.

Separately, the development and commercialisation of SETTF is progressing well following the Company's announcement of 15 September 2026, and the Group expects shortly to announce its first commercial contracts. Updated FY27 Group guidance, incorporating the expected investment and financial contribution from SETTF, will be provided alongside publication of the Group's FY26 full-year results.

Simon Turek, Chief Executive Officer of Haydale, commented:

"FY26 has demonstrated that our Impact Partner relationships are generating significant opportunity. SMCC's qualified pipeline has grown by almost 70 per cent. since acquisition to approximately £20 million and Group gross margin improved to approximately 44 per cent. The constraint has been our ability to convert that demand both quickly and efficiently within existing capacity and financial constraints.

"The SMCC Delivery Network addresses that directly, expanding a delivery relationship with Quidos Protect which is already proven, while reducing the turnover required for the Group to reach operating breakeven from approximately £17 million to circa £10 million.

"We therefore continue to expect the current trading business to reach operating breakeven during H1 FY27, broadly as anticipated, while SETTF continues to progress towards its first commercial contracts."

Mark Sait, Chief Executive of SaveMoneyCutCarbon, said:

“Our customers increasingly want one accountable route from identifying an opportunity through to having it delivered and knowing what it actually saved.

“Our qualified pipeline has grown substantially since joining Haydale and the demand is already there. Launching the SMCC Delivery Network gives us access to the delivery capacity, systems and infrastructure needed to convert substantially more of that demand, while allowing SaveMoneyCutCarbon to remain focused on what it does best: originating opportunities and working with customers.”

Paul Screen, Quidos Protect, said:

“We have spent years building the platform, accredited supply chain and field-management capability needed to deliver this work nationally, including for utilities, insurers, housing providers and property managers.

“We are already delivering successfully for SaveMoneyCutCarbon. The SMCC Delivery Network expands that proven relationship and provides a structured route through which qualified opportunities can be allocated across a national supply chain, with the compliance, field-management and performance requirements built into the process.”

Notes

1 For the purpose of this announcement, the Group believes market expectations for FY26 prior to this announcement to be revenue of £8.0 million and an adjusted EBITDA loss of £2.0 million.

2 Adjusted EBITDA is calculated before amortisation of intangibles, depreciation, restructuring costs, acquisition costs, tax, interest, foreign exchange gains/losses and share based payment charges.

For further information:

Haydale plc
Simon Turek, Chief Executive Officer Patrick Carter, Chief Financial Officer		Tel: [phone] www.haydale.com
Cavendish Capital Markets Limited (Nominated Adviser & Broker)
Corporate Finance – Julian Blunt / Edward Whiley / Trisyia Jamaludin Corporate Broking – Will Smith		Tel: [phone]

Notes to Editors

Haydale plc is an advanced materials and clean-technology company focused on the development and deployment of energy- and water-efficient technologies at scale. The Group's mission is to improve the energy, water and carbon performance of one million buildings.

The Group leverages its proprietary HDPlas® platform technology to develop patented graphene-enabled products that deliver measurable energy, water and carbon savings. These products are deployed through an integrated commercial model combining product innovation, customer access, delivery capability and Impact Partner relationships.

SaveMoneyCutCarbon operates as the Group's embedded B2B go-to-market platform, providing a national sales, programme management and installer network capability. Through its Impact Partner Programme, SMCC originates pre-qualified demand via long-term agreements with UK banks and utilities.

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Subject to any continuing obligations under applicable law or any relevant AIM Rule requirements, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

ENDS

 

END