NAOS Emerging Opportunities Company Limited (NCC) Earnings Call Transcripts

NAOS Emerging Opportunities Company Limited's Latest Earnings Call - June 11, 2026

In the first half of fiscal year 2026, NCC Group plc reported a revenue increase of 4.1% year-on-year, driven by strong performance in its cybersecurity business, which grew 5.7%. The company achieved a record gross margin of 38.4%, reflecting improved operational efficiency and a more focused business strategy following the divestment of non-core assets. Management anticipates continued growth, with adjusted EBITDA expected to outpace revenue growth, and has initiated a GBP 170 million tender offer alongside a GBP 15 million share buyback, signaling strong cash generation and commitment to shareholder returns.

Reported metrics

Guidance from management

Management anticipates adjusted EBITDA to grow ahead of revenue, with margins expected in the range of 5.5% to 7.5% for the year. They remain confident in achieving mid-teens EBITDA for the cybersecurity segment by the end of FY '28.

What management said

Just a bit of maths first on that first -- they're not unfortunately directly comparable margins because a relatively -- a proportion of American work gets delivered out of the U.K., Spain or particularly in Manila now. and the transfer pricing arrangements between the markets means that the U.S. margin, the North American margin gets penalized for that. and actually say it's done in mid the margin benefit drops into...

And I do think this does talk to the heart of the changes that I think are affecting professional services industries. How do you -- is utilization the right measure going forward? Projects are changing. It's more outcome based. We're certainly focusing very heavily on more subscription type activities, so not directly time to sort of time and materials. That will obviously increasingly make -- will create a change i...

What analysts pressed on

Analysts expressed concerns regarding the structural changes in North American client buying patterns and the potential impact on revenue from technical assurance services. There are worries about how these dynamics could affect overall growth and profitability moving forward.

Main topics on the call

• Revenue Growth in Cybersecurity — NCC Group's cybersecurity segment saw a revenue increase of 5.7% year-on-year, marking three consecutive quarters of growth. Management noted, "We've seen record H1 gross margin of 38.4%" and highlighted double-digit org...
• Strategic Divestments and Focus — The completion of the sale of the Escode business has allowed NCC to concentrate on its core cybersecurity operations. Management stated, "We are now a much more clearly focused and pure-play cybersecurity business," whi...
• Improved Profitability Metrics — Adjusted EBITDA increased by GBP 5.1 million year-on-year, with a focus on operational efficiencies contributing to stronger profitability. Guy Ellis remarked, "The continuing group has momentum and it's in a stronger po...
• Shareholder Returns — NCC Group announced a GBP 170 million tender offer and a GBP 15 million share buyback, reflecting strong cash generation and a commitment to returning capital to shareholders. This was emphasized with the statement, "We ...

Read the full NAOS Emerging Opportunities Company Limited transcript (June 11, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 25 NAOS Emerging Opportunities Company Limited earnings call transcripts on record, spanning January 23, 2020 to August 4, 2026. Based on this history, NAOS Emerging Opportunities Company Limited reports quarterly. The most recent call on file is dated August 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

NCC

Exchange

ASX

Country

AU

Sector

Financials

Industry

Capital Markets

Calls on record

25

First call

January 23, 2020

Most recent

August 4, 2026

Reporting cadence

quarterly