In H1 FY25, the company experienced cyclical weakness in high-volume, low-value testing Cyber Security engagements. However, the company is pivoting towards higher-value advanced testing and strategic engagements, involving multiple Cyber Security services. NCC is therefore keeping its guidance for FY25 Adjusted EBITDA unchanged. We lower FY26 Adjusted EBITDA by 7.6% due to lower expected revenues and a conservative assumption of flat margins. We believe management has significantly improved NCC ....
