As is typical, Netcall’s H1 update is very solid, having achieved +15% sales growth (~11% organic) and EBITDA +12% to £6.4m. Organic Cloud ACV growth has accelerated to +25%, now £42.6m (~84% / total ACV, PY: 76%) driven by robust new business and larger deals, reflecting how NET is monetising its end-to-end intelligent automation / customer engagement suite and seeing strong AI demand. Total ACV now exceeds £50m (+28% y/y) providing strong visibility for FY26 and beyond. No changes to FY26 guidance (or forecasts) where growth is set to remain at pace and benefit from acquisition cost savings. NET trades on a 5% EV FCF yield, rising to 6% in FY27 we’d argue this represents good value for such a proven compounder.
