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AIR Platform: Loyalty & personalization for retailers

Eagle Eye's AI-powered platform unifies loyalty management and 1-to-1 personalization. Capture first-party data, deliver personalized experiences at scale, and measure results. Trusted by leading grocery, fashion, and hospitality brands.

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Working with technology, solution, and integration partners to help retailers deliver smarter loyalty and personalization.

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We're the personalization people.

Our technology helps retailers design and manage world-class loyalty programs that capture rich first-party data - and then applies built-for-retail AI to deliver 1:1 personalization at scale.

FY26 results: year ended June 30, 2026

Eagle Eye Annual Report and Accounts 2026

Eagle Eye Solutions Group plc grew annual recurring revenue (ARR) by 31% to £44.5m in the year ended June 30, 2026 (FY26). We won 13 major customers across three continents, including six in North America, and our global OEM partnership signed its first customers. We enter FY27 with growing ARR, an expanding pipeline and a confident outlook.

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Eagle Eye Annual Report and Accounts 2026

About Eagle Eye

Eagle Eye powers loyalty and personalization programs for some of the world's best-known retailers. Our mission is to be the global leader in AI-powered loyalty and personalized marketing, creating value for some of the biggest retailers in the world. Our platform combines loyalty and promotions management, built-for-retail AI and real-time omnichannel execution, and runs over 1.8 billion personalized offers every week.

FY26 key numbers

ARR* grew 31% to £44.5m, Group revenue* grew 21% to £46.1m, and net cash grew 31% to £16.1m.

The Group materially exceeded the challenging target of an exit EBITDA margin run rate of 20% – resulting in adjusted EBITDA of £9.8m, materially ahead of previously raised market expectations.
£
44.5
m

Annual recurring revenue*

Up 31% (FY25: £34.0m)

£
46.1
m

Group revenue*

Up 21% (FY25: £38.1m)

111
%

Net revenue retention*

Up 2 points (FY25: 109%)

£
16.1
m

Net cash

Up 31% (FY25: £12.3m)

*Excluding the revenues related to the Neptune Retail Solutions' contract lost in June 2025.

Full FY26 key performance indicators

Metric FY26 FY25 Change
Annual recurring revenue (ARR), excluding NRS £44.5m £34.0m Up 31%
Net revenue retention (NRR), excluding NRS 111% 109% Up 2 points
Group revenue, excluding NRS £46.1m £38.1m Up 21%
SaaS revenue, excluding NRS £39.3m £30.1m Up 31%
Group revenue (statutory) £46.7m £48.2m Down 3%
Adjusted EBITDA £9.8m £12.2m Down 19%
Adjusted EBITDA margin 21.1% 25.3% Down 4.2 points
(Loss)/profit before tax (£0.2m) £3.0m Down 106%
Net cash £16.1m £12.3m Up 31%
Long-term contract customer churn by value 0.4% 23.1% Down 22.7 points

ARR is the period exit rate for recurring subscription and transaction revenue (excluding SMS), plus any professional services contracted for more than 12 months and secured new wins, excluding seasonal variations and lost contracts. NRR is the improvement in recurring revenue excluding new wins in the last 12 months. SaaS revenue is subscription and transaction revenue, excluding SMS. Adjusted EBITDA excludes acquisition costs, restructuring costs and share-based payment charges, along with depreciation, amortization, interest and tax; it is reconciled to profit before tax in Note 21 of the report. Net cash is cash and cash equivalents less financial liabilities.

FY26 highlights

FY26 brought new customers, faster growth in North America, a live OEM partnership and wider use of our AI.
Star on a bright purple background

13 major customer wins across three continents

We won 13 major customers in FY26. They include our first airline, easyJet, and Subway, a major global quick service restaurant (QSR) brand.

Dollar sign on a bright purple background

Six-fold growth in new US ARR

The US added £2.7m of new ARR in FY26, a six-fold increase on FY25 (£0.4m). We added six new North American customers, including Wakefern and Kwik Trip. North America is the world's largest loyalty market, and we see 230 businesses there that fit our ideal customer profile, worth an estimated $1.4bn.

Heart on a bright purple background

Deeper relationships with existing customers

Net revenue retention excluding NRS was 111%, and 113% across our top ten customers. We secured a five-year renewal with Woolworths Group and a two-year renewal with Auchan. Carrefour, Asda, Morrisons, Giant Eagle and PepCo grew their ARR with us through higher transaction volumes and new capabilities.

Phone with a star on a bright purple background

Global OEM partnership now in commercial deployment

Our global OEM partner added its new cloud-hosted loyalty management solution to its price list, and the first two blue-chip European customers signed within weeks of launch. These contracts add an estimated £2m to ARR.

AI brain on a bright purple background

AI driving customer value

EagleAI revenue grew 35% to £7.8m (FY25: £5.7m). We completed the integration of our AIR platform and EagleAI within our AI Personalized Promotions product, giving retailers individual offers with real-time execution out of the box. Personalized Picks delivers click-through rates three times higher than standard, non-personalized flyers. Since September 2026, our first internal super users have been building and optimizing campaigns with our agentic AI capabilities.

Handshake on a bright purple background

Partners accelerating growth

Partner-referred pipeline grew 37% year on year, and partners referred or influenced 35% of global win ARR. Partner-supported wins included easyJet, referred by BCG. Eagle Eye is a Google Cloud Premier Technology Partner and a member of the MACH Alliance.

New customer contracts signed in FY26
  • A five-year contract with one of the largest independent food retailers in North America
  • A multi-year agreement with Wakefern, the largest retailer-owned cooperative in the US, including our AI Personalised Promotions product
  • A three-year agreement with Kwik Trip, a leading US convenience retailer
  • A three-year contract with a large regional US grocery supermarket
  • A three-year contract with a leading European value retailer
  • A three-year contract, with a two-year extension option, with Central Thailand, the country's largest supermarket chain
  • A three-year contract with a UK builders' merchant
  • A three-year agreement with FairPrice Co-Operative Ltd in Singapore, a returning customer
  • A three-year agreement with Subway for the AIR platform, supporting its new European loyalty program, Subway Rewards
  • A three-year agreement with easyJet, the UK's largest airline, for the AIR platform, supporting its new loyalty scheme launched in May 2026

New customer contracts signed in FY26
contract-purple-fixed

A five-year contract with one of the largest independent food retailers in North America

contract-purple-fixed

A multi-year agreement with Wakefern, the largest retailer-owned cooperative in the US, including our AI Personalized Promotions product
contract-purple-fixed

A three-year agreement with Kwik Trip, a leading US convenience retailer
contract-purple-fixed

A three-year contract with a large regional US grocery supermarket

contract-purple-fixed

A three-year contract with a leading European value retailer

contract-purple-fixed

A three-year contract, with a two-year extension option, with Central Thailand, the country's largest supermarket chain
contract-purple-fixed

A three-year contract with a UK builders' merchant

contract-purple-fixed

A three-year agreement with FairPrice Co-Operative Ltd in Singapore, a returning customer

contract-purple-fixed

A three-year agreement with Subway for the AIR platform, supporting its new European loyalty program, Subway Rewards

contract-purple-fixed

A three-year agreement with easyJet, the UK's largest airline, for the AIR platform, supporting its new loyalty scheme launched in May 2026

Proven at scale

Eagle Eye runs loyalty and personalization for retailers whose combined annual sales exceed $780bn.

  • 1.8bnpersonalized offers executed every week
  • 810m+end customer loyalty wallets managed
  • 90,000+connected stores
  • 99.99%platform availability, with expert support 24/7/365
  • £750m+incremental customer spend from our AI-driven promotions across the UK and France in the last year
  • 7:1marketing return on investment from personalization
  • 80% / 60%of the French and UK grocery markets use at least one of our core offerings
  • 10+ yearsof AI experience, trusted by the number one grocer in Canada and in Australia

What makes the Eagle Eye platform different

Eagle Eye brings together three capabilities that rarely exist in one platform. Data informs the AI, the AI decides the next best action, and our execution layer delivers it to the customer immediately.

01

First-party retail data

Our AI learns from rich first-party data generated through retailers' loyalty programs, and from billions of retail transactions.

02

AI built for retail

We have developed and refined our AI for more than a decade alongside some of the world's leading retailers. It personalizes at the level of the individual customer, not broad segments.

03

Real-time execution

Offers reach customers instantly in store, online and in the retailer's app. A customer can activate an offer in the checkout line and redeem it moments later.

Built on the 5 S's

Our technology is built around five principles, which is reflected in our low customer churn.

  • Security
  • Stability
  • Speed
  • Scalability
  • Support

A large and growing market

The global loyalty management market is worth around $11.4bn to $12.4bn today, growing 10% to 12% a year (Everest Group, 2025). It is forecast to reach more than $20bn by 2030 (MarketsandMarkets). North America accounts for around 52% of spend and is a $6bn market. Demand for loyalty platforms, rather than services, is growing three times faster, at 18% to 20% a year (Everest Group, 2025).

$12bnmarket today (approx.)
$20bn+forecast by 2030
~52%of spend in North America

Outlook for FY27

The Board is confident of a return to double-digit revenue and adjusted EBITDA growth in FY27. We remain focused on our medium-term ambitions of £100m revenue and an adjusted EBITDA margin above 30%.

Eagle Eye entered FY27 with growing ARR, building commercial momentum, an expanding pipeline (particularly in North America), a commercializing OEM partnership and a differentiated AI-powered platform.

£100mmedium-term revenue ambition
30%+adjusted EBITDA margin ambition

From our leadership
Anne de Kerckhove

Anne de Kerckhove, Chair

"Eagle Eye enters FY27 from a position of increasing strength."

FY26 was a year of growing momentum and delivery. After losing the NRS contract at the start of the year, the team improved execution, strengthened commercial capabilities and exceeded all management targets set at the start of the year.

Tim Mason

Tim Mason, Chief Executive Officer

"We head into the new year stronger than ever."

FY26 set the foundations for Eagle Eye's next phase of growth. The business returned to double-digit ARR growth while delivering a strong margin recovery, exceeding the targets set after the NRS reset.

Lucy Sharman-Munday

Lucy Sharman-Munday, Chief Financial Officer

"Key metrics ahead of previously raised market expectations."

ARR grew by £10.5m, driven by new customer wins, deeper relationships with existing customers and new routes to market. Net cash rose to £16.1m, and the Board has not proposed a dividend for the period, as the Group focuses on capital growth.

Sustainability and governance

Eagle Eye follows the QCA Corporate Governance Code (2023), and women make up 50% of our Board. In FY26 we formalized an AI governance policy aligned with our ISO 27001 information security management system and strengthened our cyber resilience. Our UK carbon emissions per employee fell 62%, we planted 100 trees with Make It Wild, and our people raised over £30,000 for our charity partner, 52 Lives.

What's in the full report

  • Overview: who we are, highlights, business model, platform, market and investment case
  • Strategic report: Chair and CEO statements, ESG, Financial Review, and principal risks
  • Governance: Board, Directors' Report, Corporate Governance, Section 172 and Remuneration Committee Report
  • Financial statements: Independent Auditor's Report, consolidated and company statements, and notes
  • Other information: Notice of Annual General Meeting and company information

Annual General Meeting 2026

November 19, 2026, 3:00 pm

x+why, The Orchard, Floor 8, One Great Cumberland Place, London, W1H 7AL

The full Notice of Annual General Meeting is on pages 98 to 101 of the report.

Frequently asked questions

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Read the complete Annual Report and Accounts 2026, including the full financial statements and governance reports.
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