bs

Monthly Financial Forecast

Confidential. Unauthorised distribution is prohibited.

Monthly P&L Report

Forecast as of March 2026  •  Baresquare Limited (UK Parent)  •  All figures in €K
Full-year 2026 revenue is forecast at €2,455K, a -8.8% contraction versus FY-25, driven primarily by the loss of Adidas project revenue and the Domes contract reduction. The Sony group of accounts, representing over 80% of forecast revenue, is expected to remain broadly stable year on year. Expenses are forecast to decline -6.8% to €2,266K, reflecting the wind-down of the US subsidiary, the end of Craig's advisory engagement, and the cessation of Lars's consulting arrangement in June. Net profit is forecast at €189K with a margin of 7.7%, narrowing from 9.7% in FY-25 as the revenue decline outpaces cost savings.

Full-Year Outlook

FY-25 Actual FY-26 Forecast YoY
Revenue €2,692K €2,455K -8.8%
Expenses €2,431K €2,266K -6.8%
Operating Profit €261K €189K -27.7%
Profit Margin 9.7% 7.7% -2.0pp

FY-26 Revenue Mix by Customer

Revenue Commentary

FY-26 Revenue (Forecast)
€2,455K
▼ -8.8% vs FY-25 (€2,692K)
Key assumptions and outlook by customer account for FY-26.
Sony Group (Corporation, Europe, Professional, V&S, Global CS) Stable
The Sony portfolio, which collectively represents over 80% of forecast revenue, is expected to hold broadly flat year on year. Sony Professional includes an assumed €40K annual growth trajectory. Sony Global CS carries a small downward adjustment from April reflecting recent run-rate trends. All other Sony accounts are forecast at current MRR levels.
Condé Nast Stable
Forecast assumes continuation of Q4-2025 MRR (~€34K/month) throughout 2026, consistent with the current contract terms.
Domes Operator OE Reduced
MRR reduced from ~€10K to €5K per month effective January 2026, reflecting a renegotiated scope of engagement.
Adidas Global HR Winding Down
Learning Agent Phase 2 has been cancelled. The LSR Phase 2 budget ends in January 2026. A one-off €25K LSR support package is planned for June 2026; no other revenue is expected from this account in FY-26.
Public Retail Greece / CILS No Revenue
No new projects or recurring revenue have been confirmed for 2026 from either account.

Expense Commentary

FY-26 Expenses (Forecast)
€2,266K
▲ -6.8% vs FY-25 (€2,431K)
Key assumptions and changes driving the FY-26 cost base.
Baresquare M.A.E. (Greek subsidiary) Stable
Remains the largest cost item. Forecast is built bottom-up from BGR accountant payroll projections and a normalised run-rate for non-payroll costs. Annual FY-26 total: €1,670K.
UK Payroll & Other Expenses Stable
Monthly forecast set at the Q4-2025 average (~€16.8K/month), covering UK-based payroll and general overheads.
Baresquare Inc. (US subsidiary) Winding Down
Elevated Q1 costs expected as the US entity is wound down. From April, the forecast reflects only Chris's monthly payroll and the Remote platform fee.
Craig (Sales Advisor) Ending Mar-26
Consulting engagement assumed to conclude at the end of March 2026, with no costs thereafter.
Lars (COO Consultant) Ending Jun-26
Consulting arrangement is expected to end at the close of June 2026.
GMGMT Limited Stable
Forecast continues at the current monthly rate, with a larger December payment consistent with 2025 pattern (€32K vs €12K).
Dealfront Group / QUMIN / Dimitra Karatolou Discontinued
All three engagements are assumed at zero for FY-26. Dealfront charges were a pass-through to Sony and will not be re-booked; QUMIN and the Dimitra Karatolou contract are not being renewed.