Investor Relations Information

Last updated 25th March 2026

Final Results Presentation 25th March 2026

Final Results Presentation

Sally Morton, Financial Director & Dan Mendis, Commercial & Operations Director

Final Results Presentation

25th March 2026

Q3 2025 Trading Update, 7 October 2025

Q3 Trading update

7 October 2025

Interim Results July 2025

Interim Results Presentation

Andy Walters, Executive Chairman

Interim Results Presentation

24 July 2025

Final Results Presentation, 3rd March 2025

Final Results Presentation

Andy Walters, Executive Chairman

Final Results Presentation

3rd March 2025

Interim Results Presentation July 2024

Interim Results Presentation

Andrew Walters, Executive Chairman

Interim Results Presentation

29 July 2024

Final Results Presentation, 4th March 2024

Final Results Presentation

Andy Walters, Executive Chairman

Final Results Presentation

4th March 2024

Interim Results Presentation July 2023

Interim Results Presentation

Richard Lilwall, Chief Executive & Emily Rees, Chief Financial Officer

Interim Results Presentation

31 July 2023

Final Results Presentation, 27th February 2023

Final Results Presentation

Richard Lilwall, Chief Executive & Emily Rees, Chief Financial Officer

Final Results Presentation

27th February 2023

Interim Results Presentation, 27th July 2022

Interim Results Presentation

Richard Lilwall, Chief Executive & Emily Rees, Chief Financial Officer

Interim Results Presentation

27th July 2022

Final Results Presentation, 28th February 2022

Final Results Presentation

Richard Lilwall, Chief Executive & Emily Rees, Chief Financial Officer

Final Results Presentation

28th February 2022

Interim results presentations, 28th July 2021

Business presentation

Andy Walters, Chief Executive

Financial presentation

Emily Rees, Chief Financial Officer

Interim Results Presentation, 28th July 2021

Final results presentations, 1st March 2021

Business presentation

Andy Walters, Chief Executive

Financial presentation

Dan Mendis, Chief Financial Officer

Final Results Presentation, 1st March 2021

Interim results presentations, 28th July 2020

Business presentation

Andy Walters, Chief Executive

Financial presentation

Dan Mendis, Chief Financial Officer

Interim Results Presentation, 28th July 2020

Final results presentations, 24th February 2020

Business presentation

Andy Walters, Chief Executive

Financial presentation

Dan Mendis, Chief Financial Officer

Final Results Presentation, 24th February 2020

Interim results presentations, 24th July 2019

Business presentation

Andy Walters, Chief Executive

Financial presentation

Dan Mendis, Chief Financial Officer

Interim Results Presentation, 24 July 2019

Financial results presentations, 25th February 2019

Business presentation

Andy Walters, Chief Executive

Financial presentation

Dan Mendis, Chief Financial Officer

Final Results Presentation, 25 February 2019

Interim results presentations, 25th July 2018

Business presentation

Andy Walters, Chief Executive

Financial presentation

Dan Mendis, Chief Financial Officer

Interim Results Presentation, 25th July 2018

Financial results presentations, 26th February 2018

Business presentation

Andy Walters, Chief Executive

Financial presentation

Dan Mendis, Chief Financial Officer

Final Results Presentation, 26 February 2018

Interim results presentations, 26th July 2017

Business presentation

Andy Walters, Managing Director

Financial presentation

David Bridge, Finance Director

Interim Results Presentation, 26 July 2017

Financial results presentations, 27th February 2017

Business presentation

Andy Walters, Managing Director

Financial presentation

David Bridge, Finance Director

Final Results Presentation, 27 February 2017

Interim results presentations, 27th July 2016

Business presentation

Andy Walters, Managing Director

Financial presentation

David Bridge, Finance Director

Final Results Presentation, 27 February 2017

Financial results presentations, 29th February 2016

Business presentation

Andy Walters, Managing Director

Financial presentation

David Bridge, Finance Director

Andy Walters, Managing Director, Proactive Investors Interview

proactiveinvestors.co.uk

Final Results Presentation, 29 February 2016

Final Results Presentation, 29 February 2016 Interim results presentations, 29th July 2015

Business presentation

Andy Walters, Managing Director

Financial presentation

David Bridge, Finance Director

Quartix set to motor ahead with vehicle tracking tech

proactiveinvestors.co.uk

Andy Walters

Executive Chairman

Andy Walters founded Quartix in 2001 with three colleagues. Prior to that he was Managing Director of a subsidiary of Spectris plc for 6 years and had spent 15 years with Schlumberger in the UK and France, where he was marketing director of the payphones and smart cards division. Andy holds an MA in electrical sciences from the University of Cambridge.

Alison Seekings

Independent Non-Executive Director and Audit Chair

Alison is a senior finance leader with extensive experience of working at board level. Alison is a qualified chartered accountant and chartered tax adviser and has a degree in Natural Sciences from the University of Cambridge. She has worked in large professional services firms, formerly with Deloitte and then as a partner with Grant Thornton UK LLP until 2021. Alison has over 30 years’ experience of advising boards and supporting companies with their financial strategy and reporting requirements.

Ian Spence

Independent Non-Executive Director and Chair of the Nomination Committee

Ian has more than 25 years' experience in researching and advising companies in the technology sector. He is the Executive Chairman and Founder of Megabuyte, a leading company intelligence platform focusing on UK mid-market tech businesses. Recognised as a highly respected financial analyst in the technology sector, Ian has twice been voted as TechMARK Analyst of the Year and recognised by Debretts and The Sunday Times as a top 20 influencer in the UK technology sector. Additionally, he holds roles as a Non-Executive Director at Crown Place VCT PLC, investing in early-stage tech companies, and as Principal at Agnosco Capital Ltd, offering strategic advice to technology companies and investors.

The following information is provided in compliance with Rule 26 of the AIM (Alternative Investment Market) Rules for listed Companies.

Name: Quartix Technologies plc

Registered Office: Quartix, One Cambridge Square, Cambridge, CB4 0AE

Registration: Incorporated and registered in England and Wales company registration number 06395159

Main Country of Operation: United Kingdom

Principal Other Countries Of Operation: France, United States of America, Spain, Italy and Germany

VAT Number: GB 918 4938 83

The business is subject to The UK Takeover Code.

Quartix Technologies plc is a holding company for;

Quartix Ltd (UK Co No: 04159907),
Quartix Inc (registered in the State of Illinois, no 6903-987-1)
Quartix SAS (registered in France, RCS number 979 868 353 00017)

Founded in 2001, Quartix is a leading provider of subscription-based vehicle tracking systems, software and services, supporting organisations to improve the efficiency, safety and sustainability of their fleets.

Our technology combines ease of installation with powerful telematics software that delivers real-time insights into vehicle location, driver behaviour and fleet performance. Customers can access detailed reports — including timesheets, route histories and key operational metrics — from any internet-enabled device, helping to reduce costs, streamline operations and lower environmental impact.

Quartix operates a simple and flexible subscription model with no upfront hardware costs, making advanced fleet management accessible to businesses of all sizes.

The addressable market is growing strongly: according to Berg Insight, the number of active fleet management systems in Europe is projected to reach 27.6 million by 2028, representing a compound annual growth rate (CAGR) of 11.1%. With an efficient, digital-first sales model and a strong international presence, Quartix is well positioned to capture growth opportunities in this dynamic and evolving market.

Quick links:

Company, Market and Background
Product and Technology
Financial Questions

COMPANY, MARKET AND BACKGROUND

What are the origins of the company, and where did the name Quartix come from?

Four founders started the company in 2001 to focus on the market for vehicle tracking systems, software and services used by the commercial fleet sector. Our target market was then, as it is now, small to medium-sized fleets of light commercial vehicles. The name “Quartix” was the suggestion of one of the founders, for which the URL quartix.net and quartix.co.uk were available. We purchased both quartix.com and quartix.fr and other Quartix domains more recently.

What do you estimate your market share to be?

We believe that of the 3.6 million+ commercial vehicles in the UK, roughly 3 million of these are light commercial vehicles (i.e. vans) and that approximately half of these are operated by fleets which would be a potential target for our technology. Of these 1.5 million vehicles, we estimate that around one third are already equipped with some form of fleet management or vehicle tracking system, and that therefore (with a subscription base of around 100,000 units in the UK) we have around 20% of the current market.

Who are your biggest competitors in the UK, France and USA? How do you compare with them?

Other companies which compete in this market include, inter alia: TomTom, Masternaut, Fleetmatics and Teletrac. We do not comment on their, or our, relative competitive strengths and weaknesses.

In July 2016 Quartix announced an intention to focus more on its fleet operation. How does this impact on insurance operations?

The Group will concentrate its business development activities in insurance on those opportunities which make best use of the significant technological and service advantages that the Group has. The insurance capabilities of the system can be seen at quartix.net/insurance.

The company appears to command higher margins than many of its competitors. Why is this?

Our typical service charges are shown on our website, and these charges reflect the value of the software and services that we provide for our customers. Ongoing marginal costs for these are accounted for by the SIM card and mapping costs. The fleet tracking business, once the equipment and installation costs are absorbed, is therefore inherently high margin, reflecting the investment that we make in our software systems. We write all equipment and installation costs down immediately following installation.

The company is especially associated with the building, maintenance and construction industries so would you call it a cyclical company?

To some degree, yes, but this did not affect us unduly in the last recession, and we now have a broader spread of customers, including many from the public sector.

Is the fact that you are spread over four locations not a problem for you? Do you have any future plans to consolidate them all in one place?

We operate common VPNs, database systems and CRM and other business applications across each of our 4 UK sites and our Chicago office. We have recently introduced a common VOIP phone system across our operations. Communication and collaboration across functions and locations is extremely good. In addition to this, each of our R&D locations has a specific area of responsibility, as follows:

Telematics hardware, firmware and communications servers are developed in Cambridge.
All our web-based user applications and reporting are developed in Leatherhead
Systems, networking and database design are all conducted in Bishop’s Waltham.
Our sales, logistics, customer support, administration and insurance telematics teams are based at our main office centre in Newtown, Mid-Wales.
Each of these teams works effectively with the others and we have no plans to consolidate these operations.

How do you plan to prepare for the introduction of General Data Protection Regulation (GDPR) in May 2018?

Quartix is working with suppliers and partners to ensure that we continue to be compliant with all regulations including GDPR.

PRODUCT AND TECHNOLOGY

How big is the risk to your business of emerging disruptive technologies (i.e. using mobile phones for tracking)?
We constantly monitor the potential risks posed by both OEM –fitted technology and by the use of smart phones in vehicle tracking. Our current opinion on these matters are as follows:

OEM-fitted technology: our customers typically choose a single software solution and reporting tool to cover their whole fleet, regardless of vehicle manufacturer, type or age. Although it is quite common for vehicle manufacturers to offer some form of telematics solution for its own products, these devices and software do not generally interface with those provided by other vehicle manufacturers.
Mobile phone applications: whilst these undoubtedly have a place in segments of the market, most of our customers use the tracking system to regulate overtime and manage their mobile workforces. They expect the system to be tamper-proof, and for it to record every movement and journey that the vehicle makes. This is simply impractical with a mobile phone, as it could easily be left at home or switched off, or become discharged (the use of GPS increases battery drain).

Investors must, however, form their own opinions and conduct their own research in order to satisfy themselves regarding the level of risk associated with investing in Quartix.

Why can I not simply buy a tracker device from Amazon, or use another company’s software with your tracking system?

The link between our tracking systems and our communications servers is encoded using our own, proprietary, protocol. We registered a patent for this protocol soon after the foundation of the company. For security reasons it would not be possible for other applications to interpret and use this data without detailed technical information from us. Similarly it is not possible to purchase and use a GPS tracking system without an appropriate fleet management software application which is compatible with the tracking system.

Is there anything unique in the company’s database systems and other intellectual property. How important are these to the success of the company?

We use enterprise level database systems and whilst there is no single aspect of the design of our databases which is unique, we derive substantial competitive advantage from the use of our proprietary database systems integrated with best-in-class CRM and marketing automation systems.

All intellectual property in the company’s telematics hardware, firmware, server software, database systems and application software is proprietary to Quartix, and is of great importance to the success and profitability of the company.

Can you monetise the Safe Speed Database ?

The Company’s “Powered by Quartix” initiative for the insurance sector, which it launched at the middle of last year, offers insurance brokers an off-the-shelf telematics product allowing them to compete effectively in the young driver market. The SafeSpeed database is unique in comparing the behaviour of young drivers on particularly dangerous roads (such as single-carriageway rural roads) with that of more experienced fleet drivers on exactly the same road, helping to identify and coach those who are at risk of accident. Loss ratios on the first programme to use it have been very good so far.

FINANCIAL QUESTIONS

Executive salaries and benefits appear to be low in relation to other quoted companies. Why is this so and is it likely to change?

Executives on both the plc and operations board have traditionally received the same annual pay review as all other employees. Each executive has either an equity stake in the business (through their own investment) or share options.

What is your option granting policy going forward in terms of the annual % of number of shares? Is there a maximum cap on total outstanding options?

Current options outstanding amount to less than 5% of the share capital. The company will continue to grant options to employees and managers in order to retain, motivate and incentivise them, but it is not envisaged that this would result in any significant dilution for existing shareholders.

What does the goodwill shown on the balance sheet relate to?

Please see the following link for more details: http://www.logisticsit.com/articles/2008/02/01/3355-quartix-takes-the-next-step-forward-with-bank-of

Can you provide historical numbers for sales, profits etc?

£m	2011	2012	2013	2014*	2015	2016
Revenue	6.7	8.3	13.2	15.3	19.7	23.3
Operating Profit	1.8	2.9	4.7	4.9	6.0	6.5
PBT	1.5	2.8	4.6	4.8	6.0	6.5

* Note: adjusted to exclude exceptional gain of £0.25m in 2014

What is your expected mid-term (five to ten years) growth rate?

Unfortunately we are unable to comment on or offer a prediction of our future growth rates.

We can say that we are seeking sustainably superior financial performance, in terms of:

Organic fleet revenue growth
Return on sales
Gross margin
Free cash flow conversion
Recurring revenues /sales
Revenue per head

Major shareholdings

The following information is correct as of 31 December 2025.

The Company’s issued share capital comprises 48,430,156 ordinary shares, each with a nominal value of £0.01. Each share has equal voting rights.

The number of the Company’s securities not in public hands is: 11,000,760 ordinary shares representing 22.71% of the issued share capital.

The Company has been notified of the following significant shareholders. Significant shareholders are those holding 3% or more of the shares in issue.

Name	Number of shares	Percentage (%)
Andrew John Walters*	10,861,609	22.43%
Liontrust Investment Partners LLP	4,408,326	9.10%
Charles Stanley Group plc	3,963,684	8.18%
Andrew Martin Kirk	4,009,853	8.28%
Sanford Deland Asset Management Ltd	3,117,000	6.44%
Schroders PLC	3,111,468	6.42%
William Arthur Hibbert	2,663,000	5.50%
Kenneth Vincent Giles	1,871,800	3.86%
JP Morgan Asset Management	1,518,737	3.14%

*Includes shares held as family interests or by virtue of position as beneficiary or potential beneficiary of certain trusts.

RESTRICTIONS

There are no restrictions on the transfer of the Company’s AIM securities.

OTHER EXCHANGES AND TRADING PLATFORMS

The Company has not applied or agreed to have its securities admitted to or traded on any other exchange or trading platform.

NOMINATED ADVISOR AND BROKER

Cavendish Capital Markets Ltd
Address: One Bartholomew Close, London, EC1A 7BL
Website: www.cavendish.com

COMPANY AUDITORS

PKF Littlejohn LLP
Address: 15 Westferry Circus, London E14 4HD, United Kingdom
Website: https://www.pkf-l.com/

LEGAL ADVISORS

HCR Legal
Address: HCR Legal, 50-60 Station Road, Cambridge CB1 2JH
Website: www.hcrlaw.com

REGISTRARS

MUFG Corporate Markets
Address: MUFG Corporate Markets, Central Square, 29 Wellington Street, Leeds, LS1 4DL
Website: www.eu.mpms.mufg.com
MUFG Corporate Markets – Shareholder information

Corporate Governance AIM Notice 50

Last updated on 25rd March 2026

Chairman’s Corporate Governance Statement

All members of the Board believe strongly in the value and importance of good corporate governance and in our accountability to all of Quartix’s stakeholders, including shareholders, staff, customers and suppliers. In the statement below, we explain our approach to governance, and how the Board and its committees operate.

The corporate governance framework which the Group operates, including board leadership and effectiveness, board remuneration, and internal control is based upon practices which the Board believes are appropriate for the size, risks, complexity and operations of the business and is reflective of the Group’s values. Of the two widely recognised formal codes, we have therefore decided to adhere to the Quoted Companies Alliance’s (QCA) Corporate Governance Code for small and mid-size quoted companies.

The QCA Code is constructed around ten broad principles and a set of disclosures. The QCA has stated what it considers to be appropriate arrangements for growing companies and asks companies to provide an explanation about how they are meeting the principles through the prescribed disclosures. We have considered how we apply each principle to the extent that the Board judges these to be appropriate in the circumstances, and below we provide an explanation of the approach taken in relation to each. The Board considers that it has complied with the principles of the QCA Code. The Board will continue to monitor its governance structures and will take action as appropriate to develop and enhance its governance functions as the Group evolves.

Roles and responsibilities of Chairman

Andrew Walters is the Executive Chairman. The Chairman is responsible for running the Board and ultimately for all corporate governance matters affecting the Group.

The Chairman is responsible for leadership of the Board, setting its agenda and monitoring its effectiveness. He ensures effective communication with shareholders and that the Board is aware of the views of major shareholders. He ensures that the Executive Team develop a strategy which is supported by the Board as a whole. The Executive Team are responsible for executing the strategy once agreed by the Board.

Board composition and compliance

The QCA Code requires that the boards of AIM companies have an appropriate balance between Executive and Non-Executive Directors of which at least two should be independent. In 2025 we satisfied this requirement.

The Independent Non-Executive Directors bring wide and varied commercial experience to the Board and Committee deliberations. They are appointed for an initial three-year term, subject to election by shareholders at the first AGM after their appointment, after which their appointment may be extended subject to mutual agreement and shareholder approval. A Non-Executive Director is typically expected to serve two three-year terms but may be invited by the Board to serve for an additional period. Any term renewal is subject to Board review and AGM re-election. The Group remains committed to a Board which has a balanced representation of Executives and Non-Executives.

Board evaluation

We support the QCA Code’s principle to review regularly the effectiveness of the Board’s performance as a unit, as well as that of its committees and individual Directors. We may consider utilising the services of external facilitators on a 3-6 year basis which is broadly in line with potential changes in the Non-Executive Directors sitting on the Board based on contract terms. In 2025 a review was performed internally facilitated by the Executive Chairman, with responses compiled by the Company Secretary and feedback was provided to the Board following the evaluation.

The review confirmed that the Board operates effectively, with robust oversight of performance and risk, high‑quality reporting, and an open culture of constructive challenge. The evaluation highlighted the opportunity to articulate the Group’s longer‑term ambition more clearly by developing a rolling three‑ to five‑year strategic plan, with defined milestones and regular reporting to the Board on progress against that plan. It also noted the importance of forward‑looking succession planning and governance evolution, including consideration over time of role separation and strengthening senior finance and executive capacity as the business grows further.

Shareholder engagement

We have made significant efforts to ensure effective engagement with both institutional and private shareholders. In addition to the AGM, we have roadshows with investors and prospective investors to not only share our financial results, but also to share the leadership’s future plans and strategy in an open and interactive forum.

The Board is aware that under the Markets in Financial Instruments Directive II (MiFID II) regulations, private investor access to research on public companies has been restricted. We have not commissioned any “paid for” research from third party analysts and have no current intention of doing so.

The Board has ultimate responsibility for reviewing and approving the Annual Report and Accounts and it has considered and endorsed the arrangements for their preparation, under the guidance of its Audit Committee. The Directors confirm that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group’s position and performance, business model and strategy.

10 Principles of the QCA Code:

Corporate Purpose, Strategy, and Business Model
Corporate Culture and Ethical Values
Shareholder Needs and Engagement
Stakeholder Interests and ESG
Risk Management and Internal Controls
Board Composition and Functioning
Governance Structures and Skills
Board Performance and Succession Planning
Remuneration Policy
Governance Communication and Reporting

1. Corporate Purpose, Strategy, and Business Model

Quartix’s purpose is to support fleet operators in reducing operational costs and environmental impact by delivering innovative vehicle tracking solutions. This purpose is fundamental to our growth strategy, shaping the evolution of our subscription platform, software, and telematics services. The Board regularly reviews how the purpose is integrated into business objectives and monitors progress through strategic KPIs.

The value of recurring subscription revenue is the key measure of our performance.

Customers typically use the Group’s vehicle telematics services for many years, resulting in reasonably low rates of gross attrition. Accordingly, the Group focuses its business model on the development of subscription revenue based on minimal initial commitment from the customer, providing the best return to the Group over the long term.

The key risks and uncertainties we face are included under the Strategic Report: Financial Review.

2. Corporate Culture and Ethical Values

At Quartix we believe the prosperity of our business and of the communities within which we operate requires a commitment to ethical values and behaviours. We have therefore developed policies that enhance all areas of our business in this regard.

Quartix cares about providing a customer experience that is remarkable. We want to keep our customers happy, impressed and reassured. We want to create the positivity that leads to great reviews, repeat purchases and customer referrals. To achieve that, our employees strive to make every interaction a great one. We follow these principles:

Build meaningful connections.

Whilst dealing with any of our stakeholders, be they customers, partners, investors or employees, foremost in our minds is building great, meaningful relationships. We are not a provider of arms-length transactional services; we are here to listen, understand, support and deliver tangible benefits as best we can.

Keep things simple.

Whether it is our processes, communication, hardware or software, we strive to keep things simple. Fewer moving parts make for clearer, more efficient and reliable operations. We don’t make our customers jump through hoops to speak to us, nor do we make them study an article to understand its meaning. We get straight to the incoming call, to the email in our inbox, to the point, and provide a fast, helpful and clear response.

Treat everybody the same.

Whoever you talk to, whether internally or externally, their impression of the Quartix service should be the same. We treat everyone equally, with respect, and remain transparent as a business.

Do the right thing.

Quartix cares about doing what’s best for our customers and for each other. We own problems and solve them, regardless of whether it’s our designated responsibility. With or without a corporate process, we will strive to provide a satisfactory solution in every case.

Share your knowledge

Knowledge is valuable. Our customers, prospects and colleagues can all benefit from the knowledge that we have to offer. Quartix and its staff have a whole host of skills, expertise and experience to share with others and we are proud to do so. The culture of the Group is characterised by these values which are communicated to staff through a number of mechanisms.

The Board believes that a culture that is based on the five core principles is a competitive advantage and consistent with fulfilment of the Group’s execution of its strategy. Additionally, it places emphasis on fostering a culture centred on integrity, collaboration, and innovation. Periodic staff engagement surveys and open feedback channels enable Board oversight of corporate culture and ensure alignment with Quartix’s values. Leadership actively reviews survey data and staff feedback to identify opportunities for positive cultural development.

Additionally, the Group has a range of ethical and values-related policies and procedures in place that all staff have access to on the internal HR platform either within the staff handbook or as separate policies including (but not limited to):

Anti-corruption & bribery policy
Criminal Finance Act policy
Anti-harassment & bullying policy
Corporate social responsibility statement
Equal Opportunity & diversity policy
Staff handbook
Communications policy
Mental health policy
Whistle blowing policy
Ethical Trading Policy

3. Shareholder Needs and Engagement

Responsibility for investor relations rests with the Executive Chairman. The Board maintains an active and transparent dialogue with shareholders through investor roadshows, quarterly webinars, and regular trading updates as demonstrated in the table below. Shareholder feedback which is provided anonymously by our in-house broker is considered in decision-making, and significant matters, including dividend policy and Board changes, are communicated without delay.

During 2025 the following activities were pursued to develop a good understanding of the needs and expectations of all constituents of the Group’s shareholder base:

A table outlining a company's 2023 schedule of events, participants, and comments, including trading statements, results meetings, and investor webinars.

The Group is committed to communicating openly with its shareholders to ensure that its strategy and performance are clearly understood. As illustrated in the table above, we communicate with shareholders throughout the year by various formats. A range of corporate information (including all Quartix announcements) is also available to shareholders, investors and the public on our website.

Private shareholders: The AGM is the principal forum for dialogue with private shareholders and the Board invite all shareholders to attend and participate. The Notice of Meeting is sent to shareholders at least 21 days before the meeting. The chairs of the Board and all committees, together with all other Directors, attend the AGM and are available to answer questions raised by shareholders. Shareholders vote on each resolution and subsequently publish the outcomes on our website.

Institutional shareholders: The Directors actively seek to build a mutual understanding of objectives with institutional shareholders. Our Executive Chairman makes presentations to institutional shareholders and analysts immediately following the release of the full-year and half-year results and the Executive Chairman and Financial Director communicate with institutional investors frequently through formal meetings arranged by the in-house broker. Following meetings, the broker provides anonymised feedback to the Board from all fund managers met, from which sentiments, expectations and intentions may be gleaned. In addition, we review analysts’ notes to achieve a wide understanding of investors’ views. This information is considered by the Board.

4. Stakeholder Interests and ESG

Staff – our ability to fulfil customer requirements and execute our strategy relies on having talented and motivated staff.

Reason for engagement: Good two-way communication with staff is a key requirement for high levels of engagement.

How we engage:

Regular staff briefings via email or video presentation during 2025.
A Q3 Group-wide two-day event held at the main office in Newtown, Wales.

Quartix’s commitment to workforce engagement is reflected in regular staff meetings, the operation of an internal communication platform, and access to an anonymous whistleblowing hotline. Whistleblowing concerns are escalated to the Board and reviewed as when a concern is raised to ensure that employee voices inform corporate governance. In 2025 we’re pleased to report that there has been no whistleblowing concerns raised, that required action or oversight by the Board.

Customers – Quartix’s commitment to customer satisfaction continues to earn external recognition, most notably Fleet News Fleet Recommended status for the second consecutive year, voted for by fleet professionals. We were also named Telematics Supplier of the Year at the WhatVan? Awards 2026, reflecting our strong standing across van fleets of all sizes. As Quartix reaches the milestone of 25 years of operation, we marked this milestone by formally acknowledging the role our customers have played in shaping the business; their trust and ongoing input having been integral to our growth and longevity.

How we engage with our customers:

Customer satisfaction tracking: Following every resolved support case, we capture satisfaction data through our SimpleSurvey tool, with global support teams consistently achieving an average CSAT score in excess of 90%. On Trustpilot, we hold a rating of 4.8 from over 1,200 reviews, with 94% rated five stars and a further 3% at four stars.
Support excellence: At the close of 2025, only 2.55% of our customer base had an open support ticket, and just 0.08% of installed units required an engineer visit to resolve an issue, metrics that speak to the reliability and accessibility of both our support model and technology.
Active product collaboration: We involve customers directly in shaping our product direction through regular structured interviews and beta programmes. Recent initiatives have included testing our new vehicle inspections app, a redesigned mobile application, and a comprehensive redesign of our core fleet tracking system, with over 1,000 businesses expressing interest to preview and participate in the beta.

Why customers stay:

Exceptional long-term retention: Over 700 customers have been with Quartix for more than 20 years, with many tracking units in the field exceeding a decade of installation. Where hardware changes are necessary, typically driven by mobile network upgrades or the transition from circuit-switched data to GPRS, we manage these migrations seamlessly with the customer.
Infrastructure reliability: Our platform maintains 99.99% uptime, supported by dual-redundant servers with automatic failover capability, ensuring uninterrupted service continuity for our customers.

Suppliers – We have a range of suppliers including those who provide us with hardware, communication services, installation services and marketing support.

Reason for engagement: Good services from our suppliers are critical to us delivering the data services to our customers.

How we engage:

Co-ordinate and manage our network of installers to ensure on-time activation of tracking devices.
Operate systems to ensure that supplier invoices are processed and paid on time.

Shareholders – as a public company we must provide transparent, easy-to-understand and balanced information to ensure support and confidence.

Reason for engagement: Meeting regulatory requirements and understanding shareholder sentiments on the business, its prospects and performance of management.

How we engage:

Regulatory news releases.
Keeping the investor relations section of the website up to date.
Publish videos of investor presentations and interviews.
Annual and half-year reports and presentations.
AGM.

We believe we successfully engaged with our shareholders over the past 12 months.

ESG – Quartix received the ‘Green Economy Mark’ from the London Stock Exchange in recognition of its role enabling fleets to cut fuel consumption and emissions through improved vehicle tracking analytics. The Executive Management team, with general oversight by the Board oversees sustainability initiatives, regularly reviews climate-related risks and opportunities, and has in the past engaged third-party consultants to evaluate Quartix’s environmental footprint. Staff support for local charities and community engagement are promoted through fundraising and volunteering programmes.

For further information on ESG refer to the ESG Report.

5. Risk Management and Internal Controls

The Group has a risk register that identifies key risks and all members of the Board are provided with a copy of the register at least once year. The register, including control mechanisms to mitigate risks, is reviewed by the Board and is updated following each such review.

As part of our commitment to the QCA Code’s updated focus on environmental and social responsibilities, the Board oversees climate-related risk governance alongside strategic planning, using frameworks informed by TCFD best practices. Quartix also continues to maintain the London Stock Exchange’s ‘Green Economy Mark’ and aims to report transparently on how its business activities contribute to decarbonization across customer fleets.

The key risks and uncertainties are included in the Strategic Report: Financial Review.

6. Board Composition and Functioning

Staff are reminded on appointment and on a bi-annual basis that they should seek approval from the Company Secretary if they, or their families, plan to trade in the Group’s equities.

The members of the Board have a collective responsibility and legal obligation to promote the interests of the Group and are collectively responsible for defining corporate governance arrangements. Ultimate responsibility for the quality of, and approach to, corporate governance lies with the chair of the Board.

In 2025, the Board consisted of one Executive and two independent Non-Executives and the Company Secretary who is the Financial Director of Quartix Limited and attends all Board meetings. No changes took place during 2025, aside from the appointment of Sally Morton as Company Secretary and Financial Director of Quartix Limited on 1 January 2025.

In recognition of market expectations and regulatory guidance, Quartix has adopted a comprehensive Board and senior management diversity policy. The Board remains committed to maintaining a diverse mix of skills, backgrounds, and perspectives, with the aim of fostering better decision-making and improved stakeholder outcomes. For 2025, women represented 50% of our Board including the Company secretary and 23% of senior executive management positions, and we are actively encouraging ethnic, social, and cognitive diversity through tailored recruitment and succession programs.

The Board is supported by three committees: audit, remuneration and nominations committees.

Non-Executive Directors are required to attend 10-12 Board meetings per year (in Cambridge, Newtown and London or remote via Microsoft Teams) and to be available at other times as required for face-to-face and telephone meetings with the executive team and investors. In addition, they attend Board committee meetings as required.

Meetings held during 2025 and the attendance of Directors is summarised below:

Table showing board and committee meeting attendance for Andrew Walters, Alison Seekings, and Ian Spence, with all having perfect attendance at relevant meetings.

The Nominations Committee meets when required in relation to Board appointments. There has been no separate meeting of the Nominations Committee in 2025. The Board as a whole retained oversight for ESG.

The Board has a schedule of regular business, financial and operational matters, and each Board committee has compiled a schedule of work to ensure that all areas for which the Board has responsibility are addressed and reviewed during the course of the year. The Chairman is responsible for ensuring that, to inform decision-making, Directors receive accurate, sufficient and timely information. The Company Secretary compiles the Board and committee papers which are circulated to Directors prior to meetings and provides minutes of each meeting and every Director is aware of the right to have any concerns minuted and to seek independent advice at the Group’s expense where appropriate.

All members of the Board bring relevant sector experience in software and business services, governance and finance. Where relevant, the Directors research relevant information, including online material, and occasionally attend seminars and trade events, to ensure that their knowledge remains current.

Key to committees/roles: E: Executive, N: Nomination, A: Audit, R: Remuneration, C: Chair

Andrew Walters, Executive Chairman (CR, N)

Background:

Andrew Walters founded Quartix in 2001 with three colleagues. Prior to that he was Managing Director of a subsidiary of Spectris plc for 6 years and had spent 15 years with Schlumberger in the UK and France, where he was Marketing Director of the payphones and smart cards division.

His financial involvement with Quartix is his annual Executive salary and he is a major shareholder in the Company so is not an independent Director.

Current external appointments:

Some voluntary business mentoring for The King’s Trust.

Skills and experience:

Andrew holds an MA in electrical sciences from the University of Cambridge and developed the Group’s UK patent, granted under the Patents Act 1977. He has many years’ experience of the vehicle tracking market, having started the Group in 2001 with three colleagues, and has been fully engaged in all aspects of the business throughout this time.

Time commitment: 6-8 days a month

Alison Seekings, Independent Non-Executive Director (CA, N)

Background:

Alison is a senior finance leader with extensive experience of working at board level. She has worked in large professional services firms, formerly with Deloitte and then as a partner with Grant Thornton UK LLP until 2021. Alison has over 30 years’ experience of advising boards and supporting companies with their financial strategy and reporting requirements.

Current external appointments:

Alison is the founder of her own consultancy company called Seekings Advisory Limited, and also sits as a non-executive director for Midwich Group plc. Alison is CFO at RQ Biotechnology Limited.

Skills and experience:

Alison is a qualified chartered accountant and chartered tax adviser and has a degree in Natural Sciences from the University of Cambridge.

Time commitment: 1-2 days a month

Ian Spence, Independent Non-Executive Director (CN, A)

Background:

Ian has more than 30 years’ experience in researching and advising companies in the technology sector. Ian started his career in the City as a technology analyst working for, amongst others, Robert W Baird, WestLB Panmure and Bridgewell. He later went on to start IS Research Ltd, trading as Megabuyte, a leading company intelligence platform focusing on UK mid-market tech businesses, where he is currently Executive Chairman.

Current external appointments:

In addition to Megabuyte, Ian’s other current role is as Principal at Agnosco Capital Ltd, where he provides research and strategic advice to technology companies and their investors.

Skills and experience:

Ian has been recognised as a highly respected financial analyst in the technology sector, having twice been voted as TechMARK Analyst of the Year and recognised by Debretts and The Sunday Times as a top 20 influencer in the UK technology sector. Ian has a degree in Accounting & Finance from Manchester Metropolitan University.

Time commitment: 1-2 days a month

Sally Morton, Company Secretary & Financial Director

Background:

Sally joined Quartix in 2019 as Group Financial Accountant, and advanced to Head of Finance in 2022 and was promoted to the role of Finance Director in 2025 together with fulfilling the Company Secretary role. Her career reflects a dedication to excellence, leveraging her expertise to drive financial strategy and organisational success.

Current external appointments:

None.

Skills and experience:

Sally Morton is an accomplished financial professional with a strong foundation in accounting and leadership. A Rhodes University graduate with Honours in Financial Accounting, she qualified as a Chartered Accountant with Grant Thornton UK LLP.

Time commitment: Full Time

7. Governance Structures and Skills

The Board provides strategic leadership for the Group and operates within the scope of a robust corporate governance framework. Its purpose is to ensure the delivery of long-term shareholder value, which involves setting the culture, values and practices that operate throughout the business, and defining the strategic goals that the Group implements in its business plans. The Board defines a series of matters reserved for its decision and has delegated some of its responsibilities to relevant Committees. The chair of each committee reports to the Board on the activities of that committee.

The Audit Committee monitors the integrity of financial statements, oversees risk management and control, monitors the effectiveness of internal controls and reviews external auditor independence.

Alison Seekings chairs the Audit Committee. The Committee exists to scrutinise and clarify any qualifications, recommendations and observations within the audited accounts and report of the Company’s auditor. When satisfied, the Committee presents the audited accounts and report to the Company’s Board and reviews the effectiveness of resultant corrective and preventative measures.

The Remuneration Committee sets and reviews the compensation of Executive Directors including the setting of targets and performance frameworks for cash and share-based awards.

It acts to ensure sound Corporate Governance with respect to Director and senior management remuneration and meets once or twice in the year, as appropriate. The Committee functions with the objective of attracting, retaining and motivating the executive management of the Group and ensuring they are rewarded in a fair and responsible manner for their contribution to the success of the Group.

The role of the Committee is to determine and agree with the Board the framework or broad policy for the remuneration of the Company’s Chairman and Executive Directors, including pension rights and compensation payments. It also recommends and monitors the level and structure of remuneration for senior management. When setting the remuneration policy, the Committee reviews and considers the pay and employment conditions across the Group, especially when determining salary increases.

Andrew Walters chairs the Remuneration Committee and where there is a decision to be made around Andrew Walters’ own remuneration package, this is reserved for the other members of the remuneration committee to discuss without Andrew Walters present.

Quartix’s remuneration policy is now explicitly aligned to the Group’s long-term strategic objectives, corporate purpose, and desired culture. Executive and senior management incentives are increasingly based on both financial and non-financial metrics. The annual remuneration report will be presented to shareholders for an advisory vote at the AGM, with clear disclosure on malus and clawback arrangements as required by the latest QCA and FCA guidelines.

The Nominations Committee is chaired by Ian Spence. The Committee reviews the structure, size and composition of the Board to ensure the leadership of the Group is the most proficient to facilitate the Group’s ability to effectively compete in the marketplace. It makes recommendations to the Board regarding the continued suitability of any Director, the re-election by shareholders of any Director under the ‘retirement by rotation’ provisions in the Company’s Articles of Association, and succession planning for Directors and other Senior Executives.

The Chairman has overall responsibility for corporate governance and in promoting high standards throughout the Group. He leads and chairs the Board, ensuring that committees are properly structured and operate with appropriate terms of reference, ensures that performance of individual Directors, the Board and its committees are reviewed on a regular basis, leads in the development of strategy and setting objectives, and oversees communication between the Group and its shareholders.

The Chairman provides coherent leadership and management of the Group and leads the development of objectives, strategies and performance standards as agreed by the Board. He also monitors, reviews and manages key risks and strategies with the Board, ensures that the assets of the Group are maintained and safeguarded, leads on investor relations activities to ensure communications and the Group’s standing with shareholders and financial institutions is maintained, and ensures that the Board is aware of the views and opinions of employees on relevant matters.

At present Andrew Walters fulfils both the role of the Chairman and the CEO on the Board.

The Executive Director is responsible for implementing and delivering the strategy and operational decisions agreed by the Board, making operational and financial decisions required in the day-to-day operation of the Group, providing executive leadership to managers, championing the Group’s core values and promoting talented management.

The Independent Non-Executive Directors contribute independent thinking and judgement through the application of their external experience and knowledge, scrutinise the performance of management, provide constructive challenge to the Executive Directors and ensure that the Group is operating within the governance and risk framework approved by the Board.

The Company Secretary is responsible for providing clear and timely information flow to the Board and its committees and supports the Board on matters of corporate governance and risk.

The key matters reserved for the Board are:

Setting long-term objectives and commercial strategy.
Approving annual budgets.
Changing the share capital or corporate structure of the Group.
Approving half-year and full-year results and reports.
Approving dividend policy and the declaration of dividends.
Ensuring a satisfactory dialogue with shareholders.
Approving major investments, disposals, capital projects or contracts.
Approving resolutions to be put to general meetings of shareholders and the associated documents or circulars.
Approving changes to the Board structure.

8. Board Performance and Succession Planning

The focus in 2025 was on Board roles in the context of a Board development plan including a succession plan for Executive Directors. This evaluation was accompanied by a wider review of the levels of investment in the business, as well the senior management posts required to deliver on the Group’s strategy.

The Board, co-ordinated by the Executive Chairman, undertook a Board effectiveness review including evaluation of key committees, composition, and leadership. In 2025, an internal evaluation review was performed with findings collated by the Company Secretary which are summarised on page 20. Succession plans now account for skill diversity, independence and experience needed for future strategy and board renewal.

9. Remuneration Policy

Remuneration is designed to align executive incentives with long-term Group growth and shareholder interests. Performance is measured against ARR growth, new customer acquisition and strategic improvement objectives that are contribute to the growth of the business. The Remuneration Committee reviews outcomes annually and is committed to transparency in reporting, see the Remuneration Report for the 2025 remuneration report.

10. Governance Communication and Reporting

Communication with shareholders is fundamental to our governance framework and is actively led by the Board, in particular the Executive Chairman, with engagement by other directors as appropriate. The Board seeks to foster open and regular dialogue with both existing and prospective shareholders through a structured programme of meetings and calls, particularly following trading updates, as well as formal presentations to analysts and institutional investors after the publication of interim and annual results.

The Board receives regular reports from both its executive directors and its advisers summarising shareholder feedback, investor sentiment, and relevant market developments, ensuring all directors have a clear, up-to-date understanding of the views of our investor base. If a significant proportion of votes has been cast against board resolutions, the Board investigates the reasons and reports any actions taken in response.

We maintain a comprehensive, easily accessible investor relations section on our website, which provides up-to-date regulatory announcements, reports, governance materials, and information on how shareholders may contact the Company or raise queries. The Board remains committed to ensuring transparency and effective two-way communication in compliance with the 2023 QCA Code.

ESG statement

Quartix Technologies plc provides subscription-based vehicle tracking systems and telematics analytics that help fleets operate more safely, efficiently and sustainably, supporting the transition to a lower‑carbon transport sector.

Environmental

Quartix’s core products enable customers to reduce fuel consumption and emissions by using driving‑style analytics, routing and utilisation data, with studies indicating typical fuel savings in the range of 10–25% for fleets using telematics effectively. The Group is committed to continuous improvement in areas such as office energy efficiency, travel, and hardware logistics while supporting customers with tools and guidance to run greener fleets.

Social

Quartix focuses on providing a safe, inclusive and supportive working environment, with policies covering employee wellbeing, health and safety, equal opportunities and professional development for its global workforce. The business also seeks to create positive social impact by improving road safety and supporting customers in managing driver behaviour, compliance and duty‑of‑care responsibilities.

Governance

The Board oversees ESG matters and reviews sustainability priorities, monitors performance and integrates ESG considerations into risk management and long‑term strategy. Quartix maintains high standards of corporate governance through its board committees, codes of conduct and compliance framework, and engages regularly with investors and other stakeholders on ESG topics, including as a recipient of the London Stock Exchange’s Green Economy Mark.

Commitment to a Better Future

At Quartix, corporate responsibility is central to the way we do business. We believe sustainable growth comes from being a good employer, a trustworthy partner, and a proactive member of our community. Every step we take is designed to create positive value for our customers, our people, and the world around us.

Empowering Our People

Our colleagues are at the heart of our business. We:

Foster a diverse, inclusive, and rewarding environment where everyone can thrive.
Invest in training and development, supporting each individual’s growth.
Celebrate achievement and encourage open communication and collaboration at all levels.

We demand integrity, transparency, and respect in all interactions, ensuring every Quartix workplace is safe, free from harassment and welcoming.

Valuing Our Customers

We place our customers and partners at the centre of everything we do. Quartix delivers:

Innovative, high-quality solutions with consistent reliability.
A commitment to fair value, honesty, and long-term partnership.
Responsive support shaped around customer needs and industry best practice.

Building Responsible Partnerships

Our suppliers and partners shape our success. We:

Seek out and nurture ethical, sustainable relationships with like-minded organisations.
We commit to partnerships built on transparency, respect and trust, ensuring that all voices are heard.
Work together for continual improvement and shared benefit.

Our Environmental Responsibility

We are committed to reducing our environmental impact and continuously improving how we operate. Our current focus includes:

Developing an environmental management policy and regularly reviewing our objectives to strengthen sustainable practices.
Enhancing operational efficiencies to minimise waste, emissions, and resource use.
Promoting awareness and training to empower our team to act responsibly and support a more sustainable future.

Recent actions include improved route analytics, reduction in the use of paper and single-use materials, and increased digitalisation across our operations.

Health, Safety & Well-being

Safety is the cornerstone of our operations. We:

Uphold rigorous health and safety standards and regularly update our policies.
Encourage shared responsibility for a safer, healthier workplace.

Community & Social Impact

Quartix proudly supports the communities where we work. Our approach:

Involvement in and financial support for local charities and non-profit organisations.
Encourage and support our teams individual charitable fundraising through promotion on our shared online portal

CSR Impact Highlights

Investing in People

Total staff training hours delivered this year: 454
Average training hours per employee: 2.67 hrs per employee
Key training initiatives: Digital skills upgrade including Artificial Intelligence and cyber security awareness, sexual harassment training, management training & development, health & safety, fire warden & first aid refreshers.

Supporting Our Community

Fundraising efforts: Quartix staff collectively raised £7,556 for Rekindle, supporting essential programmes and community initiatives. As part of our commitment to safety and community wellbeing, Quartix supports Brake, the UK road safety charity, which works to prevent road deaths and injuries and provides specialist support to road crash victims and their families. In 2025 we donated £4,000 to Brake. Quartix has also sponsored the football shirts for a green roots football team, in Newtown two years running and sponsored the Newtown 10km which is held annually.
Charity partnerships: Our team is encouraged to participate in local fundraising events and Quartix has a scheme to match giving.

Charity of the year: Rekindle a youth mental health charity based in Newtown, Powys, providing specialised support and therapy for young people aged 16–25 to improve their mental health and wellbeing. Funds raised support one-to-one counselling, workshops, group activities, and safe spaces that empower young people to live their lives well.

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