Nuix Limited

ACV finished the half at $234.4 million, up 8.4% year over year, or 7.8% on a constant currency basis. Nuix Neo ACV grew 148% to $46.8 million, while Nuix Neo Discover grew by a further $6.5 million; component ACV declined by $18.3 million. Revenue was $121.2 million, up 15.2% year over year, and adjusted management EBITDA was $19.1 million, up 42.6%, with margin expanding from 12.7% to 15.8%. Statutory EBITDA was $26.5 million. Underlying cash flow was $28.4 million versus $7 million in 1H '25, free cash flow was $20.4 million versus negative $7.4 million, and closing net cash was $57.8 million. For FY '26, management reaffirmed ACV guidance of $240 million to $260 million, excluding any ACV from Linkurious, and said ACV should be weighted to the second half.

John Ruthven framed the half as evidence of continued business transformation, with strong ACV growth, faster Neo adoption, and operating leverage coming through in the P&L. He emphasized that Nuix Neo plus BYO AI gives the company a structural advantage in enterprise-scale forensic analysis because customers need both AI flexibility and defensibility. His tone was constructive but candid: he openly said NDR is not where they want it to be, and positioned the Neo migration program as the main fix.

Peter McClelland focused on the mix of growth and the drivers behind it. He said ACV growth came from new customers, while NDR of 101% reflected downsell in a few large accounts, including project completions, changes in global partnership usage, and one legal-sector loss in ANZ; churn improved to 5.9% from 7.1% at FY '25. He also highlighted disciplined spending, with R&D at $28.8 million or 24% of revenue, and noted cash performance improved sharply, with a $57.8 million net cash position, a $50 million facility upsized and still largely undrawn, and $20 million of that facility restricted for Linkurious.

Analysts pressed on weak NDR, and management attributed it to a few large-client downsells across different causes rather than one single issue, while stressing that new customer growth is not included in NDR and churn improved. They were also asked about Nuix Neo versus Neo Discover, and management confirmed the two together account for 40% of total ACV, that the figures are roughly in line with the questioner's math, and that they will keep reporting them separately for transparency. On sales strategy, management said there is no planned change to the blended direct-and-channel go-to-market mix; on the product roadmap, they pointed to Neo 2.1 features such as semantic search, UI improvements, and local deployment.