Jenny Kalenderidis, Executive Chair

The past year has been one of focused transition. In a rapidly evolving cyber threat landscape and continued economic uncertainty, organisations are becoming more deliberate in their security investments prioritising resilience, depth of capability, and trusted delivery partners.

In this environment, Reliance Cyber delivered a resilient performance for the year ended 31 December 2025. We continued to support our customers in an increasingly demanding security landscape, strengthened our core capabilities, and took decisive steps to position the business for sustainable long‑term growth.

We welcomed 36 new customers during the year, contributing 31% of total revenue. Growth was driven by demand for higher‑value services, with Managed Detection and Response (MDR) increasing to 43% of revenue (up from 33% in the prior year). Managed services now represent approximately 60% of total revenue, strengthening our base of predictable, recurring income.

This performance reflects clear strategic choices. Over the past two years, we have invested ahead of demand, building capability in Google SecOps, Google Threat Intelligence, Wiz and Cato. We have continued to advance the Reliance RADAR platform, enabling next‑generation, AI‑enabled security operations. Our award‑nominated automation for threat detection using Vertex AI is already in production, with further development planned in 2026 to introduce agentic capabilities.

Looking ahead, our focus remains on disciplined execution. While market conditions are competitive, long‑term demand for specialist cyber security services continues to grow. With a strengthened proposition, deeper strategic partnerships, and a clear focus on higher‑value services, we are well positioned for the next phase of growth.

We thank our customers, partners, and team for their continued trust and support.