REG - Pinewood Tech Gp PLC - Business Update

Pinewood TechnologiesAnnouncement

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RNS Number : 9695X  Pinewood Technologies Group PLC  25 March 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

FOR IMMEDIATE RELEASE

 

 

 

25 March 2026

 

Pinewood Technologies Group PLC ("Pinewood.AI" or the "Company")

 

Business Update

 

Marshalls Implementation

Pinewood Technologies Group PLC announced on 22 October 2024 that it had
entered a five-year contract with Marshall Motor Group ("Marshalls") to
implement the Pinewood.AI system. Since then, Pinewood.AI and Marshalls have
been working collaboratively across a number of key areas, including aligning
with many other complementary technology projects that Marshalls is
implementing to modernise its systems for the future. This integrated approach
is designed to maximise the long-term benefits to Marshalls, once the
Pinewood.AI system is launched.

 

Both parties have been focused on optimising the sequencing and efficiency of
these key technology projects. This process has taken longer than originally
anticipated, compared with the expectations set out in the 24 September 2025
announcement, but is expected to deliver a more effective outcome for
Marshalls once completed. Pinewood.AI and Marshalls had previously expected
the rollout to commence in Q1 2026.

 

This planning process is approaching completion, and the rollout of the
Pinewood.AI system is now expected to commence in the second half of 2026.
Since October 2024, Marshalls has added a significant number of new
dealerships and brands to its portfolio, including Geely Auto, Omoda, Jaecoo,
BYD and Genesis dealers which have enhanced and grown the Marshalls network.

 

Lookers Implementation

The system implementation across Lookers' dealerships commenced on 21 July
2025 and is progressing to schedule with a significant number of the Lookers
OEM brands now on the Pinewood.AI platform. In February, we executed a
simultaneous 13 store go-live across Lookers' Mercedes-Benz dealers. The
rollout into the remaining Lookers dealers is scheduled to complete on time,
in quarter four 2026.

 

North America System Rollout

The system is currently live in various stages in North America and is
performing as planned. We are testing major dealership functions
collaboratively with the Lithia team and making progress toward our goals. We
are looking forward to commencing the system rollout in North America in the
second half of 2026.

 

Acquisition of Netherlands Reseller

We are pleased to announce that we have acquired our last remaining reseller,
based in The Netherlands, for a total cash consideration of £3.3m. The
acquisition is aligned with Pinewood.AI's strategy to fully control its
international sales and customer service functions, and it will support the
Group's growth ambitions in the Central European market. The transaction is
expected to add approximately £0.7 to £0.8m in incremental annual EBITDA.

 

Guidance

As a result of the change in timing of the Marshalls implementation, FY26
underlying EBITDA will be lower than current market expectations. The Board of
Pinewood.AI also reaffirms its expectation that the Group will achieve
underlying EBITDA of £58-62m by FY28. This is underpinned by good visibility
from existing signed contracts and a strong pipeline of opportunities.

 

FY25 Results

We look forward to releasing FY25 results on 22 April 2026.

 

Bill Berman, Chief Executive Officer of Pinewood Technologies Group,
said: "We are proud to be part of the continuing growth story of Marshalls
and Constellation Automotive Group. As they partner with a number of new OEM
partners, we look forward to helping them drive their business forward with
the Pinewood.AI system delivering productivity improvements and increased
efficiencies.

 

"I am encouraged by the progress of the Lookers rollout, which reflects the
strength of collaboration between the Pinewood.AI and Lookers teams. We
remain on track to complete the Lookers implementation on schedule.
Preparations for our rollout with Lithia in the US also continue at pace, with
module testing progressing well as we prepare to launch later in 2026.

 

"Our team have done an excellent job on the North American market work so far,
on both the integrations needed and the product localisation. We are now close
to entering what is comfortably the biggest market in the world, with over $9
billion of addressable revenue.

 

"The acquisition of our Netherlands reseller highlights our commitment to
growing Pinewood.AI's customer base in Central Europe.  We have acquired a
very successful business and an excellent team who will help us accelerate our
growth in this key region."

Enquiries:

 

 Headland
 Henry Wallers  07876 562436
 Jack Gault     07799 089357

 

About Pinewood Technologies Group PLC

Established in 1981, Pinewood Technologies Group PLC (Pinewood.AI) is a
leading cloud-based full-service technology provider to automotive retailers
and OEMs. Pinewood.AI's system is a market-leading automotive intelligence
platform, which has been developed collaboratively with dealers and OEMs to
provide secure software across sales, aftersales, accounting and CRM. With
headquarters located in the UK and North America, Pinewood.AI serves a global
user base spanning 36 countries and has long-standing partnerships with over
50 OEM brands.

Previously part of Pendragon PLC, in 2024 Pinewood.AI became an independent
entity following the sale of Pendragon's UK Motor and Leasing divisions to
Lithia Motors Inc, one of the largest automotive retailers in North America.
In February 2025, Pinewood Technologies Group PLC acquired Seez, an automotive
AI & ML SaaS platform. LON: PINE, OTCQX: PINWF

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