Remuneration at a glance The Directors’ Remuneration Policy was approved by shareholders at the AGM on 28 January 2025 and our approach to implementing this for our Executive Directors can be found below:
Element
Approach
Approach for FY25
Approach for FY26
Salaries from 1 October 2024: • Mike Maddison (CEO) – £561,350 • Guy Ellis (CFO) – £312,000 until 1 June 2025, £342,000 from 1 June 2025
Salaries from 1 October 2025: • Mike Maddison (CEO) – £575,384 • Guy Ellis (CFO) – £375,000
Salary
Reviewed annually taking into account Group and personal performance. Increases are normally in line with the wider workforce but also take into account other factors such as changes to responsibility, development and complexity of the role.
As per the policy.
No change for FY26.
Benefits
Benefits principally include private medical insurance, income protection and life assurance.
Pensions in line with the workforce rate of 4.5% of salary.
No change for FY26.
Pension
Pensions for FY25 were in line with the maximum employer contribution available to the majority of the workforce. Maximum annual bonus of 125% of salary. 35% of any bonus payment in excess of £50,000 is normally deferred into shares or nominal cost share options which vest after a two year period. Malus and clawback provisions apply. Maximum annual award levels: • Mike Maddison (CEO) – 175% of base salary • Guy Ellis (CFO) – 150% of base salary Awards have a performance period of at least three years and are normally subject to a further holding period of two years. Malus and clawback provisions apply. 200% of salary. Post-cessation shareholding guidelines of 200% of salary for year one and 100% of salary for year two after stepping down as an Executive Director.
Annual bonus
Maximum annual bonus of 125% of salary. Performance measures: • 60% Adjusted operating profit • 40% strategic objectives
No change for FY26.
LTIP awards are expected to be made in December 2025/ January 2026 during the financial year ending 30 September 2026, which will be for performance period 1 October 2025 to 30 September 2028.
For FY25, neither of the Executive Directors were granted awards.
Long Term Incentive Plan
Shareholding requirement
As per the policy.
No change for FY26.
FY25 annual bonus outcome
Performance measure Threshold (20%)
Target (40%)
Maximum (60%)
Actual
Weighting
Outcome achieved
Adjusted operating profit
£23.1m
£25.6m
£29.1m
£23.7m
60%
24.8%
Strategic (see page 86)
40%
CEO – 36.5% CFO – 40.0%
Strategic
The strategic targets were set individually for the Executive Directors based on key strategic objectives for the year in their area of responsibility – more details can be found on page 86.
Total
100%
100%
CEO – 61.3% CFO – 64.8%
2022 LTIP award outcomes
Threshold (15% vesting)
Target (50% vesting)
Maximum (100% vesting)
Performance measure
Actual
Weighting
Outcome achieved
Adjusted EPS growth
6%
N/A
18%
(31%)
60%
0%
Cash conversion
80%
85%
90%
92%
20%
20%
TSR
Median
N/A
Upper quartile
Lower quartile
20%
0%
Total
100%
20%
NCC Group plc — Annual report and accounts for the year ended 30 September 2025 83
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