Pinewood Technologies Delays Marshalls Rollout, Acquires Netherlands Reseller and Revises FY26 EBITDA

Pinewood delays Marshalls rollout to H2 2026 while tightening European control

Pinewood Technologies Group PLC has pushed back its Marshalls implementation to the second half of 2026, citing the need to coordinate with a wider stack of technology upgrades at Marshall Motor Group. The sequencing work has taken longer than planned versus guidance given on 24 September 2025, when rollout was expected to begin in Q1 2026.

In plain English: Marshalls is modernising a lot at once, and Pinewood.AI wants its system to land cleanly alongside those other changes. The prize could be a smoother, more effective go-live – but the trade-off is time. Since October 2024, Marshalls has added a significant number of new dealerships and brands, including Geely Auto, Omoda, Jaecoo, BYD and Genesis, which adds scope and complexity to the rollout.

Lookers rollout stays on track, with a 13-store Mercedes go-live

There is better news at Lookers. Implementation began on 21 July 2025 and remains on schedule. A notable milestone: a simultaneous 13-store go-live across Lookers’ Mercedes-Benz dealers in February, with a significant number of Lookers’ OEM (original equipment manufacturer – the car brands themselves) integrations now live on Pinewood.AI.

The remaining Lookers rollout is set to complete in Q4 2026. That cadence shows Pinewood can deliver complex, brand-heavy migrations at scale – useful proof as it lines up bigger swings.

North America edges closer: rollout targeted for H2 2026

Pinewood says its system is live in various stages in North America and “performing as planned”. The team is testing major dealership functions alongside Lithia Motors, with the formal rollout expected to start in the second half of 2026.

Management again flagged the scale here: over $9 billion of addressable revenue in what it calls “comfortably the biggest market in the world”. That is potential, not guidance, but it underlines why North America is the focal point for medium-term growth.

Netherlands reseller acquired for £3.3m, adding £0.7-0.8m EBITDA

Pinewood has bought its last remaining reseller in The Netherlands for a total cash consideration of £3.3 million. The strategy is to fully control international sales and customer service – owning the customer interface should give Pinewood more consistency and capture more margin as it scales in Central Europe.

The deal is expected to add approximately £0.7 to £0.8 million of incremental annual EBITDA (earnings before interest, tax, depreciation and amortisation – a proxy for operating cash profit). On the face of it, that implies a punchy return on investment: roughly a 21-24% EBITDA yield, or an acquisition multiple in the region of 4.1-4.7x EBITDA, if performance lands as expected.

Guidance: FY26 EBITDA below market expectations; FY28 target reaffirmed

Because of the Marshalls timing shift, Pinewood now expects FY26 underlying EBITDA to be lower than current market expectations. No specific figure is disclosed. The company, however, has reiterated its FY28 underlying EBITDA target of £58-62 million, citing good visibility from signed contracts and a strong pipeline.

That combination – a softer FY26 followed by a reaffirmed FY28 – suggests a timing effect rather than a strategy wobble. It does, though, push more of the earnings ramp into late 2026 and beyond, which matters for valuation timelines.

Key numbers and milestones

Item	Detail	Figure/Timing
Marshalls rollout	Start of implementation	H2 2026 (was Q1 2026)
Marshalls network	Added brands since Oct 2024	Geely Auto, Omoda, Jaecoo, BYD, Genesis
Lookers rollout	Start and progress	Started 21 July 2025; Q4 2026 completion targeted
Mercedes-Benz at Lookers	Simultaneous go-live	13 stores (Feb 2026)
North America	Rollout timing	H2 2026; system live in various stages
Addressable market (NA)	Management comment	Over $9 billion
Netherlands reseller	Acquisition price	£3.3 million cash
Netherlands reseller	Incremental annual EBITDA	£0.7-0.8 million
FY26 underlying EBITDA	Versus market expectations	Lower than expectations (not disclosed)
FY28 underlying EBITDA	Target range	£58-62 million
FY25 results	Reporting date	22 April 2026

What this means for investors

The good

• Execution credibility: The Lookers programme is advancing on schedule, with a complex multi-store Mercedes-Benz go-live under the belt. That is the sort of operational evidence markets like to see.
• Strategic positioning: North America testing is underway with Lithia, and the H2 2026 rollout target is intact. The $9 billion addressable market frames a sizeable long-term opportunity.
• Margin control in Europe: Taking out the final reseller in The Netherlands gives Pinewood full control over sales and service in a growth region, with an attractive implied EBITDA yield if the uplift comes through.
• Visibility to FY28: Reaffirmed £58-62 million underlying EBITDA by FY28, underpinned by signed contracts and pipeline, supports the multiyear growth story.

The watch-outs

• Timing slippage bites FY26: Lower-than-expected FY26 EBITDA is a clear near-term negative for models and sentiment. The company has not quantified the shortfall.
• Clustered execution risk: Marshalls, North America and the tail of Lookers all converge into H2 2026. That is a lot of change to shepherd at once.
• Integration scope creep: Marshalls’ expanded brand footprint is good for scale, but added complexity can stress timelines and resources.

Context: what Pinewood.AI actually does

Pinewood is a cloud-based, full-service technology provider to automotive retailers and OEMs, covering sales, aftersales, accounting and CRM in one platform. It serves users in 36 countries and partners with over 50 OEM brands. The group became independent from Pendragon in 2024 after the sale of Pendragon’s UK Motor and Leasing divisions to Lithia Motors Inc, and it acquired Seez, an automotive AI and ML SaaS platform, in February 2025. Listings: LON: PINE, OTCQX: PINWF.

My take: a hold-your-nerve quarter

This update blends a short-term wobble with long-term resolve. The Marshalls delay will likely knock FY26 estimates and could test patience, but the operational wins at Lookers, the imminent North American push, and a neat, earnings-accretive Dutch bolt-on all support the 2026-2028 growth arc.

If you are here for the multi-year modernisation of dealership software, today’s message is essentially “not yet, but still coming”. Key is discipline in H2 2026 when multiple rollouts collide. Evidence of steady cutovers and customer satisfaction through that window will be the swing factor for sentiment.

What to watch next

• 22 April 2026: FY25 results – look for detail on contract economics, rollout phasing and cash conversion.
• Marshalls plan finalisation – any firm pilot dates in H2 2026 will help de-risk the schedule.
• North America pilots – proof points on dealer adoption and module performance ahead of broader rollout.
• EBITDA trajectory – any interim quantification of the FY26 shortfall versus market expectations would add clarity.