EROAD is repositioning for a changing environment

Market Release
25 November 2022
EROAD is repositioning for a changing environment

Transportation technology services company EROAD (ASX/NZX: ERD), with its purpose of safer
and more sustainable roads, today released its financial results for the six months ended 30
September 2022.
All numbers are stated in New Zealand dollars (NZ$) and relate to the six months ended 30
September 2022 (H1 FY23), unless stated otherwise. H1 FY23 includes a full six month
contribution from Coretex. Comparisons will be made to both the six months ended 30
September 2021 (H1 FY22) and the six months ended 31 March 2022 (H2 FY22) which
includes a four month contribution from Coretex.

Financial Highlights
• Reported Revenue increased from $48.0m in H1 FY22 to $85.4m for H1 FY23 reflecting
a full six-month contribution from Coretex, one-off acquisition accounting adjustment
of $7.0m relating to the Coretex merger and growth across all markets.
• Annualised Monthly Recurring Revenue increased by $23.7m (18%) from $134.6m in H2
FY22 to $158.3m in H1 FY23 reflecting growth across all markets and a FX benefit of
$13.6m.
• EBIT increased from a loss of $0.4m restated in H1 FY22 to a reported profit of $1.0m.
Normalised
1
EBIT loss increased from $2.5m in H2 FY22 to $3.4m in H1 FY23.
• EROAD remains on track for Normalised
1
Revenue of between $154m - $164m* and,
with management’s focus on cost-cutting initiatives, remains on track for
FY23 Normalised
1
EBIT of between $-5m and breakeven (subject to FX) despite
headwinds.
Strategic Highlights
• Rationalisation of product suite is underway which increases the efficiency and velocity
of EROAD's engineering teams and reduces R&D spend across the platforms.
• Began a cost cutting programme, which will benefit H2 FY23 and beyond.
Further initiatives underway will continue to provide increased opportunity for cost-out
from FY24.

1
Normalised for Non-cash acquisition accounting adjustments and integration costs

• Looking forward, operating cash flow will improve from decreased integration and
personnel costs and forecasted higher revenue.
• New Zealand continues to deliver consistent strong growth with new and
existing customers.
• EROAD has proven the product market fit with the Coretex products by winning
business against some of its strongest competitors in North America.
• EROAD’s pipeline of opportunities remains robust with 22 enterprise customers at the
pilot stage across all the markets, representing some 32,300 contracted units.
• Strategic review focused on profitable growth, with a broader range of commercial
models being unlocked from the Coretex merger.

“I’m proud of the progress the EROAD team has made against our strategic priorities. We
have delivered 18% growth in Annualised Monthly Recurring Revenue (AMRR) from H2 FY22
and won a contract to supply an North America Enterprise customer for over 9,000 trucks,
alongside making progress integrating EROAD and Coretex. We moved early on a cost out
programme to ensure we are able to deliver profitable growth.” says Mark Heine, Chief
Executive Officer.

EROAD Chair Graham Stuart says: “Overall, your Board is responding decisively to
repositioning EROAD to ensure we succeed and deliver to shareholder expectations. With a
sharp focus on shortening investment horizons, we are looking for a quicker return on
investment from R&D spend and undertaking an on-going programme of cost-cutting
initiatives. EROAD’s financial performance for the first half represents a business in
transition. We expect the tough decisions taken during this year will positively impact on
performance in the second half and beyond and, coupled with the outcomes of the strategic
review, will set the business towards profitable growth.”

H1 FY23 financial results reflect a period of transition
Revenue increased from $48.0m in H1 FY22 to $85.4m in H1 FY23 reflecting a full six month
contribution from Coretex, a $7.0m non-cash acquisition accounting revenue relating to the
Coretex merger and growth across all markets. Annualised Monthly Recurring Revenue,
which provides a forward view of on-going revenue, has increased by $23.7m (18%) from
$134.6m in H2 FY22 to $158.3m in H1 FY23 reflecting growth across all markets and a FX
benefit of $13.6m. EROAD continued to execute its growth strategy, growing contracted
units to 217,519 and 1,019 customers adding products and services to their plan such as
Clarity Connect Cameras, Enterprise Data Connector, Logbook and Inspect subscriptions.
New Zealand continues to deliver strong and stable growth. North America saw gross sales of
7,572 units, more than three times that of H1 FY21, with some 75% of new sales coming from
Coretex subscriptions. However, in North America, EROAD continues to be impacted by high
churn in small-to-medium Ehubo customers as a result of the macro-economic conditions and

the increased competitiveness.

EROAD continued to benefit from high asset retention rates for both EROAD and Coretex
customers despite the challenging and competitive environment. EROAD has successfully
renewed 918 customers contracts over H1 FY23, representing some 21,336 contracted units.
This included one of EROAD’s largest North American enterprise customers, ABC Supply, for
over 6,000 subscriptions through to at least August 2024. ABC Supply is one of North
America’s largest wholesale distributors of roofing, siding, and other select exterior and
interior building products, and has been partnering with EROAD since 2019. The team in
North America and Australia have been focused on renewal of contracts as EROAD enters
into a renewal phase for some of EROAD’s larger Enterprise customers in these regions.

Operating expenditure for H1 FY23 was $64.6 million reflective of the additional Coretex
operating expenditure, integration costs of $5.5m, inflation and pressure in the labour
market for specialist skills.

Reported EBITDA increased from $12.3m in H1 FY22 to $20.8m. For H1 FY23, once the one-
off non-cash acquisition accounting revenue and integration costs are excluded, normalised
EBITDA is $16.4m, representing an EBITDA margin of 19%. EBIT increased from a loss of
$0.4m restated in H1 FY22 to a reported profit of $1.0m. Normalised EBIT loss increased
from $2.5m in H2 FY22 to $3.4m in H1 FY23.

EROAD has taken a number of steps in 2022 to reduce its cost base and run the business
more efficiently. While EROAD is only at the start of this journey, a number of meaningful
actions were taken to reduce operating costs for H2 FY23 and beyond including reducing
headcount (net reduction of approximately 40 roles) and operating costs, reducing the
number of office leases and renegotiating contracts with suppliers. It is expected that these
initiatives, together with the completion of the integration and reduction in personnel costs,
will see operating leverage start to improve. Further initiatives underway will continue to
provide further opportunity for cost-out from FY24

As anticipated, research and development spend increased from $13.3m in H1 FY22 to
$20.5m in H1 FY23. EROAD continues to expect to spend around $38m for FY23. EROAD is
focused on increasing the return on investment made in research and development by
rationalising its product suite and increasing the efficiency and velocity of its engineering
teams.

Free cashflows continue to be impacted by a combination of the merger with Coretex, R&D
investment and growth in inventory as global supply chain pressures were addressed. EROAD
renegotiated a new syndicated debt facility of $90m in March 2022 to provide future capacity
to grow. Headroom of around $41.8m as at 30 September 2022 will support the R&D and
integration investment planned for FY23 and fund hardware to enable EROAD to pursue large

Enterprise opportunities.

Delivering progress on strategic initiatives to reposition EROAD
Integration of Coretex, which was almost half the size of EROAD, has been a key focus
following the completion of the merger in November 2021. The integrated platform is
expected to be live by the end of 2022, with the focus then on integrating Clarity Dashcam
and the US tax products in the first quarter of 2023. Work will also begin on simplifying the
platforms with a single ingestion engine for multiple telematics device types, reducing SaaS
overhead and improving performance of the platforms in the medium term.

With the expanded portfolio of products and capabilities, following the merger with Coretex,
EROAD is now beginning to convert its pipeline to sales in the North American market,
proving the product market fit with CoreHub. North America saw gross sales of 7,572, more
than 3 times that of H1 FY21, with some 75% of new sales coming from Coretex subscriptions.
However, in North America, EROAD continues to be impacted by high churn in small-to-
medium Ehubo customers as a result of the macro-economic conditions and the increased
competitiveness. Following a rigorous and competitive procurement process lasting 18
months, earlier this month EROAD was awarded a contract to supply its CoreHub technology
and SaaS solutions to North American foodservice operator Sysco for over 9,000 trucks, with
further growth potential. EROAD and Sysco will work together to rollout EROAD’s solutions
across the next 12 months. Sysco will utilise EROAD’s fully integrated solutions to provide
supply chain assurance for critical food service distribution throughout North America.

EROAD continued to benefit from high asset retention rates for both EROAD and Coretex
customers despite the challenging and competitive environment. EROAD has successfully
renewed 918 customers contracts over H1 FY23, representing some 21,336 contracted units.
This includes one of EROAD’s largest North American Enterprise customers, ABC Supply, for
over 6,000 subscriptions through to at least August 2024. ABC Supply is one of North
America’s largest wholesale distributors of roofing, siding, and other select exterior and
interior building products, and has been partnering with EROAD since 2019. The teams in
North America and Australia have been focused on renewal of contracts as EROAD enters
into a renewal phase for some of its larger Enterprise customers in these regions.

The Board of EROAD has appointed an external consultant to assist with a thorough strategic
review. The strategy review is looking to build on the progress made in H1 FY23 towards
profitable growth. The review looks to build on the cost-out initiatives already implemented
in H1 FY23, alongside further rationalisation of products. A key focus for EROAD is the North
America market, and this review is working towards a more focused and disciplined market
strategy. EROAD will conclude the strategy review before the end of FY23 and provide a
more detailed update to the market.

Looking forward
EROAD today reconfirms guidance provided to the market as part of its market update on 7
November 2022. With more clarity around the conversion of the North American enterprise
pipeline, the FY23 revenue guidance was narrowed to between $154m - $164m subject to FX
movements (previous guidance $150m - $170m). EROAD has a number of headwinds on
operating costs, however management has been focused on cost reduction initiatives to help
offset the impact of inflationary and supply chain pressures to ensure EROAD remains on
track to achieve a FY23 Normalised EBIT of between $-5m and breakeven.

EROAD expects Revenue growth momentum to continue to build in FY23 and beyond
reflecting continued strong growth in New Zealand and the improved product market fit with
the CoreHub product in North America. The Enterprise pipeline remains robust with a total
of 22 Enterprise customers at the pilot stage across all the markets, representing some
32,300 contracted units. EROAD expects revenue growth will continue to reflect the lumpy
nature of enterprise sales and the phasing of the hardware roll-outs. The key focus for the
second half of FY23 will also be the retention and renewal of EROAD’s large North American
and Australian Enterprise customers.

Times are tough for most businesses and industries, as such it’s not surprising that buying
decisions are just taking longer, which we expect will push out the timing to reach EROAD’s
$250m revenue target beyond FY25. EROAD continues to have significant growth
opportunities as it is beginning to see the benefits of the improved market fit of Coretex
products with higher gross sales in North America and good conversion of pilot opportunities
to sales. Businesses continue to increasing their demand for solutions focused on
sustainability, data and managing assets.

Ends

Authorised for release to the NZX and ASX by EROAD’s Board of Directors.

Webinar details:

EROAD’s Chief Executive Officer, Mark Heine, and Acting Chief Financial Officer, Margaret
Delany, will give a presentation on the company's financial and operational performance for
H1 FY23 via a webinar commencing on Friday 25 November 2022 at 11:00am NZT.
Register in advance for this webinar:
Topic: EROAD H1 FY23 Financial Results Announcement
When: November 25, 2022
Time: 11:00 AM NZT
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN rXDI0XdTd2LRf4AWduN5

After registering, you will receive a confirmation email containing information about joining the webinar.
A replay of this conference call will be available once it has been uploaded to the EROAD website under
‘presentations’ on https://www.eroadglobal.com/global/investors/


Investor enquires please contact:
Anna Bonney
Investor Relations
+64 21844155
anna@merlinconsulting.co.nz
For Media enquiries please contact:
Hugo Shanahan
Hugo@shanahan.nz

Non-GAAP Measures
EROAD has used non-GAAP measures when discussing financial performance in this
document. The directors and management believe that these measures provide useful
information as they are used internally to evaluate performance of business units, to
establish operational goals and to allocate resources. Non-GAAP measures are not prepared
in accordance with NZ IFRS (New Zealand International Financial Reporting Standards) and
are not uniformly defined, therefore the non-GAAP measures reported in this document may
not be comparable with those that other companies report and should not be viewed in
isolation or considered as a substitute for measures reported by EROAD in accordance with
NZ IFRS.

The non-GAAP measures EROAD have used are Annualised Monthly Recurring Revenue
(AMRR), Costs to Acquire Customers (CAC), Costs to Service & Support (CTS), EBITDA,
Normalised EBITDA, EBITDA margin, Normalised EBITDA margin, Normalised Revenue, Free
Cash Flow and Future Contracted Income (FCI).

---

Results for announcement to the market
Name of issuer EROAD Limited
Reporting Period 6 months to 30 September 2022
Previous Reporting Period 6 months to 30 September 2021
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$78,452 63%
Total Revenue $85,407 78%
Net profit/(loss) from
continuing operations
$552 -120%
Total net profit/(loss) -$5742 114%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend declared
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.16 $1.27
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For commentary on the result, please refer to the Interim Report
for the six months ended 30 September 2022.
Authority for this announcement
Name of person authorised
to make this announcement
Margaret Warrington
Contact person for this
announcement
Margaret Warrington
Contact phone number
(
09) 927 4700
Contact email address Margaret.warrington@eroad.com
Date of release through MAP 25 November 2022

Audited financial statements for the half year ended 30 September 2022 accompany
this announcement.

TEL +64 9 927 4700 PO Box 305 394

FAX +64 9 927 4701 Triton Plaza, North Shore 0757 Page 1
FREE 0800 4 EROAD Auckland, New Zealand eroad.co.nz

---

2023
Interim
Report

PAGE 2 PAGE 3
PAGE 4
Letter from the Chair
PAGE 6
Letter from the Chief Executive Officer
PAGE 14
Financial Statements
PAGE 37
Independent Review Report
PAGE 39
Directory
Contents
Non-GAAP Measures
EROAD has used non-GAAP measures when discussing financial performance
in this document. The directors and management believe that these measures
provide useful information as they are used internally to evaluate performance
of business units, to establish operational goals and to allocate resources.
Non-GAAP measures are not prepared in accordance with NZ IFRS (New
Zealand International Financial Reporting Standards) and are not uniformly
defined, therefore the non-GAAP measures reported in this document may
not be comparable with those that other companies report and should not
be viewed in isolation or considered as a substitute for measures reported by
EROAD in accordance with NZ IFRS.
The non-GAAP measures EROAD have used are, Annualised Monthly
Recurring Revenue (AMRR), Costs to Acquire Customers (CAC), Costs to
Service & Support (CTS), EBITDA, Normalised EBITDA, EBITDA margin,
Normalised EBITDA margin, Normalised Revenue, Free Cash Flow and Future
Contracted Income (FCI).

2023 INTERIM REPORT | EROAD
PAGE 4
LETTER FROM THE CHAIR
PAGE 5
Graham Stuart
Chairman
Letter
from
the Chair
The capital markets have turned,
particularly for SaaS technology stocks.
In addition to this, EROAD’s share price
has continued to track under the indices
for technology stocks. Capital is scarcer
and more expensive.
Overall, your Board is responding
decisively to this new reality by
repositioning EROAD to ensure we
succeed and deliver to shareholder
expectations. With a sharp focus
on shortening investment horizons,
we are looking for a quicker return
on investment from R&D spend and
undertaking an on-going programme of
cost-cutting initiatives.
In addition, we have appointed an
external consultant to assist with
a thorough strategic review. The
strategy review is looking to build on
the progress made in H1 FY23 towards
profitable growth. The review looks to
build on the cost-out initiatives already
implemented in H1 FY23, alongside
further rationalisation of products and
narrowing of focus of which products
are brought to the market. A key
focus for EROAD is the North America
market, and this review is working
towards a more focused and disciplined
market strategy. EROAD will conclude
the strategy review before the end
of FY23 and provide a more detailed
update to the market.
In June, we appointed Mark Heine as
Chief Executive Officer. The Board
is pleased that staff are responding
positively to this change and, under
Mark’s leadership, EROAD is sharpening
its focus on profitable growth and
following through to make the tough
choices that are needed.
The integration of Coretex is well
progressed and we have proven the
product market fit with the CoreHub
product and 360 platform by winning
business against some of our strongest
competitors. While we continue to be
impacted by high churn from our small-
to-medium Ehubo North American
customers, our New Zealand and
Australian businesses continue to track
well against our expectations.
The group’s financial performance
for the first half represents a business
in transition. We expect the tough
decisions taken during this year will
positively impact on performance in the
second half and beyond and, coupled
with the outcomes of the strategic
review, will set the business towards
profitable growth.
Thank for you your continued support
and patience with EROAD as we take
the actions needed by us to drive
shareholder value going forward.
The past half year has been challenging for EROAD and
its shareholders. In addition to navigating through the
major transition of integrating a company almost half its
size, EROAD is now operating in a very different macro-
economic environment.

2023 INTERIM REPORT | EROAD
PAGE 6 PAGE 7
LETTER FROM THE CHIEF EXECUTIVE OFFICER
I’m proud of the progress the EROAD team has
made against our strategic priorities. We have
delivered 18% growth in Annualised Monthly
Recurring Revenue (AMRR) from H2 FY22 and won
a contract to supply a North America Enterprise
customer for over 9,000 trucks, alongside making
progress integrating EROAD and Coretex.
We moved early on a cost-out programme, which
included a reduction in headcount, to ensure we can
deliver profitable growth.
We are facing up to the significantly changing
market environment we now operate in and are
looking to better position the business to capture
attractive growth opportunities across our markets.
Letter Letter
from from
the CEO the CEO

2023 INTERIM REPORT | EROAD
PAGE 8 PAGE 9
LETTER FROM THE CHIEF EXECUTIVE OFFICER
Read more about our
Financial results in
H1 FY23 Investor Presentation
Revenue increased from $48.0m in H1
FY22 to $85.4m in H1 FY23 reflecting
a full six month contribution from
Coretex, a $7.0m non-cash acquisition
accounting revenue relating to the
Coretex merger and growth across all
markets. Annualised Monthly Recurring
Revenue, which provides a forward
view of on-going revenue, increased
18% from H2 FY22 to $158.3m in H1
FY23 reflecting growth across all
markets and a FX benefit of $13.6m.
EROAD continued to execute its
growth strategy, growing contracted
units to 217,519 and 1,019 customers
adding products and services to their
plan, such as Clarity Connect Cameras,
Enterprise Data Connector, Logbook
and Inspect subscriptions.
New Zealand continues to deliver
strong and stable growth. North
America saw gross sales of 7,572 units,
more than three times that of H1 FY21,
with some 75% of new sales coming
from Coretex subscriptions. However,
in North America, EROAD continues to
be impacted by high churn in small-to-
medium Ehubo customers as a result
of the macro-economic conditions and
increased competitiveness.
*Normalised for Non-cash acquisition accounting adjustments and integration costs.
We continue to benefit from high
asset retention rates for both EROAD
and Coretex customers. During H1
FY23, we have successfully renewed
918 customer contracts, representing
some 21,336 contracted units. This
includes one of EROAD’s largest North
American enterprise customers, ABC
Supply, for over 6,000 subscriptions
through to at least August 2024. ABC
Supply is one of North America’s
largest wholesale distributors of
roofing, siding, and other select exterior
and interior building products, and has
been partnering with EROAD since
2019. Our teams in North America
and Australia have been focused on
retention and renewal of contracts as
we enter into a renewal phase for some
of the larger Enterprise customers in
these regions.
Operating expenditure for H1 FY23 was
$64.6 million reflective of the additional
Coretex operating expenditure,
integration costs of $5.5m, inflation
and pressure in the labour market for
specialist skills.
Reported EBITDA increased from
$12.3m (restated) in H1 FY22 to
$20.8m. For H1 FY23, once the one-
off non-cash acquisition accounting
revenue and integration costs are
excluded, normalised EBITDA is $16.4m,
representing an EBITDA margin of
19%. EBIT increased from a loss of
$0.4m in H1 FY22 to a profit of $1.0m.
Normalised* EBIT improved from a loss
of $2.5m in H2 FY22 to a loss of $3.4m
in H1 FY23.
As anticipated, research and
development spend increased from
$13.3m in H1 FY22 to $20.5m in H1
FY23. EROAD continues to expect
to spend around $38m for FY23.
EROAD is focused on increasing the
return on investment made in research
and development by rationalising
its product suite and increasing
the efficiency and velocity of its
engineering teams.
Free cashflows continue to be
impacted by a combination of the
merger with Coretex, R&D investment
and growth in inventory as global
supply chain pressures were addressed.
EROAD renegotiated a new syndicated
debt facility of $90m in March 2022
to provide future capacity to grow.
Headroom of around $41.8m as at 30
September 2022 will support the R&D
and integration investment planned
for FY23 and fund hardware to enable
EROAD to pursue large Enterprise
opportunities.
H1 FY23
Financial
results reflect
a business
in transition

2023 INTERIM REPORT | EROAD
PAGE 10 PAGE 11
LETTER FROM THE CHIEF EXECUTIVE OFFICER
Integration of Coretex has been a
key focus this year. The integrated
platform is expected to be live by the
end of 2022, with the focus then on
integrating Clarity Dashcam and the
US tax products in the first quarter
of 2023. Work will also begin on
simplifying our platform with a single
ingestion engine for multiple telematics
device types - reducing the number
of platforms and thus reducing SaaS
overhead and improving performance
in the medium term.
With our expanded portfolio of
products and capabilities, we are now
beginning to convert our pipeline
to sales in the challenging and
competitive North American market.
Following a rigorous competitive
procurement process lasting 18 months,
earlier this month EROAD was awarded
a contract to supply its in-cab CoreHub
technology and SaaS solutions to
Delivering progress on
strategic initiatives to
reposition EROAD
North American foodservice operator
Sysco for over 9,000 trucks with
further growth potential. EROAD and
Sysco will work together to rollout
EROAD’s solutions across the next 12
months. Sysco will utilise EROAD’s fully
integrated solutions to provide supply
chain assurance for critical food service
distribution throughout North America.
EROAD has taken a number of steps
in 2022 to reduce its cost base and
run the business more efficiently.
While EROAD is only at the start of
this journey, a number of meaningful
actions were taken to reduce operating
costs for H2 FY23 and beyond,
including reducing headcount (net
reduction of approximately 40
roles) and operating costs, reducing
the number of office leases and
renegotiating contracts with suppliers.
It is expected that these initiatives,
together with the completion of the
integration and reduction in personnel
costs, will see operating leverage start
to improve. Further initiatives underway
will continue to provide further
opportunity for cost-out from FY24.
Any major merger and leadership
change requires a dedicated focus on
people, communication and change
management to maintain engagement.
Focus has been on building a shared
culture which builds on the strengths
of EROAD and Coretex cultures with
several initiatives underway, alongside
a concentrated effort to get staff back
into the office post COVID. We have a
talented and capable team, and one
of my own focus areas is to ensure the
team feels empowered to drive the
strategy in the right direction.

2023 INTERIM REPORT | EROAD
PAGE 12 PAGE 13
LETTER FROM THE CHIEF EXECUTIVE OFFICER
Mark Heine
Chief Executive Officer
Looking Forward
We have today reconfirmed guidance
provided as part of our market update
on 7 November 2022. With more clarity
around the conversion of the North
American enterprise pipeline, the FY23
revenue guidance was narrowed to
between $154m - $164m subject to FX
movements (previous guidance $150m
- $170m). EROAD has a number of
headwinds on operating costs, however
we have been focused on cost reduction
initiatives to help offset the impact of
inflationary and supply chain pressures
to ensure we remain on track to achieve
FY23 Normalised EBIT of between $-5m
and breakeven.
Revenue growth momentum is
expected to continue to build in FY23
and beyond reflecting continued
strong growth in New Zealand and the
improved product market fit with the
CoreHub product in North America.
The enterprise pipeline remains robust
with a total of 22 Enterprise customers
at the pilot stage across all the markets,
representing some 32,300 contracted
units. We expect revenue growth will
continue to reflect the lumpy nature
of Enterprise sales and the phasing of
the hardware roll-outs. The key focus
for the second half of FY23 will also be
on the retention and growth of existing
Enterprise accounts.
Times are tough for most businesses
and industries, as such it’s not surprising
that buying decisions are just taking
longer, which we expect will push out
the timing to reach EROAD’s $250m
revenue target beyond FY25. However,
EROAD continues to have significant
growth opportunities as it is beginning
to see the benefits of the improved
market fit of Coretex products with
higher gross sales in North America and
good conversion of pilot opportunities
to sales. Businesses continue to increase
their demand for solutions focused on
sustainability, data and managing assets.
We look forward to updating the market
with more detail on the outcomes of our
strategy review next year.

2023 INTERIM REPORT | EROAD
PAGE 14 PAGE 15
FINANCIAL STATEMENTS
Condensed consolidated statement of Comprehensive Income
For the six months ended 30 September 2022

GROUP30 SEPTEMBER 2022
RESTATED
30 SEPTEMBER 2021
Notes
Unaudited
$M's
Unaudited
$M’s
Revenue2 85.4 48.0
Operating expenses (64.6) (35.7)
Earnings before interest, taxation, depreciation
and amortisation
20.8 12.3
Depreciation of property, plant and equipment5 (8.0) (5.0)
Amortisation of intangible assets6 (8.1) (4.4)
Amortisation of contract and customer aquisition assets (3.7) (3.3)
Earnings/(loss) before interest and taxation 1.0 (0.4)
Finance expense (3.7) (1.5)
Finance income - 0.4
Net financing costs (3.7) (1.1)
Loss before tax (2.7) (1.5)
Income tax benefit/(expense)7 3.3 (1.3)
Profit/(loss) after tax for the period attributable to the
shareholders
0.6 (2.8)
Other comprehensive income
Items that are or may be reclassified subsequently
to profit or loss
5.0 0.4
Total comprehensive profit/(loss) for the period 5.6 (2.4)
Earnings/(loss) per share - Basic (cents) 0.50 (3.24)
Earnings /(loss) per share - Diluted (cents) 0.49 (3.24)
The above Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

Financial
Statements

2023 INTERIM REPORT | EROAD
PAGE 16 PAGE 17
FINANCIAL STATEMENTS
Condensed consolidated statement of Financial Position
As at 30 September 2022
30 SEPTEMBER 202231 MARCH 2022
Notes
Unaudited
$M's
Audited
$M’s
CURRENT ASSETS
Cash and cash equivalents 4.4 13.9
Restricted bank accounts 10.2 14.7
Trade and other receivables 35.6 27. 2
Contract fulfilment costs 4.5 3.6
Costs to obtain contracts 2.3 2.1
Total current assets 57.0 61.5
NON-CURRENT ASSETS
Property, plant and equipment5 74.3 61.7
Intangible assets6 236.7 228.4
Contract fulfilment costs 3.8 3.3
Costs to obtain contracts 2.2 1.9
Deferred tax assets 15.7 10.3
Total Non-Current Assets 332.7 305.6
Total assets 389.7 3 67.1
Condensed consolidated statement of Financial Position (continued)
As at 30 September 2022
30 SEPTEMBER 202231 MARCH 2022
Notes
Unaudited
$M's
Audited
$M’s
CURRENT LIABILITIES
Borrowings8 17.5 2.1
Trade payables and accruals 31.5 37.1
Payables to transport agencies 10.4 15.0
Contract liabilities 9.6 5.7
Lease liabilities 1.6 1.4
Employee entitlements 5.0 4.6
Total current liabilities75.665.9
NON-CURRENT LIABILITIES
Borrowings8 30.0 30.0
Contract liabilities 9.2 6.2
Lease liabilities 4.1 4.3
Derivative financial liabilities 0.2 0.2
Deferred tax liabilities 17.3 12.8
Total non-current liabilities 60.8 53.5
Total liabilities 136.4 119.4
Net assets 253.3 247.7
EQUITY
Share Capital4 294.8 293.3
Share capital Premium/Discount (6.5)(6.5)
Other reserves 1.3 (3.7)
Accumulated losses (36.3)(35.4)
Total shareholders' equity 253.3 247.7
The above Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

Chairman,
25 November 2022
Chair of the Finance, Risk and Audit Committee,
25 November 2022

2023 INTERIM REPORT | EROAD
PAGE 18 PAGE 19
FINANCIAL STATEMENTS
Condensed consolidated statement of Changes in Equity
For the six months ended 30 September 2022
Share
Capital
Share
Premium
/ Discount
Accumulated
loss
Transalation
Reserve
Hedging
ReserveTotal
Restated balance as at
31 March 2021 (Audited)
131.7- (26.2)(3.4)- 102.1
Restated loss after tax for
the period
- - (2.8) - - (2.8)
Other comprehensive
income
- - - 0.4 - 0.4
Transactions with owners
of the Company
Equity settled share-based
payments
0.8- (0.6)-- 0.2
Share capital issued 80.3 ---- 80.3
Restated Balance as
at 30 September 2021
(Unaudited)
212.8 - (29.6) (3.0) - 180.2
Balance as at 31 March
2022 (Audited)
293.3 (6.5) (35.4) (3.5) (0.2) 247.7
Profit after tax for the
period
- - 0.6 - - 0.6
Other comprehensive
income
- - - 5.0 - 5.0
Transactions with owners
of the Company
Equity settled share-based
payments
1.5 - (1.5) - - -
Balance as at 30
September 2022
(Unaudited)
294.8 (6.5) (36.3) 1.5 (0.2) 253.3
The above Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
“
Consolidated statement of Cash Flows
For the six months ended 30 September 2022
30 SEPTEMBER 202230 SEPTEMBER 2021
Notes
Unaudited
$M's
Unaudited
$M’s
Cash flows from operating
Cash received from customers 78.0 43.9
Payments to suppliers and employees (64.4)(32.9)
Interest received - 0.1
Interest paid (1.7)(1.3)
Income taxes paid - -
Net cash inflow from operating activities 11.9 9.8
Cash flows from investing
Payments for investment in property, plant & equipment (14.3)(9.5)
Payments for investment in intangible assets (16.1)(11.8)
Payments for investment in contract fulfilment assets (3.6)(2.6)
Payments for investment in customer acquisition assets (1.3)(1.7)
Net cash outflow from investing activities (35.3)(25.6)
Cash flows from financing
Receipts from bank loans 24.5 0.1
Repayments of bank loans (9.0)(2.5)
Payment of lease liability (1.2)(0.8)
Receipts from issue of equity - 84.7
Payments for costs of raising equity - (3.5)
Net cash inflow from financing activities 14.3 78.0
Net increase (decrease) in cash held (9.1)62.2
Cash at the beginning of the financial period 13.9 57.1
Effects of exchange rate changes on cash and
cash equivalents
(0.4)-
Closing cash and cash equivalents 4.4 119.3
The above Condensed Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

2023 INTERIM REPORT | EROAD
PAGE 20 PAGE 21
NOTES TO FINANCIAL STATEMENTS
Reconciliation of Operating Cash Flows with reported loss after tax
For the six months ended 30 September 2022
30 SEPTEMBER 2022RESTATED
30 SEPTEMBER 2021
Notes
Unaudited
$M's
Unaudited
$M’s
(Loss)/Profit after tax for the six month period
attributable to the shareholders
0.6 (2.8)
Add/(less) non-cash items
Tax asset recognised (3.3) 1.2
Depreciation and amortisation 19.8 12.7
Other non-cash expenses/(income) 0.9 (0.8)
Contingent consideration (6.3) -
11.1 13.1
Add/(less) movements in other working capital items
(Increase)/decrease in trade and other receivables (6.3) (4.2)
Increase/(decrease) in current tax payables- -
Increase/(decrease) in contract liabilities 5.9 0.5
Increase/(decrease) in trade payables, interest payable
and accruals
0.6 3.2
0.2 (0.5)
Net cash from operating activities 11.9 9.8
The above Condensed Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

Notes to the Financial Statements
For the six months ended 30 September 2022
NOTE 1 SUMMARY OF SIGNIFICANT GROUP ACCOUNTING POLICIES
The consolidated interim financial statements presented for the six months ended 30 September 2022 are for EROAD Limited
(EROAD), and its subsidiaries (collectively referred to as the “Group”). The Group provides electronic on-board units and software
as a service to the transport industry.
EROAD Limited (the “Company”) is a company domiciled in New Zealand registered under the Companies Act 1993 and listed
on the New Zealand Stock Exchange (NZX) Main Board and Australian Stock Exchange (ASX). The Company is a FMC reporting
entity for the purposes of the Financial Markets Conduct Act 2013.
The consolidated interim financial statements have been prepared in accordance with Generally Accepted Accounting Practice
in New Zealand (NZ GAAP). NZ GAAP in this instance being New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) as appropriate for profit-oriented entities. These consolidated interim financial statements also comply with
the New Zealand equivalent to International Accounting Standard 34: Interim Financial Reporting (NZ IAS 34), and International
Accounting Standard 34: Interim Financial Reporting (IAS 34) and are prepared in accordance with the Financial Markets Conduct
Act 2013.
The consolidated interim financial statements for the six months ended 30 September 2022 are unaudited and have been
the subject of review by the auditor, pursuant to NZ SRE 2410 (Revised): Review of Financial Statements Performed by the
Independent Auditor of the Entity as issued by the External Reporting Board.
These consolidated interim financial statements have been prepared using the same accounting policies as, and should be read
in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended 31 March 2022 (‘last
annual financial statements’). These consolidated interim financial statements do not include all of the information required for a
complete set of NZ IFRS financial statements. However, selected explanatory notes are included to explain events and transactions
that are significant to an understanding of changes in the Group’s financial position and performance since the last annual
financial statements.
These financial statements have been approved for issue by the Board of Directors on 25 November 2022.
(a) Going concern
As at balance the Group’s current liabilities exceeded its current assets by $18.6 million.The $18.6 million includes an estimated
$12.2 million of contingent consideration payable in cash and shares and $9.6 million of contract liabilities. The directors have
carefully considered the ability of the Group to continue to operate as a going concern for at least the next 12 months from the
date the financial statements are authorised for issue. It is the conclusion of the directors that the Group will continue to operate
as a going concern and the financial statements have been prepared on that basis.
In reaching their conclusion the directors have considered the following factors:
-Cash reserves as at 30 September 2022 of $4.4M and bank borrowing facility of $90M of which $41.8M was undrawn as at
30 September 2022 after including borrowing costs of $0.7M. This provides sufficient level of headroom to help support the
business for at least the next 12 months from the date of issuance of these financial statements;
- The Future Contracted Income of $215.7M provides certainty of forecast revenue; and
-The directors have made due enquiry into the appropriateness of the assumptions underlying the budgetary forecasts.
(b) Basis of measurement
The financial statements are prepared on the historical cost basis, except for certain financial instruments carried at fair value.
(c) Presentation currency
The financial statements are presented in New Zealand dollars ($) which is the Group’s presentation currency, and all values are
rounded to million dollars to one decimal place ($M’s) except where stated. Items included in the financial statements of each
of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the
“functional currency”). The functional currency of the Company and its New Zealand subsidiaries is New Zealand dollars. The
functional currency of the Company’s Australian and North American subsidiaries are Australian dollars and United States dollars
respectively.

2023 INTERIM REPORT | EROAD
PAGE 22 PAGE 23
NOTES TO FINANCIAL STATEMENTS
NOTE 1 SUMMARY OF SIGNIFICANT GROUP ACCOUNTING POLICIES (CONTINUED)
(d) Standards or interpretations issued but not yet effective and relevant to the Group
A number of new standards, amendments to standards and interpretations are effective for annual periods beginning on or after a
1 April 2022.
The Group has not adopted, and currently does not anticipate adopting, any standards prior to their effective dates.
(e) Critical accounting estimates and judgements
In applying the Group’s accounting policies, management continually evaluates judgements, estimates and assumptions based
on experience and other factors, including expectations of future events that may have an impact on the Group. All judgements,
estimates and assumptions made are believed to be reasonable based on the most current set of circumstances available to the
Group. Actual results may differ from the judgements, estimates and assumptions.
The significant judgements, estimates and assumptions made by management in the preparation of these financial statements are
outlined within the financial statement notes to which they relate. These are :
-Recognition of deferred tax assets
-Impairment testing – key assumptions underlying recoverable amounts, including recoverability of development costs
-Capitalisation of development costs
-Fair value of contingent consideration
(f) Restrospective restatement
In the period ended 31 March 2022 the Group revised its accounting policy in relation to upfront configuration and customisation
costs incurred in implementing Saas arrangements in response to the IFRIC agenda decision clarifying its interpretation of how
current accounting standards apply to these types of arrangements. Refer to the full year 31 March 2022 financial statements for
the full details.
The impact of the cloud accounting changes have now been considered in the comparatives and are reflected in these accounts.
The comparative financial information has been restated to account for the impact of the change in accounting policy, as follows:
Statement of comprehensive income
30 SEPTEMBER
2021 PREVIOUSLY REPORTED
ADJUSTMENTSRESTATED
30 SEPTEMBER 2021
$M's$M’s$M’s
Operating expenses (35.4) (0.3) (35.7)
Amortisation of intangible assets (4.8) 0.4 (4.4)
Loss before tax (1.6) 0.1 (1.5)
Income tax expense (1.3) - (1.3)
Loss after tax for the period
attributable to the shareholders
(2.9) 0.1 (2.8)
(g) Acquisition of subsidiary update
Provisional values
There have been no changes made as yet to the provisional values reported at 31 March 2022. Refer to the full year 31 March 2022
financial statements for further details on the provisional amounts recorded.
Contingent consideration
On 1 December 2021, the Group acquired 100% of the shares and voting interests in Coretex Limited, a telematics vertical specialist
provider delivering enterprise grade solutions, this transaction was reported in the Group’s full year financial statements at 31
March 2022. For further details on the transaction please refer to those accounts.
As part of the acquisition the Group agreed to pay the selling shareholders in 12 months from transaction completion additional
consideration of $14.5 million in cash and a maximum of 2,683,000 of ordinary shares based on the satisfaction of customer
retention and platform suitability performance criteria. The contingent consideration was included in the transaction as both an
incentive and protection to the respective parties to the transaction.
NOTE 1 SUMMARY OF SIGNIFICANT GROUP ACCOUNTING POLICIES (CONTINUED)
Assuming all criteria are met, the maximum contingent consideration payable is $14.5 million in cash and 2,683,000 shares.
Contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration
that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted
for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent
changes in the fair value of the contingent consideration are recognised in profit or loss.
The Group included in its accounts, $26.4 million as contingent consideration, which represents its estimated fair value at the date
of acquisition. At 31 March 2022, the contingent consideration estimate had decreased by $0.9 million due to remeasurement. At
30 September 2022, the contingent consideration estimate has decreased further by $6.3 million to $19.2 million under the fair
value remeasurement requirements.
The fair value of contingent consideration at 30 September 2022 includes an estimated $9.0 million to be settled in shares, of
which $7.0 million has been recognised as equity within Share Premium/Discount reserve as the number of shares that will be
issued is fixed depending on the achievement of certain platform suitability targets, and $2.0 million has been recognised as
a liability within Trade Payables and accruals as the number of shares that will be issued is variable based on the outcome of
customer retention performance targets.

2023 INTERIM REPORT | EROAD
PAGE 24 PAGE 25
NOTES TO FINANCIAL STATEMENTS
NOTE 2 REVENUE
GROUP30 SEPTEMBER 202230 SEPTEMBER 2021

Unaudited
$M’s
Unaudited
$M’s
Revenue from contracts with customers
Software as a Service (Saas) revenue71.345.2
Hardware revenue (subscription basis)2.7-
Other
Transaction fee revenue1.71.4
Other revenue and income8.90.7
Grant income0.80.7
Total revenues85.448.0
Set out above is the disaggregation of the Group’s revenue. The disaggregation reflects the nature, amount, timing and
uncertainty of revenue and cash flows are affected by economic factors. Specifically, software as a service (SaaS) revenue
represents revenue earned from customer contracts for the sale or rental of hardware, installation services, training and support
services and provision of software services. Transaction fee revenue relates to the collection of Road User Charges (RUC) fees.
Hardware revenue (subscription basis)
Hardware revenue with no contractual term for Saas is recognised when control of the goods has transferred, being when the
goods have been shipped to the specified location. Hardware revenue reflects hardware sales where a subscription must be
separately purchased to utilise the hardware and obtain access to the services. A receivable is recognised by the Group when
the goods are delivered as this represents point in time at which the right to consideration becomes unconditional, as only the
passage of time is required before payment is due.
Transaction price allocated to the remaining performance obligations
The below table represents the revenue allocated to performance obligations that are unsatisfied or partially unsatisfied at the
period end. The revenue amounts yet to be recognised under non-cancellable contract agreements at 30 September 2022 are
expected to be recognised by EROAD based on the time bands disclosed below.
GROUP30 SEPTEMBER 202230 SEPTEMBER 2021

Unaudited
$M’s
Unaudited
$M’s
Software as a Service (Saas) revenue
No later than one year98.9 70.2
Later than one year no later than five years116.8 78.9
Total price allocated to remaining performance obligations 215.7 149.1
The Group reports the Non-GAAP measure, Future Contracted Income. The definition of Future Contracted Income includes all future
hardware and SaaS cash inflows relating to income under non-cancellable long-term agreements. The disclosure above aligns with
the Future Contracted Income reported by the Group.
Software as a Service (Saas) revenue
The Group has determined EROAD’s customers do not have the right to direct the use of EROAD’s asset (Ehubo, Corehub/THU1500)
as EROAD continues to have the right and ability to change how the asset operates during the customer’s contract period. These
contracts are therefore accounted for as service contracts. The Group generates revenue through the sale of hardware assets, rental
of hardware assets, installation of hardware assets and provision of software services as part of contracts with customers as part of
a bundled package. These hardware units enable customers to access the software platform offered by the Group. The transaction
involving hardware and accessories do not convey a distinct good or service. The sale does not transfer control to the customer as
the Group provides a significant service of integrating the software service to produce a combined output.
NOTE 2 REVENUE (CONTINUED)
The sale of the hardware, accessories and software service are referred to as Software as a Service (SaaS) revenue, which is
recognised on a straight line basis over the contract period to reflect the fulfilment of the performance obligations as they arise.
There are no variable consideration terms within the contracts.
A contract liability is recognised where consideration is received in advance of the completion of associated performance
obligations. The contract liability is derecognised over time. As a result there is a financing component which the group recognise
as a finance cost when consideration is received in advance.
Hardware revenue with no contractual term for Saas is recognised when control of the goods has transferred, being when the
goods have been shipped to the specified location. A receivable is recognised by the Group when the goods are delivered as this
represents point in time at which the right to consideration becomes unconditional, as only the passage of time is required before
payment is due.
The Group offers installation services as part of a number of promises to transfer goods and services within each contract.
Installation services do not convey a distinct good or service and therefore are not a separate performance obligation as the
installation is a set-up activity that does not provide the customer a direct benefit other than access to the software services. As
a result, the installation service is considered as part of the single performance obligation; referred to as Software as a Service
(SaaS) revenue, which includes the software service and hardware sale or rental for which the customer simultaneously receives
and consumes the benefit of the service. Where installation revenue is received in advance of satisfying the performance
obligation a contract liability is recognised. The contract liability is derecognised over time evenly over the period of the contract
as the customer derives the benefit evenly from the services provided over the contract period. The majority of contracts are for
3 years and can be for a term of up to 5 years. As a result there is a financing component which the group recognises as a finance
cost when consideration is received in advance.
Transaction fees
The Group acts as an agent for transport authorities in the market that is operates in. Where fees are collected on their behalf, the
Group charges a commission. The revenue recognised is the net amount of the commission fee earned by the Group.
Grant income
Government grants are recognised at fair value in the statement of comprehensive income over the same periods as the costs for
which the grants are intended to compensate. No unfulfilled conditions or contingencies exist related to the government grants.
Other revenue and income
Included in other income and revenue is $7m related to the reassessment of contingent consideration as outlined in Note 1.
NOTE 3 SEGMENTAL NOTE
Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be
allocated on a reasonable basis. Unallocated items comprise income tax.
The Group has four segments as described below, which are the Group’s strategic divisions. The strategic divisions offer
different services and are managed separately because they require different technology, services and marketing strategies.
For each strategic division, the Group’s CEO (the chief operating decision maker) reviews internal management reports. The
following summary describes the operations in each of the Group’s segments.
EROAD reports selected financial information segmented by geographic location for operating companies and corporate and
development costs.
• Corporate & Development: Corporate head office costs and R&D activities for development of new and existing products
and services
• North America: Operating companies serving customers in North America
• Australia: Operating companies serving customers in Australia
• New Zealand: Operating companies serving customers in New Zealand
Inter-segment pricing is determined on an arm’s length basis.

2023 INTERIM REPORT | EROAD
PAGE 26 PAGE 27
NOTES TO FINANCIAL STATEMENTS
NOTE 3 SEGMENTAL NOTE (CONTINUED)
Reportable segment information
Information related to each reportable segment is set out below. Segment result represents Earnings before Interest, Taxation,
Depreciation & Amortisation (EBITDA), which is the measure reported to the chief operating decision maker.
Corporate &
Development
North America New ZealandAustralia
30 SEPT
2022
RESTATED
30 SEPT
2021
30 SEPT
2022
30 SEPT
2021
30 SEPT
2022
30 SEPT
2021
30 SEPT
2022
30 SEPT
2021
Unaudited
$M’s
Unaudited
$M’s
Unaudited
$M’s
Unaudited
$M’s
Unaudited
$M’s
Unaudited
$M’s
Unaudited
$M’s
Unaudited
$M’s
Revenue
Software as a Service
(Saas) revenue
- 0.2 30.6 13.4 36.7 30.8 4.0 0.8
Hardware revenue - - 2.6 - - - 0.1 -
Transaction fee
revenue
- - - - 1.7 1.4 - -
Other revenue
1
26.2 14.4 1.0 0.6 1.8 0.6 0.2 -
26.2 14.6 34.2 14.0 40.2 32.8 4.3 0.8
Earnings Before
interest, taxation,
depreciation &
amortisation
(17.6) (12.2) 12.7 2.9 25.0 22.0 0.9 (0.6)
Total assets 275.8 173.6 102.8 26.8 57. 8 52.5 16.1 4.0
Depreciation of
property, plant &
equipment
(1.0) (0.6) (3.4) (2.1) (3.4) (2.5) (0.3) (0.1)
Amortisation of
intangible assets
(4.7) (4.4) (2.8) - (0.4) - (0.4) -
Amortisation of
contract and customer
acquisition assets
- - (0.8) (0.8) (2.6) (2.4) (0.3) (0.1)
1
1 Revenue from Corporate & Development Markets includes R&D Grant Income of $0.8m (30 September 2021: $0.7m) and reassessment of contingent consideration of $7m.

NOTE 3 SEGMENTAL NOTE (CONTINUED)
Reconciliation of information on reportable segments
GROUP30 SEPTEMBER 2022RESTATED
30 SEPTEMBER 2021
Unaudited
$M’s
Unaudited
$M’s
Revenue
Total revenue for reportable segments 104.9 62.2
Elimination of inter-segment revenue (19.5) (14.2)
Consolidated Revenue 85.4 48.0
EBITDA
Total EBITDA for reportable segments 21.0 12.1
Elimination of inter-segment EBITDA (0.2) 0.2
Consolidated EBITDA 20.8 12.3
Depreciation
Total depreciation for reportable segments (8.1) (5.3)
Elimination of inter-segment depreciation 0.1 0.3
Consolidated Depreciation (8.0) (5.0)
Amortisation of intangible assets
Total amortisation for reportable segments (8.3) (4.4)
Elimination of inter-segment amortisation 0.2 -
Consolidated Amortisation (8.1) (4.4)
GROUP
30 SEPTEMBER 202231 MARCH 2022
Unaudited
$M’s
Audited
$M’s
Total assets
Total assets for reportable segments 452.5 415.8
Elimination of inter-segment balances (62.8) (48.7)
Consolidated Total Assets 389.7 3 67.1
Allocation of goodwill and other intangible assets
Included within Total Assets are Development Assets of $96.4M (31 March 2022: $88.3m) which for the purpose of the
segment note have been allocated to the Corporate & Development Market based on the ownership of intellectual property.
The amortisation for these assets are also presented in the Corporate & Development segment. The Group’s cash generating
units (CGUs) are North America, New Zealand and Australia. For impairment testing purposes management allocate the
Development Assets to the CGU based on the specific CGU that the Development Asset relates to, or if the Development Asset
is developed for use globally across all CGU’s, the asset is allocated to CGU’s based on the proportionate share of the Group’s
Contracted Units.
Also included in the total assets is the intangible assets acquired through the acquisition of the Coretex subsidiaries and
resulting goodwill. The allocation of these to cash-generating units has been done based on valuation expert advice.

2023 INTERIM REPORT | EROAD
PAGE 28 PAGE 29
NOTES TO FINANCIAL STATEMENTS
NOTE 3 SEGMENTAL NOTE (CONTINUED)
The allocation of the Development Assets, goodwill and other intangibles to CGU’s within the following reportable segments
for the purpose of impairment testing was as follows:
GROUPDevelopment
Assets
GoodwillBrandCustomer
Relationships
$M’s$M’s$M’s$M’s
30 Sept 2022 Unaudited
North America 46.2 85.8 2.8 21.4
New Zealand 44.6 5.7 - 1.1
Australia 5.6 13.6 - 4.6
96.4 105.1 2.8 2 7.1
31 March 2022 Audited
North America43.385.83.121.9
New Zealand39.85.7-4.9
Australia5.213.6-1.2
88.3105.13.128.0
Geographic information
The geographic information below analyses the Group’s revenue and non-current assets by the Company’s country of domicile
and other countries. In presenting the following information segment revenue has been based on the geographic location of
customers and segment assets were based on the geographic location of the assets.
GROUP
30 SEPTEMBER 202230 SEPTEMBER 2021
Unaudited
$M’s
Unaudited
$M’s
Revenue
New Zealand47. 233.7
All foreign countries:
USA33.813.5
Australia4.40.8
Total revenue85.448.0
GROUP
30 SEPTEMBER 202231 MARCH 2022
Unaudited
$M’s
Audited
$M’s
Non-current assets
New Zealand 221.7 206.5
All foreign countries:
USA 83.4 76.9
Australia 11.9 11.9
Total non-current assets 317.0 295.3
Non-current assets exclude financial instruments and deferred tax assets.
NOTE 4 PAID UP CAPITAL
All issued shares are fully paid up and have equal voting rights and share equally in dividends and surplus on winding up.
GROUP
Number of
ordinary shares
Issue price
$
Issued Capital
$
AT 31 MARCH 2022 (AUDITED)110,338,787 293.3
Shares issued to employees456,625 3.13 1.5
AT 30 SEPTEMBER 2022 (UNAUDITED)110,795,412 294.8
At 30 September 2022 there was 110,795,412 authorised and issued ordinary shares (31 March 2022: 110,338,787). 386,166 (31 March
2022: 417,306) shares are held in trust for employees in relation to the long-term incentive plan and are accounted for as treasury
stock.
The calculation of both basic and diluted loss/profit per share at 30 September 2022 was based on the profit attributable to ordinary
shareholders of $0.6M (Restated 30 September 2021: loss of $2.8M). The weighted number of ordinary shares on 30 September 2022
was 110,254,882 (30 September 2021: 85,835,006) for basic earnings per share and 112,937,882 for diluted earnings per share (30
September 2021: 85,835,006).
Other components of equity include:
• Translation reserve - comprises foreign currency translation differences arising from the translation of financial statements
of the Group’s foreign subsidiaries into New Zealand Dollars.
• Hedging reserve - the hedging reserve is used to record gains or losses on instruments used as cash flow hedges. The
amounts are recognised in profit and loss when the hedged transaction affects profit and loss.
• Retained earnings - includes all current and prior period retained profits and losses and share-based employee
remuneration. .
• Share Premium/Discount - this account is for the difference between the issued par share price and the trading share price
(or fair value share price) on date of issue and includes contigent consideration portion classified as equity related to the
acquisition of Coretex.

2023 INTERIM REPORT | EROAD
PAGE 30 PAGE 31
NOTES TO FINANCIAL STATEMENTS
NOTE 5 PROPERTY, PLANT AND EQUIPMENT
GROUP
Right of
Use Assets
Hardware
Assets
Plant and
equipment
Leasehold
improvements
Motor
vehicles
Office
equipment
ComputersTotal
$M's$M's$M's$M's$M's$M's$M's$M's
YEAR ENDED 31 MARCH 2022 (AUDITED)
Opening net book
amount
4.128.00.21.30.40.30.434.7
Acquisition
through business
combinations
1.37. 5-0.2-0.10.1 9.2
Additions0.424.1---0.30.825.6
Disposals----(0.1)--(0.1)
Depreciation charge(1.3)(8.1)(0.1)(0.3)(0.1)(0.1)(0.4)(10.4)
Depreciation
recovered
-3.3--0.1--3.4
Effect of movement
in exchange rates
-(0.7)-----(0.7)
Closing
net book amount
4.554.10.11.20.30.60.961.7
Cost8.576.30.72.91.11.84.395.6
Accumulated
depreciation
(4.0)(22.2)(0.6)(1.7)(0.8)(1.2)(3.4)(33.9)
Net book amount4.554.10.11.20.30.60.961.7
GROUPRight of
Use Assets
Hardware
Assets
Plant and
equipment
Leasehold
improvements
Motor
vehicles
Office
equipment
ComputersTotal
$M's$M's$M's$M's$M's$M's$M's$M's
SIX MONTHS ENDED 30 SEPTEMBER 2022 (UNAUDITED)
Opening net book
amount
4.5 54.1 0.1 1.2 0.3 0.6 0.9 61.7
Additions 1.0 12.5 - - 0.1 - 0.5 14.1
Disposals - - - - (0.1) - - (0.1)
Depreciation charge (0.9) (6.4) - (0.2) (0.1) (0.1) (0.3) (8.0)
Depreciation
recovered
- 1.3 - - 0.1 - - 1.4
Effect of movement
in exchange rates
- 5.2 - - - - - 5.2
Closing net book
amount
4.6 66.7 0.1 1.0 0.3 0.5 1.1 74.3
AT 30 SEPTEMBER 2022
Cost 9.9 99.1 0.8 3.0 1.2 1.9 4.8 120.7
Accumulated
depreciation
(5.3) (32.4) (0.7) (2.0) (0.9) (1.4) (3.7) (46.4)
Net book amount 4.6 66.7 0.1 1.0 0.3 0.5 1.1 74.3
NOTE 5 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Included in the Hardware Assets is equipment under construction to be leased of $27.4M (31 March 2022: $23.8M).
Items of plant and equipment are stated at cost, less accumulated depreciation and impairment losses. Cost includes the purchase
consideration, and those costs directly attributable to bringing the asset to the location and condition necessary for its intended use.
Where an item of plant and equipment is disposed of, the gain or loss recognised in the statement of comprehensive income is
calculated as the difference between the net sales price and the carrying amount of the asset.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to restore the
underlying asset or the site on which it is located, less any lease incentives received.
Subsequent costs
The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item
when that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the Group and the
cost of the item can be measured reliably. All other costs are recognised in the statement of comprehensive income as an expense in the
period they are incurred.
Depreciation
Depreciation begins when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by
management. The following rates have been used on a straight line basis:
Leasehold improvements 3 to 9 years
Hardware assets 3 to 6 years
Plant and equipment 3 to 11 years
Computer/Office equipment 1 to 5 years
Motor vehicles 3 to 5 years
Right of use assets 3 to 9 years
The above rates reflect the estimated useful lives of the respected categories. Consideration was given to how long assets can be
deployed and any expected network changes. Leasehold improvements are depreciated over the contracted lease term.
NOTE 6 INTANGIBLE ASSETS
GROUPDevelopmentSoftwareGoodwillBrandCustomer
relationships
Total
$M's$M's$M's$M's$M's$M’s
YEAR ENDED 31 MARCH 2022
(
AUDITED
)

Opening net book amount36.93.7---40.6
Business combination acquisition37. 2-105.13.328.7174.3
Additions23.71.2---24.9
Disposals-(0.1)---(0.1)
Effect of movement in foreign exchange
rate
(0.2)---(0.1)(0.3)
Amortisation charge(9.3)(0.9)-(0.2)(0.6)(11.0)
Closing net book amount88.33.9105.13.128.0228.4
Cost128.99.5105.13.328.6275.4
Accumulated amortisation(40.6)(5.6)-(0.2)(0.6)(47.0)
Net book amount88.33.9105.13.128.0228.4

2023 INTERIM REPORT | EROAD
PAGE 32 PAGE 33
NOTES TO FINANCIAL STATEMENTS
NOTE 6 INTANGIBLE ASSETS (CONTINUED)
GROUP
DevelopmentSoftwareGoodwillBrandCustomer
relationships
Total
$M's$M's$M's$M's$M's$M’s
SIX MONTHS ENDED 30 SEPT 2022
(
UNAUDITED
)
Opening net book amount 88.3 3.9 105.1 3.1 28.0 228.4
Additions 14.4 1.7 - - - 16.1
Disposals - - - - - -
Effect of movement in foreign exchange
rate
0.2 - - - 0.1 0.3
Amortisation charge (6.5) (0.3) - (0.3) (1.0) (8.1)
Closing net book amount 96.4 5.3 105.1 2.8 2 7.1 236.7
Cost 143.5 10.3 105.1 3.3 28.8 291.0
Accumulated amortisation (47.1) (5.0) - (0.5) (1.7) (54.3)
Net book amount 96.4 5.3 105.1 2.8 2 7.1 236.7
The useful lives of the Group’s Intangible Assets are assessed to be finite except for goodwill. Assets with finite lives are amortised
over their useful lives and tested for impairment whenever there are indications that the assets may be impaired. Where an
indicator of impairment exists the Group makes a formal assessment of the recoverable amount. Where the carrying value
of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
The recoverable amount is the greater of fair value less costs to dispose of the assets and its value in use. For the purposes
of assessing impairment, assets are Grouped at the lowest levels for which there are separately identifiable cash flows (cash-
generating units).
Research and Development
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge and understanding, is
recognised in the statement of comprehensive income when incurred.
Development activities involve a plan or design for the production of new or substantially improved products and processes.
Development expenditure is capitalised only if development costs can be measured reliably, the product or process is technically
and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to
complete development and to use or sell the asset. The expenditure capitalised includes the cost of materials, direct labour
and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditure is
recognised in the statement of comprehensive income when incurred. There is judgement involved in relation to whether a project
meets the capitalisation criteria, and whether the expenditure can be directly attributable to the respective project.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.
Other intangible assets
Other intangible assets, including customer relationships, brand, patents and trademarks, that are acquired by the Group and have
finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses.
Subsequent expenditure
Subsequent expenditure is capitalised when it increases the future economic benefits embodied in the specific asset to which
relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in the statement of
comprehensive income when incurred.
NOTE 6 INTANGIBLE ASSETS (CONTINUED)
Amortisation
Amortisation is recognised in the statement of comprehensive income on a straight line basis over the estimated useful life of
intangible asset. The estimated useful lives for the current and comparative periods are as follows:
Patents 10 to 20 years
Development Hardware & Platform 7 to 15 years
Development Products 5 to 10 years
Software 5 to 7 years
Customer relationships 15 years
Brand 5 years
Impairment testing of goodwill and other intangible assets
The acquisition of Coretex during the previous financial year, meant goodwill and other intangible assets were recognised for the
excess between the fair value consideration paid and the fair value of the net assets acquired. This goodwill and other intangible assets
were then allocated to the cash generating units of the business with the assistance of external specialists. When goodwill and other
intangible assets are acquired in a business combination, under the accounting standards, NZ IAS 36 requires an impairment test to
be completed annually (for cash-generating units in which goodwill and other intangible assets have been allocated) irrespective of
whether there is any indication of impairment. An impairment test is also required when there is an indicator of impairment identified
each reporting period. Refer to note 3 for the allocation of goodwill and other intangible assets to cash generating units (CGUs).
Under the accounting standards one of the external sources of information that may indicate that an impairment exists is when the
carrying amount of the net assets of the entity exceeds the entity’s market capitalisation. At 30 September 2022 this is the case for
the EROAD Group. The share price of EROAD at 30 September 2022 being $1.56 equating to a market capitalisation of $173 million
compared to net assets of $253.3 million at the same date.
To complete the impairment testing management assessed the recoverable amount of each of the cash-generating units (‘CGU’) of
which goodwill and other intangible assets have been allocated by reference to its value in use (‘VIU’) determined using a discounted
cash flows model. The recoverable amounts of the CGU were estimated based on the following significant assumptions:
-Compound annual growth rate in connected units between 2023 and 2027 of 11% for North America, between 2023 and 2027
of 4% for New Zealand, and between 2023 and 2027 of 17% for Australia reflecting past experience and forecast performance
of the Group following the acquisition of Coretex
-Compound annual growth rate in Average Revenue per Unit (ARPU) between 2023 and 2025 of 8.8% for North America, -0.6% for
New Zealand, and 0.7% for Australia. No growth in 2026 to 2027 for any CGU
-Post-tax discount rate of 12.3%
-Terminal growth rate of 1.5% applied to 2027 and thereafter
Sensitivity analysis was undertaken which concluded that North America and New Zealand results are not particularly sensitive to
changes in the underlying assumptions. Australia is sensitive to the compounding growth rate with a break even growth rate of 15.5%.
The Group applied judgment in determining reasonably possible changes in the key assumptions in the value in use models. Results of
the sensitivity analysis as follows:
Input required for the VIU to equate to the carrying value
Amount the VIU exceeds
the carrying value
Connected unit CAGRWACCTerminal
growth rate
$M's
New Zealand266.3Not sensitiveNot sensitiveNot sensitive
North America180.0Not sensitiveNot sensitiveNot sensitive
Australia3.715.50%13.1%0.3%

The Group concluded that the recoverable amount of each of the CGU were higher than their respective carrying values and therefore
no impairment was considered necessary at 30 September 2022.
The Group completed its annual impairment review of goodwill in May 2022 as part of the 31 March 2022 financial statements, with no
impairment being identified.

2023 INTERIM REPORT | EROAD
PAGE 34 PAGE 35
NOTES TO FINANCIAL STATEMENTS
NOTE 7 INCOME TAX EXPENSE
GROUP30 SEPTEMBER 202230 SEPTEMBER 2021
Unaudited
$M’s
Unaudited
$M’s
(a) Reconciliation of effective tax rate
Loss before income tax (2.7) (1.6)
Income tax using the Company's domestic tax rate of 28% (0.8) (0.4)
Non-deductible expense/(non-assessable income) (2.0) 0.8
Adjustment related to prior period 0.5
Utilisation of tax losses previously unrecognised (0.6) 0.7
Effect of different tax rates of subsidiaries operating overseas (0.4) 0.2
Income tax expense/(benefit) (3.3) 1.2
(c) Current tax expense
Current year- -
- -
(c) Deferred tax expense
Current year (3.8) 1.2
Adjustments in respect of prior periods 0.5 -
(3.3) 1.2
Income tax expense/(benefit) (3.3) 1.2
At 30 September 2022 there were no imputation credits available to shareholders (31 March 2022: Nil) .
Income tax expense comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent
that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous periods. Current tax payable also
includes any tax liability arising from the declaration of dividends.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be
applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the
reporting date.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate
to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current
tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is
probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
NOTE 8 BORROWINGS
GROUP30 SEPTEMBER 202231 MARCH 2022
Unaudited
$M’s
Audited
$M’s
Current borrowings
Revolving Credit Facility16.20.7
Capex Facility2.02.0
Capitalised borrowings cost(0.7)(0.6)
17.52.1
Non-current borrowings
Term Loans30.030.0
30.030.0
GROUP30 SEPT 202230 SEPT 202231 MARCH 202231 MARCH 2022
Nominal
Interest
Year of
Maturity
Unaudited
Face Value

$M’s
Unaudited
Carrying
amount
$M’s
Audited
Face Value

$M’s
Audited
Carrying
amount
$M’s
Tem Loans5.08%202530.030.030.030.0
Capex facility5.08%20252.02.02.02.0
Revolving credit facility5.08%202516.216.20.70.7
Capitalised borrowing costs-(0.7)-(0.6)
48.247. 532.732.1
The Group has a syndicated debt facility with the Bank of New Zealand (BNZ) and the Australia and New Zealand Banking Group
(ANZ). At 30 September 2022, EROAD had the following facilities in place:
$30.0M (NZD) Term Loan Facility A – to refinance debt from the prior financial year. The Term Loan has a term of 36 months from
the March 2022 refinance date, with the facility having a maturity date in March 2025. The interest rate is variable with reference to a
base rate (BKBM bid rate) for the selected interest period plus a margin of 2.95%. EROAD may select an interest period of 1,2,3 or 6
months. This is an interest only term facility with full repayment on the termination date.
$55.0M (NZD) Revolving Credit Facility B – for general corporate purposes. The Revolving Credit Facility has a term of 36 months
from the March 2022 refinance date with a periodic roll over feature at the end of each interest period (90 days) that is subject to
continued compliance with the terms of the loan agreement, with the facility having a maturity date in March 2025. Funds may be
drawn in NZ Dollars, AU Dollars, or US Dollars. The interest rate is variable with reference to the base rate (BKBM bid rate for NZ
Dollar drawings, BBSY bid rate for AU Dollar drawings, and US Federal Open Market Committee short-term interest rate target for
US Dollar drawings) for the selected interest period plus a margin of 1.5%. EROAD may select an interest period of 1,2,3 or 6 months.
In addition, a Commitment Fee of 1.45% per annum is payable on the committed balance of the facility quarterly in arrears. The full
outstanding balance is payable on the termination date.
$5.0M Capex Facility– for general working capital purposes. This is an on demand facility with the interest rate to be agreed between
the lender and borrower at the time of borrowing plus a margin of 1.5%. In addition, a Commitment Fee of 1.45% per annum is
payable on the committed balance of the facility quarterly in arrears. The full outstanding balance is payable on the termination date.
EROAD’s operating covenants to support the above facilities include Interest Cover Ratio, Leverage Ratio and Obligor Assets to
Group Assets. EROAD was compliant with all covenants during the period and at 30 September 2022.

2023 INTERIM REPORT | EROAD
PAGE 36 PAGE 37
INDEPENDENT REVIEW REPORT



© 2022 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private
English company limited by guarantee. All rights reserved.


Independent Review Report
To the shareholders of EROAD Limited
Report on the condensed consolidated interim financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the
condensed consolidated interim financial
statements on pages 15 to 36 do not:
i. present, in all material respects the
Group’s financial position as at 30
September 2022 and its financial
performance and cash flows for the 6
month period ended on that date in
compliance with NZ IAS 34 Interim
Financial Reporting.
We have completed a review of the accompanying
condensed consolidated interim financial
statements which comprise:
— the condensed consolidated statement of
financial position as at 30 September 2022;
— the condensed consolidated statements of
comprehensive income, changes in equity and
cash flows for the 6 month period then ended;
and
— notes, including a summary of significant
accounting policies and other explanatory
information.

Basis for conclusion

A review of condensed consolidated interim financial statements in accordance with NZ SRE 2410 Review of
Financial Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of EROAD Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant
to the audit of the annual financial statements.
Our firm has also provided other services to the Group in relation to taxation compliance and transfer pricing
services. Subject to certain restrictions, partners and employees of our firm may also deal with the Group on
normal terms within the ordinary course of trading activities of the business of the Group. These matters have not
impaired our independence as reviewer of the Group. The firm has no other relationship with, or interest in, the
Group.

Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we might
state to the shareholders those matters we are required to state to them in the Independent Review Report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the shareholders as a body for our review work, this report, or any of the opinions we have formed.
NOTE 8 BORROWINGS (CONTINUED)
The security package for the Multi-Option Credit Facility Agreement includes an all obligations cross-guarantee granted by EROAD
Financial Services Limited, EROAD Australia Pty Limited, EROAD Inc, Coretex Limited, Imarda Pty Limited, Coretex Australia Pty
Limited, Coretex NZ Limited, and Coretex USA Inc in favour of the BNZ (in its capacity of Security Trustee for the banking syndicate).
in respect of the obligations of EROAD Limited, and a General Security Agreements granted by EROAD Limited, EROAD Financial
Services Limited, EROAD Inc, EROAD Australia Pty Limited, Coretex Limited, Imarda Pty Limited, Coretex Australia Pty Limited,
Coretex NZ Limited, and Coretex USA Inc in favour of the BNZ (in its capacity of Security Trustee for the banking syndicate).
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as
part of the cost of that asset. Other borrowing costs are recognised as an expense in the period in which they are incurred.
NOTE 9 RELATED PARTY TRANSACTIONS
Related party transactions are consistent in nature with those reported in 31 March 2022.
NOTE 10 COMMITMENTS
As at 30 September 2022 the Group had confirmed purchase orders open with its third party manufacturer of hardware units
amounting to $21.2M (31 March 2022: $20.7M).
NOTE 11 CONTINGENT LIABILITIES
As at 30 September 2022 the Company had no contingent liabilities or assets (2022:$Nil).
NOTE 12 NET TANGIBLE ASSETS PER SHARE

GROUP30 SEPTEMBER 2022RESTATED
30 SEPTEMBER 2021
31 MARCH 2022
UnauditedUnauditedAudited
Net assets (equity) 253.3 180.4 247.7
Less Intangibles (236.7) (52.4) (228.4)
Total net tangible assets 16.6 128.0 19.3
Net tangible assets per share ($) 0.15 1.32 0.17
The non-GAAP measure above is disclosed for consistency with the information disclosed in EROAD’s results announced under
the NZX listing rules.
NOTE 13 EVENTS SUBSEQUENT TO BALANCE DATE
There were no events occurring subsequent to balance date which require adjustment to or disclosure in the financial
statements.

2023 INTERIM REPORT | EROAD
PAGE 38 PAGE 39
DIRECTORY
Directory







Responsibilities of the Directors for the condensed
consolidated interim financial statements
The Directors, on behalf of the Group, are responsible for:
— the preparation and fair presentation of the condensed consolidated interim financial statements in
accordance with NZ IAS 34 Interim Financial Reporting;
— implementing necessary internal control to enable the preparation of condensed consolidated interim
financial statements that is free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the review of the
condensed consolidated interim financial statements
Our responsibility is to express a conclusion on the condensed consolidated interim financial statements based
on our review. We conducted our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to
conclude whether anything has come to our attention that causes us to believe that the interim financial
statements are not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly, we do not express an audit
opinion on these condensed consolidated interim financial statements.
This description forms part of our Independent Review Report.

KPMG
Auckland
25 November 2022


REGISTERED OFFICE
IN NEW ZEALAND
REGISTERED OFFICE
IN NORTH AMERICA
REGISTERED OFFICE
IN AUSTRALIA
Level 3 260 Oteha Valley Road,
Albany, Auckland, New Zealand
7618 SW Mohawk Street
Tualatin, OR 97062 USA
Level 36, Tower 2 Collins Square
727 Collins Street Docklands, VIC
3008 Australia
INVESTOR RELATIONS AND
SUSTAINABILITY ENQUIRES
MANAGING YOUR
SHAREHOLDING ONLINE
SHARE REGISTER -
NEW ZEALAND
Address: EROAD Limited, PO Box
305 394 Triton Plaza
North Shore, Auckland
Email: investors@eroad.com
Telephone: 0800 437 623
Changes in address and investment
portfolios can be viewed and updated
online: www.computershare.co.nz/
investorcentre.
You will need your CSN and FIN
numbers to access this service.
Computershare Investments Services
Limited Private Bag 92119, Victoria
Street West Auckland 1142,
New Zealand
Email: enquiry@computershare.co.nz
Telephone: +64 9 488 8777
Website: www.computershare.co.nz/
investorcentre
LEGAL ADVISORS BANKERS
Chapman Tripp Level 34 Commercial
Bay Auckland 1010
PO Box 2206, Auckland 1140
Telephone: +64 9 357 9000
Bank of New Zealand
Australia & New Zealand Banking Group Limited
China Construction Bank
National Australian Bank
Wells Fargo

---

EROAD (NZX: ERD ASX: ERD) Financial Results
For the six months ended 30 September 2022 (H1FY23)
25 November 2022

Theinformationinthispresentationisofageneral
natureanddoes notconstitutefinancialproduct
advice,investmentadviceorany recommendation.
Nothinginthispresentationconstituteslegal, financial,
tax or other advice.
Thispresentationmaycontainprojectionsor
forward-looking statementsregardingavarietyof
items.Suchprojectionsor forward-looking
statementsarebasedoncurrentexpectations,
estimatesandassumptionsandaresubjecttoa
numberofrisks, uncertaintiesandassumptions.
Thereisnoassurancethatresultscontemplatedinany
projectionsor forward-lookingstatementsinthis
presentationwillberealised.Actual resultsmaydiffer
materiallyfromthoseprojectedinthispresentation. No
personisunderanyobligationtoupdatethispresentation
atany timeafteritsreleasetoyouortoprovideyouwith
furtherinformation about EROAD.
Whilereasonablecarehasbeentakenincompilingthis
presentation, EROADoritssubsidiaries,directors,
employees,agentsoradvisers(tothemaximumextent
permittedbylaw)do not giveany warrantyor
representation(expressorimplied)astotheaccuracy,
completenessorreliabilityoftheinformationcontained
initortake anyresponsibilityforit.Theinformationin
thispresentationhasnot beenandwillnotbe
independentlyverifiedoraudited.
Coretex
TheCoretexmergercompletedon30November2021.
All comparisons to H1 FY22 exclude Coretex.
Non-GAAPMeasures
EROADhasusednon-GAAPmeasureswhendiscussing
financial performanceinthisdocument.Thedirectorsand
management believethatthesemeasuresprovideuseful
informationastheyare usedinternallytoevaluate
performanceofbusinessunits,toestablish operational
goalsandtoallocateresources.Non-GAAPmeasuresare
notpreparedinaccordance withNZIFRS(NewZealand
InternationalFinancialReportingStandards)andarenot
uniformlydefined,therefore thenon-GAAPmeasures
reportedinthisdocumentmaynotbe comparablewith
thosethatothercompaniesreportandshouldnotbe
viewedinisolationorconsideredasasubstitutefor
measuresreported byEROADinaccordancewithNZIFRS.
Thenon-GAAPmeasuresarenotsubjecttoauditorreview.
Definitions canbe foundin theGlossary onpage 40 of this
presentation.
Important Information

3
Progress of strategic initiatives and strategy review
focused on profitable growth
•Rationalisationofproductsuiteunderwaywhich
increasestheefficiencyandvelocityofEROAD'sengineeringteams
reducesR&Dspendacrossplatforms
•Costcuttingprogrammeunderway
benefitwillberealisedduringH2FY23andbeyond
furtherinitiativesunderwaywillcontinuetoprovidefurtheropportunityforcost-outfromFY24
•Operatingcashflowimproving
decreasedintegrationandpersonnelcosts
forecastedhigherrevenue
•NewZealandcontinuestodeliverconsistentstronggrowthwithnewandexistingcustomers
•ProventheproductmarketfitwiththeCoretexproductsbywinningbusinessagainstsomeofthestrongestcompetitorsinNorthAmerica
•Pipelineofopportunitiesremainsrobustwith22enterprisecustomersatthepilotstageacrossallthemarkets,representingsome32,300
contractedunits
•Strategicreviewfocusedonprofitablegrowth,withabroaderrangeofcommercialmodelsbeingunlockedfromtheCoretexmerger

Operational Update
Mark Heine
Chief Executive Officer

5
75.8
84
84.8
88.4
92.9
134.6
158.3
H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
AnnualisedMonthly
Recurring Revenue (AMRR) ($m)
AMRR, which provides a 12monthforward
viewofrevenue, is up$23.7m (18%) from
FY22 reflecting a stronger USD ($13.6m)
andadditional contracted units and sales of
add-on products and services ($10.1m or
8%)
57.6058.3858.8058.3057.64
55.57
55.62
H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
Average Revenue Per Unit
(ARPU) ($)
ARPU up from $55.57 in H2 FY22 to
$55.62 on H1 FY22, reflecting a $2.34 FX
benefit per unit and Coretex'sup-
frontsales model.
1,019 customers added products or
services to their plan (7,755 units) and
447 customers upgraded their plan
(3,231 units).
Continued growth in Recurring Revenue
45.845.8
48.0
66.9
85.4
H1 FY21H2 FY21
H1 FY22H2 FY22
H1 FY23
Revenue increased to $85.4m in H1 FY23
reflecting contribution from Coretex,
$7.0m non-cash acquisition accounting
and growth across all markets.
Revenue ($m)
7.0

6
12,308
8,074
5,705
4,010
6,500
10,155
8,822
Contracted Units Added
Coretex Merger
H1 FY20H2 FY20H1
FY21
H2
FY21
H1
FY22
H2 FY22
H1 FY23
66,157
Contracted Units Added
8,822 connected units added in H1 FY23.
•Continued steady strong growth in New Zealand
•North America experienced higher gross sales, offset by
continued churn in small-to-medium Ehubocustomers
31 March 202230 Sept 2022Added in
H1 FY23
North America87,68290,596+2,914 (+3%)
New Zealand106,916112,280+5,364 (+5%)
Australia14,09914,643+544 (+4%)
Total Contracted Units208,697217,519+8,822 (+4%)
Contracted Units
Contracted unit growth across all markets

7
94.9%
95.2%
95.3%
94.9%
94.1%
93.4%
94.2%
98.4%
95.2%
EROAD stand-alone ARRCoretex stand-alone ARR
Continued High Asset Retention Rate
H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
•Asset Retention Rate is a 12 month
metric so continue to report as stand-
alone.
•EROAD stand-aloneAsset Retention
remains relatively stable at 94.2%.
•Coretexdown slightly from 98.4% to
95.2% reflecting H2 FY22 was a 4
month retention rate, and H1 FY23 a
10 month retention rate.
•918 customers renewed their contract
over H1 FY23 (21,336 units) including
ABC Supply for over 6,000
subscriptions.
95.2%
Coretex10-month ARR
94.2%
EROAD stand-alone ARR

8
Growth through account expansion
Selling Contracted Units
to new and existing customers
Ehubo
(all versions)
+5,316 in H1 FY23
(H1 FY23: 135,453;
FY22: 130,137)
CoreHub
(all versions)
+2,234 in H1 FY23
(H1 FY23:72,075;
FY22:69,841)
Clarity
Solo
+ 405 in H1 FY23
(H1 FY23: 723;
FY22: 318)
Add on SaaS subscriptions
(over and above EROADsubscription plan)
Clarity
Connect
Dashcam
+1,524 in H1 FY23
(H1 FY23: 8,118;
FY22:6,594)
EROAD Analyst275subscriptionsin
H1 FY23
(H1 FY23: 1,769
subscriptions;
FY22:1,494 subscriptions)
Logbook+ 1,288 in H1 FY23
(H1 FY23: 9,834;
FY22:8,546)
Philips Connect+748 in H1 FY23
(H1 FY23: 2,302;
FY22:1,554)
Inspect+1,372 In H1 FY23
(H1 FY23: 14,681;
FY22:13,309)
Whereand
Mini Tags
+ 3,090 in H1 FY23
(H1 FY23: 14,490;
FY22:11,400)
Enterprise
Data
Connector
+5enterprise accounts
(H1 FY23: 12 : FY22: 7)

9
Beginning to demonstrate
product market fit of
CoreHubwith improved
gross sales and winning
major Enterprise customer
North America
•Contracted units increased by 2,914 since year-end
reflecting (among other things):
•gross sales of 7,572 contracted units (75%
Corehubsubscriptions), reflecting growth with
existing customers
•churn of 3,299 mainly reflecting small-to-
medium Ehubocustomers
•Five year agreement to supplyCoreHuband SaaS
solutions for over 9,000 trucks to Sysco with further
growth opportunity. Roll-out solutions over the next 12
months.
•One of our largest enterprise customers, ABC Supply,
renewed in August for over 6,000 subscriptions
through to at least 2024.
•Expanding customer accounts through sale of
additional products and services:
•156Clarity Solo cameras sold, in addition to 386
Clarity ConnectedDashcams (not included in unit
numbers)
•748 Philips Connect solutions sold into market over
H1 FY23
+ 2,914
(H1 FY23:90,596; FY22:87,682)
NA Contracted Units (+3%)
95.9%
Coretex10 month
NA Asset RetentionRate
*In NZ$ North American ARPU fell from NZ$62.77in H1 FY22 and NZ$56.38 in FY22 toNZ$57.25in H1 FY23
87.5%
EROAD Stand-alone
NA Asset RetentionRate
(FY22:84.2%)
US$36.18*
(FY22: US$39.02)
Monthly SaaSARPU
176
NA Customers added
products and services
to their plan
(representing 704 units)

10
New Zealand continues
to grow with new and
existing customers
New Zealand
•Grewcontracted units by 5,364 in H1 FY23 reflecting
growth in both existing (approx76%) and new
customers (approx24%)
•804 customers renewed theirplan (representing
some 14,242 units)
•704customers added productsand services to
their plan (6,242 subscriptions)
•Enterprisedata connector
increasedrevenue contribution
with5Enterprise accounts adding
asubscription in H1 FY23
•H&S focus for customers supporting
strong camera sales with 43 Clarity
Solo cameras sold in H1 FY23, in
addition to 1,104Clarity Connected
Dashcams (not included in unit
numbers)
•Sold 1,288 Logbook and 1,372 Inspect
subscriptions throughout the year
+5,364
(H1 FY23:112,280; FY22:106,916)
NZ Contracted Units (+5%)
88.5%
Coretex10 month
NZ Asset RetentionRate
$55.50
NZMonthly SaaSARPU
(FY22: $56.45)
96.5%
EROAD Stand-alone
NZ Asset RetentionRate
(FY22:97.3%)
704
NZ customers added
products and services
to their plan
(representing 6,242 units)

11
Continued expansion of
Enterprise account, in
addition to focus on camera
and asset tracking sales to
small-to-medium customers
Australia
•Added 544 contracted units in H1 FY23, which includes
190unit growth in Enterprise customer and 354 unit
growth in small-to-medium customers
•Sold 43 Clarity Solo Dashcams in H1 FY23, in addition
to 34 Clarity Dashcams (not included in unit numbers)
•Roll-out of customer service model to Coretex
customers with focus on a number of Enterprise
renewals in H2 FY23
+544
(H1 FY23:14,643; FY22:14,099)
AU Contracted Units (+4%)
97.5%
AU Coretex10 month
Asset RetentionRate
AU$42.02*
AU Monthly SaaSARPU
(FY22: $36.69)
*In NZ$ Australian ARPU increased fromNZ$31.72in H1 FY22 andNZ$38.99in FY22 toNZ$46.51in H1 FY23
92.2%
AU EROAD Stand-alone
Asset RetentionRate
(FY22:88.4%)
139
AU customers added
products and services
to their plan
(809 units)

H1 FY23 Financial Results
Margaret Warrington
Acting Chief Financial Officer

13
15.3
15.4
12.3
8.7
20.8
14.4
13.0
16.4
H1 FY21H2 FY21H1 FY22H2 FY22
H1 FY23
EBITDA ($m)
4.7
0.6
(15.8)
(32.1)
(23.4)
H1 FY21H2 FY21
H1 FY22
H2 FY22
H1 FY23
Free Cash Flow (excluding merger)reflects
investing in inventory ahead of winning
Enterprise customers and one-off
spending such as integration.
Free Cash Flows ($m)
(0.5)
5.6
(0.4)
(6.8)
1.0
(2.1)
5.6
1.6
(2.5)
(3.4)
EBIT
Normalised EBIT
H1 FY21
H2 FY21H1 FY22
H2 FY22H1 FY23
EBITimproved from a loss of $6.8min H2
FY22toaprofitof$1.0m.Normalisedfor
acquisitionand integration costs in both
periods,EBITloss is $3.4m in H1 FY23.
EBIT ($m)
45.845.8
48.0
66.9
85.4
H1 FY21H2 FY21
H1 FY22H2 FY22
H1 FY23
Revenueup$18.5mfromH2 FY22 reflecting
acquisition accounting adjustments ($7m), an
additional 2 months contribution from
Coretexand organic growth.
Revenue ($m)
7.0
Normalised EBITDAmargin of
19%.Normalised for Non-cash acquisition
accounting adjustments($7m) and
integration costs in H1 FY23 and transaction
and integration costs in H1 FY22.
Reported EBITDA
NormalisedEBITDA

14
14
($m)
H1 FY23H2 FY22H1 FY22
Movement H1
FY23vsH2FY22
NewZealand25.023.222.01.8
Australia0.90.7(0.6)0.2
NorthAmerica12.76.52.96.2
Corporate&Development(17.6)(21.7)(12.2)4.1
Eliminationofinter-segmentEBITDA(0.2)-0.2(0.2)
EBITDA20.88.712.312.1
EBITDAMargin24%13%26%
NormalisedEBITDA
*
16.413.014.43.4
NormalisedEBITDAMargin
*
19%19%30%-
EBITDA reflects growth across all regions
4 month contribution from Coretex in
H2 FY22 and 6 month contribution in
H1 FY23
NewZealand
EBITDA growth reflectscontinuedstronggrowth
intoexistingcustomerfleets, alongwith
attractingnewcustomersandcontinuedhigh
assetretention
North America
NorthAmericaEBITDAgrew$6.2mfrom H2
FY22reflectingtheadditional 2 months of
Coretex , growth in units and the strength of
the USD (c$1m).
Australia
EBITDA continues to grow following the
completion of the large enterprise roll out in
FY22and the incremental growth in both
current enterprise customers and steadygrowth
insmall-to-mediumcustomers.
Corporate
Corporate EBITDA loss decreased to$17.6m due
to the acquisition accounting revenue of $7.0m in
H1 FY23.
Normalised** Corporate EBITDA loss increased
from $17.7m (H2FY22)to $22m (H1
FY23)reflecting additional two months of
Coretexandgrowth in remuneration rates
(responding to market labour inflation pressures).
*H1 FY23 Normalised foracquisition accounting adjustments (revenue: $7m) and integration costs ($2.6m). H1 FY22 normalisation was due diligence costs ($2.0m). H2 FY22 normalisation includedue diligence and
transaction costs ($1.6m), Integration costs ($4.0m) and acquisition accounting revenue ($1.3m)
** Normalised for $7.0m acquisition accounting revenue in H1 FY23and integration costs

15
140.0
141.9
149.1
190.2
215.7
H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
FCIincreased $25.5m with $14.2m reflecting
the change in value associated with the
stronger USD and the remainder driven by
contract renewals within our customer base.
Future Contracted Income
(
$m
)
Monitoring performance
Leading growth indicators
Annualised Monthly Recurring
Revenue ($m)
84.8
88.4
92.9
134.6
158.3
H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
AMRRprovides a 12-monthforward viewof
revenue, is up$23.7m (18%) from FY22 reflecting
stronger USD ($13.6m) andadditional contracted
units and improved ARPU ($10.1m or 8%).
44
3
5
6
5
8
10
13
14
9
12
13
18
20
ExpensedCapitalisedTotal R&D
H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
TotalR&Dspendof$20.4m included$4.6m
integration spend.
Continue to expect FY23 totalR&Dof$38m.
Researchand Development ($m)

16
95.3
94.9
94.1
93.4
94.2
98.4
95.2
EROAD stand-alone ARRCoretex stand-alone ARR
Monitoring performance
Enterprise value from existing customer base
H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
EROAD’s Asset RetentionRatehas remained relatively
stable over time. Significant renewal programmes, in
particular in FY22 in North America with the 3G upgrade
programme saw significant fleet reduction due to lagging
COVID-19 impacts.Coretexasset retention reflects a 4
month and 10 month period respectively.
EROAD stand alone
Asset Retention Rate (%)
58.80
58.30
57.64
55.57
55.62
0
10
20
30
40
50
60
70
H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
Monthly SaaS ARPUdown from H2 FY22 reflecting
the full period including Coretex'slower ARPU (due
to historical revenue model of selling hardware
upfront) offset by selling additional ancillary products
and a $2.34 positive FX impact due to the strength of
the USD.
Average Revenue Per Unit (ARPU)
($)

17
Monitoring performance
Profitability
4.4
4.9
5.6
7.0
6.3
H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
Underlying costs of CTS have grown reflecting
labour rate pressure and a stronger USD.
The impact of this has been offset by
corresponding growth in revenue.
Initiativescontinue with a focus on automating
low value customer interactions and providing
tiered service levels.
Cost to Service and Support
as % of Revenue
-
H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
CACwould be expected to trend
downwards over time as revenue grows,
reductions will be partly offset by investment
in development markets ahead of revenues.
Cost to Acquire Customers
as % of Revenue
10
11
13
10
9
1313
16
1313
3
2
33
4
CAC CapitalisedTotal CACCAC Expensed
451
587
708
H1 FY22H2 FY22H1 FY23
CosttoAcquireincreaseddueto marketing
spendandstaff investment. CAC is also
impacted by the stronger USD given the
profile of the sales activity across regions.
Cost to Acquire per Unit
*Thecosttoacquireperunitmethodologyhaschangedandisnowbasedongrossunitgrowth(FY21restated).Half year data is not available for prior periods.

18
Operating Expenses ($m)
Operating costs up $6.1m from H2 FY22
reflecting theinclusion of the Coretexcosts
for the full 6 months (H2 FY22: 4 months)
Personnel expenses up $4.5m from H2
FY22 dueto both Coretexbeing included
for the full period and remuneration growth
as labour markets in all regions have
inflationary pressure.
•Reduced FTE during the period
•The stronger USD increases our
personnel costs by approximately
$1.2mfor H1 FY23
SaaSplatformcostincreaseisdriven
bytheinclusion of Coretexfor
6 months along withgrowthin our
unitbaseandancillaryproductssuch
asdashcams.
Softwareandsystemsincreasedcosts is
predominantly driven by the stronger
USD.
Othercosts include increased travel
with global borders reopening and
increased travel within North America
as the sales team targetpipeline
opportunities and attendrelevant
industry conferences. The strong
USDand air travel price increases have
impacted overall growth.
18
H2 FY22
Sub
-
Contractors
Other Employment
Personnel expenses
SaaS Platform Cost
Sales & Marketing
Other
Legal Costs
Software & Systems
Other Professional Services
Acquisition and
Integration Costs
H1 FY23
58.5
4.5
0.2
2.8
(0.3)
0.0
0.5
0.1
1.0
(3.0)
64.6
0.3
64.6
Increase
Decrease
Total

19
Additions to Property, Plant And Equipment
Additions to Intangible Assets
9.5
14.1
H1 FY22H1 FY23
Total PPE Additions ($m)
8.9
12.5
H1 FY22H1 FY23
Hardware Assets
Additions ($m)
4.0
8.8
H1 FY22H1 FY23
Hardware Asset Additions
Excluding Inventory
Management ($m)
11.9
16.1
H1 FY22H1 FY23
Total Intangible Assets
Additions ($m)
10.6
14.4
H1 FY22H1 FY23
Development Assets
Additions ($m)
1.3
1.7
H1 FY22H1 FY23
Software Asset Additions
($m)
PropertyPlant&Equipment
PPEincreasedby$14.1mreflecting:
•Growth in hardware assets through
growth in contracted units, ancillary
hardware and the 3G upgrade
programme
•investmentininventorytorespondto
globalsupplychain pressuresand
pipelinedemandsof$3.6m. A further
$3.1m has been invested and is
recognised within prepayments.
IntangibleAssets
•Intangibleadditionsprimarilyreflects
newproduct development and
enhancement of current platforms and
products.
•Capital integration development for
customer facing productswas $4.2m
for H1 FY23.
•Approximately half of the software
additions are the integration of
Coretexand EROADback-office
systems thatsupport sales and
customer contract management. The
remainder reflects incremental
systems improvement and the
development of customer self service
functionality.

20
Increased Investment in R&D
To support integration and product delivery in FY23 and FY24
IncreaseDecrease Total
5.1
8.0
10.5
13.2
14.4
4.2
4.0
2.8
5.2
6.1
R&D CapitalisedR&D Expensed
H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
ResearchandDevelopment
(
$m
)
9.3
12.0
13.3
18.4
20.5
FY22AdditionsAmortisationFXH1 FY23
MovementinIntangibles
(
$m
)
228.4
16.1
(8.1)
0.4
236.7
236.70.3

21
Inflows
Outflows
Total
NEWZEALAND
$16.7m(H1 FY22: $17.1m)
NORTHAMERICA
$5.8m(H1 FY22: $0.5m)
AUSTRALIA
$0.0m(H1 FY22: $(1.8)m)
CORPORATE&DEVELOPMENT
$(36)m(H1 FY22: $(25.5)m)
CDE
EBITDA
Other
PPE
Development
Assets
Software
Assets
Interest
Paid
Group
Free
Cash
Flows
HY23
Non cash items and
other
o
perating
c
ash
f
lows
EBITDA
Other
PPE
CA
Assets
H&A
Assets
CF
Assets
EBITDA
Other
PPE
CA
Assets
H&A
Assets
CF
Assets
EBITDA
Other
PPE
CA
Assets
H&A
Assets
CF
Assets
H&A
under
Construction
Operating
Companies
FCF
HY32
H&A Assets -Hardware &Accessory Assets •CA Assets -Customer Acquisition Assets •CF Assets -Contract Fulfilment Assets •CE EBITDA –Corporate and Elimination EBITDA •H&A under Construction -Hardware &Accessories +/_ Inventories
Free Cash Flows ($m)
25.1
(5.3)
(0.6)
(2.4)
(0.1)
12.7
(5.3)
(0.6)
(0.9)
(0.1)
0.9
(0.5)
(0.1)
(0.3)
0.0
(2.6)
19.9
(17.8)
(0.4)
(14.4)
(1.7)
(1.7)
(7.3)
(23.4)

22
Operating cash flow
continues to be
impacted by one-offs
and macro-economic
conditions
Integration costs
•Key product and platform integration along with back-office systems of
$5.5m impacted H1 FY23, along with approximately $0.5m of other
externalintegration expenditure.
•Further investment in H2 FY23 will occurasintegration of the product suite
is completed.
•The remainder of the back-office business systems are expected to be
integrated during FY24.
Inventory levels
•Increased inventory levels to de-risk supply chain issues that impact lead
times, pricing and security of supply. This has resulted in EROAD purchasing
componentry to assure supply and meet requirements of large enterprise
customer roll outs.
Research and development
•EROAD continues to invest in newproducts that meet our customers' future
needs and increase ARPU.
22

2323
In H1 FY23a number ofactions were taken to reduce operating costs or increase
margins for H2 FY23 and beyond.
•Ended the leases in Portland and additional site in Albany
•Reduced contractor spend and lowered headcount (Net reduction ofc40 roles)
•Reviewed and amended data plans with supplier supporting customer facing
products
•Re-negotiating supplier pricing
•Increased New Zealand RUC and installation charges,moved out-of-contract 1-9 unit
customers to retail pricing
Further initiatives underway to reduce costsinclude:
•Reducing number of platforms products operate on
•Focus our R&D spending on most value enhancing for customersand reduce
investment cycles
•Some simplification of product range to reduce administration burden
One-off operating costs of integration ($2.6m in H1 FY23) and personnel costs ($0.4m)
will not occur fromFY24.
EROAD beginning to
make realchange to
drive operatingleverage
going forward

Growth Opportunity and Outlook
Mark Heine
Chief Executive Officer

25
Progressing key product and
platform integration to enable
enhanced SaaS products
The integrated EROAD and Coretexplatform will go live by year-end.
Integration of key products underway:
•Clarity dashcamto be integrated and sold to Coretexcustomers
•EROAD North America Tax featuresinto the Coretexplatform
•Technical work to support Corehubcertification as a RUC device in New Zealand
In addition to the key product integration, focus for H2 FY23 is:
•alignment of fleet management functionality and user experience, including the
use of a common map provider
•move to a single driver facing platform with common codebase features, as well as
look and feel
•continue to mature the ability for teams to cross sell hardware across both
platforms
•begin work to move to a single telematics device ingestion engine to reduce SaaS
overhead costs and improve performance in medium term

26
Building Revenuegrowthmomentum in North America
Growth not at pre-COVID levels, but demonstrating CoreHuband 360 product
market fit winning in a competitive landscape
13.5
25.5
33.8
H1 FY22
H2 FY22
H1 FY23
Revenue($m)
Gross sales for H1 FY23 of 7,572 (77% of which
Corehub)more than 3x levels seen in H1 FY21.
Continued churn from Ehubosmall-to-medium
customers.
2,095
1,950
7,168
7,572
3,775
143
(1,445)
3,062
2,916
Gross Units added
Net Units added
H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
Proving product market fit of Coretexproducts
Organic growth in contracted units
Since FY results in May, converted 3 pilots to
sales and added 10 new pilotswith no
pilots lost.
Proving capability to convert pilots to sales
Estimated contracted units of pilot opportunity
26 May 2022
Converted to sales
Stalled
New pilots
25 November 2022
26,000
25,000
North America enterprise sales pipeline
remains large, with seeing business
decisions taking longer in current
economic climate increasing sales
lead times.
Entering into a renewal phase for a
number of large Enterprise accounts.
Focus on next 6 months will be on
retaining and growing existing
Enterprise accounts.
Significant growth opportunity within the
Professional trucking and Refrigerated
transport.Increased demand from
customers for sustainability solutions.
Currently 13pilotsfor Enterprise
customersunderwayrepresenting
potentialopportunities of over
25,000 units.

27
Continued Revenuegrowthmomentum
in New Zealand and Australia
Continue to deliver strong growth in New Zealand with Australia
remaining substantial growth opportunity in medium term
33.7
38.4
47.2
0.8
3.0
4.4
New Zealand
Australia
H1 FY22H2 FY22H1 FY23
Revenue ($m)
New Zealand continues to deliver consistent
strong growthexpanding relationshipswith
current customers and adding new customers.
Continuetoexpectunitgrowthsimilartopre
FY21 levels (>9,000 Connected vehicles per
annum)withfocusonincreasedsalesof
ClarityDashcam.
Significant growth opportunity to provide
ESGsolutionstocustomerstohelpthem
de-carboniseandconverttoEVfleets.
Five enterprise fleetpilots currently
underway(over c5,000units).
Australia’s growth reflected growth in an
Enterprise customer and strong dashcam
sales.Focus has and remains on the renewal of
a number of large Enterprise accounts.
Australia remainsa substantial growth
opportunity inmedium term.
Focus on dashcam and EROAD Where sales
until launch of the integrated platform to drive
growth momentum.
4 ongoing Enterprise customer pilots
(c2,300 units, 50clarity solocameras
andc2,000minitags).

28
Focus on helping our customers de-carbonisethrough
fuel efficiency, fleet utilisationand reducing waste in
fleet operations
Net Zero delivery team has been
established. Focus expanded to
include all of EROAD's markets
following feedback from North
American customers.
Heavy Vehicle EV trails
EROAD is supporting two heavy EV trials active in
New Zealand which are being funded by EECA.
Heavy Fleet Decarbonisation Insights
Working with Energy Efficiency & Conservation
Authority (EECA) to develop Heavy Fleet
Decarbonisation tool which will use the EROAD
dataset to generate actionable insights.
EECA arefunding up to 46% of the R&D.Project
on track with first funding grant received from
EECA.Launch expected during 2023 and will be
adapted for North America and Australia.
28

29
With any major merger and leadership change it takes a dedicated
focus on people, communication and change management to
maintain engagement.
Focus on building a shared culture, which builds on the strengths of EROAD
and Coretexcultures with several key initiatives underway:
•following COVID, focused on getting our teams back in the office
•change management workshops
•enhanced two-way communication channels
With today’s competitive labourmarket, we are focusing on our employee
value proposition.
To deliver we must empower and continue building on the capability of our
leaders.
Focus on building a shared culture
to deliver on purpose and strategy

FY23 Outlook
30
Continue to expect FY23 NormalisedRevenue of between
$154m -$164m* subject to FX movements.
22 enterprise customers at the pilot stage across all the markets,
representing some 32,300 contracted units.
The key focus for the second half of FY23 will also be the retention
of EROAD’s large North American and Australian Enterprise
customers.
Will begin to see benefit of cost cutting initiatives in H2 FY23,
helping to offset headwinds in operating costs.
Remain on track for FY23 NormalisedEBIT of between $-5m and
breakeven.
* Normalisedfor non-cash acquisition accounting revenue of $7m and integration costs

31
31
Strategy review focusedon profitablegrowth
•Inthecurrenteconomicclimate,customerbuyingdecisionsaretakinglonger,whichweexpectwillpushoutthetimingtoreach
EROAD's$250mrevenuetargetbeyondFY25
•EROADcontinuestohavesignificantgrowthopportunities
•beginningtoseebenefitsofimprovedproductmarketfitofCoretexproductswithhighergrosssalesinNorthAmericaandgood
conversionofpilotopportunitiestosales
•customersareincreasingdemandforsolutionsfocusedonsustainabilitydataandmanagingassets
•ThestrategyreviewlookstocontinuetodeliveronprogressmadeinH1FY23towardsprofitablegrowth
•continuetobuildonprogrammeofcost-outinitiatives
•moredisciplinedmarketstrategyinNorthAmericafocusedonmaximisingbenefitofimprovedmarketfitofCoretexproducts
•furtherrationalisationofproductsandnarrowingthefocusofwhichproductsarebroughttothemarket
•forecastedhigherrevenueandcontinuedcashreturnfromoutrightsales
•WillconcludethestrategyreviewbeforetheendofFY23andprovideamoredetailedupdatetothemarket

Questions and Answers

Appendix

34
Statement of Income (NZ$m)
Ye a rended
H1 FY23
H2FY22RestatedH1
FY22
Movement
H1 FY23 vs H2 FY22
Revenue85.466.948.018.5
Operating expenses(64.6)(58.2)(35.7)(6.4)
Earningsbeforeinterest,taxation,
depreciation andamortisation20.8
8.7
12.3
12.1
Depreciationofproperty,plant&equipment(8.0)(5.4)(5.0)
(2.6)
Amortisationofintangibleassets(8.1)(6.6)(4.4)(1.5)
Amortisationofcontractandcustomeracquisitionassets(3.7)(3.5)(3.3)(0.2)
Earningsbeforeinterestandtaxation1.0(6.8)(0.4)7.8
Netfinancingcosts(3.7)(2.1)(1.1)(1.6)
Profit/(loss)beforetax(2.7)(8.9)(1.5)6.2
Incometax(expense)benefit3.32.1(1.3)1.2
Profit/(loss)aftertaxfortheyear
attributable toshareholders0.6
(6.8)(2.8)
7.4
Othercomprehensiveincome
5.0
(0.7)0.45.7
To t a lcomprehensive(loss)/incomefortheperiod5.6(7.5)(2.4)13.1
•4 monthcontribution fromCoretexinH2 FY22
and6 monthcontribution inH1 FY23.The
additional 2 months results in growth in both
revenue,operating expenses, depreciation and
amortisationwhen comparingto the prior half
year.
•Compared to H2 FY22, revenueincreased28%.
and included one off acquisition
accountingrevenue of $7.0m (Other Revenue).
Adjusted for thisrevenue growth was 17%.
•Software as a Service revenue grew 21%
reflecting an additional two months of
Coretex,underlying SaaSrevenuegrowth
and a strong US exchange rate.
•Non-recurringrevenuerelatestoavarietyof
areas including the one-offacquisition
accountingrevenue noted above(H2 FY22
$1.3). The remainder of the non-
recurring revenue reflects early
terminationfeesand grant revenue.
•Operatingcostgrowthis duetotheinclusion
ofCoretexfor the full period,integration
costs ($2.6m)andgrowthinpersonnel
costs driven by inflation and pressure in
the labourmarket for specialist skill sets.
•Amortisationincreaseswiththemergerof
CoretexintangiblesandgrowthinR&D
activity.
•EBITimproved from a loss of $6.8min H2
FY22toaprofitof$1.0m. Normalisedfor
acquisition and integration costs in both
periods,EBITloss improves 15% from
$4.0m in H2 FY22 to $3.4m in H1 FY23.

35
•Cashhasdecreased$9.5mand
borrowings increased $15.4m during
the 6 month period. Cash has been
used for integration activity, funding
growth in componentry and inventory
held for manufacturing and sale (in part
to address global supply chain
pressures), R&D activity and ongoing
growth.
•Property,plantandequipment
(PPE)increased$12.6m, including
equipment under construction
(inventory) of $27.4mwhich has beenheld
toensurecontinuityofsupplygivenglobal
supply chainpressures and increased
lead times.
•ContractFulfilmentandCustomer
Acquisition Assetsincreasedby$1.9m
(acrossbothcurrent andnon-current
portions)reflectinggrowthand renewals.
•Intangiblesgrowthreflects investment
inR&D including integration.
•Otherliabilitiesincludesanestimateforthe
contingentpayablerelatedtotheCoretex
acquisition.
AsatperiodendH1 FY23FY22Movement
Cash4.413.9(9.5)
Restrictedbankaccount10.214.7(4.5)
Coststoacquireandcontractfulfilmentcosts6.85.71.1
Other35.627.28.4
To t a lcurrentassets
57.0
61.5(4.5)
Property,plantandequipment74.361.712.6
Intangibleassets236.7228.48.3
Coststoacquireandcontractfulfilmentcosts6.05.20.8
Other15.710.35.4
To t a lnon-currentassets
332.7
305.627.1
To t a lassets389.7367.122.6
Payablestotransportagencies10.415.0(4.6)
Contractliabilities18.811.96.9
Borrowings47.532.115.4
Otherliabilities59.760.4-0.7
To t a lliabilities136.4119.417.0
Netassets253.3247.75.6
Balance Sheet (NZ$m)

36
Ye a rended
H1FY23H2FY22H1FY22
Movement H1
FY23vs H2
FY22
Cashflowsfromoperatingactivities
Otheroperatingcashflows13.66.211.0
7.4
Netinterestpaid(1.7)(1.7)(1.2)-
Netcashinflowfromoperatingactivities11.94.59.87.4
Cashflowsfrominvestingactivities
Property,plantandequipment(includinghardwareassets)(14.3)(18.9)(9.5)4.6
Intangibleassets(16.1)(13.1)(11.8)(3.0)
Contractfulfillmentandcustomeracquisitionassets(4.9)(4.6)(4.3)(0.3)
Paymentsforinvestmentinsubsidiary-(72.4)-72.4
Netcashoutflowfrominvestingactivities(35.3)(109.0)(25.6)73.7
Cashflowsfromfinancingactivities
Bankloans15.5(0.5)(2.4)16.0
Issueofequity-0.384.7(0.3)
Costofraisingcapital-0.1(3.5)(0.1)
Otherfinancingscashflows(1.2)(0.8)(0.8)(0.4)
Netcashinflow/(outflow)fromfinancingactivities14.3(0.9)78.015.2
Netincrease/(decrease)incashheld(9.1)(105.4)62.296.3
Cashatbeginningofthefinancialperiod13.9119.357.1(105.4)
Effects of exchange rate changes on cash and cash equivalent(0.4)(0.4)
Closingcashandcashequivalents4.413.9119.3(9.5)
•Operatingcashflows
increased $6.7mfrom H2
FY22reflectingan
additional 2 months of
Coretex
contribution,growth in
contracted units, outright
sales of some
productsand successful
collection of a large
outstanding debtor in North
America. Operating cashflows
included external integration
costs of approximately $0.5m.
•Investingcashof
$35.3mreflectsthepurchase
ofhardware (to support customer
demand and increased inventory
to address supply chain risk) and
research and
developmentincluding
integration of $5.5m.
•Financingcashflowswere
$14.3masaresultof
thedrawings onour debt
facility. At 30 September2022
the headroom in the facility is
$41.8m.
Cash Flow Statement (NZ$m)
* FY21 has been restated (cloud related adjustments)

37
YEARENDED
H1 FY23
RESTATED H1
FY22
Profit/(Loss)aftertaxfortheyearattributabletotheshareholders
0.6(2.8)
Add/(less)non-cashitems
Ta xassetrecognised
(3.3)1.2
Depreciationandamortisation
19.812.7
Othernon-cashexpenses/(income)
0.9(0.8)
Contingent consideration
(6.3)
-
Add/(less)movementsinotherworkingcapitalitems:
Decrease/(increase)intradeandotherreceivables
(6.3)(4.2)
Increase/(decrease)incontractliabilities
5.90.5
Increase/(decrease)intax payables
--
Increase/(decrease)intradepayables,interestpayableandaccruals
0.63.2
Netcashfromoperatingactivities
11.99.8
37
Reconciliation of Profit to Movement in Cash

38
38
NZ$Local$
H1 FY23H1 FY22H1 FY23H1 FY22
NewZealandARPU
NZ$55.50NZ$56.78NZ$55.50NZ$56.78
NorthAmericaARPUNZ$57.25NZ$62.77US$36.18US$44.42
AustralianARPUNZ$46.51NZ$31.72AU$42.02AU$29.86
Average Revenue per Unit (ARPU)

39
77%
Customer facing
R&D
Investment
•R&D is critical in developing new products and
services to retain customers, open up the
addressable market, grow connected vehicles and
grow average SaaS monthly revenue per unit
•Target ~60% of R&D spend on customer facing
elements
•In H1 FY23 spend $20.4m on R&D for FY23
targeting$38m*
•Increased focus on product development on the high
value add products for customers (maximisingreturn
on investment)
58%18%8%
New to
EROAD
Planned
enhancements
Quality
/bugs
10%5%2%
Reliability,
availability,
serviceability
and scalability
Learning
/future
Unplanned
enhancements
39
* Includes operating expenditure and capital expenditure

40
Glossary
40
ANNUALISED MONTHLY RECURRING
REVENUE (AMRR)
Anon-GAAPmeasurerepresenting
monthly RecurringRevenueforthelast
monthoftheperiod,multipliedby12.
Itprovidesa12monthforward viewof
revenue,assumingunitnumbers,pricing
and foreignexchangeremainunchanged
duringtheyear.
ASSET RETENTION RATE
ThenumberofTotalContractedUnitsatthe
beginningofthe12monthperiodand
retainedas TotalContractedUnitsattheendof
the12monthperiod,asapercentageofTotal
ContractedUnitsatthe beginningofthe12
monthperiod.
COREHUB
EROAD’s next generation telematics hardware that
collects rich data, meets electronic logging device
certification, and integrates with cameras.
COSTS TO ACQUIRE CUSTOMERS (CAC)
Anon-GAAPmeasureofcoststoacquirecustomers.
TotalCACrepresentsallsales&marketingrelated
costs.CACcapitalisedincludesincrementalsales
commissionsfornewsales,upgradesandrenewals
whicharecapitalisedandamortisedoverthelifeof
thecontract.AllotherCACrelatedcostsare
expensed whenincurredandincludedwithinCAC
expensed.
COSTS TO SERVICE & SUPPORT (CTS)
Anon-GAAPmeasureofcoststosupportandservice
customers.TotalCTSrepresentsallcustomersuccess
andproductsupportcosts. Thesecostsareincluded
in AdministrativeandotherOperatingExpenses.
CY
12monthsended31December
EBITDA
Anon-GAAPmeasurerepresentingEarnings
before Interest,Taxation,Depreciationand
Amortisation (EBITDA).ReferConsolidated
Statementof ComprehensiveIncomeinFinancial
Statements.
EBITDA MARGIN
Anon-GAAPmeasurerepresentingEBITDA
divided byRevenue.
EHUBO, EHUBO2 and EHUBO 2.2
EROAD’s first and second generation telematics
hardware. EHUBO is a trade mark registered in
New Zealand, Australia and the United States.
ENTERPRISE
Afleetofmorethan500vehiclesinNorthAmerica
andmorethan150vehicles inAustraliaorNew
Zealand.
FREE CASH FLOW
Anon-GAAPmeasurerepresentingoperatingcash
flowandinvestingcashflowreportedintheStatement
ofCashFlows.
FUTURE CONTRACTED INCOME (FCI)
Anon-GAAPmeasurewhichrepresentscontracted
SoftwareasaService(SaaS)incometoberecognised
asrevenueinfutureperiods.ReferRevenueNote2of
theH1 FY23FinancialStatements.
FY
Financialyearended31March.
H1
Forthesixmonthsended30September.
H2
Forthesixmonthsended31March.
MONTHLY SAAS AVERAGE REVENUE PER UNIT
(ARPU)
Anon-GAAPmeasurethatiscalculatedbydividing
thetotalSaaSrevenuefortheyearreportedinNote
2 oftheH1 FY23FinancialStatements,bytheTCU
balance attheendofeachmonthduringtheyear.
NORMALISED EBITDA
Excludesone-offitems:H1FY23
Normalisedforacquisition accounting
adjustments (revenue: $7m) and integration costs
($2.6m). H1 FY22normalisation was due
diligence costs ($2.0m). H2 FY22 normalisation
includeduediligence and
transactioncosts($1.6m),Integrationcosts($4.0
m)andacquisitionaccountingrevenue($1.3m
NORMALISED EBITDA MARGIN
Excludesone-offitems, consistent with the definition
provided for Normalised EBITDA
NORMALISED REVENUE
Excludesthe one-offacquisition accounting revenue
in H1 FY23 ($7m).
ROAD USER CHARGES (RUC)
InNewZealand,RUCisapplicabletoHeavyVehicles
andallvehiclespoweredbyafuelnottaxedatsource.
ThechargesarepaidintoafundcalledtheNational
LandTransportFund,whichiscontrolledbyNZTA,
andgotowardsthecostofrepairingtheroads.
SAAS
SoftwareasaService,amethodofsoftwaredelivery
inwhichsoftwareisaccessedonlineviaasubscription
ratherthanboughtandinstalledonindividual
computers.
SAAS REVENUE
Softwareasaservice(SaaS)revenuerepresents
revenueearnedfromcustomercontractsforthe
saleorrentalofhardware,installationservicesand
provisionofsoftwareservices.
TOTAL CONTRACTED UNITS
RepresentsEROADbrandedunitssubjecttoa
customercontractbothonDepotandpending
instalmentandCoretexbrandedunitscurrently
billed
UNIT
Acommunicationdevicefittedin-caborona
trailer. Wherethereismorethanoneunitfittedin-
cabor onatrailer,itiscountedasoneunit
(excluding PhilipsConnect).
360
Aweb-based platform that allows customers to
access data collected by CoreHuband the
associated reports.

ASX & NZX: ERD
investors@eroad.com
eroadglobal.con/investors