EROAD 2023 Annual Shareholders Meeting Addresses

EROAD (NZX: ERD ASX: ERD)
ANNUAL SHAREHOLDERS MEETING
28 July 2023

IMPORTANT INFORMATION
The information in this presentation is of a general nature and does
not constitute financial product advice, investment advice or any
recommendation. Nothing in this presentation constitutes legal,
financial, tax or other advice.
This presentation may contain projections or forward-looking
statements regarding a variety of items. Such projections or forward-
looking statements are based on current expectations, estimates and
assumptions and are subject to a number ofrisks, uncertainties and
assumptions.
All number relate to the 12 months ended 31 March 2023 (FY23) and
comparisons relate to the 12 months ended 31 March 2022 (FY22),
unless otherwise stated. All dollar amounts are in NZD, unless
otherwise stated.
There is no assurance that results contemplated in any projections or
forward-looking statements in this presentation will be realised.
Actual results may differ materially from those projected in this
presentation. No person is under any obligation to update this
presentation at any time after its release to you or to provide you with
further information about EROAD.
While reasonable care has been taken in compiling this presentation,
EROAD or its subsidiaries, directors, employees, agents or advisers (to
the maximum extent permitted by law) do not give any warranty or
representation (express or implied) as to the accuracy, completeness
or reliability of the information contained in it or take any
responsibility for it. The information in this presentation has not been
and will not be independently verified or audited.
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 are not subject to audit or review. Definitions
can be found in the Glossary on page 32 of this presentation.
PAGE 2

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PAGE 3

AGENDA
1.Chair’s Address
2.CEO and CFO Address
3.Resolutions
4.Q&A
SUSAN PATERSON, CHAIR
MARGARET WARRINGTON, CFO
PAGE 4
PAVING A PATH TO SUSTAINABLE & PROFITABLE GROWTH
MARK HEINE, CEO

01
CHAIR’S ADDRESS
PAGE 5

PAGE 6
INTRODUCTION
CHAIR
SUSAN PATERSON
Our Purpose:
“Delivering intelligence you can
trust, for a better world tomorrow”
PROVIDING CUSTOMERS WITH INNOVATIVE SOLUTIONS WITH AN INTEGRATEDESG FOCUS

BOARD RENEWAL
PAGE 7
GRAHAM STUART, INDEPENDENT DIRECTOR
-Previously CEO of Sealord Group
-CFO, then Director of Strategy & Growth at Fonterra
-On Boards of Metro Performance Glass (MPG-NZX),
the manager of Vital Healthcare (VHP-NZX), and
Tower Insurance (TWR-NZX)
-Based in Auckland
-Former Chair, retiring at an appropriate date
after the ASM to ensure an orderly transition
SARA GIFFORD, INDEPENDENT DIRECTOR
-Director of Spiro, co-founder and Director of
Activote (both based in NA)
-Previously Chief Solutions Officer and executive
board member of Quintiq
-Based in Boston, Massachusetts
SELWYN PELLETT, NON-EXECUTIVE DIRECTOR
-Founder and CEO of Coretex
-Previously co-founder, CEO and Chairman of
Endace Ltd
-Based in Auckland
BARRY EINSIG, INDEPENDENT DIRECTOR
-Advisor to companies on Transportation,
Business,Technology and ESG
-Previous advised Singapore Ministry of
Transportation on Highly Automated Vehicle
Program and created technology used in Public
Safety Networks
-Based in Pennsylvania
SUSAN PATERSON, CHAIR
-Professional Director with 25 years of governance
experience, based in Auckland
-Senior executive and consultant to several
companies in New Zealand, the US and Europe
-Chair of Steel & Tube Holdings Ltd, Theta Systems
and Evolution Healthcare, Director of Reserve Bank
of New Zealand
DAVID GREEN, INDEPENDENT DIRECTOR
-Chair of BT Funds Management (NZ) Ltd and
MyFarm UF1 GP Ltd
-Independent Director of Westpac New Zealand
-Previously held senior executive roles at ANZ and
Deutsche Bank
-Based in Auckland
-Commences role on 1 August 2023
RIGHT SKILLSET TO SUPPORT THE NEXT PHASE IN OUR JOURNEY
Former Independent Director Tony Gibson retired from the board at the 2023 ASM

FY23 PROGRESS AND FY24 FOCUS AREAS
Refreshed strategy
•Turning around the core
•Growing North America
Strategic Partnerships
•Contribute expertise; market access; capital
•Discussions with various parties ongoing
Management executing well
•Strong customer renewals and new wins
•Winning key enterprise customers
Key milestones set
•FY24 guidance for revenue, EBIT, cost out program and R&D
•FCF neutral by FY25 and FCF positive by FY26
•Funded by existing debt facilities
PATH TO SUSTAINABLE & PROFITABLE GROWTH
PAGE 8

PAGE 9
GOVERNANCE
Approach from Volaris
•Volaris recently acquired 18.7% of EROAD shares on issue
•On 22 June 2023, Volaris submitted a Non-Binding Indicative
Offer (NBIO) at NZ$1.30 per share
•The Board undertook a thorough review process assisted by
its advisers Goldman Sachs and Chapman Tripp
•The review concluded that the NBIO materially
undervalues EROAD
•The Board remains committed to acting in the best interests
of EROAD and maximizing value for shareholders
WE HAVE REACHED AN INFLECTION POINT IN DELIVERING VALUE
FOR SHAREHOLDERS

02
CEO & CFO ADDRESS
PAGE 10

EROAD AT A GLANCE
DELIVERING INTELLIGENCE YOU CAN TRUST, FOR A BETTER WORLD TOMORROW
WE GET IT DONEWE DO WHAT’S RIGHTWE PLAY AS A TEAMWE LEARN & GROW
470
227,149
CUSTOMERS
10,260
UNITS
116,599
ACTIVE
PLATFORM USERS
ASSET RETENTION RATE
94.8%
DATA POINTS
33.7bn+
KM TRAVELLED
9.2bn+
RUC PURCHASED
(NZ)
$536m+
Our Values
256,805
ACTIVE DRIVERS
63%
CUSTOMERS WITH
EROAD >3YRS
API CALLS
205m+
TRIGGERED EVENTS
CAPTURED ON
VIDEO
352k+
EROADers
47%
CUSTOMERS USE
2+ PRODUCT
CATEGORIES
PAGE 11

STABILISED FOUNDATIONS
Achieving FY23 priorities
•Build growth momentum in North America and New Zealand
•Build engaged culture aligned to vision of merged EROAD
•Deliver on key product and platform integration
Sysco case study
•Pivoting to Enterprise
FY23 Financial Highlights
•Delivered in line with guidance
Focused execution
•Platform integration launched
•Performance against key metrics
DELIVERING AGAINST OUR STRATEGY
PAGE 12

PAGE 13
GROWTH MOMENTUM –NEW ZEALAND
SOLID GROWTH & PROFITABLE BUSINESS WITH A FOCUS ON MULTI-PRODUCTADOPTION
FY23 RESULTS
Net unit adds 9,539
Growth of 8.9% YoY
EBITDA NZ$53.7m
Growth of 18.8% YoY
95.9%
Asset Retention rate
4.8
Avg Customer tenure (years)
FY23 Highlights
•1,556 customers added services (13,387 subscriptions)
•1,092 customers renewed their contracts (28,631 units)
•Fonterra win; whole-of-fleet solutions (500+ units)
6%
CPI uplift implemented
July 1
67%
New Revenue from
Existing Customers
33%
New Revenue from
New Customers

•Challenge #1
PAGE 14
FLEET DAY
INDUSTRY THOUGHT LEADERSHIP IN NZ
800+
Attendees
50+
Exhibitors
20+
Speakers
100%
of surveyed attendees
would recommend
Focused on road safety, sustainability and fleet efficiency.

PAGE 15
GROWTH MOMENTUM –NORTH AMERICA
SOLID GROWTH; WITH MOMENTUM BUILDING IN THE WORLD’S LARGEST MARKET
Net unit adds 7,376
Growth of 8.4% YoY
EBITDA NZ$18.1m
Growth of 93% YoY following
acquisition of Coretex in FY22
2030
$21.7b
Total telematics
revenue pool NA
1
2022
$10.3b
TAM
93.2%
Asset Retention rate
3.9
Avg Customer tenure (years)
FY23 RESULTS
FY23 Highlights
•Gross unit sales of 15,394 (69% growth)
•404 customers added services (2,625 subscriptions)
•110 customers renewed their contracts (7,185 units)
•Won Sysco (9,000+ units): 1,038 units installed
49%
New Revenue from
Existing Customers
51%
New Revenue from
New Customers

SYSCO | PIVOTING TO ENTERPRISE
PAGE 16
•Major North American food service operator with 15,000 delivery vehicles
•5-year agreement for fully-integrated CoreHub SaaS solutions to over 9,000 trucks
•18-month procurement process; upcoming 12-month planned rollout
•Growth potential beyond existing contract
“EROAD is more than just a technology provider. The team really
took the time to understand our challenges as well as our
dedication to corporate social responsibility and sustainability.
As a result, they presented a solution that not only addressed those
challenges and unique needs but is completely transforming our
approach to fleet management.
They’re helping us create an entirely new digital experience, and
we’re excited to see all ofthe benefits that will come from
working with EROAD.”
Daniel T. Purefoy, Chief Supply Chain
Operations Officer, Sysco Corporation
ACCELERATED ROADMAP & STRENGTHENED SOLUTION
ALLOWING FASTER PIVOT TOWARDS ENTERPRISE SALES

PAGE 17
GROWTH MOMENTUM -AUSTRALIA
OPPORTUNITIES TO LEVERAGE TRANS-TASMAN FLEETS
FY23 RESULTS
Net unit adds 1,537
Growth of 10.9% YoY
EBITDA NZ$2.2m
Up from $0.1m in FY22
6%
CPI uplift implemented
July 1
97%
Asset Retention rate
3.5
Avg Customer tenure (years)
FY23 Highlights
•290 customers added services (1,699 subscriptions)
•51 customers renewed their contracts (1,166 units)
•Jim Pearson Transport renewed (600+ units)
81%
New Revenue from
Existing Customers
19%
New Revenue from
New Customers

ENGAGED CULTURE
PAGE 18
KONRAD STEMPNIAK
EXECUTIVE GENERAL
MANAGER ANZ
AKINYEMI KOYI
PRESIDENT NA, CHIEF
INNOVATION OFFICER
MARGARET
WARRINGTON
CFO
STEEN ANDERSEN
CHIEF
TRANSFORMATION
OFFICER
AARON LATIMER
CHIEF OPERATING
OFFICER
CRAIG MARRIS
CHIEF SUSTAINABILITY
OFFICER,
EVP MIXED FLEETS
DEAN MARRIS
CHIEF DATA
SCIENCE OFFICER,
EVP CONSTRUCTION
JEREMY WILTON
VP PRODUCT AND
ENGINEERING
TIM MOLE
DIRECTOR OF
TECHNOLOGY
HIGHLY ENGAGED TEAM WITH SIGNIFICANT CAPABILITY IN THEIR RESPECTIVE FIELDS
SHELLEY PRENTICE
CHIEF PEOPLE
OFFICER
MARK HEINE
CEO
GLOBALEXECUTIVETEAM

PLATFORM INTEGRATION
PAGE 19
INTEGRATED PLATFORM PROVIDES BEST OF BOTH SIDES THROUGH SINGLE INTERFACE
Launched our integration
platform. 3 early benefits:
IFTA (NA)
•Sell EROAD tax functionality to
Core360 platform customers in
NA
Clarity Dashcam (Global)
•Clarity Dashcam compatible as
companion or solo for Core360
platform customers
CoreHub RUC certified (NZ)
•Leverage our CoreHub
technology in NZ

FY23 GUIDANCE ACHIEVED
Operating Costs
2
1
Revenue normalised for $9.6m in FY23 and $1.3m in FY22, respectively, relating to accounting adjustment for contingent consideration
2
Operating costs normalised for transaction and integration costs of $3.4 in FY23 and $7.6m in FY22, respectively
3
EBIT normalised for contingent consideration of $9.6m in FY23 and $1.3m in FY22 respectively, and integration costs of $3.4m inFY23 and $7.6m in FY22 respectively
Normalised Revenue
1
81.2
91.6
113.6
165.3
FY20FY21FY22FY23
Normalised EBIT
3
4.5
5.1
-0.9
-4.5
-7
-5
-3
-1
1
3
5
7
FY20FY21FY22FY23
54.1
61.2
86.3
126.3
FY20FY21FY22FY23
Guidance
(159 to 164)
Guidance
(-6 to -3 )
PAGE 20
$m$m$m
$20m Cost-out
$10m (annualised) completed in FY23
$10m (annualised) targeted for FY24
$27.5m of available liquidity
at the end of March 2023
Future contracted income
$219.6m (up 16%)
Unit net adds 18,452 (up 8.8%)
FCF
3
$(29.9)m
Cash burn reduced from $4.2m per
month in H1 to $1.8m per month in H2
R&D $37.2m (23% of normalised
revenue)
REVENUE GROWTH ACROSS ALL MARKETS AND PROGRESSING COST OUT PROGRAM

FOCUS FOR FY24 –EXECUTION OF STRATEGY
Turnaround the core
Future Growth
Approach
Corporate overhead reductionEfficiency in ANZ / Growth in NAGrowth in NAVerticals
Timing
FY23FY24~3-5 years
Headcount reduction
Overhead expense reduction
Value focus
Accelerated 3G replacement program
Ongoing cost-out for SaaS costs
Supplier negotiations
Overhead expense reduction
Customer self service portal launched
Annualised
savings
$10m completed$10m targeted
~$7.5m (annualised) deliveredyear-to-
date
PAGE 21
2 KEY LIMBS TO OUR STRATEGY: TURN AROUND THE CORE | BUILDING ON FY23 COST EFFICIENCY
PROGRAM
WE ARE HERE

FOCUS FOR FY24 –EXECUTION OF STRATEGY
Turnaround the core
Future Growth
Approach
Corporate overhead reductionEfficiency in ANZ / Growth in NAGrowth in NAVerticals
Timing
FY23FY24~3-5 years
Value focus
PAGE 22
2 KEY LIMBS TO OUR STRATEGY: FUTURE GROWTH | STRENGTHENING FOR SCALE
WE ARE HERE
Customer service segmentation
Product stabilisation and
simplification
Rollout Sysco and retain North
American enterprise customers
Strategic Partner Review Process
Growth in large enterprise customer
base
Capitalise on sales and product
improvements made
Rationalisation of cost base
Economies of scale on development,
other functions

Q1 TRADING UPDATE
PAGE 23
POSITIVE MOMENTUM INTO FY24 THANKS TO DISCIPLINED EXECUTION
6%
Anticipated New Units
PricingEnterprise Customer Growth
3G Hardware UpgradeFinancial Discipline
5,300
•Sysco delivered key new functionality + c. 4K installs in Q1 (NA)
•Fonterra install complete 450 in Q1 (NZ)
•Go Bus x 1950 upgraded units + 1000 new units | 60 mth (NZ)
Anticipated Renewed Units
5,250
Installed Units
4,596
FY24 HAS STARTED STRONG
WITH SUCCESS ACROSS KEY
ENTERPRISE CUSTOMERS
$0
Draw down on
debt in Q1
$1.5m
Cash burn per
month for Q1
A 16% reduction vs
$1.8m per month cash
burn for H2 FY23
$7.5m
Cost savings
(annualised) identified
Identified and being
implemented. Remaining
$2.5m target being scoped
FY23 TRENDS HAVE CONTINUED
INTO FY24, WITH VERY POSITIVE
PROGRESS ON CASH & DEBT
40%
Of all units across ANZ
are 4G compatible
To date, upgrades
have occurred as part
of renewal process.
From August, mid
contract upgrades
commence at volume
CPI increase
(ANZ)
Implemented 6% CPI
increase across most
customers in ANZ
and started Global
pricing review

FOCUS FOR FY24 –OUTLOOK
Guidance reiterated
•On track for FY24 guidance:
•Revenue growth of between 6 –9%
•Cost-out program to continue
•EBIT of $0m to $5m normalised for accelerated 3G
replacement program
Free Cash Flow neutral by FY25, positive by FY26
•Implementation of refreshed strategy will
provide pathway to sustainable, profitable growth
FY24 Guidance
Revenue$175m –$180m
Normalised EBIT$0m to $5m
R&D spend$30m
PAGE 24
EXECUTION AGAINST STRATEGIC PLAN DELIVERING
RETURN TO PROFITABILITY

* Annualised monthly recurring revenue includes positive FX impact of $8.6m
Goal MetricFY22FY23StrategyFY26 Targets
SaaS
Quality
AMRR*
$134.6$153.7Grow customer base in-line with market growth
11% –13%
CAGR
Churn
7%5%Maintain historical churn rate5% –7%
Average Lease
Duration Remaining
(years)
1.41.3
Rebalance toward longer-dated enterprise
contracts
1.5 –2.0
InvestmentR&D as % of revenue
28%23%Focus on projects with near-term ROI13% –15%
ReturnFree Cash Flow Margin
-39%-18%Improve cash efficiency and drive NA growth9%+
PAGE 25
FINANCIALS –KEY METRICS AND TARGETS
GOOD PROGRESS WAS MADE IN FY23, WHICH HAS CONTINUED INTO FY24

PAGE 26
04
RESOLUTIONS

•Challenge #1
RESOLUTIONS
Resolution #1
RE-ELECTION OF
BARRY EINSIG
That Barry Einsig, having retired in
accordance with NZX Listing Rule 2.7.1,
be re-elected as a Director of EROAD
BARRY EINSIG –INDEPENDENT DIRECTOR
-Adviser to companies on Transportation,
Business,Technology and ESG
-Previously advised Singapore’s Ministry of
Transportation on their Highly Automated
Vehicle Program and created technology used in
Public Safety Networks
-Based in Pennsylvania

•Challenge #1
AUDITOR RENUMERATION
RESOLUTIONS
Resolution #2
That the Directors be
authorised to fix the fees
and expenses of KPMG as
the auditor of EROAD.

•Challenge #1
NON-BINDING SAY ON PAY
VOTE
RESOLUTIONS
Resolution #3
That EROAD’s
Remuneration Report for
the year ended 31 March
2023, as set out in the FY23
Annual Report, be adopted

04
Q&A
PAGE 30

Glossary
ANNUALISED MONTHLY RECURRING REVENUE
(AMRR)
A non-GAAP measure representing monthly
Recurring Revenue for the last month of the
period, multiplied by 12. It provides a 12 month
forward view of revenue, assuming unit numbers,
pricing and foreign exchange remain unchanged
during the year.
ASSET RETENTION RATE
The number of Total Contracted Units at the
beginning of the 12 month period and retained as
Total Contracted Units at the end of the 12 month
period, as a percentage of Total Contracted Units at
the beginning of the 12 month period.
CHURN
The inverse of the asset retention rate.
COREHUB
EROAD’s next generation telematics hardware that
collects rich data, meets electronic logging device
certification.
COSTS TO ACQUIRE CUSTOMERS (CAC)
A non-GAAP measure of costs to acquire
customers. Total CAC represents all sales &
marketing related costs. CAC capitalised includes
incremental sales commissions for new sales,
upgrades and renewals which are capitalised and
amortised over the life of the contract. All other
CAC related costs are expensed when incurred and
included within CAC expensed.
COSTS TO SERVICE & SUPPORT (CTS)
A non-GAAP measure of costs to support and
service customers. Total CTS represents all customer
success and product support costs. These costs are
included in Administrative and other Operating
Expenses.
CY (CALENDAR YEAR)
12 months ended 31 December
EBITDA
A non-GAAP measure representing Earnings
before Interest, Taxation, Depreciation and
Amortisation (EBITDA). Refer Consolidated
Statement of Comprehensive Income in
Financial Statements.
EBITDA MARGIN
A non-GAAP measure representing EBITDA
divided by Revenue.
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.
ELECTRONIC LOGGIING DEVICE (ELD)
An electronic solution that synchronises with a
vehicle engine to automatically record driving time
and hours of service records
ENTERPRISE
A customer where the $AMRR is more than $100k
in NZD for the Financial year reported
FREE CASH FLOW (FCF)
A non-GAAP measure representing operating cash
flow and investing cash flow reported in the
Statement of Cash Flows.
FREE CASH FLOW TO THE FIRM
A non-GAAP measure representing operating cash
flow and investing cash flow net of interest paid and
received. For the purposes of this presentation,
payments for the acquisition of Coretex have been
excluded.
FUTURE CONTRACTED INCOME (FCI)
A non-GAAP measure which represents contracted
Software as a Service (SaaS) income to be
recognised as revenue in future periods. Refer
Revenue Note2of the FY23 Financial Statements.
FY (FINANCIAL YEAR)
Financial year ended 31 March.
H1 (HALF ONE)
For the six months ended 30 September.
H2 (HALF TWO)
For the six months ended 31 March.
LEASE DURATION
Future contracted income as a proportion of
reported revenue.
MONTHLY SAAS AVERAGE REVENUE PER UNIT
(ARPU)
A non-GAAP measure that is calculated by dividing
the total SaaS revenue for the year reported in Note
2 of the FY23 Financial Statements, by the TCU
balance at the end of each month during the year.
NBIO
Non-Binding Indicative Offer
NORMALISED EBITDA
Excludes one-off items including acquisition
accounting revenue ($9.6m) and integration
costs ($3.4m). FY22normalisations include
acquisitionaccountingrevenue($1.3m), due
diligence costs ($2.0m),
transactioncosts($1.6m),and
integrationcosts($4.0m).
NORMALISED EBITDA MARGIN
Excludesone-offitems, consistent with the
definition provided for Normalised EBITDA
NORMALISED REVENUE
Excludes the one-off acquisition accounting revenue
in FY23 ($9.6m).
ROAD USER CHARGES (RUC)
In New Zealand, RUC is applicable to Heavy Vehicles
and all vehicles powered by a fuel not taxed at source.
The charges are paid into a fund called the National
Land Transport Fund, which is controlled by NZTA,
and go towards the cost of repairing the roads.
SAAS
Software as a Service, a method of software delivery
in which software is accessed online via a
subscription rather than bought and installed on
individual computers.
SAAS REVENUE
Software as a service (SaaS) revenue
represents revenue earned from customer
contracts for the sale or rental of hardware,
installation services and provision of software
services.
TOTAL CONTRACTED UNITS
Represents EROAD and Coretex branded units
subject to a customer contract both on Depot and
pending instalment and Coretex branded units
currently billed.
UNIT
A communication device fitted in-cab or on a
trailer. Where there is more than one unit fitted
in-cab or on a trailer, it is counted as one unit
(excluding Philips Connect).
360
A web-based platform that allows customers to
access data collected by CoreHub and the
associated reports.
PAGE 31

ASX & NZX: ERD
investors@eroad.com |eroadglobal.com/investors
EROAD acknowledges the Indigenous Nations, First Peoples, Tangata Whenua and
Custodians of the lands and waterways on which our offices reside in New Zealand,
Australia and the United States of America. We express gratitude and appreciation
to these peoples for sharing their culture and traditions and stewarding these
lands. We recognise and pay respect to their elders, past, present and emerging.

---

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
EROAD Annual Shareholder Meeting 28 July 2023
Chair Address
Welcome
On behalf of the rest of the Board and management team at EROAD, welcome to the EROAD Annual
Shareholder’s Meeting for 2023. My name is Susan Paterson and I recently assumed the role of Chair of
EROAD, having been a Director since early 2019.
I am joined today on stage by fellow directors, Graham Stuart, who has led us capably as Chair for the past
five years, Tony Gibson, who joins us for his last meeting, and Selwyn Pellet who is the former CEO of
Coretex. We are joined on-line by Barry Einsig and Sara Gifford from the USA. Barry and Sara joined us in
person last month for several days of important meetings, and are able to join virtually today helping to
reduce our carbon footprint.
Agenda
Today I will be speaking to EROAD’s core purpose, key developments from the Board’s perspective over the
past 12 months, and key focus areas for the current financial year. I will then hand over to Mark and
Margaret for a discussion of EROAD’s financial and operating performance over the past financial year
alongside an overview of our core strategic priorities and how we as a business are executing against these.
We will then move to the formal part of the meeting and take questions.
Introduction
Towards the end of FY23, we consulted a number of key stakeholders in order to define a new Purpose for
the company, which you can see on the slide.
“Delivering Intelligence You Can Trust, For a Better World Tomorrow” represents a progression of our
previous purpose “Creating Safer and More Sustainable Roads”, and speaks to the ongoing integration of
the Coretex business. It also aligns with our public tagline of “Empowering Transformation”.
As a hardware-enabled SaaS business, we see this purpose as reinforcing our commitment to delivering
innovative solutions with a strong integrated ESG focus, a core part of our value proposition for our
customers. The benefits from a compliance, safety and operational efficiency standpoint is what ensures
our customers stay with us and that we are able to win market share.
It is the exceptional value we add to our customers and indeed society that makes EROAD such an attractive
place to work. I would like to outline some of this value upfront:
• Road User Charges – EROAD produced the first electronic distance recorder approved by the New
Zealand Transport Agency (NZTA) for road user charges (RUC) – and offers four of the seven electronic
distance recorders currently approved by the NZTA. EROAD’s Electronic RUC solutions overcome the
shortcomings of mechanical hubodometers, supporting customers in meeting and not exceeding RUC
obligations, delivering stream-lined compliance, reducing administrative burdens and providing
visibility around RUC status and charges.

TEL +64 9 927 4700 PO Box 305 394
FAX +64 9 927 4701 Triton Plaza, North Shore 0757 Page 2
FREE 0800 4 EROAD Auckland, New Zealand eroad.co.nz
• Health and Safety – road safety and creating a safe workplace is key for EROAD and each customer
that we serve. EROAD takes pride in delivering driver-friendly tools, insights and reports that can help
improve road safety in real time, when it matters. By delivering solutions and analytics that can track
vehicle performance, operator behaviours, driving patterns and potential safety hazards, EROAD is
empowering our customers to proactively address and mitigate road-related risks for customers, their
people and all road users.
• Environmental Footprint – EROAD places sustainability at the heart of its operations. We voluntarily
report on our sustainability journey annually, which you can see in our second annual Sustainability
Report, also partnering with Toitū Envirocare to capture EROAD’s full emissions profile. EROAD’s
platform supports customers in understanding their environmental footprint, informing strategies and
plans for reducing their emissions. Later this year this will include EROAD’s innovative decarbonisation
tool. Developed in working with New Zealand’s Energy Efficiency and Conversation Authority, EROAD’s
solution is capable of identifying areas where fleets are producing excess emissions and opportunities
for change.
• Exoneration – EROAD recognises the vital role drivers play in our customers' operations and the
challenges drivers face as eyewitnesses to incidents and accidents. EROAD’s dashcams and telematic
data offer a dependable and verifiable means to safeguard customers' drivers and assets from incidents
and complaints. High-definition video quality captures important details like registration plates and
clear views of the road and driver, while the telematic data offers insights into speed, driving behaviour,
conditions, and reactions, enabling an objective, verifiable record of events.
• Cold Chain – EROAD’s solutions enable customers to measure what matters in cold chain delivery, with
remote management of trailers and detailed trip-based temperature reporting supporting compliance
with food safety rules. CoreTemp’s algorithms predict with accuracy the core temperature of EROAD’s
customer’s products in real-time, mitigating the need for time-consuming manual temperature probing.
These solutions coupled with predictive maintenance powered by AI support fewer failed loads and
improved traceability, saving customers time, money and fuel.
Board Renewal
Secondly – it is about our people. At the governance level we have an outstanding group of people to take
us forward, and I want to highlight their diverse backgrounds and unique contributions.
Graham Stuart has excellent capital markets experience but also in international markets. As you are aware
he recently handed over the role of Chair and will remain a Non-Executive Director of EROAD, also taking
over as Chair of our Finance, Risk and Audit committee (FRAC) until his retirement at an appropriate date in
the future.
He has contributed enormously to EROAD during his five years as Chair, a period that included the
acquisition of Coretex, the recent strategic refresh, and of course the COVID-19 pandemic. I am honoured to
be taking the reins and look forward to continuing to support the business as it delivers on its core purpose
and value proposition for customers and our communities.
Barry Einsig is one of our North American-based directors and has very strong transportation and
technology industry experience, including with Cisco. He knows the US transport operators well having both
working for them and as a service provider and has expertise in hardware and software.

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Sara Gifford is our other North American-based director, who has decades of experience in SaaS businesses,
across sales and technical operations, including in the transport and logistics sector.
Selwyn Pellett is the former founder CEO Coretex and has strong supply chain and telematics experience in
Asia, North America, Europe and Australia, along with excellent sales and marketing experience.
David Green, as we recently announced will join the Board on 1 August as an Independent Non-Executive
Director and stand for election at the ASM in 2024. He brings significant experience both a Board Director
and as a former senior executive at ANZ and Deutsche Bank. We will no doubt benefit from his wealth of
expertise in finance, governance and strategy as well as his experience in overseeing change management
projects.
David replaces Tony Gibson, who in March this year advised the Board he would not be offering himself for
re-election at today’s meeting. Noting the EROAD Board guidelines on Director rotation, Tony will be
retiring from the Board today. He was a member of the Board for over 13 years, which has included time as
Chair of the Board and also Chair of the Remuneration, Talent, and Nomination Committee. I would like to
thank Tony for the valuable contribution he has made to the company over that period, and wish him all the
best for the future.
And finally myself, I have 25 years of governance experience on both NZX and ASX company boards but
also globally as a former management consultant to numerous international and domestic companies. I
have a particular passion for the positive impact technology can have on businesses from a sustainability
standpoint and continue to champion these efforts at EROAD.
These recent changes to the Board are part of our longstanding and ongoing renewal process. We seek
people that have the right combination of governance, technology, industry and finance experience to
ensure the interests of our shareholders are protected and enhanced at all times.
Lastly, I would also like to mention that as we recently announced, after taking some time out of the
business Steven Newman has re-joined EROAD as an independent consultant to our Technology Board
Committee. Technology is at the core of EROAD’s business and ongoing investment in its enhancements
will be an important part of our strategy. Steven’s skills and experience will help guide that strategic
investment and ensure it delivers. I know I speak on behalf of many of us at EROAD in welcoming him back.
Turning now to management – let me assure you we have a real leader in Mark Heine our CEO.
After stepping up as Acting CEO, Mark was appointed as CEO last year. He clearly demonstrated how well
he could inspire and motivate our team. Mark bring his eight years of knowledge working within the EROAD
business to the fore, while working with customers and external parties to understand the environment and
galvanise the Board, management and all EROADERs around a shared, compelling and doable strategy
going forward.
Mark will take you through the leadership team he has assembled later. However, I can assure you, the
Board is delighted with the talent and structure Mark has pulled together. It is a real mix of domain
expertise alongside dedication and teamwork. The team has come from internal succession – reflecting our
talent development programs, the return of people who have left for other opportunities but returned to

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EROAD as a great place to work, and the new talent we have been able to attract based on our purpose and
culture. The progress they are making is tangible.
FY23 Progress and FY24 Focus Areas
Which leads me to the key developments over the past year. Towards the end of 2022, EROAD undertook
an in-depth strategic review of the business, with the support of McKinsey & Company. As a result of this
review we settled on a clear plan to optimise our business, which was built around the identification of four
key opportunities for improvement:
• Optimising our segmented service model given our current customer mix.
• Enhancing R&D payback via faster speed to market and project prioritisation.
• Better capturing large enterprise clients in North America via our differentiated product offering.
• Improving our unit economics as cost-out initiatives are realised and customer growth occurs.
The resulting strategic plan, which is now being implemented, will see EROAD return to being cash flow
positive and drive further growth via two programs. The first of these is Turning Around the Core, and the
second is Growing North America.
Turning Around the Core is built around embedding a deep focus on cash and efficiency across the entire
EROAD business. In practice this means:
• Tailoring service levels appropriately to drive profitable performance relative to the clients we service in
each geography and vertical;
• Streamlining R&D functions and refocusing R&D spend to ensure maximum return on investment, as we
are acutely aware of the need to be judicious when investing shareholder capital; and
• Creating operating efficiencies where possible to right-size the cost base and generate operating
leverage as we win new business.
As part of these efforts, total annualised cost out of $10m was achieved during FY23, with a further $10m
targeted in the current financial year.
The second is Growing North America, which is built around the need to better realise the value of our
assets in what is a key growth market for EROAD. This means:
• Increasing revenue growth from large enterprise customers, including the provision of whole-of-fleet
solutions alongside greater integration;
• Targeting the transportation vertical with whole-of-fleet solutions;
• Completing our scalable and competitive product offering for enterprises; and
• Scaling up our North American-focused enterprise sales team.
In parallel with the focus on growing our presence in North America, in recent months we have also been
working with our advisers Goldman Sachs to identify partnership options to contribute expertise, additional
market access for EROAD to gain further growth in the North American market and potentially also
contribute fresh capital.

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Discussions with various parties are ongoing related to different opportunities. Our aim was to have
something finalised in time for today’s meeting. However, by their nature, these opportunities take time to
consummate, and we continue to prioritise those discussions which the Board considers will deliver the best
outcomes for shareholders over the long-term.
We remain committed to each of our geographies. Management is executing well as evidenced by the
renewal of key contracts and winning new business within our markets where we see highly complementary
opportunities. Mark will talk more to this a bit later. Our New Zealand business is cash generative with a
focus on multi-product adoption and there are increasingly ways we can leverage our market leadership and
client relationships to grow in Australia, while our ability to service large enterprise clients is providing good
momentum into North America.
This momentum in North America is largely down to the acquisition of Coretex, which we completed in
December 2021. From a strategic standpoint, this was absolutely the right thing to do as it accelerated our
product roadmap by at least two years and formed the basis of our strong product market fit the region. It
gave us access to new verticals, particularly refrigeration and construction, and considerably bolstered our
pipeline of opportunities as well our US leadership team. While the integration process took longer than
anticipated, the process was largely hampered by COVID and our ability travel, but also inventory issues as
global supply chains were disrupted. We also had some challenges in bringing the two technologies
together, but as Mark will talk to, we now have integrated functionality between our two platforms and this
is resonating extremely well with customers.
This leads me to the Board’s focus for the current financial year, most importantly ensuring the execution
against the Strategic Plan. As a Board we have set our management team clear targets for delivering
against these goals and are pleased with the performance to date.
These include the guidance we have provided to the market, which will see the business deliver:
• Revenue growth of between 6 – 9%.
• Positive EBIT of up to $5m, normalised for the accelerated 3G replacement programme.
• Continued cost-out, with an additional $10m targeted this financial year.
• Focused R&D spend of $30m.
Achieving this guidance will in turn put EROAD on the path to neutral Free Cash Flow by FY25, and positive
Free Cash Flow by FY26. These have been set within EROAD’s funding capability and the management
team continues to exercise strong financial discipline to ensure this remains the case. We are continually
looking to optimise our capital structure to ensure we have the right balance and flexibility for growth. We
are still exploring a range of options including our approach to strategic and technological partnerships in
North America as previously mentioned.
These milestones, and related metrics that Mark and Margaret will speak to shortly, represent measurable
targets for investors to judge EROAD’s performance against, and we believe that achieving these targets
will maximise value for our shareholders as a standalone business.

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Governance
It is important to acknowledge that EROAD’s share price performance has been unsatisfactory over the past
year, for reasons related to the market but also of our own making. The Board has been acutely aware of
this, but firmly believes that with the hard work largely done, our strategic plan in place and given where we
are along our path towards reaching positive free cash flow, we are now at the point where shareholders will
start to reap the rewards.
Against that backdrop, on the 22nd of June Volaris submitted a Non-Binding Indicative Offer (NBIO) for all
EROAD shares outstanding at a price of NZ$1.30 per share. As the Board disclosed to the market earlier this
month, we undertook a thorough review process alongside our advisers Goldman Sachs and Chapman
Tripp, with that review concluding that the NBIO materially undervalues our business.
We have taken this process very seriously and taken our time to assess a number of measures in
determining this outcome, including our own expectations of the future performance of the business based
on execution against the strategy I have outlined. I can assure all of our shareholders that going about this,
in the proper way, is our first priority.
Ultimately the Board remains deeply committed to maximising value for our shareholders. We believe we
have the vision, plan and people in place to do so.
Thank you for attending today’s meeting, I will now hand over to Mark Heine and Margaret Warrington for
the CEO and CFO Address.
CEO and CFO Address
Introduction
Thank you Susan. Good afternoon everybody. My name is Mark Heine and I am EROAD’s Chief Executive
Officer. This is my second year presenting at the EROAD Annual Shareholders Meeting as CEO. I am joined
by our CFO Margaret Warrington who will also address the meeting today.
As Susan said, in many respects it has been a challenging year. It has also been a very fruitful one in terms
of the direction we are taking and the strengthened team we have in place. We’ve also done a lot of great
work in reimagining our purpose as Susan talked to, which has really helped to define who we are and what
we stand for. So, I want to start by thanking everyone across the business, for your efforts and ongoing
commitment as we deliver outcomes for our clients in a truly sustainable way.
EROAD at a Glance
Before going into an overview of FY23 and our strategy and outlook for FY24, for the benefit of investors
that are less familiar with EROAD, I wanted to give you a quick overview of our business. As you can see, we
are far more than just being just about road user charges. We are truly a data creation and aggregation
business which empowers our customers to transform their businesses.

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Our numbers are immense. We have over 10,000 customers, with a quarter of a million drivers driving over
227,000 units being monitored by us, which travel over 9.2 billion kilometres annually. For context, that is
more than the distance from the Sun to Neptune and back. Daily over 116,000 people are using our
platform to ensure their drivers are compliant, that loads are being delivered, and driving efficiency and
obtaining insight throughout their operations.
This leads to safer vehicles being on the road each day, less fuel being used, goods being delivered more
efficiently and real money being saved in our customers’ businesses.
We are truly delivering intelligence our customers can trust, for a better world tomorrow.
This week we also achieved a major milestone for EROAD. For the first time we exceeded 100,000
connections for EROAD in North America. This significant milestone ensures we are a credible player in the
North American market, and validates the strength of our offering, together with the ability of our EROAD
team to market, sell, install and support our customer base.
FY23 Results: Stabilised Foundations
During FY23 we made great progress in stabilising the foundations of the business as we set and began
delivering against our new strategy.
If you recall, at the last Annual Shareholders’ Meeting, I laid out three key priorities for EROAD in FY23.
These were to:
1. Build growth momentum in North America and New Zealand;
2. Build and maintain an engaged culture aligned to vision of the merged EROAD; and
3. Deliver on key product and platform integration.
I will first detail how EROAD has performed against those priorities, and then discuss how we win business
in the North American market. I will then hand over to Margaret Warrington, our CFO, who will talk to the
financial highlights over the past year and touch on the first key part of our strategy Susan talked to, on
‘Turning around the Core’. I will then talk to our progress in ‘Growing North America’ and update you on
our platform integration with Coretex, and finish with an update on current trading and how we are tracking
against our longer-term targets.
Growth Momentum: New Zealand
As mentioned, the first priority from last year’s ASM was to build growth momentum in North America and
New Zealand, in particular by building on the growth acceleration provided by the merger with Coretex.
In New Zealand we added over 9,500 net units, up almost 9% year-on-year. Over a thousand customers
renewed their plans with us, which represented over 28,000 units being renewed for another term. Key
enterprise customers Bidfood and Higgins renewed their contracts, representing collectively over 1,200
units. As you can see more than two-thirds of our new revenue came from existing customers, which
reflects our strong market presence and our ability to continue to add value to these customers.

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With that said, there is still plenty of opportunity to grow through new customers and a key highlight was
winning a whole-of-fleet contract with Fonterra for a total of more than 500 units, with 50 units installed
during FY23.
We have worked hard over the years to build a strong market position in New Zealand. However, we do not
take this position or our customers for granted and we are proud to maintain an ongoing focus on
continuous improvement.
As part of this focus, as Susan mentioned, EROAD has been busy developing a Decarbonisation Tool that
will be available in New Zealand from later this year. This solution is designed to help customers to operate
sustainable and more cost-effective heavy vehicle fleets. Inspired by EROAD’s 2022 Sustainability Survey,
this solution has emerged from customer feedback, which notes the continued challenges operators have in
tracking and measuring sustainability performance, which hampers the successful pursuit of their
environmental priorities.
EROAD’s innovative Decarbonisation Tool will bring new visibility and transparency for customers into their
carbon emissions, highlighting areas where fleets may be producing excess emissions and opportunities for
change through a range of reports supporting data-driven decision-making. This project has been co-
funded by New Zealand’s Energy Efficiency and Conversation Authority (EECA) – and EROAD is proud of
this relationship and EECA’s continuing support.
Fleet Day
This week, we once again held our Fleet Day in Hamilton in conjunction with Waikato Regional Council, with
over 800 current and potential customers and more than 50 exhibitors in attendance. True to our renewed
Purpose, this year’s theme was centred on road safety, sustainability and fleet efficiency – all underpinned
by data and technology. The fact this event has become one of the largest annual transport industry events
in New Zealand is a testament to the scale and support EROAD has been able to achieve.
Overall NZ remains a cash generative market for us and we continue to focus on multi-product adoption
and broadening how we support our current customer fleets as well as winning new customers. There
remains scope for further opportunities and we expect to maintain good growth here in FY24. We also
launched our 3G replacement program in New Zealand as Margaret will talk to, which presents further
opportunities for product upgrades.
Growth Momentum: North America
Turning to North America we added over 7,300 net units, up over 8% year-on-year. 110 customers renewed
their plans with EROAD, representing nearly 7,200 units being renewed for another term. This was driven by
major enterprise customer ABC, which renewed a contract for more than 6,000 units.
But a real highlight was that, during the year, as previously announced, we won a contract with a leading
North American food service operator Sysco, for more than 9,000 units. Winning an enterprise client of this
calibre is an incredibly important touchpoint, that speaks to EROAD’s ability to win flagship customers in
the crucial North American market.

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Even without this enterprise customer, we sold approximately 14,000 units in NA in FY23. We are focused
on ensuring we have the product and competitive advantage in the verticals we are targeting. As you can
see, more than 50% of our new revenue comes from new customers as we are still relatively early in our
growth journey.
The total addressable market for telematics in North America exceeds $10bn, and is expected to more than
double by 2030. Following the Coretex acquisition, with our unique IP and local market knowledge, we
believe we are well placed to grow our customer base, while the wealth of data we collect helps provide
targeted solutions for customers and maintain a competitive advantage.
Pivoting to Enterprise
I thought it would be useful to provide a little bit more colour around how we go about winning key
customers, especially in North America, given how important this is to our strategic plan.
While specific details of our customer contracts and relationships are confidential, we can share with you
insights about our experience of the complexities involved in winning new customers, and our ways of
working, to demonstrate to prospective customers why EROAD is the right choice.
In November last year we publicly announced a new, 5-year agreement with an initial order to supply our
fully-integrated CoreHub technology and SaaS solutions to over 9,000 of Sysco’s trucks.
This is to say that EROAD’s technology supports underpinning supply chain assurance for Sysco, one of the
largest food service distributors in North America.
Winning enterprise customers like this one relies on robust, rigorous procurement processes, focusing on
understanding customer needs and enabling confidence in EROAD’s solutions. We typically operate using a
small EROAD tactical team, working collaboratively with our potential customers. Engaging in a relatable
way delivers results in getting new customer contracts across the line.
We recognise and identify very early in our pipeline processes that winning comes down to a technology
and innovation evaluation of our capabilities by our customers’ key stakeholders. Our multidisciplinary
teams typically involve our Director of Technology, CFO, Executive VP of Sales, a Senior Product Manager,
engineering resources and our legal team.
We collaborate with customers on any operational issues with current providers through multiple discovery
sessions - and can rapidly respond with working prototypes of how EROAD could work with our customers
in addressing those issues.
This collaborative and targeted engagement style builds trust, encouraging enhanced stakeholder
engagement, based on our experiences in North America and the sales we have won.
In working with our customers, we’re finding that enterprise organisations are typically on a journey to
unlock new creative solutions, by leveraging near-real time access to their operational data. EROAD’s 360
Platform provides the technology to achieve a continuous contextualized data stream from enterprise
fleets’ vehicles, drivers and deliveries.

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Throughout the entire procurement processes, EROAD operates from the premise that large enterprise
customers are typically not just looking for a telematics vendor and instead a trusted innovation partner. By
applying this mindset, we tend to win the hearts and minds of enterprise customers, with feedback
demonstrating that our ability to collaborate, undertake fast-iterations, communicate clearly and take a
customer-centric approach are critical factors for securing a win and executing successful rollouts.
For EROAD, winning significant enterprise customers provides a massive tail wind, through providing us
with referenceable customers, engendering credibility and trust with those we are delivering for and their
networks.
Growth Momentum: Australia
In Australia we added over 1,500 net units, up almost 11% year-on-year. 51 customers renewed their plans
with EROAD, representing over 1,100 units being renewed. Around half of this was attributable to key
enterprise customer Jim Pearson Transport, who renewed their contract representing more than 600 units.
While Australia is the smallest of our markets, it remains an important part of our growth outlook given the
significant opportunity in servicing trans-Tasman fleets, reflected in the high percentage of new revenue
that we are winning from existing customers. We are excited about our prospects for building quickly off a
small base, with NZ customers realising the significant ‘value add’ EROAD makes to their organisations and
wanting the same advantages in the Australian market.
Overall, we continue to win business across each of the geographies we operate in, despite challenging
market conditions as we, and our customers, continue to emerge from COVID-19 and deal with elevated
cost pressures. However, these cost pressures also help accelerate the adoption of systems that deliver
improved efficiencies and better fleet utilisation, especially for the larger enterprise customers we are
targeting. We are very proud of the work our people have done to continue to win and retain these high-
quality customers.
Engaged Culture
The second priority I flagged at last year’s ASM was to build and maintain an engaged culture aligned to the
vision of EROAD following the merger with Coretex, which we have previously referred to as ‘EROAD 2.0’.
Our people are, of course, at the very core of what we do, and while COVID-19 has been a challenging time
for all of us, I believe we have assembled an incredible team that is right behind our purpose and our
strategy.
The vast majority of the team is now in place and while I won’t speak to each of them in turn, I would just
like to call out a few important areas where we have strengthened our capability. Firstly, AK joined the
business through the acquisition of Coretex as our President of North America and Chief Innovation Officer.
He has more than 10 years of industry experience and understands how to take technology solutions to
customers to enable greater efficiency and productivity, which considerably enhances our sales
opportunities.
Secondly, Steen Anderson joined us during the year in the newly created role of Chief Transformation
Officer. He has more than 20 years of experience working in SaaS businesses with a focus on customers and

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execution. Steen oversees our transformation program to ensure we focus on building stronger operational
execution so we can deliver sustainable and profitable growth.
And lastly, demonstrating our commitment to sustainability we have appointed Craig Marris as our Chief
Sustainability Officer. Craig helps to provide solutions to customers as they look to decarbonise their fleets
and adopt technology as part of their own commitments to enhancing safety, driving better operating
efficiencies and reducing their carbon footprints.
This is the team that I back to deliver the results we know our shareholders want to see. As CEO, a core part
of my role is empowering this team to ensure they can deliver for our customers, and as such we have
continued to remove silos, optimise resource alignment, devolve decision making where appropriate, and
empower our product managers and engineers.
I am excited to see how this team performs in the years ahead. Many of our EROAD team are here today,
and I encourage you all to talk to them after the conclusion of today’s formal business.
Platform Integration
The third priority that I flagged at last year’s ASM was to deliver on key product and platform integration.
The acquisition of Coretex in 2021 was a step-change for our business, accelerating our strategic growth and
providing immediate scale in North America. In addition, the acquisition provided us with significant scope
to offer key customers a fully integrated service. We have made significant progress in building out an
integrated platform that enables data and product features to be synced across both the EROAD and
Coretex platforms.
We now have integrated functionality between our two platforms. End to end testing is in process and we
will start beta testing with customers in the upcoming weeks. Once fully launched, this will have several
near-term benefits:
1. The ability to share and sell EROAD tax functionality to our Core360 platform customers in North
America;
2. Integrating our Clarity Dashcam and Clarity Replay functionality for our Core360 customers. This
enables users to review and retrieve footage within Core360 and opens up our addressable market to all
our Coretex customers that have long been asking us for a connected dashcam; and
3. The ability to leverage Corehub technology to deliver a new generation of RUC certified hardware in
New Zealand.
On the whole, I am very proud of what we have achieved over the past year which has resulted in our solid
financial results in FY23, including meeting our guidance. I will now hand over to Margaret to talk to our
FY23 guidance, along with our turnaround plan.
FY23 Guidance Achieved
Thanks Mark and welcome to all our shareholders. As you can see, we met our FY23 guidance and made
excellent progress in managing the cost base as both Susan and Mark have referred to. We delivered
revenue growth across all of our markets, with normalised revenue slightly ahead of expectation, while our
future contracted revenue is at nearly $220m.

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We delivered normalised EBIT of -$4.5m, at the midpoint of our guidance range. The increase in operating
costs reflects the full year of combined Coretex and EROAD, and we have made great strides in reducing our
cash burn from $4.2m per month in H1 FY23 to $1.8m per month in H2 FY23.
We have taken $10m of cost out on an annualised basis in FY23 and are on track to achieve a target of an
additional $10m in FY24. This resulted in our free cash flow improving considerably throughout the year,
while our available liquidity including our debt facility headroom and cash balance was $27.5m at the end of
March 2023. As Susan emphasised earlier, this gives us the requisite funding support to return to positive
and sustainable cash flows and we continue to manage this across the business with rigour.
Importantly, this positive trend has continued into FY24. We have further reduced our monthly cash burn, at
$1.5m per month during Q1 24, down 16% from the second half of FY23. We have also not had to draw
down on our debt facility during the first quarter and yet have grown net units by nearly 8,000.
It’s worth noting that were it not for the additional operating and hardware expenditure to support the
accelerated 4G roll-out program in Australia and New Zealand, we would have been free cash flow positive
much sooner. While we had naturally planned for this, COVID disruptions to global supply chains meant the
switch program needed to be more concentrated once the hardware was finally available. What is pleasing
is that we are able to support this accelerated program from existing funding, while it has given us the
opportunity to implement new hardware with several customers and will continue to drive new adoptions
over the coming years. To date, 40% of all units across New Zealand and Australia are now 4G-compatible
and from August, mid contract upgrades will commence at volume so there is excellent progress with the
roll-out.
Focus for FY24: Execution of Strategy
Moving to how we are executing against the first part of our strategy that Susan talked to, ‘Turning around
the Core’, during FY23 we reduced our cost base largely via lowering headcount and through property
portfolio changes. This year we are focused on our accelerated 3G replacement program, further reducing
our SaaS costs, better supplier negotiations and overall expense reduction, including the launch of our
customer self-help portal.
I am pleased to report that in the current financial year we have already identified and executed
approximately $7.5m of the targeted $10m in annualised cost savings. All of this has been achieved while
ensuring we have the right infrastructure in place to support the growth of the business, a testament to the
team’s efforts in managing costs and driving efficiency improvements.
With that I will hand back to Mark to talk about our other focus areas for FY24 and to discuss our further
progress in Q1 and outlook for the rest of FY24.
Focus for FY24: Execution of Strategy
Thanks Margaret. Alongside the cost our initiatives Margaret has just talked to, one of the areas we are
focused on this year is our customer service segmentation. For example, 51% of our revenue comes from
our top 160 customers, while our smaller 7,600 customers account for only 13% of revenue, so getting
segmentation right will help us focus investment on the right areas. We are also continuing to stabilise and

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FREE 0800 4 EROAD Auckland, New Zealand eroad.co.nz
simplify our product offering through our integrated platform and are focused on rolling out our integrated
CoreHub SaaS solutions in North America for our key enterprise customer during 1H24.
In the longer term our core growth horizon is in North America, which is centred around our strategy of
expanding our enterprise customer base in our targeted verticals and we continue to invest in our capability
there as we scale. As Susan referred to, we are progressing discussions with various parties through our
advisers Goldman Sachs, which have the potential to accelerate our progress in this market. I look forward
to reporting on our further progress in the months ahead.
Q1 Trading Update
It is very pleasing to be able to deliver a number of strong proof points for the first quarter for FY24 which
demonstrate the progress we are making in delivering against our strategy.
Firstly, we have made solid progress across six key enterprise customers during the quarter. We sold 5,300
new units and renewed a similar number, with nearly 4,600 units installed. Our enterprise customer roll-outs
are progressing well. As Margaret mentioned earlier we grew net units by nearly 8,000 during Q1.
We won a 1,950 unit upgrade with GoBus as well as 1,000 new units to be implemented over the next 60
months. We have also secured a preferred supplier appointment for a new key customer operating vehicles
in Australia and New Zealand and are in the process of renewing and expanding contracts with key existing
customers, including for one after a rigorous RFP process for an Australian-headquartered organisation
which tested our product against nine competitors.
I would also call out that for the first time in ten years we have implemented a price increase in line with CPI
for most of our customers in Australia and New Zealand and have started a global pricing review. This
reflects the added value our enhanced products and services are providing customers, which is also
reflected in our growing AMRR.
As Margaret mentioned, we are 40% through our 3G replacement program. We have also continued to
improve our cash position without the need to draw down further debt, while we have already achieved
$7.5m in annualised cost savings. All in all, an outstanding first quarter and I look forward to updating you all
on our first half financial results in November.
And lastly, as I mentioned earlier this week, we exceeded 100,000 connections for EROAD in North America
which is a major milestone for the business.
Focus for FY24: Outlook
I am pleased to reiterate our outlook for FY24, including:
• Revenue of $175m to $180m, reflecting continued growth across all three geographies;
• EBIT of up to $5m, normalised for 3G replacement program; and
• R&D spend of $30m.
Hitting these milestones will put EROAD firmly on track to be Free Cash Flow neutral by FY25, and Free
Cash Flow positive by FY26.

TEL +64 9 927 4700 PO Box 305 394
FAX +64 9 927 4701 Triton Plaza, North Shore 0757 Page 14
FREE 0800 4 EROAD Auckland, New Zealand eroad.co.nz
Key Metrics
Finally, I wanted to remind everyone of the targets we have set for FY26. We introduced these targets at the
Investor Day in March as they underpin the outcomes of all the strategy work we are doing. While it’s early
days, we saw good progress in FY23, and this has continued in the current year.
Achieving these metrics will deliver significant returns from our assets and ongoing investment. With some
metrics, such as our customer churn, we are already in line with where we want to be, with our Asset
Retention Rate very high at 95%. Most of the new business we win in New Zealand is from our competitors,
while in Australia we have seen customers move to try competitor products only to return. This gives us a lot
of confidence in our offering.
Our customers are generally sticky due to the hardware component. Increasingly, however, the integrated
nature of what we bring to their business further entrenches us with our customers. As our customers grow,
we tend to grow with them. Yet we still need to ensure we are continually evolving our customer solutions
to remain at the forefront of the industry, especially in New Zealand, where we are the market leader and
are focused on further growing our strong service culture.
Our R&D programs are more targeted with this in mind. We will continue to invest in R&D, but we will keep
this spend at $30m for the foreseeable future. Average lease direction will extend out as we build out our
enterprise customer base that typically have longer contract durations.
While there remains a lot of work to do, our team is well-prepared to tackle the challenges ahead and
continue executing against our strategic plan. I look forward to reporting further progress in delivering on
our strategy of delivering sustainable, profitable growth.
Authorised for release to the NZX and ASX by the Chair of the EROAD Board.

Ends

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Shanahan
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