EROAD 2024 Annual Shareholders Meeting Addresses

EROAD (NZX: ERD ASX: ERD)
Annual Shareholders Meeting
26 June 2024

2
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 of risks, uncertainties and
assumptions.
All numbers relate to the 12 months ended 31 March 2024 (FY24) and
comparisons relate to the 12 months ended 31 March 2023 (FY23), 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 presented certain non-GAAP financial measures as part of its
H1 FY24 results, which EROAD’s directors and management believe
provide useful information as they exclude any impacts of one-offs which
can make it difficult to compare and assess EROAD’s performance. Non-
GAAP financial measures are not prepared in accordance with NZ IFRS
(New Zealand International Financial Reporting Standards) and are not
uniformly defined, therefore the non-GAAP financial measures reported
in this presentation 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. Non-GAAP financial measures are not subject to audit or review.
The non-GAAP financial measures EROAD has used in this presentation
are identified and defined in the Glossary on page 29 of this presentation.
A detailed reconciliation of non-GAAP measures to EROAD’s reported
financial information is included on EROAD’s website
http://www.eroadglobal.com/global/investors/

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4
Our Board

5
Agenda
1.Chair’s Address
2.Co-CEO and CFO Address
3.Resolutions
4.Shareholder Q&A

01
Chair’s Address
Susan Paterson
Chair
6

7
•FY25 guidance projects growing
profitability, on track to deliver
previously announced FY26 targets
•EROAD expects to deliver positive
free cash flow in FY25
•Maintaining cost control to leverage
optimised structure
•Reached global scale of 250k units in
circulation
•Expand penetration into existing
customer base
•FY24 guidance provided in May 2023
was met or exceeded
•Positive free cash flow of $1.3m driven
by new customer wins, price
increases and cost control
•Grew revenue
1
by 10.1% in FY24
•Achieved $20m of annualised savings
across FY23 and FY24
•Maintained financial headroom to
execute on growth opportunity
•CEO partnership to drive focus on
sales and marketing globally, with
strong understanding of US market
•Products leveraging latest in AI
technology being piloted with core
customers
•Enterprise-centric products and
features moving from customer
pilots to general release
•RUC regulatory changes opening
up new opportunities for EROAD
•Partnerships and channel partners
enable new and expanded
offerings
Strong results affirm our strategic direction
Positive Momentum Continues
STRONG FOUNDATIONSCONSISTENT EXECUTION OF STRATEGY
Turnaround the business
Drive operational leverage
Pathway to growth
1. Normalised for $9.6m in FY23 for accounting adjustment related to contingent consideration

MĀTANGA PROJECTS
“
Last month we achieved
a 28% reduction in our
fleet’s CO2 emissions,
which we would have had
a hard time measuring
without EROAD.
”
Brad McKenzie
Director of Mātanga Projects
8
Delivering intelligence
you can trust for a
better world tomorrow
OUR PURPOSE:
EROAD Sustainability Module
Mātanga Projects are a civil
consultant firm in Taupō New
Zealand.Their mission is to be
the region’s top civil project
management company and
transform communities for a
sustainable future.

02
Co-CEO& CFO Address
9

Programmed Australia
A leading provider of Staffing, Facility
Management, Maintenance and Care services
3,000 units to use MyEROAD
Margaret Warrington
CFO
10

11
-45.1
-29.9
1.3
FY23FY24
$165.3m
1
$182.0m
Revenue Growth
Free Cash Flow
2
Sustainable Growth
FY22FY24
MILESTONE
$1.3m
FCF (to the firm)
Connection Growth
FY22FY23FY24
208,697
227,149
250,890
+23,741
+18,452
FY23
EROAD expects to deliver positive free cash
flow in FY25
1. Normalised for $9.6m in FY23 for accounting adjustment related to contingent consideration 2. Free Cash Flow to the Firm excludes financing costs

12
Operating Cost Reductions
Operating costs as a % of revenue
1
Operating costs as a % of revenue continues to decline
reflecting the cost out program over FY23 and FY24 and
operating leverage from unit growth
87%
82%
75%
71%
70%
H2 F Y22H1 F Y23H2 F Y23H1 F Y24H2 F Y24
1
Includes reduction in R&D capitalized, incentive-based remuneration and annual leave liability. Revenue normalized for $9.6m in FY23 relating to adjustment in contingent consideration. 2. Annualised
Primary reductions across personnel and SaaS COGs
Resetting the cost structure achieved through permanent
reductions in headcount and renegotiation of supplier contracts
COST OUT
2
$10m
FY23: ($10m)60%
Salaries &
Wages
6%
Sub-
contractor
22%
SaaS COGS

13
Mark Heine
Co-CEO
13

14
Regional Highlights
REVENUE
NZ$91.8m
SAAS ARPU
NZ$58.30
REVENUE
NZ$79.6m
SAAS ARPU
NZ$60.92
REVENUE
NZ$10.6m
SAAS ARPU
NZ$45.44
New ZealandNorth AmericaAustralia
UNITS
124,417
+ 7,692 on FY23
UNITS
106,860
+ 11,802 on FY23
UNITS
19,613
+ 3,977 on FY23

15
Post Merger Operational Leverage
Efficiency gains from careful investment, focus and scale
Increase in
revenue per
employee
86%
Increase in
headcount
7%
EROAD headcount from pre-merger
to today. Inclusive of contractors.
Pre-Merger
Day One
with
Coretex
Today
FY21FY24
Revenue
2x
$91.6m
$182m
ComparingEROADrevenuefrom
pre-mergertoFY24
Revenue gains
since merger
Headcount
efficiency

16
Culture of innovationandexcellence

17
Wins and partnerships
Growing with new innovations, customer loyalty and expansions
Customers & Partners
•NZ Renewals: Fulton Hogan, Hato Hone St
John, Kinetic and Tranzit with a combined unit
count of over 10,000
•25% unit growth in Australia including Boral,
Programmed and Woolworths.
•NA refrigeration expansions with US Foods and
Skybitz expansions
•Sysco successfully rolled out 9,000+ units with
an additional 1,400 units over the original
contract.
•Partnership with OEM Thermo King
refrigerated trailers for direct software access to
trailers
•Microsoft AI collaboration, accelerating our
adoption of generative AI for product
development
FY24 Contract Highlights
MILESTONE
250,000+
connections Globally

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Starting strong
RENEWAL
6,000
Connected units
New: Trans-Tasman expansion
Trans-Tasman expansions in enterprise
New Zealand
NEW WIN
5,000
Connected units
Australia
Announced today
EROAD has secured a
contract with an existing
enterprise customer to
renew 6,000 units in New
Zealand, with an additional
5,000 units for their
Australian fleet.
Per the terms of the contract the customer cannot be named
+
MILESTONE

Represents 4% of global total unit base and
25% growth in our Australian unit base

19
David Kenneson
Co-CEO
19

20
Trusted to deliver
Safe foodStrong foundationsCompliance & AssuranceSustainable future
By the companies who keep society moving

21
Alerting Inclusions
•Tailgating
•Collision warning
•Proximity alert
•Stop sign violation
•Distraction
•Yawning
•Mobile Phone
•Smoking
•Seatbelt removed
•And more
A better view, with AI
Enhancing our camera offering with advanced video AI technology
Continuous analysis
Road and optional driver
facing view
Voice Alerts
Triggered by safety violations
or poor driver behaviour for
corrective action
EROAD Replay
AI insights are available for
coaching and recognition
New hardware suite
Includes optional advanced
fatigue camera
Intelligent interventions for
incident prevention.
Safer drivers, safer roads.
Coming soon

22
$162b
1
US Annual food waste
before reaching consumers
6%
Global Greenhouse
Gas Emissions
Impact of food waste
15%
Food Waste Emissions
occur in supply chain
https://ourworldindata.org/food-waste-emissions
1
https://www.ers.usda.gov/data-products/food-availability-per-capita-data-system/food-loss/
Track. Monitor. Predict. Control
üRoute management
üVehicle maintenance
üPredictive shutdown
üTemperature Control
Reducing food waste through our cold chain product solution
58%
58% of trailers with reefer
related breakdowns
emitted “red alerts” prior
Most reefer road calls can be
predicted by prior alerts
31%
31% of trailers that emitted a
“failed to crank alert” caused a
road call within 2 weeks
Units with alerts eventually
break down
22

23
Construction
Plant
Site
Improving workflows and wait times with AI
“Hey EROAD, can
you help me?”
EROAD AI Assistant
•Estimate wait times
•Avoid overcrowding
•Increase job completion
•Improve asset utilisation

24
Light Vehicle
eRUC
86%
Heavy Vehicle
eRUC
85%
Collected in FY24
$806m
All RUC
40%
900k
Diesel
RUC
~100k
EV RUC
3.6m
Fuel
Excise
NEW 1 April 2024
EV Growth:
•2% of light passenger market
•20% of light passenger vehicle
registrations (Dec 23)
•78% YoY increase
•EROAD Installed in almost every EV Bus
Changes to Tax Regime for NZ Transport
We collect roughly 40% of all Road User Charges (RUC) for the government – the pool is expanding
EROAD RUC Today
Opportunity:
Draft Government Policy Statement on
land transport considering a transition
of all vehicles to RUC from 2027
24

25
03
Resolutions
PAGE 25
25

26
Resolution 1
Election of Director:
David Green
That David Green, having been
appointed by the Board and only
holding office until the Annual
Shareholders’ Meeting, be elected as
a Non-Executive Director of EROAD
26

27
Resolution 2
Election of Director:
Cameron Kinloch
That Cameron Kinloch, having been
appointed by the Board and only
holding office until the Annual
Shareholders’ Meeting, be elected as
a Non-Executive Director of EROAD
27

28
Resolution 3
Auditor Remuneration
That the Directors be authorized to
fix the fees and expenses of KPMG
as the auditor of EROAD
28

29
29
04
Q&A
29

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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.
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.
ELECTRONIC LOGGING 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.
FY (FINANCIAL YEAR)
Financial year ended 31 March.
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.
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-off
items, 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).

31
31
ASX & NZX: ERD
investors@eroad.com | eroadglobal.com/investors
EROAD acknowledges the Tangata Whenua of New Zealand, the
Indigenous Nations and First Peoples of Australia, and the Custodians of the
lands and waterways in the United States of America where our offices are
located. We express our gratitude and appreciation to these peoples for
sharing their culture and traditions and for their stewardship of these lands.
We recognise and pay respect to their Elders, past, present, and emerging.

---

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EROAD Annual Shareholder Meeting 2024

Chair Address

Welcome
Hello and welcome to EROAD’s 2024 Annual Shareholder Meeting.
I’m Susan Paterson, Chair of the EROAD Board.
Today’s meeting is being held both in-person here in Auckland, and online
through Computershare’s online meeting platform.

For those of you attending the meeting virtually, if you would like to
submit a question, the Q&A is always open so please feel f ree to submit
questions throughout the meeting, these will be read out and addressed
at the Q&A session at the end.

Any questions not answered in time will receive an email response after
the meeting.

Voting today will be conducted by way of a poll on all items of business.
I will shortly open the online voting for all resolutions.

If you are eligible to vote at this meeting, you will be able to cast your vote
under the Vote tab. Once the voting has opened, the resolutions will allow
votes to be submitted. You can change your vote, up until the time I
declare voting closed.

I now declare voting open on all items of business. I will give you a warning
before I move to close voting.

I’d like to introduce the Board. Sara Gifford, Cameron Kinloch, David Green,
Selwyn Pellett and Barry Einsig. You will hear more f rom both David Green
and Cameron Kinloch later in the meeting.

From EROAD’s executive team we have Co-CEO’s David Kenneson, Mark
Heine and CFO Margaret Warrington.

Agenda

In terms of today’s agenda – following my Chair’s address I will hand off to
David, Mark and Margaret for an executive update. We then move to the

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formalities of the meeting, with 3 resolutions for today. And finally, an
opportunity for any shareholder questions before we close.

Introduction

This year has been one of decisive action, disciplined delivery, and a
relentless focus on turning around the core of the business. As a result, the
EROAD of today is in a much better position than it was twelve months
ago - with the team, capital, and skills in place to capitalise on the future.

Our product offering has grown stronger, with targeted innovations that
enhance efficiency, emissions reductions, fleet management, safety and
compliance - core areas where EROAD continues to lead and differentiate
itself in the market.

Our customer base, comprising key players in enterprise transport,
ref rigerated transport and construction sectors, has shown exceptional
loyalty - maintaining our high retention rates of 94.8%. This is a testament
to the real value EROAD provides in improving operational efficiencies,
sustainability and compliance solutions for complex fleet operations.

I will leave the financial results for David, Mark & Margaret, however I would
like to acknowledge the pleasing FY24 financial and operational
performance, having met, or exceeded all guidance metrics set at the start
of the year. It is also pleasing to note that FY25 has started well, with the
first quarter continuing the trajectory we have been on.

These results demonstrate the company is on the right track, and
reinforces the Board’s conviction in EROAD’s strategic direction, as it
moves the business to being cash flow positive for FY25.
Under the thoughtful and dedicated leadership of Mark Heine, we have
successfully turned around the core of our business, and repositioned
EROAD for growth. Mark’s strategic foresight and disciplined approach
have been instrumental in navigating the company through a complex
market landscape, resulting in a stronger, leaner, and more competitive
EROAD today.

Building on this foundation, and to capitalise on growth opportunities, in
March we appointed US based David Kenneson to the role of Co-CEO
alongside Mark.

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David is a highly experienced global executive, with over 25 years in
leadership roles across high-tech, manufacturing, and professional services
sectors, including with supply chain software companies Delmia Quintiq
and e2Open, and procurement optimisation platform Xeeva. His extensive
international experience is complemented by a deep understanding of the
US market - a critical advantage as we continue to expand our presence
and seize growth opportunities in North America.

David's global mindset and market-specific knowledge, alongside Mark's
established leadership and success in turning around our core operations,
creates a powerful Co-CEO partnership - one with complementary skills,
and a shared vision for EROAD’s future.

Purpose & Sustainability

EROAD’s Purpose is Delivering intelligence you can trust for a better world
tomorrow. This guiding purpose reflects both our deep history as a
provider of technology solutions for fleets, while also looking to the future
as our solutions expand to meet the growing needs of a changing market.

One such example is incorporating additional sustainability tooling to
meet the increasing environmental scrutiny and costs that our customers
face across emissions reduction and associated compliance and reporting.

By supporting our customers with the right data through our existing
platforms, EROAD is uniquely positioned to make a meaningful difference
to the reduction in Greenhouse Gas Emissions.
Here in New Zealand, with a reported 17% of the country’s emissions
attributed to transport, a key product launched for FY24 was the
Sustainability Module for MyEROAD, developed in partnership with EECA,
the Energy Efficiency and Conservation Authority.

By combining AI technology with the data formed from over 100,000
connected vehicles and assets, we can now give fleets the insights needed
across fleet profile and usage patterns to understand and report on their
fleet’s emissions.
More importantly, it provides customers with the insights and
recommendations to reduce their emissions and run a more sustainable
fleet. EROAD customer Mātanga Projects saw a month to month reduction
of 28% of their GHG emissions since using EROAD.

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This is just one example of the steps toward achieving our overall mission,
but we believe EROAD is well positioned to have a big impact on the
sustainability journeys of fleets, globally.



Board & Governance
As we continue to drive EROAD forward, we also acknowledge the
contributions of those who have shaped our path. I extend our heartfelt
thanks to Graham Stuart, who stepped down f rom the Board on March 31,
2024. During his tenure - including five years as Chair - Graham’s
contributions have fundamentally shaped the trajectory of EROAD. His
leadership through the acquisition of Coretex marked a significant
expansion of our capabilities and market presence. Graham’s guidance
was crucial during the strategic ref resh that realigned our company's
vision and operational focus, to position us for future growth.

His impact on EROAD is lasting, and his leadership qualities have been
instrumental in setting the stage for the next phase of our growth. We are
deeply grateful for his dedication and leadership.

In ensuring we have the Board for the future, the composition of skills,
experience and geographical markets are carefully considered. To that
end, we are delighted to have Cameron Kinloch and David Green join the
board this year.

David, based in Auckland, offers deep leadership experience from a vast
career of executive roles in the banking and finance sector in companies
such as ANZ Bank and Deutsche Bank. Today, David is a professional
director and investor and enhances our capabilities in financial oversight
and risk management as Chair of the Finance, Risk & Audit Committee.
David also serves on the People & Culture Committee, supporting our
focus on leadership and organisational development.

Cameron, based in California, brings extensive governance and operations
experience f rom roles as Chief Operating Officer and Chief Financial
Officer of high growth companies where she drove strategic growth, and
guidance through M&A, capital raising and IPO’s. Today, Cameron is CFO at
enterprise software company Weights & Biases, and a director of
sustainably sourced coffee producer Copper Cow Coffee.

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David and Cameron are the perfect complement to the rich skills and
expertise of our existing directors. Barry Einsig, Chair of the Technology
Committee, deepens our focus on integrating advanced transportation
technologies, vital for our growth in North America. Sara Gifford chairs our
People & Culture Committee, enriching our organisational development
with her extensive experience in global software and logistics. Selwyn
Pellett brings decades of strategic insight to our Finance, Risk and Audit,
and Technology Committees, enhancing our risk management and
innovation capabilities.
Their combined expertise further strengthens our Board’s ability to guide
our strategic direction and governance.

As we look ahead to FY25, the company remains focused on fiscal and
operational discipline that supports profitable, sustainable growth.

We have solid foundations in place, a laser focus on continuing to deliver
to targets, and a growing confidence in the long-term potential of the
business. As a result, our guidance for the FY25 year is revenue between
$190m to $195m.

I’d also like to take a moment to acknowledge and thank all of EROAD’s
people for their hard work and dedication. Nearly 25% of EROAD’s staff
were recognised for their long service of 5 to 20+ years in FY24 – a
reflection of their commitment to the journey of EROAD, and the depth of
knowledge and experience present in the company. We know people are
fundamental to the success of the company, and we are grateful for
everyone that continues to choose EROAD as their place of work.

This is a purpose driven company, delivering great value not only to its
customers on many f ronts, but to their employees through health and
safety, to the countries in which we operate through safer roads, and
revenue collection in NZ, and the planet through lower emissions.
And to you, our shareholders, thank you for your ongoing support as we
drive to deliver on our purpose while growing size and profitability of our
business.

I will now hand over to David Kenneson, Mark Heine and Margaret
Warrington for the Co-CEO and CFO Address.


Co-CEO & CFO Address

CFO Address

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Thank you Susan
Hi everyone, for anyone who hasn’t heard f rom me previously I am
Margaret Warrington, EROAD’s CFO.
Our FY24 results reflect the focus, discipline and financial rigour we have
instilled in the company over the last two years. For the second year in a
row, we have achieved results on or above guidance. We remain focussed
on consistently delivering on our promises, committed to achieving results
that demonstrate sustainable and profitable growth.
For FY24 we have grown revenue to $182m – representing an increase of
$10% f rom the prior year. This is in line with growth in our connected units
which reached the milestone of 250,000 units globally – up 10% year on
year.
The sustainability of this growth is evident in our improvements to f ree
cash flow – f rom a negative of $29.9m in FY23 to positive $1.3m in FY24. We
are proud of this achievement. It is important to note this result also
contains approximately $8-10m of one-off cash impacts attributed to our
3G upgrade programme. Importantly, we expect to be f ree cash flow
positive in FY25 – 1 year ahead of previous projections.
This has been achieved through a series of cost out measures – removing
$20m of annualised costs f rom the business, $10m per year in both FY23
and FY24. Approximately half of these savings were achieved through
supplier negotiations, where our increased scale provided the ability to
negotiate services for a reduced cost. The largest single contributor to
savings was through reduction in headcount across employees,
contractors and consultants which we were able to achieve while still
maintaining our high quality of customer delivery and growth. Looking
forward, our cost focus remains, with specific attention on ensuring our
fixed costs are managed , and continually looking for efficiencies that help
fund the investment required as we scale further.
We remain committed to continuing on our path toward profitability with
a firm grasp on spend and fiscal management. Our financial position
today is strong, and we are well positioned to fuel our growth objectives.
I will now hand over to Mark to talk more about that.


Co-CEO Address Mark Heine

Hello everyone and thank you Susan and Margaret.

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As you’ve seen, we have had a strong FY24 – and we are incredibly proud of
our turnaround. Our achievement is off the back of disciplined execution,
and an unwavering belief in our strategy.

We’ve continued to achieve our annual growth targets globally. We have
delivered growth in all regions, while increasing the proportion of that
revenue share f rom our higher total addressable markets of North America
and Australia.

This shift has occurred alongside necessary internal changes to build a
team and mindset that can capitalise on the investments we’ve made, and
achieve growth in a sustainable and profitable way.

Today, we are leaner, faster and more focused than we’ve ever been – with
absolute clarity about our direction, and our continued ability to deliver on
our goals.

Now, to understand our business today, it’s important to look at the
journey we’ve been on to get here. From our roots in building the first
electronic nationwide tolling system here in New Zealand, to providing a
whole of fleet offering of compliance, safety, efficiency and sustainability
tools for some of the largest fleets in the world.

It has been nearly 3 years since we announced our intent to acquire
Coretex to accelerate growth, enhance the skills and capabilities of our
team, increase our product offering, and expand our position in North
America.

Through realisation of the value of the merger, the company we are today
is vastly different. Our connected units have almost doubled, f rom 126k to
over 250k - helping us to achieve the credibility, scale and operating
leverage needed to increase our competitive position in our markets.

Prior to the merger, our team of approximately 495 EROAD employees and
contractors were delivering revenue of $91m. Our combined team size
increased to approximately 640 at the completion of the merger, with our
first full year of combined revenue at $165m. When looking at today’s
revenue of $182m, we have achieved that with a leaner team of around 530.
At twice the pre-merger revenue, we’re seeing an efficiency gain of 86%.

We’re also seeing benefits f rom our size and scale with our supplier and
partner contract negotiations. One recent example in North America -
received just this month – will reduce our unit connectivity fees with a

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crucial OEM partner by up to 80%. These savings offer increased margins,
without the need to raise prices to customers.

We have remained resolute in our conviction that we would emerge as a
high performing business that customers, employees and shareholders
can be excited by. That our investment in Coretex would deliver our
medium- and long-term objectives by transforming our company into one
that has the experience, reputation, and scale to meet the changing needs
of our market.

Change on this scale is never easy, and I want to thank our incredible team
of EROADers who have displayed so much dedication and resilience
throughout this time. They have shown that our culture of innovation
extends beyond our products and applied the same thinking to cost
savings; developing new and efficient ways of working without
compromising on quality, delivery or speed.

Importantly, alongside the changes EROAD has continued to deliver new
products and innovations, win new customers, while retaining and
expanding the ones we have with high levels of service, and product.

As we focus more on larger enterprise accounts, and specialty verticals of
construction and ref rigerated transport, some notable successes for the
last year include:

- Our long standing Kiwi customers Fulton Hogan, Hato Hone St John,
Kinetic and Tranzit all signed new contracts this year reflecting a
combined unit count of over 10,000
- We had 25% unit growth in Australia with wins like construction
materials giant, Boral, and facilities maintenance provider,
Programmed.
- In ref rigerated transport for North America we saw US Foods expand
with over 1,200 new units, and our channel partner Skybitz increase
orders with nearly an additional 1,500 new units
- And of course, Sysco – this year we successfully rolled out over 9,000
units and have seen their orders increase by an additional 1,400 over
the original contract.
- We also announced a partnership with ref rigerated trailer OEM
Thermo King – enabling customers to connect our software directly
to their trailers without the need to purchase additional hardware.
- And we formalised a technology collaboration with Microsoft,
accelerating our adoption of generative AI for product development

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We have also had a strong start to this financial year. Today we are very
pleased to announce we have signed a new contract with an existing NZ
enterprise customer for 5,000 units in Australia. This contract also includes
the renewal of 6,000 units across their NZ fleet.

Combined, this expansion elevates this customer into our top 3 globally in
terms of overall unit count. This contract is a material milestone for EROAD
as it accounts for 4% of EROAD’s global total unit base and represents 25%
growth in our Australian unit base. Australia is a key growth market for
EROAD, and this contract significantly boosts our credibility, market
influence and overall footprint in the region.

Renewals and expansions like this are a testament to the value our
products and services deliver to our customers, and is further evidence of
our attractiveness to enterprise fleets and our successful trans-tasman
expansion.

We know where we’re going, and have built the foundations and team to
get us there. One key element of that is with our new Co-CEO David
Kenneson who will now talk to you about some of our plans going forward.


Co-CEO Address David Kenneson

Good afternoon everyone, it’s a privilege to stand before you today at this
pivotal moment in EROAD's journey.

Over the past few months, I've had the honour of meeting with our
customers, partners, investors, and our dedicated team of EROADers
across the globe. Three questions consistently arise, and I'm excited to
address them today: What are our plans for the future? What drew me to
EROAD? And most importantly, what groundbreaking developments have
I witnessed?

At EROAD, we understand that true growth stems f rom our ability to
identify and seize opportunities - whether it's forging strategic
partnerships, expanding into new markets, or developing cutting-edge
technologies. I'm passionate about uncovering hidden gems that, with the
right team and strategy, can deliver exceptional value. Our plan is not just
to continue this approach, but to accelerate it, leveraging our strengths
and embracing the transformative power of AI to revolutionise the
transportation industry.

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What drew me to EROAD? The answer lies in the immense potential I see.
This company is a powerhouse of talent, innovation, and technological
prowess. We're not just creating products; we're developing sophisticated
solutions that address critical challenges for some of the world's most
iconic brands. The untapped potential here is staggering, and I'm thrilled
to help lead EROAD into its next phase of growth and innovation.

I'm acutely aware of the privileged position I hold, stepping into a company
that has not only stabilised its core operations but has positioned itself at
the foref ront of technological innovation in transportation operations.

Arriving at this crucial juncture allows me to view our potential with f resh
eyes, and I can assure you - the future of EROAD is not just exciting; it's
revolutionary. One where we're not just envisioning the future of
transportation - we're creating it.

Slide Change

Globally, EROAD has established itself as the go-to solution for customers
with complex operations that demand more than off-the-shelf fleet
management. Our strength lies in serving large enterprises, construction
companies, and ref rigerated transport - sectors where precision, efficiency,
and reliability are paramount. While the scale of these contracts is
attractive, there’s a lot more to these customers worth mentioning.

In today's complex logistics landscape, moving a vehicle f rom point A to B
is a multifaceted challenge. At the enterprise level, this complexity
increases exponentially - larger fleets, extensive workforces, intricate
systems, and significant reputational stakes.

EROAD has demonstrated unparalleled expertise in operating at this scale.
We're trusted by some of the world's largest fleets to support the very core
of their operations, leveraging our advanced technology to optimise every
aspect of their business.

- They trust that the concrete slab for your new home will be a strong
foundation, because EROAD ensured it was the right mix, delivered
on time.

- They trust that their fleets are compliant, because our intelligent
systems automate road user charges, tax lodgements, and driver
hour management.

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- Their drivers can trust that their employer cares about their safety,
because EROAD’s solutions simplify vehicle maintenance, promote
good driver behaviour, and use predictive data to minimise incidents
through smart alerting and suggestions

- And you can trust that the breakfast wrap you pick up with your
morning coffee is safe to eat, because it was transported with our
CoreTemp technology, ensuring optimal temperature control
throughout its journey.

This deep-rooted trust fosters a unique collaborative relationship with our
customers. We're not just service providers; we're innovation partners.
Many of our current products, including our latest AI innovations, were
born f rom these partnerships. As we speak, we're piloting multiple next
generation solutions across our enterprise customer fleets, pushing the
boundaries of what's possible in transportation technology.

Our customers' high expectations drive our relentless pursuit of excellence.
We understand that our future is built on our reputation for delivering
cutting-edge solutions and service that consistently exceed these
expectations.

Innovation is the cornerstone of our competitive edge. We're strategically
focusing on leveraging AI to deliver superior products that not only boost
our core capabilities but also enrich our software ecosystem. For
specialised add-ons, we collaborate with partners, ensuring we deliver a
comprehensive, best-in-class solution to our customers.
Cameras
Now, I'm excited to introduce you to EROAD's latest innovation: our
advanced AI-powered camera system. This technology represents a
significant leap forward in fleet management and road safety.
At its core, our AI camera system acts as an intelligent assistant for every
vehicle in a customer’s fleet. Using sophisticated machine learning
algorithms, it continuously analyses road conditions, driver behaviour, and
potential hazards in real-time. When it detects risks such as lane
departures, tailgating, or signs of driver fatigue, the system provides
immediate audio alerts to drivers, enhancing safety proactively.
This AI camera system represents a significant step forward in our mission
to provide intelligent, data-driven solutions for the transportation industry.
Refrigeration

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Turning to our ref rigerated transport business, we're addressing a unique
set of challenges. Beyond the usual transport hurdles, these customers
must maintain precise temperature controls to ensure food safety and
quality.

Equipment malfunctions due to improper maintenance have long been a
critical issue in this sector. Unlike dry goods that can wait roadside for a
replacement vehicle, a ref rigerated trailer breakdown often means a
complete loss of the load - a costly and wasteful outcome.

Recognising this industry-wide challenge, we've developed an AI-powered
predictive maintenance tool for our cold-chain solution. This innovative
system analyses each trailer's alert history to predict potential
malfunctions before they occur.

By assigning only healthy trailers to critical jobs, we're safeguarding our
customers' bottom line, reducing lost loads, and helping to decrease
greenhouse gas emissions associated with food waste.

The response f rom our pilot customers has been overwhelmingly positive
and we’re thrilled to announce that this game-changing solution will be
available for general release in the very near future - marking another
milestone in EROAD's commitment to driving innovation in the
transportation industry

In the construction sector, where time is money, our AI solutions are
revolutionising operations. Construction companies operate on tight
schedules, aiming to maximise concrete pours while daylight lasts. With
only a 90-minute window between truck loading and potential cement
rejection, every minute counts.

EROAD's advanced AI Assistant is transforming how dispatchers manage
workflows, dramatically reducing wait times and minimising lost loads. By
analysing a complex web of historical and real-time data - including job
requests and traffic patterns - our AI provides accurate site wait time
estimates. This allows customers to optimize their deliveries, redirecting
loads to less congested sites and significantly boosting overall efficiency.

This is just a glimpse of the transformative power our leading-edge
solutions are bringing to the construction industry.

EROAD’s path is clear - with our continued investment in data and cutting-
edge innovation combined with our unwavering commitment to solving

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real-world problems, we are poised to redefine the standards of efficiency,
reliability, and sustainability in the global transportation sector.


RUC – NZ Government changes slide Mark Heine

Now of course, knowing where we’re going, means knowing where we
come f rom. And building on those foundations.

With the NZ Government signalling a switch to universal road user
charging for all vehicles, it opens up the ~3.6m passenger vehicles
currently operating under the fuel excise duty model.

EROAD currently collects approximately 85% of all eRUC in New Zealand,
and 40% of the Government’s total RUC take. And, in advance of the
Government’s shift to put all EV and Plug in Hybrid vehicles under the RUC
system, EROAD enabled our platform and hardware to support these
vehicles to transition seamlessly to RUC f rom 1 April.

We continue to work closely with government and other key stakeholders
on the eco-system that will be needed to enable time of use charging to
unlock congestion. This will deliver significant productivity benefits to
businesses and NZ Inc.

While this work is still relatively nascent, EROAD has the skills, technology
and experience to play a significant role in this emerging market.

We are proud of our journey and results for FY24. We are excited about the
path forward as we continue to execute to plan with focus, discipline,
renewed energy, and speed.