Rakon FY2025 Financial Results

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer Rakon Limited
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency New Zealand Dollar

Amount (000s) Percentage change
Revenue from continuing
operations
$103,661 -19%
Total Revenue $103,661 -19%
Net profit/(loss) from
continuing operations
($5,849) -238%
Total net profit/(loss) ($5,849) -238%
Interim/Final Dividend
Amount per Quoted Equity
Security
N/A
Imputed amount per Quoted
Equity Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.58

$0.65
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the Commentary and the audited financial
statements released in conjunction with this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
Maureen Shaddick
Contact person for this
announcement
Nick Laurent, Investor and Media Relations
Contact phone number +64 21 240 7541
Contact email address investors@rakon.com
Date of release through MAP

28/05/2025
Audited financial statements accompany this announcement.

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Rakon Limited
T +64 9 573 5554
8 Sylvia Park Road, Mt Wellington, Auckland 1060, New Zealand
Private Bag 99943, Newmarket, Auckland 1149, New Zealand
Page 1 of 4 www.rakon.com
© 2023 Rakon Limited. All Rights Reserved. Unauthorised use or publication is expressly prohibited.


Rakon Full Year Results to 31 March 2025
All numbers are stated in New Zealand dollars (NZ$) and relate to the 12 months ended 31 March
2025 (FY25), with comparisons to the 12 months ended 31 March 2024 (FY24) unless stated
otherwise.
28 May 2025 - Rakon Limited (NZX: RAK), a world leading manufacturer of frequency control and
timing solutions, has today released its financial results for the 12 months ended 31 March 2025
(FY25), highlighting a strong second-half turnaround and solid progress on its long-term growth
strategy.
Key takeaways:
 Rakon navigated one of the most demanding years on record, marked by sharp geo-political
shifts and commercial headwinds, recording a net loss after tax of $(5.8)m including $3.6m of
one-off restructuring and transaction costs, yet still delivered underlying EBITDA
1
of $9.5m,
in line with the guidance mid-point and underpinned by a significant second-half rebound.
 2H25 surge delivered 60% of FY25 revenue, lifted revenue 49% on the first half, and swung
underlying EBITDA
1
by $16.8 million, setting momentum for FY26.
 Record revenue in Aerospace & Defence segment with 15% year on year (YoY) growth
maintaining positive trend for third consecutive year. New contracts secured and strong
order book for FY26.
 Telecommunications revenue declined 33% YoY, reflecting muted global 5G capex and, in
part, Rakon’s strategic decision to exit supply to a major Chinese telecom-infrastructure
customer; encouragingly, orders began to recover in 4Q25 as inventories normalised and
selective 5G investment resumed, while Positioning demand remained steady at lower levels.
 AI & Cloud Computing Infrastructure is on track to start delivering significant revenue from
FY26, with manufacturing infrastructure in place and latest products, incorporating Rakon’s
next-generation semiconductor chips, driving rising demand from Tier-1 players.
 Disciplined inventory management resulted in a reduction of $8.5 million in inventory and
improved operating cash flow and strengthened the balance sheet.
 Momentum into FY26 is positive, fuelled by the growth in 2H25 and supported by strong
Aerospace & Defence demand and AI & Cloud Computing Infrastructure orders. Further
stabilisation expected in Telco. The company is well positioned with its latest suite of
products extending Rakon’s technological leadership.

Rakon’s FY25 results reflect a strengthening finish to the 12-month period as a 2H25 surge reset the
year, with strong orders in Aerospace & Defence and a stabilising Telecommunications market.
Rakon CEO, Sinan Altug says it was pleasing to see improving momentum in 4Q25, after what had
been an exceptionally tough year.

Page 2 of 4 www.rakon.com

“As we anticipated, the first half of FY25 presented significant challenges, particularly in the Telco
and Positioning markets. While conditions in these markets remain uncertain, we have started to see
demand and orders lifting and believe we have now passed the inflection point at the bottom of the
Telco cycle,” says Altug.
“Our Space business is growing at record pace, and our AI & Cloud Computing Infrastructure
products are already being included in next-generation designs and securing orders from Tier-1
industry players. FY26 will see these drivers translate into meaningful revenue.
“We have made significant progress on managing discretionary expenditure within our business this
year as we cut costs, maintained our R&D and put the right people in the right seats. We achieved a
sustainable reduction in operating costs, released multiple leading-edge products, continued to
optimise our global footprint and announced a refreshed management team who bring years of
international and sector experience to Rakon.
“Our strategy remains focused on executing our growth strategy and extending our technology
leadership and market share in core segments like Telecommunications and Aerospace & Defence as
well as growing and diversifying group revenue through other industry verticals, the key one being AI
& Cloud Computing Infrastructure. We’re confident that in the next five years our AI & Cloud
Computing segment can be as substantial as our Telco business is today.”
Rakon’s Aerospace & Defence business and AI & Cloud Computing Infrastructure segment represent
key revenue growth drivers for the company in the medium to long-term, and it is anticipated they
will account for close to 50% of total group revenue by the end of the decade.
Low-Earth orbit (LEO) satellite subsystem contract wins and the selection of Rakon’s subsystems and
components for International Space Station and deep space exploration missions, have continued to
grow the company’s stature in the Global Space Industry, including as a top-3 supplier for its
subsystems.
Telecommunications and Positioning remain core markets for Rakon which has maintained market
share during a slower cyclical period. Positively, the Telco market showed indications of improvement
in 2H25, with signs of a gradual rise in 5G network investment and corresponding orders.
Rakon made good progress in FY25 with its ‘Innovate, Capture, Capitalise’ initiative to optimise
research, product development and manufacturing across its global operations. A key milestone was
achieved in 2H25 with the accelerated transfer of key product lines into Rakon’s manufacturing
centre of excellence in India. Customer deliveries commenced in April 2025 and improved margins
are expected as production ramps up.
These product transfers are a part of a comprehensive organisational transformation programme to
reconfigure the company in line with its growth strategy, with product-specific centres of excellence
being established in Rakon’s locations in France and New Zealand. Overhead efficiencies and margin
enhancements are expected across Rakon’s global operations across the next two years.
FY25 financial results

Page 3 of 4 www.rakon.com

More than 60% of Rakon’s FY25 revenue of $103.7m (FY24: $128.0m) was delivered in the 2H, driven
by strong revenue growth in Aerospace & Defence and stabilisation in Telecommunications.
Aerospace & Defence delivered its highest ever revenue result, up 15% to $42m, and continues to
validate Rakon’s strategy to invest in new high-growth market opportunities. Telecommunications
revenue was down 33% to $45m, and Positioning was down 21% to $11m, due to macroeconomic
conditions leading to slowed investment in 5G mobile networks globally. Pleasingly, selective global
5G investment was seen in the 2H25, signalling demand recovery. AI & Cloud Computing
Infrastructure revenue is currently milestone-focused, with revenue expected to grow significantly
from FY26.
The concerted focus on cost and efficiency is now delivering sustainable savings, which will support
an increase in operating leverage over the long term. Expenses excluding significant one-off items
2

were down 10% to $51m, reflecting steady year-to-year opex levels and high volume of new product
capitalisation resulting in a $9.8m reduction in reported R&D opex. Total R&D spend ($22m) remains
steady YoY to retain necessary resources and capabilities to protect Rakon’s growth pathway and
extend its technology leadership.
Lower gross profit of $45m (FY24: $57.9m) and margin percentage of 43.1% (FY24: 45.2%) were
primarily driven by lower order volumes in Telecommunications and Positioning and the impact on
economies of scale.
Underlying EBITDA
1
was $9.5m (FY24: $13.4m), in line with the guidance mid-point. Including one-off
restructure and transaction-related costs of $3.6m, the company reported a net loss after tax of
$(5.8)m (FY24 profit: $4.5m).
Rakon retains a strong balance sheet with significant debt capacity for investment into capital
initiatives and growth opportunities, including expansion of production facilities to meet current and
future AI & Cloud Computing Infrastructure and Aerospace orders. Net assets were $154.6m
including net cash of $15.3m at year end. Inventory was reduced by a further $8.5m in FY25 to
$46.4m (FY24: $54.9m). Inventory has been carefully managed to optimise working capital while
maintaining the capacity to meet anticipated demand as core markets recover. The Rakon Board
believes continued prudent management of its operational cash is important and has not declared a
dividend in relation to FY25.
Outlook
2

Rakon enters FY26 with renewed momentum, a leaner structure and growth trajectory underpinned
by positive global sector trends. Guidance will be provided at the ASM but the company expects a
year-on-year improvement underpinned by:
 Aerospace & Defence — strong order book carry-over and new contracts secured.
 Telecommunications — gradual 5G capex recovery expected as stabilisation continues.
 AI & Cloud Computing Infrastructure — significant revenue from market leading products
expected in 1H26 with strong forward pipeline from Tier-1 AI hardware customers.
 Organisational changes and accelerated manufacturing transfers which are expected to lift
gross margin and optimise global overheads, supporting profitability as volumes grow.

Page 4 of 4 www.rakon.com

As previously advised, current US tariffs are not expected to have a material impact on Rakon, with
the potential cost estimated at 2% or less of revenue. FY26 will also reflect the discontinuation of
commercial relationships with a Chinese telecommunications-infrastructure customer that
accounted for approximately 5% of group revenue in FY25. This strategic decision allows Rakon to
better allocate business resources to markets that offer more sustainable long-term growth
opportunities aligned with its corporate objectives.
Chair Lorraine Witten commented: “Rakon has preserved earnings in line with guidance, and
continued investing for future value, while navigating a period of difficult macro conditions. We held
the line in a tough year and are well positioned to build on growth sectors and capture increased
demand as core markets recover. The receipt from credible parties of multiple indications of interest
at substantial premiums, is an endorsement of Rakon’s world-leading technology, global market
position and value. With refreshed governance and an energised leadership team, we are ready to
turn today’s momentum into FY26 value creation.”

1
Non-GAAP disclosures. Refer to note 4 of the FY2025 consolidated financial statements for an explanation of how ‘Non-
GAAP Financial Information’ is used, including a definition of Underlying EBITDA’ and reconciliation to net profit after tax
(NPAT).
2
Normalised operating expenses excludes one-off acquisition proposal costs and redundancy costs
3
Risks to this FY26 outlook include geopolitical uncertainty, downside risks for global economic growth and new product
manufacturing delivery to plan.

ENDS
Investors and media
Nick Laurent
investors@rakon.com
+64 21 240 7541
About Rakon
Rakon’s products help people to connect, explore and innovate. They are the ‘heartbeat’ for
electronic systems, delivering fast, precise and stable timing in everything from mobile networks and
autonomous vehicles to satellite constellations and AI data centres. Whether connecting to a 5G
tower or to a rover exploring Mars, our technology is relied on to deliver the highest performance in
even the most extreme conditions. Thanks to our constant drive to innovate, we continue to
empower our customers to create the next-generation of life-transforming technologies.
For more information, visit rakon.com.

---

0
28 May2025© Rakon Limited
For the twelvemonths to 31 March2025
Full year results presentation FY2025

1
Disclaimer
This presentation contains not only a review of operations, but also some forward looking statementsabout Rakon Limited and the
environment in which the company operates. Because these statements areforward looking, Rakon Limited's actual results could
differ materially.
Although management and directors may indicate and believe that the assumptions underlying theforward looking statements are
reasonable, any of the assumptions could prove inaccurate or incorrectand, therefore, there can be no assurance that the results
contemplated in the forward lookingstatements will be realised.
Media releases, management commentary and investor presentations areavailable on the company'swebsite and contain additional
information about matters which could cause Rakon Limited'sperformance to differ from any forward looking statements in this
presentation. Please read thispresentation in the wider context of material previously published by Rakon Limited.
Non-GAAP measures
All figures are presented in New Zealand dollars unless otherwise indicated. All comparisons are to the prior corresponding period
(twelve months to 31 March2024) unless otherwise noted.
Refer to note 4of the FY2025 audited consolidated financial statements for an explanation of how ‘Non-GAAP Financial Information’
is used, including a definition of ‘Underlying EBITDA’ and reconciliation to netprofitaftertax (NPAT).
Important Notice

2
Agenda
3Key takeaways
4Results at a glance
5FY25 growth milestones achieved
6-8Core market performance
9-13Key financial results
14-15Outlook
Sinan Altug
Chief Executive Officer
Mark Dunwoodie
Chief Financial Officer

3
Key takeaways
Earnings preserved in line with guidance despite difficult conditions
•Underlying EBITDA
1
$9.5mnear the guidance mid-point despite navigating one of the most demanding years on record, with
muted Telecommunications and Positioning segment demand
Record Aerospace & Defence revenue; 2H25 rebound in Telco revenue
•Strong +15% YoY growth in Aerospace & Defence; positive trendfor third consecutive financial year
•Telecommunications stabilisingwith improved orders in 4Q25 and positive trend into FY26
Lean cost base,strong balance sheet and highlevels of R&Dcapitalisation
•Expenses excluding significant one-off items
2
down (-10% YoY) reflecting steady year-to-year opexlevelsand high volume of
new product capitalisation resulting in adrop in FY25 R&D opex
•Inventory trimmed by$8.5mlifting operating cash flow.
2H25 revenue surge resets year and creates positive momentum into FY26
•60% of FY25 group revenue delivered in 2H25; significant +$16.8m 2H improvement in FY25 Underlying EBITDA
1
1
Non-GAAP disclosures: Refer to note 4of the FY2025 consolidated financial statements for an explanation of how ‘Non-GAAP Financial Information’ is used, including a definition of Underlying EBITDA’ and reconciliation to net profit after tax (NPAT)
2
Excludes one-offacquisition proposal costsand redundancy costs

4
Results at a glance
Second-half surge sets FY26 on a growth track
1
Non-GAAP disclosures: Refer to note 4 of the FY2025 consolidated financial statements for an explanation of how ‘Non-GAAP Financial Information’ is used, including a definition of Underlying EBITDA’ and reconciliation to net profit after tax (NPAT)
2
Excluding NZ IFRS 16
3
Excludes one-off acquisition proposal costs and redundancy costs
4
Reflects steady year-to-year opexlevelsand high volume of new product capitalisation resulting in adrop in FY25 R&D opex
Revenue
$104m
-19% YoY [FY24: $128m]
+49%2H improvement [1H: $41.7m]
UnderlyingEBITDA
1
$9.5m
-29% YoY [FY24: $13.4m]
+$16.8m 2H turnaround [1H: -$7.3m]
Net Loss after Tax
-$5.8m
-$10.3m YoY [FY24: Net profit $4.5m]
+44% 2H improvement [1H: -$10.4m]
Debt
2
$12.4m
+$5.8m YoY [FY24: $6.6m]
+$6.8m 2H increase [1H: $5.6m]
Opex
3
$51.4m
-10% YoY
4
[FY24: $56.9m]
-16% 2H decrease [1H: $27.9m]
Inventory
$46.4m
-15% YoY [FY24: $54.9m]
-10% 2H decrease [1H: $51.5m]
•Second-half rebound flipped
Underlying EBITDA
1
positive and
freed up $8.5mof inventory cash
•Underlying EBITDA
1
improved by
leaner cost base, normalisedopex
down -10%YoY, lifting operating
leverage
•2H25 revenue surged +49% versus
1H25, signallingdemand recovery
and a stronger launchpad for FY26
•Draw down of debt facilities for
continued investment to increase
manufacturing capacity of high-
demand Aerospace and AI products

5
FY25 growth milestones achieved
3-year growth strategy delivered
•Top 3 supplier for our subsystems and delivered key milestones
for MDA Space contracts
•Multiple products supplied for missionson-board the International
Space Station
•Invested in additional production capacity to meet customer demand
•On track to deliver significant revenue in FY26
•Increasing production capacity to support customer order growth and
pipeline
•Successful transfer of selected product lines into Rakon
manufacturing facility in India
•Significant operational milestones achieved includingreorganisation of
business units and realigned leadership team
•Three next-generation semiconductor chips released for
customer sampling in one year, a record, including Vulcan
TM
for
AI hardware and Telco applications
•Launched latest cutting-edge products for NewSpace applications
including satellite constellations
Leading supplier of Space subsystems
and componentsfor precision timing
and synchronisation
Advanced AI & Cloud Computing
productsenabling performance
demands ofAI data centres
Operational transformationto drive
customer focus and efficiency,and
leverage global manufacturing
Strategic R&D investmentsto
strengthentechnology leadership and
deliver next-generation products
Growth
Milestone
Achieved
Growth
Milestone
Achieved
Growth
Milestone
Achieved
Growth
Milestone
Achieved

6
6
6
FY25 revenue: $42.4m (FY24: $36.8m); Up 15% YoY
Provided 41% of FY25 group revenue
Aerospace and Defence
•YoY growth for third consecutive financial year, with
momentum expected to continue into FY26
•Growth driven by increasing demand for Rakon's leading-edge
subsystems and components for New Space applications –
including Low-Earth orbit (LEO) satellite constellations
•Rakon products driving sales and enquiry volumesinclude
ultra-stable oscillators, latest generation GNSS and MRO
subsystems for satellite constellations, and products based on
newly released radiation hardened Mercury-R
TM
chip
$20m
$17m
$20m
$24m
$27m
$30m
$24m
$29m
$37m
$42m
FY21FY22FY23FY24FY25
Gross MarginRevenue

7
•1H25 the most challenging period forTelco since 2018
•Turning point in 2H25: 63%of total Telco revenue for FY25
received in second half of the year; stabilisingconditions and
selective global 5G investment as subscriptions and data
usage grows
•Maintained market share and high design win rate; well
positioned for next wave of 5G rollout cycle
•Gross margin impacted by reduced operating leverage as
result of cyclical-low Telco orders
FY25 revenue: $45.4m (FY24: $66.9m); Down 33% YoY
Provided 44% of FY25 group revenue
Telecommunications
$31m
$38m
$43m
$23m
$12m
$77m
$86m
$101m
$67m
$45m
FY21FY22FY23FY24FY25
Gross MarginRevenue

8
Positioning
FY25 revenue: $10.9m (FY24: $13.9m); Down 21% YoY
Provided 11%of FY25 group revenue
•Increased competition driving down margins but Rakon
volumes steady due to overall segment growth
•Maintaining market share and high design win rate in the
high-endPrecise Positioning sub-segment
•Gross margin also impacted by reduced operating
leverage as result of cyclical-low Positioning orders
$7m
$16m
$18m
$6m
$5m
$14m
$28m
$34m
$14m
$11m
FY21FY22FY23FY24FY25
Gross MarginRevenue
TCXO chip shortage

9
Performance for twelve months to 31 March 2025
NZ$m
FY252H251H25FY24
Revenue
1046242128
Gross profit
45291658
Gross margin %
43.1%46.8%37.8%45.2%
Operating expenses
55253059
Net profit/(loss) after tax
(5.8)4.6(10.4)4.5
Underlying EBITDA
1
9.516.8(7.3)13.5
Capital expenditure
17.010.16.917.0
Operating cash flow
9.00.78.317.8
Financial Position
Cash and cash equivalents15.315.817.8
Trade receivables53.551.552.0
Inventory46.451.554.9
Trade payables29.225.725.6
Debt
2
12.45.66.6
FY25 Key financial summary
Strong sustainable turnaround in 2H25
1
Refertonote4oftheFY2025auditedconsolidatedfinancialstatementsforanexplanationofhow‘Non-GAAPFinancialInformation’is
used,includingadefinitionof‘UnderlyingEBITDA’
2
ExcludingNZIFRS16
Significant 1H:2H turnaround, following one of
Rakon’s most challenging periods
Laser focus on revenue generation and cost
management driving positive momentum in 2H25
•Revenue reflects record growth in Aerospace
& Defencerevenue; difficult macroeconomic
conditions impacting Telco and Positioning
•Positive and sustainable outcomes from cost
out and efficiency focus while continuing to
protect and invest in growth pathway
•Delivered underlying EBITDA
1
to near
guidance mid-point
•Strong balance sheet with debt capacity for
growth investment

10
Revenue
FY25 revenue: $103.7m; 60% delivered in 2H25
2H25 revenue up 49% on 1H25, driven by:
•Strong Aerospaceand Defencerevenue –expected to exceed
current Telco revenue levels in FY26
•Stabilisationin Telco demand as selective global 5G investment
recommences
•Emerging revenue from AI & Cloud Computing Infrastructure,
currently included in Telco, expected to grow rapidly from FY26 to
become standalone core market
•ConsistentYoY revenue in Positioning
Relentless focus on leveraging new opportunities, customer partnerships, and
increasing market share in a challenging environment

11
Gross margin
Gross margin $44.7m; improvement of +85% in 2H (cf1H)
Gross margin percentage: 43.1% (1H: 37.8%, 2H: 46.8%)
Gross margin lower year-on-year due to:
•Reduced operating leverage -large proportion of costs are
fixed, with lower volumes impacting on margin
•Additional short term transition costs as manufacturing for
selected products is transferred to India
Earnings and margin will increase as volumes recover
•Increasing manufacturing efficiencies to be delivered as
selected product transfers to Indian facility continue
Earnings and margin to increase as volumes recover

12
Operating expenses
Continuing to optimise costs while protecting growth pathway
•Tight control of discretionary spending,includingtravel,
procurement efficiencies and other savings; and head-
countreductions
•Continuing to optimise costs while retaining necessary capabilities
to protectthe growth pathway and extend technology leadership,
including:
oAccelerated schedule for selected product transfers to India
oRamping up production capacity to meet existing and future
demand for Aerospace and AI & CloudComputing products
oR&D
•FY25 normalised operating expenses exclude one-off costs:
o$2.3m acquisition proposal costs relating to NIBOs
o$1.2m costs related to organisational transformation
51.4

13
Investment in R&D
Consistent year-to-year investment to extend technology leadership
•Total R&Dspend remains steadyYoYto protectgrowth
pathway and extend technology leadership
•Four-year total yearly R&D investment CAGR:~11%
•R&D opexexcludes products capitalised during the FY;
FY25 saw a lift in capitalisation of successful new product
investments, resultingfrom strategic growth focus
•FY25 capitilisedR&D projects include Rakon's latest Space
subsystems and new AI & Cloud Computing and Telco products
along with Rakon's next-generation semiconductor chips which
are paving the way for our continued technology leadership.
$14m
$16m
$18m
$22m$22m

14
Core markets outlook
Aerospace and Defence
•Strong order book extending beyond FY26; positive YoY growth expected to continue
•High customer interest in latest space subsystemsand ultra stable oscillator components
•Targeting additional contracts and good organic growth on the back of rising global space investment
TAM: $1.7b
SAM: $1.4b
TAM: $806m
SAM: $303m
TAM: $1.6b
SAM: $322m
TAM: $467m
SAM: $199m
Telecommunications
•Orders stabilised; turning point in 2H25, driven by selective network infrastructure investmentfrom
global network operators
•Increasing global 5G subscriptions and data loadsleading to increased need for network
densification and driving next wave of mobile network operator5G investment in some regions
•Positive signs of new 5G investment drivers from Fixed Wireless Access (FWA) / 5G broadband
Positioning
•Expect revenue to remain flat; increased competition is driving down price but volumes steady as overall
segment grows
•Maintaining good position in the high-endPrecise Positioning business
AI &Cloud Computing Infrastructure
•Product orders secured and on track for significant revenuein 1H26
•Leading supplier fortargeted AI hardware product categories; targeting major market share
•Securing design wins and strong pipeline of next-generation products to ensure we continue to enable
the next evolution of AI computing hardware
Total Addressable Market (TAM)
Serviceable Addressable Market (SAM)
All figures in NZD. Please see disclaimer slide regarding forward looking statements. TAM and SAM diagrams are based on Calendar Year 2024 calculations, are indicative only and not to exact scale.References: Euroconsult; Dedalus Consulting;Internal analysis.

15
Positive momentum into FY26
Well positioned for growth with strong fundamentals
Significant rebound in 2H25 revenue created positive momentum into FY26; growth trajectory underpinned by
positive global sector trends
Strong order pipeline driving targeted YoY growthinAerospace andDefence, significant FY26 revenue for AI &
Cloud, and stabilisedand improving Telco revenue
Continued focus on positive and sustainable outcomes from cost-out and efficiency focus in FY26, balanced by
R&D investments to extend technology leadership and safeguard growth trajectories.
Organisationaltransformation will enhance operating leverage alongsideanticipated volume increases
Realigned and experienced global leadership team; refreshed board with international and technology expertise
Continuing to monitor macroeconomic conditions, including tariffs, andcurrently foresee nomaterial impact on
FY26. Diversified global manufacturing footprint provides further protection

16
Shareholder questions

www.rakon.com
End of presentation. Thank you for attending.

18
Appendix

19
Net profit and underlying EBITDA explained
1
Other -includes unrealisedforeign exchange, share of net profits of associate, employee share-based expense, and provision movements
•Increase in payables -due to timing of
payments
•Capex -includes capitalisation of R&D
($9.8m), and purchase of plant ($7.0m)
•Net borrowings -includes HSBC
borrowing and French Government loan
repayments
•Increase in deferred tax is mainly from
operating loss in NZ