ikeGPS FY25 Annual Report

For the period ending 31 March 2025
Annual Report
ikeGPS Group Limited

22025 ikeGPS Annual Report

32025 ikeGPS Annual Report
Table of Contents
CEO and Chair Commentary
4
FY25 Performance Headlines
10
FY26 Outlook
14
Customer and Market Re-Cap
18
Solution Overview
29
Leadership Team
35
Corporate Governance
39
Disclosures
48
Climate Disclosures
55
Independent Assurance Report
68
Consolidated Financial Statements
72

42024 ikeGPS Annual Report
Dear shareholders,
We are pleased to present the ikeGPS Group Limited (IKE) Annual Report for the
financial year ended 31 March 2025.
This has been another transformative year for our company as we continue to
execute our strategic vision and strengthen our position as a leading provider
of analysis and design software for distribution assets for electricity and
communications companies in North America.
Financial performance and strategic progress
The past financial year has demonstrated our ongoing execution and growth
capabilities. Our core business fundamentals are strong, and we have made
significant progress across several key strategic initiatives. Performance
highlights included:
• Exit run rate of annual platform subscription revenue grew to NZ$17.6m (+48% vs pcp).
• Total recognized revenue in the period of NZ$25.2m (+19% vs pcp), with recognized revenue
in 4Q of NZ$6.6m. Comprising the above was:
• Subscription revenue of NZ$14.4m (+34% vs pcp).
• Transaction revenue of NZ$7.6m (+3% vs pcp).
• Hardware and other services revenue of NZ$3.2m (+5% vs pcp).
• Gross margin of NZ$17.4m (+37% vs pcp), with gross margin in 4Q of NZ$4.8m (73%).
• Gross margin percentage of 69% (up from pcp of 60%), driven by revenue mix continuing to
shift to high-margin subscription software products.
• Cash Operating Expenses were 2% lower than pcp.
• Adjusted EBITDA loss of NZ$6.1m (improved from pcp Adjusted EBITDA loss NZ$9.8m).
See table on page 13.
• Net Loss of NZ$16.3m (-11% vs pcp).
• Excluding impairment (non-cash), the Net Loss position improved by 18% vs pcp.
FY25 // Year in Review
CEO and Chair Commentary

52024 ikeGPS Annual Report
• Total cash and net receivables NZ$15.4m.
• This comprises NZ$10.3m in cash and NZ$5.1m in net receivables (NZ$6.1m in receivables with
payables of NZ$1.0m) and no debt. This grew +NZ$1.8m in the fourth quarter.
• The 31 March 2025 cash position is consistent with the level 12 months prior.
Market position and competitive advantage
IKE continues to be recognized as a technology leader in the management
of distribution network assets through their lifecycle, in terms of planning,
assessment and design & maintenance. Our proprietary solutions serve critical
infrastructure sectors, including electric utilities, telecommunications, and
associated engineering companies, primarily winning in North America.
Our competitive advantage stems from:
Proprietary technology platforms:
Our integrated software solutions provide unmatched accuracy, efficiency, and quality.
Deep industry expertise:
Our team represents decades of experience serving infrastructure and utility customers, and is
committed to the strategic goal to deliver the CX in our industry.
Scalable business model:
Recurring revenue streams through per-seat software licensing and professional services.
Strong customer relationships:
Long-term partnerships with major utilities and network owners, representing a significant long
tail of revenue in terms of lifetime contract value.
Strategic initiatives and innovation
Throughout FY2025, we have continued to invest in our product roadmap and
innovation pipeline. Key initiatives include:
Product development
• Enhanced our core field data collection platform with new features and improved user
experience.
• Advanced our AI and machine learning capabilities for automated data processing.
• Expanded our mobile application suite to better serve field workers.
CEO and Chair Commentary – FY25 // Year in Review

62024 ikeGPS Annual Report
Market expansion
• Strengthened our presence in the North American market, with a new customer being won
every week.
• Developed strategic partnerships to accelerate new product development opportunities and
speed of market penetration.
• In particular, enhanced our sales and marketing capabilities to better serve customer needs.
Operational excellence
• Implemented new operational systems and process improvements to enhance customer service
delivery & operational efficiency. This specifically will enable IKE to continue to scale financially
without the need to scale people costs at the same rates.
• Optimized our cost structure while maintaining service quality and innovation speed.
• Strengthened our talent pipeline at all levels of the company.
People and culture
Our success is fundamentally driven by our talented team. Throughout FY2025, we
have continued to invest in our people through:
• Professional development and training programs.
• Competitive compensation and benefits packages.
• A collaborative and inclusive workplace culture.
• Clear career progression pathways.
We wish to express our gratitude to all our employees for their dedication,
innovation, and commitment to delivering exceptional value and a brilliant CX to our
customers and market.
Risk management and governance
We maintain robust risk management frameworks and governance practices to
protect shareholder interests and ensure sustainable long-term growth. Our board of
directors provides strong oversight and strategic guidance, while our management
team executes with discipline and accountability.
Key risk areas we actively manage include:
• Market and competitive dynamics.
• Technology and cybersecurity risks.
• Regulatory compliance.
• Talent retention and succession planning.
• Financial and operational risks.
CEO and Chair Commentary – FY25 // Year in Review

72024 ikeGPS Annual Report
Market tailwinds
We believe IKE is in the right place at the right time, with market momentum being
one the largest factors that typically underpin growth-company success. Macro-
market tailwinds in North America related to electrical grid hardening and electrical
grid capacity remain highly supportive of IKE’s business and are expected to drive
growth over the next two more decades.
IKE products and the IKE team directly support the herculean engineering effort
required to meet the targets to double the capacity and resiliency of the U.S. grid by
2050, a task that is jointly-owned by more than 2,800 electric utilities and more than
2,000 engineering companies.
Today, eight of the ten largest electric utilities in the U.S. are Standardized on IKE
software for distribution network structural analysis, across a total of nearly 400
IKE subscription customers. We continue to win approximately one new customer
per week, with a direct sales & delivery focus on the largest network owners and
engineering firms. Our North American-based business continues to capitalize on
these significant sales opportunities. Key market thematic areas include:
• Continued transformation in the electricity infrastructure sector.
• Growing demand for efficient network digitization solutions.
• Expansion opportunities in these huge existing customers.
• New customer acquisition. Today, IKE has touched only ~6% of the addressable customers
in the U.S..
• Potential for further strategic partnerships and acquisitions, where IKE has had considerable
historical success such as with the growth of ARR IKE PoleForeman.
Strategic priorities
We remain committed to creating long-term value for all our stakeholders:
(1) Revenue growth:
Focus on expanding our customer base and increasing revenue per customer
(2) Product innovation and longterm differentiation:
Continue investing in our suite of technology applications, and delivering new products under the
guidance of the IKE customer council that includes the Standard Department leaders from more
than ten of the largest electric utilities in North America.
(3) Operational efficiency:
Further optimize a scalable cost structure to improve margin, profitability & revenue per
employee metrics.
CEO and Chair Commentary – FY25 // Year in Review

82024 ikeGPS Annual Report
(4) Market expansion:
Pursue strategic opportunities into winning new infrastructure customers.
(5) Talent development:
Attract, develop, and retain further top talent to support our growth objectives
Commitment to stakeholders
We remain committed to creating long-term value for all our stakeholders:
Shareholders:
By delivering consistent growth.
Customers:
Providing innovative solutions that enhance the operational efficiency of large infrastructure
owners. These customers are sticky by nature and therefore typically represent significant life-time
contract values.
Employees:
Creating opportunities for professional growth and development. Core focuses at IKE include the
principle of Talent Acceleration, and the core value of Open Company, No BS, and as such making IKE
a great place to work.
Communities:
By contributing to the communities where we operate.
Environment:
Helping to minimize our environmental footprint and enhancing sustainable practices for our
customers, in particular related to more efficient electricity & power distribution.
CEO and Chair Commentary – FY25 // Year in Review

92024 ikeGPS Annual Report
Outlook
Looking ahead to FY26 (the period beginning 1 April 2025) based on contracts in
place and broader momentum in the company, we expect our subscription revenue
to continue to increase strongly at growth levels of 35% or greater, positioning us
well for the medium and long term. We also expect to be approximately EBITDA
break-even on a run rate basis within the second half of FY26. It is of note that our
FY25 cash operating expenses reduced year-over-year while materially growing
subscription revenues, evidencing the operating leverage opportunity. The current
global tariff situation has no material impact on IKE’s business as a U.S. software
provider into materially all U.S. businesses.
We are confident in our ability to seize the growth opportunity ahead. Our
established market position, innovative technology platform, and dedicated US-
headquartered team provide a solid foundation for continued success. We wish
to thank you, our shareholders, for your continued support and trust. We remain
focused on executing our strategic plan and delivering sustainable differentiation
and long term value creation.
Yours sincerely,
Alex Knowles
Chair and Non-Executive Director
ikeGPS Group Limited
Glenn Milnes
CEO & Managing Director
ikeGPS Group Limited
CEO and Chair Commentary – FY25 // Year in Review

102025 ikeGPS Annual Report
• Exit run rate of annual platformsubscription revenue grew to
NZ$17.6m (+48% vs pcp).
• Total recognized revenue in the period of NZ$25.2m (+19% vs pcp),
with recognized revenue in 4Q of NZ$6.6m. Comprising the above
was:
• Subscription revenue of NZ$14.4m (+34% vs pcp), Transaction revenue of
NZ$7.6m (+3% vs pcp), Hardware and other services revenue of NZ$3.2m
(+5% vs pcp).
• Gross margin of NZ$17.4m (+37% vs pcp), with gross margin in 4Q of
NZ$4.8m.
• Gross margin percentage of 69% (up from pcp of 60%).
• Cash Operating Expenses 2% lower than pcp.
• Adjusted EBITDA loss of NZ$6.1m (improved from pcp Adjusted
EBITDA loss NZ$9.8m).
• Net Loss of NZ$16.3m(-11% vs pcp).
• Excluding impairment (non-cash) the net loss position improved
by 18% vs pcp.
• Total cash and net receivables NZ$15.4m.
• This comprises NZ$10.3m in cash and NZ$5.1m in net receivables (NZ$6.1m in
receivables with payables of NZ$1.0m) and no debt. This grew +NZ$1.8m in the
fourth quarter.
• The 31 March 2025 cash position is consistent with the level 12 months prior.
FY25 Performance Headlines

112025 ikeGPS Annual Report
Takeaways
• +48% YoY growth in the exit run rate of annual platform subscription
revenue.
• Subscription seat license growth of +103% YoY, evidencing the
impact of new product introductions with sticky customers.
• Three-year subscription revenue CAGR of +37%.
• Recurring subscription and reoccurring transaction revenues now
dominate IKE’s revenue mix, at 87% for YTD FY25.
• An expectation for healthy revenue growth in the full FY26 period,
including ~35% or greater growth in subscription Revenue.
• Seat count growth has accelerated at a fast pace due to customer
additions and upsells, as well as selling customers onto a per-seat
subscription model when adopting the new IKE PoleForman product.
Continued strong financial performance and growth

122025 ikeGPS Annual Report
YTD FY25YTD FY24% Change
Total Revenue$25.2m$21.1m+19%
Total Gross Margin$17.4m$12.7m+37%
Gross Margin %69%60%
Platform Subscriptions
Total Number of Subscription Customers395395+0%
Total Number of Seat Licenses8,5394,200+103%
Platform Subscription Revenue$14.4m$10.7m+34%
Gross Margin$12.8m$9.2m+39%
Gross Margin %89%86%
Platform Transations
# of Billable Transactions288k279k+3%
Platform Transaction Revenue$7.6m$7.3m+3%
Gross Margin$2.4m$1.8m+40%
Gross Margin %32%24%
Hardware & Other
Hardware & Services Revenue$3.2m$3.1m+5%
Gross Margin$2.2m$1.7m+26%
Gross Margin %68%56%
Key revenue and margin metrics
Takeaways
• Our blended gross margin profile continues to improve, with Gross margin
dollar growth of +37% vs prior year, and gross margin percentage growth to
69% in FY2025 vs 60% in FY2024. The increase in gross margin was driven by
improvements across all segments.
• Customer Adds: The Company added 72 new subscriptions customers during FY
2025 (15 in 4Q25), or approximately 1.4 new customers per week.
• Customer Losses: In Q4, approximately 40 small legacy PoleForeman customers,
representing total ~NZ$100k of ARR did not convert to the new IKE PoleForman
platform upon the Company discontinuing support for the Company’s legacy
application in 4Q25. We have recorded these customers as lost on the included
table, reducing our customer count from 420 customers at the end of 3Q 2025
and keeping our customer count flat at 395 year over year. We do expect some of
these customers will eventually adopt the new platform based on project timing,
and budgeting cycles, but note the average ARR lost from these customers was
under $3k per customer.

132025 ikeGPS Annual Report
FY 2025 FY 2024
Comprehensive Loss(16,336)(14,694)
Add Back:
Interest Expense102 105
Tax Expense1 0
Depreciation 1,928 1,872
Amortisation3,124 2,558
Less:
Interest Income(181)(304)
EBITDA(11,362)(10,463)
Other Non-Cash Adjustments
Share Based Compensation943 863
Unrealised Foreign Exchange(61)(300)
Fair Value Adjustments17 (23)
FCTR Gains/(Losses)(2)(351)
Restructuring Costs0 459
Imapirment of Intangible Assets4,353 0
Adjusted EBITDA(6,112)(9,815)
Adjusted EBITDA

142025 ikeGPS Annual Report
FY26 Outlook

152025 ikeGPS Annual Report
Subscription revenue to continue to increase strongly, at
growth levels of 35% or greater.
IKE’s focus will remain solely on winning / becoming the
industry standard in the North American market. The current
global tariff situation has no material impact on IKE’s business,
as a U.S. software provider delivering into U.S. customers.
To be approximately EBITDA beak-even on a run rate basis
within the second half of FY26.
New automation applications and modules to be introduced into
IKE’s established products
Based on contracts in place and broader
momentum in the business the outlook includes:
Outlook Summary

162025 ikeGPS Annual Report
[Network Planning] [Assessment & Digitization][Network Design][Network Maintenance & Resilience]
IKE has software products to engineer a
distribution network through its lifecycle
Business model upshot
• A recurring Subscription to access any IKE Solution.
• Additive, reoccurring revenue based on usage (license seats or transactions).
• Optional value-added products, such as IKE Analyze (driving transaction
revenue) and training & education via IKE University.

172025 ikeGPS Annual Report
Continuous innovations
Our integration between IKE Office Pro and IKE PoleForeman enables effortless collection and analysis of
field data. Intuitive, workflow-aligned forms mirror IKE PoleForeman’s naming conventions and simplify data
entry. Customers can automatically import complete as-built pole line details, including framings, spans, and
elevations, directly into IKE PoleForeman. Advanced 3D modeling delivers visual quality control for structure
accuracy. Staying within the IKE ecosystem streamlines support and training for users.
We are proud to have recently completed additional integration work between IKE Office Pro and a commonly
used PLA tool, SPIDAcalc. These integrations help our clients break down data and communication silos, drive
productivity, and track progress to reach goals.
Advancing user adoption through product development
We’re advancing our product ecosystem to drive deeper user engagement and
streamline workflows through enhanced integrations between IKE Office Pro and
leading pole loading analysis (PLA) tools.

182025 ikeGPS Annual Report
What IKE does, and the large, long-term North
American market opportunity being addressed.
Customer and Market Re-Cap

192025 ikeGPS Annual Report
More than 3,000 electric utilities and
200M distribution assets across the U.S.
Investing in decades-long grid resiliency and grid
capacity programs
Facing common challenges
Grid resiliency requirements
IKE products dramatically improve the
engineering design & maintenance process
Regulatory and Engineering code compliance
Grid capacity requirementsAn ageing workforce, requiring tech
vs. more people
Significant legal liability risks

202025 ikeGPS Annual Report
Market tailwinds over the coming decades
Source:
Bell Potter Initiation of Coverage Report, GSMA, American Tower, Accenture, Grandview Research, Global Newswire,
Ryse Energy, World Economic Forum
Requirement for harder and higher
capacity distribution power networks
across all of North America
Electric Utilities in North America with long-term, recurring
distribution network hardening, joint use, and capacity needs for
electrical distribution
>3,200
Small Cell Deployments across North
America, much of it engineered on
distribution power poles
Small cell site expansions are expected by 2025 as communications
infrastructure providers look to speed up 5G rollout while reducing
cost and time of deployment
800,000+
7+ year macro-market tailwind of fiber
deployment, much of it engineered on
distribution power poles
Investment forecast in fiber in the US by 2025, representing >30M
attachments; communications infrastructure providers seeking
partners to manage new fiber attachments for every pole
>$350B
Infrastructure development via
Engineering Service Providers
Engineering Service Providers in the US subcontracted by
telecom and utilities providers to assist in infrastructure
development and deployment
>2,000
Massive engineering requirements for
an evolving distribution network
supporting an increase in global
consumption of electricity
Of US energy consumption will be comprised of electricity on
the distribution grid by 2050 to attain carbon net zero targets,
and power the new EV market, compared to current levels of
just 20%, this equals an engineering requirements to build
capacity on the network.
50%+

212025 ikeGPS Annual Report
Where IKE sells: U.S. market-map of Investor-Owned
Utilities (multi-$B companies)
Source:
Produced by Edison Electric Institute.
Data Source: ABB, Velocity Suite. August 2024
https://www.eei.org/-/media/Project/EEI/Documents/About/EEI-Member-Map.pdf
A huge U.S. expansion opportunity...
Alaska
Hawaii
Hawaiian Electric Co.
Alaska Electric
Light and Power Co.
EEI U.S. Member Company Service Territories
PG&E = Pacific Gas and Electric Company
PPL = PPL Electric Utilities Corporation
PSO = Public Service Company of Oklahoma
RG&E = Rochester Gas and Electric Corporation
TolEd = Toledo Edison
UI = The United Illuminating Company
SWEPCO = Southwestern Electric Power Company
WPS = Wisconsin Public Service Corporation
NIPSCO = Northern Indiana Public Service Company
CHG&E = Central Hudson Gas & Electric Corp.
ConEd = Consolidated Edison Company of New York
IMP = Indiana Michigan Power
MGE = Madison Gas and Electric Company
NYSEG = New York State Electric & Gas Corporation
DP&L = Dayton Power & Light Company
FPU = Florida Public Utilities
IC = The Illuminating Company
Map Abbreviation Key
Transmission-Only Utilities
American Transmission CompanyWisconsin, Michigan, Minnesota and Illinois
ITC Holdings Corp.Michigan, Iowa, Minnesota, Illinois, Missouri and Kansas
Sharyland Utilities Texas
Vermont Electric Power CompanyVermont
SCE&G = South Carolina Electric & Gas

Arizona Public
Service Co.
Avista Utilities
ComEd
Consumers
Energy
El Paso
Electric
Alliant Energy
MidAmerican Energy
Idaho Power
Montana-Dakota Utilities
NorthWestern Energy
NorthWestern Energy
Otter Tail Power
PG&E
Penelec
Potomac
Edison
Puget Sound
Energy
NV Energy
Southern
California Edison
DTE Energy
AEP Texas
Alabama
Power
CenterPoint Energy
Duke Energy
Mt. Carmel Public
Utility Co.
Entergy
Texas
Georgia
Power
Mississippi
Power
Duke Energy
FPU
TNMP
UniSource
Central Maine Power
Versant Power
Duke Energy
Entergy
Louisiana
Entergy
Mississippi
NYSEG
Oklahoma Gas &
Electric Company
PSO
Minnesota
Power
Penn Power
PNM
Xcel Energy
Rocky Mountain Power
Pacific Power
CHG&E
Entergy
Arkansas
NIPSCO
Ohio Edison
PPL
UGI
IC
SWEPCO
Oncor
TolEd
Evergy
Ameren Missouri
Appalachian
Power Company
Dominion Energy
Dominion Energy
AES Indiana
Kentucky
Power
LG&E and KU
AES Ohio
AEP Ohio
CenterPoint Energy
Ameren Illinois
UIUI
Black Hills Energy
Cleco
PSEG Long Island
Rhode Island Energy
PECO
Member Companies with No Service Territory
Ohio Valley Electric Corporation
Tennessee Valley Authority
(EEI Strategic Partner)
West Penn
Power
Mon Power
Liberty
Tucson Electric
Power
Duquesne Light
Company
Entergy New Orleans
Superior Water, Light, and Power
Tampa Electric
MGE
Atlantic City Electric
Delmarva Power
BGE
PEPCO
Met-Ed
National
Grid
RG&E
Portland General
Electric
Orange and Rockland
Public Service Electric and Gas Co.
Jersey Central Power & Light
ConEd
Florida Power & Light
Green Mountain Power
Unitil
Liberty
Eversource Energy
We Energies
Upper Peninsula Power Company
Xcel Energy
Upper Michigan Energy Resources
IMP
San Diego Gas
& Electric
Liberty

222025 ikeGPS Annual Report
>2,800 Municipality and Co-Operative Electric
Utility groups
Sales opportunities for IKE products
Source:
Produced by University of Wisconsin Center for Cooperatives.
Data Sources: University of Wisconsin Center for Cooperatives and UW-Extension
https://reic.uwcc.wisc.edu/electric/
Takeaways
• Market timing is everything.
• IKE is in the right place, at the right time, and with the right technology, team, and
execution capability.
• Today, IKE has a presence in approximately 6% of addressable customers but is
estimated to be only 20% penetrated. So an opportunity to:
• Develop an additional 80% revenue per annum from the existing customer footprint as ‘White Space’
via cross-sell and up-sell, plus to
• Sell to the other 94% of the market via ‘Green Field’ new logo opportunities.

232025 ikeGPS Annual Report
8 of the 10 largest Investor-Owned Utilities have
standardized on IKE
IKE Lands-then-Expands
Takeaways
• 8 of the 10 largest Investor-Owned Utilities (“IOUs”) in North America, all multi-
billion dollar businesses.
• >400 customers in North America, with 59 new logos added in FY24 or approx. 1
per week in FY24 YTD.
• >5,000 enterprise target accounts to pursue overall.
Opportunities to:
• Grow, upsell, and cross-sell IKE products into an existing customer base.
• Win new logos in the North American market.
• Expand into international markets.
Communications
Electric Utilities
Engineering & Project Management

242025 ikeGPS Annual Report
IKE solutions make fiber and 5G network
deployments faster
IKE dramatically speeds up the network
deployment process.
expected investment into fiber network
development in the U.S over the next 5+ years
$300B>
expected investment into 5G network
development in the U.S. over the next 5+ years
$50B>
additional expected investment into rural
broadband development as part of the Biden
Administration’s new Infrastructure bill
$60B>
Communications companies competing to
build networks and win underlying customers
200>
engineering service providers supporting
network development
2,000>

252025 ikeGPS Annual Report
Some of the largest U.S. Communication groups have
standardized on IKE
And a growing footprint of tier-2 fiber businesses
Takeaways
• Several of the largest comms groups in North America: AT&T ($107B), Crown
Castle ($39B), and Bell Canada ($47B).
• A growing footprint of the tier-2 fiber companies.
Opportunities to:
• Grow, upsell, and cross-sell IKE products into an existing customer base.
• Win new logos in the North American market.
• Expand into international markets over time.
Communications
Electric Utilities
Engineering & Project Management

262025 ikeGPS Annual Report
Today, IKE goes to market directly with a deepened
team of segment experts
VP of Utilities
Director, Utility
Enterprise
Director, Utility
Enterprise
Director, Utility
Enterprise
Solutions
Engineer
Systems Engineer
Systems Engineer
Production
Engineer
Solutions
Engineer
Solutions
Engineering
Manager
Inside Sales
Inside Sales
Sr. Account
Manger
SVP of Sales
Lead Generation
Sales Operation
& Marketing
Automation
Sr. Director of
Communications
Sales
Sr. Director of
Communications
Sales
Sr. GIS Manager
Sales
Operations
Coordinator
Each rep has
40-50 named
accounts
Market focus:
Utility & Major
ESP
Mostly Existing
Customer
Expansion and
Inbound leads
Market Focus:
Communications,
Small Utilities
(Coop/Muni) &
Engineering firms
Each rep has
40-50 named
accounts
Market focus:
Communications
& some ESP
Some existing
business mostly
new business
hunting

272025 ikeGPS Annual Report
A map-view of usage, and how IKE customers deploy
our software
Crown Castle in Florida
AT&T in 7 example States

282025 ikeGPS Annual Report
Multiple avenues supporting future growth potential
Revenue
“Today”
Sales Team
Expansion/New
Customers
Cross Sell & Upsell
into Existing
Customer Base
Inorganic
Growth
International
Expansion
Revenue
“Future”
Sales Team
Expansion/
New Logos
1
Cross Sell
& Upsell
2
Platform for
Inorganic Growth
3
International
Expansion
4
1
2
3
4

292025 ikeGPS Annual Report
IKE’s suite of industry-leading data acquisition
and structural analysis solutions empower
utilities, engineering firms, and communications
companies to efficiently acquire and analyze
data and get actionable insights needed to
maintain overhead grid infrastructure.
Solution Overview

302025 ikeGPS Annual Report
IKE Office Pro
IKE Office Pro
Product & Technology
With the IKE Device, a fielder can safely speed up field data collection and increase data quality.
Pole data acquired with the IKE Device is seamlessly uploaded into IKE Office Pro, which can be
accessed by all authorized partners involved in your project, allowing simultaneous collaboration
between fielding, back office, and third parties.
Through reporting, APIs, and an array of export features, IKE Office Pro supports all of your existing
applications — GIS databases, asset management & financial modeling, and distribution design &
engineering platforms to generate seamless end-to-end process automation.

312025 ikeGPS Annual Report
IKE PoleForeman
™
IKE PoleForeman
Product & Technology
IKE PoleForeman has been the industry standard for nearly two decades, delivering accurate,
reliable, and defendable pole loading analysis used by the largest electric utilities in North America.
With IKE PoleForeman you can build reliable structural models, measure span clearances, and
easily achieve NESC compliance.
Using IKE Office Pro records, you can attach the PLA drawing to its specific pole record,
maintaining a consistent digital twin of grid infrastructure.

322025 ikeGPS Annual Report
IKE Insight
IKE Insight
Product & Technology
IKE Insight is the industry ’s go-to tool for gaining actionable insights from new or existing digital
imagery or data sources. IKE Insight allows you to detect, measure, ask questions, and take action
using images and data sourced from Google Street View, drones, satellites, and other methods.

332025 ikeGPS Annual Report
IKE Analyze
IKE Analyze
Product & Technology
IKE records for Heights of Attachment (HOA), Pole Load Analysis (PLA), and Make Ready
Recommendations (MRR). IKE Analyze customers typically enjoy more than a 50% reduction in
project costs for pole audits, make-ready engineering, and permit application processes. The
business model is via transaction fees.

342025 ikeGPS Annual Report
IKE University and NESC Training
Product & Technology
IKE University has become a universal training asset for IKE Customers. Customers consume
content via video and instructor-led channels. More than 3,000 engineers across the industry
in North America have become certified IKE experts through the IKE University curriculum. The
business model is via per-course fees.
IKE provides National Electrical Safety Code (NESC) and Occupational Safety and Health
Administration (OSHA) training. Ranging from 90-minute seminars to two-day in-depth classes, IKE
can host virtual or in-person training for your organization. Having acquired Marne & Associates
Training business IKE continues to invest in educating the Utility industry’s professionals.
IKE University

352025 ikeGPS Annual Report
Leadership Team

362025 ikeGPS Annual Report
Glenn Milnes
Chief Executive Officer & Managing Director
Glenn Milnes is the CEO and managing director at ikeGPS, where he is
accountable for the company’s overall strategy, performance, and growth.
Glenn joined ikeGPS following more than a decade of leadership roles at
organizations including International Communications group, Cable & Wireless
International, London, where he oversaw a group of more than 30 fixed and
wireless businesses, and No. 8 Ventures.
Before entering the business world, Glenn played professional cricket in New
Zealand, England, and The Netherlands, representing New Zealand at various
levels. Glenn holds an MBA with Distinction from Imperial College London, a
Bachelor of Science with First-Class Honors from Oxford Brookes University
and a Bachelor of Physical Education from the University of Otago.
Malcolm Young
SVP Structural Analysis and Head of IKE PoleForeman
As VP of Structural Analysis Malcolm is responsible for the development
and delivery of IKE’s structural analysis products and for the quality control
function for IKE Analyze. Prior to joining IKE, Malcolm was founder and
president of PowerLine Technology – the developer of IKE’s PoleForeman
product – where he built the company to the position of having some of the
largest investor-owned utilities in North America as embedded customers.
Before that Malcolm held senior engineering management positions at
Alabama Power. Malcolm is a qualified structural engineer and is considered
to be one of the preeminent thought leaders in the U.S.A. market related to
power poles and a structural analysis.
Lydia Siloka
Head of People
Lydia joined IKE in the second half of 2020 to lead our people function and drive
employee engagement. Lydia joins IKE having been in People leadership positions
across a range of international and growth businesses including as Senior People
Manager at Amazon, Country People Director at Thales Digital and Security, HR
Manager, South Africa for Teleperformance, and a HR leader at Victoria University.

372025 ikeGPS Annual Report
Chris DeJohn
Senior Vice President of Sales and Business Development
Chris brings a wealth of experience in the enterprise and
telecommunications market, having participated in the emergence and
transformation of some of the largest data, cellular, and voice network
infrastructure in the world throughout his career. He has seen how
modernization and economics fundamentally changed with the application
of new technologies. With the nation’s utility industries on the verge of a
similar radical shift, Chris helps lead IKE’s application of our cutting edge
technology to guide customers in navigating this evolution.
Jareth Rossking
Head of Engineering
Jareth leads our engineering teams across the IKE Office Pro, IKE Structural
(PoleForeman), and IKE Insight solutions. He has 10+ years of experience in the
information technology industry specializing in the utility sector. Jareth started
his career as a software developer and grew into the Head of Engineering role at
AgilityCIS, where his team consisted of 75 developers working across a number
of countries and timezones.
Ani Adzhemyan
Chief Marketing Officer
As Chief Marketing Officer, Ani Adzhemyan leads IKE's Marketing,
Communications and Brand functions. Ani brings 19 years of experience in
marketing, focusing on the industrial and energy sectors. Prior to IKE, Ani
spearheaded marketing at an industrial automation startup and held a range of
marketing roles with technology leaders like IBM, GE, ABB, and Hitachi Energy.
Ani has led cross-functional global marketing teams for over seven years,
previously working as a marketing leader in various regions: North America,
Europe, the Middle East, and Africa. Ani drives a culture of innovation combined
with data-driven decision-making in marketing.

382025 ikeGPS Annual Report
Leon Toorenburg
Chief Technology Officer
Leon Toorenburg is the Chief Technology Officer at ikeGPS, where he leads
the research department to investigate how to leverage new technologies to
simplify and speed up ikeGPS customers’ workflow.
Leon is the founder of ikeGPS and has been instrumental in the development
of all ikeGPS’ products. He holds numerous U.S. and international patents on
measurement technologies. Leon holds a Bachelor of Science from Victoria
University and Bachelor of Engineering with honors from Canterbury University.
Brett Willitt
Senior Vice President Product
Brett brings an impressive track record with over 25 years in grid asset
management, earning him recognition as one of North America's foremost
experts in distribution structural analysis and asset management. Before
his tenure at IKE, he served as a Senior Director at Bentley Systems Inc.,
following its acquisition of SPIDA Software in 2021, where he was President.
Brett's extensive utility industry experience includes key roles such as
Product Engineering Manager at Osmose Utilities Services, Inc., and Joint Use
Program Manager at FirstEnergy Corp. His professional journey began as an
OSP Planning Engineer at Verizon and he holds a BS in Civil Engineering from
Clarkson University.
Brian Musfeldt
Chief Finance Officer
Brian is the CFO at ikeGPS, joining the company in June 2023. Brian brings over
25 years of experience relevant to IKE’s industry and growth trajectory. Most
recently he was CFO of Also Energy Inc. Prior to this, Brian has held CFO roles
with companies including Zayo Bandwidth Inc, MST Global Inc, and Intermap
Technologies Inc. Brian has an MBA from Colorado State University and began his
career as a Certified Public Accountant with six years at KPMG / Arthur Anderson
as an audit manager focused on the high-tech & manufacturing sectors. In his
new role, Brian will be responsible for managing the organization's financial
activities, providing strategic insights, ensuring compliance, and optimizing
resources to support the company's overall goals.

392025 ikeGPS Annual Report
Corporate Governance

402025 ikeGPS Annual Report
Mark Ratcliffe
Independent Director
Appointed as a director in 2020
Mark was the founding CEO of Chorus New Zealand
from 2007 to 2017, where he led the deployment of New
Zealand’s national fiber network. Prior to Chorus, Mark
was CIO and COO of Spark (formerly Telecom NZ). Prior
governance roles include Director of 2 Degrees from
2017 to 2020. The majority of his current portfolio is in
the Infrastructure Sector, and he is currently the Chair
of Clarus Group, Harmony Energy, WilliamsWarn LTD,
and a Director of numerous other private and public
sector boards.
Roz Buick
Independent Director
Appointed as a director in 2023
Roz brings more than 25 years’ experience from
executive leadership positions across global utility,
engineering, construction, real estate, and agriculture
markets with companies including Oracle Inc. and
Trimble Inc. Roz is an industry leader who has led
businesses through new growth strategies that are
market-differentiating and innovative, both with
product and go-to-market strategies.
Fred Lax (MSEE AND BSEE)
Independent Director
Appointed as a director in 2014
Fred Lax is an executive leader with extensive global
experience in the telecommunications industry and
related technologies. Based in California, he is a former
director of NASDAQ-listed Ikanos Communications
Inc. (acquired by Qualcomm Atheros), and former Chief
Executive Officer and President of NASDAQ-listed
Tekelec, Inc.
Glenn Milnes (MBA (Dist.), BSc (Hons), B PhD)
CEO & Managing Director
Appointed as a CE0 and Managing Director in 2013
Glenn Milnes is the CEO and Managing Director at
ikeGPS, where he is accountable for the company's
overall strategy, performance, and growth. Prior to
leading ikeGPS, Glenn previously held senior executive,
strategy and corporate development positions in
the Communications industry with Cable & Wireless
International, and No 8 Ventures.
Alex Knowles
Chair & Director
Appointed as a director in 2011 and Chair 2021
Alex has investing and operating experience with
international companies in the information technology
and transportation industries. Based in Los Angeles,
he was formerly Chief Operating Officer of the largest
international freight forwarder and small parcel
consolidator in the U.S.
Board of Directors

412025 ikeGPS Annual Report
• Constitution
• Corporate Governance Code
• Code of Ethics
• Diversity Policy
• Securities Trading Policy
• Continuous Disclosure Policy
• Nominations and Remuneration Committee Charter
• Audit and Risk Management Committee Charter
ikeGPS Group Limited (“the Group”) is a New Zealand company. Its shares are quoted on the New Zealand Stock
Exchange (NZX) and Australian Securities Exchanges (ASX). The Group became a foreign exempt listed issuer on
the ASX in September 2016.
On our website: https://ikegps.com/investors/ you will find the following corporate governance documents
referred to in this section:
Corporate governance statement
Under NZX Rule 3.7.1 and 3.8.1, NZX has a set of principles and recommendations, the NZX Corporate Governance
Code, that listed companies must report against. The overarching purpose of the NZX Code is to promote
good corporate governance. The Board considers that, as at 31 March 2025, the Company complies with the
recommendations set by the NZX Corporate Governance Code, except where it deems alternative measures are
more appropriate as disclosed.
Board composition and performance

The structure of the Group’s Board and its governance arrangements are set out in the Company ’s Constitution
and in the Board’s written Charter setting out the Board’s roles and responsibilities. The management and control
of the business of the Group are vested in the Board. The Charter sets out the matters reserved for our decision-
making, including (amongst other key matters) the establishment of the Company’s overall strategic direction
and strategic plans.
Management is responsible for implementing the strategic objectives, operating within the risk appetite the
Board has set, and for all other aspects of the day-to-day running of the Company.
The Board delegates the day-to-day leadership and management of the Company to the CEO. The delegations
are set out in the Board Charter and in a Delegated Authority framework, which also sets out authority levels for
types of commitments that the Company’s management can make.
The nominations and remuneration committee identifies and recommends to the Board individuals for
nomination as members of the Board and its Committees considering such factors as it deems appropriate,
including experience, qualifications, judgment, and the ability to work with other Directors.
Board meetings
Between 1 April 2024 and 31 March 2025, 9 Board meetings were held. All meetings were attended by all who were
Directors (or committee members) at the time of the meeting.
Board composition
The Board considers its composition in accordance with the institute of directors’ framework. The Directors
believe the respective skills and experience of individual Directors to be complementary, appropriate for the
Group, balanced, and reasonably diverse. The Group’s Directors have expertise and experience in strategy
development, executive leadership, acquisitions and divestment, technology, data, corporate responsibility,
governance, legal and regulatory matters, public policy, and finance (including the assessment of financial
controls). In accordance with the applicable listing rules, all directors are re-elected within three years or at the
third annual general meeting following their appointment.

422025 ikeGPS Annual Report
The Board has two Directors who are ordinarily resident in New Zealand, these are Mark Ratcliffe,
and Roz Buick.
Director independence
The Board Charter requires that at least two Directors be independent and sets out circumstances in
which a Director will not be regarded as independent.
The Board assesses Director independence against the criteria in the Charter. The Board consider the
following Directors to be independent at present Alex Knowles, Roz Buick, Mark Ratcliffe, and Fred Lax.
Diversity policy
The Group fosters an inclusive working environment that promotes employment equity and workforce
diversity at all levels, including within the executive team and Board. The Diversity policy is available
on the investor relations website. A gender breakdown of Directors and Officers of the Group and its
subsidiaries as at 31 March 2025 and 31 March 2024 is detailed below. For the purposes of accurate
disclosure, Glenn Milnes is shown both as a Director and an Officer.
Director training
Each Director undertakes appropriate education to remain current in how to best perform their duties
as Directors. Individual Directors maintain membership of relevant bodies such as the Institute of
Directors and receive information independently and from management in relation to specific issues
relevant to the Group, the markets in which it operates, or to NZX and ASX listed companies generally.
Board performance
On a regular basis the Board reviews how it is performing. The review process comprises a group
self-evaluation relating to Board and committee composition and performance. The Board believes
this process is effective and believes it helps to refine the Group’s strategy-setting processes, and the
information provided in Board papers. Broadly, the Board is satisfied that the Board and its committees
are operating well, and that the performance process used is both effective and suited to the company.
Remuneration
Remuneration of directors
Directors’ fees are currently set at a maximum of $550,000 for the non-executive Directors. The actual
amount of fees paid in the year to 31 March 2025 was $ 3 6 6,1 9 7.
20252024
Directors
Male55
Female 11
Officers
Male 22
Female--

432025 ikeGPS Annual Report
Directors’ fees and other remuneration and benefits (including share option expense) from the Company
recognized in profit or loss during the accounting period ended 31 March 2025 are as follows:
Each Director is separately entitled to be reimbursed for reasonable traveling, accommodation, and other
expenses incurred in performing their role as a Director any reimbursement is not reflected above.
No Director of either of the Group’s subsidiaries receives any remuneration in that capacity.
Options granted to Directors are stated below in Directors’ relevant interests.
The last increase in Directors’ fees was made with effect from September 2024.
Chief Executive Officer (CEO)
Glenn Milnes’s employment agreement for his role as CEO commenced in July 2010. His agreement
reflects appropriate standard conditions for a CEO of a listed company.
Glenn’s remuneration is a combination of fixed salary and incentive arrangements. The incentives are a
Short Term Incentive (STI) component set at up to 50% of base salary, linked to specific financial and non-
financial targets set annually by the Board, and a Long Term Incentive (LTI) component set at up to 50% of
base salary, in employee stock options.
Glenn’s base salary for the year to 31 March 2025 was US$447,782, and he received a bonus (STI) in FY2025
related to performance in FY2024 of US$96,876.
Glenn had 2,942,700 employee stock options as of 31 March 2025 of which 608,000 [with an exercise price
of $0.475] was granted on 11 July 2024.
The remaining employee stock options have vesting dates from 2020 to 2029. Vesting at each date is
dependent on him remaining an employee at the applicable vesting date.
Glenn Milnes received salary, STI, and entitlements in US$ as employee of ikeGPS Inc. The remuneration
shown above has been converted to NZ$ at the average rate for the month each transaction took place.
Glenn received no remuneration in his capacity as a Director of the Group.
*
Director
Salary & Board FeesShare Option Expense and Other Benefits
Richard Christie
(resigned May 2024)
$9,000$0
Roz Buick
$60,000$6,420
Alex Knowles
$97,200$11,232
Frederick Lax
$81,000$9,360
Mark Ratcliffe
$83,430$8,736
Glenn Milnes*
$1,039,338$186,385
To t a l$1,369,968$221,952

442025 ikeGPS Annual Report
Remuneration of employees
The Group aims to have a remuneration framework
and policies to attract and retain talented and
motivated people.
The Company wants to:
• Be recognized as a great place to work, and attract,
retain, and motivate high-performing individuals.
• Align employee incentives with the achievement of
good business performance and shareholder return.
• Recognize and reward individual success while
encouraging teamwork and a high-performance
culture.
• Be competitive in the labour market.
• Be fair, consistent, and easy to understand.
Employee remuneration principles
The Group uses market data to determine
competitive salary and total remuneration levels
for all staff. The Group makes allowance for
individual performance, scarcity of skills, internal
relativities, and specific business needs. The Group
is operating in a growth industry and has a skilled and
mobile workforce.
The Group has a bi-annual performance review
process which supports and complements the
remuneration review process.
All employees have fixed remuneration. Selected
employees have the potential to earn a Short Term
Incentive (STI) and Long Term incentive (LTI).
Ethical Behaviour
Code of conduct
The Group has a Code of Ethics, setting out the
ethical and behavioural standards expected of
Directors and staff. Directors and staff are also
expected to uphold the Group's values.
Whistleblowing
The Group Code of Ethics includes specific direction
on action to be taken by a person who suspects a
breach of the Code.
Avoiding conflicts of interest
The Board is updated at each meeting on changes
in Directors’ interests and any potential conflicts.
The register records relevant transactions and
our disclosures of interests. A current listing of
Directors’ interests is found on page 50.
Trading in securities
The Groups Directors are restricted from trading
in the Group's shares under New Zealand law and
by the Group's Security Trading Policy. This policy
applies to both Directors and employees. The policy
details “blackout periods” where trading is forbidden,
as well as a process for authorization at other
times. Our Director's current shareholdings are set
out on page 51.

452025 ikeGPS Annual Report
Committees
The Board committees review and consider in The
Board committees review and consider in detail the
policies and strategies developed by management.
They examine proposals and make recommendations
to the Board. They don’t take action or make
decisions on behalf of the Board unless specifically
mandated to do so.
During the FY25 year, the Group’s standing Board
committees were the:
• Audit, Risk Management, and Sustainability
committee
• Nominations and Remuneration committee
Audit, Risk Management, and Sustainability (ARC)
committee:
Fred Lax (chair), Mark Ratcliffe, Glenn Milnes
The committee members are independent Directors
with the exception of Glenn Milnes (executive
director). Due to the diversity of the business
operations, it is deemed appropriate that Glenn
Milnes is a member of the ARC. In accordance
with the NZX Code, the Audit & Risk Management
Committee is chaired by an Independent Director,
Fred Lax, who is not the Chair of the Board. Fred
has extensive governance experience and has
been ARC Chair with other public companies. Mark
Ratcliffe sits on the Audit and Risk Committee as the
non-executive director with the requisite finance &
accounting skills.
The committee’s Charter is set out on the investor
relations website and is reviewed and updated every
two years, or as required. The committee met four
times in the year to 31 March 2025.
Management attends meetings only at the
committee's invitation, and at least annually, the
committee meets with the external auditors with
management excluded.
Nominations and Remuneration committee:
Mark Ratcliffe (Chair), Fred Lax
The committee members are independent Directors.
The committee met on two occasions in the year to 31
March 2025. This committee has oversight of matters
of recruitment, retention, and remuneration.

462025 ikeGPS Annual Report
Other committee matters
The Board will occasionally appoint a committee of
Directors to consider or approve a specific proposal
or action if the timing of meetings or availability of
Directors means the matter cannot be considered by
the full Board. Their deliberations and decisions are
reported back to the Board not later than the next
meeting following.
Takeover protocol
The Board has decided not to establish a takeover
committee or protocols documenting the procedure
to be followed in the event it receives a takeover
offer. The Board has determined that due to
the current size and make-up of the Board, it is
sufficiently independent and can manage a takeover
process and any additional issues effectively as a
whole Board, should it arise.
Reporting and disclosure
Financial reporting
The Board is responsible for ensuring the integrity
of the Group’s reporting to shareholders, including
for financial statements that comply with generally
accepted accounting practices. The Board’s ARC
oversees the quality, reliability, and accuracy of the
financial statements and related documents (the
ARC role is described fully in its Charter). In doing so,
the committee makes inquiries of management and
external auditors (including requiring management
representations) so that the committee can be
satisfied as to the validity and accuracy of all aspects
of the Group’s financial reporting.
The CEO and CFO certify to the Board that the
integrity of the financial statements is founded on
a sound system of risk management and internal
compliance and control.
Non-financial reporting
As a Climate Reporting Entity, the Group must
assess and disclose its exposure to non-financial
risks, including economic, environmental, and social
sustainability risks. Previously, this was incorporated
into the Comprehensive and Key Risk assessments
that we refer to under risk management. These
disclosures are made as part of the Climate
Disclosure section in this annual report.
The Group is predominantly an office-based software
company with minimal impact on non-financial risks.
Disclosure to the market
The Group has a written disclosure policy – the
Continuous Disclosure Policy, found on the Company
website (investor relations). It sets out requirements
for full and timely disclosure to the market of
material issues so all stakeholders have equal access
to information. The Board reviews and approves
material announcements. The Board specifically
considers with management at each Board meeting
whether there are any issues which might require
disclosure to the market under the NZX and ASX
continuous disclosure requirements.
Information for investors
The Group’s annual meeting will be held virtually
on Tuesday, 30 September 2025 (NZT). A notice
of the meeting and proxy form will be circulated
to shareholders closer to the time. The external
auditors, Grant Thornton, will respond to any
questions submitted prior to the meeting.
Risk management
The Group has an enterprise risk management
framework in place to identify, quantify and monitor
risks. That framework categorizes the enterprise
risks and sets out specific actions to effectively
manage each risk. Management reviews the
enterprise risk register. The Group doesn’t have an
internal audit function.
Health and safety risk
The Group values our people's health, safety, and
wellness, and we believe that everyone should be
able to work in an environment where risks are
managed and controlled. Management has adopted
health, safety, and wellness measures to address and
mitigate identified risks.
The Group is a relatively low-risk office-based
business. However, we do have employees
performing training and, in some instances, fieldwork
for customers. The Board is conscious of these risks
to employees and have viewed the actions currently
in place to mitigate these. The frequency of incidents
has been very low, so the Board has not required
LTIFR reporting to date.

472025 ikeGPS Annual Report
Auditors
The Group has an external Auditor Policy that
requires the external auditor to be independent and
to be seen as independent. The Board is satisfied that
there is no relationship between the auditor and the
Group or any related person at this time that could
compromise the auditor’s independence. The Board
also obtained confirmation of independence formally
from the auditor. To ensure full and frank dialogue
amongst the ARC and the auditors, the auditor’s
senior representatives meet separately with the ARC
(without management present) at least once a year.
Non-audit work
The Audit Independence Policy sets out restrictions
on non-audit work that the auditor can perform.
Shareholder rights and relations
The Group’s financial reports and corporate
governance documentation is available on the
Group’s website https://ikegps.com/investors/.
The Group keeps shareholders informed through
periodic reporting to NZX and ASX and through
its continuous disclosure. The Group provides
briefings and presentations to media and analysts
(which are made immediately available on the
investor relations website) and communicates with
shareholders through periodic reports, annual
shareholder meetings, as well as through a range of
releases to media on matters which the company
believes will interest shareholders and members.
The Group encourages shareholders to refer to the
investor relations website and to receive annual and
half-year reports electronically. Still, hard copies
of the reports can readily be obtained from the
share registrar, MUFG Pension & Market Services.
The Group takes care to write all shareholder
communications in a clear and straightforward way
and to limit the use of jargon.

482025 ikeGPS Annual Report
Disclosures

492024 ikeGPS Annual Report
Audit fees
The amounts payable to Grant Thornton as
auditor of the Group are as set out in Note 6 to the
financial statements.
Subsidiary company directors
The following people held office as Directors of
subsidiary companies of the Group on 31 March 2025:
1. ikeGPS Inc: Glenn Milnes
2. ikeGPS Limited: Glenn Milnes
Dividends
As part of the Group's growth plans, dividends are
not currently paid, and the Board did not declare a
dividend in respect of the period ending 31 March 2025,
nor does it expect to declare any dividends during the
period ending 31 March 2026.
Share trading
The Company does not trade in its own shares, and
there is no current on-market buy-back scheme
Net tangible assets
The Net Tangible Assets per security on 31 March 2025
was -$0.09 (31 March 2024: $0.04).
NZX waivers
There were no waivers obtained or relied on during the
period to 31 March 2025.
Officers
The Group’s officers as at 31 March 2025, and their
respective roles, were as follows:
Glenn Milnes, Chief Executive Officer
Brian Musfeldt, Chief Financial Officer
Annual Meeting
The Group will hold an Annual Meeting of shareholders
on Tuesday, 30 September 2025 (NZT). A notice
of Meeting and Proxy Form will be circulated to
shareholders closer to the time.

502025 ikeGPS Annual Report
DirectorInterestDeclaration
Glenn Milnes - CEO & Managing DirectorNo conflicting interests
The Wild Group LimitedDirector
Alex Knowles - Non Executive DirectorNo conflicting interests
Alphian Investments LtdDirector
A Way To Move IncDirector
AWA Shipping / Intelligent SCM LLCBoard Member
Climate Coatings LtdDirector
Road to Success InBoard Member
Tofflemire Freight Services Director
TOFCODirector
Mark Ratcliffe - Non Executive Independent DirectorNo conflicting interests
Ratcliffe Barker Family TrustTrustee and Beneficiary
Mark Ratcliffe Consulting LtdDirector and Shareholder
Clarus GroupNon-Exec Director and Chair
ikeGPS Group LtdIndependent Non-Exec Director
Kaibosh Food Rescue Board Member and Chair
WilliamsWarn Ltd
Shareholder, Non-Exec Director
and Chair
Governing Council of Massey UniversityMember
Harmony Energy New ZealandNon-Exec Director and Chair
Fred Lax - Non Executive DirectorNo conflicting interests
Classic Car Club of AmericaPresident
Classic Car Club MuseumBoard Member and Trustee
Roz Buick- Non Executive DirectorNo conflicting interests
UtectureDirector and Shareholder
The Cawthron InstituteDirector
FrameCADExec. Director & Consultant
AoFrioNon-Executive Director
Propeller AeroDirector and Shareholder
Entries recorded in interests register
The following are particulars of entries made in the Company’s interests register pursuant to section 140 of the
Companies Act 1993 for the period 1 April 2024 to 31 March 2025 (including in respect of those Directors who are
Directors of the Company’s subsidiaries).

512025 ikeGPS Annual Report
DateDirector
Registered Holder /
Associated Entity
Class of Financial
Product
Acquired /
(Disposed of)
Consideration
$
Notes
28/03/2025
Glenn
Milnes
Glenn MilnesOrdinary shares 90,085 -
Exercise of
Unlisted Options
28/03/2025
Frederick
Lax
Frederick LaxOrdinary shares 18,288 -
Exercise of
Unlisted Options
15/08/2024
Mark
Ratcliffe
Ratcliffe Barker
Fa m i l y Tr u s t
Ordinary shares 18,391 8,736
Directors Share
Issue
15/08/2024
Alex
Knowles
Naomi Jayne Knowles
Lane
Ordinary shares 23,646 11,232
Directors Share
Issue
15/08/2024Fred LaxFrederick LaxOrdinary shares 19,705 9,360
Directors Share
Issue
15/08/2024Roz BuickRoz BuickOrdinary shares 13,136 6,240
Directors Share
Issue
Size of ShareholdingNumber of Holders% of HoldersTotal Shares Held% of Shares
1-1,000 306 17.6% 187,122 0.12%
1,001-5,000 591 34.0% 1,773,711 1.10%
5,001-10,000 277 16.0% 2,167,271 1.35%
10,001-50,000 379 21.8% 9,377,240 5.82%
50,001-100,000 73 4.2% 5,370,349 3.33%
Greater than 100,000 110 6.3% 142,192,351 88.28%
To t a l 1,7 36 100% 161,068,044 100%
Director share dealing
Spread of security holders
Security holders as at 20 June 2025.
Statement of Directors’ relevant interests
Directors (including Directors of subsidiary companies) held the following relevant interests in equity securities
of the Company as at 31 March 2025.
Quoted Shares
With Beneficial
Interest
As Trustee or
Associated Person of
Registered Holder
Total Number of
Ordinary Shares
31 March 2025
Unlisted Options to
Acquire Ordinary
Share
Alex Knowles
---250,000
Glenn Milnes
955,454120,3001,075,7542,942,700
Frederick Lax
525,9250525,925250,000
Mark Ratcliffe
-174,596174,59650,000
Roz Buick
13,136-13,1360
To t a l2,520,7 17294,8962,815,6133,492,700

522025 ikeGPS Annual Report
RankShareholderHolding% Total Shares on Issue
1Nicola Jane Wilson & David Jonathan Wilson 24,159,975 15.0%
2HSBC Custody Nominees (Australia) Limited 22,901,330 14.2%
3Forsyth Barr Custodians Limited 16,460,335 10.2%
4Naomi Jayne Knowles Lane 11,869,255 7.4%
5Accident Compensation Corporation 6,015,632 3.7%
6Citicorp Nominees Pty Limited 4,219,349 2.6%
7Custodial Services Limited 4,007,733 2.5%
8Mmc Limited 3,844,559 2.4%
9 Leveraged Equities Finance Limited 3,591,011 2.2%
10Forsyth Barr Custodians Limited 3,115,429 1.9%
11J P Morgan Nominees Australia Pty Limited 2,897,341 1.8%
12David Jonathan Wilson & Nicola Jane Wilson 2,631,578 1.6%
13New Zealand Permanent Trustees Limited 2,100,000 1.3%
14New Zealand Depository Nominee 1,781,252 1.1%
15Maarten Arnold Janssen 1,466,565 0.9%
16Naomi Jayne Knowless Lane 1,455,564 0.9%
17Forsyth Barr Custodians Limited 1,421,575 0.9%
18FNZ Custodians Limited 1,334,294 0.8%
19Lennon Holdings Limited 1,000,000 0.6%
20Hector Rex Nicholls & Kerry Leigh Prendergast 947,261 0.6%
To t a l 117,220,038 72.7 7%
NameShareholding%Nature of Relevant Interest
David Jonathan Wilson and Nicola Jane Wilson26,791,55316.63%
Registered holder and beneficial owner of
financial products
MA Financial Group14,181,3078.80%
Registered holder and beneficial owner of
financial products
T E K Tr u s t13,274,8198.24%
Registered holder and beneficial owner of
financial products
Scobie Ward12,738,6737.91%
Registered holder and beneficial owner of
financial products
Twenty largest registered shareholders
Analysis of shareholding on a disaggregated basis as at 20 June 2025.
Substantial product holders
According to notices given under the Securities Markets Act 1988 and the Financial Markets Conduct Act 2013 as
at 20 June 2025, the following were substantial product holders in respect of the 161,068,044 ordinary shares of
the Company on issue as at 20 June 2025 (being the Company’s only class of quoted voting securities):

532025 ikeGPS Annual Report
BandNumber of EmployeesBandNumber of Employees
$100,000 to $109,9993$420,000 to $429,9991
$110,000 to $119,9994$430,000 to $439,9991
$120,000 to $129,9995$440,000 to $449,9992
$130,000 to $139,9994$450,000 to $459,9991
$140,000 to $149,9997$460,000 to $469,9991
$150,000 to $159,9997$470,000 to $479,9991
$160,000 to $169,9996$480,000 to $489,9990
$170,000 to $179,9994$490,000 to $499,9991
$180,000 to $189,9991$500,000 to $509,9990
$190,000 to $199,9996$510,000 to $519,9990
$200,000 to $209,9990$520,000 to $529,9990
$210,000 to $219,9992$530,000 to $539,9990
$220,000 to $229,9992$540,000 to $549,9991
$230,000 to $239,9992$550,000 to $559,9991
$240,000 to $249,9992$560,000 to $569,9990
$250,000 to $259,9991$570,000 to $579,9990
$260,000 to $269,9992$580,000 to $589,9991
$270,000 to $279,9990$590,000 to $599,9990
$280,000 to $289,9990$600,000 to $609,9990
$290,000 to $299,9992$610,000 to $619,9990
$300,000 to $309,9992$620,000 to $629,9990
$310,000 to $319,9991$630,000 to $639,9990
$320,000 to $329,9991$640,000 to $649,9990
$330,000 to $339,9990$650,000 to $659,9990
$340,000 to $349,9991$660,000 to $669,9990
$350,000 to $ 359,9990$670,000 to $679,9990
$360,000 to $ 369,9990$680,000 to $689,9990
$370,000 to $ 379,9990$690,000 to $699,9990
$380,000 to $ 389,9990$700,000 to $709,9990
$390,000 to $ 399,9990$710000 to $7199990
$400,000 to $ 409,9990$720,000 to $729,9990
$410,000 to $ 419,9990$730,000 to $739,9990
Employee Remuneration
The following table shows the number of current or former employees (excluding employees holding office
as Directors) who received remuneration and other benefits (excluding non-cash share based payments and
payments made under an asset purchase agreement entered into as part of a business combination) in excess of
$100,000 from the subsidiary companies of the Group during the year ended 31 March 2025:

542025 ikeGPS Annual Report
The remuneration shown above has been converted to NZ$ at the average rate for the month each
transaction took place.
Donations
No member of the Group made any significant donations during the financial year. The Group undertakes
regular promotional sponsorship activity through a variety of channels.
BandNumber of EmployeesBandNumber of Employees
$740,000 to $749,9990$920,000 to $929,9990
$750,000 to $759,9990$930,000 to $939,9990
$760,000 to $769,9990$940,000 to $949,9990
$770,000 to $779,9990$950,000 to $959,9990
$780,000 to $789,9990$960,000 to $969,9990
$790,000 to $799,9990$970,000 to $979,9990
$800,000 to $809,9990$980,000 to $989,9990
$810,000 to $819,9990$990,000 to $999,9990
$820,000 to $829,9990$1,000,000 to $1,009,9990
$830,000 to $839,9990$1,010,000 to $1,019,9990
$840,000 to $849,9990$1,020,000 to $1,029,9990
$850,000 to $859,9990$1,030,000 to $1,039,9990
$860,000 to $869,9990$1,040,000 to $1,049,9990
$870,000 to $879,9991$1,050,000 to $1,059,9990
$880,000 to $889,9990$1,060,000 to $1,069,9990
$890,000 to $899,9990$1,070,000 to $1,079,9990
$900,000 to $909,9990$1,080,000 to $1,089,9990
$910,000 to $919,9990$1,090,000 to $1,099,9990
To t a l77

552025 ikeGPS Annual Report
Climate Disclosures

562025 ikeGPS Annual Report
ikeGPS New Zealand climate standards
Statement of compliance
This ESG Report should be read in conjunction with our FY25 Annual Report and provides a
view of our ESG performance and activities for the year ended 31 March 2025 (FY25).
ikeGPS Group Limited (ikeGPS) is a climate-reporting entity under the Financial Markets
Conduct Act 2013 and has complied with Aotearoa New Zealand Climate Standards. The
year ended 31 March 2025 is the second reporting period for ikeGPS under the Aotearoa New
Zealand (ANZ) Climate Standards:
• ANZ Climate Standard 1: Climate-related Disclosures (NZ CS 1).
• ANZ Climate Standard 2: Adoption of ANZ Climate Standards (NZ CS 2).
• ANZ Climate Standard 3: General Requirements for Climate-related Disclosures (NZ CS 3).
In our Climate-related Disclosures, we have elected to apply several adoption provisions to
ensure compliance with the Aotearoa New Zealand Climate Standards. These are described
below. Taking the applied adoption provisions into account, ikeGPS is compliant with the
Aotearoa New Zealand Climate Standards issued by the External Reporting Board.
• Adoption Provisions 1 and 2: Current and anticipated financial impacts. While quantitative data has
not been provided (as there are a large range of possible outcomes for physical and transitional risks
that make financial modelling complex and challenging), a qualitative description of the current and
anticipated financial impacts has been provided.
• Adoption Provision 4: Scope 3 GHG emissions. We have included reporting on the mandatory
emissions subset of Scope 3.
In accordance with the Climate Standards, we have reported on:
This report was approved by the Board on 26 June 2025 and is accurate as of that date.
The Board does not undertake any obligation to revise this report to reflect events or
circumstances after this date, other than in accordance with the continuous disclosure
requirements of the applicable listing rules.
Environmental reporting
Our ambition as a good corporate citizen is to tread lightly upon the land. As we embark upon
our environmental reporting journey, we have engaged with Green Consulting as our advisory
partners on our carbon journey.
We aim to be a good global corporate citizen who balances our environmental and financial
goals throughout our activities and our capital and operational decision making.
Metrics
and Targets
Wich enable us to
measure and manage
our climate-related
risks and opportunities
and wich provide a
basis for comparison in
future periods.
Wich enable us to
measure and manage
our climate-related
risks and opportunities
and wich provide a
basis for comparison in
future periods.
Strategy
Our climate strategy,
wich includes scenario
analysis, identification of
risks and opportunities
and their anticipated
impacts, and how we will
position ourselves for a
low-emissions future.
Risk
Management
Including our risk
identification,
assessment, monitoring
and migration processes.
Governance
Our climate gorvernance,
including Board ad
Management oversight.

572025 ikeGPS Annual Report
The intended users of this report include, but are not limited to:
• Our Leadership
• All Stakeholders
ikeGPS is a technology company providing engineering and efficiency solutions to those
involved in the above ground energy infrastructure industry. ikeGPS Group is headquartered in
New Zealand, with offices and employees across both New Zealand and the United States.
ikeGPS Group Limited is listed on the New Zealand Stock Exchange Main Board (NZX:IKE) and
Australian Securities Exchange (ASX:IKE).
ikeGPS has yet to set an internal price for carbon and does not purchase or rely on any carbon
offset programme to meet our goals.
No employee or director has specific incentives tied to carbon initiatives or reduction targets,
instead these goals are included in our wider business plan and targets.
Assurance of GHG Emissions Inventory
McHugh & Shaw Ltd has provided external assurance on reported Scope 1, Scope 2 and Scope
3 emissions for the period ending 31 March 2025. A copy of the assurance report can be found
on page 68 of the annual report.
Key personnel
Key personnel in preparing the report at IKE include the CFO, Brian Musfeldt supported by the
Finance team to lead the data collection and analysis. The report is prepared annually by the
Group Financial Controller and reviewed by the CFO and CEO.
Signatory of the final report is Mark Ratcliffe, Board representative for Sustainability.
Organisational boundary
The operational control approach was used in accounting for emissions. Given the current
structure of IKE the financial control approach would have resulted in the same boundary and
same overall result.
ikeGPS Group is headquartered in New Zealand with offices in New Zealand and the United
States. ikeGPS Group has two subsidiaries, wholly owned and controlled by ikeGPS Group.
ikeGPS Group Limited
ikeGPS Limited (NZ)
ikeGPS Inc. (USA)

582025 ikeGPS Annual Report
Base year
ikeGPS has used the financial year ending 31 March 2024 as its baseline year for assessing
appropriate metrics and targets.
ikeGPS will consider recalculating the base year if any of the following applies:
• if emissions factors changed substantially and were relevant to prior years (for example, if the
science behind a factor changed);
• acquisitions including if ikeGPS bought or sold a business; or
• any new law or regulation that comes into effect that results in ikeGPS having to measure any new
aspects of its value chain.
Governance
ikeGPS has initiated a Climate Risk Committee who will help establish how we can best impact
climate change within our Company and oversee the actions to be taken across the company
to impact climate change. This committee is comprised of cross-functional members with a
member of management as owner/facilitator/sponsor in each of our geographic locations.
The Climate Risk Committee provides periodic updates as to progress along our climate
journey to the ikeGPS Board.
Mark Ratcliffe is the Board sponsor for environmental reporting and action (on both the Audit
and Risk Committee and the Board of Directors)
Board oversight
The Board has the responsibility for overseeing strategy, which includes environmental, social
and governance (ESG) elements. It is responsible for setting and overseeing group metrics and
targets and for managing our climate-related matters.
Climate-related risks and opportunities are not presently considered on a stand-alone
basis. They sit within the broader risk management framework. The Board is responsible for
approving the risk management framework, which is used to identify, assess and manage the
Group’s risks (including climate-related risks).
The Board ensures IKE has an effective ESG Programme. As part of this, it oversees climate-
related risk management, monitors progress against climate-related targets and metrics; and
oversees compliance with climate-disclosure reporting requirements.
Risk and ESG matters (which may include climate-related risks and opportunities) are a
periodic update item, with reporting from the Climate Risk Committee. From FY25, there
will be dedicated reporting to the Board on climate-related risk, opportunities, metrics,
and targets.
The Board continually evaluates whether it has the appropriate competencies and skills to
oversee and govern the Company.
Climate-related performance metrics are not currently incorporated into remuneration
policies. However, the Nomination and Remuneration Committee sets and regularly reviews
remuneration policies and practices to ensure they are consistent with the Company ’s
strategic goals and are incorporated into short-term and long-term incentives.

592025 ikeGPS Annual Report
Management accountability
Accountability for the day-to-day management of ESG matters, ultimately sits with the CEO
and the Leadership team.
The risk management framework ensures climate-related risk and opportunity
identification, assessment and monitoring is consistent with other types of risk and
opportunity management.
In this regard, the Leadership team is informed about, makes decisions on, and monitors
climate-related risks and considers opportunities through:
• consideration of the risk management framework in strategy development, capital deployment and
funding decisions;
• regular reviews of top risks which may include climate-related risks; and
• development of controls, processes and practices to manage and monitor risks within the approved
risk appetite.
The Climate Risk Committee (CRC) further supports the day-to-day management of climate-
related risks and opportunities. It comprises executive and leadership-level sponsors with
the Chief Financial Officer (CFO) as lead sponsor. The CRC is responsible for developing and
ensuring the execution of the ESG Programme. It reports to the Board on ESG-related matters
which may include climate-related matters.
•Overall oversight of all climate-related matters:
•Considers climate-related risks and opportunities (as part of broader Risk Management Framework)
when setting strategy.
•Approves climate-related metrics and targets.
•Ensures appropiate skills and competencies at the Board level to oversee climate-related
risks and opportunities.
ikeGPS Group Board
•Overall responsibilitiy for climate strategy, risk and opportunities. Supported by the
Climate Risk Committee.
Executive Team
•Leadership and SME team responsible for development, execution/implementation, embedding and
championing the ESG programme. Report to the Board on risk and ESG-related matters periodically.
Climate Risk Committee

602025 ikeGPS Annual Report
Strategy and risk management
Scenario analysis undertaken
During the FY25 period we have reviewed our climate-related risk scenario analysis to ensure
the ikeGPS’s profile of climate-related risks and opportunities remains relevant.
ikeGPS has continued to use the climate change scenarios of the IPCC Sixth Assessment
Report as the basis of our assessment. Below is a summary of the scenarios
1
from the report.
ikeGPS has chosen the following 3 scenarios as the lenses through which to assess our risks
and opportunities. These are:
Climate-related risks & opportunities
At ikeGPS, we recognise that the global understanding of climate change and its
impacts is constantly updating and shifting as regulation, attitudes, and scientific data
continue to evolve.
Shared Socio-Economic Pathways (SSP) Scenario Summary
SSP1-1.9: The IPCC’s most optimistic scenario, this describes a world where global CO2 emissions are cut to net zero around 2050.
Societies switch to more sustainable practices, with focus shifting from economic growth to overall well-being. Investments in
education and health go up. Inequality falls. Extreme weather is more common, but the world has dodged the worst impacts of climate
change.
This first scenario is the only one that meets the Paris Agreement’s goal of keeping global warming to around 1.5 degrees Celsius above
preindustrial temperatures, with warming hitting 1.5C but then dipping back down and stabilizing around 1.4C by the end of the century.
SSP1-2.6: In the second best scenario of 2.6, global CO2 emissions are cut severely, but not as fast, reaching net-zero after 2050. It
imagines the same socioeconomic shifts towards sustainability as SSP1-1.9. But temperatures stabilize around 1.8C higher by the end of
the century.
SSP2-4.5: This is a “middle of the road” scenario. CO2 emissions hover around current levels before starting to fall mid-century, but do
not reach net-zero by 2100. Socioeconomic factors follow their historic trends, with no notable shifts. Progress toward sustainability is
slow, with development and income growing unevenly. In this scenario, temperatures rise 2.7C by the end of the century.
SSP3-7.0: On this path, emissions and temperatures rise steadily and CO2 emissions roughly double from current levels by 2100.
Countries become more competitive with one another, shifting toward national security and ensuring their own food supplies. By the end
of the century, average temperatures have risen by 3.6C.
SSP5-8.5: This is a future to avoid at all costs. Current CO2 emissions levels roughly double by 2050. The global economy grows quickly,
but this growth is fueled by exploiting fossil fuels and energy-intensive lifestyles. By 2100, the average global temperature is a scorching
4.4C higher.
SSPScenario
Estimated Average
Warming (by 2100)
ikeGPS Scenario
SSP1-1.9
Very low GHG emissions:
CO2 emissions cut to net zero around 2050
1.5 ̊COptimistic
SSP2-4.5
Intermediate GHG emissions:
CO2 emissions around current levels until 2050, then
falling but not reaching net zero by 2100
2.7 ̊CMiddle of the Road (MOR)
SSP3-7.0
High GHG emissions:
CO2 emissions double by 2100
3.6 ̊CRegional Rivalry
reuters.com/business/environment/un-climate-reports-five-futures-decoded-2021-08-09/
1

612025 ikeGPS Annual Report
Climate-related risks and opportunities are identified and addressed as part of wider
organisational risk management strategies.
Our identified climate-related risks and opportunities have been assessed based on assumed
impact regarding both timeline and severity.
Severity
In looking at the severity of impact we have looked at potential business impact in line with the
existing risk management framework.
Climate-related risk is harder to quantify since undertaking this type of analysis is challenging,
involves grappling with a high degree of uncertainty, and, in many instances, has longer time
horizons than those considered in other contexts.
This leads to a higher level of judgement in attributing potential impact to a specific risk.
Timelines
In looking at the timeline used in our assessments we have aligned the short-term to a period
that aligns with our budget cycle, the medium-term to a period that reflects our long-term
forecast, and a longer-term which aligns with the longer-term product cycle.
Risks, opportunities, and transition planning
ikeGPS recognises the impacts of climate change across the globe. While our business is
fortunate to have been minimally impacted to date, we expect this to change over time, with
the level of impact depending on the global warming trajectory. Our climate-related risks and
opportunities are detailed below.
Judgemental Impact Description
Major
The ability of ikeGPS to undertake core functions is affected.
Limiting the ability to operate and provide service to customers.
ModerateEffects are limited and the ability to mitigate is moderate to high
MinorUnlikely to be any material impact
Timelines
Short
1 Year
Medium2- 5 Ye a r s
Long6-10 Years

622025 ikeGPS Annual Report
The preparation for climate-related reporting since the FY24 base year has led to the
upskilling of team members with climate considerations becoming more considered in the
business alongside investment in external support and advice. As ikeGPS continues to develop
our transition plan we have continued to invest in products that will enable our customers
to achieve further resilience and efficiency gains which will assist them in reducing their
emissions. This investment is in line with our core strategy and value proposition.
Risks
ScenarioOptimisticMiddle of the Road (MOR)Regional RivalryStrategy to Address/Mitigate
TimelineShortMediumLongShortMediumLongShortMediumLong
TR-001 - Customer demand for sustainability
Customers begin to demand more sustainable
options and lower carbon output from their suppliers.
Impacting the business in the following ways
• Loss of Customers;
• Loss of revenue; and
• Reputational damage.
• Working with customers to monitor demand trends
and highlight preferences early.
• Product Roadmap to include sustainability targets as
a focus during the research and development phase.
• Capital is available to suppor t business changes as
required.
TR-002 - Investor demand for sustainability
Investors begin to demand that their investment
portfolios contain more sustainable options. Impacting
the business in the following ways
• Loss of Investors; and
• Increased cost/scarcity of capitale.
• Continue to drive progress along our carbon journey
• Set targets and goals, and communicate these
through our investor channels.
TR-003 - Cost increases for hosting infrastructure
As future investment is required by cloud providers
to fund greener infrastructure prices are raised to
fund this investment. Impacting the business in the
following ways:
• Reduction in margins; or
• price increases to offset potentially reducting
customer volumes.
• Ongoing monitoring of cost pressures; and
• Continual review of infrastructure for efficiency and
optimisation.
TR-004 - Price increases from transition to sustainable vendors
Regulatory change supporting decarbonisation may
require more costly sustainable options in our supply
chain, which leads to higher prices:
• Increased low-carbon content requirement
• Reduction in revenues from loss of customers due to
increased pricing margins; or
• Price increases to offset increased costs.
• Ongoing monitoring whilst continuing to evaluate
alternative low-carbon supplier options.
PR-001 - Longer term reduction in demand caused by extreme weather events
As extreme weather events begin to impact customers'
above-ground infrastructure, customers start to
transition to more expensive, below-ground options.
Impacting IKE in the following ways:
• Reduction in revenue; and
• Loss of customers.
• Work with customers to make use of our products
to harden and create more resilient above-ground
networks.
PR-002 - Supply Chain and Business Operations disrupted by adverse weather events
Extreme weather events cause disruption to both the
supply chains and business operations. Impacting IKE
in the following ways:
• Disruption to key infrastructure;
• Increased costs and lead times as suppliers build
resilience; and
• Operational disruption if access to offices and key
systems are impacted.
• Business continuity processes are implemented
and tested.
• Disaster recovery planning and processes are
implemented.
• Build in supplier diversity to provide an alternate
supply in case of disruption.
• Increased ways of working, such as remote working.
CategoryDescription
TRTransitional Risk
TOTransitional Opportunity
PRPhysical Risk
POPhysical Opportunity
ImpactDescription
Major
Moderate
Minor
Ta b l e Key

632025 ikeGPS Annual Report
Opportunities
Metrics and Targets
GHG Emissions Overview
ikeGPS’s emissions reflect that as a geographically diverse technology company serving a
diverse market (in the United States) we must undertake a significant amount of business
travel. A major part of this crucial activity is ensuring we remain connected to our customer
base. Our internal travel serves as a critical part of ensuring our team remains aligned on our
strategies with a mix of virtual and in-person sessions.
The carbon emissions have been calculated using the ISO 14064-1: 2018 framework
2
. Scope 2
calculations have used the location-based method.
GHG quantification is subject to inherent uncertainty because of incomplete scientific
knowledge used to determine emissions factors, the values needed to combine emissions of
different gases and estimation methods used to quantify activity data.
Emission Factor sources:
• Ministry for the Environment - 2024 Measuring emissions: A guide for organisations: 2024 detailed
guide. Wellington: Ministry for the Environment. MfE’s emission factors are based on the GWPs from
the IPCC’s AR5
• UK Department for Business, Energy and Industrial Strategy. 2023 and 2024. Government
greenhouse gas conversion factors for company reporting. London, United Kingdom
• U.S. Environmental Protection Agency. 2025. Emission Factors for Greenhouse Gas Inventories.
Washington, DC, USA.
• Toitū Envirocare. Wellington, New Zealand.
OpportunityTimelineStrategy to Address
TO-001 - Stakeholder engagement
As we move along our Climate journey, we engage further with stakeholders.
Providing:
• Increased brand and reputational awareness
• Increase in employee satisfaction and engagement; driving
• Increased customer engagement and satisfaction; and
• Increased revenue.
Medium
• Continual improvement in ESG reporting.
• Stakeholder engagement.
• Share our journey with employees, seeking input and engagement.
TO-002 - Product development
Providing more in-depth and new solutions to expedite above-ground grid
hardening and resiliency efforts of our customers. Providing:
• Less expensive and faster alternatives to ensure above-ground infrastructure
meets the climate change challenges; This will
• Increase in customers, customer engagement and satisfaction; and
• Increased revenue.
Medium
• Continual evaluation with customers to determine products that will improve
grid resiliency efforts.
• Product Roadmap that ensures new resiliency and hardening products to
market regularly.
PO-001 - Increase in demand to support customer investment in network resilience
As extreme weather events begin to impact customer infrastructure, support
customer network hardening and resiliency efforts. Impacting IKE in the
following ways:
• Increased demand to support network hardening/resiliency activities; and
• Increase in customers.
Long
• Work with customers to make use of our products to harden and create more
resilient above-ground networks.
ISO 14064-1:2018. Greenhouse gases – Part 1: Specification with guidance at the organization level for quantification and reporting of
greenhouse gas emissions and removals
2

642025 ikeGPS Annual Report
GHG Emissions source inclusions
GHG Emissions SourceInclusions
Scope 1 (Direct)Petrol Regular
Scope 2 (Indirect)Electricity
International Electricity
Scope 3 (Indirect)Air travel domestic (average)
Air travel long haul (econ)
Air travel long haul (econ+)
Air travel short haul (econ)
Freight air travel long haul (average)
Ta x i (r e g u l a r)
Car average (unknown fuel type)
Freight air travel domestic (average)
Freight road all trucks (average)
Gasoline
Rental car medium (petrol 1.4-2.0L)
Accommodation - New Zealand
Accommodation - United States
Working from home
Pre-calculated (tCO2-e) - Employee commuting
Electricity distributed T&D losses
Waste landfilled LFGR office waste
Internation electricty United States (WECC Rockies) T&D losses
Waste landfilled LFGR office waste
Waste landfilled no LFGR office waste

652025 ikeGPS Annual Report
GHG Emissions Source Exclusions
The following emissions have been identified and excluded from this inventory
GHG Inventory
The table below summarises the GHG data for our emissions for FY25. The FY24 carbon emissions inventory was
reported unverified and was audited to the ISO14064 standard by Toitū Envirocare after disclosure. The FY24
figures reported in this disclosure are a recalculation and differ from what was previously disclosed.
Emissions SourceCountryReason(s) for Exclusion
Refrigerants - Air ConditioningNZ & USOutside operational control
Mileage Reimbursement (kms)NZde Minimus
Ta x i (k m s)NZ de Minimus
RecyclingNZ & USde Minimus
Outsourced ServicesNZ & USde Minimus
TelecommunicationsNZ & USLevel of Influence
Materials (Products Used - i.e. Office products)NZ & USde Minimus (bulk of emissions already captured as waste)
Customer use of products soldUSde Minimus
Public Transport usage for business travelNZ & USde Minimus
Stationary Combustion (Natural Gas)NZ & USNot Applicable for IKE
Stationary Combustion (Diesel)NZ & USNot Applicable for IKE
Stationary Combustion (LPG)NZ & USNot Applicable for IKE
Biofuel and BiomassNZ & USNot Applicable for IKE
WastewaterNZ & USNot Applicable for IKE
AgricultureNZ & USNot Applicable for IKE
Purchased SteamNZ & USNot Applicable for IKE
Emissions from InvestmentsNZ & USNot Applicable for IKE
ScopeFY24FY25
Scope 1: Direct Emissions and Removals 0.09 0.76
Scope 2: Indirect Emissions from imported energy 7 7.0 3 70.93
Scope 3:115.32140.92
Business Travel 100.70 127.30
Upstream transportation and distribution 0.12 1.00
Fuel and energy related activities 3.19 2.94
Waste generated in operations 10.59 4.56
Employee commuting 0.72 5.12
Total Emissons 192.44 212.61
Emissions Intensity (tCO2e/$M) 9.12 8.45

662025 ikeGPS Annual Report

Performance against target
Initially, IKE has chosen to focus on an intensity reduction target as a ratio of tCO2e per $m of
total income. This choice was based on being a company in a growth phase. We aim to become
more efficient as we grow and move further along our carbon journey. We have an intensity
target of 5-10% reduction. This target has not been validated by an external party.
IKE has chosen not to rely on carbon offset in meeting our targets and has not factored any
offsets into our target.
Based on the performance in FY25, ikeGPS is on track to meet its FY26 reduction target. Long-
term targets have not yet been set and are currently being developed.

672025 ikeGPS Annual Report
Data collection methodology and uncertainties
We aim to collate relevant information from the most credible and complete sources of
data to accurately calculate our carbon footprint. As such, the below data quality hierarchy
(highlighted below) was observed in order of descending preference when selecting data
for collation.
As we continue our climate reporting journey, we are committed to improving our processes
over time. ikeGPS is on a journey of understanding our impact on the environment and how we
can better support our customers to understand their impact on the environment. Our GHG
inventory records are stored in secured environments electronically.

The following table describes the methodology used to calculate each emission source and a
description of associated uncertainties.
Direct measurement &
reporting by independent
third parties.
01
Direct measurement &
internal reporting.
02
Calculated estimates
based upon independent
methodologies.
03
GHG Emissions SourceInclusionsData collection & quantification*
Scope 1
Direct Emissions
Direct Office WasteOffice waste to landfill includes production-related waste. Estimates were made on kilograms. In New
Zealand based on estimates from the waste disposal company, and in the US based on a proportioned
amount based on floorspace in the building.
Scope 2
Indirect Emissions
Purchased EnergyReporting of monthly electricity billing for New Zealand office. Estimates were made for the US offices
since electricity usage is included in the rental payment. Based on confirmation and information on
office space and total electricity usage obtained from the property managers in the US office, the
estimated energy usage was computed.
Scope 3
Indirect Emissions
Business TravelReporting of Business travel comes from business travel reimbursement and travel management
agency billings, which includes flight itinerary and hire car usage. The distance is computed based on
the itineraries available, which is converted to equivalent emissions. Taxi and Uber expenditure comes
from finance reports and expense claim data.
Where information regarding travel activity was insufficient and uncertain, assumptions were used to
estimate travel activity using spend and cross-referenced data.
Scope 3
Indirect Emissions
FreightReporting of Freight comes from the supplier invoicing, which includes volume or weight and mode of
transport. This was then translated into emissions. If there was insufficient data available, volume/
weight was estimated based on similar cost values with the data available, and the type of freight
defaulted to air freight.
Scope 3
Indirect Emissions
Employee CommuteOffice Survey data was used to determine the number of full-time equivalent (FTE) in each location,
as well as the approximate distance they commute to and from the office. A survey was conducted to
ascertain the typical commuting patterns of staff numbers at the offices. This data was then grouped
and averaged for the calculation. It was also assumed that all staff would drive to work in a petrol car.
For Work-from-Home emissions, it was assumed that the default rate was used.
The emissions factor used for this is MFE’s private car 2000-3000cc default petrol GHG emissions
factor for staff commuting and working from home of staff is based on the following sources:
• NZ office: NZ emissions factors are from the 2023 Emission Factors Workbook published by MFE
(updated 07 Aug 2023).
• USA office: emissions factors used are from the Remote Worker Emissions Methodology White
paper published by Anthesis in 
February 2021.
Employee WFH

PO Box 31-095, Ilam, Christchurch, 8444, New Zealand. Ph 021 453 752
info@mchugh-shaw.co.nz • www.mchugh-shaw.co.nz
INDEPENDENT ASSURANCE REPORT ON IKEGPS GROUP LIMITED’S GREENHOUSE
GAS (GHG) DISCLOSURES
TO THE DIRECTORS OF IKEGPS GROUP LIMITED
Our Assurance Conclusion
Reasonable Assurance Conclusion
In our opinion, the gross GHG emissions, additional required disclosures of gross GHG emissions, and gross
GHG emissions methods, assumptions and estimation uncertainty, within the scope of our reasonable
assurance engagement (as outlined below) included in the climate statements for the year ended 31 March
2025, are fairly presented and prepared, in all material respects, in accordance with Aotearoa New Zealand
Climate Standards (NZ CSs) issued by the External Reporting Board (XRB), as explained on page 56 of the
climate statements.
Limited Assurance Conclusion
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the gross GHG emissions, additional required disclosures of gross GHG
emissions, and gross GHG emissions methods, assumptions and estimation uncertainty, within the scope of
our limited assurance engagement (as outlined below) included in the climate statements for the year ended
31 March 2025, are not fairly presented and not prepared, in all material respects, in accordance with
Aotearoa New Zealand Climate Standards (NZ CSs) issued by the External Reporting Board (XRB), as explained
on page 56 of the climate statements.
Scope of the Assurance Engagement
We have undertaken a reasonable assurance verification engagement over the following GHG disclosures
within the climate statements for the year ended 31 March 2025:
• GHG Emissions Scope 1, 0.76 tCO
2
e, on page 65.
• GHG Emissions Scope 2, 70.93 tCO
2
e, on page 65.
We have undertaken a limited assurance verification engagement over the GHG disclosures within the climate
statements for the year ended 31 March 2025:
• GHG Emissions Scope 3, 140.92 tCO
2
e, on page 65.
It is important to note that the level of assurance obtained in a limited assurance engagement is considerably
lower than that involved in reasonable assurance engagement. Although we considered the effectiveness of
management’s internal controls when determining the nature and extent of our procedures, our assurance
engagement was not designed to provide assurance on internal controls for emission sources subject to
limited assurance.
Our assurance is limited to policies, and procedures in place as of 26 June 2025 ahead of the publication of
the ikeGPS Group Limited’s climate statements for FY 2025. Our assurance was limited to the GHG statement
contained within pages 63-67 of the annual report and did not include the statutory financial statement. Our
assurance engagement does not extend to any other information included, or referred to, in the climate

Independent Assurance Report NZ SAE 1 | Page 2
statement. We have not performed any procedures with respect to the excluded information and, therefore,
no conclusion is expressed on it.
Key Matters to the GHG Assurance Engagement
In this section we present those matters that, in our professional judgement, were most significant in
undertaking the assurance engagement over GHG disclosures. These matters were addressed in the context
of our assurance engagement, and in forming our conclusion. There are no Key Matters to be reported in
addition to the Emphasis of Matter and Other Matter outlined below.
Emphasis of Matter
• We draw attention to the air travel emissions reported on page 65 of the annual report, in particular,
the emission factor selection for air travel emissions for ikeGPS Incorporated. The emission factors
assigned by the measurement software are sourced from the United Kingdom government as there
are no United States specific published factors. While this is deemed appropriate it should be noted
that if New Zealand emission factors were selected this would have a material impact on the total
emissions reported for Scope 3.
• We draw attention to the FY 2024 emissions reported on page 65 of the annual report as they have
been recalculated and the updated emissions are reported in the current climate statement.
• We draw attention to the emission factors references listed on page 63 of the disclosure. Both the
New Zealand and United Kingdom released updated emission factors for 2025 after the reporting
period. The updated factors have not been used in the calculations.
• Our assurance conclusion is not modified in response to each matter stated above.
Other Matter
• The previous reporting year was not subject to assurance.
Comparative Information
The comparative GHG disclosures that is GHG disclosures for the period ended 31 March 2024 have not been
subject to assurance. As such, these disclosures are not covered by our assurance conclusion. However, the
emission totals were subsequently audited by Toitū Envirocare (ISO 14064-3:2019) following the FY 2024
disclosure and the FY 2025 climate statement includes the FY 2024 recalculated figures.
Materiality
Based on our professional judgement, determined quantitative materiality for the GHG disclosures at 1% for
individual emission sources, and not totalling more than 5%. Qualitative materiality has been determined with
due consideration to relevance to users of the climate statement, as well as the potential impact of omission,
misstatement, or obscurement of any information.
Competence and Experience of the Engagement Team
Our work was carried out by an independent and multi-disciplinary team including sustainability assurance
and environmental practitioners. The assurance lead retains overall responsibility for the assurance conclusion
provided.
ikeGPS Group Limited’s Responsibilities for the GHG Disclosures
ikeGPS Group Limited is responsible for the preparation and fair presentation of the GHG disclosures in
accordance with the Aotearoa New Zealand Climate Standards (NZ CSs). This responsibility includes designing,
implementing and maintaining a data management system relevant to the preparation and fair presentation
of GHG disclosures that is free from material misstatement.

Independent Assurance Report NZ SAE 1 | Page 3
Inherent Uncertainty in Preparing GHG Disclosures
As discussed on page 63 of the climate statements the GHG quantification is subject to inherent uncertainty
because of incomplete scientific knowledge used to determine emissions factors and the values needed to
combine emissions of different gases.
Our Responsibilities
Our responsibility is to express an opinion on the GHG disclosures based on our verification. We are
responsible for planning and performing the verification to obtain assurance that the onsite GHG disclosures
are free from material misstatement.
As we are engaged to form an independent conclusion on the GHG disclosures prepared by management, we
are not permitted to be involved in the preparation of the GHG information as doing so may compromise our
independence.
Other Relationships
Other than in our capacity as assurance practitioners, and the provision of the assurance for this engagement,
we have no relationship with, or interests, in ikeGPS Group Limited.
Independence and Quality Management Standards Applied
This assurance engagement was undertaken in accordance with NZ SAE 1 Assurance Engagements over
Greenhouse Gas Emissions Disclosures issued by the External Reporting Board (XRB). NZ SAE 1 is founded on
the fundamental principles of independence, integrity, objectivity, professional competence and due care,
confidentiality, and professional behaviour.
Professional and ethical standards are held in high regard and our quality management system aligns with the
standards ISO 9001:2015 and ISO 14065:2020 and we comply with the Carbon and Energy Professionals New
Zealand Code of Ethics and Code of Professional Conduct.
Summary of Work Performed
Our verification strategy used a combined data and controls testing approach. Evidence-gathering procedures
included but were not limited to:
• Enquiries of management to obtain an understanding of the overall governance and internal control
environment, risk management processes and procedures relevant to GHG information;
• Evidence to support the reporting boundaries, organisational and legal structure reported;
• Recalculation of the GHG emissions;
• Analytical review and trend analysis of the GHG information;
• Evaluation of relationships among GHG and non-GHG data;
• Interview of personnel involved in data collection;
• Review of emissions factors used within the calculations for source appropriateness;
• Review of uncertainty and data quality;
• Review of the assumptions, estimations and quantification methodologies; and
• Seeking written representation from governance on key assertions.
Reasonable and Limited Assurance Conclusion
Our reasonable and limited assurance verification engagement was performed in accordance with NZ SAE 1,
and ISO 14064-3: 2019 – Specification with guidance for the verification and validation of greenhouse gas
statements, issued by the International Organization for Standardization (ISO). This requires that we comply
with ethical requirements (as outlined above), and plan and perform the verification to obtain reasonable

Independent Assurance Report NZ SAE 1 | Page 4
assurance (Scope 1 & 2) and limited assurance (Scope 3) that the GHG disclosures are free from material
misstatement.

Reasonable Assurance Procedures Limited Assurance Procedures
• Sample testing, tracing and retracing of data trails
back to primary data including vehicle fuel and
electricity records.
• Site visits to inspect the completeness of the inventory
including interview of site personnel to confirm
operational behaviour, any standard operating
procedures and sample of site-based records.
• Limited sample testing, tracing and retracing of data
trails back to primary data including air travel, rental
cars, accommodation, waste to landfill, taxis, working
from home, employee commuting, personal vehicle
use, paper consumption, and freight records; and
• Electricity transmission and distribution losses (TDL)
calculations.


The data examined during the verification were historical in nature. We believe that the evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.





Jeska McHugh, Assurance Lead
CEP NZ Certified Carbon Auditor (#CCA1005)
McHugh & Shaw Limited
May Stewart, Independent Reviewer
May Stewart Consulting
On behalf of McHugh & Shaw Limited
Christchurch, New Zealand
26 June 2025
Christchurch, New Zealand
26 June 2025











This report including the opinion expressed herein, is issued to the Directors of ikeGPS Group Limited in accordance with the terms
of our agreement for the purpose of disclosing GHG emissions. We consent to the release of this report by you to interested parties,
but we disclaim any assumption of responsibility for any reliance on this report by any other party than for which it was prepared.

ikeGPS Group Limited
Year End // 31 March 2025
Consolidated
Financial
Statements

Contents



Independent auditor’s report 1
Consolidated statement of profit or loss and other comprehensive income 5
Consolidated statement of changes in equity 6
Consolidated statement of financial position 7
Consolidated statement of cash flows 8
Notes to the consolidated financial statements 9 - 38

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one another’s acts or omissions. In the New Zealand context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton New Zealand Limited and its New
Zealand related entities.






Independent auditor’s report
To the shareholders of ikeGPS Group Limited

Report on the audit of the consolidated financial statements


Opinion
We have audited the consolidated financial statements of ikeGPS Group Limited (the “Company”), including
its subsidiaries (the “Group”) on pages 5 to 38 which comprise the consolidated statement of financial position
as at 31 March 2025, and the consolidated statement of profit or loss and other comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the year then
ended, and notes to the consolidated financial statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Group as at 31 March 2025 and of its consolidated financial
performance and cash flows for the year then ended in accordance with New Zealand Equivalents to
International Financial Reporting Standards (NZ IFRS) issued by the New Zealand Accounting Standards
Board and International Financial Reporting Standards (“IFRS”).

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ))
issued by the New Zealand Auditing and Assurance Standards Board. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial
Statements section of our report. We are independent of the Group in accordance with Professional and
Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards
Board and the International Ethics Standards Board for Accountants’ International Code of Ethics for
Professional Accountants (including International Independence Standards) (IESBA Code), and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Other than in our capacity as auditor we have no relationship with, or interests in, the Group.

Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the consolidated financial statements of the current period. These matters were addressed in the context of
our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.

Why the matter is significant How our audit addressed the key audit matter
Capitalisation of development costs
The Group is a Software as a Service (“SaaS”) provider
which incurs significant expenditure in developing and
maintaining its software assets.
NZ IAS 38 Intangible Assets outlines the criteria for
capitalisation of costs associated with developing the
software including whether the software will generate future
economic benefits.
As disclosed in Note 12, capitalised software costs are
recognised at cost and subsequently amortised over their
estimated useful lives. Costs that do not meet the criteria
for capitalisation are expensed to profit or loss as incurred.
The calculation and capitalisation of costs involve significant
judgment, particularly in estimating the time staff spent on
development, attributing costs to that time and assessing
the future economic recovery of the associated asset.
The complexity and subjectivity involved in these estimates
create a risk that development costs may not be
appropriately capitalised or amortised, which could impact
the valuation of non-current assets and the accuracy of the
consolidated financial statements.
Refer to Note 12 in the consolidated financial statements for
disclosures on the capitalised development costs.
The procedures we performed to evaluate the capitalisation
of development costs, amongst others, included the
following:
• obtained an understanding of the controls and
processes implemented by management to ensure that
capitalisation assessments are appropriate and that
costs are accurately determined;
• obtained from management their capitalisation analysis
for asset additions during the period, including the basis
of cost determination and the classification of assets;
• selected samples of development costs recognised
within work-in-progress (WIP) additions during the year
and assessed whether these costs were directly
attributable to development activities. This included
review of supporting documentation such as JIRA epics
and stories, salary allocations, consultant invoices, and
internal project tracking, including monthly approvals
from project engineers as evidenced through meeting
minutes;
• for sampled projects that were transferred from WIP to
capitalised development assets during the year,
evaluated whether the capitalisation criteria under NZ
IAS 38 – Intangible Assets had been appropriately met,
including whether the project was available for use; and
• reviewed the disclosures in the consolidated financial
statements for completeness and appropriateness.

Impairment assessment and the carrying value of
assets.
As disclosed in Note 3, Material accounting policies, the
Group has undertaken an assessment of the carrying value
of its assets including intangible assets on an annual basis
in accordance with NZ IAS 36 Impairment of Assets.
Cash generating units (CGUs) that are yet to be profit
generating may indicate there is an impairment. In addition,
certain CGU’s hold intangible assets in development that
are not yet ready for use and goodwill. Accordingly, these
assets are required to be tested for impairment annually.
Impairment assessments are a key audit matter due to the
materiality of the assets, the risk of impairment, and the
significant level of judgement applied in estimating future
cash flows and other key assumptions in determining the
recoverable amount of a CGU.
To determine whether the carrying value of assets including
intangibles is reasonable, management performed an
impairment assessment on a value-in-use (VIU) basis.
Management determined there were four CGUs:
The procedures we performed to evaluate the impairment
assessment, amongst others, included the following:
• performed procedures to evaluate and challenge the
Group’s determination of cash-generating units (CGUs).
This included reviewing internal management reporting
to assess the level at which the Group monitors
performance, comparing CGUs to our knowledge of the
Group’s operations and reporting systems, and
reconciling assets allocated to CGUs to accounting
records;
• obtained management’s impairment assessments and
tested the completeness and mathematical accuracy of
the value-in-use calculations;
• considered and challenged key assumptions, including
cash flow projections, annual forecasted revenue growth
rate, discount rates, and terminal growth rates, and used
our internal valuation experts to assess the valuation
methodology’s compliance with NZ IAS 36. This
included evaluating the appropriateness of pre-tax
discount rates and terminal growth rates by
benchmarking against external data and industry-
specific rates;

Why the matter is significant How our audit addressed the key audit matter
• Ike core platform, intangible assets, property, plant
and equipment, capital work-in-progress, leased
assets and working capital (CGU1).
• Spike: development assets and working capital
(CGU2).
• Ike Structural: intangible assets, capital work in
progress and working capital (CGU3); and
• Ike Insight: intangible assets, and capital work in
progress (CGU4).
Impairment tests prepared by management were based on
discounted cashflow models using the Board approved
budget for the year ending 31 March 2026 and combined
with forecasted cash flows for subsequent years. The Board
approved budgets have been adjusted to meet the
requirements of NZ IAS 36 Impairment of Assets.
The key assumptions in assessing CGU carrying value,
were as follows:
• Cash flow projections;
• Average forecast annual revenue growth rates;
• The terminal value growth rate; and
• The pre-tax discount rate.
Refer to Notes 3 and 12 in the consolidated financial
statements for disclosures on the key assumptions and
impairment assessments of the carrying value of assets.
• compared the forecasted cash flows used for the year
ending 31 March 2026 to the Board-approved business
plan and assessed the basis for cash flow forecasts
beyond this period, including management’s justification
for long-term growth assumptions;
• evaluated the historical accuracy of management’s
forecasting by comparing previous period budgets to
actual outcomes to assess the reliability of future
projections;
• assessed the sensitivity analysis prepared by
management, including the impact of changes in key
assumptions such as discount rates, growth rates, and
forecasted cash flows, and evaluated whether the
related disclosures highlight estimation uncertainty and
potential impairment risk appropriately;
• considered whether any internal or external indicators of
impairment (e.g., changes in market conditions,
technology, regulation, or performance) existed and
whether these were factored into the impairment
assessment;
• reviewed the disclosures in the consolidated financial
statements to assess whether they were complete,
accurate, and compliant with the requirements of NZ
IAS 36, particularly in areas involving significant
estimation and judgement.



Information Other than the Consolidated Financial Statements and Auditor’s Report thereon
The Directors are responsible for the other information. The other information comprises the information
included in the Annual Report but does not include the consolidated financial statements and our auditor’s
report thereon. The Annual Report is expected to be made available to us after the date of this auditor’s
report.
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the consolidated financial statements, or our knowledge obtained in
the audit or otherwise appears to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are required
to communicate the matter to those charged with governance.

Directors’ responsibilities for the consolidated financial statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS issued by the New Zealand Accounting
Standards Board and IFRS, and for such internal control as the Directors determine is necessary to enable
the preparation of consolidated financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the directors either intend to liquidate
the Group or to cease operations, or have no realistic alternative but to do so.


Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit
conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located on the
External Reporting Board’s website at: https://www.xrb.govt.nz/standards/assurance-standards/auditors-
responsibilities/audit-report-1


Restriction on use of our report
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so
that we might state to the Company’s shareholders, as a body those matters which we are required to state to
them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company and the Company’s shareholders, as a body, for
our audit work, for this report or for the opinion we have formed.

Grant Thornton New Zealand Audit Limited



B R Smith
Partner
Wellington
29 May 2025

The accompanying notes form part of, and should be read in conjunction with, these financial statements.
5
Consolidated statement of profit or loss and other
comprehensive income



Note20252024
NZ$'000NZ$'000
Operating revenue525,155 21,104
Cost of revenue(7,746) (8,424)
Gross profit17,409 12,680
Other income5265 427
Foreign exchange gains195 326
Movement of fair value assets and liabilities5(17) 23
Total other income, gains, and losses443 776
Support costs(1,655) (1,344)
Sales and marketing expenses(9,549) (10,201)
Research and engineering expenses(11,445) (10,287)
Corporate costs(7,268) (6,868)
Impairment of Intangibles12(4,353) -
Expenses6(34,270) (28,700)
Operating loss(16,418) (15,244)
Net finance income/(expense)79 199
Net loss before income tax(16,339) (15,045)
Income tax (expense)/credit71 -
Loss attributable to owners of ikeGPS Group Limited(16,338) (15,045)
Other comprehensive loss
Exchange differences on translation of foreign operations2 351
Comprehensive loss(16,336) (14,694)
Basic and diluted loss per share 19 $ (0.10) $ (0.09)
Year ended 31 March
Group

The accompanying notes form part of, and should be read in conjunction with, these financial statements.
6
Consolidated statement of changes in equity



Share capital
Accumulated
losses
Share-based
payment
reserve
Foreign
currency
translation
reserveTotal
NZ$'000NZ$'000NZ$'000NZ$'000NZ$'000
Balance at 1 April 2023105,118 (75,492) 3,699 610 33,935
Net loss for the year after tax- (15,045) - - (15,045)
Currency translation differences- - - 351 351
Total comprehensive loss for the year- (15,045) - 351 (14,694)
Transactions with owners:
Recognition of vesting of share-based options- - 790 - 790
Issue of shares from exercise of share options57 - (57) - -
Share-based options forfeited during the year230 (288) - (58)
Equity movements arising from business
combinations
201 - (243) - (42)
Issue of share capital from share based
payment
166 - - - 166
Total transactions with owners424 230 202 - 856
Balance at 31 March 2024105,542 (90,307) 3,901 961 20,097
Share capital
Accumulated
losses
Share-based
payment
reserve
Foreign
currency
translation
reserve

Total
NZ$'000NZ$'000NZ$'000NZ$'000NZ$'000
Balance at 1 April 2024 105,542 (90,307) 3,901 961 20,097
Net loss for the year after tax- (16,338) - - (16,338)
Currency translation differences- - - 2 2
Total comprehensive loss for the year- (16,338) - 2 (16,336)
Transactions with owners:
Recognition of vesting of share-based options- - 812 - 812
Issue of shares from exercise of share options370 - (343) - 27
Share-based options forfeited during the year- 296 (299) - (3)
Equity movements arising from business
combinations
112 - (112) - -
Issue of share capital from share based
payment
173 - - - 173
Total transactions with owners655 296 58 - 1,009
Balance at 31 March 2025106,197 (106,349) 3,959 963 4,770

The accompanying notes form part of, and should be read in conjunction with, these financial statements.
7
Consolidated
statement of financial position


Director Date: 28 May 2025 Director Date: 28 May 2025
NZ (New Zealand Time) NZ (New Zealand Time)
Note20252024
ASSETSNZ$'000NZ$'000
Current assets
Cash and cash equivalents810,282 10,242
Trade and other receivables96,077 5,114
Prepayments540 782
Contract costs51,347 696
Financial instruments- 10
Inventory101,428 1,865
Total current assets19,674 18,709
Non-current assets
Property, plant, and equipment112,148 2,857
Intangible assets126,336 13,085
Lease assets13913 1,245
Inventory10181 205
Total non-current assets9,578 17,392
Total assets29,252 36,101
LIABILITIES
Current liabilities
Trade and other payables14991 1,226
Employee entitlements2,209 1,664
Financial instruments3 -
Current Tax Liability7- -
Provision24285 272
Other liabilities15- 279
Lease liabilities13408 324
Deferred revenue57,614 7,403
Total current liabilities11,510 11,168
Non-current liabilities
Lease liabilities13615 1,009
Deferred revenue512,357 3,827
Total non-current liabilities12,972 4,836
Total liabilities24,482 16,004
Total net assets4,770 20,097
EQUITY
Share capital18106,197 105,542
Share-based payment reserve213,959 3,901
Accumulated losses(106,349) (90,307)
Foreign currency translation reserve963 961
Total equity4,770 20,097
As at 31 March
Group

The accompanying notes form part of, and should be read in conjunction with, these financial statements.
8
Consolidated
statement of cash
flows

Note20252024
NZ$'000NZ$'000
Cash flows from operating activities
Cash receipts from customers 32,386 26,901
Cash paid to suppliers and employees (31,503) (31,433)
Payment of low value and short term leases 13(18) (71)
Tax refund received 263 97
Interest paid - -
Net cash used in operating activities 81,128 (4,506)
Cash flows from investing activities
Purchases of property, plant, and equipment (818) (1,655)
Additions to intangible assets (423) (2,173)
Settlement/(purchase) of financial instruments - 207
Interest received 180 304
Net cash used in investing activities (1,061) (3,317)
Cash flows from financing activities
Payment of principal portion of lease liabilities 13(427) (343)
Proceeds from issuance of shares 26 -
Net cash (used in)/from financing activities (401) (343)
Net (reduction)/increase in cash and cash equivalents (334) (8,166)
Cash and cash equivalents at 1 April 10,242 18,048
Effect of exchange rate fluctuations on cash held 374 360
Cash and cash equivalents 10,282 10,242
Year ended 31 March
Group

Notes to the consolidated financial statements for the
year ended 31 March 2025


9
1. Reporting Entity
ikeGPS Group Limited is a limited liability company domiciled and incorporated in New Zealand, registered under
the Companies Act 1993 and listed on the New Zealand Stock Exchange (‘NZX’) and Australian Securities Exchange
(‘ASX’). It is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013. The consolidated
financial statements for the year ended 31 March 2025 comprise ikeGPS Group Limited and its subsidiaries
(together referred to as the ‘Group’), which comprises of ikeGPS Limited (‘ikeGPS Ltd’) and ikeGPS Incorporated
(‘ikeGPS Inc’).
The principal activity of the Group is that of design, sale, and delivery of a solution for the collection, analysis, and
management of distribution assets for electric utilities and communications companies.
The consolidated financial statements were authorised for issue by the Directors on 28 May 2025.
2. Basis of preparation
The consolidated financial statements for the year ended 31 March 2025 have been prepared in accordance with
the requirements of the Companies Act 1993 and Financial Reporting Act 2013.
The consolidated financial statements of the Group have been prepared in accordance with New Zealand Generally
Accepted Accounting Practice (‘NZ GAAP’). The Group is a for-profit entity for the purposes of complying with NZ
GAAP. The consolidated financial statements comply with New Zealand equivalents to International Financial
Reporting Standards (‘NZ IFRS’), other New Zealand accounting standards and authoritative notices that are
applicable to entities that apply NZ IFRS. The consolidated financial statements comply with International Financial
Reporting Standards (‘IFRS’).
The consolidated financial statements have been prepared on the historical cost basis, except for certain financial
assets and liabilities that have been measured in accordance with the specific relevant accounting policy.
All amounts are shown exclusive of Goods and Services Tax (‘GST’) and other indirect taxes, except for trade
receivables and trade payables that are stated inclusive of GST and Sales Taxes.
Basis of consolidation
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an
entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and can
affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which
control is transferred to the Group. They are deconsolidated from the date that control ceases.
New and amended standard and interpretations
There are no new standards or interpretations material to the Group to be applied during the year. The Group does
not anticipate adopting any standards prior to their effective date. NZ IFRS 18 has been issued but is not yet
effective, this standard sets out requirements for the presentation and disclosure of information in financial
statements. IKE is still assessing the impact of this standard.

Notes to the consolidated financial statements for the
year ended 31 March 2025


10
3. Material accounting policies
Material accounting policies, accounting estimates, and judgments that summarise the measurement basis used
and are relevant to the understanding of the financial statements are provided throughout the accompanying notes.
The material judgments and estimates used in preparation of the consolidated financial statements are outlined
below.
Going concern
The considered view of the Board Directors is that the going concern assumption is valid. This view has been
reached after making due enquiry and having regard to the circumstances that the Directors consider will occur and
those that are reasonably likely to affect the Group during the period of one year from the date these consolidated
financial statements are approved.
The Group recorded a net loss of NZ$16.3M for the year ended 31 March 2025 (2024: NZ$15.0M) and is expected
to make further losses in the following financial year.
Notwithstanding the above, the Group has prepared cash flow forecasts and sensitivity analyses that indicate cash-
on-hand of $10.2M as at 31 March 2025, combined with forecasted cash flows, will enable the Group to fully meet
its obligations as they fall due, and continue operating as a going concern for at least twelve months from the date
of authorising these consolidated financial statements.
Impairment
The carrying amounts of the Group’s assets at 31 March 2025 were reviewed to determine whether there is any
indication of impairment and if so tested or tested regardless in the case of indefinite life intangible assets
(including intangibles not yet available for use). The Directors identified the following cash generating units (CGUs):
 CGU1 – IKE Core platform: intangible assets, property plant and equipment, capital work in progress,
lease assets and working capital.
 CGU2 – Spike: intangible assets and working capital.
 CGU3 – IKE Structural: intangible assets, capital work in progress and working capital.
 CGU4 – IKE Insight: intangible assets and capital work in progress.
The Directors concluded the overall operating losses associated with CGU1 are an indicator of impairment,
requiring an estimate of the CGU1 recoverable amount.

CGU1 was determined to have a carrying value of $12.2M. Future cash flows are forecasted based on a five-year
business model for CGU1, which included a conservative average revenue growth rate of 21% and operating
expenses reflecting the FY26 business plan.

The Group remains optimistic that the infrastructure market will continue to grow due to the significant multiyear
investment programmes IKE’s customers have in place. A pre-tax discount rate of 19.9% was used to establish the
recoverable amount on a value in use basis. To determine terminal value, the Group applied a 2% growth rate.

Sensitivity analysis was performed on key assumptions for CGU1. An impairment would need to be recognised if
the average growth rate was 37% lower than forecasted.

Notes to the consolidated financial statements for the
year ended 31 March 2025


11
3. Material accounting policies (continued)
An indicator of impairment also existed in CGU2 due to the negative operating cashflows of the CGU during the
year. However, CGU2 was determined to have a carrying value of $0.2M as in the prior year the Directors impaired
the remaining intangible asset balance to zero. This leaves the remaining carrying value of the CGU as stock on
hand which is expected to be fully realised over the coming years. This stock has been assessed to ensure the
correct value and treatment under NZ IAS 2.
CGU3 was tested for impairment as the carrying value includes an intangible asset for the IKE PoleForeman
product which was released to market in FY24. CGU3 was determined to have a carrying value of $2.2M. A pre-tax
discount rate of 19.9% was used to establish the recoverable amount on a value in use basis. To determine terminal
value, the Group applied a 2% growth rate.
The Directors have determined that no impairment is required as CGU3’s carrying value does not exceed its value in
use.
Additionally, an indicator of impairment also existed in CGU4 due to the lower-than-expected revenue, requiring an
estimate of the CGU4 recoverable amount.
CGU4 was determined to have a carrying value of $3.1M including goodwill (following the impairment of intangible
assets that were determined to be obsolete). CGU4 is an early-stage business segment and technology asset.
Future cash flows are forecasted based on a five-year business model for CGU4, with the year two revenue
forecasted to be $1.0m with an average revenue growth rate of 123% in years three to five and operating expenses
reflecting the FY26 business plan. A pre-tax discount rate of 33.7% was used to establish the recoverable amount
on a value in use basis. In determining the terminal value, the Group applied a 2% growth rate.
The Directors believe that given the large desire for automation in the industry and use of artificial intelligence to
complete pole analysis the CGU could outperform these estimates. During the prior year the first of several
customer projects was successfully delivered.
CGU4 continues to be focused in working towards delivering several products that in the coming year will be
released to market as a value driven add-ons to existing subscription products.
However, given the prior year lower than expected revenue the Directors have taken a prudent approach to
forecasting future revenues.
Based on this approach, the Directors have determined that no impairment of CGU4’s intangible assets of is
required as the carrying amount does not exceed the value in use calculation.
The forecasted financial information for all CGUs is based on both historical experience and future expectations of
operating performance and requires judgements to be made as to revenue growth, operating cost projections, and
the market environment. It is sensitive to changes in each of the assumptions outlined above and actual results
may be substantially different.
Foreign currencies
Items included in the consolidated financial statements of each of the Group’s subsidiaries are measured using the
currency of the primary economic environment that the entity operates ("the functional currency").

Notes to the consolidated financial statements for the
year ended 31 March 2025


12
3. Material accounting policies (continued)
The functional currency of ikeGPS Ltd is New Zealand dollars. The functional currency of ikeGPS Inc is United States
dollars. These consolidated financial statements are presented in New Zealand dollars, which is the Group's
presentational currency.
The financial performance and position of ikeGPS Inc are translated into the presentation currency as follows:
+ assets and liabilities are translated at the closing rate at reporting date;
+ income and expenses are translated at average exchange rates (unless this average is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case
income and expenses are translated at the dates of the transactions);
+ all resulting exchange differences are recognised in other comprehensive income;
Foreign currency transactions and balances
Foreign currency transactions are initially translated to functional currencies at the exchange rate prevailing at the
transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and from
the revaluation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in profit or loss.
Foreign currency translation reserve
Exchange differences arising on translation of the foreign controlled entity are recognised in other comprehensive
income as described in the foreign currency translation accounting policy and accumulated in a separate reserve
within equity. If the net investment is to be disposed of, the cumulative amount would be reclassified to the
consolidated statement of profit or loss.
4. Operating segments
The CEO is assessed to be the Chief Operating Decision Maker (CODM) who regularly reviews financial information
by product and gross margin. Reporting of overheads and the financial position is not undertaken at a level lower
than the Group as a whole. Geographically, revenue is substantially generated in the United States of America.
The Group derives its revenue from:
Platform Transactions:
+ IKE Analyze revenue by providing an end-to-end technical solution for customers; IKE captures and
analyses pole loading and make-ready engineering assessments, or customers capture pole data and
transact on the platform,

Notes to the consolidated financial statements for the
year ended 31 March 2025


13
4. Operating segments (continued)
+ transactional revenue by analysing pole data through an artificial intelligence and machine learning
platform.
Platform Subscriptions:
+ the IKE Platform solution where customers use the functionality of IKE Office and if applicable the IKE
Device,
+ pole loading software licences and ongoing subscriptions for maintenance and support.
Hardware and other services:
+ IKE Device and Spike device sales, and related accessories,
+ Other services including training and deployment.
The segment information provided to the CEO and Board of Directors for the year ended 31 March 2025 was as
follows:




Group Group
20252024
Platform Transactions
NZ$'000 NZ$'000
IKE Analyze revenue7,573 7,325
IKE Insight revenue9 16
Cost of sales(5,130) (5,589)
Gross profit2,452 1,752
Platform Subscriptions
Platform as a service revenue3,886 3,776
Pole loading software licenses and subscription revenue4,572 1,736
Subscription revenue5,921 5,200
Cost of sales(1,584) (1,494)
Gross profit12,795 9,218
Hardware and other services
Hardware and accessories revenue2,103 2,247
Other service revenue1,091 804
Cost of sales(1,032) (1,341)
Gross profit2,162 1,710
Total Operating Revenue
25,155 21,104
Total Cost of Sales
(7,746) (8,424)
Total Gross profit17,409 12,680
Sales & marketing costs(9,549) (10,201)
Other corporate income and expenses(19,846) (17,524)
Impairment of Intangibles(4,353) -
Net loss before tax
(16,339) (15,045)

Notes to the consolidated financial statements for the
year ended 31 March 2025


14
5. Revenue
The Group derives its revenue from the sale of products and related services, subscription revenue, software
licenses, providing access to hardware and the software platform, and technical pole data analysis. Revenue is
recognised when performance obligations have been satisfied, which is when control of the good or service
associated with the performance obligation has been transferred to the customer.
Revenue is recognised using a five-step model to account for revenue arising from contracts with customers. Under
NZ IFRS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be
entitled in exchange for transferring goods or services to a customer.
The standard requires entities to exercise judgement, taking into consideration all the relevant facts and
circumstances when applying each step of the model to contracts with their customers. The five-step model for
recognising revenue from contracts with customers requires consideration of the following steps:
+ Identifying the contract
+ Identifying the individual performance obligations within the contract
+ Determining the transaction price
+ Allocating the transaction price to distinct performance obligations
+ Recognising revenue
The table below provides the key judgements made on the application of NZ IFRS 15 across each revenue type with
standardised terms and conditions. The Group has applied a practical expedient permitted by the standard;
therefore, no significant financing component exists on deferred revenue.
Revenue
Type
Description Key Judgements Outcome Timing of revenue
recognition
IKE device
solution
This is marketed to the utility
and communications market as
an all-in-one streamlined
solution from data capture on
the IKE device, preconfigured
with the IKE Field Android
mobile application, through to
measurement and analysis on
IKE Office - a cloud-based
software platform.
Management has determined the
individual performance obligations
of the contract. The total
contractual price is allocated to
each performance obligation using
the stand-alone selling price.
Management has determined that
the IKE Device and subscription to
IKE Office are distinct
performance obligations of the
IKE Solution. IKE has used the
stand-alone selling price to
allocate the contractual price.
Point in time
The IKE device is
recognised at the point in
time when the device is
sent to the customer.
Over time
IKE Office is recognised
over the term of the
subscription contract.
Subscription Customers are required to
renew software subscriptions to
allow continued access to the
IKE Office online cloud
functionality and the ability to
customise and add new forms
onto the IKE device.
Determining when the
performance obligation is fulfilled.
Customers use IKE Office to store
and analyse data, customise, and
add new forms. Along with
integration capability these
performance obligations can be
described as ‘stand ready’
services which can be recognised
over time.
Over time
Subscription software
recognised over time.
Services Service revenue is made up of
training, deployment, and
device repair revenue.
Determining when the
performance obligation is
delivered.
Revenue is recognised when the
service is performed for the
customer. For example, when the
training is performed.
Point in time
Service revenue is
recognised when the
service is delivered.

Notes to the consolidated financial statements for the
year ended 31 March 2025


15
Revenue
Type
Description Key Judgements Outcome
Timing of revenue
recognition
IKE Platform
subscription
revenue
Customers subscribe to the
Platform to access both an IKE
device and the functionality of
IKE Office. This subscription
enables customers to go out in
the field and collect data via our
online platform, where IKE or
the customer can then perform
analysis.
The subscription is in two parts; 1.
The lease of the IKE device under
NZ IFRS 16, 2. The subscription to
IKE Office. This requires
management to allocate the
contract price to each
performance obligation and
determine when each
performance obligation is fulfilled.
Management has determined the
contract price allocated to the
lease and subscription portion of
the platform subscription is on
the same basis as the IKE
solution discussed above.
The performance obligations for
the subscription portion of the IKE
Platform are consistent with the
above subscription treatment.
Point in time
The lease of the IKE device
is recognised at a point in
time in accordance with NZ
IFRS 16.
Over time
IKE Office is recognised
over the term of the
contract.
IKE Analyze Providing either an end-to-end
technical solution for
customers; IKE captures and
analyses pole loading and
make-ready engineering
assessments, or customers
capture pole data and transact
on our platform.
Determining when each
performance obligation is fulfilled.

Either the customer uploads or
analyses the data in IKE Office, or
IKE performs the analysis and
completes requested reports per
the scoping document. Once the
activity is complete the Group will
recognise the revenue.
Point in time
Each transaction
(completed record) is
recognised when the
performance obligation has
been completed.

IKE
PoleForeman
subscription
revenue
Customers subscribe to access
the functionality of IKE
PoleForeman. This subscription
enables customers to utilize the
platform to complete their pole
loading analysis, build structural
models, and achieve NESC
compliance
Determining when the
performance obligation is fulfilled.
The performance obligations for
the subscription are consistent
with the above subscription
treatment.
Over time
IKE Poleforeman is
recognised over the term of
the contract.
IKE
Structural
pole loading
software
license
IKE sells a license of its pole
loading software to customers.
Management has determined the
individual performance obligations
of the contract. The total
contractual price is allocated to
each performance obligation using
the stand-alone selling price.
Management has determined that
the perpetual license and first
year of maintenance and support
are separate performance
obligations. IKE has used the
stand-alone selling price to
allocate the contractual price.
Point in time
The software license is
recognised at the point in
time when it is transferred.
Over time
The subscription is
recognised over the first
year.
IKE
Structural
pole loading
maintenance
and support
subscription
Ongoing software support,
maintenance, and software
updates through an annual
subscription.
Determining when each
performance obligation is fulfilled.
Customers use the maintenance
and support to have the latest
pole loading software and
calculations available. These
performance obligations occur at
any time during the subscription
period.
Over time
Pole loading software
maintenance and support
subscriptions are
recognised over time.
IKE Insight
revenue
IKE Insight revenue is derived
from our IKE Insight artificial
intelligence and machine
learning platform processing
pole data and delivering an
agreed output to the customer.
Determining when each
performance obligation is fulfilled.
Once customer data is collected it
is uploaded onto the IKE Insight
platform where analysis is
completed based on the
statement of work agreed.
The business is required to
perform certain analysis as per
the scoping document for each
customer. Once the activity is
complete, the Group will
recognise the revenue.
Point in time
Each transaction
(completed record) is
recognised when the
performance obligation has
been completed.

Spike device ikeGPS sells Spike devices
through direct orders and online
software.
No major judgement required. N/A
Point in time
Recognised when the device
is received by the customer.

Notes to the consolidated financial statements for the
year ended 31 March 2025


16
5. Revenue (continued)
Consideration received prior to the service being provided is recognised as deferred revenue (and commission paid
prior to the related contract performance is similarly deferred) on the consolidated statement of financial position.
Other operating revenue includes consulting, device repairs, and training revenue. Revenue is recognised when the
services are performed.

In the current year, cash was received as government grants under New Zealand Trade and Enterprise International
Growth Fund, and the research and development tax credit incentive scheme, relating to FY24 research and
development costs.
In the current year, no customer contributed over 10% of revenue (2024: nil).

Revenue
20252024
NZ$'000NZ$'000
Sale of products (Point in time)2,103 2,246
Platform-as-a-Service (Over time and Point in time)3,886 3,776
IKE Analyze (Point in time)7,573 7,325
IKE Insight (Point in time)9 16
IKE Subscription (Over time)5,921 5,200
IKE PoleForeman Subscriptions (Over time)4,089 333
IKE Structural licences (Over time and Point in time)483 1,404
Services (Point in time)1,091 804
Total operating revenue25,155 21,104
Government grants265 426
Other income- 1
Total other income265 427
Fair value movement on other liabilities- -
Fair value movement on financial instruments(17) 23
Total movement of fair value assets and liabilities(17) 23
Reconciliation of deferred revenue balances
20252024
NZ$'000NZ$'000
Opening deferred revenue balance11,230 4,911
Subscription revenue recognised(5,401) (2,734)
Platform-as-a-Service recognised(434) (1,557)
IKE Structural maintenance and support(1,913) (537)
Unsatisfied performance obligations for the current year16,489 11,147
Closing deferred revenue balance19,971 11,230
Current Deferred Revenue7,614 7,403
Non-Current Deferred Revenue12,357 3,827
Total Deferred Revenue19,971 11,230

Notes to the consolidated financial statements for the
year ended 31 March 2025


17
6. Expenses
Operating expenses consist of operating, sales, marketing, engineering, research, and corporate costs.


1. Total depreciation for the year is $1,928k (2024: $1,872k), comprised of depreciation on fixed assets of
$1,582k (2024: $1,550k) as per note 11 and depreciation on leased assets of $346k (2024: $322k) as per
note 13. Engineering and research expenses included all the $3,124k of amortisation (2024: $2,558k) and
$35k of depreciation on fixed assets (2024: $54k). Corporate costs included all the $346k of depreciation
on leased assets under NZ IFRS 16 (2024: $322k). The balance of depreciation totalling to $1,547k (2024:
$1,332k) is included in cost of sales.
2. Relates to employee benefit expense, external contractors and consultants’ expenses that are directly
attributable to the development of intangible assets and have been capitalised.
3. Relates to short-term and low-value leases and common area maintenance costs.
4. Selling and marketing expenses included promotional activities, travel, commissions, and other direct
marketing costs.
5. Impairment charge relating to obsolete intangible assets (for more detail see note 12).
6. Other operating expenses include corporate advisory, travel, engineering, facilities, and IT costs.
Employee benefits
Liabilities for wages, salaries, and short-term incentives (both settled and accrued), including non-monetary benefits
that are expected to be settled wholly within 12 months after the end of the period in which the employees render
the related service, are recognised in respect of employees’ services up to reporting date. They are measured at the
20252024
NZ$'000NZ$'000
Audit of consolidated financial statements252 211
Total fees paid to auditor252 211
Amortisation of development asset123,124 2,558
Depreciation548 540
Total amortisation and depreciation
1.
3,672 3,098
Employee benefit expense16,852 17,219
Share-based payment1,015 860
External contractors and consultants1,642 1,924
Employee benefit expense capitalised
2.
(443) (1,940)
Operating lease expenses
3.
264 226
Direct selling and marketing
4.
2,830 3,580
Sales tax expense/(expense reversal)24 (8) 41
Impairment of intangible asset due to obsolescence
5.
4,353 -
Credit loss provision movement and write-off expense155 506
Other operating expenses
6.
3,686 2,975
Total operating expenses34,270 28,700

Notes to the consolidated financial statements for the
year ended 31 March 2025


18
6. Expenses (continued)
amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit
obligations in the consolidated statement of financial position.
For defined contribution plans, the group pays contributions to publicly or privately administered pension insurance
plans on a mandatory, contractual, or voluntary basis. The Group has no further payment obligations once the
contributions have been paid. The contributions are recognised as an employee benefit expense when they are due.
Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future
payments is available.
Share-based payment
The Group operates an employee option scheme (equity-settled) under which employees receive the option to
acquire shares at a predetermined exercise price. The options are measured at fair value at grant date using the
Black Scholes model, with the fair value recognised as an employee benefit expense in the consolidated statement
of profit or loss with a corresponding increase in equity. The total expense is recognised over the vesting period,
being the period over which all the specified vesting conditions are to be satisfied. At the end of each period, the
Group revises its estimate of the number of options that are expected to vest based on the service conditions. It
recognises the impact of the revision to original estimates, if any, in the profit and loss with a corresponding change
to the share-based compensation reserve in equity.
In addition, the Group provides share-based payments to employees related to business combinations. The
employees are required to satisfy service conditions, and an expense is recognised over the service period. The
rewards are considered equity-settled and recognised as an employee benefit expense and an increase to either
share capital or the share-based compensation reserve.
Finance income and expenses
Interest income is recognised as it accrues, using the effective interest method. Finance expenses comprise interest
expense on lease liabilities, recognised using the effective interest method.
7. Current and deferred tax
The current income tax charge is calculated based on the tax laws enacted, or substantively enacted, at the reporting
date in the countries where the Group operates and generates taxable income. Management periodically evaluates
positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities
and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax
rates and laws that have been enacted, or substantively enacted, by the reporting date and are expected to apply
when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income
tax assets are recognised only to the extent that it is probable that future taxable profit will be available against
which the temporary differences can be utilised.

Notes to the consolidated financial statements for the
year ended 31 March 2025


19
7. Current and deferred tax (continued)
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in
other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive
income or directly in equity, respectively.
Prima facie income tax expense on pre-tax accounting loss from operations reconciles to the income tax expense
in the consolidated financial statements as follows:

Deferred tax assets on deductible temporary differences have been recognised to the extent taxable temporary
differences exist in the same tax jurisdiction. No deferred tax asset is recognised in excess of the available taxable
temporary differences, due to the uncertainty of when the unused tax losses can be utilised.
Unrecognised deferred tax assets related to deductible temporary differences total $4,720,617 (2024: 4,776,347).
ikeGPS Group Limited has unrecognised tax losses of $13,787,444 (2024: $16,290,471) available for use against
future taxable profits, subject to the New Zealand Tax Legislation requirements being met. ikeGPS Inc has
unrecognised tax losses of $53,460,201 (2024: $51,180,652), of which $7,917,482 is available indefinitely for use
against future taxable profits and $45,542,719 available to be carried forward up to 20 years from the date the tax
loss was created.

20252024
NZ$'000NZ$'000
Net loss before income tax(16,339) (15,045)
Prima facie income tax credit at 28%(4,575) (4,213)
Effect of different foreign income tax rates336 634
Non-deductible expenses 1,388 2,160
Deferred tax on temporary differences1,538 478
Unrecorded tax losses1,312 941
Income tax expense(1) -
20252024
NZ$'000NZ$'000
Deferred tax opening balance- -
Temporary differences
Employee entitlements and provisions61 54
Deferred research and development- 191
Leases7 (3)
Accruals- -
Property, plant, and equipment(336) 368
Intangible assets(269) (728)
Other156 117
Tax losses381 1
Deferred tax closing balance- -

Notes to the consolidated financial statements for the
year ended 31 March 2025


20
8. Cash and cash equivalents
Cash and cash equivalents comprise cash balances.

An overdraft facility of NZ$250,000 is in place with the BNZ, which has security interest over all property of ikeGPS
Limited. On the BNZ facility, there is an outstanding guarantee to another party of $75,000.
Reconciliation of operating cash flows:


20252024
NZ$'000NZ$'000
Cash at bank10,282 10,242
Total10,282 10,242
20252024
NZ$'000NZ$'000
Loss for the year(16,338) (15,045)
Less Investment interest received(180) (304)
Add non-cash items included in net loss
Depreciation 1,928 1,872
Amortisation of intangible assets3,124 2,558
Impairment of Intangible Assets (including Goodwill)4,353 -
Raw materials and finished goods write-off363 171
Trade receivables write-off122 490
Tax expense- -
Share-based payment expense943 860
Write-off of obsolete materials and assets36 166
Movement of fair value assets and liabilities17 (23)
Interest on leases102 105
Foreign exchange losses on translation movement(161) (300)
10,827 5,899
Add/(less) movement in working capital items
(Increase) in trade and other receivables(763) (199)
(Increase)/decrease in inventories110 482
(Increase)/decrease in prepayments261 137
(Increase)/decrease in contract costs(595) (383)
Increase/(decrease) in trade and other payables(296) (1,113)
(Decrease)/increase in provision14 25
(Decrease)/Increase in other liabilities(281) (273)
Increase/(Decrease) in deferred income7,915 5,984
Increase/(Decrease) in employee entitlements454 284
6,819 4,944
Net cash used in operating activities1,128 (4,506)

Notes to the consolidated financial statements for the
year ended 31 March 2025


21
9. Trade and other receivables
Trade and other receivables arise when the Group provides cash, goods, and services directly to a debtor with no
intention of selling the receivable. They are included in current assets, except for those with maturities greater than
12 months after reporting date that are classified as non-current assets.
The Group assesses impairment on a forward-looking basis, the expected credit loss associated with its financial
assets is carried at amortised cost. The Group will assess if there has been a significant increase in credit risk by
assessing market conditions, forward looking estimates, and previous financial history of counterparts.
The Group applies the simplified approach permitted by NZ IFRS 9 for trade receivables, which requires expected
lifetime losses to be recognised from initial recognition of the receivables.
The expected credit losses on these financial assets are assessed using a provision matrix, adjusted for factors that
are specific to the receivables including customers’ historical credit loss experience, individual customer
characteristics, customer market segment, and the economic environment.
The Group writes off a financial asset when there is information indicating default or delinquency in payments, the
probability that they will enter bankruptcy, liquidation or other financial reorganisation, and there is no real prospect
of recovery.

10. Inventory
Inventory is measured at the lower of cost and net realisable value. The cost of inventory is based on a weighted
average cost, and includes expenditure incurred in acquiring the inventory and bringing it to its existing location and
condition. Cost comprises direct materials, direct labour, and production overhead. Net realisable value is the
estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated
costs necessary to make the sale. Inventory is treated as non-current if it is not expected to be sold within twelve
months of reporting date.


20252024
NZ$'000NZ$'000
Trade receivables6,359 5,319
Impairment provision(748) (593)
GST receivable93 137
Other receivables373 251
Total trade and other receivables6,077 5,114
20252024
NZ$'000NZ$'000
Finished goods536 485
Components1,073 1,585
Total inventory1,609 2,070
Current1,428 1,865
Non-current181 205

Notes to the consolidated financial statements for the
year ended 31 March 2025


22
10. Inventory (Continued)
During the year, IKE materials have been written down by $31,268 (2024: $6,774) and Spike finished goods by Nil
(2024: $9,364).
11. Property, plant, and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset. Depreciation is calculated on
a straight-line basis over the estimated useful lives of the assets, as follows:
Office furniture and equipment 20% - 33%
Plant and equipment 20% - 50%
IKE rental devices 30%
Leasehold improvement Over the period of the lease
Depreciation methods, useful lives, and residual values are reviewed and adjusted, if appropriate, at each reporting
date. Gain and losses on disposals are determined by comparing proceeds with the carrying amount and are
included in the consolidated statement of profit or loss.













Plant and
equipment
IKE rental
devices
Office
furniture and
equipment
Leasehold
ImprovementsTotal
NZ$'000NZ$'000NZ$'000NZ$'000NZ$'000
Cost
Balance at 1 April 20231,362 3,760 1,344 - 6,466
Additions- 1,388 171 126 1,685
Disposals- (342) (277) - (619)
Exchange differences- 165 57 - 222
Balance at 31 March 20241,362 4,971 1,295 126 7,754
Balance at 1 April 20241,362 4,971 1,295 126 7,754
Additions- 732 117 - 849
Disposals- (179) - - (179)
Exchange differences- 231 60 - 291
Balance at 31 March 20251,362 5,755 1,472 126 8,715

Notes to the consolidated financial statements for the
year ended 31 March 2025


23
11. Property, plant, and equipment (Continued)


12. Intangible assets
During the period ended 31 March 2025, the Group undertook a review of its intangible assets, including capitalized
software, intellectual property, customer lists and goodwill. As a result of this review, the Group determined that
certain intangible assets, primarily including acquired and internally developed AI-related software, were obsolete
due to rapid technological changes and advancements made by the Company’s internal development teams. As
such they no longer provided future economic benefit to the Company.
Based on this analysis, an impairment charge of $4.4M was recognized in the statement of comprehensive income.
This charge is non-cash in nature and has no impact on the Group’s operations or liquidity positions.
Capitalised development costs
The Group capitalises employee and consultants’ costs directly related to development of an intangible asset. The
carrying values of capitalised development costs are annually evaluated for indicators of impairment. Management
has reviewed the expected remaining useful life of these assets and concluded that they are appropriately amortised
over periods of 4 to 10 years.
Development costs that are directly attributable to the design and testing of identifiable and unique software
controlled by the Group are recognised as intangible assets when the following criteria are met:
+ it is technically feasible to complete the software product so that it will be available for use,
+ management intends to complete the software product and use or sell it,
Plant and
equipment
IKE rental
devices
Office
furniture and
equipment
Leasehold
ImprovementsTotal
NZ$'000NZ$'000NZ$'000NZ$'000NZ$'000
Depreciation
Balance at 1 April 20231,260 1,510 898 - 3,668
Depreciation for the year30 1,261 273 14 1,578
Disposals- (190) (265) - (455)
Exchange differences- 66 40 - 106
Balance at 31 March 20241,290 2,647 946 14 4,897
Balance at 1 April 20241,290 2,647 946 14 4,897
Depreciation for the year31 1,363 230 18 1,642
Disposals- (141) - - (141)
Exchange differences- 123 46 - 169
Balance at 31 March 20251,321 3,992 1,222 32 6,567
Carrying amounts
At 31 March 202472 2,324 349 112 2,857
At 31 March 202541 1,763 250 94 2,148

Notes to the consolidated financial statements for the
year ended 31 March 2025


24
12. Intangible assets (continued)
a. there is an ability to use or sell the software product,
b. it can be demonstrated how the software product will generate probable future economic benefits,
c. adequate technical, financial, and other resources to complete the development and to use or sell the
software product are available, and
d. the expenditure attributable to the software product during its development can be reliably measured.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred.
Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
All research costs are recognised as an expense when they are incurred.
Other intangible assets
Separately purchased intangible assets (i.e. software) were recognised at cost, plus any initial directly attributable
costs. They are subsequently measured at cost less accumulated amortisation and impairment. Purchased
software has a useful life ranging from 4 to 10 years.
Software, customer contracts, relationships, trademarks, and training material acquired through business
combinations were initially recognised at fair value. They are subsequently measured at initial recognition value less
accumulated amortisation and impairment and have a useful life ranging from 2 to 10 years.
During the review of the purchased intangibles in CGU4 it was determined that the potential for obsolescence
required further investigation. Following this investigation, it was determined that the purchased intangibles had
become outdated due to rapid advancements made by the Company’s internal development teams, and these
should be impaired. Please note that this does not impact the remaining internally developed assets.
Goodwill
Goodwill is carried at cost less accumulated impairment losses and is annually tested for impairment, or more
frequently if events or changes in circumstances indicate that it might be impaired.
Goodwill is allocated to CGU4 for the purpose of impairment testing (see note 3 Impairment), as this CGU is expected
to benefit from the business combination in which the goodwill arose.
Impairment of non-financial assets
Intangible assets under development are not subject to amortisation and are annually tested for impairment within
CGU1, CGU3 and CGU4, or more frequently if events or changes in circumstances indicate that they might be
impaired. The carrying amount of the Group’s other non- financial assets are reviewed at each reporting date to
determine whether there is any indication of impairment or objective evidence of impairment. If any such indication
exists, the assets recoverable amount is estimated.
Recoverable amount is the higher of fair value less cost of disposal and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments for the time value of money and the risks specific to the asset for which estimates of future

Notes to the consolidated financial statements for the
year ended 31 March 2025


25
12. Intangible assets (continued)
cash flows have not been adjusted. If the recoverable amount of an asset or CGU is estimated to be less than the
carrying amount, the carrying amount is reduced to its recoverable amount.
An impairment loss is recognised in profit or loss immediately. Where an impairment loss subsequently reverses,
the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but only to
the extent that the increased carrying amount does not exceed the carrying amount that would have been
determined had no impairment loss been recognised in prior years. A reversal of an impairment loss is recognised
in the consolidated statement of profit or loss immediately.

Notes to the consolidated financial statements for the
year ended 31 March 2025


26
12. Intangible assets (continued)


Work in
Customer
contracts,
relationships, Training
 assets Progress Patents Goodwill trademarks materialsTotal
 NZ$'000 NZ$'000 NZ$'000 NZ$'000NZ$'000 NZ$'000 NZ$'000
Cost    
Balance at 1 April 202321,064 2,935 174 3,689 746 210 28,818
Additions- 2,273 - - 266 - 2,539
Transfers2,806 (2,806) - - - - -
Expensed/Disposals(5) (329) - - - - (334)
Exchange differences612 (10) - 151 35 9 797
Balance at 31 March 202424,477 2,063 174 3,840 1,047 219 31,820
     
Balance at 1 April 202424,477 2,063 174 3,840 1,047 219 31,820
Additions- 710 - - - - 710
Transfers1,824 (1,824) - - - - -
Expensed/Disposals- (276) - - - - (276)
Impairment(6,781) - - - (479) (7,260)
Exchange differences547 43 - 178 49 10 827
Balance at 31 March 202520,067 716 174 4,018 617 229 25,821
   
Amortisation and impairment losses
Balance at 1 April 202312,123 - 174 2,969 373 75 15,714
Amortisation for the year2,342 - - - 178 71 2,591
Impairment- - - - - - -
Disposals- - - - - - -
Exchange differences272 - - 130 26 2 430
Balance at 31 March 202414,737 - 174 3,099 577 148 18,735
     
Balance at 1 April 202414,737 - 174 3,099 577 148 18,735
Amortisation for the year2,936 - - - 184 75 3,195
Impairment(2,689) - - - (218) - (2,907)
Disposals- - - - - - -
Exchange differences285 - - 144 27 6 462
Balance at 31 March 202515,269 - 174 3,243 570 229 19,485
   
Carrying amounts    
At 31 March 20249,740 2,063 - 741 470 71 13,085
At 31 March 20254,798 716 - 775 47 - 6,336
 Development

Notes to the consolidated financial statements for the
year ended 31 March 2025
27
13. Leases
Lease assets are contracts that convey the right to use office space in both Colorado and Wellington. They were
initially recognised at the present value of the lease payments unpaid at inception. Subsequently, they are recorded
at cost less accumulated depreciation and impairment, adjusted for remeasurement of the lease liability to reflect
modifications.
The corresponding lease liability to the lessor is included on the consolidated statement of financial position as a
lease liability. Lease payments are apportioned between finance charges and a reduction in the lease liability. The
finance charges and depreciation of the lease asset are charged to the consolidated statement of profit or loss.
Lease liabilities are measured at the present value of the remaining lease payments. The Group’s ‘incremental
borrowing rate’ used in the discounting for the Colorado lease liability was 7.75% and the Wellington Lease was 9%.
The leases run for a period ranging from 3 to 5 years with an option to renew. The renewal period for the Wellington
lease was taken into account, as management is reasonably certain that this will be renewed. The Colorado lease
renewal was not taken into account.
The Group applied the exemption for low-value assets on the lease of the photocopier and the exemption for short-
term leases on the office space rented in Alabama. Therefore, the lease payments were recognised as an expense
on a straight-line basis over the lease term.
Lease liabilties
20252024
NZ$'000NZ$'000
Balance at 1 April1,333 14
Additions during the year- 1,520
Payments made(437) (293)
Interest charges103 106
Derecognition of lease liability- (14)
Exchange differences24 -
Balance at 31 March 1,023 1,333
The maturity of the lease liabilities is as follows:20252024
NZ$'000NZ$'000
Less than one year408 324
Greater than one year615 1,009
Lease liabilities recognised as at 31 March 1,023 1,333
Lease assets
20252024
NZ$'000NZ$'000
Balance at 1 April1,245 12
Additions during the year- 1,560
Depreciation charges(346) (314)
Derecognition of lease assets- (13)
Exchange differences14 -
Balance at 31 March 913 1,245

Notes to the consolidated financial statements for the
year ended 31 March 2025


28
13. Leases (continued)
The following leases are exempt from the application of NZ IFRS 16 and have been recognised as an expense in the
consolidated statement of profit and loss:

14. Trade and other payables
Trade and other payables are obligations to pay for goods and services that have been acquired in the ordinary
course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one
year or less. Otherwise, they are presented as non-current liabilities. They are initially recognised at their fair value
and subsequently measured at amortised cost using the effective interest method.

15. Other liabilities
Other liabilities are obligations from prior year business combinations and were initially recorded at fair value. Those
that are deferred consideration are subsequently measured at amortised cost, and those liabilities that are the result
of contingent consideration are subsequently measured at fair value through profit or loss.

Accrued liabilities for services
The Group has employment agreements that result in cash payments being made to certain staff at the end of a
service period. The expense is accrued as services are delivered and payment is made at the end of the service
period.

20252024
NZ$'000NZ$'000
Photocopier6 6
Office space203 65
209 71
20252024
NZ$'000NZ$'000
Trade payables702 1,072
Other payables47 33
Accrued expenses242 121
Total trade and other payables991 1,226
20252024
NZ$'000NZ$'000
Less than one year
Accrued liabilities for services- 279
- 279

Notes to the consolidated financial statements for the
year ended 31 March 2025
29
16. Financial instruments and financial risk management
Financial instruments
Financial assets and liabilities are recognised on the Group’s consolidated statement of financial position when the
Group becomes a party to the contractual provisions of the instrument.
They are trade and other receivables, trade and other payables, cash and cash equivalents, foreign exchange options,
contract assets, employee entitlements, lease liabilities, and other liabilities. They are included in current assets and
current liabilities, except for lease liabilities with payment terms greater than 12 months, which are included in non-
current liabilities.
The Group classifies its financial assets and liabilities as ‘measured at amortised cost’ or ‘fair value through profit
or loss’ at initial recognition.
The following table shows the Group’s financial assets and liabilities and their classification:
Financial instrument Classification
Cash and cash equivalents Measured at amortised cost
Trade and other receivables and payables Measured at amortised cost
Foreign exchange options Fair value through profit or loss
Lease liabilities Measured at amortised cost
Other liabilities – Accrued Liabilities for service Measured at amortised cost
Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of
principal and interest, are measured at amortised cost. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
Interest income from these financial assets is included in finance income using the effective interest rate method.
Financial liabilities carried at amortised cost are initially recognised at their fair value and subsequently measured
at amortised cost using the effective interest method. Interest expenses from these financial liabilities are included
in finance expenses.
The fair value of financial instruments carried at amortised cost is not materially different from their stated carrying
values.
Any gain or loss arising on derecognition of financial assets and liabilities is recognised directly in profit or loss and
presented in other gains and losses. Impairment losses on financial assets are presented as separate line item in
the consolidated statement of profit or loss.
Financial assets and liabilities recognised at fair value through profit or loss are originally and subsequently
remeasured to fair value, with gains and losses being recognised in the consolidated statement of profit or loss.
The following table shows the designation of the Group’s financial instruments:

Notes to the consolidated financial statements for the
year ended 31 March 2025


30
16. Financial instruments and financial risk management (continued)

Financial risk factors
The main risks arising from the Group’s financial instruments are credit risk, liquidity risk, foreign currency risk and
interest rate risks, which arise in the normal course of the Group’s business. The Group uses different methods to
measure and manage different types of risks to which it is exposed. Liquidity risk is monitored through the
development of future rolling cash flow forecasts.
Credit risk
The Group’s exposure to credit risk arises from potential default of a counterparty, with a maximum exposure equal
to the carrying amount of these instruments. Financial instruments that potentially subject the Group to credit risk
principally consist of cash and cash equivalents, trade and other receivables, and the foreign exchange options. All
cash and cash equivalents are held with high credit quality counterparties, being trading banks with at least an ‘AA-
‘ credit rating in New Zealand, and a Moody’s ‘A2’ rating in the USA.
The Group does not require collateral or security from its trade receivables, it performs credit checks, ageing
analyses, and monitors specific credit allowances. The Group does not anticipate any material non-performance by
customers. The total impaired trade receivables as at reporting date is $748,016 (2024: $509,793).



Financial assets
and liabilities at
amortised cost
Financial assets
and liabilities at
fair value
Total
carrying
value
Financial assets
and liabilities at
amortised cost
Financial assets
and liabilities at
fair value
Total
carrying
value
NZ$'000NZ$'000 NZ$'000NZ$'000NZ$'000 NZ$'000
Financial assets
Cash and cash equivalents10,282 - 10,282 10,242 - 10,242
Trade and other receivables
5,984 - 5,984 4,977 - 4,977
Foreign exchange options- (4) (4) - 10 10
Total financial assets16,266 (4) 16,262 15,219 10 15,229
Financial liabilities
Trade payables702 - 702 1,072 - 1,072
Other payables47 - 47 33 - 33
Accrued expenses242 - 242 121 - 121
Lease liabilities1,023 - 1,023 1,333 - 1,333
Other liabilities- - - 279 279
Total financial liabilities2,014 - 2,014 2,559 2,838
20252024

Notes to the consolidated financial statements for the
year ended 31 March 2025


31
16. Financial instruments and financial risk management (continued)
At reporting date, 50% (2024: 82%) of the Group’s cash and cash equivalents were with one bank.

Liquidity risk
Liquidity risk is the risk that the Group cannot pay contractual liabilities as they fall due. Management monitors
rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs,
taking into consideration the Group’s forward financing plans. Management believes that the Group has sufficient
liquidity to meet its obligations as they fall due for the next 12 months.
The following table sets out the undiscounted cash flows for all financial liabilities of the Group:



Maximum exposure to credit risk at reporting date:
20252024
NZ$'000NZ$'000
Cash at bank10,282 10,242
Trade and other receivables5,984 4,977
Foreign exchange options(4) 10
Total16,262 15,229
2025
Contractual
cash flows
6 months
or less
6 months
to 1 year
1 to 2
years
3+ Years
No stated
maturity
NZ$'000 NZ$'000 NZ$'000 NZ$'000 NZ$'000 NZ$'000
Trade payables702 702 - - - -
Other payables47 47 - - - -
Accrued expenses242 242 - - - -
Lease liabilities1,223 224 225 383 391 -
Other liabilities- - - - - -
Total financial liabilities2,214 1,215 225 383 391 -
2024
Contractual
cash flows
6 months
or less
6 months
to 1 year
1 to 2
years
3+ Years
No stated
maturity
NZ$'000 NZ$'000 NZ$'000 NZ$'000 NZ$'000 NZ$'000
Trade payables1,072 1,072 - - - -
Other payables33 33 - - - -
Accrued expenses121 121 - - - -
Lease liabilities1,633 212 213 649 560 -
Other liabilities279 279 - - - -
Total financial liabilities3,138 1,717 213 649 560 -