EROAD 2025 Annual Shareholders Meeting Addresses

EROAD(NZX: ERD ASX: ERD)
Annual Shareholders Meeting
Friday 27 June 2025

2
Important Information
The information in this presentation is of a general nature and does not
constitute financial product advice, investment advice or any
recommendation. Nothing in this presentation constitutes legal,
financial, tax or other advice.
This presentation may contain projections or forward-looking statements
regarding a variety of items. Such projections or forward-looking
statements are based on current expectations, estimates and
assumptions and are subject to a number of risks, uncertainties and
assumptions.
All numbers relate to the 12 months ended 31 March 2025 (FY25) and
comparisons relate to the 12 months ended 31 March 2024 (FY24), unless
otherwise stated. All dollar amounts are in NZD, unless otherwise stated.
There is no assurance that results contemplated in any projections or
forward-looking statements in this presentation will be realised. Actual
results may differ materially from those projected in this presentation. No
person is under any obligation to update this presentation at any time
after its release to you or to provide you with further information about
EROAD.
While reasonable care has been taken in compiling this presentation,
EROAD or its subsidiaries, directors, employees, agents or advisers (to the
maximum extent permitted by law) do not give any warranty or
representation (express or implied) as to the accuracy, completeness or
reliability of the information contained in it or take any responsibility for
it. The information in this presentation has not been and will not be
independently verified or audited.
Non-GAAP Measures
EROAD has presented certain non-GAAP financial measures as part of its
FY25 results, which EROAD’s directors and management believe provide
useful information as they exclude any impacts of one-offs which can
make it difficult to compare and assess EROAD’s performance. Non-GAAP
financial measures are not prepared in accordance with NZ IFRS (New
Zealand International Financial Reporting Standards) and are not
uniformly defined, therefore the non-GAAP financial measures reported
in this presentation may not be comparable with those that other
companies report and should not be viewed in isolation or considered as
a substitute for measures reported by EROAD in accordance with NZ
IFRS. Non-GAAP financial measures are not subject to audit or review.
The non-GAAP financial measures EROAD has used in this presentation
are identified and defined in the Glossary on page 20 of this presentation.
A detailed reconciliation of non-GAAP measures to EROAD’s reported
financial information is included on EROAD’s website
http://www.eroadglobal.com/global/investors/
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EROAD FY25 A nnual Shareho lders Meeting | Page 2

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EROAD FY25 A nnual Shareho lders Meeting | Page 3

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BARRY EIN SIG
1,2,,3
Independent Director
Appointed January 2020
DAVID GREEN
1,2,4
Independent Director
Appointed August 2023
SARA GIFFORD
2,3,4
Independent Director
Appointed April 2022
JOHN SCOTT
2,3
Independent Director
Appointed March 2025
1
MemberofFinance,Riskan dAuditCommittee.
2
MemberofNominationCommittee.
3
Member of T echnology Committee.
4
Member of People and Culture Committee.
CAMERON KINLOCH
1,2
Independent Director
Appointed March 2024
SUS AN PATERSON
1,2,4
Chair, Independent
Director
Appointed March 2019
Our Board
EROAD FY25 A nnual Shareho lders Meeting | Page 4

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Agenda
Mark Heine
Co-CEO
David Kenneson
Co-CEO
Susan Paterson
Chair
SUS AN PATERSON
Chair
DAVID KENNESON
Co-Chief Executive Officer
MARK HEINE
Co-Chief Executive Officer
01
CHAIR’S OVERVIEW
02
CO-CHIEF EXECUTIVE OFFICERS’
ADDRESS
03
FINANCIAL STATEMENTS AND
AUDITOR’S REPORT
04
RESOLUTIONS
05
SHAREHOLDER Q&A
EROAD FY25 Annual Shareholders Meeting | Page 5

01
Chair’s Address
Susan Paterson
6
EROAD FY25 Annual Shareholders Meeting | Page 6

02
Co-CEOAddress
7
David Kenneson and Mark Heine
EROAD FY25 Annual Shareholders Meeting | Page 7

EROAD FY25 A nnual Shareho lders Meeting | Page 8
Reported Revenue
$194.4m
+6.8% FY24 of $182m
FY25 Guidance: $190-$195m
Normalised EBIT
$9.9m
$3.8m FY24 (restated)
FY25 Guidance: $5-$10m
Free Cash Flow
(1)
$16.0m
$1.3m FY24
Normalised for 4G Upgrade: $23.6m
Total Units
256k
FY24 251k
1
Annualised billing provided cash receipts of $5.3m for services to be provided in future period.
2
Annual recurring revenue from subscriptions only. Excludes purchased hardware sales and non-recurring revenue.
OUR PURPOSE
Delivering
intelligence you
can trust for a
better world
tomorrow
Powering visibility,
compliance and operational
excellence for fleets that
keep the world moving.
Delivered to top-end or exceeded guidance on all key measures
FY25 Financial Results
ARR (restated)
(2)
$175.1m
+6.1% FY24 $165.0m
4% in constant currency
ARPU
$59.41
+1.6% FY24 $58.45m
Exceeded
Expectations
FY25 FCF
Guidance set
at Positive
EROAD FY25 Annual Shareholders Meeting | Page 8

EROAD FY25 A nnual Shareho lders Meeting | Page 9
$(30.5)
$(21.7)
$(8.2)
$2.8
$8.0
$6.2
$17.4
$(40.0)
$(30.0)
$(20.0)
$(10.0)
$-
$10.0
$20.0
$30.0
H2 FY22H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25H2 FY25
Normalised for the
temporary impact of the
4G upgrade program
NZ$m
$0.1
$(0.2)
ReportedNormalised for 4G program
$1.5
STRONG FCF GENERATION
EROAD’S core operations generated
$23.6m of normalised free cash flow
over the last 12 months.
Cash generated in the near-term is
expected to be used to pay down
debt and fund growth initiatives.
$(1.0)
$(0.5)
$-
$0.5
$1.0
Average monthly cash generation
Strong cash flow generation to further accelerate post 4G hardware upgrade
Free Cash Flow Growth
$16.0
FY24
FY25

EROAD FY25 A nnual Shareho lders Meeting | Page 10
Our journey from Regulatory Telematics in New Zealand, to global Fleet Operations Platform
EROAD Evolution
Fleet Operations
Platform
Enterprise Fleet PlatformRegulatory Telematics
eRUC
focused
DriveBuddy
& eHubo 2
Product
expansion
with
Dashcam
Merger with
Coretex
First US
enterprise win
Sysco
250k
units
42% NA
customer
base
Partners:
TK, Microsoft,
Geotab
Internally
cash
generating
FY22
FY24
FY20FY25
Shifted the business to enterprise SaaS – larger
more complex customers with a solution approach,
increasing TAM with innovation
Building the future in
accelerated ways
•Expanded to enterprise platform solution for
whole of fleet across driver, asset & load with
vertical specialisations
•Software-first approach enabled by hardware
•SaaS culture with annualised billing, financial
discipline & balanced investment in
sustainable growth
Enterprise Fleet Platform
New avenues for
platform growth via:
•Embedded Intelligence
•Platform Extensions
•Customer led innovations
Fleet Operations Platform
Telematics focus with features to serve markets
and customer need – leveraging compliance,
regulatory, and great hardware
Regulatory Telematics
•Hardware reliant built on regulatory
and compliance needs
•Driver first product and feature
approach
•Value proposition built off simplicity &
appealing to SMB
•New Zealand centric with beachhead
footprint in US & AU
FY19

EROAD FY25 A nnual Shareho lders Meeting | Page 11
Three priorities driving sustainable growth and deeper customer value
Positioned for Growth

EROAD FY25 A nnual Shareho lders Meeting | Page 12
Customer ROI
Long term resilience through clear value delivery to customers
Installed
Annual ROI ~5%
BeforeAfter
17% spend
reduction
✓Reduced precool
time by >65%
✓Increased FSQA
compliance by >60%
✓Asset utilisation
over 80% target
✓Reduced P1
faults by 50%
EROAD
Integrated cold chain suite
across core modules:
temperature, precool, fault
code monitoring, FSQA tools,
utilisation, and trailer location.
Strategic Alignment:
Compliance:
FSMA
Expansion:
SaaS ARR increase
with multi-product
Sustainability:
Emissions reduction
Cold Chain Industry Challenge
High diesel costs, food safety compliance (FSMA), and
unplanned reefer faults impact operational risk and inefficiency.
EROAD processed
$927 million
in Road User Charges (RUC)
Value Delivered
to Customers
$81m
$29.2m
in off-road
rebates
$25m
in distance
corrections
$26.8m
in admin savings
Average rebate
ROI: ~29%
Reduced manual processing,
fewer mechanical inspections,
faster cash in hand
~3% reclaimed on
average trip distance
Combined, these
savings to customers
represent over 78%
of total NZ revenue.
It’s a clear, measurable
return on investment.
Cold Chain data
based on customer pilot

EROAD FY25 A nnual Shareho lders Meeting | Page 13
Initial land
via regulatory
eRUC / ELD / FSMA
Customer fleets
increase
in size & activity
Larger fleets &
increased usage
Organic
growth
New product
adoption
Customers add additional
products and features
over time
Year 4 =
1.2x revenue
growth YoY
Illustrative of ARR compounding over time as customers scale usage and adopt additional solutions.
Product expansions in this instance include: Inspect, Logbook, Geofence Triggers, Analyst, Pre Trip Comms, ECM
% increase YoY by category
5x ARR increase
over a three year period
Year 3 =
1.7x revenue
growth YoY
Year 2 =
2.4x revenue
growth YoY
Enabler for growth
Regulatory or mandated requirements like
ELD and eRUC provide low-friction entry
points into fleets.
Once deployed, the platform delivers clear ROI,
building the trust that makes cross-sell and
product expansion faster and more efficient.
Regulatory-led land & expand
Proven ROI accelerates platform adoption and ARR expansion

EROAD FY25 A nnual Shareho lders Meeting | Page 14
Strategic plan continues to produce strong financial results
•We continue to adhere to the principles of this plan – producing increasing
levels of free cash flow, growing the business through a focus on enterprise
fleets and maintaining cost discipline.
•Our FY26 guidance acknowledges recent economic uncertainty related to
global trade and business spending, and its impact on deal cycles.
•FY26 revenue guidance is a baseline of $205m. Our FY26 ARR guidance is a
baseline of $188m, which assumes a 7.5% growth in ARR.
•Revenue and ARR growth in excess of baseline is subject to closing large deals
in the pipeline, FX and stable economic conditions.
•Free cash flow yield of 8% - 10% in FY26, normalised for the 4G hardware
upgrade program.
•ARR CAGR target in the medium-term remains 11-13%.
Investor Day
EROAD plans to hold an upcoming Investor Day to provide deeper insight into
EROAD’s product roadmap and long-term strategic and financial targets.
We will provide notice to the market about how to participate in the near future.
FY26 Guidance
Revenue$205m+
ARR (restated)
(1)
$188m+
Free cash flow margin
(2)
8% - 10%
Committed to continuing to delivering sustainable, profitable growth
Guidance
1
Annual recurring revenue from subscriptions only. Excludes purchased
hardware sales and non-recurring revenue
2
Normalised for the temporary impact of the 4G upgrade program.

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03
Resolutions
PAGE 15
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EROAD FY25 Annual Shareholders Meeting | Page 15

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RESOLUTION 1
Re-election of Director:
Susan Paterson
That Susan Paterson, having retired in
accordance with NZX Listing Rule 2.7.1, be
re-elected as a Director of EROAD.
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EROAD FY25 A nnual Shareho lders Meeting | Page 16

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Re-election of Director:
Sara Gifford
That Sara Gifford, having retired in
accordance with NZX Listing Rule 2.7.1,
be re-elected as a Director of EROAD.
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RESOLUTION 2
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Election of Director:
John Scott
That John Scott, having been appointed
by the Board and in accordance with
NZX Listing Rule 2.7.1, only holding
office until the Annual Shareholders’
Meeting, be elected as a Non-Executive
Director of EROAD.
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RESOLUTION 3
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EROAD FY25 A nnual Shareho lders Meeting | Page 18

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Auditor Remuneration
That the Directors be authorised to
fix the fees and expenses of KPMG
as the auditor of EROAD
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RESOLUTION 4
EROAD FY25 A nnual Shareho lders Meeting | Page 19

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Q&A
EROAD FY25 Annual Shareholders Meeting | Page 20

EROAD FY25 A nnual Shareho lders Meeting | Page 21
ANNUALISED RECURRING REVENUE (ARR)
A non-GAAP measure representing monthly
subscription revenue including bundled
rental hardware, measured each month by
taking subscription revenue for that month
and multiplying by 12 to annualise​. This
measure has been restated to remove
amortised revenue which is not recurring by
nature.
EBIT
A non-GAAP measure representing Earnings
before Interest and Taxation (EBIT). Refer to
Consolidated Statement of Comprehensive
Income in Financial Statements.
EBITDA
A non-GAAP measure representing Earnings
before Interest, Taxation, Depreciation and
Amortisation (EBITDA).
ELECTRONIC LOGGING DEVICE (ELD)
An electronic solution that synchronises with
a vehicle engine to automatically record
driving time and hours of service records.
ENTERPRISE
A customer where the $ARR is more than
$100k in local currency for the Financial year
reported.
FREE CASH FLOW (FCF)
A non-GAAP measure representing operating
cash flow and investing cash flow reported in
the Statement of Cash Flows.
FREE CASH FLOW TO THE FIRM
A non-GAAP measure representing operating
cash flow and investing cash flow net of
interest paid and received. For the purposes of
this presentation, payments for the acquisition
of Coretex have been excluded.
FY (FINANCIAL YEAR)
Financial year ended 31 March.
HALF ONE (H1)
For the six months ended 30 September.
HALF TWO (H2)
For the six months ended 31 March.
NORMALISED EBIT
Excludes one-off 4G hardware upgrade
program$4.0m (FY24 $3.6m).
NORMALISED FCF
Excludes one-off 4G hardware upgrade
programcosts and accelerated
depreciation.
ROAD USER CHARGES (RUC)
In New Zealand, RUC is applicable to Heavy
Vehicles and all vehicles powered by a fuel not
taxed at source. The charges are paid into a
fund called the National Land Transport Fund,
which is controlled by NZTA, and go towards
the cost of repairing the roads.
SAAS
Software as a Service, a method of software
delivery in which software is accessed online
via a subscription rather than bought and
installed on individual computers.
UNIT
A communication device fitted in-cab or
on a trailer. Where there is more than one
unit fitted in-cab or on a trailer, it is counted
as one unit (excluding Philips Connect).
Glossary

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ASX & NZX: ERD
investors@eroad.com | eroadglobal.com/investors
EROAD acknowledges the Tangata Whenua of New Zealand, the
Indigenous Nations and First Peoples of Australia, and the Custodians of the
lands and waterways in the United States of America where our offices are
located. We express our gratitude and appreciation to these peoples for
sharing their culture and traditions and for their stewardship of these lands.
We recognise and pay respect to their Elders, past, present, and emerging.
EROAD FY25 Annual Shareholders Meeting | Page 22

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TEL +64 9 927 4700 PO Box 305 394 Page 1
FREE 0800 4 EROAD Triton Plaza, North Shore 0757, Auckland, New Zealand eroad.co.nz
Kia ora and welcome to EROAD’s 2025 Annual Shareholder Meeting.
I’m Susan Paterson, Chair of the EROAD Board, and I’m pleased to be with you today,
both here in person in Auckland, and via the virtual meeting platform hosted by
Computershare.
For those attending online, I encourage all of you to submit questions at any point using
the Q&A tab on your screen. We’ll address as many as we can during the Q&A session at
the end of today’s meeting. If we’re unable to respond during the meeting, you’ll receive
a written reply afterwards. When asking a question in the room, please use the
microphone and introduce yourself by name. Any media present – welcome. Just a
reminder that this is a meeting for shareholders, but the other directors and myself will
be happy to talk to you after the meeting.
Voting on all resolutions today will be conducted by way of a poll. I now declare voting
open on all items of business. If you're eligible to vote, you can do so at any time using
the Vote tab in the meeting platform. You’ll be able to change your vote until I declare
voting closed later in the meeting.
For those in the room if you do not have a voting paper, please indicate now by raising your
hand and a member of Computershare’s team will assist you. Voting papers will be collected
at the end of the resolution and voting section of the meeting by Computershare team who
will act as scrutineers and the results will be posted to the NZX and ASX later this afternoon.
I’d like to introduce the Board. Sara Gifford, David Green, Barry Einsig, Cameron Kinloch,
and John Scott.
From EROAD’s executive team we have Co-CEO’s David Kenneson, Mark Heine and
Rebecca Lineham - Interim CFO for the FY25 reporting period. Mark is unfortunately
joining virtually today, as he is currently recovering from COVID.
Today’s agenda begins with this address from me, followed by an executive update from
Mark and David. We’ll then move to the formal business of the meeting with 4
resolutions for today. And finally, an opportunity for shareholder questions before we
close.

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Chair’s Address:
FY25 has been a defining year for EROAD. A year that confirms the company is gaining
momentum following a significant turnaround. The executive address will speak to
performance in more detail, but it would be remiss not to pause here and acknowledge
the scale of what EROAD has achieved.
This has been a genuine turnaround - the result of sustained discipline, sharp focus, and
a refusal to waver from the long-term strategy. Since announcing the new strategy in
FY23, each year EROAD has grown stronger, delivering improved numbers and real
operational momentum. Investors are starting to see the consistency and clarity they’ve
been looking for, and that confidence is well-earned.
Change on this scale is never easy. It demands resilience across the organisation and a
willingness to hold course when the path gets difficult. The Board is particularly proud of
the culture being shaped through this period — one that values discipline, innovation,
and teamwork in equal measure.
Co-CEOs Mark and David have led with conviction through each chapter of the
company’s transformation. Under their leadership, EROAD has emerged more confident,
more capable, and with a clearer sense of purpose. The Board commends them and the
entire EROAD team for what has been a standout year.
The FY25 results demonstrate the strength of that leadership and the depth of capability
within the business. EROAD returned to profit, hit the top end of guidance, and
outperformed expectations with NZ$16 million in free cash flow. These results reaffirm
the effectiveness of our strategy and the scalability of our platform, as well as the
financial discipline now embedded across the business.
Notably, all this was achieved against a backdrop of ongoing economic caution. Across
the industry, fleet operators have faced inflationary pressures, constrained capital
budgets and slower decision cycles. Despite these headwinds, EROAD has continued to
grow its enterprise footprint, scale its platform, and improve its earnings quality.
To put our performance in context: while the total distance travelled by heavy vehicles in
New Zealand declined by 6% in FY24 and remained flat in FY25, distance captured
through the EROAD platform bucked that tend with a 4% increase. We now capture 56%
of all heavy vehicle road user charge kilometres in New Zealand - a clear indicator of our

Page 2 eroad.co.nz
customer value and market leadership. Further evidence of EROAD operating from a
position of financial strength, commercial discipline, and increasing customer relevance.
It’s important to note that this performance has not come at the expense of sustainability
or long-term value creation. In fact, quite the opposite. Our commercial strategy is
deliberately aligned with measurable sustainability outcomes as our products help
customers reduce fuel usage, lower emissions, and meet evolving regulatory
expectations.
For instance, our AI-enabled dashcams and fatigue detection tools help improve driver
awareness and behaviour, with features like tailgating alerts and distraction monitoring
contributing to safer, smoother driving, , which in turn lowers fuel consumption. Our cold
chain monitoring solution helps protect temperature-sensitive freight, cutting down on
costly spoilage and waste. eRUC continues to enable accurate tracking of off-road
mileage, unlocking rebates and encouraging more efficient use of road networks. Across
the board, our solutions help customers optimise operations, comply with environmental
standards, and reduce their emissions footprint in real, quantifiable ways.
We also continued to reduce our own environmental footprint this year. That included
lowering our reliance on air freight, improving hardware recovery rates, and taking steps
to reduce the emissions intensity of our operations. International and domestic travel
remained elevated due to necessary customer and operational engagements, but we are
exploring more sustainable models moving forward. EROAD’s second Climate-related
Disclosures report will be released at the end of July, and I encourage you to read it.
From a governance perspective, FY25 saw the appointment of John Scott to the Board as
an Independent Director. John is a technology leader with decades of experience in
global product development, commercial strategy, and digital transformation. He has
held executive leadership roles across high-growth companies including as CEO of
Invenco and a senior executive at Navico, both of which successfully scaled on the global
stage. John brings with him deep expertise in product innovation, go-to-market
execution, and strategic leadership. His practical, product-led lens on innovation,
growth, and governance makes him a valuable addition to the Board and the Technology
Committee, and we are pleased to formally welcome him to the shareholder meeting
today.

Page 2 eroad.co.nz
I’d also like to acknowledge the retirement of Selwyn Pellett during the year. Selwyn was
a valued member of the Board, bringing deep commercial insight and an
entrepreneurial perspective. We thank him sincerely for his years of service and
contribution to the company.
This financial year also marked 10 years since EROAD listed on the NZX. That milestone
is a meaningful one. Over the last decade, the company has matured through expansion,
acquisition, and executive and Board renewal, all while proudly headquartered here in
Aotearoa.
The support of New Zealand’s capital markets has enabled that journey - funding
innovation, fueling expansion, and giving our people the opportunity to build global
impact. It also laid the foundation for our secondary listing on the ASX, broadening
access to Australian investors and strengthening our trans-Tasman profile. Together,
these markets continue to play an important role in our future by enabling long-term
engagement, supporting access to capital, and allowing our team to focus on delivering
value.
In late May, Constellation Software - previously our largest shareholder - exited its entire
holding of around 12% of issued capital. Importantly, this has allowed several new
Australian institutions to enter the register, improving trading liquidity and removing the
share-price overhang that can accompany a single strategic stake. We thank Constellation
Software for the support it provided during its tenure.
Looking ahead, we are confident in the company’s ability to continue building on the
foundation it has established. We have set a baseline guidance of $205 million in revenue
and $188 million in ARR for FY26, with a free cash flow margin of 8-10%, normalised for the
4G hardware upgrade program. The Board notes that upside to these figures exists,
contingent on the timing of major enterprise deal closures and broader economic
conditions. The executive team remains focused on strategic execution and delivering
performance that compounds over time, and the Board is committed to supporting them
in that mission.
Our focus as a Board remains clear. We are committed to building a company that
delivers sustained, profitable growth over the long term. That means continuing to
strengthen the link between investment and return, maintaining cost discipline, and

Page 2 eroad.co.nz
empowering the executive team to drive performance while safeguarding our core
values.
Thank you to our shareholders for your continued support, and to our people at EROAD
for their dedication, resilience, and belief in what EROAD is building.
I’ll now hand over to David and Mark.
Co-CEO Address
Thank you, Susan
I will talk to EROAD’s financial results for FY25, our free cash flow position and EROAD’s
evolution and future growth journey. I will then hand to Mark to speak to the significant ROI
our customers achieve from our solution and our guidance for FY26.
I’m thrilled to stand before you today and share the story of EROAD’s exceptional
momentum. FY25 set a new bar for execution and focus. We didn’t just meet our guidance —
we hit the very top of our range, in a year that tested every business in every sector. More
importantly, we made real progress towards our long-term ambitions, sharpening the quality
and resilience of our earnings.

We returned to profitability, generated $16 million in free cash flow, and strengthened our
operating model across every major function of the business.

Revenue grew almost 7% to $194.4 million.
Annual Recurring Revenue rose over 6% to just over $175 million.
Normalised EBIT landed close to $10 million.

We turned the corner, returning to profit and proving the power of our disciplined
execution.

This achievement isn’t just about numbers. It’s about demonstrating that our strategy is
working, that EROAD can deliver growth, profitability, and capital efficiency – not just one,
but all three, all at once.

We also made an important change to how we report ARR. We’ve now restated it to reflect
contracted leased hardware and SaaS subscriptions, while excluding amortized hardware
purchases. It’s a cleaner, more accurate view of the recurring base that’s more aligned with

Page 2 eroad.co.nz
our model. It’s high-quality, predictable revenue and the clearest measure of our long-term
performance.

That $16 million of free cash flow is the outcome of deliberate, disciplined choices.

We acted strategically, drawing down on inventory built for enterprise rollouts and our 4G
upgrade. This freed up working capital, allowing us to drive efficiency and focus resources on
our highest value priorities.

We also continued our transition to annual invoicing for new and renewing customers, which
supports working capital improvements.

This shift to annual invoicing is already paying off. In FY26, we will expand this winning
formula to our ANZ base. Our eyes are fixed on further gains.

Normalised for the temporary impact of the 4G programme, free cash flow climbed to $23.6
million.

With the 4G programme nearly finished, and our scalable model firing, we are poised to
accelerate cash generation even further.

None of this happened by accident. It’s the result of EROAD’s relentless evolution.

EROAD's journey has been one of evolution from a single-product RUC compliance company
into a platform partner for some of the world's most complex fleets.

In the beginning, our business and our product were tightly focused. We built our reputation
on trust, precision, and regulatory leadership - foundations that continue to serve us well
today.

Our growth created opportunity as we launched additional products and expanded into
Australia and North America - shifting from compliance to broader fleet management.

The real turning point came with the Coretex merger as we grew our footprint and
fundamentally changed the shape of our business. We focused on new verticals to EROAD,
being cold chain and construction, brought in deeper product capability, and began the shift
from fleet products to platform thinking.

Over the last few years, we’ve transformed idealism into execution. We narrowed our focus,
reset our cost base, and unified our offerings into an enterprise-grade platform. Today,
EROAD blends compliance, safety, and performance in one powerful, connected solution.

Page 2 eroad.co.nz

Today, we're operating from a position of strength — with a healthy balance sheet, strong free
cash flow, and more than half of our ARR now coming from customers who spend over
$100,000 a year.

But more importantly, we're now equipped with the right model, the right team, and the right
product architecture to scale.

We are ready to scale. We have the model. We have the team. We have the technology. Now,
we execute faster, think bigger, and deliver smarter.

Looking ahead, our strategy is focused on three things:

1. Embedding intelligence through AI and automation.
2. Co-developing scalable, high-impact solutions with our customers.
3. And extending our platform value through the right partnerships.

That's the path we're on, and we're ready to accelerate.

So, what does that next chapter look like?

First, embedded intelligence.

Data is our superpower — and now, AI is magnifying its impact. We’re evolving from AI-
powered features to an AI-driven foundation. From Clarity dashcams to driver analytics and
route optimization, our platform turns data into real-time, actionable intelligence.

This approach delivers immediate customer benefit in safety, compliance and fleet
performance and positions us to drive significant ROI at enterprise scale.

Second, customer-led innovation.

When customers face real challenges, EROAD is the partner that listens and delivers. Our
most game-changing solutions come from working side-by-side with the world’s top fleets,
solving tough operational problems and scaling the results across industries.

Through our professional services team and structured pilot programs, we're solving real
operational challenges in partnership with our enterprise customers and delivering solutions
designed to scale across sectors, regions, and customer types.

And third is our partner ecosystem.

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We don’t try to build everything. We partner with the best. Strategic alliances with Microsoft,
Thermo King, and Geotab let us extend platform value quickly, staying focused on our core
strengths while bringing more to our customers. It’s about speed, depth, and real impact.

Each of these reflects our maturation in how we think: about what we build, how we create
value, how we go to market, and how we scale with customers.

Together, these priorities give us a clear roadmap to continue growing both revenue and
relevance, while staying true to what makes EROAD valuable in the first place.

Now I would like to turn it over to my Co-CEO, Mark Heine.

Thanks David

In uncertain markets, return on investment becomes the clearest test of value. And EROAD is
delivering.

Let's start with cold chain - a segment under pressure from fuel costs, compliance demands, and
equipment reliability.

In a recent customer pilot using our integrated cold chain suite, we achieved:
- A 17% reduction in operating spend
- Over 65% reduction in pre-cool time
- More than 60% improvement in FSQA compliance
- And a 50% reduction in critical fault codes

These aren’t just numbers — they’re proof. Proof that our solutions drive real savings. That pilot
customer is tracking a 5% annualized ROI from EROAD — and that’s just the beginning.

This kind of operational return is exactly why enterprise fleets are consolidating tools and
investing in scalable platforms.

Then there's eRUC, another of our compelling ROI stories in our portfolio, and a foundational
piece of our business.

In FY25 alone, EROAD processed $927 million in Road User Charges for New Zealand customers
and delivered $81 million in customer savings, broken down as:

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- Over $29 million in off-road rebates
- $25 million in distance corrections
- Nearly $27 million in administrative savings

When you add these up, these benefits represent over 78% of our NZ revenue and an average
customer rebate ROI of around 29%.

That means faster cash in hand, fewer mechanical inspections, and less manual processing, all
backed by accurate, auditable data.

These are not incremental improvements; they are leaps in efficiency and value, creating real,
repeatable wins for our customers.

We're also helping shape what's next. We've recently completed a proof of concept with the NZ
Government, demonstrating how connected vehicle data can be ingested directly into our
platform, with potential applications in road pricing, network optimisation, and safety.

This is next-level ROI: Faster, smarter, better. For our customers, for the network, and for the
country.

And the ROI we're delivering is strong, repeatable, and scalable.

Our regulatory-led approach creates natural entry points. Often beginning with a specific
compliance requirement such as eRUC, ELD, or cold chain monitoring under the U.S. Food
Safety Modernisation Act.

These are low-friction, high-value starting points that allow us to land quickly, demonstrate
impact fast, and build trust with fleet operators who have critical needs.

Once that trust is in place, the relationship grows.

Customers expand through fleet growth, increased utilisation, and the adoption of
complementary modules such as Driver Comms, Inspect, Geofence Alerts, or Fatigue
Monitoring.

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One enterprise customer increased their annual recurring revenue with us by more than five
times in three years. It’s not luck; it’s the compounding effect of a model built to deliver and
expand.

The model is simple...
- Start with regulatory need
- Prove ROI
- Expand through the platform

It's a strategy that delivers strong account-level economics and deeper customer engagement.

In fact, we see significantly higher retention and predictability from multi-product customers
which further strengthens revenue quality and forward visibility.

This approach is a core driver behind our ARR growth, and a key reason we're seeing more
enterprise fleets choose EROAD as a long-term platform partner.

We’re building not just recurring revenue, but recurring trust. That’s the foundation of a resilient,
growing business.

We're clear on where we're heading and confident in the levers we're pulling to grow well
and grow profitably. The business is positioned for scale, our strategy is delivering, and our
team remain focused on driving results that matter - for customers, for communities, and for
shareholders.
As we enter FY26, we maintain our clear focus on complex fleet operations, disciplined
growth, and commitment to delivering value through innovation.
At EROAD, we have an incredibly strong revenue base.
This begins with the high-quality subscription ARR. Our low churn, combined with supplying
critical technology to the transport sector, gives us confidence in the annualised recurring
revenue we earn from our customers.
We also remain committed to a medium-term ARR compound annual growth rate of 11-13%.

For full-year FY26 guidance, we have provided baseline targets which we aim to exceed.

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For ARR, our preferred metric, we forecast a minimum of $188m of subscription revenue this FY.

As to total revenue, we are targeting a minimum of $205m with upside growth. Our total
revenue will reflect the completion of ongoing rollouts, expansion of solutions to existing
customer and the closing of large enterprise customers in our pipeline.

Finally, is free cash flow margin. We continue to ensure EROAD focuses on sustainable,
profitable growth. To this end, we expect FCF margin to be 8% - 10% for the year.

As to the outlook in each of our regions, in North America, our focus is to continue to build our
pipeline while converting existing opportunities into completed deals.

In New Zealand, we see increased opportunity to leverage brand recognition to capture new
enterprise accounts and add value for our existing customers.

The proposed government mandate for electronic Road User Charges presents a compelling
medium- to long-term growth opportunity, underpinned by the New Zealand Government’s
commitment to implement eRUC across all vehicles by 2027. And EROAD is involved in
supporting the NZ Govt on this journey.

Finally, we are building on momentum gained in Australia, continuing to leverage our
experience with trans-tasman customers and launching an expanded product suite.

We see AU as a real growth market and will continue to invest and explore opportunities here.

On behalf of everyone at EROAD, we thank you, our shareholders, for your continued support.

Over the last 3 years EROAD has laid a much stronger financial foundation, that is now driving
EROAD on a path to more sustainable, profitable growth.

We would also like to thank our growing customer base for the opportunity to support their
businesses through EROAD.

Thank you. I’ll now hand it back to Susan.