Annual Shareholders' Meeting - Presentation and Speeches

BLACKPEARL GROUP | INVESTOR ANNOUNCEMENT

10 JULY 2025
Chair and CEO Speeches – 2025 Annual
Shareholders’ Meeting


Tim Crown – Chair’s Address

The US SMB market is an enormous market – and it represents an enormous opportunity. It remains
one of the most underserved segments in global tech, and that’s where Blackpearl Group sees its
greatest potential.

We remain confident in the opportunity ahead. Rising demand for practical, AI-powered tools puts us
in a strong position to lead and deliver real impact.

As a Board, we’re pleased with the Group’s disciplined execution – particularly in how we’ve
approached strategy, investment, and acquisition.

Our focused investment following the capital raise has been to expand Pearl Divers reach and to
develop and launch our new product Bebop, both of which are starting to see returns.

We also see significant opportunities in the acquisition space. The market is primed, and our platform
is well-positioned to integrate new products quickly and efficiently, making it easier to evaluate and
execute bolt-on acquisitions.


Nick Lissette – CEO’s Address

FY25 was a milestone year for Blackpearl Group. We delivered strong growth across the board by
staying laser-focused on product–market fit and executing with discipline.

Our Annual Recurring Revenue (ARR) continues to climb, driven by growing customer demand across
our expanding product suite. ARR is our north star, and the momentum is real. Pearl Diver remains our
growth engine – performing exceptionally well in the US SMB market, scaling in both volume and
value, and now serving a more premium customer base than when we launched.

This year, we also launched Bebop. It reached $1.2 million in revenue in just 45 days – more than twice
as fast as Pearl Diver, which itself hit $10 million ARR in eight quarters. That’s a powerful signal of
product–market fit and early validation of scalable demand in a brand-new segment. Bebop is a true
AI agent – building outbound strategies in seconds for sales teams that need it most.

Each of our products now serves a distinct customer profile with clearly defined market potential.
We’ve deepened our reach into the US SMB space – from founders to marketers – and we’re
continuing to build for scale.

We’ve also been actively exploring strategic acquisitions. We’re focused on complementary
businesses that target the same market and create synergy across technology, talent, and customer
base. While discussions are ongoing, we’ve identified targets that could add real value from day one
and will update the market in due course.

Finally, we’ve seen strong performance in ARPU. During the year, we made the call to shift Pearl Diver
away from lower-tier, high-cost customers and focus on higher-value segments. As a result, ARPU is
up, churn is down, and we’re generating more revenue per customer – all while continuing to deliver
value to the businesses we serve.

BLACKPEARL GROUP | INVESTOR ANNOUNCEMENT
ENDS

About Blackpearl Group

Blackpearl Group (BPG) is a market leading data technology company that pioneers AI-driven sales
and marketing solutions for the US market.

Specifically engineered for small-medium sized businesses (SMEs), BPG consistently delivers
exceptional value to its customers. Our mantra is simple: ‘Better Growth Together’. When our
customers win, we win.

Founded in 2012, BPG is based in Wellington, New Zealand, and Phoenix, Arizona.

Blackpearl.com

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2025 Annual
Shareholder
Meeting
→ BLACK PEARL GROUP LIMITED (BPG)
JULY 2025
Page 1

Introductions

BLACKPEARL GROUP
JULY 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 2

Voting and Asking Questions
BLACKPEARL GROUP
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JULY 20252025 ANNUAL SHAREHOLDER MEETING

Our Board
Our team is a powerhouse of innovators, problem-solvers,
and AI pioneers with expertise in tech, strategy, and
business growth.
BLACKPEARL GROUP
PAGE 04
Tim Crown
CHAIRMAN
ARIZONA, USA
Nick LisetteMark OsborneJyllene MillerHugo Fisher
DIRECTOR AND
CHIEF EXECUTIVE OFFICER
WELLINGTON, NZ
DIRECTOR
NORTHLAND, NZ
DIRECTOR
ARIZONA, USA
DIRECTOR
AUCKLAND, NZ
Blackpearl Group’s Board combines global leadership, financial expertise, and deep US market experience.
Page 4
JULY 20252025 ANNUAL SHAREHOLDER MEETING

Executive Team
and Key Partners
BLACKPEARL GROUP
PAGE 5

Karen Cargill
INTERM CFO
WELLINGTON, NZ
Sam DaishTori Colebourne
CTO
WELLINGTON, NZ
CMO
AUCKLAND, NZ

Michael WoodMatt Yates
AUDIT PARTNER,
WILLIAM BUCK
AUCKLAND, NZ
LEGAL ADVISOR,
DUNCAN COTTERILL
WELLINGTON, NZ
JULY 20252025 ANNUAL SHAREHOLDER MEETING
Alex Lusty
CLIENT PARTNERSHIP
MANAGER
AUCKLAND, NZ

Formalities

BLACKPEARL GROUP
JULY 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 6

Agenda
BLACKPEARL GROUP
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JULY 20252025 ANNUAL SHAREHOLDER MEETING
0 1 .Chair’s Address
Formal business of the meeting
which includes the resolutions of
the meeting.
0 4 .CFO’s Address
0 2 .
CEO’s Address
0 5 .
Resolutions
General business and Shareholder
questions.
0 3 .CTO’s Address0 6 .Questions

BLACKPEARL GROUP
PAGE 8
JULY 20252025 ANNUAL SHAREHOLDER MEETING
Tim Crown was appointed Chairman of Black Pearl
Group board on 2 January 2020. Based in Arizona, USA,
Tim brings extensive experience and leadership to
Blackpearl Group.
CHAIRMAN
Tim Crown

31 MAR 2025
FY25 Financial Highlights
BLACKPEARL GROUP
FINANCIAL PERFORMANCE
FOR Y/E 31 MARCH 2025
1 APR 2024
ANNUAL RECURRING REVENUEARR PER EMPLOYEE SUBSCRIPTION REVENUE
$12.5m$245k$7.7m
As of 31 March 2025.As of 31 March 2025.For FY25.
70% INCREASE YOY7% INCREASE YOY 91% INCREASE YOY
AVERAGE ARR PER PEARL DIVER CUSTOMERGROSS PROFIT MARGIN
$17.5k68%
As of 31 March 2025. For FY25, previously 71% in FY24.
Temporary cost increase due to overlap of legacy
and new data agreements and GTM testing.
TOP 10 CUSTOMERS % OF REVENUE
17%
As of 31 March 2025.
85% INCREASE YOYA 7PPT INCREASE YOY
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Pearl Diver
Track Record
PRODUCT SHOWCASE
BLACKPEARL GROUP
PAGE 10
Nearly $10m in ARR within 2 years of Pearl Diver’s launch.
The Pearl Engine enables extremely fast, lower cost
development cycle of products.
ARR grew 70% YoY. This growth was mostly driven by
flagship product, Pearl Diver.
Bebop will support the next stage of growth.
Black Pearl MailNew Old StampPearl DiverBebop
Q1 FY22
Q2 FY22
Q3 FY22
Q4 FY22
Q1 FY23
Q2 FY23
Q3 FY23
Q4 FY23
Q1 FY24
Q2 FY24
Q3 FY24Q3 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
ARR GROWTH
QUARTER, FY
TOTAL ARR (NZD)
PEARL DIVER
LAUNCH
BEBOP
LAUNCH
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Bebop
PRODUCT SHOWCASE
BLACKPEARL GROUP
PAGE 11
St rongest product-market fit we’ve seen
Lower price and cost vs. Pearl Diver
Faste st ARR growth in beta to date
Beta Highlights
"Helping business owners with saving on
monthly billing expenses and generating
customers"
SMALL BUSINESS OWNER, AZ
JULY 20252025 ANNUAL SHAREHOLDER MEETING
$1.2m
ANNUAL RECURRING REVENUE ACHIEVED BY BEBOP
45d
45 DAYS POST-LAUNCH
"I believe Bebop is the future of
developing leads for business with the
assistance of AI. Its affordability and ease
of use make it attractive."
SMALL BUSINESS OWNER, RI

BLACKPEARL GROUP
Our Products
PRODUCT SUITE
Blackpearl Group builds technology that makes data-
powered growth accessible to every business. Each
of our products unlocks a different way for small
businesses to generate demand, grow faster, and
market smarter.
Pearl Diver finds the buyers ready to buy. Bebop
delivers leads and insights with intent. Black Pearl
Mail transforms everyday emails into marketing. New
Old Stamp makes email signature management
effortless.
Together, we’re creating tools that empower small
businesses to grow.
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P E A R L
E N G I N E
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Next Stage of
Pearl Diver
PRODUCT SHOWCASE
BLACKPEARL GROUP
PAGE 13
During the year, we continued investing in Pearl Diver to
unlock a new, higher-tier customer base.
These customers not only deliver higher ARPU but also
show stronger retention.
We’re already seeing results — ARPU has increased 50%
over the past six months.
ARPU grew 132% YoY in Q1, driven by uptake of new
higher-tier packages ($59k–$98.4k p.a.), with continued
uplift across FY25.
Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25
0
500
1000
1500
ARPU GROWTH
QUARTER, FY
TOTAL PD ARPU (NZD)
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Our Platform is
Our Differentiation
Pearl Engine enables the creation of new products at
extreme pace - Pearl Diver was developed in 45 days,
Bebop in 90 days.
It integrates multiple data sources seamlessly whilst
leveraging a library of reusable, battle-tested
components to launch enterprise-grade products at
a pace few competitors can match.
Commercially, the shared platform creates
economies of scale and streamlined maintenance -
reducing marginal cost as the product suite expands.
Speed is the only true competitive advantage in an
AI-driven world.
BLACKPEARL GROUP
PAGE 14
PROCESSING THROUGHPUT (ROWS/DAY)
2023: 100K
2024: 6 BILLION2025: 21 BIILLION
30TB



→ SCALABILTY
Shared platform lowers marginal
costs and simplifies growth.
DATA INGESTION (MONTH)
2025: NOW INGESTING 30 TB/MONTH
PLATFORM GROWTH & EVOLUTION
2023
LAUNCHED SMALL AZURE FUNCTION APP
2024
ADDED WEB APP, EXTERNAL/PUBLIC REST API, 2 MICROSERVICES
2025
LAUNCHED GENERATIVE AI, AD/CRM INTEGRATIONS, ON-DEMAND AI RESEARCH, PLUG-AND-PLAY LLMS, 9 MICROSERVICES, AND 13M SITES
JULY 20252025 ANNUAL SHAREHOLDER MEETING

BLACKPEARL GROUP
Pearl Diver
Wholesale
Bebop Labs
Direct
Pearl Diver
Prospecting/Beta
Niches
Whitelable
(website signal data)
(company insights,
technographic)
Bebop Labs
Teams
Global
Programatic
Whitelabel
PAGE 15
→ SOFTWARE COMPONENTS
→ DATA
→ AUGMENTED LLM
Q1Q2Q3Q4
AI is a rapidly evolving technology. This roadmap
reflects the technology of Bebop AI as it stands
today. We will remain nimble to respond to
developments. For example, true AI Agents could
develop more rapidly than expected and we will
adapt to more deeply embed these as workflows.
Product
Roadmap
KEY TO GROWTH
✓
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TotalIncreaseDecrease
FY24
Contractors reduction
Consultants reduction
Administrative expenses
Personnel cost movements
Advertising and marketing
Other movement
FY25
160%
180%
200%
220%
240%

Operating
Expenses
BLACKPEARL GROUP
Our focus remains on growing Blackpearl Group
profitably.
Headcount grew from 41 to 51, reflecting strategic
hires across AI, product, CX, and GTM – while ARR
per employee held strong at $245k.
PAGE 16
QUARTER, FY
TOTAL ARR (NZD)
FINANCIAL COMMENTARY
PERSONNEL, OPERATING & ADMIN EXPENSES AS A PERCENTAGE OF REV
JULY 20252025 ANNUAL SHAREHOLDER MEETING

Enabling
future growth
FINANCIAL COMMENTARY
BLACKPEARL GROUP
PAGE 17
At the capital raise we said we were going to invest for the
next stage of growth and that is what we have done.
Investments
Timing of
investment
Return from investment
People (Product, CX)2H25
We have right sized the team
for our future opportunity set.
Pearl Diver
Higher tier customer
2H25
Further ARPU Expansion
expected in 1H26
Bebop development2H25
Product launched. Revenue
expected to ramp up from 1H26
Bebop Marketing2H25 / 1H26
Ongoing investment.
Efficiencies expected to start to
be realised 1H26/2H26
New data provider2H25
Gross margin recovery from
2Q26 as prior provider rolls off.
Substantial improvement
expected from 3Q26 as scale
benefits accrue
GROWTH OF PEARL DIVER (PRODUCT, CX)
NEW FEATURES AND APPLICATIONS
POTENTIAL STRATEGIC ACQUISITIONS
(Currently in evaluation of two value add bolt-on acquisitions)
JULY 20252025 ANNUAL SHAREHOLDER MEETING

Continued
investment
FINANCIAL COMMENTARY
BLACKPEARL GROUP
PAGE 18


$6.7m
Cash on hand as at
31 March 2025.
$4m
Undrawn non-dilutive
banking facility.
Continue to invest at current rate
Investment now expands future growth
Pearl Diver tier expansion driving ARPU uplift
Bebop marketing and launch investment underway
Bebop ARR to begin contributing in FY26
Gross margin expansion via new fixed-cost contract
JULY 20252025 ANNUAL SHAREHOLDER MEETING

Resolutions

BLACKPEARL GROUP
JULY 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 19

Voting and Asking Questions
BLACKPEARL GROUP
APRIL 2025GENERIC TEMPLATE
PAGE 20

Resolution 1

BLACKPEARL GROUP
PAGE 21
Auditors Remuneration
Resolution 1 that the Board is
authorised to fix the auditor's
remuneration for the ensuing year
JULY 20252025 ANNUAL SHAREHOLDER MEETING

BLACKPEARL GROUP
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JULY 20252025 ANNUAL SHAREHOLDER MEETING
Resolution 2
Re-election of Mark Osborne
Resolution 2 concerns the re-
appointment of Mark Osborne as a
director of Blackpearl Group. Mark
was appointed on 24 November
2022 as an independent, non-
executive Director of BPG

BLACKPEARL GROUP
PAGE 23
JULY 20252025 ANNUAL SHAREHOLDER MEETING
Resolution 3
Election of Jyllene Miller
Resolution 3 concerns the election
of Jyllene Miller as a director of
Blackpearl Group. Jyllene Miller was
appointed by the Board on 10
September 2024 as an independent
non-executive Director of BPG

BLACKPEARL GROUP
PAGE 24
JULY 20252025 ANNUAL SHAREHOLDER MEETING
Resolution 4
Ratification of previous share issue
under placement
Resolution 4 seeks shareholder
approval, in accordance with NZX
Listing Rule 4.5.1(c), to ratify the
8,420,418 fully paid ordinary shares
of Blackpearl Group issued under
the placement on 11 October 2024
and 22 October 2024

General Business

BLACKPEARL GROUP
JULY 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 25

Q&A

BLACKPEARL GROUP
APRIL 2025GENERIC TEMPLATE
PAGE 26

Thank YouAd Astra
BLACKPEARL GROUP
APRIL 2025