IKE 1Q FY26 Performance Update

For immediate release, 29 July 2025

1Q FY26 Performance Update
 Continued growth of annual subscription revenue exit run rate (+29% vs pcp).
 Reiteration of FY26 guidance for ~35% or greater growth in platform subscription revenue and
EBITDA breakeven on a run-rate basis in H2 FY26.
 Total recognized revenue in the period of NZ$6.4m (+12% vs pcp).
 Gross margin percentage of 76% (up from pcp of 70%).
 Fully funded to execute continued growth plans via completion of A$18.0 million (NZ$19.6 million)
fully underwritten placement.

ikeGPS Group Limited (IKE) (NZX: IKE / ASX: IKE) is pleased to provide a performance update for the
3-month period to 30 June 2025. All figures are in NZD, rounded to the nearest decimal.
Highlights for the 3-month period to 30 June 2025:
 Exit run rate of annual platform subscription revenue of NZ$16.6m (+29% vs pcp).
 Total recognized revenue in the period of NZ$6.4m (+12% vs pcp) comprised of the
following:
 Subscription revenue of NZ$4.1m (+28% vs pcp).
 Transaction revenue of NZ$1.5m (-16% vs pcp).
 Hardware and other services revenue of NZ$0.8m (+3% vs pcp).
 Gross margin of NZ$4.8m (+20% vs pcp)
 Gross margin percentage of 76% (up from pcp of 70%), driven by revenue mix
continuing to shift to high-margin subscription software products.
 Total cash and net receivables NZ$11.7m.
 This comprises NZ$8.8m in cash and NZ$2.9min net receivables (NZ$4.0m in
receivables with payables of NZ$1.1m) and no debt.
A fully underwritten institutional placement was completed in July raising A$18.0
million (approximately NZ$19.6 million) and non-underwritten share purchase plan in
process to raise up to A$2.0 million (approximately NZ$2.2 million).

Commenting on company progress through the recent quarter, IKE CEO Glenn Milnes said:
“Pleasingly, 1Q26 met or exceeded internal performance expectations for the period in terms of
revenue, new customer adds, gross margin, EBITDA and pipeline development targets. IKE reconfirms
previous FY26 guidance for ~35% or greater platform subscription revenue and EBITDA breakeven
on a run-rate basis in H2 FY26.

“While the exit run rate of annual platform subscription revenue (ERR) of NZ$16.6m was +29% on
prior year, this was lower than the level three months prior by ~NZ$1m, largely due to impacts of FX.
The relative weakness of the NZD versus USD (dropped ~7.5% between March 2025 and June 2025)
impacted IKE as it generates USD revenue and reports in NZD. This FX change effectively reduced

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reported ERR by ~NZ$1.3m. There were also some expected impacts forecasted operating shifts
from two long-term customers. Importantly, neither are lost, and include a national engineering group
who have continued to transition to a full self-perform transaction-based business model with IKE,
versus per seat subscriptions. We currently expect ~NZ$0.5m in self-perform transaction revenue
from this group at near 100% margin FY26. We also saw a reduction of subscription seats from a
tier-1 national fiber customer, as they completed a large fiber network assessment project in
California via the use of IKE’s products. This group remains a long-term customer– and we continue
to jointly-assess other potential programs across other markets in the U.S. where they build and
maintain communications infrastructure.

“As announced earlier in the month, IKE is now fully funded to accelerate growth plans and new
product development. Following the significant commercial success of the customer-council led
process to design and sell-through the IKE PoleForeman product, a now extended customer-council
group has engaged with IKE to define two extension subscription product modules that we believe
provide a new and compelling offer that addresses important needs across the entire electric utility
industry in North America. Holistically, these next generation product modules are intended to extend
IKE’s value in supporting utilities and communications companies to capture, digitize, and manage
their distribution networks.

“A strategic imperative is to maintain and extend IKE’s market leadership in this specific space. The
investment in this platform is expected to secure IKE's position as the definitive solution provider,
ensuring long-term contracts with customers, sustainable growth and market leadership for the next
decade and beyond.

“Targeted new product benefits include >5x productivity gains for customers for our defined
distribution network applications versus capability in the market today and >2x subscription seat
revenue growth per user via value-based pricing; while shifting customers to a next-generation stack
and user-experience best practices.”
“As we consistently witness, macro-market tailwinds in North America remain highly supportive of
IKE’s business and are expected to drive growth over the coming decades, and our North American-
based team continues to capitalize on significant sales opportunities.”

Performance summary
Performance across the business is set out in the following charts and table:


Takeaways
+29% YoY growth in the exit
run rate (ERR) of annual
platform subscription
revenue.
YoY subscription revenue
CAGR of 28%
Three-year subscription
revenue CAGR of +33%.

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Takeaways
Subscription seat license
growth of +45% YoY.
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
(released late FY24).



Takeaways

Revenue and gross margin
decreased YoY.
This part of IKE’s revenue
model will continue to have
some volatility but
continues to generate
positive cash flow, and the
services element provide
real value, and stickiness,
for customers.
IKE expects transaction
volumes and associated
revenue to continue to build
through the medium and
long-term.


Takeaways

Recurring subscription and
reoccurring transaction
revenues (shown in the
green and blue segments in
this chart) dominate IKE’s
revenue mix, at 88% for YTD
FY26.
An expectation for healthy
revenue growth in the full
FY26 period, including ~35%
or greater growth in
platform subscription
revenue.

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The Company added 22 new subscriptions customers during 1Q 2026, or approximately 1.8 new
customers per week

ENDS

About IKE
We are IKE, the PoleOS™ Company. IKE aims to become the standard for collecting, analyzing and
managing pole and overhead asset information for electric utilities, communications companies,
and their engineering service providers.
The IKE platform enables electric utilities, communications companies, and their engineering
service providers to enhance speed, quality, and safety in the construction and maintenance of
distribution assets.
The core revenue engine for IKE is driven by the number of enterprise customers subscribing to the
IKE platform and the volume of assets (called Transactions) being processed through IKE’s
software.

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Contact:
Glenn Milnes
CEO & Managing Director
+1 720-418-1936
glenn.milnes@ikegps.com

Simon Hinsley
Investor Relations
+61-401-809-653
simon@nwrcommunications.com.au

ikeGPS Group Limited
329 Interlocken Parkway, Suite 329, Broomfield CO 80021, USA
Office: +1 303 222 3218
www.ikegps.com