RAK ASM Presentation & Chair's Speech & election update

Rakon Limited
T: +64 9 573 5554
8 Sylvia Park Road, Mt Wellington, Auckland 1060, New Zealand
Private Bag 99943, Newmarket, Auckland 1149, New Zealand


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22 August 2025

RAK ASM 2025 Presentation & Chair’s Speech and election update

The Annual Meeting of Rakon Limited (NZX:RAK) was held today at 10.30am at Great Northern
Room, Ellerslie Event Centre, Remuera Auckland, New Zealand and online via meetnow.global/nz.
During the meeting, before the resolutions were addressed at the meeting, Independent Director
and Chair of Rakon, Dr Mark Bregman announced that he would not stand for election and would
step down from the Board at the end of the meeting. Accordingly the resolution for his election was
not put to the meeting.
Attached are copies of the presentation and the Chair’s Speech which were delivered at the 2025
Annual Meeting.
-ENDS-
Contact:
Investor and media relations,
Nick Laurent, investors@rakon.com,
+64 21 240 7541

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

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22 August2025© Rakon Limited
2025 Annual Meeting of Shareholders

1
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33
Chair’s address
Dr Mark Bregman

4
Chair’s address
Chief Executive’s review
Shareholders’ questions
Resolutions
General business
4
Agenda

55
Our Board
Jon Raby
Independent director
Brent Robinson
Director
Dr Mark Bregman
Chair and Independent director
Dr Lisbeth Jacobs
Independent director
Jung Meng (JM) Tseng
Director
Lorraine Witten
Independent director

6
•Technology leader exposed to high-growth cutting
edge sectors
•Growth investment strategy paying off
•Tapping into global manufacturing footprint
advantages
•Increasing investment in R&D to maintain
technology innovation edge
•Refreshed leadership, efficiency focus and
flexibility to fund growth
Rakon is well positioned to capitalise on opportunities and rise to the challenge
A global vision

7
GROW OUR
CORE BUSINESS
MAINTAIN PRODUCT
AND TECHNOLOGY
LEADERSHIP
DELIVER WORLD
CLASS
MANUFACTURING
The value is clear; our task is to leverage it
Realising Rakon’s potential and fast-tracking growth
RAKON’S POSITIONTODAY
IS ENVIABLE
ATTRACTING INVESTMENT
AND FAST-TRACKING
GROWTH
MATCHING OPPORTUNITY
WITH IMPROVING
INVESTMENTCLIMATE
Operating in rapidlyexpanding
markets –AI Hardware and
Aerospace & Defence
Building the balancesheet and
encouraging investment from
international investors
Leveraging Rakon’s value -
defining the standard forwhat
a NewZealand tech company
can achieve on a global stage

88
Chief Executive’s review
Dr Sinan Altug

99
Progress. Performance. Potential

10
Group strategy recap
FINANCIAL
SHAREHOLDERS
CUSTOMERS
CORE MARKETS
PEOPLE
PROCESSES
SYSTEMS
TECHNOLOGY
PRODUCT
DELIVERABLES
WE OPERATE WHERE GROWTH IS
AI Hardware / Aerospace & Defence/ Telecom Infrastructure / High-Precision Positioning
REFRESHED STRATEGY FOR FY26-FY28
Direction of travel unchanged, with added speed, discipline, and guardrails to scale with control
STRATEGYCustomers at the
centre
Invest in Talentand
Technology to develop the
right Products
Scale and execute with
discipline through our
global operations
EXECUTIONSCALE
Product platforms and
Technologies
LEVERAGE
Proprietary IP to lead
competition
GLOBAL MANUFACTURING
MODELfor speed,
resilience, scale and cost

11
Progress: FY23-FY25
Strategic execution laid foundation and created momentum for FY26 and beyond
Establishing new core market AI and
cloud computing hardware
Operational transformation to
leverage global manufacturing and
drive efficiency
Leading supplier of Space
subsystems and components
Strengthenedtechnology leadership
through R&D investment and next-
gen products

12
FY25 Performance: a year of two halves
•Underlying EBITDA
1
$9.5m near guidance mid-point despite one of the most demanding years on record
•Record Aerospace & Defence revenue +15% YoY growth; positive trendfor third consecutive FY
•Telecommunications stabilising with improved orders
FY252H25 IMPROVEMENT VS 1H
REVENUE
$104m
-19% YoY
+49% [1H: $41.7m]
GROSS MARGIN %
43.1%
-2.1% YoY
+9.0% GM% [1H: 37.8% GM%]
1
Non-GAAP disclosures: Refer to note 4 of the FY2025 consolidated financial statements for an explanation of how ‘Non-GAAP Financial Information’ is used, including a definition of Underlying EBITDA’ and reconciliation to net profit after tax (NPAT)
Second half reset set the FY26 launchpad
UNDERLYING EBITDA
1
$9.5m
-29% YoY
+$16.8m [1H: -$7.3m]

13
Cost discipline, efficiency and reorganisation
Tightened the cost base while protecting long term growth
LEAN COST BASE AND STRONG BALANCE SHEET
•Normalised opex
1
: down 10% YoY while R&D investment steady at ~$22m
•Inventory: down 16% YoY ($8.5m reduction)
•Strong balance sheet: net assets of $155m
RE-ORGANISATION OF LEADERSHIP AND BUSINESS STRUCTURE
•Market-segment based Business Units and leadership realignment
•Matched critical roles to our best people
•India transfers unlocked structural costs of goods sold (COGS) benefits
OUTCOME
Operating leverage improving as volumes recover in FY26
1
Normalised Opex excludes one-off acquisition proposal costs and redundancy costs
2
Reflects steady year-to-year opexlevelsand high volume of new product capitalisation resulting in adrop in FY25 R&D opex
Opex
1 (normalised)
$51.4m
-10% YoY
2
Inventory
$46.4m
-16% YoY

14
R&D investment and capitalisation
Technology leadership funded with disciplined approach
Total R&D
Investment
($NZD)
Revenue
(Millions
$NZD)
0
100
200
0
5
10
15
20
25
FY21FY22FY23FY24FY25FY26
R&D OpexCapitalisation of R&DBUD FY26Revenue
14m
16m
18m
22m
22m
24m
FY26B

15
Roadmap: FY26 to FY28
T ELECOMUNICAT IONS
AND POSIT IONING
AEROSPACE
ANDDEFENCE
AI AND CLOUD
INFRASTRUCTU RE
OPERAT IONS AND
SYST EMS
FY 2026
FY 2027
FY 2028
•Delivery of current
subsystem contracts
•Ramp up space
product
manufacturing
capacity
•Convert initial
orders from Tier-1
players
•Delivery of
significant revenue
•Continue design
wins for next-gen
architecture
•Grow AI hardware
revenue
•Continue selected
product transfers to
India facility
•Volume production
of products
transferred in FY25
From foundations to scaled performance
•Achieve ‘default’
supplier status in
targeted classes
•Drive production
efficiency
•Complete next
phase of key
product
transfers into
India
•Leverage global
manufacturing to
maximise
competitive
advantage and
production efficiency
•Release next-gen
semiconductor
and products for
space applications
•Scale production of
latest subsystem
products
•Grow share of
global space
market
•Increased orders
and improved
margins as
demand returns
•Move to higher
value product
mix, leveraging
proprietary
XMEMS and chip
technology
•Increase volumes
in targeted
segments through
higher-value
product mix

16
Converting growth into returns
Capital allocation and execution discipline
STRATEGY LED BUDGET
Portfolio guardrails spread 60/30/10 across Core, Next-gen, and Optional business
lead the core (H1)develop next gen products (H2)explore options (H3)
CAPITAL DISCIPLINE
Releasing capital through stage gates; every quarter we keep, cut, or accelerate projects
CONVERTING OPPORTUNITY INTO RETURNS
Targeting clear paths to returns above weighted average cost of capital, with measurable impact
on cash, margin, and share
CORE / SUSTAIN
60%
NEXTGEN / ADJACENCIES
30%
OPTIONS / MOONSHOTS
10%

17
FY26 Guidance and market outlook
MARKET OUTLOOK
AEROSPACE AND DEFENCE: Strong order book extending beyond FY26; rising Space subsystems demand
AI HARDWARE: Significant FY26 revenue beginning; design-wins across targeted categories
TELECOM INFRASTRUCTURE: Stabilised in 2H25; recovery driven by densification & FWA
2
; we held share & win rate
POSITIONING: Flat near-term; defending high-precision niches.
FY26 UNDERLYING
EBITDA
1
GUIDANCE
$15-24mFOR THEFINANCIAL YEAR TO MARCH 31 2026
1
Non-GAAP disclosures: Refer to note 4 of the FY2025 consolidated financial statements for an explanation of how ‘Non-GAAP Financial Information’ is used, including a definition of Underlying EBITDA’ and reconciliation to net profit after tax (NPAT)
2
FWA (Fixed Wireless Access) uses 4G and 5G radio spectrum (the same as used for mobile phone services) to provide wireless broadband connectivity
FY26 YTD REVENUE VSFY25
Up by+28%
FY26 YTDGROSS MARGIN % VSFY25
Up by +7% to 50%

18
From stabilise to scale
FY26 budget and FY30 aspirational target
1
Non-GAAP disclosures: Refer to note 4 of the FY2025 consolidated financial statements for an explanation of how ‘Non-GAAP Financial Information’ is used, including a definition of Underlying EBITDA’ and reconciliation to net
profit after tax (NPAT)
2
The FY30 Aspiration data provided on this slide should not be interpreted as guidance. See Disclaimer on “Important Notice” slide for more information.
RevenueUnderlying EBITDA
1
FY26 BUDGET
$120-$130m
$15-24m
FY30 ASPIRATION
2
$250m
$75m
FY30aspirationaltargetisbasedonRakon’ssoundstrategicexecutionfromFY23-FY25
andcurrenttrajectorybasedonourstrategicpaththroughFY26toFY30

19
Summary: Progress · Performance · Potential
PROGRESS
FY23–FY25 foundations delivered across Aerospace &
Defence, AI Hardware, operations and organisation
PERFORMANCE
FY25 second-half reset; Underlying EBITDA
1
positive; cost
base tighter; momentum into FY26
POTENTIAL
FY26 Underlying EBITDA
1
guidance $15–24m; disciplined
capital and execution; pathway to FY30 aspirations
1
Non-GAAP disclosures: Refer to note 4 of the FY2025 consolidated financial statements for an explanation of how ‘Non-GAAP Financial Information’ is used, including a definition of Underlying EBITDA’ and reconciliation to net profit after tax (NPAT)

20
Concluding remarks

21
Shareholder questions

22
Resolutions

23
23
23
Resolution 1:
That Mark Bregman be elected as a Director of Rakon
This resolution was not put to the meeting for
voting as DrMark Bregman announced
immediately prior to the Resolutions section of the
meeting that he would not stand for election and
accordingly any votes already cast for this
Resolution would not be counted.
Ordinary resolution

24
24
24
Resolution 4:
That Brent Robinson be re-elected as a Director of Rakon
Ordinary resolution

25
25
25
Resolution 5:
That the Directors be authorised to fix the fee and expenses
of Rakon’s auditor, for the following year.
Ordinary resolution

26
26
26
Resolutions 6, 7 and 8:
•Resolution 6: That the Board determine the constitutional settings required for Rakon
Limited to include a minority investor voting regime within its Constitution, whereby a
controlling shareholder or a group of shareholders acting in concert with greater than 30%
of shares would not be able to vote on the election or re-election of independent directors.
•Resolution 7: That a revised Constitution, including any amendments determined by the
Board under Resolution 6 is tabled for consideration by shareholders as a special resolution
at the next Annual Shareholders Meeting of Rakon Limited.
•Resolution 8: That Brent Robinson be removed as a Director of Rakon Limited.
Resolutions proposed by Five Boys Limited on behalf of NZSA

29
General business & shareholder questions

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

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

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CHAIR’S ADDRESS TO ANNUAL MEETING OF SHAREHOLDERS
HELD ON 22 AUGUST 2025

Tēnā koutou katoa

Good morning and welcome. It’s great to see a strong turnout
from shareholders, both here and online, for today’s meeting. I
am Mark Bregman, the Chair of your Board.

I am pleased to confirm that we have a quorum of
shareholders and therefore I declare the 2025 Annual
Shareholders Meeting open. I also advise that online voting is
now open on all items of business.



OUR AGENDA

Today you will hear from myself and Sinan Altug, our chief
executive, before we open the meeting for shareholder
questions, followed by resolutions. There will then be an
opportunity for any other general business shareholders would
like to discuss before the close of the meeting.

Shareholders here today are invited to join the board and
Rakon team for refreshments at the end of the meeting.


OUR BOARD

I am joined today by Rakon’s current board members. Also
sitting with us is our Chief Executive Sinan Altug, and Mark
Dunwoodie, our CTO.

I would also like to welcome representative(s) from our auditor,
PwC, and our solicitors.

As shareholders will be aware, there have been a number of
changes to the Board, both in the last year and in recent
weeks. I think it’s important for shareholders to understand
these, so please bear with me.

Since the last annual meeting, three independent directors
have stepped down – Sinead Horgan, Keith Oliver and Keith
Watson. The company would like to thank all of them for their
contributions and efforts on behalf of Rakon.

To fill the vacancies, the Board undertook a professional,
considered and in depth recruitment process to ensure we had
the right directors, with the right skills to lead Rakon into the
future and deliver value for shareholders.

I joined the Board in October last year, and we were also
privileged to welcome Jon Raby and Dr Lisbeth Jacobs earlier
this year, who are both highly qualified, industry-fluent and
internationally experienced.

Their appointments were unanimously supported by the full
Board, including the non-independent Directors and
shareholders, Brent Robinson and Siward Crystal Technology
Ltd – I note that this support only changed after Brent was
advised that he had not been selected for the Chair role.

It was with regret that we received notice last week that Jon
and Lisbeth have chosen not to stand for election at this
Meeting – this is a real loss to Rakon. During their time, they
contributed valuable expertise and strategic oversight, and
demonstrated the highest standards of governance in the
interests of all shareholders.

Jon and Lisbeth agreed to remain as directors until the end of
this Meeting, to ensure Rakon continued to meet its NZX

obligations in regards to director independence - thank you to
you both. Lisbeth has passed on her regrets that she cannot be
with us today but Jon is here and is happy to take questions
from shareholders later.

The rules require the company to have two independent
Directors on the board at the end of this Meeting, and one of
those needs to be the Chair of the Audit & Risk committee.

About one week ago, when, after three months of discussion, it
became clear that a compromise with the largest shareholders
could not be reached, the independent directors concluded
that we must, in the interests of the company and all
shareholders, pursue a path to avoid breaching the listing rules.
We therefore undertook a strategy to ensure that Rakon would
remain in compliance with NZX rules.

Previously, Lorraine Witten had advised that she was going to
step down, however, following discussions with the majority of
the board and to ensure Rakon continues to comply with NZX
Listing Rules, she has agreed to remain on the board will chair
the Audit & Risk at the conclusion of this meeting.

When Lorraine had originally announced her intent to retire,
the nominating committee undertook a search with the help of
a leading recruiting firm, for a new independent director to fill
her role. A number of candidates were identified. After a
series of interviews we identified a strong candidate whose
background and skills helped to strengthen the board.
Yesterday, we announced the appointment of Peter Baines.

Peter was recommended by the Nominations committee
following a thorough review process. Peter’s qualifications and
experience are extensive – he is a highly experienced
technology executive and director with over 25 years of

leadership experience spanning telecommunications,
manufacturing, R&D and commercialisation, both in New
Zealand and internationally. His expertise in global technology,
high-tech manufacturing, investment and commercialisation of
cutting edge technologies are all considered to be of value to
the Rakon board.

He will join the board at the end of this meeting and will stand
for election at the 2026 ASM.


A GLOBAL VISION FOR RAKON

In my introductory letter to shareholders a few weeks ago, I
outlined my vision for Rakon.

Rakon’s technologies underpin some of the most advanced and
demanding systems in the world and I believe the company is
at an exciting and pivotal moment, with significant
opportunities ahead.

Rakon has huge potential to lead in global tech sectors like AI
and Space – and we’re already making excellent progress with
orders from some of the largest global players.

The investment and work that has been undertaken in the last
few years has positioned Rakon to capitalise on these
opportunities and we are ready to rise to the challenge.

 We are benefiting from the foresight shown in developing
our India facility — which now gives us resilience and
flexibility.

 The current expansion of manufacturing in France will
also allow us to scale up quickly to meet escalating

demand, with EU based manufacturers to benefit from
the recent NATO commitments to Defence.

 Multiple new products have been developed, tested and
launched commercially, specifically targeted towards
major growth sectors such as Space and AI.

 We have a strong and capable leadership team who bring
years of international and sector experience to Rakon,
and a committed and expert workforce.

 Over the past year, there has been a priority focus on
costs and efficiency, and Rakon has a strong balance
sheet with funding headroom to execute current
initiatives.

The downturn in Telco and Positioning is now starting to turn
and the potential growth Space and AI is exponential – we
need to make sure Rakon is riding the wave. The significant
rebound we saw in the 2H of FY25 has continued and we are
expecting a strong FY26 performance.

Sinan will talk more to our strategy and progress shortly.


REALISING RAKON’S POTENTIAL AND FAST-TRACKING GROWTH

Rakon’s position today is enviable. We are operating in markets
that are expanding rapidly — AI, aerospace, defence —
alongside our established strengths in telecom infrastructure
and positioning. These are sectors shaping the future of
communications, navigation, and security.

Our focus across Space, Defence and AI lets us take more of a
portfolio approach and reduces risk in the case of a sector

slowdown. In the meantime, we should capture as much
business during the boom as we can.

The value is clear, and our task is to leverage it — through the
right capital, investment, and execution — so we can fast-track
scale.

We need to build our balance sheet and encourage investment
from international technology investors who view Rakon as an
attractive opportunity and understand the strategic relevance
of our technology. This is an area where I have decades of
experience.

I was recently in the US on other business, talking to investors
in the tech industry. They see the investment climate improving
in the second half of this year, with huge investment in AI and
Data Centers, defence and aerospace. With the continuing
focus on supply chains and use of sovereign technologies
produced under the laws and control of trusted allies positions
New Zealand to be a good partner for US and EU companies.

I am excited about what Rakon can achieve. By working
together, we can ensure Rakon not only meets the challenges
ahead but defines the standard for what a New Zealand
technology company can achieve on the global stage.

Thank you. I’ll now hand over to Sinan to talk about Rakon’s
progress and the steps we are taking to move Rakon forward.


ENDS