Blackpearl Group Q2 FY26 Update

BLACKPEARL GROUP | INVESTOR ANNOUNCEMENT

15 OCTOBER 2025
Blackpearl Group – Q2 FY26 Update

Blackpearl Group (NZX: BPG) achieved $19.5 million in Annual Recurring Revenue (ARR) at the end
of Q2 FY26 (30 September 2025), representing a 87% increase year-on-year, up 39% from the
previous quarter Q1 FY26. This milestone marks the first quarter where all four of Blackpearl’s growth
drivers, Pearl Diver, Bebop, B2B Rocket, and Wholesale have been live and contributing in parallel.

CEO Nick Lissette said “We have made major strategic moves during this quarter. We achieved
record ARR, completed the acquisition of B2B Rocket, expanded into Wholesale, raised capital, and
commenced our ASX listing application. With all four growth engines now rocketing, we are well-
positioned for our next phase: expanding our Australian shareholder base on the ASX and
accelerating towards our $50m ARR target.”

Key metrics

• Annual Recurring Revenue (ARR): $19.5m, up 87% YoY and 39% QoQ
• Revenue Churn: 4.6%, down 0.3ppt from 4.9% in Q1 FY26
• ARR Per Employee: $253k down 4% reflecting B2B Rocket integration
• CAC Payback Period: 4.6 months for the quarter ending 30 Sep 2025

Q2 Commentary

Q2 FY26 was one of the busiest quarters for Blackpearl Group, navigating a capital raise, acquisition
and integration of B2B Rocket and applying for ASX listing all while delivering growth across our
further expanded suite of AI-power products. All of these strategic initiatives position Blackpearl for
an acceleration of growth.

ARR reached $19.5m as of 30 September 2025, up 39% from the prior Quarter and 87% year-on-
year, driven by growth in Bebop, the expansion of our products into wholesale, the acquisition of B2B
Rocket and solid growth in Pearl Diver.

B2B Rocket’s initial integration into the Group has been very successful. In Q3, the focus will shift to
embedding the Pearl Engine to fully realise the benefits of the platform. Once completed, B2B Rocket
will be deeply integrated into the Group’s data ecosystem – driving higher-quality leads, stronger
demo conversions, and reinforce the Group’s multi-engine growth model and recurring revenue
momentum.

The Wholesale channel has gained strong early traction, with initial contract wins and several
additional agreements under negotiation. We are hand-selecting partners that align to our Ideal
Customer Partner (ICP) profile as we build capability in-house. These customers are naturally sourced
and upsold via the Pearl Diver Go-to-market (GTM). While early, we anticipate wholesale to make a
meaningful positive impact on Customer Acquisition Cost (CAC) efficiency once scaled.

Churn improved to 4.6% down from 4.9% in Q1 FY26, continuing the positive trend seen over the last
three quarters. The continued improvement in churn reflects the higher quality revenue base of Pearl
Diver and contract-based Wholesale customers.

ARR per employee declined to $253k as a result of the B2B Rocket acquisition due to its earlier
stage and distributed workforce. However, the scalability and operating leverage across both
businesses are expected to drive expansion as topline revenue continues to scale.

BLACKPEARL GROUP | INVESTOR ANNOUNCEMENT
Customer Acquisition Cost (CAC) payback increased to 4.6 months, reflecting deliberate
investment in scaling B2B Rocket. We’ve launched with an SMB-focused entry point to drive adoption
at lower initial value, while creating clear pathways to higher ARPU through a land-and-expand model
similar to Pearl Diver.
Outlook
Looking ahead to Q3, Blackpearl is well-positioned for its next phase of growth. Following the
successful capital raise, the completion of the B2B Rocket acquisition, and the launch of Wholesale,
Blackpearl remains on track to list on the ASX in November.
While we anticipate some seasonal effects in Q3, including extended CAC payback periods as
consumer brands significantly ramp up marketing spend across major US retail events such as Black
Friday, Thanksgiving, and the Christmas–New Year period, we will continue to invest wisely in growth
while focusing on integrating Pearl Engine data into B2B Rocket and solidifying our venture-based
organisational structure.
With all four growth drivers now contributing in parallel, Blackpearl remains on a strong trajectory
towards its next major milestone of $50m ARR, underpinned by a diversified product portfolio and a
clear path to scalable, sustainable growth.

ENDS

Contact

Released for and on behalf of BPG,
Karen Cargill, Chief Governance Officer and Interim CFO

For further information, please contact:
Karen.cargill@blackpearl.com | +64 21 135 5183

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: ‘We create motivating opportunities’. Turning
data into dollars.

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

Blackpearl.com

Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
ARR PER EMPLOYEE AT QUARTER END
QUARTER, FINANCIAL YEAR
Q2 UPDATEBLACKPEARL GROUPFY 26PAGE 03
Q2 FY26 Highlights
DELIVERING ON OUR STRATEGY
ANNUAL RECURRING REVENUE (ARR)
$19.5m
As of 30 Sep 2025.
87% increase YoY, up 39% from the
previous quarter Q1 FY26.
ARR PER EMPLOYEE
$253k
As of 30 Sep 2025.
10% decrease YoY, down 4% from the
previous quarter Q1 FY26 - reflecting B2B
Rocket acquisition.
REVENUE CHURN
4.6%
As of 30 Sep 2025.
0.6ppt increase YoY, 0.3ppt decrease
from the previous quarter Q1 FY26.
CAC PAYBACK PERIOD
4.6mo
As of 30 Sep 2025.
Up 34% YoY, a 17% increase from the
previous quarter Q1 FY26.
TOTAL ARR AT QUARTER END
TOTAL ARR (NZD)
QUARTER, FINANCIAL YEAR
TOTAL ARR (NZD)

---

Q2 FY26 Trading
Update
INVESTOR PRESENTATION – OCT 2025
→ TURNING DATA INTO DOLLARS

Our Speakers
INVESTOR RELATIONS
BLACKPEARL GROUP
Nick LisetteKaren CargillNoah LoulTrinity Lawry
DIRECTOR AND
CHIEF EXECUTIVE OFFICER
WELLINGTON, NZ
CGO & INTERIM CFO
WELLINGTON, NZ
B2B ROCKET CEO
LOS ANGELES, USA
PEARL DIVER CEO
AUCKLAND, NZ
PAGE 2
OCT 2025

Key
Messages
INVESTOR RELATIONS
BLACKPEARL GROUP
OCT 2025
B2B Rocket Integration – Completed acquisition and onboarding
Capital Raise – $15m round broadened investor base with Aus funds
ASX Cross-Listing – Application filed to expand access and visibility
Outlook – Clear path to $50m ARR and multi-product expansion
TAKEAWAY
Record Quarter – Four growth drivers in action
PAGE 3

Pearl Engine
INVESTOR RELATIONS
BLACKPEARL GROUP
PAGE 4
Private Data Platform • Augmented LLM • Living Data
OCT 2025
Problem
Recognition
AwarenessConsideration Decision /
Purchase Intent
Onboarding /
Activation
Expansion /
Retention
Our Platform Fuels the Acquisition Journey
PEARL ENGINE & PRODUCT SUITE

Q1 FY22
Q2 FY22
Q3 FY22
Q4 FY22
Q1 FY23
Q2 FY23
Q3 FY23
Q4 FY23
Q1 FY24
Q2 FY24
Q3 FY24
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000

Growth Amid
Major Strategic
Moves
DELIVERING ON OUR STRATEGY
INVESTOR RELATIONS
BLACKPEARL GROUP
PAGE 5
ARR reached $19.5m as at 30 Sep 2025,
an increase of +87% YoY and +39% QoQ.
First quarter with all four growth drivers live in
parallel - Pearl Diver, Bebop, B2B Rocket, and
Wholesale - delivering broad-based momentum.
Executed major initiatives while growing:
completed capital raise,
acquired and integrated B2B Rocket,
and submitted ASX dual-listing application.
ARR GROWTH
QUARTER
TOTAL ARR (NZD)
OCT 2025

30 SEP 2025
Q2 Financial Highlights
INVESTOR RELATIONS
BLACKPEARL GROUP
FINANCIAL PERFORMANCE
AS OF 30 SEP 2025.
1 JUL 2025
REVENUE CHURN WITHOUT ACQUISITION
4.6%
As of 30 September 2025.
CAC PAYBACK PERIOD
4.6mo
As of 30 September 2025.
0.3PPT DECREASE QoQUP 17% QoQ
ANNUAL RECURRING REVENUE (ARR)ARR PER EMPLOYEE
$19.5m$253K
As of 30 September 2025.As of 30 September 2025.
UP 39% FROM THE PREVIOUS QUARTER Q1 FY26.DOWN 4% FROM THE PREVIOUS QUARTER Q1 FY26.
OCT 2025
PAGE 6

Ad ChannelAvg. CPL (USD)Notes
$50 – $250
Targeted, verified B2B leads
with personalisation
$200 – $600
Highly competitive, subject to
ad fatigue & CPM inflation
$150 – $500+
High-intent but costly for
competitive keywords
$300 – $1,000+
Premium targeting, but
expensive per lead
B2B Rocket is an AI-powered sales
automation / outbound platform
INVESTOR RELATIONS
BLACKPEARL GROUP
Introducing B2B Rocket
PAGE 7
OCT 2025
Mission
LOS ANGELES • DELAWARE
COST PER LEAD (CPL) COMPARISON
“To empower B2B teams with
autonomous AI agents that
automate prospecting, outreach,
and lead qualification — so growth
teams can do more with less.”

INVESTOR RELATIONS
BLACKPEARL GROUP
PAGE 8
OCT 2025
WHOLESALE CASE STUDY
Growth plateaued under pay-
per-audience pricing
Clients demanded AI-driven,
scalable solutions
The Challenge
Introduced fixed-cost, AI-
powered wholesale
agreement
Enabled unlimited reach and
scalable margins
The Solution
The Result*:
Enabled +USD 2.4 M annual
revenue (in 6mo)
ROI lifted from 0.7× to 6.6×
CostProfit
StandardWholesale
$0
$50
$100
$150
$200
ROI COMPARISON: STANDARD VS WHOLESALE
PRICING WHEN SCALED TO 100X
PRICING MODEL
VALUE (USD) 000
SaaS & GTM Agency • SMBs • U.S. Market
6.6x
ROI
0.7x
ROI
K
K
K
K
Turning a $30K/m
investment into
$200K/m revenue
Wholesale
*Standard based on $1818/mo per audience, Engine
based on $30K/mo
*Based of customer testimonial. Please note
we do not access customer financials.

Strong institutional backing from Australia
(incl. cornerstone funds) and continued NZ
support.
Use of funds: B2B Rocket settlement, ASX
dual-listing costs, and product investment to
scale in the US.
Validates strategy & growth trajectory while
broadening the international shareholder base.
Targeting November completion.
Enhances visibility with Australian and global
investors.
Improves access to capital if and when
required to support US expansion and product
acceleration.

Capital Raise
KEY TO GROWTH
INVESTOR RELATIONS
BLACKPEARL GROUP
PAGE 9
ASX Listing
OCT 2025

CUSTOMER FEEDBACK DATACUSTOMER FEEDBACK DATA
BebopB2B Rocket
New Old Stamp
Black Pearl Mail
Pearl Diver
Retail
Wholesale
Shared ServicesPearl Engine
Venture-Led Growth
INVESTOR RELATIONS
BLACKPEARL GROUP
PAGE 10
Group Level
Venture Level
Created
Integrated
Private Data Platform • Augmented LLM • Living Data
HR • Finance • IT • Data • Security
OUTLOOK
OCT 2025
Retail
Wholesale

1M ARR

Growth Horizons
OUTLOOK
INVESTOR RELATIONS
BLACKPEARL GROUP
PAGE 11
ANNUAL RECURRING REVENUE
ADDITIONAL PRODUCT RELEASES
STRATEGIC ACQUISITIONS
10M ARR
20M ARR
50M ARR
$19.5M ARR
AS OF 30 SEPTEMBER 2025
Clear trajectory to $50m ARR with four growth engines
compounding in parallel
Strong momentum following capital raise, B2B Rocket
acquisition, and Wholesale launch
On track for ASX listing in November
Seasonal Q3 dynamics anticipated, with major US retail
events creating upside opportunity to execute on
venture model
Well-positioned for sustained, scalable growth through
FY26 and beyond.
3 - 5 YEARS
OCT 2025
PD | BB | B2BR | BPM | NOS | WHOLESALE

Thank YouAd Astra
BLACKPEARL GROUP
PAGE 12
INVESTOR RELATIONSOCT 2025

BLACKPEARL GROUP
PAGE 13
INVESTOR RELATIONSOCT 2025
Q&A