Blackpearl Group HY FY26 Result - Strong Execution

BLACKPEARL GROUP FY26 — 6 MONTHS ENDED SEPTEMBER 2025
INTERIM REPORT

Contents
02
04
06
Letter from the Chair & CEO
Financial Metrics
How We Performed
06
07
08
10
13
1
4
15
Strategic Execution
Scalable Platform
Revenue Growth
Subscription Revenue
Gross Margin
Balance Sheet
Operating Expenses
19
Financial Statements
PAGE 01BLACKPEARL GROUPHY2026INTERIM REPORTINTERIM REPORT

INTERIM REPORT
Letter from the
Chair & CEO
Dear Shareholders,
At the start of the year, we committed to four priorities: driving aggressive
ARR growth, advancing the Blackpearl Engine LLM, launching a new AI
product, and acquiring a highly synergistic company.
We delivered on every one of those goals. Our FY26 half-year results are a
direct reflection of that focus and execution.
This has resulted in a stronger balance sheet, an enhanced core technology
asset, increased revenue growth, and product and market diversification.
W
e also expanded our Data-as-a-Service (previously referred to as
‘Wholesale’) offering. DaaS represents our newest revenue horizon and a
higher-quality subscription stream, with our data becoming embedded
directly in customers’ revenue-generating operations.
Our approach this year has been disciplined: win today while investing
delibera tely in the capabilities that will drive tomorrow.
With the continued support of both existing and new shareholders, we are
well-positioned to accelerate the next phase of our growth.
Kind regards,
Nick and Tim
NICK LISSETTE
CEO, BLACKPEARL GROUP
TIM CROWN
CHAIR, BLACKPEARL GROUP
PAGE 03HY2026BLACKPEARL GROUPINTERIM REPORT

INTERIM REPORT
BLACKPEARL GROUP
HY2026
PAGE 05
30 SEP 2025
HY26 Financial Metrics
NOTES:
COMPARATIVE FIGURES RELATE TO
HY25 UNLESS OTHERWISE STATED
PPT STANDS FOR PERCENTAGE
POINTS
1 APR 2025
ANNUAL RECURRING REVENUEARR PER EMPLOYEE SUBSCRIPTION REVENUE
$19.5m$253K$5.2m
As of 30 September 2025.As of 30 September 2025.For HY26.
87% increase YoY
Down 10% from H1 FY25
59% increase YoY
REVENUE CHURNGROSS PROFIT MARGIN
4.6%67%
As of 30 September 2025.For HY26, previously 73% in HY25.
Temporary cost increase due to overlapping data
agreements and GTM testing.
CAC PAYBACK PERIOD
4.6mo
As of 30 September 2025.
0.6PPT increase YoYUP 34% YoY

The Group entered FY26 with a strategy to accelerate revenue growth while making
targeted investments that position the Company on a clear path to $50m ARR.
To achieve this, we focused on four key areas:
INTERIM REPORT
BLACKPEARL GROUP
HY2026
PAGE 07
How We Performed
STRATEGIC EXECUTION
Accelerated ARR
Launch a new AI product
Increase value of the Blackpearl
Engine LLM
Accelerating ARR growth through introduction of DaaS offerings and
product diversification
1.
Advancing Blackpearl Engine’s data ingestion and processing capability2.
Launching a new AI product into the market (Bebop)3.
Acquiring a highly synergistic venture (B2B Rocket)4.
All four were delivered in first half of FY26. ARR grew materially to $19.5m, Blackpearl
Engine expanded in scale and capability to 21 billion data points daily, Bebop launched into
market, and B2B Rocket was successfully integrated into the portfolio.
Looking ahead, the second half of the financial year is firmly centred on revenue
performance. With our strategic milestones delivered, the focus now shifts to converting
platform scale, new products and a recent acquisition into continued revenue growth. We
expect typical Q3 seasonality, with major US retail events providing upside opportunity to
further execute our venture model.
With the strategic foundation in place, 2HY FY26 is about driving revenue outcomes.
Launch a new AI product
The Blackpearl Engine continued its scale-out in HY26, now processing over 21 billion daily
signals and ingesting more than 30 terabytes of data each month. This data is then
transformed into dollars for our customers and for Blackpearl Group.
This investment in the Blackpearl Engine has been the key driver behind our Data as a
Service contracts, supporting the lift in Pearl Diver’s average revenue per customer (ARPU)
and customer retention. It has also provided the foundation for new products such as
Bebop and enabled the quick integration of new technologies like B2B Rocket.
Ultimately, speed is the technical advantage in today’s economy.
The platform’s modular architecture underpins significant speed-to-market advantages –
as demonstrated in Bebop’s creation-to-launch in just 90 days.
SCALING BLACKPEARL ENGINE
30TB
NOW INGESTING 30 TB/MONTH
21bn
21BN SIGNALS PROCESSED/DAILY
BEBOP: FROM IDEATION TO IN-MARKETNEW PRODUCT INTEGRATED
90days
B2B
Rocket

Black Pearl MailNew Old StampPearl DiverBebopB2B Rocket
HY1 FY24HY2 FY24HY1 FY25HY2 FY25HY1 FY26
0
5000
10000
15000
20000
INTERIM REPORT
BLACKPEARL GROUP
HY2026
Revenue Growth
TOTAL ARR (NZD THOUSANDS)
NZ$19.5m
ANNUAL RECURRING REVENUE (ARR)
Sustained growth across ARR
and subscription revenue.
Blackpearl delivered strong recurring revenue performance in HY26, with ARR increasing
to $19.5m, up 87% year-on-year. Subscription revenue also grew materially, rising 59% to
$5.2m as customers progressed through onboarding and billing cycles
The current gap between ARR and subscription revenue reflects positive underlying
dynamics that are setting the Group up for accelerated growth.
1.Data as a Service (DaaS)
Pearl Diver’s strategic shift toward annually contracted, high-value DaaS partnerships is
already driving substantial ARR uplift. These contracts, typically generating NZ$300k–
NZ$700k in ARR per client, deeply embedding our data directly into customers’ revenue-
producing workflows.
Because these DaaS agreements are annual and use ramp pricing – gradually increasing
to full monthly rates over a 90-day onboarding period – clients can adopt quickly without
upfront cost pressure. This approach reduces friction, thus shortens sales cycles, resulting
in healthy CAC payback – all the while building strongly embedded recurring revenue.
2.B2B Rocket
B2B Rocket entered the Group with impressive bootstrapped traction and meaningful ARR
already in place. In HY26, only 40 days of B2B Rocket’s subscription revenue has been
recognised, meaning the full revenue potential has yet to flow through the accounts.
87% INCREASE YOY
ARR GROWTH
“ARR increasing to $19.5m reflects both the quality of our recurring revenue
streams and the early contribution from our newer ventures. This momentum
supports stronger alignment between ARR and subscription revenue in the
periods ahead.”
KAREN CARGILL, INTERIM CFO
PAGE 09

Black Pearl MailNew Old StampPearl DiverBebopB2B Rocket
HY1 FY24HY2 FY24HY1 FY25HY2 FY25HY1 FY26
0
2000
4000
6000
8000
10000
Black Pearl MailNew Old StampPearl DiverPearl Diver RampsBebopBebop Ramps
B2B RocketB2B Rocket Full Period
HY1 FY24HY2 FY24HY1 FY25HY2 FY25HY1 FY26
0
2000000
4000000
6000000
8000000
10000000
INTERIM REPORT
BLACKPEARL GROUP
HY2026
PAGE 11
SUBSCRIPTION REVENUE (NZD THOUSANDS)
The chart below is non-GAAP and for illustrative purposes only.
It shows how, once you factor in the partial period contribution from B2B Rocket and the
ramp-up timing of DaaS contracts, subscription revenue aligns far more closely with
ARR on a six month basis.
In short, it reveals a backlog of growth that will increasingly flow through into future
reporting periods.
NZ$5.2m
SUBSCRIPTION REVENUE
Sustained growth across ARR
and subscription revenue.
59% INCREASE YOY
SUBSCRIPTION REVENUESUBSCRIPTION REVENUE ADJUSTED FOR B2B
ROCKET & PEARL DIVER RAMPS
SUBSCRIPTION REVENUE (NZD THOUSANDS)
Subscription Revenue
8000
6000
4000
2000
10000

INTERIM REPORT
BLACKPEARL GROUP
HY2026
PAGE 13
As previously signalled to the market, the Group moved from variable to fixed data supply
agreements. Accordingly, gross margin for HY26 decreased to 67%, which was expected.
While this shifted costs upfront, the structure is already delivering scale benefits. As
volumes increase, the fixed annual cost is absorbed more efficiently, driving gross margin
up 10% from Q4 FY25. This demonstrates the long-term leverage available in the model
and positions the business for stronger margin expansion going forward.
67%
GROSS MARGIN STRENGTHENING AHEAD
Margin reset positions the
business for stronger
long-term leverage.
Gross Margin
HY1 FY24HY2 FY24HY1 FY25HY2 FY25HY1 FY26
0%
20%
40%
60%
80%
100%
PERCENTAGE OF REVENUE
GROSS PROFIT MARGIN FOR HY

Closing Cash Balance
HY1 FY24HY2 FY24HY1 FY25HY2 FY25HY1 FY26
0
2000
4000
6000
8000
10000
Operating Expenses (LHS)
HY1 FY24HY2 FY24HY1 FY25HY2 FY25HY1 FY26
0
2000
4000
6000
8000
10000
INTERIM REPORT
BLACKPEARL GROUP
HY2026
PAGE 15
Balance Sheet
NZ$11.8m
STRENGTHENED BALANCE SHEET
Blackpearl strengthened its balance sheet during HY26 through a successful private
placement and Share Purchase Plan, raising approximately $15.1m in gross proceeds,
followed by a post-result private placement that raised an additional $11.8m. This capital
en ables strategic investment in product expansion, growth hiring, and platform
development, while supporting ARR momentum, which increased to $19.5m from $10.5m
over the same period. Net free cash outflows were $7.1m (excluding the B2B Rocket
acquisition), reflecting planned investment to scale the business.
Supporting ARR growth and
strategic investments.
CAPITAL RAISED
CLOSING CASH BALANCE
(NZD THOUSANDS)
The capital raise broadened our institutional shareholder base, including new Australia-
based institutions, and provides funding for ASX listing, product lead growth, investment in
the Blackpearl Engine and future ventures. This places the Group in a strong position to
execute on its growth initiatives while maintaining financial resilience.
Operating expenses increased in HY26 in line with planned strategic investment across
core growth initiatives. The main contributors were continued development of the
Blackpearl Engine and the launch of Bebop, including product development, market
testing, and work to establish product market fit. One off ASX listing and acquisition costs
also contributed to the lift in expenses. These investments were expected and reflect our
strategy to build scalable ventures supported by a shared data platform. While OpEx
increased, the Group continues to demonstrate operating leverage as ARR grows, and we
expect efficiency to improve as recently deployed capital gains scale across the business.
300%
250%
200%
150%
100%
50%
OPEX AS % OF REVENUE
OPERATING EXPENSES (NZD THOUSANDS)
PERCENTAGE OF REVENUE
OPEX as % of Revenue (RHS)

INTERIM REPORT
BLACKPEARL GROUP
HY2026
PAGE 17
LOOKING AHEAD
The second half of the year is focused on scaling Pearl Diver’s DaaS
offering, advancing Bebop’s early traction, increasing B2B Rocket’s
commercial contribution, and capturing efficiency gains from the fixed fee
data supply structure.
Together, these initiatives support operating leverage and margin
improvement as volumes increase. With a strengthened balance sheet, a
growing investor base, and a unified data and AI platform, Blackpearl is
well placed to d eliver on its growth strategy through the second half and
beyond.

FINANCIALS
Consolidated
Financial
Statements
PAGE 19
BLACKPEARL GROUPHY2026INTERIM REPORT

Interim Consolidated Statement
of Profit or Loss
For the six months ended 30 September 2025
6 months ended
30 September
6 months ended
30 September
Notes20252024
Unaudited
$000
Unaudited
$000
Subscription revenue75,1533,232
Cost of sales(1,706)(884)
Gross profit3,4472,348
Other revenue-1
Personnel expenses8(4,142)(3,395)
Operating expenses(4,378)(1,665)
Administrative expenses8(2,125)(1,465)
Net finance costs(84)(27)
Loss before net losses on financial instruments(7,282)(4,203)
Net losses on financial instruments5(58)-
Loss for the period attributable to owners (7,340)(4,203)
Earnings per share20252024
$$
Basic and diluted loss for the period attributable to owners10(0.11)(0.09)
THE ACCOMPANYING NOTES FORM PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
Interim Consolidated Statement
of Other Comprehensive Income
For the six months ended 30 September 2025
6 months ended
30 September
6 months ended
30 September
Notes20252024
Unaudited
$000
Unaudited
$000
Loss for the period(7,340)(4,203)
Other comprehensive loss that may be subsequently reclassified
through profit or loss
Exchange differences on translation of foreign operations(224)191
Total comprehensive loss for the period(7,564)(4,012)
Signed for and on behalf of the board:
Nicholas Lissette
Date: 20 November 2025
Timothy Crown
Date: 20 November 2025
PAGE 21
BLACKPEARL GROUPINTERIM REPORTINTERIM REPORT
Consolidated Financial StatementsConsolidated Financial Statements

THE ACCOMPANYING NOTES FORM PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
As at 30 SeptemberAs at 31 March
Notes20252025
Unaudited
$000
Audited
$000
Assets
Current assets
Cash and cash equivalents8,953
6,773
Receivab
les and prepayments1,500
1,050
Total curr
ent assets
10,453 7,823
Non-current assets
Pr
operty, plant and equipment171
181
Goodwill515,454 2,873
Intangible assets56,7
00
1,750
Right-of-use asse
t421
536
Other financial assets55 52
Total non-
current assets
22,801 5,392
Total assets33,254 13,215
Liabilit
ies
Current liabilities
Trade and other payables
2,567 1,706
Employee en
titlements
468 372
Lease liabil
ities
224 208
Loans and borrowings95,052 51
Contract liabi
lities5
2,883 670
Tota
l current liabilities
11,194 3,007
As at 30 SeptemberAs
at 31 March
Notes20252025
Unaudited
$000
Audited
$000
Non-current liabilities
Contingent consideration5
5,277
-
Deferred tax liability5677 -
Lease liabilities
213
330
Loans and borrowings9217 1,219
Total non-
current liabilities
6,384 1,549
Total li
abilities
17,578 4,556
Equity
Share capital11
65,048 50,456
Accumulated lo
sses
(50,716)(43,376)
Reser
ves
1,344 1,579
Equity at
tributable to the owners
15,676 8,659
Total liab
ilities and equity
33,254 13,215
Signed for and on behalf of th
e board:
Nicholas Lissette
Date: 20 November 2025
Timothy Crown
Date: 20 November 2025
PAGE 23
BLACKPEARL GROUPINTERIM REPORTINTERIM REPORT
Consolidated Financial Statements
Interim Consolidated Statement
of Financial Position
HY2026
Consolidated Financial Statements
Interim Consolidated Statement
of Financial Position

THE ACCOMPANYING NOTES FORM PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
Interim Consolidated Statement
of Changes in Equity
For the six months ended 30 September 2025
NotesShare
capital
Accumulated
losses
ReservesTotal
Share
based
payment
reserve
Share
warrants
reserve
Foreign
currency
translation
reserve
$000$000$000$000$000$000
Balance at 1 April 202550,456(43,376)1,337472(230)8,659
Loss for the period-(7,340)---(7,340)
Translation differences
of foreign operations
----(224)(224)
Transactions with owners in their capacity as owners
Issue of share capital1114,033-(372)--13,661
Issue of shares as part of
business combination
111,760----1,760
Share based payments12--361--361
Transaction costs arising
on share issue
11(1,201)----(1,201)
Balance at
30 September 2025
65,048(50,716)1,326472(454)15,676
Balance at 1 April 202437,493(34,214)1,083478314,871
Loss for the period-(4,203)---(4,203)
Translation differences of
foreign operations
----191191
Transactions with owners in their capacity as owners
Issue of share capital1141-(41)---
Transaction costs arising on
share issue
11(30)----(30)
Share based payments11--1,289--1,289
Balance at
30 September 2024
37,504(38,417)2,3314782222,118
Interim Consolidated Statement
of Cash Flows
For the six months ended 30 September 2025
6 months ended
30 September
6 months ended
30 September
Notes20252024
Unaudited
$000
Unaudited
$000
Cash flows from operating activities
Cash receipts from customers5,213 3,204
Cash paid to resellers for their commission(137)(450)
Cash paid to suppliers and employees(11,221)(4,503)
Net GST paid(2)(56)
Taxes paid(11)-
Interest paid on lease liabilities(28)-
Net cash used in operating activities (6,186)(1,805)
Cash flows from investing activities
Purchase of property, plant and equipment(30)(25)
Acquisition and development of intangible assets(970)(251)
Acquisition of B2B Rocket5(6,738)-
Interest received41 13
Net cash used in investing activities (7,697)(263)
Cash flows from financing activities
Payment of principal portion of lease liabilities(100)(87)
Repayment of loans and borrowings(169)(4,040)
Proceeds from loans and borrowings4,000 5,000
Transaction costs incurred in acquiring debt- (30)
Direct costs incurred in issuing equity(1,201)(30)
Cash receipts from issue of share capital13,661 -
Net cash from financing activities 16,191 813
Net increase/(decrease) in cash and cash equivalents2,308 (1,255)
PAGE 25
BLACKPEARL GROUPINTERIM REPORTINTERIM REPORT
Consolidated Financial StatementsConsolidated Financial Statements

Interim Consolidated Statement
of Cash Flows (Continued)
For the six months ended 30 September 2025
6 months ended
30 September
6 months ended
30 September
Notes20252024
Unaudited
$000
Unaudited
$000
Opening cash and cash equivalents at beginning of the period6,773 1,854
Effect of exchange rate fluctuations on cash held(128)(7)
Cash and cash equivalents at period end8,953 592
THE ACCOMPANYING NOTES FORM PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
Notes to the Interim Consolidated
Financial Statements
For the six months ended 30 September 2025
1. REPORTING ENTITY
Black Pearl Group Limited (the 'Company') is a limited liability company incorporated and domiciled in New Zealand, registered under the
Companies Act 1993.
The Company is a profit-oriented entity and is engaged in the business of building, acquiring, and marketing data-driven cloud services,
consisting of a suite of productivity and demand generation applications for small and medium-sized businesses.
2.BASIS OF PREPARATION
The unaudited interim financial statements comprise the results and financial position of the Company and its wholly owned subsidiaries,
Black Pearl Mail Incorporated, Newoldstamp Limited, Bebop AI Limited, Noir Perle Limited and B2B Rocket Incorporated (together the
'Group') for the six months ended 30 September 2025. B2B Rocket was acquired in August 2025 - see note 5.
The unaudited interim financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice
(‘NZ GAAP’) and comply with the requirements of the New Zealand Equivalent to International Accounting Standard 34: Interim Financial
Reporting and International Accounting Standard 34: Interim Financial Reporting. The Group is a for-profit entity for the purposes of
complying with NZ GAAP.
These unaudited interim financial statements are prepared on a going concern basis which assumes continuity of normal business
activities and the realisation of assets and the settlement of liabilities in the normal course of business - for more detail refer to note 15.
Certain comparatives have been reclassified to align with the current period's presentation, which includes contractors as outlined in
note 8. This reclassification has no impact on the Group's working capital, cash flows, or financial position.
3.CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS
In preparing these interim consolidated financial statements, estimates and assumptions have been made concerning the future. These
estimates and assumptions may differ from the subsequent actual results. The following is a summary of new and/or changes in critical
accounting estimates, assumptions and judgements reported in the Group's consolidated financial statements for the year ended
31 March 2025:
•
Fair value of contingent consideration - see note 5
•Non-current clas
sification of contingent consideration - see note 5
4.SIGNIFICANT TRANSACTIONS AND EVENTS FOR THE CURRENT PERIOD
The following significant transactions and events occurred during the six months ended 30 September 2025.
•
Acquisition of B2B Rocket Incorporated
In August 2025, the Group acquired 100% of the shares in B2B Rocket Incorporated ('B2B Rocket'), a US-based AI sales automation
company. The business combination materially impacted the Group's goodwill, intangible asset and deferred revenue balances
- see note 5.
The Group incurred one-off costs of $130k in the period relating to the review and integration of the purchase.
•Capital raise
In A
ugust 2025, the Group announced a $15.15 million capital raise which was completed in October 2025. A total of $13.61 million for
14,380,241 of shares was received by the end of 30 September 2025 - see note 11.
•
ASX listing
Operating expenses included $540k of costs associated with preparing for the Group's initial listing on the ASX. This includes higher
professional fees for legal, financial, and compliance advisory work. These costs are non-recurring and directly tied to the ASX
listing process.
PAGE 27
BLACKPEARL GROUPINTERIM REPORTINTERIM REPORT
Consolidated Financial StatementsConsolidated Financial Statements

5.ACQUISITION OF B2B ROCKET
In August 2025, the Group acquired 100% of the shares in B2B Rocket Incorporated ('B2B Rocket'), a US-based AI sales automation
company. The following is a preliminary assessment of the accounting for the acquisition.
Accounting policy
The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other
assets are acquired. The consideration transferred for the acquisition of a business comprises:
•
Fair values of th
e assets transferred
•
Liabilities incurred to th
e former owners of the acquired business
•
Equity interests is
sued by the Group
•Fair value of any asset or liability resulting from a contingent consideration arrangement
•Fair value of any pre-existing equity interest in the subsidiary
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions,
measured initially at their fair value at the acquisition date. Acquisition related costs are expensed as incurred. The Group acquired 100% of
B2B Rocket and as such there is no non-controlling interest ('NCI').
The excess of the consideration transferred, amount of any NCI in the entity, and acquisition-date fair value of any previous equity interest
in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the
fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value
as at the date of acquisition. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing
could be obtained from an independent financier under comparable terms and conditions.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently
remeasured to fair value with changes in fair value recognised in profit or loss. Any gains or losses arising from such remeasurement are
recognised in profit or loss.
Purchase price$000
The following is a breakdown of the fair value of the purchase price for the acquisition
Cash paid on completion6,860
Ordinary shares in Black Pearl Group Limited issued on completion to the sellers1,760
Contingent consideration - deferred payment (variable cash payments to the sellers)
1,515
Contingent consideration - earn-out payment (variable cash payments and shares issued to the sellers)3,704
Total purchase price consideration
13,839
Cash paid on completion
Cash payment of USD $4 million.
Ordinary shares issued on completion
On completion, the Group issued 1,725,078 shares with a share price on completion date of $1.02 per share (total value of $1.7 million).
Contingent consideration - deferred payment
If B2B Rocket achieves annual recurring revenue ('ARR') of USD $10 million within 24 months of the acquisition date, the Group will pay its
former owners USD $3 million when the target is met. Otherwise, after 24 months the Group will pay between USD $0.3 million and USD
$3 million based on ARR in August 2027. The fair value on acquisition date was measured using probability weighted scenarios of the
likelihoods of targets being met and consequential payment required from the Group. Amounts were discounted to its present value on
acquisition date using an estimate of B2B Rocket's post-tax weighted average cost of capital ('WACC').
Contingent consideration - earn-out payment
Four tranches of USD $500k and three tranches of USD $1 million are payable if B2B Rocket achieves specific ARR targets within a given
period from the acquisition date. Each tranche is structured so that 50% will be settled in cash and the remaining 50% through the issue
of BPG's ordinary shares. The acquisition date fair value was estimated using probability weighted scenarios of the likelihoods of targets
being met during that period and consequential payment required from the Group. Amounts were discounted to its present value on
acquisition date using B2B Rocket's estimated post-tax WACC.
Estimated post-tax WACC
The post-tax WACC is a significant level 3 input to the valuations of both the deferred and earn-out payments. The Purchase Price
Allocation ('PPA') uses a 17.9% post-tax WACC to discount cash flow to its present value and the following is a sensitivity analysis.
5.ACQUISITION OF B2B ROCKET (continued)
Deferred
$000
Earn-out
$000
Total
$000
Acquisition date fair value3,7041,5155,219
Effect of +100 BPS on WACC3,6401,4645,104
Effect of -100 BPS on WACC3,7651,5665,331
Critical accounting estimate - fair value of contingent consideration
All forms of contingent consideration in this transaction have been classified as financial liabilities by the Group. The Group engaged
an external valuer, GreenMount Advisory, to prepare the Purchase Price Allocation ('PPA') which included a valuation of the contingent
consideration. The following are significant inputs used in the valuation of the contingent consideration which all involve level 3 fair
value inputs:
Deferred payment estimated timing and amount
Management's estimate of timing and achievement of B2B Rocket's ARR targets are inputs into the fair value of deferred payments.
On both acquisition date and reporting date, management estimates that B2B Rocket will achieve its ARR targets resulting in payment
of the full USD $3 million ('full payment') on or around August 2027. The following is a sensitivity analysis if targets were met earlier:
Acquisition date fair value
$000
3,704Acquisition date fair value
$000
3,704
Effect of full payment 6 months earlier
4,018
Effect of -10% of ARR forecasts3,704
Effect of full payment 12 months earlier
4,365
Effect of -40% of ARR forecasts3,350
Earn-out payment estimated timing and amount
Similarly, part of the valuation also involves management's estimate of timing and achievement of B2B Rocket's ARR targets. The following
is a sensitivity analysis based on different scenarios:
Acquisition date fair value
$000
1,515
Effect of targets met 6 months earlier
1,
856
Effect of targets met 12 months later
2,112
At 30 September 2025, the contingent consideration increased by $58k due to the time value of money. All other assumptions remain
the same.
Critical accounting judgement - non-current classification of contingent consideration
The Group has classified both components of contingent consideration as non-current liabilities based on management's current estimate
of timing of payments. Management has considered it highly unlikely that the Group will be required to settle the contingent consideration
(whole or in part) within the next 12 months from reporting date, and that as of the reporting date, the conditions that would require the
Group to settle amounts within 12 months from reporting date were not met.
PAGE 29
BLACKPEARL GROUPINTERIM REPORTINTERIM REPORT
Consolidated Financial StatementsConsolidated Financial Statements

5.ACQUISITION OF B2B ROCKET (continued)
Net assets acquired$000
The following is a breakdown of the fair value of the net assets acquired
Cash and cash equivalents121
Receivables and prepayments462
Intangible assets - cap
italised software development1,547
Intangible assets - customer relationships2,727
Payables(749)
Contract liabilities(2,105)
Deferred tax liability(677)
Other liabilities(69)
Net assets1,257
Less purchase price13,839
Goodwill recognised
12,582
The following are significant inputs an
d assumptions used in the PPA for valuation of the material assets acquired and liabilities assumed in
the acquisition, which all involve level 3 fair value inputs:
Capitalised software development
The fair value of B2B Rocket's software was estimated using the reproduction cost new approach, a cost approach. This was based on
the capitalised development costs with a 31% uplift, reflecting a developer's profit margin. The following is a sensitivity analysis over the
developer's profit margin uplift:
Acquisition date fair value
$000
1,547
Effect of 10% lower uplift
1,429
Effect of 10% higher uplift
1,665
Customer relationships
The fair value of customer relationships was estimated using a multi-period excess earnings methodology ('MEEM'), an income approach.
This was based on the Group's forecast earnings for B2B Rocket which included a 2% per annum growth rate, and a 9% churn rate. Mid-
year discounting was applied using B2B Rocket's estimated post-tax WACC. The following is a sensitivity analysis:
Acquisition date fair value
$000
2,727Acquisition date fair value
$000
2,727
Effect of +100 BPS on WACC2,629
Effect of +2% on churn rate
2,339
Effect of -100BPS on WACC2,822
Effect of -2% on churn rate
3,103
Material changes in balances
•Goodwill of $15,454k comprises $12,582k from the acquisition of B2B Rocket and $2,873k from the acquisition of Newoldstamp.
•Intangible assets of $6,700k include $4,256k of capitalised software development and customer relationships acquired through the
B2B Rocket acquisition.
•
Contract liabilities of $2,883k include $2,092k assumed as part of the B2B Rocket acquisition.
6.OPERATING SEGMENTS
The Group has determined it has two reportable operating segments.
-B2B Rocket: Following the acquisition of B2B Rocket in August 2025, the Group has identified B2B Rocket as a new operating segment.
-Pearl Diver: During the period the Group revised its internal reporting to the CODM. The CODM now reviews Pearl Diver and Newoldstamp
as a single integrated operating segment. Both were previously disclosed as two separate reportable segments. This change reflects the
operational and managerial integration of the activities, including the alignment of management responsibility and the centralisation of
key functions. The CODM receives no longer receives discrete financial information for the former separate segments.
For the six months ended 30 September 202530 September 2024
Pearl DiverB2B RocketGroupPearl DiverGroup
$000$000$000$000$000
Subscription fees4,6235305,1533,2323,232
Other revenue---11
Total revenue 4,6235305,1533,2333,233
Marketing(1,896)(269)(2,165)(918)(918)
Personnel expenses and
contractor costs
(4,171)(287)(4,458)(3,562)(3,562)
Other expenses(5,673)(139)(5,812)(2,957)(2,957)
Total expenses(11,740)(695)(12,435)(7,437)(7,437)
Net losses on financial instruments-(58)(58)--
Net loss before tax(7,117)(223)(7,340)(4,204)(4,204)
*Revenue does not include intra-group or intra-segment amounts.
7.SUBSCRIPTION REVENUE
For the six months ended30 September 202530 September 2024
Unaudited
$000
Unaudited
$000
Total direct sales4,85594%2,72284%
Total reseller sales2986%51016%
Total subscription revenue5,153100%3,232100%
PAGE 31
BLACKPEARL GROUPINTERIM REPORTINTERIM REPORT
Consolidated Financial StatementsConsolidated Financial Statements

8.EXPENDITURE
For the six months ended
30 September
2025
30 September
2024
Unaudited
$000
Unaudited
$000
Personnel expenses include:
Salaries and wages2,605
1,804
Kiwisaver employer contributions69 45
Sales commissions90 96
Share-based payments expense2351,135
Contractors*1,143315
Total personnel expenses4,142 3,395
Operat
ing expenses include:
Advertising and marketing2,166 919
Hosting and Server development costs440 69
IT service costs914179
Consulting costs858498
Total operating expenses4,378 1,655
Administrative expenses include:
Listing costs739
34
Fees paid to auditors: audit and review of financial statements80 50
Director fees207 212
Insurance76 60
Legal fees129 164
Net foreign exchange (gains)/losses(148)248
Other expenses585 236
Depreciat
ion and amortisation457461
Total administrative expenses2,125
1,465
*Contractors were reclassified in the year to personnel expenses (previously operating expenses). The prior year has been updated to
reflect this reclassification.
9.LOANS AND BORROWINGS
As of the period ended
30 September
2025
31 March
2025
Unaudited
$000
Audited
$000
Current portion
Credit card balances(4)(23)
Below-market term loans from the government69
74
Bank loans4,987-
Total current portion5,052 51
Non-current portion
Below-market term loans from the government217 239
Bank loans- 980
Total non-current portion217 1,219
Total loans and borrowings5,269 1,270
The Group drew $4 million from its bank loan facility with BNZ during the period. All amounts owed to BNZ mature on 17 August 2026. As
of 30 September 2025, there was no remaining facility to drawdown. As disclosed in the Group's audited financial statements for the year
ended 31 March 2025, the loan is subject to a covenant of a 20% Annual Recurring Revenue Growth Rate which is tested at the last day of
each financial quarter. The Group has satisfied that test throughout the period, and expects to continue meeting that test.
Research and development loan
In previous years, the Company claimed Research and Development cash out of tax losses. This resulted in tax losses generated being
paid to the Company in exchange for forfeiting these losses. The total amount of cash received to date is $1.31 million (31 March 2025:
$1.31 million).
Now that the Company is listed on the New Zealand Stock Exchange, it is no longer eligible to claim the Research and Development cash
out of tax losses. If certain events occur (including certain changes in shareholding or tax residency) the amounts would become repayable.
10.
BASIC AND DILUTED EARNINGS PER SHARE
For the six months ended
30 September
2025
30 September
2024
UnauditedUnaudited
Total loss attributable to owners ($000)(7,340)(4,203)
Weighted average number of ordinary shares for basic EPS 69,472,615 46,202,331
Weighted average number of ordinary shares adjusted for the effect
of dilution
69,472,615 46,202,331
Basic and diluted loss per share(0.11)(0.09)
PAGE 33
BLACKPEARL GROUPINTERIM REPORTINTERIM REPORT
Consolidated Financial StatementsConsolidated Financial Statements

11.SHARE CAPITAL
30 September
2025
31 March
2025
Unaudited
$000
Audited
$000
For the period ended
On issue at beginning of the period50,45637,493
Issue of ordinary shares13,66112,526
Equity transaction costs (1,201)(666)
Issue of shares as part of business combination - see note 51,760-
Shareholder warrants exercised-6
Restricted shares converted to ordinary shares60240
Exercise of employee share rights and share based payment
compensation
312733
Issue of share
s related to contingent consideration
- liability classified-62
Total share capital ($000)65,048 50,456
Share capital consists of the following classes:
Ordinary share capital65,048 50,456
Total share capital ($000)65,048 50,456
Fully paid total shares at the beginning of the period64,650,884 53,309,437
Issue of ordinary shares14,380,241 10,020,418
Issue of shares as part of business combination - see note 51,725,078-
Shareholder warrants exercised- 30,000
Restricted shares converted to ordinary shares101,428 239,429
Exercise of employee share rights and share based
payment compensation
600,000 956,296
Issue of shares related to the equity classified
contingent consideration
- equity classified- 49,764
- liability classified- 45,540
Total share capital (#) 81,457,631 64,650,884
Total value per share$0.80$0.78
11.SHARE CAPITAL (continued)
Share capital consists of the following classes:
30 September
2025
31 March
2025
Ordinary share capital 81,457,631 64,650,884
Total share capital (#) 81,457,631 64,650,884
Capital raise
In August 2025, the Group announced a $15.15 million capital raise which was completed in October 2025. A total of $13.61 million for
14,380,241 of shares was received by the end of 30 September 2025. The remaining $1.49 million for 1,568,155 shares was received on 10
October. The total transaction costs for this capital raise, included in equity, were $1.20 million.
Net tangible assets per quoted equity
The net tangible assets per quoted security for the six months ended 30 September 2025 was $(0.082963) (30 September 2024:
$(0.036296).
12.SHARE BASED PAYMENT RESERVE
The following table summarises movements in the reserve:
30 September
2025
31 March
2025
Unaudited
$000
Audited
$000
Opening balance1,3371,083
Share rights exercised during the period - transfer to share capital(372)(973)
Equity-based purchase price contingent consideration NOS-(62)
Progression of share rights from employee
contractual share-based compensation (i)
2371,031
Progression from other contractual share based compensation NOS (i)
-18
Restricted shares issued to non-executive directors recognised
via director fees (ii)
124334
Movements due to net settlement offers-(94)
Closing balance1,326 1,337
(i) These amounts were recognised via profit or loss through personnel expenses.
(ii) These amounts were recognised through profit or loss as director fees under administrative expenses.
PAGE 35
BLACKPEARL GROUPINTERIM REPORTINTERIM REPORT
Consolidated Financial StatementsConsolidated Financial Statements

12.SHARE BASED PAYMENT RESERVE (continued)
The following outlines the number of, and movements in, total share rights and the total shares issued during the period subject
to the following:
Share rightsOrdinary shares
30 September
2025
31 March
2025
30 September
2025
31 March
2025
UnauditedAuditedUnauditedAudited
Opening balance 1,783,163 767,734 600,000 763,607
Granted during the period250,000 3,139,765 -23,459
Exercised during the period(101,428)(1,058,423)(600,000) (187,066)
Surrendered on acceptance of net settlement offer-(188,664)-
-
Forfeited during the period-(877,250)--
Closing balance1,931,735 1,783,163
- 600,000
13.IMPAIRMENT TESTING
The Gr
oup has tested for impairment as of 30 September 2025 and the following are significant changes in how the Group approached its
impairment testing and to key assumptions used:
•
Cash generating unit ('C
GU') identification - the Group has identified B2B Rocket as a new and separate CGU, taking the Group's total
number of CGUs to four.
•
Allocation of goodwill - the ne
w recognised goodwill from the B2B Rocket acquisition has been 100% allocated to the B2B CGU.
•
New cashflow for
ecasts for B2B Rocket - consequently, the Group has estimated cashflow forecasts for B2B Rocket, which are
consistent with the acquisition date expected cashflows. The significant inputs used were a five-year forecast model with a growth
rate of 2% and post-tax discount rate of 17%.
Overall, the Group has not identified any impairment. However, the impairment assessment is most sensitive to the achievements of the
budget. Budgets comprise of forecast subscription revenue, marketing, staff costs and overheads based on current and anticipated market
conditions that have been considered and approved by the Board.
14.RELATED PARTY TRANSACTIONS
During the period the group entered into the following material transactions with related parties who are not members of the Group.
Crown BP Holdings LLC
Payments to Prospect Desk LLC (an associate of Crown BP Holdings LLC) for the supply of data, and associated IT services
- $305k (2024: $255k).
15.GOING CONCERN
The Group prepares its financial statements on a going concern basis. For the six months ended 30 September 2025, the Group recorded
operating cash outflows of $6.19 million (six months ended 30 September 2024: $1.81 million) and a total comprehensive loss of $7.56 million
(six months ended 30 September 2024: $4.01 million). As at 30 September 2025, the Group had cash on hand of $8.95 million (31 March
2025: $6.77 million) and net current liabilities of $0.74 million (31 March 2025: net current assets of $4.82 million).
The Group's $5.0 million debt facility is available until August 2026, at which time it is expected to be renewed on similar terms.
The Directors have reviewed the Group’s forecast cash flows and funding requirements for at least the next 12 months from the date of
approval of these financial statements. The forecasts are based on the following key assumptions:
•
Continued growth in annual r
ecurring revenue (ARR) across the Group’s product portfolio, including contributions from B2B Rocket,
Bebop and other core platforms;
•
Stable operating expen
diture, with no material increase in headcount and only normal salary adjustments; and
•
The ability to activ
ely manage discretionary and variable costs to align with revenue performance.
The Directors have also considered sensitivity scenarios, including a downside case assuming no additional revenue growth. Under such
a scenario, the Directors are confident that the Group can continue to operate within its available cash resources and through prudent
cost management.
After considering these factors and making due enquiry, the Directors believe that the Group will be able to meet its obligations as they
fall due for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been
prepared on a going concern basis.
16.
EVENTS AFTER B
ALANCE DATE
•
In October 2025, the Gr
oup received the remaining $1.49 million from the capital raise announced in August 2025.
•
In November 2025, th
e Group completed an $11.8 million capital raise.
•
In November 2025 the Group received conditional approval of its application to list on the Australian Securities Exchange (ASX) as a NZ
foreign-exempt listing. Should the conditions be satisfied, the Group currently anticipates admission to the Official List of ASX to occur
on or around Friday, 21 November 2025, with quotation of BPG’s shares on the ASX to commence two business days after admission
has occurred.
Company Directory
Incorporation Number
4064918
Registered Office
Level 5, 50 Customhouse Quay
Wellington 6011
New Zealand
Independent Auditor
William Buck Audit (NZ) Limited
Level 4, 21 Queen Street
Auckland 1010
New Zealand
Directors
Nicholas Lissette
Timothy Crown
Mark Osborne
Hugo Fisher
Jyllene Miller
Share Registrar
MUFG Corporate Markets
Level 30, PwC Tower, 15 Customs St West
Auckland 1010
New Zealand
Accountants
Deloitte Wellington
Level 12, 20 Customhouse Quay
Wellington 6140
New Zealand
PAGE 37
BLACKPEARL GROUPINTERIM REPORTINTERIM REPORT
Consolidated Financial StatementsConsolidated Financial Statements

Blackpearl Group 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), Blackpearl
Group consistently delivers
exceptional value to its
customers. Our mantra is
simple: ‘Creating Motivating
Opportunities.’
Blackpearl creates the
opportunities that motivate
action. We create high-impact
products that pivot at speed to
serve what businesses really
need, kick-starting action –
turning data into dollars.
Founded in 2012, Blackpearl
Group is based in Wellington,
New Zealand, and Phoenix,
Arizona.
blackpearl.com
Thank YouAd Astra
INTERIM REPORTBLACKPEARL GROUPHY2026

---

BLACKPEARL GROUP | INVESTOR ANNOUNCEMENT

21 NOVEMBER 2025
BPG Half Year Results - Strong execution across
all priorities

Blackpearl Group Limited (NZX:BPG) today announces its results for the six months ended 30 September
2025. Blackpearl has executed strongly across all priorities set for FY26: accelerating Annual Recurring
Revenue (ARR), advancing the Blackpearl Engine, launching a new AI product and acquiring a highly synergistic
venture. These achievements demonstrate the power of Blackpearl’s platform driven model, which consistently
converts valuable proprietary data into measurable commercial outcomes.

Highlights
• $19.5m Annual Recurring Revenue, +87% YoY
• $5.2m Subscription Revenue, +59% YoY
• 67% gross margin, 5.8 PPT decline YoY, 10% increase from Q4 FY25
• 4.6% Revenue Churn, 0.6 PPT increase YoY
• 4.6 Month CAC Payback Period increased due to launch of wholesale and acquisition of B2B rocket
• New wholesale (DaaS) offering launched, unlocking a scalable route to monetise the Blackpearl Engine
• Pearl Diver, Bebop, B2B Rocket and DaaS now operating as four parallel engines for scale
• New wholesale (DaaS) offering launched, unlocking a scalable route to monetise the Blackpearl Engine
• Acquired B2B Rocket, a high growth US-based AI sales tool
• 21bn signals processed daily - reinforcing Blackpearl Engine’s data advantage and platform leverage
• Capital raise to fuel product expansion, venture scale, and Blackpearl Engine investment
• Admission to the Australian Securities Exchange (ASX) as a Foreign Exempt Issuer expected to occur
today, broadening institutional access and strengthening market visibility.

Strategic Execution

Blackpearl began FY26 with four clear priorities:
• Accelerate ARR
• Increase value of the Blackpearl Engine LLM
• Launch a new AI product
• Acquire a highly synergistic company

Each has been achieved.

ARR expanded significantly, supported by improved product-market fit, stronger commercial traction across
ventures, and continued efficiency gains across the Blackpearl Engine. Bebop launched successfully into
market and is now progressing through early-stage customer validation and refinement. Meanwhile, the
acquisition and rapid integration of B2B Rocket has boosted data scale, broadened the product suite, and
contributed incremental ARR.

These outcomes underscore the strength of Blackpearl’s repeatable venture model. Optionality, speed, and
platform leverage provides continued momentum.

Financial commentary

Blackpearl delivered strong revenue performance in HY26, with ARR rising 87% year-on-year to $19.5m
(annualised) and subscription revenue increasing 59% to $5.2m (six months) as customers progressed through
onboarding and billing cycles. The expected lag between ARR and subscription revenue remains, particularly in
Data-as-a-Service (DaaS) contracts where revenue ramps up over the first 3-6 months and is recognised over
longer terms. Early contribution from B2B Rocket (adding 40 days of subscription revenue), further supported

BLACKPEARL GROUP | INVESTOR ANNOUNCEMENT
ARR growth and will contribute further to H2 revenue. As new ventures scale and platform efficiencies
compound, ARR and subscription revenue are expected to align more closely over time.

Gross margin decreased during the half to 67%, reflecting the shift to a fixed-fee data supply model. While the
new model increased temporary upfront costs, the structure is already delivering scale benefits, contributing to
a 10% margin improvement from Q4 FY25. Operating expenses increased as planned due to one-off ASX
listing, capital raise and acquisition costs, continued Pearl Engine development, and the launch of Bebop.
These investments are foundational to the Blackpearl’s long-term scale, and operating leverage is expected to
strengthen as ARR continues to grow.

The balance sheet was strengthened through a successful private placement raising $11.8m to support
product expansion, growth hiring, and platform development. Net free cash outflows of $7.1m (excluding the
B2B Rocket acquisition) reflect planned investment to scale the business. With increased balance sheet
resilience, a broader investor base, and disciplined cash management, Blackpearl is well positioned to continue
its growth trajectory.

Capital Raise Overview

Blackpearl successfully executed a fully subscribed capital raise to raise a total of NZ$11.8m (A$10.2m). Our last
two raises have significantly broadened our institutional shareholder base, including new Australia-based
institutions, and provided funding to further enhance the Pearl Engine, for the rollout of Bebop and future
ventures. This places Blackpearl in a strong position to execute on its growth initiatives while maintaining
financial resilience.

ASX Listing

Blackpearl also expects to mark a significant corporate milestone with admission to the ASX expected to
occur today. The listing broadens Blackpearl’s investor base and enhances access to capital markets,
reflecting strong momentum and growing interest from Australian institutional investors. Trading of BPG shares
on the ASX is expected to commence on Tuesday, 25 November 2025.

Looking ahead

The second half of FY26 will be centred on commercial execution and converting the platform and product
investments made in the first half into sustained revenue growth. Seasonal Q3 dynamics are anticipated, with
major US retail events creating upside opportunity to execute on venture model. With ARR momentum building
and the Blackpearl Engine operating at greater scale, Blackpearl is positioned to continue to drive strong
revenue growth.

Our focus for H2: capitalise on DaaS sales momentum for Pearl Diver, expand Bebop’s early customer traction;
deepen the integration and commercial contribution of B2B Rocket; and leverage the efficiency gains from the
Blackpearl’s fixed-fee data supply structure. Together, these initiatives support ARR, operating leverage and
margin improvement as volumes increase. With a strengthened balance sheet, a broader investor base, and a
unified data and AI platform, Blackpearl is well positioned to deliver its growth strategy and accelerate revenue
performance through the second half and toward our next milestone of $50m ARR.

ENDS

BLACKPEARL GROUP | INVESTOR ANNOUNCEMENT
Results presentation and conference call

A results presentation has been released this morning on the NZX and ASX with further details on Blackpearl’s
performance and startegy.

Chief Executive Officer Nick Lissette and Interim Chief Financial Officer Karen Cargill will provide a presentation
to discuss the Company’s HY performance and key developments, via a webinar at 12.15pm NZDT / 10.15am
AEDT today.

Register for the investor webinar via the link below:
https://us02web.zoom.us/webinar/register/WN_GVGzR3bhToeduOE3vN1a_A

Participants are invited to submit questions prior to the event to simon@nwrcommunications.com.au, or
alternatively, may submit questions via the Q&A function within Zoom during the webinar.

Contact

Released for and on behalf of BPG by Karen Cargill, Interim Chief Financial Officer.
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’. When our customers win, we win.

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

Blackpearl.com

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025



Results for announcement to the market
Name of issuer Black Pearl Group Limited
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 12 months to 31 March 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$5,153 59%
Total Revenue $5,153 59%
Net profit/(loss) from
continuing operations
$(7,340) 75%
Total net profit/(loss) $(7,564) 89%
Interim/Final Dividend
Amount per Quoted Equity
Security
Black Pearl Group does not propose to pay a dividend
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$(0.082963) $(0.036296)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to Blackpearl Group HY FY26 Interim Report and
Blackpearl Group HY FY26 Announcement
Authority for this announcement
Name of person authorised
to make this announcement
Karen Cargill
Contact person for this
announcement
Karen Cargill
Contact phone number +64 21 1355183
Contact email address Karen.cargill@blackpearl.com
Date of release through MAP 21/11/2025

[Audited/unaudited] financial statements accompany this announcement.