2026 Half Year Result and Interim Report

Results announcement

IPERION LIMITED

Results for announcement to the market
Name of issuer Iperion Limited (NZX: IPR)
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$0 0%
Total Revenue $0 0%
Net profit/(loss) from
continuing operations
$(158) (56%)
Total net profit/(loss) $(158) (56%)
Interim/Final Dividend
Amount per Quoted Equity
Security
The company does not propose to pay a dividend at this time.
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
$0.0004
(as at 30 Sep 2025)
$0.0009
(as at 30 Sep 2024)
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Please refer to the Unaudited Interim Report that accompany this
announcement.
Authority for this announcement
Name of person authorised to
make this announcement
John Cilliers
Contact person for this
announcement
John Cilliers
Contact phone number +6 27 242 8485
Contact email address john.cilliers@iperion.co.nz
Date of release through MAP 24 November 2025

---

IPERION LIMITED


FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

CONDENSED INTERIM
FINANCIAL STATEMENTS

Page 1 Interim Report 30 September 2025
Dear Shareholders

The Directors of Iperion Limited, (“the Company”) are pleased to report its financial results for the six months
ended 30 September 2025.

Financial Results
Iperion reports an unaudited net loss attributable to shareholders of $158,254 for the half year ended 30
September 2025. This compares with a net loss attributable to shareholders of $363,730 for the same period
last year.

There was no sales income in the period. The improvement in result compared to the same period last year
is mainly a result of the discount received on the fixed outsourced manufacturing plant fee (note 8).

Compared to the prior period, administrative expenses incurred in the half year ended September 2025
decreased by $10,435.

Operations and Product Development
Work undertaken in the last 6 months has mainly focused on completing the development of Pathoglaze
infused polymer jute bags used for shipping cocoa and coffee beans. This work is being undertaken in
collaboration with a multinational chocolate manufacturer.

Ongoing Research and Development by Iperion’s outsourced manufacturing provider continues to expand the
range of applications for Pathoglaze and the potential size of the market for the product.

The Company will provide the market with any updates as to material developments in due course.

The Directors of Iperion extend their thanks to the shareholders for their support of the Company.

Page 2 Interim Report 30 September 2025

CONTENTS

STATEMENT OF COMPREHENSIVE INCOME _____________________________________________ 3
STATEMENT OF FINANCIAL POSITION _________________________________________________ 4
STATEMENT OF CHANGES IN EQUITY __________________________________________________ 5
STATEMENT OF CASH FLOWS ________________________________________________________ 6
NOTES TO THE FINANCIAL STATEMENTS _______________________________________________ 7
BUSINESS DIRECTORY ____________________________________________________________ 10

Iperion Limited
Page 3 Interim Report 30 September 2025
STATEMENT OF COMPREHENSIVE INCOME




These interim financial statements have not been audited, nor reviewed by the auditor and should be read in
conjunction with the accompanying notes and the annual financial statements for the year ended 31 March
2025.
For the period ended 30 September 2025
UnauditedUnaudited
Six monthsSix months
Sept-25Sept-24
$$
Outsourced manufacturing plant expenses- (200,000)
Interest Income- 8,123
Administrative expenses(158,254) (168,689)
Loss before income tax(158,254) (363,730)
Income tax expense- -
Net loss for the period attributable to shareholders(158,254) (363,730)
Other comprehensive income- -
(158,254) (363,730)
Earnings per share:centscents
Basic and diluted earnings/(loss) per share(0.031) (0.071)
Total comprehensive loss for the period, net of tax, attributable to
shareholders

Iperion Limited
Page 4 Interim Report 30 September 2025
STATEMENT OF FINANCIAL POSITION



21 November 2025


Director: Bruce Dunlop Director: John Cilliers

These interim financial statements have not been audited, nor reviewed by the auditor and should be read in
conjunction with the accompanying notes and the annual financial statements for the year ended 31 March
2025.
As at 30 September 2025
Unaudited
Unaudited
Six months
Year
Sept-25
Mar-25
$
$
Assets
Current assets
Cash and cash equivalents
241,882


425,341


GST receivable
1,309


1,384


Income tax receivable (RWT)
7,563


7,563


250,754


434,288


Non-current assets
NZX Deposit
20,000


20,000


20,000


20,000


Total assets
270,754


454,288


Equity and liabilities
Current liabilities
Trade and other payables
80,611


105,890


80,611


105,890


Total liabilities
80,611


105,890


Equity
Issued capital
5,672,856


5,672,856


Accumulated loss
(5,482,713)


(5,324,458)


Total equity
190,143


348,398


Total equity and liabilities
270,754


454,288

Iperion Limited
Page 5 Interim Report 30 September 2025
STATEMENT OF CHANGES IN EQUITY



These interim financial statements have not been audited, nor reviewed by the auditor and should be read in
conjunction with the accompanying notes and the annual financial statements for the year ended 31 March
2025.


For the period ended 30 September 2025
Issued
capital
Accumulated
Loss
Total equity
$
$
$
As at 1 April 2024
5,672,856

(4,868,775)


804,081


Loss for the period
-


(363,731)


(363,731)


Total comprehensive loss
-


(363,731)


(363,731)


Unaudited balance for the period ended 30 September 2024
5,672,856

(5,232,506)


440,350


As at 1 October 2024
5,672,856

(5,232,506)


440,350


Loss for the period
-


(91,952)


(91,952)


Total comprehensive loss
-


(91,952)


(91,952)


At 31 March 2025
5,672,856

(5,324,458)


348,398


As at 1 April 2025
5,672,856

(5,324,458)


348,398


Loss for the period
-


(158,255)


(158,255)


Total comprehensive loss
-


(158,255)


(158,255)


Unaudited balance for the period ended 30 September 2025
5,672,856

(5,482,713)


190,143

Iperion Limited
Page 6 Interim Report 30 September 2025
STATEMENT OF CASH FLOWS



These interim financial statements have not been audited, nor reviewed by the auditor and should be read in
conjunction with the accompanying notes and the annual financial statements for the year ended 31 March
2025.
For the period ended 30 September 2025
UnauditedUnaudited
Six monthsSix months
Sept-25Sept-24
$$
Operating activities
- 14,808
Payments to suppliers(187,557) (294,836)
Net GST refunds received4,098 4,098
Income tax paid(12,030) (4,140)
Income tax refund received12,030 12,030
Net cash flows from operating activities(183,459) (268,040)
Investing activities
Purchase of intangible assets- (3,164)
- 189,353
Net cash flows from investing activities- 186,189
Net decrease in cash and cash equivalents(183,459) (81,851)
Cash and cash equivalents at beginning of year425,341 168,647
Cash and cash equivalents at end of year241,882 86,796
Interest received
Cash received from/(invested in) maturity of term deposit

Page 7 Interim Report 30 September 2025
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF ACCOUNTING POLICIES
Reporting entity
These unaudited interim financial statements and notes represent those of Iperion Limited (“IPR” or
“the Company”).
Iperion Limited is a limited liability company incorporated and domiciled in New Zealand. The registered
office and principal place of business are disclosed in the directory to the annual report.
There are no seasonal or cyclical influences on these interim results.
Basis of preparation
These unaudited interim financial statements for the six months ended 30 September 2025 have been
prepared in accordance New Zealand Generally Accepted Accounting Practice (“NZ GAAP”), with New
Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting (“NZ IAS 34”)
and with International Accounting Standard 34: Interim Financial Reporting (“IAS 34”).
Iperion Limited is a company registered under the Companies Act 1993 and is an FMC reporting entity
under the Financial Markets Conduct Act 2013. The Company is listed on the NZX Market. These financial
statements have been prepared in accordance with the requirements of the Financial Markets Conduct
Act 2013 and the NZX Main Board Listing Rules.
The interim financial statements do not include all of the notes of the type normally included in an
annual financial report. Accordingly, this report should be read in conjunction with the financial
statements included in the annual report for the year ended 31 March 2025 which have been prepared
in accordance with New Zealand equivalents to International Financial Reporting Standards (“NZ IFRS”)
and International Financial Reporting Standards (“IFRS”).
The interim financial statements are presented in New Zealand dollars which is the Company’s functional
and presentation currency and are rounded to the nearest dollar.
The interim financial statements are unaudited. The comparative information as at 31 March 2025 is
audited.
Accounting policies
The interim financial statements have been prepared using the same accounting policies and methods of
computation detailed in the audited financial statements for the year ended 31 March 2025. For details
of the accounting policies please refer to the 2025 Annual Report.
These unaudited interim financial statements have been approved for issue by the Board of Directors on
21 November 2025.
2. SEGMENT INFORMATION
There have been no material change in the nature of operating segments since 31 March 2025.

Page 8 Interim Report 30 September 2025
3. ADMINISTRATIVE EXPENSES

4. FINANCIAL RISK MANAGEMENT
There have been no material changes in the management of risk or in any risk management policies in
the current period.
5. EARNINGS PER SHARE

There have been no changes in the estimated useful life of key items of plant and equipment.
6. NET TANGIBLE ASSET BACKING


Unaudited
Unaudited
Six months
Six months
Sept-25
Sept-24
$
$
Fees paid to BDO Auckland* - statutory audit
21,000


20,000


Fees paid to BDO Auckland* - statutory audit prior year
2,838


19,190


Contractors
22,587


24,095


Directors' fees
78,000


78,000


Travel and accommodation
6,396


7,130


Legal Fees
432


890


NZX Listing and registry costs
26,274


17,054


Other
727


2,330


158,254


168,689


Unaudited
Unaudited
Six months
Six months
Sept-25
Sept-24
Total comprehensive loss for the period, net of tax, attributable to
shareholders
[ $ ]
($158,254)
($363,730)
Weighted average number of shares
514,894,500


514,894,500


Basic and diluted earnings/(loss) per share
[ cents ]
(0.031)


(0.071)


UnauditedAudited
Sept-25Mar-25
Total Assets270,754 454,288
Less:
Total Liabilities(80,611) (105,890)
Net Tangible Assets[ $ ]190,143 348,398
Issued shares at balance date514,894,500 514,894,500
Net Tangible Asset per share (cents)[ cents ]0.037 0.068

Page 9 Interim Report 30 September 2025
7. RELATED PARTY TRANSACTIONS
Related party transactions for the period consisted of:
- Director fees of $18,000 each for KC Ng, Bruce Dunlop and John Cilliers and $24,000 for the
chairman Chang Ku EE.
- Included in administrative expenses is Management fees of $18,000 paid to Chang Ku EE and KC Ng
and $4,587 was paid to John Cilliers in relation to accounting services and preparation of the 2025
annual report.
8. COMMITMENTS AND CONTINGENT LIABILITIES
The antimicrobial license agreement contains minimum performance targets that set minimum royalty of
2.1% to be paid on revenue of SGD $150,000 by 30 September 2026 and 2.1% on revenue of SGD $1m
annually from 30 September 2027. The maximum contingent liability arising in the event that no revenue
has been earned by 30 September 2026 is approximately $3,780 and $25,200 on 30 September 2027.
In accordance with the terms of the Pilot Outsourcing Agreement entered on 20 January 2023 for the
commercialization of antimicrobial coatings, the Company will pay fixed fees of NZD$400,000 per annum
towards the setup of the facility, engagement of core personnel and subsequent services, as well as
commission of 30% on gross profit. Invoices under the Pilot Outsourcing Agreement are payable in 30-
day instalments. However, the Company has the ability to terminate the Pilot Outsourcing Agreement at
any time, with prior notice to the Licensor, with no break fees.
Subsequent to March 2025, the Vendor agreed to discount the full $400,000 fixed annual fee for the next
two financial years ending 31 March 2026 and 31 March 2027. However, fees may be payable to support
cost of sales when sales activities commence.
There were no other capital commitments or contingent liabilities at 30 September 2025 (31 March
2025: $nil).
9. SIGNIFICANT EVENTS AFTER BALANCE DATE
There were no significant events subsequent to 30 September 2025.
10. AUDIT
These interim financial statements are not required to be audited.

Page 10 Interim Report 30 September 2025

BUSINESS DIRECTORY

Company number:
4844319

Directors:
Chang Ku EE, Chairman
Kuan Chong NG
Bruce Dunlop
John Cilliers

Registered office:
Level 2 Tower Building,
50 Customhouse Quay,
Wellington, 6011

Share Registrar
Link Market Services Limited
Level 7, Zurich House
21 Queen Street
Auckland 1010

Bankers:
Westpac Bank Limited

Solicitors:
Duncan Cotterill
Wellington

Auditors:
BDO, Auckland
Auckland