ikeGPS 1H FY26 Financial Results

1


For immediate release, 28 November 2025
ikeGPS Group
1H FY26 Financial Results

Another strong period of growth (+47% Exit Run Rate of subscription revenue vs pcp)
FY26 guidance reiterated for ~35% or greater growth in platform subscription revenue and EBITDA
breakeven on a run-rate basis

ikeGPS Group Limited (IKE) (NZX: IKE / ASX: IKE) is pleased to provide its financial results for the six-
months to 30 September 2025. All figures are in NZD, rounded to the nearest decimal.
Overall, the results are in line with the performance update already released to the market in late October.
Highlights include:
• Exit run rate (ERR) of platform subscription revenue ~NZ$19.4m annualized (+47% vs pcp).
• Strong growth of recognized platform subscription revenue to ~NZ$8.8m (+35% vs pcp).
• Total revenue of NZ$12.9m (+6% vs pcp), noting IKE’s lower margin services revenue component
is down vs pcp because of short-term volatility in the fibre communications market.
• Reiteration of FY26 guidance for ~35% or greater growth in platform subscription revenue and
EBITDA breakeven on a run-rate basis within 2H26.
• Gross margin of NZ$9.6m (+18% vs pcp).
• Gross margin percentage increased to 75% (up from pcp of 67%).
• Net loss of $4.3m (39% improvement from pcp)
• Cash operating expenses were materially the same as pcp, while executing the above growth.
• Launch of AI companion capability within the core IKE Office Pro product, called PolePilot™, a
game-changing AI-driven automation for electric utility distribution network analysis. This
delivers material productivity gains for customers using IKE’s core platform, also driving
increased ARPU for IKE.
• Total cash of NZ$34m as at 30 September 2025, with no debt, puts IKE in a strong financial
position to execute the product roadmap and market development.
• In the period, IKE completed a significantly oversubscribed A$24 million capital raise
(approximately NZ$26 million), demonstrating strong institutional and retail investor support.
• In September, IKE was elevated to the ASX All Ordinaries Index, which tracks the 500 largest
companies listed on ASX by market capitalization.
IKE notes that while there were material NZD:USD FX headwinds in 1Q, the rate normalized in 2Q to
budgeted levels.
Commenting on company progress, IKE CEO & Managing Director Glenn
Milnes said:
"2Q26 was another strong quarter for IKE across multiple dimensions - operational performance,
product innovation, balance sheet strength, and team capability. Noting also that 3Q26 to date has also
been a strong period for subscription software sales, as we hit the Thanksgiving holiday period. The
business continues to execute on our strategic plan, and we remain confident in delivering FY26
guidance.”

2

Please note the following commentary and charts mirror the performance update
released on 28 October 2025.
Strong Operational Performance
ERR metrics and growth reflect continued strong customer adoption of the IKE platform and gross
margin expansion to approximately 75% - up from 67% in the prior corresponding period – demonstrate
the operating leverage inherent in our software business model as we scale. Noting also that operating
expenses have been managed to be materially flat over the past year. This margin improvement is in
part being driven by the continued shift in our revenue mix toward our high-margin subscription
software products.
Our balance sheet position is very strong with approximately NZ$34m in cash, and zero debt. This
capital strength provides IKE with the resources to accelerate growth initiatives, including investing in
product innovation and expanding our go-to-market resources and programs. This positions IKE well to
capitalize on the significant market opportunity ahead of us.
Significant Product Innovation: The launch of an AI-companion software
module embedded within IKE Office Pro, called PolePilot™
During the quarter, we launched PolePilot™, a breakthrough AI-driven product capability that represents
a significant leap for the industry in intelligent automation for utility pole analysis, driving productivity
for engineers working in the back office. PolePilot™ leverages advanced artificial intelligence to
automate complex engineering workflows that have traditionally required extensive manual effort and
specialized expertise.
PolePilot materially accelerates pole analysis workflows for engineers by automatically processing
field-collected data, identifying power infrastructure components, flagging potential issues, and
generating comprehensive analysis reports. What previously took engineering teams hours can now be
accomplished in minutes with greater accuracy and consistency.
This is a meaningful capability for our utility and communications customers as PolePilot™ addresses
one of the more significant pain points in distribution network management - the time and expertise
required to analyze pole loading, assess infrastructure condition, and plan network modifications. By
automating these workflows while maintaining engineering rigor, PolePilot™ enables our customers to
achieve unprecedented productivity gains and dramatically accelerate their network planning and
deployment initiatives.
The customer response to PolePilot™ has been positive, and we believe this capability will be a
significant driver of platform adoption and ARPU expansion within our customer base going forward.
Capital Raise to fuel further Growth: New Software Products and Go-to-Market
capacity
In August, IKE completed a significantly oversubscribed capital raise, securing approximately NZ$26
million (A$24.0 million) in new equity capital. The raise comprised an institutional placement and a
retail share purchase plan, both of which saw demand substantially exceed the amounts on offer.
Allocations were made to existing investors based on the Company’s published allocation policy. This
outcome demonstrated the strong support IKE enjoys from both institutional and retail investors and
validates the market's confidence in our strategy and execution capability.
The capital raised will be deployed to accelerate growth across four key areas:
1. Investment in next-generation platform capabilities building on the success of IKE PoleForeman
and now PolePilot, including additional AI-driven features and workflow automation.
2. Expansion of sales and marketing resources to capitalize on strong market demand.

3
3. Enhancement of customer success and implementation capabilities to support accelerated
customer growth.
4. Strategic investments in team and infrastructure to support scale.
Key Leadership Appointment: Paul Cardosi as Chief Financial Officer
We were also pleased to announce the appointment of Paul Cardosi as Chief Financial Officer. Paul
has a range of experiences relevant to IKE’s industry and growth trajectory. Paul is a finance and
business leader and brings experience scaling high-growth SaaS businesses as well as leading larger
SaaS businesses across the infrastructure, construction and supply chain industries. He most recently
held senior finance and business leadership roles within multi-billion-dollar Trimble, Inc. (NASDAQ:
TRMB), including as finance leader of Trimble’s engineering and construction technology business and
general manager of Trimble's fleet telematics business. Prior to Trimble, Paul was CFO of Spatial Corp.
a 3D design software division of Dassault Systèmes (Euronext: DSY), and CFO and co-founder of
Creekpath Systems, a software data storage management company. Paul has an MBA from
Strathclyde Business School (Glasgow, UK) and holds an active Certified Public Accounting (CPA)
license.
IKE CEO Glenn Milnes commented, "We are excited to welcome Paul to work alongside myself and our
US-centered leadership team in Colorado as we continue to build our business focused on the North
American electric utility market. As noted, Paul’s experience is particularly well matched to IKE’s
industry and our growth goals.”
Market Outlook
The macro-market environment for IKE's business remains highly favourable. Across North America,
electric utilities, communications companies, and their engineering service providers are facing
unprecedented infrastructure investment requirements driven by grid modernization, renewable energy
integration, electrification of transportation, deployment of 5G and fibre networks, and aging
infrastructure replacement needs.
These tailwinds are translating into strong and sustained demand for IKE's platform. Our sales pipeline
remains robustrobust, and we continue to add new enterprise customers at a healthy pace while
simultaneously expanding within our existing customer base. The launch of the PolePilot™ platform
adds another compelling dimension to our value proposition and we expect it will accelerate both new
customer acquisition and expansion within existing accounts.
The only short-term market headwind has been the slowdown with tier-2 fibre businesses because of
government / regulatory uncertainty, and therefore some impact on the service-based transaction
business in the short term.
With a strong balance sheet, leading product capabilities, an experienced and capable team, and
favourable market dynamics, IKE is well positioned to deliver sustained growth and capture an
increasing share of the large and growing market for electric utility infrastructure software solutions.”

4
Performance summary
Performance across the business is set out in the following charts and table:

Takeaways (NZ$000)
Continued significant
growth in underlying
subscription revenue in
the 2H period.
Three-year subscription
revenue CAGR of ~30%.


Takeaways
+47% YoY growth in the
exit run rate (ERR) of
annual platform
subscription revenue.
This metric continues
to grow materially,
driven by the continued
growth of IKE Office
Pro subscription sales
and the successful sell-
through of IKE’s next-
generation IKE
PoleForeman
subscription product.


Takeaways
Subscription seat
license growth of +55%
over the past year.
Seat count growth has
continued at a fast
pace due to customer
additions, cross-sells,
and upsells.

5


Takeaways
Transaction & service
revenue declined in the
period.
This is the lowest
margin element for IKE
that primarily supports
services for
communications
companies deploying
fibre.
This component of
IKE’s revenue mix is
expected to continue to
have volatility. The
most recent impact has
been regulatory and
federal funding
uncertainty for fibre
rollouts under the
Republican
administration.

Takeaways (NZ$000)
Recurring subscription
and re-occurring
transaction revenues
(shown in the green
and blue segments in
this chart) dominate
IKE’s revenue mix, up to
90% for YTD FY26.
An expectation for
healthy growth in the
FY26 period, including
~35% or greater growth
in subscription revenue.

6

* Noting the pcp customer number included >40 small legacy PoleForeman customers who were classified as lost at the end
of FY25, but who represented in total less than $100k of ARR.
ENDS
About IKE
We are IKE, the PoleOS™ Company. IKE aims to become the standard for collecting, analyzing and
managing pole and overhead asset information for electric utilities, communications companies, and
their engineering service providers.
The IKE platform enables electric utilities, communications companies, and their engineering service
providers to enhance speed, quality, and safety in the construction and maintenance of distribution
assets.
The core revenue engine for IKE is driven by the number of enterprise customers subscribing to the IKE
platform and the volume of assets (called Transactions) being processed through IKE's software.
Contact:
Glenn Milnes
CEO & Managing Director
+1 720-418-1936
glenn.milnes@ikegps.com
Paul Cardosi
CFO
+1 720-220-0473
paul.cardosi@ikegps.com
Simon Hinsley
Investor Relations
+61-401-809-653
simon@nwrcommunications.com.au



ikeGPS Group Limited
329 Interlocken Parkway, Suite 120, Broomfield CO 80021, USA
Office: +1 303 222 3218
www.ikegps.com

---

ikeGPS Group Limited
For the six month period ended 30 September 2025
FY26 Interim Report
Consolidated Financial Statements

Contents
Consolidated interim statement of profit or loss and other comprehensive income1
Consolidated interim statement of changes in equity2
Consolidated interim balance sheet3
Consolidated interim statement of cash flows4
Notes to the consolidated interim financial statements5 to 14

Unaudited
6 months to
September 2025
Unaudited
6 months to
September 2024
Continuing operations
NZ$000NZ$000
Operating revenue412,848 12,172
Cost of sales(3,260) (4,071)
Gross profit
9,588 8,101
Other income4202 -
Foreign exchange gains519 (398)
Movement of fair value assets and liabilities4(28) (55)
Total other income, gains, and (losses)
693 (453)
Support costs(800) (753)
Sales and marketing expenses(5,300) (4,589)
Research and engineering expenses(4,681) (5,868)
Corporate costs(3,946) (3,608)
Expenses4
(14,727) (14,818)
Operating profit/(loss)
(4,446) (7,170)
Net finance income/(expense)104 59
Net profit/(loss) before income tax
(4,342) (7,111)
Income tax expense / credit(23) -
Profit/(loss) attributable to owners of ikeGPS Group(4,365) (7,111)
Other comprehensive gains
Exchange differences on translation of foreign operations(1) 130
Comprehensive income/(loss)(4,366) (6,981)
Basic and diluted earnings/(loss) per share(0.03)$ $ (0.04)
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Consolidated interim statement of profit or loss and
other comprehensive income

Share
capital
Accumulated
losses
Share based
payment
reserve
Foreign
currency
translation
reserveTotal
NZ$000NZ$000NZ$000NZ$000NZ$000
Opening balance at 1 April 2024 (audited)
105,542 (90,307) 3,901 961 20,097
Profit / (Loss) for the period-(7,111) --(7,111)
Currency translation differences---130 130
Total comprehensive (loss)/ income
-(7,111) -130 (6,981)
Issue of ordinary shares- - - --
Recognition of vesting of share-based options--304 -304
Issue of shares from exercise of share options130 -- -130
Share based options forfeited during the period-159 (47) -112
Equity movements arising from business combinations
112 -(224) -(112)
Total transactions with owners
242 159 33 -434
Balance at 30 September 2024 (unaudited)
105,784 (97,259) 3,934 1,091 13,550
Share
capital
Accumulated
losses
Share based
payment
reserve
Foreign
currency
translation
reserveTotal
NZ$000NZ$000NZ$000NZ$000NZ$000
Opening balance at 1 April 2025 (audited)
106,197 (106,349) 3,959 963 4,770
Loss for the period-(4,365) --(4,365)
Currency translation differences---(1) (1)
Total comprehensive income
-(4,365) -(1) (4,366)
Recognition of vesting of share-based options--535 -535
Issue of shares capital from share based payment27,187 27,187
Issue of shares from exercise of share options911 -(911) --
Share-based options forfeited during the period-- (67) -(67)
Total transactions with owners
28,098 - (443) -27,655
Balance at 30 September 2025 (unaudited)134,295 (110,714) 3,516 962 28,059
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Consolidated interim statement of changes in equity

Consolidated interim balance sheet
Unaudited
September
2025
Audited
March
2025
ASSETS
NZ$000NZ$000
Current assets
Cash and cash equivalents33,859 10,282
Trade and other receivables3,700 6,077
Prepayments1,008 540
Contract costs1,308 1,347
Inventory2,596 1,428
Total current assets
42,471 19,674
Non-current assets
Property, plant and equipment1,687 2,148
Intangible assets56,351 6,336
Inventory181 181
Lease assets734 913
Total non-current assets
8,953 9,578
Total assets
51,424 29,252
LIABILITIES
Current liabilities
Trade and other payables1,486 991
Employee entitlements1,837 2,209
Current tax payable8 -
Provision10281 285
Financial instruments33 3
Lease liabilities294 408
Deferred income10,644 7,614
Total current liabilities
14,583 11,510
Non-current liabilities
Lease liabilities543 615
Deferred income8,239 12,357
Total non-current liabilities
8,782 12,972
Total liabilities
23,365 24,482
Total net assets28,059 4,770
EQUITY
Share capital8134,295 106,197
Share based payment reserve3,516 3,959
Accumulated losses(110,714) (106,349)
Foreign currency translation reserve962 963
Total equity28,059 4,770
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
NZ (New Zealand Time) NZ (New Zealand Time)
Director Date: 28 November 2025 Director Date: 28 November 2025

Consolidated interim statement of cash flows
Unaudited
6 months to
September 2025
Unaudited
6 months to
September 2024
NZ$000NZ$000
Operating activities
Receipts from customers14,283 13,926
Payments to suppliers and employees(17,498) (16,492)
Payment of low value and short term leases(8) (10)
Government Grants received202 -
Income Tax Paid(22) -
Net cash from/(used in) operating activities9
(3,043) (2,576)
Investing activities
Purchases of property, plant, and equipment(267) (329)
Additions to intangible assets(700) (32)
Interest received145 113
Net cash used in investing activities
(822) (248)
Financing activities
Payments of principal portion of lease liabilities(219) (210)
Proceeds from issuance of shares28,682
Payments in relation to issuance of shares(1,494) -
Net cash (used in)/from financing activities
26,969 (210)
Net (decrease)/increase in cash and cash equivalents
23,104 (3,034)
Cash and cash equivalents at 1 April10,282 10,242
Effect of exchange rate fluctuations on cash held473 (447)
Cash and cash equivalents at the end of the period33,859 6,761
The accompanying notes form part of, and should be read in conjunction with, these financial statements.

Notes to the consolidated interim financial statements
1. Reporting entity
ikeGPS Group Limited (the “Company”) is a limited liability company domiciled and incorporated in New
Zealand, registered under the Companies Act 1993 and listed on the New Zealand Stock Exchange (“NZX”)
and Australian Securities Exchange (“ASX”). The Company is an FMC reporting entity for the purposes of the
Financial Markets Conduct Act 2013. The interim financial statements for the six months ended 30
September 2025 comprise the Company and its subsidiaries (together referred to as the “Group”), which
include ikeGPS Limited and ikeGPS Inc.
The principal activity of the Group is that of design, sale, and delivery of a solution for the collection, analysis,
and management of distribution assets for electric utilities and communications companies.
The consolidated interim financial statements were authorised for issue by the Directors on 28 November
2025.
2. Basis of preparation
The principal accounting policies applied in the preparation of these interim consolidated financial statements
are set out below. These policies have been consistently applied to all the periods presented, unless otherwise
stated.
Basis of measurement
These unaudited interim financial statements for the six months ended 30 September 2025 have been
prepared in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”) and NZ IAS
34, Interim Financial Reporting.
The consolidated financial statements have been prepared on the historical cost basis with the exception of
certain financial instruments, which are measured in accordance with the specific relevant accounting policy.
These unaudited interim financial statements do not include all the notes of the type normally included in an
annual financial report. Accordingly, this report should be read in conjunction with the audited financial
statements of the Group for the financial year ended 31 March 2025, which were prepared in accordance with
the New Zealand equivalents to International Financial Reporting Standards (NZ IFRS). All significant
accounting policies have been applied on a basis consistent with those used in the audited financial
statements of the Group for the year ended 31 March 2025.
Critical estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised and in any future periods affected.
In preparing these condensed interim financial statements, the significant judgements made by management
in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as
those that applied to the consolidated financial statements for the year ended 31 March 2025, unless
separately identified in the notes.

Notes to the consolidated interim financial statements
At the end of the period, the Group has reviewed the cash generating unit (CGU) carrying amounts, key
assumptions, and estimates for indicators of impairment. The Directors have identified the following CGUs:
+ CGU1 – IKE Core platform
+ CGU2 – Spike
+ CGU3 – IKE Structural
+ CGU4 – IKE Insight
The Directors determined that there have been no material changes since the 31 March 2025 Annual Report
for CGU1, CGU2, and CGU3.
However, indicator of impairment existed in CGU4 due to a later than expected product launch driving lower
than expected revenue, requiring an estimate of the CGU4 recoverable amount.
CGU4 was determined to have a carrying value of $4.0M including goodwill. CGU4 is an early-stage business
segment and technology asset with a phased product release plan. Future cash flows are forecasted based
on a five-year business model for CGU4, with the year two revenue forecasted to be $0.9M with an average
revenue growth rate of 130% in years three to five and operating expenses reflecting the FY26 business plan.
A pre-tax discount rate of 15.9% was used to establish the recoverable amount on a value in use basis. In
determining the terminal value, the Group applied a 2% growth rate.
The Directors believe that given the large desire for automation in the industry and use of artificial intelligence
to complete pole analysis the products will be well received in the market and the CGU could outperform
these estimates. During the year the first of several subscription products has been launched in the
marketplace with further products close to commercial launch.
However, given the prior years lower than expected revenue the Directors have taken a prudent approach to
forecasting future revenues.
Impairment of non-financial assets
Based on this approach, the Directors have determined that no impairment of CGU4’s intangible assets of is
required as the carrying amount does not exceeded the value in use calculation.
Going concern
The Group has prepared cash flow forecasts and sensitivity analyses that indicate cash-on-hand at the end of
the 6 month period (NZ$33.9M), combined with the net cash flows from operations, will enable the Group to
continue operating as a going concern for at least twelve months from the date of authorising these
consolidated financial statements
The considered view of the Board Directors is that the going concern assumption is valid. This view has been
reached after making due enquiry and having regard to the circumstances that the Directors consider will
occur and those that are reasonably likely to affect the Group during the period of one year from the date
these consolidated financial statements are approved.
The Group recorded a net loss of NZ$4.4M (Unaudited) for the 6 months ended 30 September 2025 (2024:
NZ$7.1M), and following a successful capital raise had a cashflow surplus of NZ$23.1M for the same period
(2024: deficit of NZ$3.0M) .
2. Basis of preparation (continued)

Notes to the consolidated interim financial statements
NZ$000NZ$000
Platform Subscriptions
Platform as a Service revenue1,949 1,885
3,847 1,831
Subscription revenue3,033 2,817
Cost of sales(624) (865)
Contribution
8,205 5,668
Platform Transactions
IKE Analyze revenue2,692 3,964
Cost of sales(2,229) (2,501)
Contribution
463 1,463
Hardware and other services
Hardware and accessories revenue708 1,202
Other service revenue619 473
Cost of sales(407) (705)
Contribution
920 970
Total Operating Revenue12,848 12,172
Total Cost of Sales(3,260) (4,071)
Total Gross Profit9,588 8,101
Sales and marketing costs (5,300) (4,589)
Net attributable (other corporate income and expenses)(8,630) (10,623)
Net profit/(loss) before tax (4,342) (7,111)
The Group derives its revenue from:
+ IKE Device and Spike device sales,
+ IKE Analyze revenue by providing an end-to-end technical solution for customers; IKE captures and
analyses pole loading and make-ready engineering assessments, or customers capture pole data
and transact on the platform,
+ transactional revenue by analysing pole data through an artificial intelligence and machine
learning platform.
+ IKE Poleforeman pole loading software licences and ongoing subscriptions.
3. Operating segments
Unaudited
6 months to
September 2024
The CEO is assessed to be the Chief Operating Decision Maker (CODM), who regularly review financial
information by product and gross margin. Reporting of overheads and balance sheet position is not
undertaken at a level lower than the Group as a whole. Geographically, revenue is substantially generated in
the United States of America.
Unaudited
6 months to
September 2025
IKE Structural pole loading software licenses and subscription revenue
Platform transactions:
+ the IKE Platform solution where customers use the functionality of IKE Office Pro and IKE Field
and if applicable the IKE Device,
Platform subscriptions:
Hardware and other services:
+ Other services including training and deployment.
The segment information provided to the CEO and Board of Directors for the six months ended 30 September
2025 was as follows:

4. Revenue and expenses
Revenue
Unaudited
6 months to
September
2025
Unaudited
6 months to
September
2024
NZ$000NZ$000
Sale of product (point in time)708 1,202
Platform as a Service (over time and point in time)1,949 1,885
IKE Analyze (point in time)2,692 3,964
IKE Insight (point in time)- -
IKE subscription (over time)3,033 2,817
Pole loading licence and subscription (over time and point in time)3,847 1,831
Services (point in time)619 473
Total operating revenue
12,848 12,172
Government grants
1
202 -
Other income- -
Total other income
202 -
Fair value movement on other liabilities- -
Fair value movement on financial instruments(28) (55)
Total movement of fair value assets and liabilities
(28) (55)
Operating expenses
Amortisation of intangible assets670 1,504
Depreciation
2
257 284
Total amortisation and depreciation
927 1,788
Audit of financial statements177 128
Employee benefit expense9,221 8,367
External contractors and consultants930 678
Employee benefit, contractors and consultants expense capitalised
3
(700) (36)
Share-based payment468 511
Operating lease expenses
4
156 148
Direct selling and marketing
5
1,569 1,313
Movement of sales tax provision8 4
Impairment of inventories- -
Other operating expenses
6
1,971 1,917
Total operating expenses
14,727 14,818
Operating expenses consist of operations, sales, marketing, engineering, research, and corporate costs.
Notes to the consolidated interim financial statements

4. Revenue and expenses (continued)
5. Intangible assets
Development
assets
Work in
progress Patents Goodwill
Customer
contracts,
relationships,
trademarks
Training
materialsTotal
NZ$000 NZ$000 NZ$000NZ$000NZ$000 NZ$000 NZ$000
Cost
Balance at 1 April 202424,477 2,063 174 3,840 1,047 219 31,820
Additions- 710 - - - - 710
Transfers1,824 (1,824) - - - - -
Disposals/Expensed- (276) - - - - (276)
Impairment(6,781) --- (479) -(7,260)
Exchange differences547
43
- 178 49 10 827
Balance at 31 March 202520,067 716 174 4,018 617 229 25,821
Balance at 1 April 202520,067 716 174 4,018 617 229 25,821
Additions-714 - -- -714
Transfers569 (569) -
Disposals- - -
Exchange differences(83) (8) -(49) (9) (2) (151)
Balance at 30 September 202520,553 853 174 3,969 608 227 26,384
Amortisation and impairment losses
Balance at 1 April 202414,737 -174 3,099 577 148 18,735
Amortisation for the year2,936 ---184 75 3,195
Impairment(2,689) --- (218) -(2,907)
Exchange differences285 --144 27 6 462
Balance at 31 March 202515,269 -174 3,243 570 229 19,485
Balance at 1 April 202515,269 -174 3,243 570 229 19,485
Amortisation for the period626 --46 - 672
Disposals- -
Impairment-------
Exchange differences(74) -(40) (8) (2) (124)
Balance at 30 September 202515,821 - 174 3,203 608 227 20,033
Carrying amounts
At 31 March 20254,798 716 - 775 47 - 6,336
At 30 September 20254,732 853 - 766 - - 6,351
Notes to the consolidated interim financial statements
1. Government grants were payments received under the research and development tax incentive scheme
relating to prior year research and development costs.
2. Total depreciation for the period is $867k (2024: $973k), comprised of depreciation on fixed assets of
$693k (2024: $803k) and depreciation on leased assets of $173k (2024: $170k). Engineering and research
expenses included $70k (2024: $86k) and corporate costs included $173k (2024: $170k) of depreciation on
leased assets under NZ IFRS 16. The balance of depreciation totalling to $610k (2024: $717k) is included in
cost of sales.
3.     Relates to employee benefit expenses, external contractors, and consultants’ expenses that are directly
attributable to the development of intangible assets and have been capitalised.
4. Relates to short term and low value leases and common area maintenance costs.
5.     Direct selling and marketing expenses includes expenses incurred mainly in relation to promotional
activities such as commissions, travel, and other direct marketing expenses.
6.     Other operating expenses include corporate advisory, travel, engineering, facilities, and IT costs.

6. Foreign currency risk management
March 2025
Carrying amount
in USD
Carrying amount
in AUD
Carrying amount
in USD
Carrying amount
in AUD
US$'000AU$'000US$'000AU$'000
Cash and cash equivalents
3,415 1,260 5,259 773
Trade and other receivables
2,438 - 3,394 -
Trade and other payables
(315) (29) (277) (4)
Carrying amount
Change in USD
rate
Effect on profit/
loss before tax
Sensitivity analysisUS$'000%NZ$'000
10%
(871)
-10%
1,064
10%
(1,276)
-10%
1,557
Carrying amount
Change in AUD
rate
Effect on profit/
loss before tax
AU$'000%NZ$'000
10%
(127)
-10%
155
10%
(76)
-10%
93
7. Contributed equity
Share capital
Unaudited
6 months to
September
2025
Audited
year ended
March
2025
NZ$000NZ$000
On issue at 01 April106,197 105,542
Issued under share placement27,187 -
Exercise of share options911 370
Issue of share capital as part of share based payment- 173
Issued as part of business combination- 112
Total share capital134,295 106,197
Share capital on issue
QtyQty
Fully paid total shares at beginning of year161,062,692 160,242,975
New ordinary shares offered32,442,948 -
Ordinary shares issued on settlement of options287,437 312,955
Ordinary shares issued as share based payment- 372,094
Ordinary shares issued as part of business combination- 134,668
Fully paid ordinary shares193,793,077 161,062,692
Notes to the consolidated interim financial statements
September 2025
March 2025769
The Group is exposed to foreign currency risk on its revenue and a significant portion of its expenses that are denominated in USD,
which is different to the Group’s presentational and parent’s functional currency NZD. Additionally, the institutional placement and share
purchase plan completed during the 2026 financial year was predominantly in AUD, creating additional foreign currency risk exposure.
Therefore, the Group has purchased AUD/USD foreign exchange options to mitigate the risk on its AUD cash holdings.
If the NZD strengthened / weakened against the USD or AUD by 10% at 30 September 2025, the effect on profit / loss is as follows:
September 20255,538
March 20258,376
September 20251,230

8. Basic and diluted earnings per share
Unaudited
6 months to
September
2025
Audited
year ended
March
2025
Total loss for the period attributable to the owners of the parent(4,365) (17,112)
Ordinary shares issued193,793,077 161,062,692
Weighted average number of shares issued172,502,756 160,603,675
Basic loss per share(0.03)$ (0.11)$
9. Reconciliation of operating cash flows
Unaudited
6 months to
September
2025
Unaudited
6 months to
September
2025
NZ$000NZ$000
Profit/(loss) for the period(4,365) (7,111)
Less investment interest received(144) (113)
Non-cash items included in net profit/loss
Depreciation826 973
Amortisation of intangible assets710 1,504
Raw materials and finished goods written down52 143
Trade Receivables Write off57 -
Share based payment expense468 511
Write off of obsolete materials and assets1 175
Fair value movement28 55
Finance lease interest41 54
Unrealised foreign exchange (gain)/loss(576) 416
Foreign exchange (gains)1 (130)
1,608 3,701
Add/(less) movement in working capital items
Decrease in trade and other receivables2,180 778
(Increase) in inventories(1,223) 811
Decrease/(increase) in prepayments(468) (867)
Increase/(decrease) in trade and other payables479 (223)
Decrease/(increase) in deferred revenue(822) 503
Increase in other liabilities22 28
(Decrease) in provision29 3
Increase in employee entitlements(339) (86)
(142) 947
Net cash from/(used in) operating activities(3,043) (2,576)
Notes to the consolidated interim financial statements
The potential shares are anti-dilutive in nature. The diluted loss per share is therefore the same as the undiluted EPS at ($0.03) and ($0.11)
for the respective periods.

10. Provisions
Corporate Tax
Unaudited
6 months to
September
2025
Audited
year ended
March
2025
NZ$000NZ$000
Opening balance285 272
Foreign exchange movement(4) 13
Closing balance281 285
11. Related parties
Notes to the consolidated interim financial statements
There have been no related party transactions during the period
The Group has identified a potential tax obligation linked to a series of intercompany transactions. As the
transactions have occurred the Group considers it to be more likely than not the obligation exists.

ikeGPS Group Limited
Level 2, 79 Boulcott Street
Wellington Central
Wellington, 6011
Telephone: +64 4 382 8064
Directors of ikeGPS Group Limited
Alex Knowles
Glenn Milnes
Fred Lax
Mark Ratcliffe
Roz Buick
Legal Advisers
Chapman Tripp
Level 6, 20 Cuxtomhouse Quay
PO Box 993
Wellington, 6140
Telephone: +64 4 499 5999
Auditor
Grant Thornton
Level 15, Grant Thornton House
215 Lambton Quay
PO Box 10712
Wellington, 6143
Telephone: +64 4 474 8500
Share Registrar
MUFG Corporate Markets
PO Box 91976, Auckland, 1142
Level 30, PwC Tower
15 Customs Street West, Auckland
Telephone: +64 9 375 5998
Bankers
Bank of New Zealand
Level 4, 80 Queen Street,
Auckland,1010
Private Bag 39806,
Wellington Mail Centre,
Lower Hutt, 5045
www.ikegps.com

---

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

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Results for announcement to the market
Name of issuer ikeGPS Group Limited
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
$12,848 5.6%
Total Revenue $13,050 7.2%
Net profit/(loss) from
continuing operations
($4,365) 38.6%
Total net profit/(loss) ($4,366) 37.5%
Interim/Final Dividend
Amount per Quoted Equity
Security
N/A at this time it is not proposed to pay a dividend
Imputed amount per Quoted
Equity Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$0.04 $0.04
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This results announcement should be read in conjunction with
the unaudited consolidated financial statements for the six
months ended 30 September 2025 ('Interim Financial
Statements').
Authority for this announcement
Name of person

authorised
to make this announcement
James Macdonald
Contact person for this
announcement
James Macdonald
Contact phone number +64 4 382 8064
Contact email address james.macdonald@ikegps.com

Date of release through MAP 26/11/2025

Unaudited financial statements accompany this announcement.