Locate Technologies - Q2 FY26 Investor Presentation

Q2 FY26 Investor
Presentation
AI-Powered Logistics Software | New Zealand’s Listed Bitcoin Treasury
NZX: LOC | February 2026

Important Notice and Disclaimer
Forward-Looking Statements
This presentation contains forward-looking statements, including statements regarding the Company’s intent, belief, goals, objectives, strategies, future financial conditions, and
performance. These can be identified by words such as “expect”, “anticipate”, “intend”, “plan”, “believe”, and similar expressions. Such statements are not guarantees of future
performance and involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. Except as required by law or the NZX Listing
Rules, the Company undertakes no obligation to update any forward-looking statements.
Not an Offer of Securities
This presentation is for informational purposes only and does not constitute an offer, invitation, or recommendation to subscribe for, purchase, or deal in any securities. This is not a
product disclosure statement or prospectus for the purposes of the Financial Markets Conduct Act 2013 (NZ).
Non-GAAP Financial Information
This presentation includes non-GAAP financial measures (including Normalised EBITDA) which are not defined under NZ IFRS, have not been audited, and may not be
comparable to similarly titled measures used by other entities. Normalised EBITDA is calculated by adjusting reported EBITDA for one-off costs (NZX transition) and non-cash
items (ESOP expenses, unrealised Bitcoin revaluations). These measures should be read alongside the Company’s NZ IFRS financial statements.
Digital Assets and Bitcoin
Bitcoin and digital assets are highly volatile. Metrics such as Bitcoin per share and mNAV are non-standard, provided for illustrative purposes only, and are not indicative of future
performance. Regulatory changes may materially impact the Company’s digital asset strategy.
General
All Q2 FY26 financial information is unaudited. No representation or warranty is given as to accuracy or completeness. This presentation does not constitute financial advice.
Investors should seek independent professional advice. This presentation should be read alongside the Company’s NZX announcements at www.nzx.com.

Two powerful strategies.
One company.
AI-Powered Logistics
Software
Locate2u is building the operating system for
last-mile logistics. AI agents that dispatch, optimise,
and communicate replacing manual workflows with
intelligent automation.
Bitcoin Treasury Strategy
New Zealand’s first listed Bitcoin Treasury
company. Accumulating BTC as a long-term store
of value through an innovative ATM equity facility, a
first for the NZX.*
*To the best of the Company’s knowledge as at the date of this presentation. Contains forward-looking statements — see Disclaimer (slide 2).

Q2 FY26 at a glance
Strong quarter. Clear momentum.
$1.88m
Group Revenue
Q2 FY26 (NZD)
+40%
Locate2u Revenue
Growth YoY
+$144k
Normalised Group
EBITDA (NZD)¹
12.3 BTC
Bitcoin Holdings
as at 5 Feb 2026
All figures are unaudited. Bitcoin value approx. NZ$1.5m as at 5 February 2026. ¹Normalised EBITDA is a non-GAAP measure — see slide 11 for definition
and reconciliation.

Locate2u
The growth engine of the Group
$1.02m
Record quarterly revenue — 40% growth over pcp
+$95k
Positive EBITDA
54%
Group revenue from Locate2u
Growth Drivers
•Expanding revenue from existing
customers through upsell and deeper
platform adoption

•Winning new enterprise accounts across
Australia, UK, and international markets

•In pilot stage with a large UK distributor
(300+ drivers)²

•AI capabilities creating durable competitive
advantage against legacy logistics software
All figures are unaudited. ² Forward-looking statement. Pilot outcome is not guaranteed — see Disclaimer (slide 2).

Locate2u Revenue
Consistent growth, quarter after quarter
$1.02m
Record quarterly revenue

+40%
40% growth year on year
Now over half of Group revenue
All figures are unaudited.

Profitability
Normalised EBITDA tells the real story
-$829k
Reported
EBITDA
→
+$464k
NZX Transition
Costs
→
+$49k
ESOP
Expenses
→
+$460k
Unrealised BTC
Revaluation
→
+$144k
Normalised
EBITDA¹
Zoom2u EBITDA
+$432k
Cash-generative business funding Group strategy
Locate2u EBITDA
+$95k
Second consecutive positive EBITDA quarter
All figures unaudited. ¹Normalised EBITDA is not a measure defined under NZ IFRS and has not been audited. It is calculated by adjusting reported
EBITDA for one-off NZX transition costs, non-cash ESOP expenses, and unrealised Bitcoin revaluations. This measure should not be given more
prominence than, or considered in isolation from, the reported EBITDA figure. See Disclaimer (slide 2).

The AI Opportunity
Most logistics software was built
in the pre-AI era. We are not.
Hyper-Customisation
Enterprise customers get a
tailored platform, not a generic
tool. We analyse their workflows
and build add-ons that solve
their specific operational
problems, creating stickiness
and additional revenue streams.
Already Happening
This is not a roadmap item. Our
developers are already using
multiple AI agents to build
bespoke product for enterprise
customers, solving real-life
logistics problems in days rather
than months.
AI-Native Architecture
AI agents that dispatch, optimise
routes in real-time, and
communicate with customers
proactively. Built from the ground
up for intelligence, not bolted on
to legacy software.

AI is not replacing SaaS.
It is reshaping it.
The market narrative
SaaS valuations have been hit as investors assume AI
will make software companies redundant. Large
enterprises with thousands of employees face genuine
disruption, what previously required massive teams to
build can now be delivered by significantly smaller ones.
But the market is conflating two very different
things: large enterprise software vendors and
focused SaaS platforms that serve specific verticals.
Accounting, logistics, and other complex software, these
are not going to be rebuilt by individual businesses.
Why SMEs & Enterprise will still buy
SaaS
Even with AI, building software requires deep expertise
that most businesses do not have:
Security and compliance: data protection, access
controls, audit trails
Infrastructure and hosting: uptime, scaling, monitoring,
disaster recovery
Product knowledge: understanding what customers
actually need, not just what they ask for
SMEs & Enterprise will continue to buy from SaaS
vendors. The question is which vendors can deliver
more cost-effectively than they have historically.

The Advantage
In a world where anyone can build
anything, product design wins.
Speed and Cost
Small teams can now deliver what large
enterprises needed thousands of
employees to build. Faster, more
cost-effectively, and without the
overhead. Large incumbents face
enormous restructuring just to compete.
Product Knowledge
Understanding what customers actually
need versus what they ask for. Years of
domain expertise, real-world
operational data, and customer
relationships cannot be replicated by AI
alone.
Design as a Moat
When anyone can build anything, the
differentiator is how well you build it.
Product design becomes the
competitive advantage — just as Apple
proved in hardware. Locate2u is built
around this principle.
This slide represents the Company’s strategic thesis and contains forward-looking statements — see Disclaimer (slide 2).

Zoom2u
Where our logistics expertise began
Locate2u exists because of Zoom2u. Running a delivery
network for over ten years gave us firsthand knowledge of
the pain points in last-mile logistics. We built Locate2u to
solve them.
Q2 FY26 Performance
•Revenue of $0.86m (including 2u Enterprises)

•Down 22% in NZD terms vs pcp reflecting consumer
spending pressure in Australia

•Remains profitable with EBITDA of $432k for the
quarter

•Continues to generate cash that supports the Group’s
strategic priorities
Strategic Role
Cash Engine
Generates operating cash flow to fund Group
strategy
Knowledge Base
10+ years of delivery data and operational insights
Testing Ground
Real-world environment to validate Locate2u
features
All figures unaudited.

Bitcoin Treasury
A long-term store of value
12.3 BTC
Current holdings as at 5 February 2026
Approximate value: NZ$1.5m
Live dashboard: locatetech.nz/bitcoin
ATM Facility — A First for the NZX*
•New Zealand’s first At-The-Market equity facility on the NZX*

•Raise capital progressively in small tranches at prevailing
prices

•Manage dilution carefully while building treasury position
“We view Bitcoin as a long-term strategic asset, not a trading position. Our focus is on accumulation, not
timing. We expect volatility and we are comfortable with that trade-off.”
*To the best of the Company’s knowledge as at the date of this presentation. Bitcoin values are subject to significant volatility — see Disclaimer (slide 2).

How to think about our financials
A company in transition
Revenue
Locate2u is growing rapidly (40% YoY) and is now over
50% of Group revenue. Zoom2u is mature and
cash-generative but facing cyclical headwinds. Over time,
expect Locate2u to become an increasingly dominant share
of revenue.¹
EBITDA
Locate2u is now EBITDA positive. Group EBITDA has been
affected by one-off costs (NZX transition) and non-cash
items (Bitcoin revaluation). Normalised EBITDA gives the
clearest picture of underlying performance.²
Balance Sheet
We hold both cash and Bitcoin. We report Bitcoin at fair
value, so our balance sheet will fluctuate with the Bitcoin
price. We are comfortable with this volatility for long-term
shareholders.¹
Capital Raising
The ATM facility allows us to raise capital progressively
without the friction of traditional placements. Expect us to
use it opportunistically to fund Bitcoin accumulation while
managing dilution carefully.¹
¹Forward-looking statement — see Disclaimer (slide 2). ²Normalised EBITDA is a non-GAAP measure — see slide 11.

THE ROAD AHEAD
H2 FY26 priorities
Grow Locate2u
•Win more enterprise
customers

•Expand in the UK and other
international markets

•Expansion within existing
customer base

•Scale towards profitability at
the Group level
Ship AI
Capabilities
•Deliver AI agents that
automate logistics workflows

•Create tangible, measurable
value for customers

•Build durable competitive
advantage

•Accelerate development
velocity with AI tools
Build Bitcoin
Treasury
•Continue accumulating BTC
through ATM facility

•Deploy operating cash flow in
line with Treasury Policy

•Maintain transparency with
live dashboard

•Educate market on long-term
BTC thesis
All H2 FY26 priorities are forward-looking statements — see Disclaimer (slide 2). There is no guarantee these priorities will be achieved.

Company Snapshot
Locate Technologies at a glance
NZX: LOC
Listed on the
New Zealand Exchange
297.6m
Shares on issue
as at 5 Feb 2026
$22m
Market capitalisation
as at 5 Feb 2026
$1.6m
Cash at bank
as at 31 Dec 2025
~1,660
Shareholders
as at 5 February 2065
12.3 BTC
Bitcoin holdings
as at 5 Feb 2026
All figures are unaudited

Questions & Answers

Clear strategy. Strengthening
core business. Differentiated position.
New Zealand’s first listed Bitcoin Treasury company.
Steve Orenstein, Founder & CEO
investors@locatetech.nz
locatetech.nz | Follow us on X & LinkedIn
This presentation contains forward-looking statements subject to risks and uncertainties. These statements are not guarantees of future performance. Actual results may differ materially.
All Q2 FY26 financial information is unaudited. This presentation includes non-GAAP financial measures which are not defined under NZ IFRS — see slide 11. This presentation does not
constitute an offer of securities or financial advice. Bitcoin and digital assets are highly volatile.