Investor Presentation for FY26 Results Conference Call

www.ikegps.com
IKE 4Q andFY26
Performance Update
Glenn Milnes, CEO & MD and Paul Cardosi, CFO
glenn.milnes@ikegps.com &paul.cardosi@ikegps.com
May 2026

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Important Notice
Information in this presentation:
•Is for general information purposes only, and is not an offer or invitation for subscription, purchase, or
recommendation of securities in ikeGPSGroup Limited (IKE);
•Should be read in conjunction with, and is subject to, IKE’s FY26 performance update, recent market
releases, and information published on IKE’s website (www.ikegps.com);
•Includes forward-looking statements about IKE and the environment in which IKE operates, which are
subject to uncertainties and contingencies outside of IKE’s control – IKE's actual results or
performance may differ materially from these statements;
•Includes statements relating to past performance, which should not be regarded as a reliable indicator
of future performance; and
•May contain information from third parties believed to be reliable; however, no representations or
warranties are made as to the accuracy or completeness of such information.
•All information in this presentation is current at the date of this presentation, unless otherwise stated.
•All currency amounts are in NZ dollars unless stated otherwise.
Receipt of this document and/or attendance at this presentation constitutes acceptance of the terms set
out above in this Important Notice.

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Agenda
4Q and FY26 performance
headlines
Outlook
Addressable Market
IKE’s Value proposition
Q&A

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•FY’2026 Platform Subscription revenue ~$19.2m; (+33% growth vs pcp
and 99% of target)
•Achieved positive underlying EBITDA in March 2026
•FY’2026 AnnualizedExit Run Rate (ERR) Platform Subscription Revenue
~NZ$20.7m (+18% growth vs pcp; +21% in constant currency)
•FY’2026 YTD Total Revenue~NZ$26.6m (+6%growth vs pcp)
•Lower margin services business isbelow pcp due to regulatory / government
volatility in U.S. fibre communications market, that is expected to rebound
•FY’2026 Gross Margin percentage increased to ~80%
(up from pcp of 69%)
•Total Cash ~NZ$32.8m (up from ~NZ$32.3m reported 3Q), no debt
•FY’2026 EBITDA -NZ$5.0M (up from –NZ$6.9M in FY’2025)
FY26: Guidance delivered.
Both lines.
AI-first model connects revenue growth to operating
leverage — revenue up, opex scales more slowly as AI
adoption & implementation proliferates

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IKE is deep in a utility vertical
workflow andis embedded in
utility engineering standards
AI is IKE’s accelerant – not its disruptor
AI widens IKE's moat — every new AI feature increases switching cost and pricing power
When IKE becomes a mandate
for every engineer in the utility –
competitors cannot replace
IKE has proprietary industry data,
including owning a 20M human-
engineered assets as a data set
General-purpose LLMs cannot replicate
IKE-specific AI and workflows, and our
U.S. utility customers are not going to
create theirown software.
AI-powered capability inside of
IKE's products has generated
higher pricing &more revenue
PolePilot enabled 10% increase
across the entire IKE Office Pro
subscription base – with no churn

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95% of IKE’s market is still untapped
The investment scale
•US utility capex 2025–2030: $1.1T–$1.4T
•2025 capex alone: ~$194B | 5-year CAGR: 8.5%
•Morningstar DBRS: utility investment "super-cycle" —
steepest demand growth in decades
•US grid must scale from 20% → 50% of national
energy capacity by 2050
•US Serviceable Obtainable Market: US$431M across
current product suite
•Current US penetration: ~5%
•~95% of IKE's defined market remains untapped —
before Canada, international, or new product platforms
IKE’s position in it
Data sources: EEI, S&P Global Market Intelligence, Deloitte Power & Utilities, Morningstar DBRS, DOE. Management estimates for SOM.

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IKE is not adjacent to the grid investment
cycle. It is inside the workflow.
Joint use
Every 5G & fiber attachment requires
a structural load assessment. IKE
runs those assessments.
Grid Hardening
Wildfire, storm, and flood response
requires proactive pole condition
assessment at scale. IKE's AI layer is
purpose-built for this.
Digital Twin
Utilities building digital replicas of
their overhead network. IKE's field
data is the primary source feeding
those twins.
Market opportunity is
substantially uncaptured.

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The largest revenue opportunity in
IKE’s history is still ahead.
Two new products in development
Purpose-build products demanded by our loyal
customers through customer-council
organizations.
Markets not yet addressed
Underground distribution market, Canada,
fiber/broadband/telecom. International (AUS, NZ,
UK). AI upsell across existing seat base.
Market validation
Inbound acquisition interest received.

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Takeaways
+33% YoYgrowth, 99% of
revenue goal
The addition of new
customers, continued strong
upsells to existing customers,
and low revenue churn driving
Subscription growth in FY’26
FY’2026 Platform Subscription Revenue
Annual Platform Subscription Revenue Growth +33%; Materially at Guidance
pcp – prior calendar period

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Takeaways
Constant currency growth
+21%
One large customer had an IKE
assisted project complete
with animpact to growth -
9%. Not a lost customer.
Growth without this
timing+30% (in constant
currency).
Annualized Exit Run Rate of Platform Subscription Revenue of +18%
Growth in Constant Currency +21%
pcp – prior calendar period

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Takeaways
Seat count growth has
continued at a fast pace due to
customer additions, cross-
sells, upsells and strong net
retention
Total Platform Subscription Seats Growth of +15% vs. pcp
From cross-sells and upsells
pcp – prior calendar period

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Takeaways
4Q Gross Margins improved to
49%, shifted work offshore
the work + higher margin
projects
Headwinds related to new US
administration policy on rural
fiber funding – volatility
expected to remain through
early FY’2027
FY’26 Platform Transaction Revenue of ~NZ$5.0m
Transaction Revenue-35% vs. pcp
pcp – prior calendar period

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Takeaways
Platform Subscription Mix;
72% of IKE total Revenue, up
from 57% in FY’25
Continuing to convert
hardware customers to
Device-as-Service
Training revenue (subset of
Hardware & Other) +8%
growth in FY’2026
~91% YTD Revenue from Recurring and Re-Occurring Sources
FY’26 Total Revenue by Segment vs pcp
pcp – prior calendar period

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FY’ 2026 Key Metrics
Takeaways
83 new subscription
customers were added in
FY'2026, 1.6 per week
Note 1:Subscriptioncustomer counts based on trailing 12 monthssubscription revenues. FY'2025
restated using this methodology.

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Takeaways
FY’ 2026 Revenue growth +6%
vs pcp;
FY’ 2026 Subscription
Revenue growth +33% vs pcp
Gross Margin 80% vs pcp 69%
FY’2026 Expenses -11%vs
pcp; and +3% vs pcp
(excluding impairment)
FY’ 2026 Comprehensive loss
improved by +$8.8M vs pcp
and +$4.4M vs pcp (excluding
impairment)

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Reconciliation of FY’2026 Total Comprehensive Loss to EBITDA
Takeaways
Continued operating leverage
driving EBITDA improvements
March achieved EBITDA
positive – in line with guidance
FY’ 2026 EBITDA improved
+27% vs pcp

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Takeaways
FY’ 2026 cash & term deposits
$32.8m vs $10.3m in pcp

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In the right market at
the right time
Addressing North America

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$2T grid modernization in the North American
market demands digital grid intelligence
The aging infrastructure crisis hits its inflection
point now
•130 million wooden poles are approaching the
45-50 year failure threshold -~25–35million
poles willrequire replacement or reinforcement
by 2035, with $10.8Kavgreplacementcost ->
Upto$345Bopportunity indistributionpoles.
1
•Severe weather now drives 80% of major
outages (US27B in disastercosts in 2024 alone)
- accelerating decay.
2
•Up to $2 trillion in U.S. grid modernization
investment over the next decade or so.
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Takeaways
Digitally-enabled pole data analysis tools are
increasingly mandated for reliability and
resiliency compliance
Sources
1.https://info.ornl.gov/sites/publications/Files/Pub160200.pdf and https://www.energy.gov/sites/default/files/2024-
11/111524_Utility_Pole_Maintenance_and_Upgrades.pdf

2.
https://www.climate.gov/news-features/blogs/beyond-data/2024-active-year-us-billion-dollar-weather-and-climate-disasters
3.https://www.pwc.com/us/en/industries/energy-utilities-mining/library/assets/pwc-grid-modernization-strategy.pdf
130M wood poles
approaching the 45-50
year threshold
~25-35M wood poles
will require replacement or
reinforcement by 2035
$345B opportunity
for digital pole data
analysis tools
Need for digital solutions
to increase speed, reliability, and
resiliency compliance

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Takeaways
FederalResilienceFundingisfuelinga massivep
oledatamodernizationcycle
40%of U.S. federal grants for gridresiliencetarget
distribution network capacity &hardening
Department of Energy | July 2024
0%10%20%30%40%50%60%
Vegetation Management
Substation Upgrades
Undergrounding
Battery Systems
Equipment Upgrades
Pole Replacement
Advanced Control Technologies
Reconductoring
Percent of Award Recipients
Project Type
Sources
1.https://www.energy.gov/sites/default/files/2024-08/EXEC-2023-003585%20-
%20Congressional%20Report%20on%20Preventing%20Outages%20and%20Enhancing%20the%20Resilience%20of%20the%20Electric%
20Grid_sb-S1_7.1.pdf
•DOE Grid Deployment Office (formed 2022)
leads nationwide investment in distribution
resilience.
•Section 40101(c) grants invest heavily in
replacing and hardening aging poles and lines
to reduce outages from extreme weather.
•Each project requires detailed field data for
design, engineering, and verification of pole
assets.
•ikeGPS is positioned to equip utilities with
digital pole measurement and data
management systems critical to executing
these federal projects.

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$43B in broadband funding demandsdistribution
network data intelligence
•$43B in BEAD funding drives unprecedented
fiber attachment volume on utility poles.
•FCC defines “large attachment requests” as
3,000+ poles per project
1
, mass digitization
is required for survey and make-ready.
•Global 5G small cell market exploding from
$7.5B (2025) to $74.6B (2023) – outdoor
deployments depend on pole loading and
clearance analysis.
2
•By 2026, there will be more than 800,000
small cells in the United States, up from
about 86,000 in 2018.
3
Sources
1.https://www.fcclawblog.com/2025/07/articles/fcc/fcc-adopts-new-pole-attachment-rules-to-streamline-broadband-deployment/
2.https://www.fortunebusinessinsights.com/industry-reports/5g-small-cell-market-101600
3.https://www.researchandmarkets.com/reports/4833401/small-cell-5g-network-market-share-analysis
800,000 small cells
in the U.S.
2026
86,000 small cells
in the U.S.
2018
$74.6B
2032
$7.5B
2025
Global 5G small cell
market growth
Takeaways
Utility poles remain the strategic backbone for
fiber and 5G small-cell deployments, supporting
thousands of new cell sites and fiber
attachments per project

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To see what matters
IKE hasbuilt capabilities to solve these
infrastructurechallenges
Creating sustainable competitive advantage
Safe and accurate grid
data collection and digitization
To know what's at risk
Identify network vulnerabilities,
ensure safety code compliance, so
toprioritize grid investments
To act & engineer with confidence
Centralized digital records of your grid
assets - enabling faster decisions,
transparent collaboration, and
measurable resilience improvements

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AI has unleashed a wave of data centre construction.
In 2023, AI data centres consumed about 4.4% of U.S.
electricity, and that share could triple by 2028.
Microsoft and Google estimate that the U.S. will need
500,000 more electric engineers in the next decade.
Heatwaves, wildfires, and storms are stressing electrical
network systems nationwide. Events once considered rare
- like the 2003 Northeast blackout that hit 50 million people
- are now seen as precursors of larger & more
commondisruptions.
Multiple factors are driving infrastructure investments, and the
need for technology, in North America

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01020304050
Exelon Group
Southern Company
Florida Light and Power
National Grid
Entergy
Consumers Energy
Duke Energy
LLMA Energy
Total
Millions of Electricity Customers
The Top 8 IKE Customers:
~43M homes & businesses,
>4x the entire Australian market
Standardized on IKE
Total Australian Market: ~11m homes & businesses
The size of the North American market opportunity,
in Australian context
IKE’s Top 8 Customers
U.S. Infrastructure
Spend Projections of
>$400bn
over the next 5 years
Fiber network development
investment is projected to be
~$300bn over the next 5 years

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A huge expansion opportunity at investor-owned utilities
U.S. Market-Map of Investor-Owned Utilities (multi-$B companies)

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Sales opportunities for IKE products at over 2,800 Municipalities
and Co-Operatives
$10.0 Million or Less
$10.1 to $20.0 Million
$20.1 to $40.0 Million
$40.1 to $80.0 Million
$80.1 Million or More
No Reported Data
Rural Electric Cooperative*
*13 out of 924 co-ops did not report revenue and are not included in
the calculations. All co-ops are depicted.

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IKE’s Expanding Value
Proposition
In the right market

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The grid faces unprecedented challenges.
Complete field-to-finish solutions from IKE to engineer a network through its lifecycle.
Business model upshot
A recurring subscription to access any IKE Solution
Additive, recurring revenue based on usage (license seats or
transactions)
Optional value-added products, such as IKE Analyze (driving
further transaction revenue) and training via IKE University
Solution for gaining actionable
insights from new or existing
digital imagery or data sources.
Field Data Collection platform
with back-office tools
anddashboards.
Back-end analysis for acquired
pole data.
Accurate, reliable, and
defendable pole load analysis
adhering to NESC compliance.
End-to-end resource for
in-person and online NESC®,
OSHA, and IKE product
training and education.
IKE University

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A Clear 10-year Mission guiding ourjourney
Manaakitanga
"We rise by lifting others." This means
lifting our customers, each other, our
communities, and IKE's stakeholders.
IKE’s purpose is Manaakitanga.
We rise by lifting others.
Mission (by mid-2034)
To be the most trusted and admired
company delivering software solutions
that drive productivity outcomes for the
Distribution Grid, with #1 market share in
the USA, and expanding internationally.
•What we do exactly: We deliver actionable
insights on overhead infrastructure. Our data
acquisition and analysis solutions transform
how to design, construct, and inspect
overhead assets and help achieve critical
industry objectives, such as grid resiliency
and fiber broadband expansions.

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Customers overwhelmingly recommend IKE,
with an independently assessed NPS of 91%.
Delivering the best CX in our
industry as a Strategic Pillar
Our core values create
differentiation, inside and out
This score is driven by:
•IKE’s focus on both product capability, industry-specific
outcomes, and customer experience.
•Purpose-built solutions for utility poles and overhead
infrastructure, based on customer-led product-market fit.
•Tangible ROI for utilities, telcos, and engineering service providers.

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IKE is trusted by 8 of the 10 largest
investor-owned utilities in North America

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IKE is trusted by 5 of the 10 largest
communications companies in the U.S.

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Right market, at the right time
Takeaways
Today, IKE has a presence in
approximately 6% of
addressable customers in the
U.S. but is estimated to be
only 20% penetrated. There is
an opportunity to:
Opportunity to develop up to
an additional 80% revenue per
annum from the existing
customer footprint as ‘White
Space’ via cross-sell and up-
sell, plus to
Sell to the other 94% of the
market via ‘Green Field’ new
logo opportunities
Addressable Customers
IKE’s Customer Presence
6%
94%
‘Green Field’ Opportunity
20%
Customer Penetration
80%
‘White Space’ Opportunity
Expert team, best-in -class technology, and execution capability

IKE’s software is
now used in all
50
States

Overhead Utility Data Collection
IKE technology has helped
companies engineer
20 Million
OVERHEAD ASSETS,
and counting.....
Takeaways
The same electric utilityassetis digitally
processed many times throughout its
lifecycle - for make-ready engineering, fiber
joint-use, clearance validation, or routine
inspection. Each new network build,
attachment request, or safety audit triggers
another round of measurement and analysis.

3,000+ Attendees 800+ Organizations Trained
Getting-to-Market: Educating the North American Industry
Example of IKE's National Electric Safety CodeWebinar Series

Getting-to-Market: Educating the North American Industry
Example of IKE's In-Person NESC & OSHA Training
OVER
1,700
Attendees 'IKE Certified'
ROUGHLY
500
Organizations Trained

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New Products
& Technologies

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Meet PolePilot, an AI subscription
module released in 3Q to increase
productivity and efficiencies for IKE
Office Pro engineers
PolePilot was very easy to use and was effective in many different pole
and environmental scenarios. The automated markers helped identify
wires and equipment that were difficult to see.
JOEL VESCIO
TRC

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Meet PolePilot, an AI subscription
module released in 3Q to increase
productivity and efficiencies for IKE
Office Pro engineers
PolePilot was very easy to use and was effective in many different pole
and environmental scenarios. The automated markers helped identify
wires and equipment that were difficult to see.
JOEL VESCIO
TRC

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Takeaways
AI-powered assistant to increase productivity for
analyzing pole data
SaaS tool to support all the digital needs for grid
modernization efforts
Expands on the strength of IKE's intelligent automation
capabilities for overhead asset management
Meet PolePilot, an AI subscription
module released in 3Q to increase
productivity and efficiencies for IKE
Office Pro engineers

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The standard for distribution
network design in the U.S.
Takeaways
The new IKE PoleForeman product has been in the
market for ~18 months
In total, ~130 customers have subscribed to this new
platform, far exceeding our adoption rate expectations.
We expect further major customers to close in FY26 &
FY27.
Today, IKE PoleForeman is the standard for structural
analysis in 8 of the 10 largest electric utilities in North
America.

www.ikegps.com
Thank You
Glenn Milnes, CEO and Paul Cardosi, CFO
glenn.milnes@ikegps.com & paul.cardosi@ikegps.com
October, 2025

IKE Facts
To Date » September 2025

Overhead Utility Data Collection Count
IKE technology helped
companies engineer
1 Million
MILES OF LINES
Takeaways
Every mile of overhead line requires precise
engineering - from pole loading and
conductor clearance modeling to
make-ready design. These lines are
continuously re-engineered as utilities
upgrade, harden, or attach new telecom
infrastructure, making line engineering a
repeatable, multi-billion-dollar workflow.

Top 4 states
IKE is used in
California
Connecticut
New York
Virginia

500+ enterprise
customers
49 NEW Utility,
Communications, and
Engineering customers
in 1H FY26