IKE 1H FY27 Performance Update

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For immediate release, 23 October 2026
IKE 2Q / 1H FY27 Performance Update
• FY27 Guidance:
• Exit Run Rate Subscription revenue outlook >30% growth vs PCP
• Full year subscription revenue outlook will be strong in absolute terms with forecast
growth to be confirmed end of November; timing on customer contracts impacting
FY27 recognised subscription revenue,
• Sep YTD FY27 Platform Subscription Revenue ~NZ$11M; +22% growth vs pcp
• Recurring revenue model strength continues with ~85% of total revenue from recurring
Subscriptions
• New products are on track for market launch in 2H FY27, expected to drive further ARR
expansion
IKE (ikeGPS Group Limited) (NZX: IKE | ASX: IKE) is pleased to provide an update for the six-month
period to 30 September 2026. All figures are in NZD unless stated, rounded to the nearest decimal.
Highlights for the half year:
Financial Highlights
• Annualized Exit Run Rate (ERR) of subscription revenue to ~NZ$22M, +13% vs prior calendar period
(pcp)
• Platform Subscription Revenue for Sep YTD ~NZ$11M, +22% vs pcp
• Total Revenue for the Sep YTD ~NZ$12.7M, approximately flat vs pcp reflecting some interim
softness in one-off, lower margin professional services revenue
• Sep YTD Gross Margin; ~NZ$10.2M; +7% vs pcp; gross margin percentage 81%, vs 75% vs pcp
• Total cash and deposits of ~NZ$27.4M, net receivables of ~NZ$3.9M, with no debt as at
September 30, 2026. Cash was ahead of the internal plan. Payment timing of a large receivable,
and 2Q being a seasonally higher spend quarter is reflected in the ending cash balance.
Product Highlights
• The new product program funded in FY26 is on track — IKE PoleForman’s Secondary Voltage
Analysis product (Module 1), IKE PoleForeman 2.0 for the communications industry, and an AI-
based Make-Ready Engineering platform (Module 2) — will each be in market in 2H FY27 and each
are expected to deliver material additional recurring subscription revenue growth from FY28.

CEO Commentary:
Commenting on the results, IKE CEO & Managing Director Glenn Milnes said:

Our view on the multi-year trajectory for the business is unchanged, Sep YTD we are performing broadly
to expectations. Platform subscription exit run rate ARR is NZ$22M, and Subscription YTD revenue is at
NZ$11M, and we are ahead of budget on cash. We expect IKE's exit run rate of platform subscription
revenue at 31 March 2027 to grow >30% versus the prior comparable period. The underlying
subscription engine is healthy: subscription gross margins of ~95%, an NPS of 91, and a well-funded
balance sheet with no debt.

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For our updated subscription revenue expectation for FY27, growth in the period is strong but will land
below the ~35% previously indicated. This reflects the timing of closing and recognizing several major
subscription contracts, where the associated subscription revenue is recognized over the subsequent
12-month period from execution. It does not reflect demand, customer losses, nor churn — and we
remain confident this revenue will be recognized in subsequent periods, because we have customer
contracts in place and also visibility into a strong sales pipeline.

Three new subscription products are on track to launch - targeted to be in-market and with customers
in the second half of this financial year. We expect them to deliver material recurring subscription
revenue from FY28 and beyond. We are using Artificial Intelligence (AI) as an accelerant across the
company, both inside our products and inside our own operations.

Electrification macro-market tailwinds across North America remain highly supportive and are
strengthening. With long-term contracts, an expanding pipeline, and our new products coming to
market, we remain confident in healthy growth through 2H FY27 and beyond."

New Products
During FY26, IKE was funded to invest in, develop, and bring to market a set of new subscription
products, each was shaped by direct engagement with IKE's Customer Council of leading North
American electric utilities and reflects clearly identified, standards-level industry demand. These
products will be demonstrated in our next investor call in November of this year.
1. IKE PoleForeman, Secondary Voltage Analysis
Secondary Voltage Analysis extends IKE beyond mechanical & structural analysis into the electrical
delivery side of distribution-grid management — enabling utilities to size distribution transformers and
analyse secondary voltage, a critical and growing requirement as networks absorb electrification and
distributed energy. The product is built in close collaboration with Standards Directors from many of the
largest electric utilities in the U.S., tightly interfaces with IKE PoleForeman, and replaces legacy and
unsupported tools.
2. IKE PoleForeman 2.0 — for the communications industry
IKE PoleForeman 2.0 is a next-generation release of IKE's flagship structural-analysis product, designed
to support the communications industry. It extends IKE's proven distribution-network structural analysis
to communications companies deploying fibre, opening an additive addressable market in the large and
active U.S. fibre-infrastructure segment while leveraging IKE's existing platform, data, and standards
position.
3. IKE AI Make-Ready Engineering platform
The IKE AI Make-Ready Engineering platform is a new AI-based platform for make-ready engineering —
the process by which utilities and their engineering partners design the capacity and attachments
required to add new services to a distribution network. The platform automates and accelerates a
historically manual, time-intensive workflow, improving speed, accuracy, and throughput for one of the
highest-volume activities across the industry.

Collectively, these launches represent the most significant product-expansion period for IKE — this is a
busy but highly energizing time for the company — and materially broadens IKE's subscription product
suite across the electric-utility and communications markets.

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

• Annualized Exit Run Rate (recurring revenue) +13% vs PCP
• 3-year Compound Annual Growth Rate (CAGR) +29%




• Sep YTD FY 2027 Platform Subscription Revenue +22% vs PCP
• 3-year Compound Annual Growth Rate (CAGR) +28%

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• Sep 30 seat count +11% vs PCP
• 3-year Compound Annual Growth Rate (CAGR) +31%



• Sep YTD FY 2027 Professional Services Revenue (formerly Platform Transaction Revenue) -61%
vs PCP
• September revenue was strong and Q3 will be strong due to a growing backlog.

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• Sep YTD FY 2027 total revenue -1% vs PCP
• Platform Subscriptions Revenue now 85% of total revenue vs 69% pcp
• Non-recurring Hardware & Other Revenue dropped to 7% of revenue vs 10% pcp

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About IKE
ikeGPS Group Limited (NZX/ASX: IKE) is the PoleOS company. IKE's software platform helps electric
utilities and communications companies assess, digitize, model, and manage distribution infrastructure
— improving safety, reducing cost, and accelerating the pace of grid modernization and broadband
deployment.
Contact:
Glenn Milnes
CEO & MD
+1 720-418-1936
glenn.milnes@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



ENDS