Slide 1: FY26 Results Presentation and Strategy Update
ASX:5GG FY26 Results Presentation and Strategy Update September 2026 · Includes FY26 results, year ended 30 June 2026
Slide 2: Important notice & disclaimer
Important notice & disclaimer You must read the following before continuing Summary information in relation to Pentanet Limited: This presentation contains summary information about Pentanet Indications of, and guidance on, future performance are also forward-looking statements, and include statemen
Slide 3: FY26 Results Overview
SECTION 1 FY26 Results Overview 3 of 33
Slide 4: Growth in higher-margin gaming delivers improved operating performance
FY26 KEY HIGHLIGHTS Growth in higher-margin gaming delivers improved operating performance 01 02 03 Significant improvement Higher-margin Resilient telco performance in operating and cloud gaming drives underpins recurring revenue financial performance operating leverage Steady subscriber growth, su
Slide 5: Group results: EBITDA +74%
FINANCIAL UPDATE · FY26 VS PCP Group results: EBITDA +74% Group revenue $m Group EBITDA1 $m Operating cash flow $m +8% +74% +17% $24.4m $2.4m $1.6m $22.6m $20.9m $1.4m $1.4m ($0.6m) ($1.3m) FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 Consistent revenue growth, up 8% on PcP From a $1.3m loss to $2.4
Slide 6: Operating cash flow up 17% to $1.6m
FINANCIAL UPDATE · CASH FLOW Operating cash flow up 17% to $1.6m $1.6m ($2.3m) ~$0 $1.5m Operating cash flow +17% Investing, narrowed 16% Financing, broadly neutral Cash at bank A $2.2m turnaround from FY24’s outflow. Operating cash flow $m Investing: $1.8m intangibles and $0.5m network equipment. I
Slide 7: Cloud gaming segment: EBITDA +61%
FINANCIAL UPDATE · CLOUD GAMING SEGMENT · FY26 VS PCP Cloud gaming segment: EBITDA +61% Segment revenue $m Gross profit $m Gross margin % Segment EBITDA1 $m +16% +40% +11pp +61% $1.7m $2.8m $1.9m 68% $2.4m 57% $1.0m $1.4m FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 EBITDA up 61% to $1.7m. Gaming is now
Slide 8: Loyal customers are choosing the premium tiers
OPERATIONAL UPDATE · GAMING Loyal customers are choosing the premium tiers Increased Gaming ARPU Higher proportion of Ultimate Strong loyalty within the Registered users demonstrate / month plan customers customer base future growth potential $24 +36% on PcP 59% +20pp on PcP 59% 31,773 840k register
Slide 9: Telco segment: EBITDA +5%
FINANCIAL UPDATE · TELCO SEGMENT · FY26 VS PCP Telco segment: EBITDA +5% Segment revenue $m Gross profit $m Gross margin % Segment EBITDA1 $m +7% +2% -2pp +5% $21.6m $9.8m 48% $2.0m $9.6m 46% $1.9m $20.2m FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 Revenue up 7% on PcP Gross profit up 2% to $9.8m. Margi
Slide 10: Total subscribers, up 4% on PcP
OPERATIONAL UPDATE · TELCO 18,936 closing subs at 30-Jun-26 Total subscribers, up 4% on PcP A resilient, recurring-revenue foundation, with 779 net new subscribers over the year and the network backbone supporting the broader digital-infrastructure strategy. 12,799 1,039 1.3% Off-net +13% 5G subscri
Slide 11: NPAT affected by impairment, but more work to do
FINANCIAL UPDATE · LOSS AFTER TAX NPAT affected by impairment, but more work to do As reported Loss widened 55% Underlying, excluding 36% Gen2 Impairment improvement FY25 FY25 ($4.5m) ($4.5m) FY26 FY26 ($6.9m) ($2.9m) ($6.9m) loss after tax and other comprehensive income, against a ($2.9m) loss excl
Slide 12: Gen 2 impairment
FINANCIAL UPDATE · GEN 2 IMPAIRMENT Gen 2 impairment 2021 2023 2025 2026 Gen 2 deployed Gen 3 deployed Users migrate Gen 2 end-of-life Capital commitments to meet the Gen 3 deployed supporting 1440p to Ultimate Decision made to EOL Gen 2, NVIDIA commitment and unlock resolution, then increasing to 4
Slide 13: Inside the Segments, and the Strategy Ahead
SECTION 2 Inside the Segments, and the Strategy Ahead 13 of 33
Slide 14: The Infrastructure that underpins segments
LEADING-EDGE TELCO & DIGITAL INFRASTRUCTURE The Infrastructure that underpins segments National connectivity layer National connectivity infrastructure across multiple data centres, built to support the internet services and low latency Cloud Gaming. Our network is engineered at a national level for
Slide 15: Current Pillars vs Strategic Value
THE BUSINESS TODAY · STRATEGIC OVERVIEW Current Pillars vs Strategic Value Looking at each segment today, and their trend. CASH GENERATING Cloud Gaming CASH GENERATING Fixed Wireless CASH GENERATING Enterprise NBN MATURE EMERGING CASH BURN Now Trajectory Gaming NBN Fixed Wireless Enterprise Note: po
Slide 16: The NBN landscape
THE BUSINESS TODAY · NBN LANDSCAPE The NBN landscape Over 100 active RSPs compete on the same wholesale infrastructure, with differentiator typically being price. Active RSPs, market entrants over time Cheapest introductory price by speed tier 107 Best available intro offer (AUD/mo), retail pricing
Slide 17: Fixed-Wireless Network to Hold
THE BUSINESS TODAY · FIXED WIRELESS Fixed-Wireless Network to Hold Proven high-margin economics, when competitive COST VS SPEED, CURRENT PRICING, AND WHERE CPI TAKES IT $140 Perth metro Highest GP margin Fibre-backhauled towers engineered Fixed-wireless, fixed costs, supporting to never be the const
Slide 18: Cloud Gaming, still early days relatively, but highest growth potential identified
THE BUSINESS TODAY · CLOUD GAMING Cloud Gaming, still early days relatively, but highest growth potential identified What makes gaming the priority is the structural moat, margin profile, and external forces now accelerating the market toward exactly what CloudGG provides. Early days, proven economi
Slide 19: NVIDIA GeForce NOW alliance
SECTION 2.1 NVIDIA GeForce NOW alliance GeForce NOW Alliance Partner for Australia and New Zealand. 19 of 33
Slide 20: Pentanet is a GeForce NOW Alliance Partner
NVIDIA GEFORCE NOW ALLIANCE Pentanet is a GeForce NOW Alliance Partner Why the alliance matters GeForce Now Alliance Partner in Australia The platform that won and New Zealand GeForce NOW is the world’s most advanced cloud gaming platform, with performance no rival matches. Sole operator of GeForce
Slide 21: GeForce NOW, cloud gaming, growing worldwide.
NVIDIA GEFORCE NOW ALLIANCE GeForce NOW, cloud gaming, growing worldwide. What GeForce NOW is. NVIDIA GeForce NOW streams high-performance games from our local 46m registered users globally since launch NVIDIA GPUs to any device, no local hardware, no downloads. It links to the 46m games you already
Slide 22: Five years of GeForce NOW in ANZ, by numbers
NVIDIA GEFORCE NOW ALLIANCE · SINCE 2021 Five years of GeForce NOW in ANZ, by numbers 39,432,197 1,016,597,458 16,943,290 1,934 Unique sessions Minutes played Hours played Years of playtime Individual game sessions Minutes of gaming streamed Rendered in our data centre, Equivalent to one person serv
Slide 23: A look at the gaming market and its direction
SECTION 2.2 A look at the gaming market and its direction 23 of 33
Slide 24: 82% of Australians play video games
HIGH-GROWTH MARKET 82% of Australians play video games 1 AUSTRALIANS WHO GAME 1 AVERAGE GAMER AGE 1 PLAYERS AGED 18+ 1 GAMING HOUSEHOLDS 1 82% 35 81% 89% ▲ up from 81% years old an adult market have devices Key findings, IGEA / Bond University 20251 PC gaming penetration1 58% of gaming households ow
Slide 25: Two customer types
HIGH-GROWTH MARKET Two customer types THE MILLENNIAL GAMER GENERATION Z The incumbent gamer Digital Natives The generation who grew up building their own gaming PC. The generation who never owned a DVD player. Already our core purchasing demographic, our highest ARPU users come A younger demographic
Slide 26: Hardware at home is becoming more expensive
HIGH-GROWTH MARKET Hardware at home is becoming more expensive Consumer GPU launch price by generation (AUD MSRP)1 MEMORY MARKET PRICES +200%2 Market-wide increase Compound price increase across the computer memory market since the start of 2025. +90-95%3 Bulk prices, Q1 2026 Quarterly prices memory
Slide 27: Consumer unit-economics favour GeForce NOW for gaming
HIGH-GROWTH MARKET Consumer unit-economics favour GeForce NOW for gaming Analysing cloud gaming subscription costs vs hardware ownership break-even. What the data shows TYPICAL USER HARDWARE REFRESH CYCLE, ~5 YEARS 10.4 yrs LOW CASE, BUDGET BUILD Budget build $2,500 up-front 6.9 yrs Even at the lowe
Slide 28: The market we've already captured
NVIDIA GEFORCE NOW ALLIANCE · THE PIPELINE The market we've already captured All figures are unique users, each person counted once per stage. 1,159,935 Opted-in email Contactable opted-in email addresses across ANZ addresses 840,000 Registered CloudGG Have ever activated a plan, largely trials user
Slide 29: Strategic Focus on Highest Return Opportunities
SECTION 2.3 Strategic Focus on Highest Return Opportunities Increase scale and utilisation of NVIDIA GPU infrastructure. 29 of 33
Slide 30: Four strategic focuses.
THE PLAN · ON A PAGE Four strategic focuses. HOLD $ 01 · TELCO 02 · FIXED WIRELESS Predictable cash engine Held for its moment ~19k subscribers, ~$96 ARPU, 1.3% churn. Its job is cash generation, not Built and paid for; no new capital flows in. NBN pricing rises with CPI each growth, measured on EBI
Slide 31: Incremental deployment of capital moving forward
THE PLAN · 04 Incremental deployment of capital moving forward Blackwell, incrementally Straight into service Our Gen3 existing architecture is fully forward-compatible with Blackwell servers, Every server deployed goes directly into service generating revenue. No need for over- enabling modular, ju
Slide 32: Operational Milestones.
ROADMAP Operational Milestones. HORIZON 4 Own a meaningful, scaled NVIDIA HORIZON 3 GPU deployment 20k → 100k paid users Reach relevant GPU scale to serve HORIZON 2 other emerging markets, using a Scale paid cloud gaming users five- profitable deployment as its 10k → 20k paid users fold, servicing t
Slide 33: Thank you
ASX:5GG Thank you To our talented team, board, customers, partners and loyal shareholders, your support has been instrumental in reaching this pivotal point in Pentanet’s journey. We’re excited for the next phase of growth in 2026 and beyond. Stephen Cornish, Managing Director · Investor Relations E