Cosol Limited · ASX:COS
Cosol — H1 FY2026 Earnings Presentation
32 slides from Cosol's earnings presentation, Feb 25, 2026
Slide 1: FY26 H1 Results Presentation
For personal use only FY26 H1 Results Presentation 25 February 2026
Slide 2: Important notices & disclaimer
Important notices & disclaimer USE OF THIS DOCUMENT You must read the following notices before reading or making any use of this document or any information contained in this document. By continuing to read, use or otherwise act on this document, you agree to be bound by the following terms and cond
Slide 3: H1 FY26 overview
H1 FY26 overview Subdued operating performance, focus on resetting operations to rebound revenue, earnings growth For personal use only 14% decline in revenue to $49.6m, reducing underlying EBITDA by 57.0% to $3.5m. Cash of $6m in line with 30 June 2025, 1 strong cash conversion in H1. Lower revenue
Slide 4: New segment reporting
New segment reporting Improving clarity on the make-up of revenue and earnings For personal use only Data and digital consulting Asset management services Australian and Americas (Geographic segments) Revenue: $15.9m (32.0%) Revenue: $33.8m (68.0%) Gross Profit: $2.6m (18.5%) Gross Profit: $11.7m (8
Slide 5: North American momentum
North American momentum New client wins in North American driving longer term profitable and predictable growth For personal use only • Client 1: Commenced three-year managed services contract in December 2025, for a diversified services business with over 30 individual subsidiaries. Two new multi-y
Slide 6: Priorities and focus
Priorities and focus Key challenges we are addressing For personal use only • CFO role expanded to include COO responsibility 1 Recovery of gross margin • Focus on utilisation, pricing and contracting terms • Expansion outside traditional customer base Asset Management Services 2 revenue growth • •
Slide 7: Financials
For personal use only FINANCIALS
Slide 8: Overview of financial performance
Overview of financial performance Revenue declined across AMS and Australian Consulting, while Americas Consulting delivered modest growth, Consulting margin impacted by under-utilisation For personal use only Revenue bridge $57.8m Key Comments: $5.7m $49.6m $3.1m $0.6m • Asset Management Services (
Slide 9: FY26 key financial metrics
FY26 key financial metrics Revenue and earnings where subdued in H1 FY26 with management prioritising operational reset and margin restoration to support earnings recovery in H2 FY26 For personal use only ($’000) FY26 H1 FY25 H1 YoY YoY % Key Comments: Revenue 49,628 57,780 (8,152) (14.1%) • Group r
Slide 10: Cashflow and balance sheet highlights
Cashflow and balance sheet highlights Demonstrated balance sheet resilience through strong cash conversion and disciplined capital management, maintaining ample headroom for deferred consideration commitments For personal use only 31-Dec-25 30-Jun-25 Movement Key Comments: Current Ratio (x) 1.37 1.4
Slide 11: Performance by revenue type
Performance by revenue type Consulting and Asset Management Services margins compressed in H1 FY26, reflecting revenue mix and utilisation pressure For personal use only % Consulting % Total FY26 H1 Revenue % Gross Margin Key Comments Revenue Revenue • Revenue impacted by wind down and completion of
Slide 12: Consulting revenue by industry and revenue type
Consulting revenue by industry and revenue type Consulting revenue has a relatively even mixture of industry sources with growth focused on both Transport & Infrastructure and Energy & Water where COSOL holds unique expertise For personal use only Revenue by Industry Consulting Revenue Industry Shar
Slide 13: Customers and Go to Market
For personal use only CUSTOMERS AND GO TO MARKET
Slide 14: COSOL's blue-chip customers
COSOL’s blue-chip customers Continue to build our +$1m customer base, underpinned by multi year contracted revenue 0 – 2 use only Customer and Wallet Share 200 186 30 N AT U R AL ENERGY GOVERNMENT I N F R AS T R U C T U R E 181 RESOURCES & W AT E R & DEFENCE & T R AN S P O R T Customers >$1m 160 29
Slide 15: Verticalized go-to-market
Verticalized go-to-market Clear go-to-market strategy across mission critical industries For personal use only Natural Transport & Government GTM Org Structure Energy & water Resources Infrastructure & Defence • Mining • Transport • Defence • Water utilities • Mining Services • Logistics • Federal G
Slide 16: Customer journey: from volume to value
Customer journey: from volume to value Taking our valued customers on a pathway to greater understanding and exploitation of their asset base For personal use only Acquire Improve Operate cts conve r ting to recurring ser vices revenu e proje O ne-off Asset Management Services Consulting Projects Re
Slide 17: Volume to value customer showcase
Volume to value customer showcase Transitioning customers from volume-based service engagements to higher-value, IP-enabled and managed service partnerships that deepen integration, strengthen margins and embed long-term recurring revenue For personal use only Bulk Iron Ore Miner Gold Processing Pla
Slide 18: Projects flowing to recurring revenue
Projects flowing to recurring revenue Successfully converting blue-chip project engagements into embedded, long-term recurring revenue partnerships through managed services and platform-led delivery For personal use only Transport and Planning Victoria Port Authority in Georgia Sydney Metro Trains I
Slide 19: OnPlan customer showcase - driving Annual Recurring Revenue
OnPlan customer showcase - driving Annual Recurring Revenue OnPlan is a SaaS platform that digitises maintenance from strategy to execution For personal use only Glencore Bureau Veritas Elk Valley Resources Since 2020 Glencore has expanded to a Since 2022 Bureau Veritas has utilised For a multi-site
Slide 20: Strategy and Background
For personal use only STRATEGY AND BACKGROUND
Slide 21: COSOL's story at a glance
COSOL’s story at a glance Technology-enabled platform supporting full deployment of Asset Management as a Service For personal use only Global Leader in Global Delivery Platform c.$109M Enterprise Asset Management Designed for Scalability 186 One of the largest pure-play EAM providers globally, prov
Slide 22: COSOL's corporate journey: from capability to longevity
COSOL’s corporate journey: from capability to longevity Building capability, acquiring customers – then leading along the services curve to reliable, predictable revenue For personal use only Horizon 1 – 2: Acquire & Integrate Horizon 3 – 4: Expand & Secure • Our foundations are built on • COSOL con
Slide 23: Our strategic vision – Asset Management as a Service
Our strategic vision – Asset Management as a Service Driving efficiency and reliability through the exploitation of data For personal use only Optimising performance of physical assets COSOL delivers digital solutions Asset and services to asset centric Management organisations to enhance as a Servi
Slide 24: Appendices
For personal use only APPENDICES
Slide 25: H1 FY26 financials: Balance sheet
H1 FY26 financials Balance sheet For personal use only Balance Sheet ($’000) 31-Dec-25 30-Jun-25 31-Dec-24 Movement YoY Cash 6,044 6,090 3,646 2,398 Other Current assets 25,620 26,321 28,692 (3,072) Current Assets 31,664 32,411 32,337 (673) Goodwill 75,516 80,063 86,588 (11,072) Other non-current as
Slide 26: H1 FY26 financials: Significant items
H1 FY26 financials Significant items For personal use only H1 FY26 H1 FY25 Key Comments: ($’000) • Acquisition costs of $497k were incurred in H1 FY25 in Acquisition Costs - 497 connection with the Toustone transaction, undertaken to accelerate the Group’s AI and advanced analytics capabilities Gain
Slide 27: H1 performance trend
H1 performance trend H1 performance was below expectations, with lower revenue and EBITDA due to softening demand from the resources sector and the loss of some key customers For personal use only Revenue ($m) Underlying EBITDA1 ($m) Underlying NPATA1 ($m) Underlying EPS1 (cents) 57.8 8.2 4.9 2.75 2
Slide 28: Segment performance – Asset Management Services
Segment performance – Asset Management Services Market headwinds impacted revenue performance For personal use only H1 FY26 vs PCP Financial Summary Key Comments: • Revenue contracted 26.3% to $15.9m, predominantly driven by $'M H1 FY26 H1 FY25 Variance YoY % a $5.8m decline in the east coast coal o
Slide 29: Segment performance – Americas
Segment performance – Americas Delivering validated topline growth, with decreased earnings reflecting a deliberate investment in scale For personal use only H1 FY26 vs PCP Financial Summary Key Comments: • Revenue rose 10.3% to $6.1m, due to an increase in consulting $'M H1 FY26 H1 FY25 Variance Yo
Slide 30: Segment performance – AUS Consulting
Segment performance – AUS Consulting Revenue mix transitioning toward Toustone IP amidst legacy project delivery For personal use only H1 FY26 vs PCP Financial Summary Key Comments: • Australia revenue performance impacted by the ending of a $'M H1 FY26 H1 FY25 Variance YoY % Managed Services contra
Slide 31: Underlying to statutory reconciliation
Underlying to statutory reconciliation Definitions and calculations of presentation For personal use only 1. Underlying EBITDA is statutory earnings before interest, tax, depreciation 3. Underlying NPAT is statutory net profit after tax (NPAT) before business and amortisation, as well as business ac
Slide 32: END
For personal use only END www.cosol.global