Black Pearl Group Limited · NZX:BPG
Black Pearl — H1 FY26 Earnings Presentation
22 slides from Black Pearl's earnings presentation, Nov 21, 2025
Slide 1: FY26 Half Year Results
FY26 Half Year For personal use only Results → FINANCIAL PERFORMANCE FOR HY FY26 30 SEPTEMBER 2025 INVESTOR PRESENTATION – NOV 2025
Slide 2: Delivering on Our Strategy
BLACKPEARL GROUP INVESTOR RELATIONS NOV 2025 DELIVERING ON OUR STRATEGY Key Takeaway We set four priorities for FY26: 1 Accelerate ARR For personal use only 2 Increase value of the Blackpearl Engine LLM 3 Launch a new AI product 4 Acquire a highly synergistic company We executed on all four in HY26.
Slide 3: HY26 Financial Metrics
BLACKPEARL GROUP INVESTOR RELATIONS NOV 2025 HY26 Financial Metrics FINANCIAL PERFORMANCE FOR HY ENDING 30 SEP 2025 1 APR 2025 30 SEP 2025 ANNUAL RECURRING REVENUE SUBSCRIPTION REVENUE ARR PER EMPLOYEE For personal use only $19.5m As of 30 September 2025. $5.2m For HY26. $253K As of 30 September 202
Slide 4: HY26 Business Highlights
BLACKPEARL GROUP INVESTOR RELATIONS NOV 2025 HY26 Business Highlights 1 APR 2025 30 SEP 2025 LAUNCHED WHOLESALE SYNERGISTIC ACQUISITION GROWTH DRIVERS ESTABLISHED For personal use only DaaS Live B2B Rocket 4 Drivers New wholesale channel launched, unlocking a B2B Rocket is an AI-powered sales automa
Slide 5: Platform for products
BLACKPEARL GROUP INVESTOR RELATIONS NOV 2025 THEME Platform for products For personal use only
Slide 6: Think OpenAI's playbook applied to sales & marketing
BLACKPEARL GROUP INVESTOR RELATIONS PAGE 6 NOV 2025 Think OpenAI’s playbook — applied to sales & marketing For personal use only Foundational Data & Models Pearl Engine Massive training data built into foundational Large Augmented Large Language Model: 21B+ daily signals from Language Models. sales
Slide 7: For personal use only
For personal use only PAGE 7 NOV 2025
Slide 8: Building Scale Through Three Models
BLACKPEARL GROUP INVESTOR RELATIONS PAGE 8 NOV 2025 Building Scale Through Three Models Horizon 3 For personal use only PaaS (Platform as a Service) Serves as the foundation on which both SaaS and DaaS products can be created. Horizon 2 DaaS (Data as a Service) Provides data on demand, typically via
Slide 9: The Pearl Engine
BLACKPEARL GROUP INVESTOR RELATIONS PAGE 9 NOV 2025 The Pearl Engine One platform Practical outcomes One engine powers all ventures. Our products map the full customer lifecycle. From pre-awareness to retention, each venture solves a stage of the funnel - For personal use only and feeds data back in
Slide 10: Delivering on Our Strategy: ARR Growth
BLACKPEARL GROUP INVESTOR RELATIONS PAGE 10 NOV 2025 DELIVERING ON OUR STRATEGY ARR GROWTH Black Pearl Mail New Old Stamp Pearl Diver Bebop B2B Rocket Proven Track 20000 Record For personal use only 15000 TOTAL ARR (NZD THOUSANDS) ANNUAL RECURRING REVENUE (ARR) NZ$19.5m 10000 YoY ARR GROWTH HoH ARR
Slide 11: HY Financial Result
BLACKPEARL GROUP INVESTOR RELATIONS NOV 2025 HY Financial Result For personal use only
Slide 12: Subscription Revenue
BLACKPEARL GROUP INVESTOR RELATIONS NOV 2025 SUBSCRIPTION REVENUE FINANCIAL COMMENTARY Black Pearl Mail New Old Stamp Pearl Diver Bebop B2B Rocket Subscription 6000 Revenue 5000 For personal use only SUBSCRIPTION REVENUE (NZD THOUSANDS) 4000 Subscription revenues increased to $5.2m, a 59% increase Y
Slide 13: Subscription Revenue Adjusted for B2B Rocket & Pearl Diver Ramps
BLACKPEARL GROUP INVESTOR RELATIONS NOV 2025 SUBSCRIPTION REVENUE ADJUSTED FOR B2B ROCKET & PEARL DIVER RAMPS FINANCIAL COMMENTARY Black Pearl Mail New Old Stamp Pearl Diver Pearl Diver Ramps Bebop Bebop Ramps B2B Rocket B2B Rocket Full Period Adjusted 10000000 Subscription For personal use only 800
Slide 14: Gross Profit Margin for HY
BLACKPEARL GROUP INVESTOR RELATIONS NOV 2025 GROSS PROFIT MARGIN FOR HY FINANCIAL COMMENTARY Gross Margin 100% For personal use only 80% Gross margin for HY26 was 67% compared to 73% in HY25 as we transition to fixed fee data PERCENTAGE OF REVENUE supply agreements. 60% Sequential improvement has no
Slide 15: Opex as % of Revenue
BLACKPEARL GROUP INVESTOR RELATIONS NOV 2025 OPEX AS % OF REVENUE FINANCIAL COMMENTARY Operating Operating Expenses (LHS) 10000 OPEX as % of Revenue (RHS) 300% Expenses For personal use only 250% 8000 OPERATING EXPENSES (NZD THOUSANDS) PERCENTAGE OF REVENUE 200% Operating expenses increased to $10.2
Slide 16: Closing Cash Balance
BLACKPEARL GROUP INVESTOR RELATIONS NOV 2025 CLOSING CASH BALANCE FINANCIAL COMMENTARY Cash Closing Cash Balance 10000 For personal use only Free cash-flows 8000 Net free cash outflows increased to $7.1m (ex-B2B Rocket acquisition), reflecting continued investment to support growth. (NZD THOUSANDS)
Slide 17: Balance Sheet
BLACKPEARL GROUP INVESTOR RELATIONS NOV 2025 FINANCIAL COMMENTARY Balance Sheet For personal use only Total assets increased to $33.3m, reflecting the B2B Rocket acquisition and continued investment in the Pearl Engine. Net assets rose to $15.7m, strengthening the equity base for growth. Liabilities
Slide 18: Looking Forward
BLACKPEARL GROUP INVESTOR RELATIONS PAGE 18 NOV 2025 Looking Forward For personal use only
Slide 19: Venture-Led Growth
BLACKPEARL GROUP INVESTOR RELATIONS PAGE 19 NOV 2025 GROWTH Venture-Led Growth For personal use only Group Level Pearl Engine Shared Services Private Data Platform • Augmented LLM • Living Data HR • Finance • IT • Data • Security CUSTOMER FEEDBACK DATA CUSTOMER FEEDBACK DATA Venture Level Bebop B2B
Slide 20: Outlook: Growth Horizons
BLACKPEARL GROUP INVESTOR RELATIONS PAGE 20 NOV 2025 OUTLOOK Growth Horizons $19.5M ARR AS OF 30 SEPTEMBER 2025 50M ARR 3 - 5 YEARS For personal use only ANNUAL RECURRING REVENUE ($NZ) Clear trajectory to NZ$50m ARR with four growth engines compounding in parallel. Multiple growth products in market
Slide 21: Thank You
BLACKPEARL GROUP INVESTOR RELATIONS NOV 2025 For personal use only Thank You Ad Astra
Slide 22: Disclaimer
BLACKPEARL GROUP INVESTOR RELATIONS PAGE 22 NOV 2025 Disclaimer This presentation has been prepared by Black Pearl Group Limited (Blackpearl). All information is current at the date of this presentation unless otherwise stated. All currency amounts are in NZD unless otherwise stated. The information