Energy One Limited · ASX:EOL
Energy One — H1 FY2026 Earnings Presentation
50 slides from Energy One's earnings presentation, February 2026
Slide 1: Financial Results - Half Year 2026
ENERGY ONE Shaun Ankers (CEO) Ben Tranier (CEO Designate) LIMITED Guy Steel (CFO) (ASX:EOL) Financial Results - Half Year 2026 For the period ended 31 December 2025
Slide 2: Important Information
IMPORTANT INFORMATION This document has been prepared by Energy One Limited (EOL) and comprises written materials and slides for a presentation concerning EOL. This presentation is for information purposes only and does not constitute or form part of any offer or invitation to acquire, sell or other
Slide 3: Our vision is to be the world's leading provider of wholesale energy trading software
OUR VISION IS TO BE THE WORLD’S LEADING PROVIDER OF WHOLESALE ENERGY TRADING SOFTWARE AND SERVICES ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 3
Slide 4: With the most categories served, we are a true one stop shop
EMPLOYEE GROWTH STRONG LEADERSHIP WITH THE MOST CATEGORIES SERVED, ISO27001 FINANCIALLY SECURE WE ARE A TRUE 'ONE STOP SHOP’ INVESTING IN INNOVATION LOCAL PRESENCE FOR ALL OUR CUSTOMERS' PRODUCT ROADMAPS KEY ENERGY CITIES TRADING NEEDS. LEVERAGING TECHNOLOGY 24/7 CONTROL ROOMS EMPLOYEE CPD FULLY INT
Slide 5: Agenda
AGENDA 1. H1 FY26 Financial highlights 2. Results overview and scorecard 3. Business update 4. M&A update 5. Strategy & market Update 6. Summary & close ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 5
Slide 6: Highlights
HIGHLIGHTS FINANCIAL OPERATIONAL STRATEGIC TECHNOLOGY • Continued strong • ISO 27001 cyber • New CEO smoothly • AI used to generate growth in revenue certification. Differentiator transitioning 1.6M lines of code and profitability in a cyberthreat world. • Rule-of-40 passed on • New products: for •
Slide 7: H1 FY26 Results Overview
H1 FY26 RESULTS OVERVIEW ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 7
Slide 8: H1 FY26: Organic growth and leverage are strong
H1 FY26 : ORGANIC GROWTH AND LEVERAGE ARE STRONG... REVENUE 1 ARR 2 CASH 3 NPAT 3 EBITDA $34.8m $64.0m $7.3m $4.5m Up 21% Up 20% Up 63% Up 56% 1. Growth figures are over prior corresponding period (pcp: H1 FY25) 2. 20% up on pcp (17.4% FX adjusted). Strong H1 wins to flow into H2 3. Earnings adjuste
Slide 9: ... and tracking nicely with our goals
... AND TRACKING NICELY WITH OUR GOALS 2026 Metric FY 2023 FY 2024 FY 2025 H1 2026 Comments Expected FX adjusted ARR growth of 17.4% in line with ARR ($'mil) 42.7 49.6 60.4 64.0 15-20% target range and expect stronger second half off H1 project wins. Enterprise accounts and eZ-Ops continue to Revenu
Slide 10: Operational leverage consistently growing, half-on-half
OPERATIONAL LEVERAGE CONSISTENTLY GROWING, HALF-ON-HALF... Cash expenditure as % of revenue Cash-EBITDA as % of revenue 93% 21% 89% 18% 87% 16% 84% 14% 80% 11% H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Our goal is Cash-EBITDA margins of ~30% by late 2027 ENERGY
Slide 11: Which generates strong free cash flow momentum
... WHICH GENERATES STRONG FREE CASH FLOW MOMENTUM Second half expected to be stronger. • First halves are impacted by staff bonus payments 6.9 $ millions (September) • Strong H2 2025 and H1 2026 free cashflow allowed a cash dividend to be paid at 40% of NPAT 4.1 2.8 2.9 1.6 (1.5) (1.0) 2023 2023 20
Slide 12: Giving us significant financial flexibility
GIVING US SIGNIFICANT FINANCIAL FLEXIBILITY 4.8 25.0 5.0 4.0 Leverage (Times Cash EBITDA) 20.0 3.0 3.0 2.1 Net Debt ($mil) 15.0 2.0 0.6 0.4 1.0 23.6 10.0 19.6 0.0 14.2 5.0 6.7 5.8 - 30-Jun-2022 30-Jun-2023 30-Jun-2024 30-Jun-2025 31-Dec-2025 Net Debt Leverage • Significant deleveraging well underway
Slide 13: Focus is on sales growth, cost control & cash translation
FOCUS IS ON SALES GROWTH, COST CONTROL & CASH TRANSLATION Revenue growth and spend growth Business scale continuing to drive Cash earnings growth allows cash in line with published goals productivity dividend to be paid 203 Revenue per Resource ($K) 197 Resources (Average) 190 21% $312 $342 $7.3m 19
Slide 14: Driving ARR growth
DRIVING ARR GROWTH Estimated 95% conversion ✓ Effective marketing (53k website hits, giving 172 leads – 5.7 5.4 in H1 alone). E-World: 290 mtgs (up ~20% on last yr) 1.7 ✓ Upsizing the sales team. Industry experts on-boarded. 1.7 $ millions Investment in sales and marketing increased 13% v Dec 3.2 20
Slide 15: Business Update
BUSINESS UPDATE ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 15
Slide 16: Evidence that our one stop shop strategy is successful
EVIDENCE THAT OUR ONE STOP SHOP STRATEGY IS SUCCESSFUL Energy utility - Australia Household name manufacturer - Europe • Europe based global manufacturer. Ran a competitive • Existing, valued customer using multiple products process. and services: • We won because of unique, holistic offering: o Nem
Slide 17: Australia: strong enterprise customer wins and upsells
AUSTRALIA : STRONG ENTERPRISE CUSTOMER WINS AND UPSELLS REVENUE ARR NRR $14.9m $27.0m 111% +19% +15% 6% 14.9 13.8 12.5 1.5 12.0 1.5 0.9 Australia – Highlighting some achievements 1.2 • All accounts in FY25 deal book now signed including upsell to energy utility 13.4 with $0.35mil ARR / $0.7mil proje
Slide 18: Europe: multi-product/service deals becoming more regular
EUROPE : MULTI-PRODUCT/SERVICE DEALS BECOMING MORE REGULAR REVENUE ARR NRR $19.6m $37.0m 111% +20% +28% +10% (19% constant FX) Europe (now incl. UK) - Highlights 18.5 19.6 16.3 1.4 15.1 2.5 • Making good inroads in large-industrial clients, with responsive solutions 2.1 2.1 featuring our algorithmic
Slide 19: The context for AI in the wholesale energy industry
THE CONTEXT FOR AI IN THE WHOLESALE ENERGY INDUSTRY Market runs on Proprietary, private Data. There's limited public data. Price discovery? Many Challenges/Risks Market is Participants must dominated by be registered, OTC and illiquid Regulators/ High $$ approved, licensed. markets. auditors prudent
Slide 20: AI – extending our competitive advantages
AI – EXTENDING OUR COMPETITIVE ADVANTAGES Cybersecurity Embedded Network effects Fully compliant - Customers transact Strong market protect customers through us. We’re shares (and business from the ‘plumbing’ of growing). disruption the industry Being the industry standard is a goal. Data System of
Slide 21: We are using AI in everything we do
Faster deployments Benefits WE ARE USING AI IN EVERYTHING WE DO Quicker to market Our Productivity gains Scaling Starting with gen AI AI-Assistant layer for Selected Windsurf, Building proprietary Done AI forecasting for help features and our Nemsight Github Co-pilot & modules documentation platform
Slide 22: Wholesale energy trading is a multi-faceted activity
WHOLESALE ENERGY TRADING IS A MULTI-FACETED ACTIVITY. NOT JUST 'ONE' SYSTEM OR ACTIVITY ARR By Customer Size Customer ARR By Market Participation Type Large utiliity Generator 0 to 10,000 Trader/Shipper/Reseller 10,000 to 25,000 Industrial 25,000 to 50,000 Retailer 50,000 to 100,000 100,000 to 250,0
Slide 23: M&A Update
M&A UPDATE ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 23
Slide 24: M&A Update (Feb 26)
M&A UPDATE (FEB 26) • The Company's long-term strategy includes growth from both organic and (disciplined) inorganic pathways. • We and our advisors (Lazard Australia) are active in reviewing M&A opportunities. • Emphasis is on 'home' markets (Europe and Australia). • We have opportunities in develo
Slide 25: Strategy & Market Update – Ben Tranier
STRATEGY & MARKET UPDATE – BEN TRANIER ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 25
Slide 26: Market evolution
MARKET EVOLUTION 2000 – early 2020s 2020 - 2026 2026 - 2030 • Centralized generation, supplier-centric • Electrification & Renewables scale-up • Distributed, asset-rich portfolios (DER, market access storage, flexible loads), electrification • Manual trading ops, after-the-fact • Commercial models e
Slide 27: New markets, new geographies, new opportunities
NEW MARKETS, NEW GEOGRAPHIES, NEW OPPORTUNITIES In front of the Meter (i.e grid scale) Behind the Meter Focus Focus Centralized Transmission Energy Trading Intraday / Distributed FTM & BTM, Source: Bloomberg Flexibility Generation & Distribution & Risk Mgmt Algo Trading “Prosumption” Management Main
Slide 28: Strong functional integrated ecosystem
STRONG FUNCTIONAL INTEGRATED ECOSYSTEM Asset / Trading Strategy Portfolio Front-Office Management / DATA & ANALYTICS ETRM EMEA & ANZ Trade to Cash Short Term Trading 24/7 Ops Market Access / Dispatching / PORTFOLIO MGMT Ops Communication BIDDING / SCHED. EMEA TRADING BIDDING / SCHED. ANZ SERVICES Se
Slide 29: Strategic pillars to support Energy One evolution
4 STRATEGIC PILLARS TO SUPPORT ENERGY ONE EVOLUTION • Approach Tier-1 with a fully integrated solution EO one Platform •one User Experience / Customer journey Global Leverage • Expand to new markets • Global Go-to-Market capabilities • Centers of Excellence Productivity • AI Adoption with Human-In-T
Slide 30: Summary
SUMMARY ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 30
Slide 31: Summary of highlights and going-forward
SUMMARY OF HIGHLIGHTS AND GOING-FORWARD • The business continues to grow well and increasing leverage. Rule-of-40 exceeded via both cash (41) and non-cash methodologies (47) • We achieved full ISO27001 (cyber) accreditation. Expected to be a tail-wind, considering data-security is a global focus for
Slide 32: Questions?
Questions? ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 32
Slide 33: Appendix 1: H1 FY26 Financial Analysis
APPENDIX 1: H1 FY26 FINANCIAL ANALYSIS ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 33
Slide 34: Profit & Loss Statement
Profit & Loss Statement H1 FY 2026 ¹ H1 FY 2025 Variance fav / (unfav) $m $m $m % Operating and Other Revenue 34.8 28.8 6.0 21% Operating Expenses (25.1) (21.4) (3.7) (17%) Underlying EBITDA 9.7 7.4 2.3 31% Depreciation & Amortisation (3.2) (2.7) (0.5) (18%) Total Expenses (28.3) (24.1) (4.2) (17%)
Slide 35: Balance Sheet & Cashflow
Balance Sheet & Cashflow 31 December 31 December Balance Sheet 2025 2024 Variance fav / (unfav) Cash Flow H1 FY 2026 H1 FY 2025 Variance fav / (unfav) $m $m $m % $m $m $m % Assets Cash From Operations Cash and cash equivalents 4.6 2.5 2.1 83% Receipts from customers 38.9 29.8 9.1 31% Trade and other
Slide 36: Cash EBITDA & Expenses Reconciliation
Cash EBITDA & Expenses Reconciliation H1 FY 2026 H1 FY 2025 Variance fav / (unfav) $m $m $m % Underlying EBITDA 9.7 7.4 2.3 31% Share Based Payments 1.5 0.4 (1.1) (275%) Developed Software & PPE (3.4) (2.8) 0.5 (19%) Lease Payments (0.5) (0.5) (0.0) 1% Underlying Cash EBITDA 7.3 4.5 2.8 63% One-Off
Slide 37: Employee Expenses Bridge
Employee Expenses Bridge Currency H1 FY 2025 H1 FY 2026 Share scheme implemented December AUD to EUR 0.61 0.56 0.5 AUD to GBP 0.51 0.49 2024 $1.0 - 333% ($0.4) - 19% ($0.3) - (7%) $0.1 - Includes Directors fees in 9% H1 FY 2025 now allocated $17.0 - $1.2 - to Other Expenses in H1 14% 2026 $16.5 - 8%
Slide 38: One Off Costs
One Off Costs AUD (‘000) H1 FY2026 1 FY 2025 CHANGE CHANGE % CEO Recruitment 0.2 0.0 (0.2) NA Acquistion expenses 0.1 0.0 (0.1) NA Total Impact on EBITDA / NPBT 0.3 0.0 (0.3) NA Office Fitout 0.3 0.0 (0.3) NA Total Impact on Cash EBITDA 0.6 0.0 (0.6) NA ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESUL
Slide 39: SaaS Metrics (vs pcp)
SaaS Metrics (vs pcp) H1 FY 2026 H1 FY 2025 H1 FY 2024 FY 2025 FY 2024 FY 2023 ARR ($mil) 64.0 53.2 46.4 60.4 49.6 42.7 ARR Increase (Annual %) 20% 15% 23% 22% 16% 16% Customer Installs (no.) 447 430 377 449 407 370 Attrition (loss/cancels %)¹ 5.0% 2.4% 3.3% 4.0% 3.5% 2.3% Average LTV/Customer ($mil
Slide 40: Customer attrition uptick due to market exits and cessation of trading
Customer attrition uptick due to market exits and cessation of trading 2% • Long term trend: Customer loss predominantly driven by market exits (new entrants 5% Financial / typically) and re-structuring trading operations Ceased Trading (economic). 7% Went to Internal • Gas prices (AU) specifically
Slide 41: FY 2026 Key Metrics & Trajectory expectations
FY 2026 Key Metrics & Trajectory expectations Business positioned for continued revenue and profitability growth Metric FY 2023 FY 2024 FY 2025 Comments FY 2026 Expected ARR ($'mil) 42.7 49.6 60.4 Expect project wins, sales effectiveness and pricing to accelerate growth 15-20% Sales effectiveness to
Slide 42: Glossary of (non-IFRS) terms and metrics
Glossary of (non-IFRS) terms and metrics Annual Recurring Revenue (ARR) : A non IFRS Cash Expenditure : Representing expenditure Gross Revenue Retention (GRR) : measure representing recurring revenue adjusted for depreciation & amortization, Representing ARR twelve months prior less recognised in a
Slide 43: Appendix 2: Company Background
APPENDIX 2: COMPANY BACKGROUND ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 43
Slide 44: Energy One – a profitable SaaS & services company
ENERGY ONE – A PROFITABLE SAAS & SERVICES COMPANY ENERGY ONE LIMITED (ASX:EOL) IS A LEADING INDEPENDENT GLOBAL SUPPLIER OF ENERGY TRADING AND RISK MANAGEMENT (ETRM) SOFTWARE SYSTEMS AND SERVICES. Energy One Limited (ASX: EOL)
Slide 45: Supporting the energy industry
SUPPORTING THE ENERGY INDUSTRY Long Term Trading D-1 D D+1 INDUSTRIAL CONSUMERS Master Position Balancing Portfolio Dispatching Portfolio Management REMIT Agreements Portfolio Optimization Continuous Markets Invoicing Multi-Commodity Long Term Capacity Hedging Management Frequence Response Auction B
Slide 46: The Energy One journey
THE ENERGY ONE JOURNEY ESTABLISHMENT AND GROWTH IN GEOGRAPHIC EXPANSION INTO ‘FOLLOW THE SUN’ ESTABLISHED MARKET COVERAGE AUSTRALIA EUROPE INCREASES 2003 2007 2009 2018 2020 2021 2022 2023 2024 2025 2027 + ENERGY RETAILING LISTED ON ASX FIRST PRODUCT ACQUISITION ACQUISITION ACQUISITION ACQUISITION O
Slide 47: EOL's suite of software tools are used by customers
EOL'S SUITE OF SOFTWARE TOOLS ARE USED BY CUSTOMERS TO MANAGE THEIR EXPOSURE TO RISK AND VOLATILY. Our software and services are used to trade and manage both physical energy and derivative contracts either bilaterally (B2B) or on public exchanges. ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY
Slide 48: EOL Group software & services makes life easier
EOL GROUP SOFTWARE & SERVICES MAKES LIFE EASIER PARTICIPANT CHALLENGES FACED EOL GROUP SOLUTIONS Generators Accurate, compliant energy spot market bidding and nominations ✓ Efficiently dispatching generation ✓ Energy operations (B2B, bid preparation, monitoring, compliance) ✓ Hedging output against
Slide 49: Energy One powering the transition to renewable energy
ENERGY ONE POWERING THE TRANSITION TO RENEWABLE ENERGY ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 49
Slide 50: Contact
INVESTOR RELATIONS/ENQUIRIES CONTACT Fortitude IR Andreas Lundberg energyone.com andreas.lundberg@fortitudeir.com.au energyone.com +61 457 650 482