Slide 1: ASX Release: Investor Presentation
ASX Release 27 August 2026 Investor Presentation Further to Appen Limited’s (Appen) (ASX:APX) announcement to the market today on its results for the half-year ended 30 June 2026, please find attached the presentation to be delivered to investors and analysts at 11.00am AEST. Register for the webinar
Slide 2: H1 FY26 results
For personal use only H1 FY26 results 27 August 2026
Slide 3: Important Information
Important Information The forward-looking statements included in these materials involve No representation, warranty or assurance (express or implied) is given or subjective judgement and analysis and are subject to significant made in relation to any forward-looking statement by any person (includi
Slide 4: Agenda
Agenda 01 Results Overview For personal use only 02 H1 FY26 performance 03 Strategy & operational update 04 FY26 outlook & guidance 3
Slide 5: H1 2026 Results Overview
For personal use only H1 2026 Results Overview Ryan Kolln
Slide 6: H1 FY26 highlights
H1 FY26 highlights $119.9 million revenue Appen China breakout growth Appen Global turnaround progress For personal use only in H1 FY26 ongoing continues • 17% growth on H1 FY25 • 80% growth on H1 FY25 • Further positive outcomes • Annualised revenue run-rate delivered during Q2 exceeding $175 milli
Slide 7: Financial performance
For personal use only Financial performance Justin Miles
Slide 8: H1 FY26 profit and loss snapshot
H1 FY26 profit and loss snapshot For personal use only H1 H1 Change Commentary FY26 FY25 • Revenue increased 17.5% to $119.9 million, reflecting accelerated growth Group Revenue 119.9 102.1 17.5% for Appen China, and the continued turnaround of Appen Global • Appen China revenue increased 80.4% to $
Slide 9: Group financial performance
Group financial performance Group revenue ($M) Group Gross Margin1 % Group underlying EBITDA2 before FX ($M) For personal use only 125 40% 7.5 119.9 37.0% 36.7% 100 102.1 30% 5.0 75 20% 2.5 5.3 50 10% 0.0 25 -2.2 0 0% -2.5 1H25 1H26 1H25 1H26 1H25 1H26 • $119.9 million revenue for H1 FY26, up 17.5%
Slide 10: Appen Global: solid progress made
Appen Global: solid progress made Appen Global revenue ($M) Appen Global EBITDA ($M) For personal use only 12 40 10 8 30 6 10.2 4 20 41.4 31.6 2 28.2 26.6 23.8 0 10 19.9 -1.1 -0.8 -1.3 -2.5 -3.1 -2 0 -4 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 •
Slide 11: Appen China: 80% revenue growth and expanding margins
Appen China: 80% revenue growth and expanding margins Appen China revenue ($M) Appen China EBITDA ($M) For personal use only 8 40 6 30 20 41.3 4 34.9 7.0 32.0 28.6 5.2 23.7 4.3 10 2 18.6 3.3 2.1 0.8 0 0 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 •
Slide 12: Profit and loss summary
Profit and loss summary H1 FY25 Change Commentary For personal use only H1 FY26 • Revenue increased 17.5% to $119.9 million, reflecting accelerated Revenue 119.9 102.1 17.5% growth for Appen China, and the continued turnaround of Appen Global Gross Margin1% 36.7% 37.0% -30 bps Employee expenses2 25.
Slide 13: Cash flow summary
Cash flow summary H1 FY26 H1 FY25 Commentary Receipts 107.3 122.1 For personal use only Payments and other (110.0) (109.2) • Cash balance of $44.7 million (AUD 64.8 million1), despite the decrease a strong balance remains Cash flow - operations before interest and tax (2.7) 12.9 Net interest 0.3 0.4
Slide 14: Strategy & operational update
For personal use only Strategy & operational update Ryan Kolln
Slide 15: AI model performance is driven by bespoke, real-world data
AI model performance is driven by bespoke, real-world data For personal use only AI building blocks Compute Data Algorithms Abundant and Scarce, and the source of Open and largely commoditizing lasting differentiation commoditised Public data Real-world data Synthetic data Largely exhausted, already
Slide 16: Appen creates data for leading model builders
Appen creates data for leading model builders For personal use only Appen research and delivery experts Client Data for leading requirements AI Proprietary software stack Tier 1 AI labs Description of task Internal workforce and project Data annotation platforms management platform Expertise B2C and
Slide 17: A global expert workforce built for Generative AI
A global expert Domain expertise across industries workforce built for Thousands of verified experts in each domain Generative AI For personal use only Computer Linguistics Math Statistics Biology Science 1M+ Workforce 100+ Chemistry Psychology Economics Finance Law Domains covered 24% Masters or Ph
Slide 18: Examples of how Appen supports its customers
Examples of how Appen supports its customers For personal use only 01 LLM training data 02 Multimodal data 03 Speech and audio Supervised fine-tuning, RLHF and preference Text-to-image annotation, aesthetic scoring, Text-to-speech collection, ASR evaluation, dialect annotation, chain-of-thought traj
Slide 19: Appen's services now include highly engineered datasets for LLM training
Appen’s services now include highly engineered datasets for LLM training DATASET CATOGORY EXAMPLES INCLUDED SCALE AVAILABLE STATUS For personal use only Audio catalog for speech Real-world and simulated call-centre / dictation ~200k raw hours across 58 EXISTING models audio, 15+ languages language/d
Slide 20: Dedicated operations to cover major AI markets
Dedicated operations to cover major AI markets Regions Customer Technology and Demand drivers covered segments operations For personal use only Expanding AI Hyperscalers USA Dedicated capabilities Foundational AI operations and Europe New customers GLOBAL technology stack Vertical AI New data modali
Slide 21: Ongoing Opex focus within Appen Global
Ongoing Opex focus within Appen Global Appen Global Opex1,2 Commentary For personal use only 40.0 • Appen Global technology roadmap continues to deliver operational efficiencies in the business • Approximately $12 million in incremental annualised cost efficiencies identified and will be executed ov
Slide 22: FY26 outlook & guidance
For personal use only FY26 outlook & guidance Ryan Kolln
Slide 23: FY26 outlook & guidance
FY26 outlook & guidance For personal use only The Company remains confident on the AI data market, and the potential for Appen to meaningfully contribute to the development of leading foundation models. The Company continues to see positive signals on LLM related growth including from Appen Global a
Slide 24: Appendix
For personal use only Appendix
Slide 25: Appendix 1: Appen operating and reporting segments
Appendix 1: Appen operating and reporting segments Appen Global Appen China For personal use only This segment represents all operations outside of the This segment represents the China Group operations and China Group. includes China, Japan and Korea customers. All project types and data modalities
Slide 26: Appendix 2: Balance sheet
Appendix 2: Balance sheet Jun 2026 Dec 2025 Commentary For personal use only Cash 44.7 59.8 • Cash balance of $44.7 million (AUD 64.8 million1), despite the decrease a strong balance remains Receivables 37.7 36.5 • Receivables and contract assets combined increased $14 million Contract assets 30.7 1
Slide 27: Appendix 3: Investment in product development
Appendix 3: Investment in product development Investment in product development¹ For personal use only Commentary Product development (exc. amortisation) as a % of revenue • $7.6 million investment in product development during H1 FY26. Overall spend is reducing due to technology led efficiencies an
Slide 28: Appendix 4: Reconciliation between statutory and underlying results
Appendix 4: Reconciliation between statutory and underlying results Half-year ended Half-year ended Change For personal use only 30-Jun-26 30-Jun-25 1. Underlying results are a non-IFRS measure used by management to assess $000 $000 the performance of the business and have been calculated from statu
Slide 29: Thank you
For personal use only Thank you © 2024 proprietary & confidential 28