Seeing Machines Limited · LSE:SEE
Seeing Machines — H1 FY2026 Earnings Presentation
33 slides from Seeing Machines's earnings presentation, Feb 20, 2026
Slide 1: General disclaimer
General disclaimer The information contained in this presentation about Seeing Machines Limited and entities it controls (Group) and the Group’s activities is current as at 20 February 2026 and is in summary form and is not necessarily complete. It should be read together with the Company’s Annual R
Slide 2: H1 FY2026 Results
H1 FY2026 Results Paul McGlone | Chief Executive Officer Martin Ive | Chief Financial Officer February 2026
Slide 3: About Seeing Machines
Global leader in real-time driver and occupant About Seeing Machines monitoring technology Seeing Machines develops Driver Monitoring Systems our mission: our purpose: (DMS) and Occupant Monitoring Systems (OMS) that zero transport fatalities to get everyone home safely use camera-based sensing and
Slide 4: Investment case
Investment case Regulation-driven inflection point approaching: EU General Safety Regulation (GSR) mandates camera-based DMS for all new EU vehicle registrations from July 2026, with OEM production ramp accelerating through H2 FY2026. Market leadership at scale: Seeing Machines is the global leader
Slide 5: H1 FY2026 highlights
H1 FY2026 highlights AUTOMOTIVE LEADERSHIP POSITION 4.8+ MILLION CARS ON ROAD WITH SEEING MACHINES DMS/OMS INSTALLED STRUCTURAL TAILWINDS SET TO INCREASE QUARTERLY VOLUMES IN H2 FY26 3D CABIN PERCEPTION MAPPING IS GAME-CHANGING TECHNOLOGY PRODUCTION COST BASE GROWING VOLUME 1.1M+ REDUCTION GUARDIAN
Slide 6: Large and growing market opportunity
Large and growing market opportunity Fleet/Off-Road Automotive Aviation US$8.7bn1 102m+ Global DMS Fitments Commercial aircraft fleet forecast to Fleet / off-road retro-fit market in 20303 grow to 32,700+ by 20294 72m+1 Retrofit into simulators (~2,000 Total: OEM DMS annual fitment for Connected hea
Slide 7: Increased regulatory tailwinds
Increased regulatory tailwinds IN PLACE TODAY ROADMAP TO 2029 Authority | Regulatory Focus Authority | Regulatory Focus • Infrastructure Investment & Jobs Act becomes law • DDAW in April • Includes requirement for rule-making on distracted and drunk driving • Distraction for all new vehicles • Distr
Slide 8: Strategic partnerships to extend reach
Strategic partnerships to extend reach • World leading brands support ongoing development and access to new markets • Mitsubishi Electric Mobility Corporation: Capital and technology collaboration, referral partner for Guardian, adjacent market potential • Long-standing relationship with CAT to cont
Slide 9: Adjacent market potential with Mitsubishi Electric Mobility
Adjacent market potential with Mitsubishi Electric Mobility New technologies Digital education Store monitoring Smart building Medical care Railways Existing construction New markets equipment markets Security Digital Healthcare* Smart factory * Health monitoring during driving Insurance The size of
Slide 10: Future Mobility Group: Deepening Autonomous Vehicle Program Integration
Future Mobility Group: Deepening Autonomous Vehicle Program Integration Strategic Significance • Critical adjacent market: AV industry transitioning from development → commercial scale • Interior sensing becoming foundational to safe, trusted automation • Positions Seeing Machines as the human-centr
Slide 11: Business model and segments
BUSINESS MODEL AND SEGMENTS 11 | FY2026 H1 Results Presentation, February 2026
Slide 12: Automotive model
Automotive model PRODUCTS CHANNELS SEGMENTS REVENUE STREAMS ROYALTIES DRIVER AND OCCUPANT AUTOMOTIVE TIER 1’S AUTOMOTIVE MONITORING SYSTEM SOFTWARE LIBRARY NON-RECURRING ENGINEERING SILICON COMPANIES REGULATIONS AUTOMATION RESEARCH & DEVELOPMENT DRIVER MONITORING SYSTEM OPERATIONAL EFFICIENCY + SAFE
Slide 13: Global DMS market: 35% market share expectations
Global DMS market: 35% market share expectations 50 80% • Current in-cabin sensing Millions leader with 4.8+m cars on 45 70% road, 50%+ market share 40 today 60% 35 • Market share 50% expectations remain at 30 35% for Seeing Machines 25 40% by 2032 20 • EU GSR six months away 30% - supports continue
Slide 14: Aftermarket model
Aftermarket model PRODUCTS CHANNELS SEGMENTS REVENUE STREAMS 24/7 MONITORING GUARDIAN DRIVER MONITORING DIRECT SALES TEAM SYSTEM AFTER FLEET HARDWARE SALES MANUFACTURE DISTRIBUTOR/ CHANNEL BACKUP-DRIVER MONITORING PARTNERS INSTALLATION FEES SYSTEM (BDMS) SAFETY REGULATIONS NON-RECURRING ENGINEERING
Slide 15: Leading engagements underpin Aviation use cases
Leading engagements underpin Aviation use cases POTENTIAL END STATES REDUCED CREW & SINGLE PILOT OPERATIONS CONTROLLED REST AND REAL-TIME ALERTS TODAY World first capability in operational service FATIGUE RISK MANAGEMENT SYSTEM (FRMS) AND REAL-TIME ALERTS FLIGHT CREW TRAINING AND SIMULATION RESEARCH
Slide 16: Review of H1 FY2026 performance
REVIEW 0F H1 FY2026 PERFORMANCE 16 | FY2026 H1 Results Presentation, February 2026
Slide 17: H1 FY2026 overview
H1 FY2026 overview ADJUSTED REVENUE1 ANNUAL RECURRING CASH POSITION2 AUTOMOTIVE REVENUE PRODUCTION VOLUME US$24.0M US$14.0M US$3.4M 1.1M ↓ 7.2% from H1 FY2025 ↑ 4.0% from June FY2025 $14.1m accelerated royalty ↑ 62% from H1 FY2025 payment received in January 1 Adjusted Revenue reflects revenue align
Slide 18: Financial performance H1 FY2026
Financial performance H1 FY2026 Adjusted Revenue - US$m 5 Year CAGR: +9% 35 6% • Significant growth in Guardian sales and 30 54% 2% 5% Auto royalty revenue in H1 FY26 offset by Magna exclusivity expiration and reduction 25 in Non-Recurring Engineering (NRE) 20% revenue from H1 FY25 US$m 20 • Auto ro
Slide 19: Adjusted Revenue bridge
19 Adjusted Revenue bridge 30.0 25.3 25.0 2.7 24.0 (0.1) (2.1) 2.3 20.0 (4.1) US$M 15.0 10.0 5.0 - FY25 H1 MagnaExclusivity Magna Licensing NRE Projects Guardian Auto Royalties Other FY26 H1 Adj. Revenue Adj. Revenue 19 | H1 FY2026 Results Presentation, February 2026
Slide 20: Adjusted EBITDA bridge
20 Adjusted EBITDA bridge (8.0) (10.0) Cost reduction (12.0) 5.8 (0.3) (13.1) (14.0) 0.4 US$M 2.7 (16.0) 2.7 (18.0) (17.7) 1.1 (1.6) (20.0) (2.1) (4.1) (22.0) (24.0) Magna MagnaExclusivity License Auto Royalties NRE Revenue Asaphus OPEX FX Impact H1 FY2025 Guardian Margin Other Margin NRE Cost OPEX
Slide 21: Automotive Revenue H1 FY2026
21 Automotive Revenue H1 FY2026 100% Hardware 18 90% NRE 10% 3% 16 11% 29% 80% NRE 14 17% 70% 20% 12 60% Licensing 10 US $m 50% 8 40% Royalties 30% 6 Royalties 20% 4 10% 2 0% - FY2025 H1 FY2026 H1 FY23 H1 FY23 H2 FY24 H1 FY24 H2 FY25 H1 FY25 H2 FY26 H1 Revenue mix continues to shift significantly to
Slide 22: Aftermarket Revenue H1 FY2026
22 Aftermarket Revenue H1 FY2026 YoY Revenue Growth 14.0 Aftermarket Revenue - US$m 32.0 NRE 87% 12.0 Licensing 28.0 10.0 NRE 100% 24.0 Hardware & Installation Hardware & 20.0 8.0 31% 30% Installation US$M US $M 10% 16.0 6.0 60% 12.0 4.0 Monitoring Monitoring 8.0 Services Services 2.0 4.0 0.0 - FY23
Slide 23: Aviation Revenue H1 FY2026
23 Aviation Revenue H1 FY2026 Aviation Revenue US$ 3.0 • Reduction in revenue from Collins collaboration in FY25 flowing into FY26 2.5 • Org design change within Collins paused activity 2.0 US$M • Timeline for deliverables pushed out based on Collins 1.5 schedule – activity expected to recommence to
Slide 24: Cost management H1 FY2026
24 Cost management H1 FY2026 Resources - Employees and Contractors 600 500 • Total Resource Reduction of 27% compared to H1 FY25 400 • 6% resource reduction compared to H2 FY25 driven by tail-end of the FY25 restructure, and continuous 300 refinement in operations and development activities • Asaphu
Slide 25: H2 FY2026 cash generation
H2 FY2026 CASH GENERATION 25 | FY2026 H1 Results Presentation, February 2026
Slide 26: Revenue growth and mix
26 Revenue growth and mix 30.0 100% NRE 90% NRE 25.0 80% Hardware Sales NRE NRE 70% Hardware Sales 20.0 Hardware Sales 60% Hardware Sales Monitoring US$M 15.0 50% Monitoring Services Monitoring Services Monitoring Services 40% Services 10.0 30% Licensing Licensing 20% Royalties 5.0 Royalties Royalti
Slide 27: Regulation Underpins Auto Royalty Growth
Regulation Underpins Auto Royalty Growth 2.50 Quarterly Automotive Production Volumes • EU GSR Regulations effective for new 2.25 vehicles sold from July 2026 - quarterly run rate in EU to increase by ~4x from Q2 FY26 2.00 volumes to meet regulatory requirements Automotive Production Volumes (Millio
Slide 28: Outlook Summary
28 Outlook Summary • Regulation-driven inflection point now underway EU General Safety Regulation (GSR) comes into effect from July 2026, with OEM production ramp needing to accelerate through Q3 and Q4 FY2026 to meet regulations and leading to increased Automotive royalty volumes. • Market leadersh
Slide 29: Appendix
APPENDIX 29 | FY2026 H1 Results Presentation, February 2026
Slide 30: Key milestones
Key milestones Collaboration on full-flight simulator Founded as Launched and Exclusive spin-out from licensed to license Australian First OEM FOVIO Chip Omnivision and agreement to Reseller National AIM listing automotive DMS Fleet product introduced to Indie service aviation agreement University L
Slide 31: Research partnerships
Research partnerships CRC-funded ARC Linkage ACT Gov project QUT project SUT project 4x National Industry PhDs on-road studies investigating time examining transitions investigating safety investigating impacts developing new concepts for investigating driver course of driver of control in automated
Slide 32: Platform Shift to Scalable 3D Cabin Intelligence
Platform Shift to Scalable 3D Cabin Intelligence Strategic Significance • Transitions Seeing Machines from feature provider → perception platform company • Clean-sheet 3D architecture supports multiple cameras, occupants and features • Decouples software from hardware configurations → reuse across O
Slide 33: Thank you
THANK YOU