Slide 1: ASX Release: Investor Presentation
ASX Release 25 February 2026 Investor Presentation Further to Appen Limited’s (Appen) (ASX:APX) announcement to the market today on its results for the year ended 31 December 2025, please find attached the presentation to be delivered to investors and analysts at 11.00am AEDT. Register for the inves
Slide 2: FY25 Investor Presentation
For personal use only FY25 Investor Presentation 25 February 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: FY25 highlights
FY25 highlights $230.8 million revenue $12.2 million underlying Appen Global turnaround For personal use only in FY25 EBITDA1 (ex FX) in FY25 continues • Up 4.5% on FY24, excluding the impact of • 5.3% EBITDA margin for the year, with a strong • $127.9m revenue for FY25, down 21%2 vs FY24 Google Q4
Slide 5: FY25 financial performance
For personal use only FY25 financial performance
Slide 6: FY25 profit and loss snapshot
FY25 profit and loss snapshot For personal use only FY25 FY24 Change Commentary • Revenue increased 4.5%1 to $230.8 million, reflecting accelerated growth for Appen China that was partially offset by timing and Revenue adjusted1 230.8 220.9 4.5% volumes of large LLM projects for the Appen Global div
Slide 7: Group financial performance
Group financial performance Group revenue ($M)1 Group Gross Margin2 % Group underlying EBITDA3 before FX ($M) For personal use only 300 41.0% 20 250 15 230.8 40.30% 200 220.9 40.0% 12.2 150 10 39.30% 100 39.0% 5 50 3.5 0 38.0% 0 FY24 FY25 FY24 FY25 FY24 FY25 • $230.8 million revenue for FY25, up 4.5
Slide 8: Appen Global: strong momentum in Q4, 24.6% EBITDA margin
Appen Global: strong momentum in Q4, 24.6% EBITDA margin Appen Global revenue ($M) Appen Global EBITDA ($M) For personal use only 50 12.0 49.0 10.2 40 41.4 8.0 38.3 30 31.6 5.7 28.2 4.0 26.6 20 2.6 0.0 -0.8 -1.1 10 -2.5 0 -4.0 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q3 FY24 Q4 FY24 Q1 FY25 Q
Slide 9: Appen China: $102.9m revenue for FY25 - 75% year on year growth
Appen China: $102.9m revenue for FY25 - 75% year on year growth Appen China revenue ($M) Appen China EBITDA ($M) For personal use only 5 40 4 4.3 30 32.0 3 3.3 28.6 23.7 2 20 2.1 17.7 18.6 1 15.8 0.9 0.8 10 0 0.5 -1 0 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3
Slide 10: Profit and loss summary
Profit and loss summary FY24 Change Commentary For personal use only FY25 • Revenue increased 4.5%1 to $230.8 million, reflecting accelerated Revenue adjusted1 230.8 220.9 4.5% growth for Appen China that was partially offset by timing and volumes of large LLM projects for the Appen Global division
Slide 11: Cash flow summary
Cash flow summary FY25 FY24 Commentary Receipts 246.4 231.5 For personal use only Payments and other (224.0) (232.5) • Cash balance of $59.8 million (AUD 89.5 million1), up $5 million from December 2024 Cash flow from operations before interest and tax 22.4 (1.0) Net interest 0.8 0.5 • Cash flow fro
Slide 12: Market opportunity and strategy
For personal use only Market opportunity and strategy
Slide 13: AI megatrends driving demand for Appen's services
AI megatrends driving demand for Appen’s services For personal use only Consumer AI Enterprise AI New form factors globalisation adoption and applications KEY ECONOMIC DRIVER KEY ECONOMIC DRIVER KEY ECONOMIC DRIVER ~$740B global digital $2.6T-$4.4T annual potential Humanoid and industrial robotics c
Slide 14: Appen is winning in complex areas of Generative AI
Appen is winning in complex areas of Generative AI Examples of Appen projects started in Q4 2025 or to commence in Q1 2026 New team in existing First >$5 million project First coding project with New data modality with First project with For personal use only frontier lab customer with cloud hypersc
Slide 15: Building a world-class team
Building a world-class team 20+ industry experts added in last 12 months Profiles of recent senior hires / promotions For personal use only Brian Jenkins • Industry experience at Scale Go to Market VP Sales AI and Snorkel 8 new hires; with 5 • Tenured tech sale exec at from competitors Salesforce an
Slide 16: 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 17: Appen is well positioned to capture growth at a global scale
Appen is well positioned to capture growth at a global scale Deep track record supporting the Infusing 30-year expertise with new tech- For personal use only globalization of B2C based AI models forward capabilities Next wave of large AI data demand is in Appen's area of Combining Appen's 30-year le
Slide 18: 2026 focus and outlook statement
For personal use only 2026 focus and outlook statement
Slide 19: 2026 focus: continued execution to capture growth in our core market
2026 focus: continued execution to capture growth in our core market For personal use only 1. Data 2. Customer 3. New data 4. Operational quality growth segments efficiency Relentless pursuit of high Hyper go-to-market focus Expand into data Continued technology-led data quality, the north star on m
Slide 20: FY26 outlook & guidance
FY26 outlook & guidance The Company remains confident on the AI data market, and the potential for Appen to meaningfully For personal use only 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 21: Appendix
For personal use only Appendix
Slide 22: 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 23: Appendix 2: Balance sheet
Appendix 2: Balance sheet Dec 2025 Dec 2024 Commentary For personal use only Cash 59.8 54.8 • Cash balance of $59.8 million (AUD 89.5 million1), up $5 million from December 2024 due to strong cash flow from operating activities. Receivables 36.5 46.7 • Receivables and contract assets combined decrea
Slide 24: 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 • $19.0 million investment in product development during FY25 • ~61% of spend capitalised, up on FY24 due to increased effort on
Slide 25: Appendix 4: Reconciliation between statutory and underlying results
Appendix 4: Reconciliation between statutory and underlying results Year ended Year ended Change 31-Dec-25 31-Dec-24 For personal use only 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 statutory Under
Slide 26: Thank you
25 For personal use only Thank you