X2m Connect Limited · ASX:X2M
X2m Connect — H1 FY2026 Earnings Presentation
18 slides from X2m Connect's earnings presentation, Feb 2, 2026
Slide 1: 1H FY26 Update
X2M CONNECT LIMITED (ASX:X2M) 1H FY26 UPDATE February 2026 1
Slide 2: Disclaimer
Disclaimer This Presentation (“Presentation”) has been prepared by X2M Connect Limited (Company). You must read Investment risk and accept the conditions in this notice before considering the information set out in or referred to in this An investment in Shares is subject to known and unknown risks,
Slide 3: About X2M
About X2M PATENT SUPPORTED THREE PRODUCTS SOFTWARE PLATFORM 88 customers A proven world leading IoT platform Vision by X2M delivering data for advanced AI and 5 main geographies machine learning applications, harnessing vast data volumes to Hive by X2M deliver real-time data exchange, remote control
Slide 4: 1H FY26 Financial Highlights
1H FY26 Financial Highlights1 Revenue Gross Profit Revenue growth delivered 45% 35% Gross Profit growth also delivered Adj EBITDA2 loss Opex 10% 12% Adjusted EBITDA2 improved Cash at bank Enterprise customers Debt levels are substantially reduced 1.9m 10% Customers numbers hit a new record 1. All fi
Slide 5: Q2 saw an acceleration in momentum on pcp
Q2 saw an acceleration in momentum on pcp1 Revenue Gross Profit Revenue growth was significantly up 65% 63% Quarterly Adjusted EBITDA2 is best achieved Adj EBITDA2 loss Opex Normalised increase in Opex was 6% 12% 22% excluding $0.25m in product replacement costs on historical deployments. Cash at ba
Slide 6: X2M's strategic programme delivers in 1H
X2M’s strategic programme delivers in 1H Q1 momentum continued throughout Q2 across all key metrices, with strong revenue growth and reducing EBITDA losses. Momentum expected to continue into 2H with approximately $4m in contracted revenues still to be recognised Q2 delivered positive cash flow from
Slide 7: Quarterly results show increased momentum
Quarterly results show increased momentum Improving P&L and Balance Sheet1 Revenue ($M) Gross profit ($M) +33% +32% 2.8 +24% +16% 1.2 +21% +22% 2.1 0.9 1.7 0.8 1.4 0.7 3Q FY25 4Q FY25 1Q FY26 2Q FY26 3Q FY25 4Q FY25 1Q FY26 2Q FY26 Adjusted EBITDA2 Debt -1.0 -1.2 -0.6 -0.6 -6.6 -7.2 -2.5 -2.1 -16% -
Slide 8: Strategic decisions of last 12 months paying off now
Strategic decisions of last 12 months paying off now 5 key initiatives to deliver sustainable outcomes Improved the P&L: Exited China, reduced low margin hardware only sales, curtailed cost base and focused on high margin SaaS and Maintenance offerings setting the Company on a path to profitability
Slide 9: Growth strategy – builds on a solid foundation
Growth strategy – builds on a solid foundation Progressing towards profitability and positive cash flows Harvest large addressable Expand penetration of newly Execute new market entries – markets within existing released Hive.AI and HelpMe UAE/ME, Australia, India and customer base and win new produ
Slide 10: Addressable markets to expand materially with new market entry
South Korea 52m Addressable markets to 22m expand materially with new market entry Japan 126m o Addressable market in current 55m geographies: 240 million people, 98m households India Taiwan o Addressable market across (new) 24m People existing customers: ~10m 1.45b 9m Households households. Revenue
Slide 11: X2M's markets
X2M’s markets Existing Customer TAM >$600m Upfront2 >$40m Annual Recurring1 South Korea Japan Taiwan UAE • Customers are cities and • Customer is Azbil Kimmon, • Customers are renewable energy • Technology is licenced to Dicode municipalities manufacturer of Gas and Water generators and gas utilitie
Slide 12: Winning a bigger and bigger share of each customer's TAM
Winning a bigger and bigger share of each customer’s TAM TAM of existing water customers in South Korea: A$605M market2 with SOUTH KOREA MARKET – Dec 2025 A$30M recurring revenue p.a.1 TAM of all households2: A$950m Cumulative contracted2: A$38m o The TAM of X2M’s existing water customers has increa
Slide 13: X2M's Product Suite – a large global market
X2M’s Product Suite – a large global market Current Product TAM >$11b Upfront1,2,3 >$650m Annual Recurring1,2,3 ‘Vision by X2M’ ‘Hive.AI by X2M’ HelpMe • Data aggregation for utilities , Water, gas, • Renewable energy data aggregation for AI • Public safety device developed initially electricity and
Slide 14: HelpMe - just released in South Korea
HelpMe - just released in South Korea How technology will make Seoul a safer, smarter city “HelpMe” Smart Personal Safety Device In response to City demand, X2M has created HelpMe — a connected personal safety device that links people, police and city systems in real time 1 2 3 4 5 Compact, recharge
Slide 15: X2M's platform is a core enabler of AI
X2M’s platform is a core enabler of AI - the differentiators DATA FLEXIBILITY UNMET MARKET More efficient Unparalleled NEEDS COMMUNICATIONS AI/ML collection of data, flexibility, fast speed Compelling use cases better data, cheaper Two-way to market, low capital Large amounts of data across growing
Slide 16: Why X2M?
Why X2M? Growth drivers for long-term shareholder return Unique, world-leading, Early mover Addressable market Improving cash Existing footprint in future-proofed IoT advantage, is large and growing, flow position and large markets which solution enabling smart “stickiness” based on with significant
Slide 17: Summary: A good half year with an attractive outlook
Summary: A good half year with an attractive outlook Strong 1H performance shows strategy is working and building blocks in place for continued strong performance Reducing cash burn and improving EBITDA sets a path to profitability and sustainability A balance sheet that has been strengthened with a
Slide 18: Contact
Contact Mohan Jesudason Chief Executive Officer investor.relations@x2mconnect.com T: 1 800 926 926 (1 800 X2M X2M) Luke Maffei Automic Markets luke.maffei@automicgroup.com.au T: +61 403 193 579