Appen Ltd. · ASX:APX
Appen — FY2025 Earnings Presentation
25 slides from Appen's earnings presentation, Feb 25, 2026
Slide 1: FY25 Investor Presentation
FY25 Investor Presentation 25 February 2026
Slide 2: 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 3: FY25 highlights
FY25 highlights $230.8 million revenue $12.2 million underlying Appen Global turnaround 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 of 18.2% • $5.8m under
Slide 4: FY25 financial performance
FY25 financial performance Appen
Slide 5: FY25 profit and loss snapshot
FY25 profit and loss snapshot FY25 FY24 Change Commentary • Revenue increased 4.5%1 to $230.8 million, reflecting accelerated growth for Appen China that was partially offset by timing and Revenue adjusted1 230.8 220.9 4.5% volumes of large LLM projects for the Appen Global division. Appen China rev
Slide 6: Group financial performance
Group financial performance Group revenue ($M)1 Group Gross Margin2 % Group underlying EBITDA3 before FX ($M) 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 • $230.8 million revenue for FY25, up 4.5% on • 40.3% gross mar
Slide 7: Appen Global: strong momentum in Q4, 24.6% EBITDA margin
Appen Global: strong momentum in Q4, 24.6% EBITDA margin Appen Global revenue ($M) Appen Global EBITDA ($M) 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 Q2 FY25 Q3 FY25 Q4 FY25
Slide 8: 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) 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 FY25 Q4 FY25 • $102.9
Slide 9: Profit and loss summary
Profit and loss summary FY25 FY24 Change Commentary • 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 Revenue 230.8 234.3 (1
Slide 10: Cash flow summary
Cash flow summary FY25 FY24 Commentary Receipts 246.4 231.5 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 from operations of $22.4
Slide 11: Market opportunity and strategy
Market opportunity and strategy
Slide 12: AI megatrends driving demand for Appen's services
AI megatrends driving demand for Appen’s services 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 could advertising marke
Slide 13: 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 frontier lab customer with cloud hyperscaler existing frontier
Slide 14: Building a world-class team
Building a world-class team 20+ industry experts added in last 12 months Profiles of recent senior hires / promotions 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 and Oracle and 3 from in
Slide 15: 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 Computer Linguistics Math Statistics Biology Science 1M+ Workforce 100+ Chemistry Psychology Economics Finance Law Domains covered 24% Masters or PhD level education Heal
Slide 16: 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- 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 legacy and expertise wit
Slide 17: 2026 focus and outlook statement
2026 focus and outlook statement
Slide 18: 2026 focus: continued execution to capture growth in our core market
2026 focus: continued execution to capture growth in our core market 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 market segments with mo
Slide 19: FY26 outlook & guidance
FY26 outlook & guidance 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 and Appen China custome
Slide 20: Appendix
Appendix Appen
Slide 21: Appendix 1: Appen operating and reporting segments
Appendix 1: Appen operating and reporting segments Appen Global Appen China 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 All project types and
Slide 22: Appendix 2: Balance sheet
Appendix 2: Balance sheet Dec 2025 Dec 2024 Commentary 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 decreased $12 million Contra
Slide 23: Appendix 3: Investment in product development
Appendix 3: Investment in product development Investment in product development¹ 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 development vs. maint
Slide 24: 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 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 Underlying net loss after t
Slide 25: Thank you
Thank you 25