Slide 1: Financial Results
EROAD (NZX: ERD ASX: ERD) Financial Results For the 6 months ended 30 September 2025 (H1 FY26) 21 Nov 2025
Slide 2: Important Information
Important Information The information in this presentation is of a general nature and does not Non-GAAP Measures constitute financial product advice, investment advice or any EROAD has presented certain non-GAAP financial measures as part of its recommendation. Nothing in this presentation constitut
Slide 3: Agenda
Agenda 01 Results Overview Highlights & Metrics Geographic 02 Financials Operations Cash Flow 4G Hardware Upgrade Program 03 Guidance EROAD H1 FY26 Results | Page 3
Slide 4: H1 FY26 Results Overview
01 H1 FY26 Results Overview EROAD H1 FY26 Results | Page 4
Slide 5: H1 FY26 Financial Results
H1 FY26 Financial Results Positive results with stable growth and continued cash generation 4G upgrade costs conclude this year Future free cash flow Free Cash Flow Reported Revenue OUR PURPOSE expected to align with normalised levels. (to the firm) (1) Delivering $6.2m $99.1m intelligence you $0.1m
Slide 6: Steady operational delivery and disciplined investment
Steady operational delivery and disciplined investment Positive free cashflow and focus on eRUC market expansion opportunities CASH GENERATION eRUC PASSENGER OPPORTUNITY • Produced $6.2m of free cash flow, or $16.7m normalised for the temporary • Focused investment on capitalising on eRUC opportunit
Slide 7: Financial discipline driving sustainable growth
Financial discipline driving sustainable growth Strong cash generation and a multi-region model provide flexibility to accelerate where market conditions are favourable FCF (NZ$m) Australian Growth eRUC Opportunity Free cash flow has progressed from Enterprise momentum in Australia is New Zealand is
Slide 8: New Zealand's transition to universal electronic road user charging
New Zealand’s transition to universal electronic road user charging TIMELINE • 6 August 2025 - Government announces plan to transition all vehicles to eRUC • 11 November 2025 – Bill introducing Time of Use (Congestion Charging) passes third reading in Parliament • 13 November 2025 –Government introd
Slide 9: Usage-based road funding is gaining global momentum
Usage-based road funding is gaining global momentum New Zealand’s nationwide eRUC program provides a proven model as governments worldwide move from fuel taxes to distance-based charging 283.4m Vehicles 5.1t kms EROAD’s experience operating a national 21.7m Distance Travelled Infrastructure Vehicles
Slide 10: RUC-for-all progress
RUC-for-all progress While the NZ Government work to define the full requirements continues, we’re progressing product, commercial readiness, and adjacent opportunities to ensure EROAD is positioned to lead execution once the program begins. PRODUCT COMMERCIAL BEYOND RUC Building and testing pathway
Slide 11: H1 FY26 HIGHLIGHTS
H1 FY26 HIGHLIGHTS New Zealand NZ $52.1m Continued stable growth and cash HIGHER VALUE Revenue 4.6% 4.4% increase in ARPU from generation with loyal customer base and H1 FY25: $49.8m continued prioritisation of higher significant opportunity in eRUC. value opportunities and churn of lower value unit
Slide 12: 4G Hardware Upgrade Program ANZ
4G Hardware Upgrade Program ANZ Unit upgrade program progressing with 87% of all units in ANZ 4G compatible 4G NETWORK UPDATE KEY POINTS • 87% of ANZ units 4G compatible as at September Program progressing on track, with cost fully funded from 2025, 89.2% at the beginning of Nov 2025 operational cas
Slide 13: H1 FY26 HIGHLIGHTS
H1 FY26 HIGHLIGHTS North America NZ $39.0m Revenue 1.5% TARGETED CAPITAL ALLOCATION Challenging market conditions resulting in slower than expected growth. Slow down H1 FY25: NZ$39.6m Cautious growth investment while is temporary, focus is on customers and market conditions remain slow cost base con
Slide 14: H1 FY26 HIGHLIGHTS
H1 FY26 HIGHLIGHTS Australia NZ $8.0m Revenue 23.1% ENTERPRISE WIN Continued growth and realisation of ARR from completion of large rollouts. H1 FY26: NZ$6.5m New deal announced with Cleanaway across a 3,000+ vehicle fleet. Value of Healthy pipeline converting to newly +$A5m ARR with an initial 5-ye
Slide 15: Cleanaway Enterprise Partnership
“This partnership underscores both our shared Cleanaway Enterprise commitment to health and safety and the ABOUT potential CLEANAWAY of the Australian market” Partnership Mark Heine, CEO • Australia’s leading total Increasing Australian Market Growth waste, industrial “Our partnership and reflects o
Slide 16: HY26 Financials
02 HY26 Financials EROAD H1 FY26 Results | Page 16
Slide 17: Revenue & EBIT
Revenue & EBIT Revenue growth maintained, with lower EBIT reflecting one-off cost and amortisation impacts following a large customer termination Total Revenue Reported Operating Costs Reported EBIT Total revenue of $99.1m is up 3.3% on Operating costs rose 6%, driven by Reported EBIT of ($133.9m) i
Slide 18: Operating Costs
Operating Costs Overall cost base remains stable, with recent increases tied to short-term investment and growth enablement Operating cost as a % of revenue by segment Operating costs as a % of revenue Operating costs as a % of revenue increased slightly Operating costs increased slightly on higher
Slide 19: Operational Efficiency
Operational Efficiency Management focus on supporting sustainable growth Cost to acquire customers Cost to service & support as a % of revenue as a % of revenue Customer acquisition costs remain Costs to support has increased slightly steady. Capitalised costs were higher to ramp-up outsourced capac
Slide 20: Free Cash Flow Growth
Free Cash Flow Growth Strong cash flow generation to further accelerate post 4G hardware upgrade Normalised for the NZ$m STRONG FCF GENERATION temporary impact of the 4G upgrade program EROAD’S core operations generated $25.0 $16.7m of normalised free cash flow $17.4 $20.0 to the firm over the last
Slide 21: Research & Development
Research & Development Investment in innovation to increase the proportion of growth capex in future periods NZ$m R&D as % of revenue 30.0 25% • Total R&D spend of $18.8m in H1 FY26, 19% of revenue. 19% 19% 20% 17% • Compares to $18.1m, or 19% of 20.0 revenue, in H1 FY25. 15% • Opex increased to 60%
Slide 22: Liquidity
Liquidity Strong balance sheet provides flexibility for strategic execution Bank Facilities Sufficient liquidity to fund strategic plan $70m Existing bank facilities are planned to be extended beyond the current October 2026 $46.8m $62.3m Bank Facility maturity date. Current syndicate includes two T
Slide 23: Guidance
04 Guidance EROAD H1 FY26 Results | Page 23
Slide 24: Guidance
Guidance Committed to continuing to delivering sustainable, profitable growth Focusing on growth opportunities in domestic markets and free cash flow generation FY26 Guidance • EROAD has prioritised new growth investment to the significant eRUC opportunity and continuing to expand in the ANZ market,
Slide 25: Q&A
Q&A EROAD H1 FY26 Results | Page 25
Slide 26: Appendix
Appendix EROAD H1 FY26 Results | Page 26
Slide 27: Glossary
Glossary ANNUALISED RECURRING REVENUE (ARR) COSTS TO SERVICE & SUPPORT (CTS) FY (FINANCIAL YEAR) UNIT A non-GAAP measure representing monthly A non-GAAP measure of costs to support and Financial year ended 31 March. A communication device fitted in-cab or subscription revenue including bundled servi
Slide 28: Statement of Income
Statement of Income NZ$m H1 FY26 H1 FY25 Change ($) Revenue 99.1 95.9 3.2 Operating expenses (70.4) (66.7) (3.7) Reported Revenue increased $3.2m primarily due Earnings before interest, taxation, to subscription revenue increasing $4.8m partially 28.7 29.2 (0.5) depreciation, amortisation and impair
Slide 29: Cash Flow Statement
Cash Flow Statement NZ$m H1 FY26 H1 FY25 Change ($) Cash received from customers 97.3 96.1 1.2 Payments to suppliers and employees (65.8) (71.4) 5.6 Investment in contract fulfilment assets (4.6) (5.1) 0.5 Operating Cash Flow increased $8.4m primarily due to an increase Net interest (1.1) (2.2) 1.1
Slide 30: Balance Sheet
Balance Sheet NZ$m H1 FY26 FY25 Change ($) Cash 15.5 13.8 1.7 Restricted bank accounts 28.7 26.1 2.6 Costs to acquire and contract fulfilment costs 9.3 9.4 (0.1) Cash increased $1.7m from cash generated from Other 31.5 35.4 (3.9) operations partially offset by the paydown of debt. Total current asse
Slide 31: Free Cash Flow to the Firm by Region
Free Cash Flow to the Firm by Region 3.7 Inflows 9.2 36.2 35.5 (0.7) Outflows (1.3) (2.0) Total (7.5) (0.7) (19.7) (0.9) (7.5) 6.2 (1.9) NEW ZEALAND NORTH AMERICA AUSTRALIA CORPORATE & DEVELOPMENT $27.3m $7.2m $3.0m $(31.3)m EROAD H1 FY26 Results | Page 31 H&A Assets - Hardware & Accessory Assets •
Slide 32: Unit Count & Global Revenue
Unit Count & Global Revenue $98.5m $99.1m $95.9m $93.1m $88.9m $85.4m 253,930 255,845 250,890 253,512 $79.9m 242,884 106,494 104,386 101,708 106,860 $66.9m 227,149 103,393 Global Revenue 208,697 217,519 95,058 New Zealand 90,596 Australia North America 87,682 $48.0m $45.8m $45.8m $42.7m 24,515 25,35
Slide 33: Reconciliation of Non-GAAP Financial Information
Reconciliation of Non-GAAP Financial Information • Free cash flow to the firm is a non-GAAP Free cash flow to the firm measure representing operating cash flow and investing cash flow net of interest paid ($m) 30-Sep-2025 30-Sep-2024 and received. Cash flows from operating activities Cash received f
Slide 34: Reconciliation of Non-GAAP Financial Information
Reconciliation of Non-GAAP Financial Information • H1 FY26 EBIT is normalised for: Normalised EBIT • Impairment of goodwill and other ($m) 30-Sep-2025 30-Sep-2024 assets of $134.7m Revenue 99.1 95.9 • 4G hardware upgrade related costs of $1.7m. Operating expenses (70.4) (66.7) Earnings before intere
Slide 35: ASX & NZX: ERD
ASX & NZX: ERD investors@eroad.com | eroadglobal.com/investors