Interim Results for the six months ended 30 June 2024

H1 2024 HIGHLIGHTS

REVENUE

$12.2m

ARR1

$17.2m

ORDER INTAKE2

$14.2m

NET CASH

$7.9m

EBITDA3

$0.7m

ADJUSTED EBITDA4

$0.7m

H1 2021 $0.2m

H1 2022 $0m

H1 2023 $0.2m

FINANCIAL HIGHLIGHTS

• Group revenue up 16% to $12.2 million (H1 2023: $10.5 million)
• Order Intake1, which reflects revenues to be recognised over the lifetime of each of the contracts, up 10% to $14.2 million (H1 2023: $13.0 million)
• Annualised Recurring Revenues2 ("ARR") up 12% to $17.2 million (H1 2023: $15.3 million)
• EBITDA3 profit of $0.7 million (H1 2023: loss of $0.2 million)
• Gross margins remained high and consistent at 91% (H1 2023: 91%)
• Debt free with a net cash balance of $7.9 million (H1 2023: $6.2 million)

OPERATIONAL HIGHLIGHTS

• Generated significant contract momentum across H1 2024 delivering robust incremental revenue growth in the period
• Secured new sales partnership agreements, broadening the Group's sales footprint in Latin America, Europe and the US
• Launched new services, including SmartWall ONETM Service Portal and the Corero DDoS Intelligence Service, an automated, AI-assisted subscription service
• Commenced trading on the OTCQB Venture Market, a regulated US stock exchange, to increase the Group's US investor reach

OUTLOOK

• Excellent trading performance across H1 2024, reflecting good progress in accelerating the Group's go-to- market strategy announced on
  25 April 2024
• Strong momentum expected to continue across the remainder of the current financial year
• Management remains confident that FY 2024 results will be in line with market expectations and believes Corero is well- placed for further growth

Carl Herberger

CHIEF EXECUTIVE OFFICER

ORDER INTAKE

10%

increase

ARR

12%

increase

"I HAVE BEEN VERY IMPRESSED AT THE QUALITY OF PRODUCT, STANDARD OF DELIVERY AND EFFECTIVENESS OF OUR TEAMS."

INTRODUCTION

Corero has continued its positive 2023 trading momentum, maintaining strong levels of new business success across H1 2024 including competitive wins displacing incumbent solutions, contract renewals and strategic relationship expansions. Corero's go-to-market strategy is producing tangible results and new business traction, further elevating the Group's reputation and position within the fast-growing and innovation-driven DDoS security market.

This ongoing operational progress has resulted in the Group delivering a strong financial performance during the period, with revenues up 16% to $12.2 million

(H1 2023: $10.5 million) and EBITDA growing

to $0.7 million (H1 2023: loss of $0.2 million).

Corero generated ARR growth of 12% to $17.2 million (H1 2023: $15.3 million), which can be attributed to the Group's enhanced software subscription-based products, revamped pricing strategies and best in class DDPaaS offering, as well as increased upsell and cross sell momentum. ARR is a key performance indicator for Corero and the continued growth in this metric demonstrates the Group's strong customer retention track record whilst providing a solid base to support further customer acquisition and geographic expansion. Gross margins were consistent at 91% (H1 2023: 91%).

Order intake, which reflects revenues recognised over the lifetime of each contract, increased 10% to $14.2 million

(H1 2023: $13.0 million), demonstrating the effectiveness of the Group's investment in sales and marketing activities.

The Group reported a healthy net cash balance of $7.9 million (H1 2023: $6.2 million) and has no outstanding debt.

A key growth initiative across FY 2024 has been to expand the Group's geographical sales and customer footprint. Corero has secured contracts in eight countries across four continents, adding ten new direct customer wins in the period, in addition to new deals facilitated by strategic alliance partners with extensive networks across target regions.

Five of the new direct customer wins in the period were replacements of a competitor as incumbent provider, building on the recently implemented strategy to strategically target competitor customer renewals.

During the period, Corero commenced trading on the OTCQB, a regulated US stock exchange. The listing enhances Corero's US market reach and investor engagement and is highly complementary to Corero's existing AIM listing.

The DDoS attack landscape continued to evolve during the period, with threat actors inflicting severe financial and reputational damage on companies operating across a vast array of sectors worldwide. As new technology and the proliferation of AI continue to fuel the rise in global DDoS offensives, demand for Corero's best in class DDoS protection and mitigation services is expected to remain strong for the foreseeable future.

STRATEGIC PRIORITIES

Corero is focused on executing the following key strategic priorities to accelerate both operational and financial progress in the near to medium term:

• Further increase customer base and market reach organically
• Leverage strategic alliances and partnerships to expand global footprint
• Enhance monetisation of existing services and introduce new services
• Expand demand generation marketing capabilities and refine thought leadership campaigns
• Increase investment in technological innovation to remain at the forefront of the market

As highlighted below, Corero has made significant progress across all of its strategic priorities, with a particular focus on new business generation and extending the Group's sales reach globally.

OPERATIONAL REVIEW

A key feature of 2024 has been to both drive new business efforts globally and to share these successes with the Group's key stakeholders. Since January 2024, the Group has secured a steady flow of contract renewals, expansions and new customers, some of which are listed below:

• Significant contract renewal and expansion with a leading US SaaS provider, valued at over $2 million over three years, enabling Corero to expand the customer's existing DDoS protection infrastructure to support its continued international growth

• 3-year,$1.8m partnership with TierPoint, a leading provider of secure, connected IT platform solutions, to provide the backbone for its next-generation DDoS defence infrastructure, replacing the incumbent solutions provider
• 3-year,$1 million plus contract with a top- 10 US fiber provider, with Corero replacing the incumbent solutions provider in a number of the provider's US data centres
• $1 million plus, 3-year contract extension with DigitalOcean, a leading US cloud computing provider, expanding the current range of services provided by Corero

Corero has continued to focus on securing channel partners to broaden the Group's routes to market and, more importantly, expand the Group's global reach.

These include:

• 3-yearpartnership with leading global hosting services provider RoyaleHosting to integrate Corero's award-winning DDoS mitigation technology across its global network infrastructure.
• New 3-year partnership with US-based
  A2 Hosting, an existing Corero customer and leading provider of high-performance hosting solutions.
• New strategic partner agreements in Latin America with NovaRed, VGL, and GreyMatter post-period end.

The new partnerships complement the Group's established relationships with Juniper Networks, GTT Communications and Akamai Technologies ("Akamai"), broadening Corero's market reach.

PRODUCT INNOVATION

Corero continues to invest in, and evolve, its market-leading solutions through R&D investment. Insights gained from observing millions of DDoS attacks not only inform customers but also serve to provide unique data which underpins the development of the Group's technology roadmap, ensuring Corero remains at the forefront of the industry and well-positioned to respond to the latest DDoS cybercrime trends.

The Group launched the Corero DDoS Intelligence Service ("CDIS") in March 2024, an automated, AI-assisted subscription service for Corero SmartWall ONETM customers delivering pre-emptive attack mitigation before the first attack is even detected. In June 2024, the Group launched its SmartWall Service Portal, with new features including executive reports

and tenant prospecting.

DDOS ADDRESSABLE MARKET AND MARKET DRIVERS

The global DDoS mitigation market continues to grow at pace and is expected to be worth an estimated $9.1 billion by

2030*. Corero operates within a significant segment of this overall market and estimates that the total addressable market for its SmartWall ONE solution exceeds $2.0 billion.

Latest trends, including the emergence of high-performance botnets** and the deployment of AI, has enabled threat actors to increase the scale and frequency of DDoS attacks whilst keeping costs and time expenditure low, meaning securing sophisticated DDoS protection services such as those Corero offers is becoming even more crucial for businesses dependent on online operations.

North America is estimated to account for 39% of the global DDoS protection and mitigation market growth in the period to 2027***.

Corero's partnership with Akamai, together with investment in US sales and marketing initiatives and strategic North American recruitment, means the Group remains well placed to capitalise on new customer opportunities within the US market. Hactivism associated with Russia's invasion of Ukraine has also exacerbated the DDoS attack threat level in Europe whilst attacks are also prevalent in other key geographies where Corero is actively growing its influence.

SENIOR MANAGEMENT AND BOARD CHANGES

Chris Goulden was appointed Corero's Chief Financial Officer in May 2024, replacing Phil Richards. Chris has over 15 years' experience in finance and operational roles across international B2B service environment and spent 13 years at CBRE Global Workplace Solutions, a US-listed global facilities management and property services provider, in a number of senior finance roles.

Robert Scott was appointed Non-Executive Director in April 2024, bringing to Corero over 30 years of network and cybersecurity experience. Mr Scott is currently Chief Strategy Officer of Silversky, Inc., a provider of cybersecurity managed services, Chairman of AssetPass, a disruptive fintech startup, and is also on the Customer Advisory Board of Fortinet, a global leader in cybersecurity.

Peter George, who had previously announced his intentions to step down as a Non-Executive Director, informed the Board that he wished to remain a Corero director. The Board unanimously agreed that Mr George continues in this role.

OUTLOOK

Corero delivered a strong trading performance across H1 2024, reflecting good progress

in accelerating the Group's go-to-market strategy. This momentum, underpinned by new and existing channel partnerships, alongside new customer wins, is expected to continue across the remainder of the current financial year.

With this positive trend, coupled with the continued strong global demand for DDoS mitigation solutions, management remains confident that FY 2024 results will be in line with market expectations and that Corero is well-placed for further growth.

Carl Herberger

CHIEF EXECUTIVE OFFICER

24 September 2024

REVENUE

$12.2m

EBITDA

$0.7m

The Group reported revenues of $12.2 million in the six months ended 30 June 2024 (H1 2023: $10.5 million).

Gross margin remained high during H1 2024 at 91% (H1 2023: 91%).

Total operating expenses before depreciation and amortisation were $10.4 million (H1 2023: $9.7million). When adjusting for realised and unrealised FX movements on trading and intercompany balances, operating expenses for H1 2024 amounted to $10.4 million (H1 2023: $8.9 million). The underlying $1.5 million increase in operating expenses year-on-year is primarily attributable to additional investment across the Group to support future growth, notably sales and marketing activities.

Depreciation and amortisation of intangible assets amounted to $1.0 million (H1 2023: $0.9 million), with capitalised R&D costs of $1.1 million (H1 2023: $0.9 million).

EBITDA for H1 2024 was a profit of

$0.7 million (H1 2023: loss of $0.2 million). Adjusted EBITDA, adjusted for unrealised FX losses of $nil (H1 2023: losses of $0.4 million), was a profit of $0.7 million (H1 2023: $0.2 million).

Loss before taxation was $0.2 million (H1 2023: loss of $1.2 million) and loss after taxation was $0.3 million

(H1 2023: $1.2 million). The reported loss

per share was 0.1 cents (H1 2023: loss per share 0.2 cents).

Cash and cash equivalents for H1 2024 was $7.9 million (H1 2023: $6.2 million; FY 2023: $5.2 million), an increase

of $2.7m in the six month period

(H1 2023: $0.7m increase) There was no outstanding debt at 30 June 2024.

Chris Goulden

CHIEF FINANCIAL OFFICER

24 September 2024