Annual report
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1 Aerometrex Limited | 2026 Annual Report ANNUAL REPORT20262026
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2 3 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report 2 Aerometrex Limited | 2024 Annual Report Contents FY26 Highlights 5 Letter from the Chair 7 Managing Director and Chief Executive Officer Report 10 Corporate Governance 16 The Board 18 The Executive Team 20 Directors’ Report 22 Remuneration Report 30 Auditor’s Independence Declaration 42 Financial Statements & Notes 44 Consolidated Entity Disclosure Statement 80 Directors’ Declaration 81 Independent Auditor’s Report 82 Shareholder Information 88 Corporate Information 90 AEROMETREX IS A TRUSTED & LEADING GEOSPATIAL TECH COMPANY We specialise in providing geospatial solutions & insights for our customers. Our key products - MetroMap, LiDAR & 3D visualisation models support wide-ranging industries & customer requirements. 2 Aerometrex Limited | 2026 Annual Report 3D model of The United States Custom House Philadelphia Pennsylvania, USA 3Aerometrex Limited | 2026 Annual Report Cover image: MetroMap Aerial Imagery, Ballina Coast, NSW, Australia
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4 5 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report 3D Reality Model of Newcastle, NSW, Australia FY26 HIGHLIGHTS 4 5Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2025 Annual Report $26.84m $7.68m 12.3% (2025: $23.90m) 122.3% (2025: $3.46m) $3.56m$12.17m $14.55m 27.2% (2025: $9.57m) 37.8% (2025: $10.56m) OPERATING REVENUE EBITDA SUBSCRIPTION REVENUE ANNUAL CONTRACT VALUE (ACV) CASH BALANCE 8.2% (2025: $3.88m) 8,427 9,357 9,329 10,562 12,294 14,552 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 Dec 2023 Jun 2024 Dec 2024 Jun 2025 Dec 2025 Jun 2026 ACV ($'000) Annual Contract Value (ACV)
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6 7 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report MetroMap Aerial Imagery Airport, Canberra, AC, Australia 6 Aerometrex Limited | 2026 Annual Report Letter from the Chair Dear Fellow Shareholder, The 2026 financial year has been an important one for Aerometrex and represents the culmination of the work undertaken over the past two years to position the Company for sustainable and profitable growth. I am pleased to report that this work is now translating into materially improved financial performance. Aerometrex delivered operating revenue of $26.84m for FY26, an increase of 12.3%, while EBITDA increased 122.3% to $7.68m. This improvement was achieved while reducing operating costs and represents a significant increase in the underlying profitability of the business. The statutory loss before tax reduced by $4.75m to $3.99m, compared with $8.74m in FY25. While the Board remains focused on continuing this improvement, the movement in our financial performance over the past 12 months demonstrates the considerable operating leverage that exists within Aerometrex as revenue grows across a more efficient cost base. The Company finished the year with $3.56m in cash and, importantly, generated positive free cash flow of $3.82m, an improvement of $4.82m compared with the prior year. Delivering on our Strategy In my letter to shareholders last year, I discussed the strategic review undertaken by the Board and management and the changes made to simplify the business, reduce costs and position Aerometrex to take advantage of the significant investment that had been made in its people, technology and data assets. FY26 clearly demonstrates that this strategy is working. The cost reductions identified through the strategic review have now been realised for a full financial year. At the same time, the Company has grown revenue, strengthened its management team and continued investing in the products and capabilities that we believe provide the greatest opportunity to create long-term shareholder value. The result is a business which enters FY27 with a substantially improved earnings profile and a clearer pathway to sustainable profitability and cash generation. MetroMap Reaches an Important Milestone Central to our strategy has been the continued scaling of MetroMap. MetroMap subscription revenue increased 27.2% during FY26 to a record $12.17m, while Annual Contract Value increased 37.8% to $14.55m. Of particular importance to the Board is that MetroMap’s Annual Contract Value has now exceeded the cost of delivering the annual MetroMap capture program. This represents an important milestone. Aerometrex has invested significantly over a number of years to establish MetroMap’s national coverage, technology platform and proprietary imagery library. With a substantial proportion of the costs associated with operating the platform relatively fixed, continued growth in subscription revenue has the potential to generate increasingly attractive incremental margins and cash flow. The quality of this revenue is also improving. Subscriptions billed in advance increased 40.9% to $5.86m at 30 June 2026. This revenue will be recognised progressively during FY27 and provides the Company with a strong recurring revenue base as it enters the new financial year. The Board continues to believe that the combination of recurring subscription revenue, increasing customer adoption and the operating leverage inherent within MetroMap represents one of the most important drivers of future shareholder value.
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8 9 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report8 Aerometrex Limited | 2026 Annual Report Mark Lindh Chair of the Board Creating Value from our Data Another particularly encouraging development during FY26 was further evidence of the value contained within Aerometrex’s extensive proprietary data library. Over more than four decades, the Company has accumulated significant aerial imagery, LiDAR and 3D datasets. While these assets have historically been created for traditional geospatial applications, advances in artificial intelligence, machine learning, digital twins and simulation are creating entirely new markets for high-quality spatial data. During the final quarter, Aerometrex generated more than $1m from significant off-the-shelf data licences to AI technology companies. These transactions are noteworthy because the underlying data largely already existed. Consequently, the ability to monetise our historical datasets for new applications has the potential to produce attractive incremental margins and cash generation without requiring a corresponding increase in the Company’s cost base. It is still relatively early in the development of this market and revenue from individual transactions may be less predictable than our subscription revenues. Nevertheless, the Board believes the emergence of these applications provides an exciting additional opportunity to realise value from assets that Aerometrex has spent many years creating. Financial Discipline The Board has remained particularly focused on capital allocation and financial discipline. FY26 demonstrates that Aerometrex can grow while maintaining control over its cost base. Revenue and other income increased by approximately $2.7m during the year while operating costs reduced by approximately $1.5m. This combination was a significant contributor to EBITDA increasing from $3.46m to $7.68m. We believe maintaining this discipline is important. Aerometrex has considerable opportunities available to it, but. is focussed on generating sustainable growth that ultimately produces stronger earnings, cash flow and returns for shareholders. The significant improvement in free cash flow during FY26 is therefore particularly pleasing. Leadership and Governance FY26 also marked an important transition in the leadership of Aerometrex. Following a period as Acting Chief Executive Officer, the Board appointed Robert Veitch as Managing Director and Chief Executive Officer in August 2025. Rob’s appointment provided continuity following the strategic and organisational changes commenced during FY25 and, together with the broader management team, he has overseen a significant improvement in the Company’s operating and financial performance. During the year, Chris Mahar also concluded his tenure as Chief Financial Officer. On behalf of the Board, I would like to acknowledge and thank Chris for his contribution to Aerometrex. Chris played an important role during a period of considerable change for the Company and brought commitment, professionalism and continuity to the finance function as the business worked through its strategic and operational transition. We wish Chris every success for the future. In June we welcomed David Di Blasio as Chief Financial Officer. David brings substantial listed-company financial and commercial experience and further strengthens the executive leadership team. The Board believes Aerometrex now has the organisational structure, leadership and financial discipline required for the next stage of the Company’s development. On behalf of the Board, I would like to thank Rob and the entire Aerometrex team for their considerable contribution during FY26. Looking Forward Aerometrex enters FY27 from a considerably stronger position entering the FY27 year. We have a growing recurring-revenue business in MetroMap, a significantly improved EBITDA and cash-flow profile, an established LiDAR operation, world-class 3D capability and an increasingly valuable library of proprietary geospatial data. We are also seeing broader structural changes occurring around us. Artificial intelligence and machine learning require increasingly large quantities of accurate real-world data. Governments and infrastructure owners are increasing their use of digital twins and geospatial information. At the same time, the importance of sovereign data capability and Australian ownership of critical datasets is becoming increasingly recognised. These trends align closely with capabilities that Aerometrex has developed over many years. The opportunity for the Company is therefore not simply to sell more aerial imagery. It is to continue developing Aerometrex into a business capable of capturing, processing, hosting and monetising high-quality spatial data across an expanding range of applications. There remains considerable work to be done, and the Board remains conscious of the competitive environment in which we operate. However, the financial and operational progress achieved during FY26 gives us confidence that the Company is moving in the right direction. Our priorities remain clear: continue growing recurring revenue, maintain financial discipline, generate sustainable cash flow and find new ways to realise the value of Aerometrex’s technology and proprietary data assets. On behalf of the Board, I thank our shareholders for their continued support, our customers and partners for their trust, and our employees for their commitment and contribution throughout the year. Letter from the Chair
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10 11 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Managing Director and Chief Executive Officer Report Dear Fellow Shareholder, I am pleased to present the Annual Report for the 2026 financial year. This year was a very strong result for the Company and a landmark year for MetroMap. We made improvements across all aspects of the business and drove significant growth while also reducing our cost base. Operating revenue was $26.84m, up 12.3%, while EBITDA was up 122.3% to $7.68m. Cash balance is at $3.56m with the small decrease in cash and cash equivalents of $0.32m more than offset by a $0.68m increase in trade and other receivables. We saw growth across subscription, project and off-the-shelf revenue. I am proud of the progress we have made, and of the exceptional people who work for Aerometrex. Without them, this result would not have been possible. I am also grateful for the partners and suppliers that help us deliver customer value which ultimately leads to shareholder value. Some of the key highlights during FY26 include: Expansion of the Landchecker agreement with a larger minimum commitment and longer contract term Expansion of MetroMap partner program to add a dozen new partners including OpenSolar, InCanopy and Lotsearch, a significant endorsement of our Partner Program strategy Award of a significant LiDAR contract with a major Global Energy company Award of a contract by the NSW Government for the delivery of aerial imagery via MetroMap Award of two off-the-shelf license agreements with AI Innovators, Neara and Zeromatter Award of the Whole of Victorian Government (WoVG) contract to provide MetroMap aerial imagery services to Victorian Government agencies MetroMap MetroMap delivered a very strong result with Annual Contract Value (ACV) up 37.8% to $14.55m. Importantly this has exceeded the cost to deliver the MetroMap program meaning it is now contributing cash into the business. Subscription revenue was up 27.2% to $12.17m and contract liabilities for subscriptions billed in advance increased 40.9% in the year to June 2026. These subscriptions billed in advance will be recognised over the course of FY27 and provide a strong foundation for the coming financial year. $2.17m revenue was also generated from opportunistic on-demand projects and off-the-shelf data sales. In the first half of the year, MetroMap launched its largest ever upgrade, adding oblique imagery that allow customers to view an area with 45-degree imagery, an elevation data tool which measures heights of terrain and built objects, contour lines, and hillshade, and an enhanced user interface. MetroMap also has continued to increase and refine the capture program in line with customer needs. The Company believes MetroMap is now at parity with its major competitor and is focussed on innovating to drive points of difference. MetroMap benefits from being the only Australian-owned imaging service, highlighted by wins with the NSW, WA and VIC governments. It is achieving increased adoption across all business sizes, with Average Revenue Per Subscriber (ARPS) up 24.9% in the period, monthly active users up 17% and user session time is up 12%, a reflection of how embedded MetroMap has become in our customers’ processes. LiDAR LiDAR revenue was up 8.2% to $11.81m as market conditions continued to see reduced margins and increased competition. The Company has increased its win rate and is winning more contracts than ever but seeing generally smaller contract sizes. We continue to utilise our LiDAR fleet opportunistically on MetroMap image capture resulting in dual purpose missions which have created off-the-shelf LiDAR datasets - a new revenue source highlighted by the June wins announced to market. 3D 3D delivered strong revenue growth, up 23.5% to $1.89m on the back of projects across Australia and the US. Major projects included a 3D infrastructure program for PennDOT (Pennsylvania Department of Transportation) for the Walt Whitman interchange in Philadelphia and several projects around local government and infrastructure in Australia. The off- the-shelf sale to Zeromatter highlights the value of Aerometrex’s vast library of data including 3D models across Australia, New Zealand, and the United States. As we move into FY27, we are focussed on ongoing development and innovation on our 3D offering to make it more appealing to a wider audience and expect to see benefits from our entire sales team now seeking 3D opportunities. People Our success is built on the talent and commitment of our people. I would like to sincerely thank every member of the Aerometrex team for embracing our values, supporting one another and consistently striving to deliver outstanding outcomes for the company and our shareholders. We are now seeing the benefits of our simplified organisation structure, where the skills and experience once confined to individual business units has been unlocked across the whole company. This is evident in the Sales team where more people are selling LiDAR and 3D products than ever before. We welcomed new talent into key roles across Sales, Marketing, Software Development, Customer Support and People and Culture and strengthened leadership across all levels of the business. We continue to work to embed our values into everything we do – our values of Curiosity, Leadership, Empowerment, Accountability and Respect (CLEAR). Operations Operationally, we are also seeing the benefits of our simplified organisational structure with cross training and collaboration across teams previously separated into business units. The cost reductions achieved in the Strategic Review are now realised for the full year and while we continue to look for operational and cost efficiencies our focus has shifted to revenue generation. For the coming year, automation and speed will become a key focus as we strive to deliver data faster to customers. Marketing In the second half of this year, we have completely revamped our marketing with a clearer brand distinction between Aerometrex and MetroMap brands. We launched a national radio campaign aimed at people stuck in traffic which drove a 20% increase in web traffic. New creative content was released in Q4 with a stronger focus on problem solving rather than product features. Communication with existing customers has been improved and is now more focussed, consistent and targeted. Product Development As mentioned, MetroMap underwent its largest ever release and product upgrades are continuing at pace. Our data hosting product continues to develop, which allows customers to embed their own data into MetroMap. Ongoing work is being done on accepting different data formats into MetroMap, as well as developing our 3D product, including different technologies and integrations with MetroMap. Significant work has been done on the underlying platform to improve flexibility for future changes, and to allow future launches into new markets. FY27 sees Aerometrex start in a much stronger position and with more momentum than the previous year. We remain laser focussed on ensuring we have the right people, processes and cost structures in place to make the coming year our best yet. I am confident that we are well-positioned to capitalise on new opportunities and deliver greater value to our customers, partners, and shareholders. Thank you for your continued trust and support. Robert Veitch Managing Director and Chief Executive Officer
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12 13 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report MetroMap 12 Aerometrex Limited | 2026 Annual Report MetroMap Aerial Imagery Brisbane River, QLD, Australia MetroMap is an aerial imagery data service, offering high-quality and accurate imagery to wide-ranging industries and customers. The MetroMap product offering includes 2D aerial imagery delivered via a Data-as-a-Service (DaaS) subscription platform, off-the-shelf data and insights derived from aerial imagery using artificial intelligence (AI) and machine learning (ML) algorithms. Overview The Company delivered strong growth in both subscription revenue (increasing from $9.57m to $12.17m, up 27.2%) and Annual Contract Value (ACV) (increasing from $10.56m to $14.55m, up 37.8%). The Company continued to focus on activities that will drive a consistent recurring revenue stream delivering scalable revenue and profit growth to maximise value from a SaaS / DaaS environment. In Q2 MetroMap underwent its largest ever upgrade, with the introduction of oblique imagery to allow users to view 45-degree imagery, an elevation tool to measure heights, contour lines, and a new interface. AI-derived features have been added in MapViewer. These new features are a direct result of customer feedback, and make MetroMap more compelling. MetroMap Average Revenue Per Subscriber (ARPS) increased 24.9%, monthly active users are up 17% and user session times increased 12% -- all indicators of the value customers place on MetroMap. The MetroMap capture program increased in size, and now covers 94% of the population, with plans to extend it further in Victoria after being awarded the Whole of Victorian Government (WoVG) arrangement to provide MetroMap aerial imagery services to Victorian Government agencies. The changes also added new areas, increased existing areas to account for growth areas, and increased frequency where customers requested. The increases in the capture program improve competitiveness, and were possible without increased cost by efficiencies gained with our outsourced aviation partner. Opportunistic MetroMap on Demand projects were taken on where there was adjacency or strategic value in the capture location. As organisations continue to prioritise data-driven decision-making, MetroMap’s intuitive tools and robust analytics capabilities have become essential to their operations. MetroMap continues to grow in popularity across many industry sectors, and across small, medium and large enterprises, as well as our expanding partner network.” Highlights Record Subscription Revenue up 27.2% to $12.17m Record Annual Contract Value (ACV) up 37.8% to $14.55m Average Revenue per Subscriber up 24.9% 8,427 9,357 9,329 10,562 12,294 14,552 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 Dec 2023 Jun 2024 Dec 2024 Jun 2025 Dec 2025 Jun 2026 ACV ($'000) Annual Contract Value (ACV)
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14 15 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Project 14 Aerometrex Limited | 2026 Annual Report Highlights Completion of a large LiDAR contract for global energy company at $1.08m 3D infrastructure project for PennDOT (Pennsylvania Department of Transportation) Large Off the Shelf Sales of LiDAR data and 3D models to Zeromatter and Neara Light Detection and Ranging (LiDAR) is an advanced aerial surveying technique which utilises active laser pulses generated by the sensor to measure the distance of the aircraft to the ground. As the position of the aircraft is determined by GPS, the shape of the terrain including above ground features can be modelled. Aerometrex provides its global client base a range of sophisticated 3D reality modelling products and services based on advanced photogrammetric and visualisation techniques. Our 3D data provides access to high-resolution 3D city mesh models that provide context to projects, help develop and visualise scenarios, and enable change monitoring utilising the comprehensive 3D base dataset. Both 3D and LiDAR are offered as bespoke projects or off-the-shelf (OTS) data. Overview The Company delivered LiDAR revenue of $11.81m, up 8.2% from $10.92m in the prior year. 3D revenue was $1.89m up 23.2% from $1.53m. Total project revenue was $13.20m up 1.7% from $12.98m, and off-the-shelf sales were $1.46m up 8.0% from $1.36m. The company benefited from the whole Sales team being able to sell projects with cross selling improving throughout the year. The LiDAR project market continues to be competitive, but there were improvements in the number of contract wins and win rate. As the company continues to use our LiDAR fleet opportunistically to capture MetroMap data, the volume of off-the- shelf LiDAR data is growing rapidly. This represents an opportunity to build on the significant AI/ML sales to Zeromatter and Neara achieved in the final quarter of FY26. 3D projects continue to flow in with a larger number of projects coming this year from the United States. There is a greater understanding of customer use cases which allows better targeting of new customer acquisition. Product development continues to be a priority with rapid developments in 3D technology. The company believes that there are opportunities to innovate in the way LiDAR and 3D data is delivered to customers. In the final quarter of FY26, major OTS sales to AI pioneers Zeromatter and Neara topped $1m. The company believes that this use case represents a major opportunity going forward given the vast library of fully owned aerial imagery, 3D models, and LiDAR data. 3D model of The United States Custom House Philadelphia Pennsylvania, USA
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16 17 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Board Skills Matrix Capabilities Number of Directors with the capability Corporate Leadership Industry Experience Other ASX Board Directorships (last 3 years) Strategy Governance Capital Raising Risk and Compliance Mergers and Acquisitions Tertiary Qualifications Economics, Law, Commerce and/or Business Accounting Technology and Innovation Global Perspective International Experience The Board believes that a high level of governance and transparency is critical for fostering a productive corporate culture and business practices. Roles & Responsibilities The Aerometrex Board of Directors is responsible for the corporate governance of Aerometrex with the intention of working in ways that add the most value to the business. The Board oversees the business and the affairs of Aerometrex, establishes the strategies and financial objectives to be implemented by management and monitors performance. The principal activities of the Board are to: Set the Group’s purpose, values and strategy, and ensuring that the Group’s culture is aligned to these targets; Review systems to monitor risk management and internal control, codes of conduct and legal compliance; Appoint and remove the Managing Director & CEO, including approving remuneration for the position and succession plans for the role; Ratifying or approving the appointment and, where appropriate, the removal of the CFO or Company Secretary; Monitor senior management’s performance and implementation of approved strategy, and ensuring appropriate resources are available; and Approving and monitoring financial and other reporting to the market. Board Composition The composition of the Board is reviewed annually to ensure that there is an appropriate mix of skills, experience and knowledge to contribute to the objectives of the Board. Independence A director is independent when they are: A non-executive director and Free from any real or perceived relationship that could be judged to materially interfere with the ability to make informed and objective decisions. Risk Management The Aerometrex Board is ultimately responsible for the risk management of the business and the Directors must satisfy themselves that any risks to the business are being managed appropriately. This includes ensuring that appropriate internal controls and reporting mechanisms are in place to support a robust risk management framework. Remuneration & Nomination Committee Develops remuneration policies, reviews and provides recommendations to the Board in relation to key management personnel remuneration packages and performance reviews. Oversees the Board and Director reviews, provides recommendations in relation to the appointment of new Directors, reviews the skills and expertise of the Board and establishes succession planning arrangements. Audit & Risk Committee Oversees the adequacy and effectiveness of the company’s reporting processes, compliance with legal and regulatory requirements, financial reporting, and internal controls. Corporate Governance Audit & Risk Committee Remuneration & Nomination Committee Executive Team Board Committees Board of Aerometrex Limited Two standing Board committees have been established to assist the Board in fulfilling its responsibilities. Managing Director and Chief Executive Officer
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18 19 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report The Board Appointed: May 2019 (Chair: October 2019) Special responsibilities: Chair of the Board Chair of the Remuneration & Nomination Committee Member of the Audit & Risk Committee Experience: Mark is a founder and principal of AE Advisors, an investment house established in 2006. Mark is a corporate advisor with significant experience in advising predominantly listed companies encompassing a range of industries including technology, energy, resources, infrastructure and utilities. He has acted as the principal corporate and financial advisor to a number of Australian corporate success stories and has extensive experience in Australian equity and debt markets and advising clients on capital raisings, mergers and acquisitions and investor relations. Other ASX Directorships in the last 3 years: SRJ Technologies Group Plc (SRJ.ASX) appointed August 2026 (current) Retail Food Group Ltd (RFG.ASX) appointed January 2026 (current) Maggie Beer Holdings Ltd (MBH.ASX) appointed January 2025 (current) H3 Energy Ltd (H3E.ASX, formerly Whitebark Energy Ltd) appointed January 2024 (current) Bass Oil Ltd (BAS.ASX) appointed December 2014 resigned March 2026 Appointed: October 2019 Special responsibilities: Chair of the Audit & Risk Committee Member of the Remuneration & Nomination Committee Experience: Peter has extensive business experience across a variety of industries. He is a creative entrepreneur with wide-ranging experience in developing innovative technologies for global markets. Peter has founded and grown numerous technology and commercial ventures and holds over 40 international patents in optics and precision electronics. He has also held senior scientific positions with a local medical laser manufacturer and with the Department of Metallic Materials, University of Bayreuth, Germany, and has delivered intensive courses on startups and technology commercialisation for the University of Adelaide. Peter holds several private company directorships across a diverse range of industries and recently stepped down from the board of VivoSense, a San Diego based pharmaceutical services company, after guiding its capital raise. Peter remains a board observer, mentor to the CEO and leads its commercial advisory board whose members are located across the US. Other ASX Directorships in the last 3 years: Nil Appointed: September 2011 Special responsibilities: Member of the Remuneration & Nomination Committee Member of the Audit & Risk Committee Experience: Matthew was appointed as Financial Controller of Aerometrex in 2008 and subsequently Finance Director in 2011. He has been instrumental in all financial strategies and decisions of the company during the current successful growth period. Matthew has over 30 years’ experience as an accountant, business and taxation advisor, mortgage broker and financial planner. Matthew is the founder and sole director of Business Initiatives Pty Ltd, an Adelaide based Chartered Accountancy firm. Matthew works in a client advisory role for small to medium sized enterprises. Other ASX Directorships in the last 3 years: Whitebark Energy Ltd (WBE.ASX) appointed March 2021 resigned August 2024 Appointed: August 2025 Special responsibilities: Nil Experience: Rob joined Aerometrex in September 2024 as General Manager of MetroMap. He was appointed Acting Chief Executive Officer in February 2025 and became Managing Director and Chief Executive Officer in August 2025. With more than three decades’ experience in business growth, product development, innovation and technology, Rob was previously Founder and CEO of Delineate and has consulted globally for companies including Google, BMW and Tesla. He brings deep expertise in 3D technology, content production and leading creative and technical teams. His decade of work with autonomous vehicles also gives him strong knowledge of machine vision, including cameras, LiDAR and other sensors. Rob believes technology and innovation should address real customer problems while supporting the business’s strategic objectives. Rob holds a Senior Executive MBA from Melbourne Business School and has completed executive education in innovation, AI, design thinking and strategy at institutions including UC Berkeley, INSEAD and Kellogg. Other ASX Directorships in the last 3 years: Nil Appointed: November 2019 Experience: Kaitlin was appointed to the position of Company Secretary on 25 November 2019. Kaitlin provides company secretarial and accounting services to various public and proprietary companies. She is a Chartered Accountant, a fellow member of the Governance Institute of Australia and holds a Bachelor of Commerce (Accounting). The Company Secretary is accountable to the Board, through the Chair, on all matters to do with the effective functioning of the Board. All directors have direct access to the Company Secretary. Mark Lindh | Independent Non-Executive Director, Chair Robert Veitch | Managing Director and Chief Executive Officer B. Eng (Mech Eng), MBA Peter Foster | Independent Non-Executive Director PhD Physics Matthew White | Non-Executive Director B.Acc, CA Kaitlin Smith | Company Secretary B.Com (Acc), CA, FGIA
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20 21 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Matthew Simmons | General Manager - Operations B.Science (Physical Geography) David Di Blasio | Chief Financial Officer CA, MBA, B.Com., B.Science Kobus Swart | General Manager - Aviation The Executive Team Robert Veitch | Managing Director and Chief Executive Officer Please refer to page 18 for full profile including qualifications and experience. Appointed: June 2026 Experience: David joined Aerometrex in June in his current role as Chief Financial Officer, bringing 20 years of ex- perience in leadership, financial planning and analysis, and controlling roles in listed company finance teams. David is a member of Chartered Accountants, Australia and New Zealand and holds a Master of Business Administration from the University of South Australia. He holds a Bachelor of Commerce from the University of South Australia and a Bachelor of Science from the University of Adelaide. Priorities: David is responsible for leading the Group’s finance functions encompassing financial reporting, tax, investor relations, insurance and risk. His priorities are to support the teams to deliver strong com- mercial outcomes for the business by ensuring the provision of accurate, independent and objective analysis in a data led environment to drive sound decision making. A key focus is partnering with the Chief Executive Officer to support and drive commercial outcomes including the efficient allocation of capital to drive business value. Appointed: September 2022 Experience: Matthew joined Aerometrex in February 2020 as Assistant General Manager LiDAR having nearly 20 years of experience in the geospatial industry across the Asia Pacific Region. Matthew was subsequently appointed to the role of General Manager LiDAR in September 2022 and stayed in that role until being appointed General Manager of Operations in March 2025. Matthew has spent more than fifteen years working in a variety of roles specialising in LiDAR and aerial surveying, and brings this commercial and practical experience to the role. Priorities: Matthew’s key priorities are to deliver efficient operations across the business delivering products and project results to meet the needs of customers. A key focus is on ensuring that all production operations, post capture, are handled in an efficient manner delivering commercial outcomes for the company. Appointed: January 2023 Experience: Kobus joined Aerometrex in January 2023 in his current role of General Manager Aviation. Kobus has more than 40 years of aviation experience as a pilot and senior executive across military, training, commercial and business and corporate jet experience. With his operational and executive management experience, he has led operational flight units and corporate flight departments as the Accountable Manager for multiple Regulatory Authorities. Priorities: Kobus is responsible for safely and effectively leading the Aviation Business Unit to achieve the aerial capture requirements of the company. This includes ensuring that safety is a key priority and that all regulatory requirements are met. A key focus is to ensure that all the capture requirements are being met in accordance with operational plans. Kobus is also responsible for managing key stakeholder relationships including regulatory bodies and the aviation related supply chain.
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22 23 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report MetroMap Aerial Imagery Sydney Harbour, NSW, Australia 22 23Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report DIRECTORS' REPORT
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24 25 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report The Directors present their report, together with the consolidated financial statements of Aerometrex Limited (referred to hereafter as ‘Aerometrex’ or ‘Company’), comprising the Company and its controlled entities, for the year ended 30 June 2026. Directors The following were Directors of Aerometrex Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Company secretary Company overview – principal activities Aerometrex is a trusted and leading geospatial tech company specialising in providing geospatial solutions & insights for our customers. Our key products - MetroMap, LiDAR and 3D visualisation models support wide-ranging industries and customer requirements. The Company, established in 1980, has a strong Board and executive team with significant industry experience. The Company undertakes activities in Australia and USA. There were no significant changes in the nature of activities of the Group during the year. Changes in state of affairs In the opinion of the Directors there were no significant changes in the state of affairs of the Group during the financial period. Review of Operations Financial and Operational Performance Total operating revenue was $26.84m, an increase of 12.3% from the prior year of $23.90m. MetroMap subscription revenue increased by 27.2% from $9.57m to $12.17m, with Annual Contract Value (ACV) reaching $14.55m at 30 June 2026, achieving year on year growth of 37.8% from $10.56m. The Company continued to focus on activities that will drive a consistent recurring revenue stream delivering scalable revenue and profit growth to maximise value from a SaaS / DaaS environment. LiDAR project revenue increased by 4.0% to $11.35m which was a solid result given the increased competitive pressures across the industry. High-resolution 3D revenue dropped slightly from $1.32m in the prior year to $1.14m. MetroMap on- demand project work was flat at $0.71m (June 2025: $0.75m). Off-the-shelf revenue also increased from $1.36m to $1.46m largely driven by two contracts with leading Artificial Intelligence technology companies, Zeromatter Technologies and Neara totalling $1.07m. While this revenue stream has a degree of unpredictability, it adds significant value to revenue, profit and cash as it is largely derived from existing datasets. The key financial outcomes for the year were as follows: Growth of 27.2% in MetroMap subscription revenue from $9.57m to $12.17m Growth of 37.8% in Annual Contract Value (ACV) for MetroMap, from $10.56m to $14.55m at June 2026 Name Role Status Mr Mark Llewellyn Lindh Non-Executive Director, Chair Independent Dr Peter Graham Foster Non-Executive Director Independent Mr Matthew Duval White Non-Executive Director Not Independent Mr Robert Barry Veitch Managing Director and Chief Executive Officer Not Independent (appointed 21 August 2025) Directors’ Report Name Ms Kaitlin Louise Smith Growth of 7.4% in off-the-shelf revenue from $1.36m to $1.46m Growth of 1.7% in project revenue from $12.98m to $13.20m Cash generated from operating activities increased 260.1% from $2.28m to $8.21m Positive free cash flows of $4.22m represents an improvement of $5.22m from a net outflow of $1.00m in the prior period Figure 1: Operating Revenue History A significant area of focus for the business was the continued scaling of the MetroMap subscription business to drive scalable revenue and Annual Contract Value (ACV) growth in order to deliver long term shareholder value. The Company delivered strong subscription revenue growth of 27.2% from $9.57m to $12.17m and 37.8% growth in ACV from $10.56m to $14.55m. In addition to this, the Company increased the contract liability for subscriptions billed in advance from $4.16m at June 2025 to $5.86m at June 2026, an increase of 40.9%. These subscriptions billed in advance will be recognised over the course of FY27 and provides a strong foundation for the coming financial year. Figure 2: MetroMap Subscription Revenue History 6,997 10,097 8,574 11,339 10,009 12,008 11,512 12,933 9,112 9,994 12,367 13,691 15,352 12,743 12,391 13,908 16,109 20,091 20,941 25,030 25,361 24,751 23,903 26,841 0 5,000 10,000 15,000 20,000 25,000 30,000 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Revenue ($'000) Financial Year Ended 30 June Operating Revenue 1H 2H 1,506 2,717 3,582 4,110 4,715 5,708 2,134 3,138 3,609 4,471 4,853 6,466 705 3,640 5,855 7,191 8,581 9,568 12,174 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2020 2021 2022 2023 2024 2025 2026 Revenue ($'000) Financial year ended 30 June MetroMap Subscription Revenue 1H 2H
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26 27 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Directors' Report Directors' Report With respect to balance sheet items, current assets increased by $1.92m to $10.80m, with the decrease in cash and cash equivalents of $0.32m more than offset by a $0.68m increase in trade and other receivables. The main driver of the increase in current assets is due to assets held for sale, which have increased to $2.05m (June 2025: $0.25m). The Company held $3.56m in cash at the end of the financial year to fund future operations. Current liabilities increased by $3.56m to $16.65m mainly due to an increase in deferred income of $1.68m. Deferred income represents cash received from customers during the period which will be released to revenue in the following year. Lease liabilities increased by $1.79m due to the addition of a new office lease in Sydney, and remeasurement at half-year of plant and equipment leases. Employee benefits increased by $0.48m due mainly to accrued commissions. These increases were partly offset by a decrease of $0.34m in trade and other payables. Non-current assets decreased by $23.13m driven substantially by a decrease in right-of-use assets as a result of the remeasurement at half-year of lease liabilities for plant and equipment. This generated a similar decrease of $22.02m in non- current liabilities due to the corresponding reduction in lease liabilities. EBITDA (Earnings before interest, tax, depreciation and amortisation) is a non-IFRS term but is used by the Group to measure performance. EBITDA increased 122.3% from $3.46m to $7.68m, driven by increased revenue and lower operating costs. The statutory loss before income tax reduced to $3.99m a $4.75m improvement over the $8.74m loss in the prior year. The decrease in the statutory loss was driven by lower depreciation and net finance costs, offset by higher amortisation and impairment charges. Figure 3: Historical MetroMap ACV 2026 $’000 2025 $’000 Change $’000 Change % Revenue and other income 26,841 24,171 2,670 11.0% Aircraft and project processing costs (8,148) (8,308) 160 1.9% Operating costs (11,012) (12,407) 1,395 11.2% EBITDA 7,681 3,456 4,225 122.3% Depreciation (3,430) (3,894) 464 11.9% Amortisation (6,371) (6,047) (324) (5.4%) Impairment (422) (112) (310) (276.8%) Finance costs (1,532) (2,323) 791 34.1% Finance income 84 181 (97) (53.6%) Statutory (loss) before income tax (3,990) (8,739) 4,749 54.3% Income tax (expense) / benefit 1,087 2,172 (1,085) (50.0%) Statutory (loss) after income tax (2,903) (6,567) 3,664 55.8% Dividends No dividends have been paid or proposed in respect of the current year (2025: $nil). Matters subsequent to the end of the financial year To the best of the Directors’ knowledge, there are no matters or circumstances that have arisen since the end of the financial year that have significantly affected or may significantly affect either: The operations of the Group; The results of those operations; or The state of affairs of the Group in future financial years. Future developments The Group will continue to review and implement its business strategies to meet the Group’s long-term growth and development objectives including the scaling of the business to: Develop a pathway to generation of positive free cashflow; Grow its subscription customer base of MetroMap through increased sales and marketing initiatives, capture programs, and product offering; Drive ACV growth in MetroMap; Continue to build scale in its LiDAR operations; and Seek new opportunities to grow its world leading 3D products in Australia and other locations. Further information about future developments in the operations of the Group and the expected results of those operations in future financial years has not been included in this report because disclosure of the information would likely result in unreasonable prejudice to the Group under section 299 of the Corporations Act 2001. Risk Management As part of the ongoing governance framework, the Company looks to identify and mitigate business risks that may have an impact on the strategic and financial performance of the Company and the market price of the Company’s shares. Some of the key risks identified by the Company include: Cyber Security and Data Protection Risk Information technology, systems and data are critical to the ongoing success of the Company. Cyber security remains a critical focus area as the threat landscape continues to evolve. The Company is committed to safeguarding data and systems through robust security measures, continuous monitoring, and regular audits. Retention of Key Personnel The retention of key personnel is important to maintain operational stability and ‘learned’ knowledge within the business. The Company aims to create an engaging work environment that fosters professional growth and job satisfaction that is aligned towards a customer centric approach which will ultimately drive value for all stakeholders. Growth Risk Managing growth risk is essential to the Company’s long-term success. The Company employs a strategic approach to expansion, carefully evaluating market conditions and potential challenges. By maintaining a balance between aggressive growth initiatives and sustainable practices, the Company aims to achieve steady progress while mitigating the risks associated with rapid expansion. Climate Change The impacts of the weather can have a significant impact on the operations of the Company given aerial capture requirements. Competition and Technology Risk The competitive landscape poses ongoing challenges, with new entrants and existing rivals striving for market share. The Company continues to focus on maturing the sales systems and processes, go-to-market strategies and available data points that enables the Company to adapt and respond to the existing market conditions and the competitive environment. Advancements in existing and new technologies across the product line spectrum are actively monitored. Supply Chain Risk The complexity of global supply chains introduces various risks, including disruptions due to geopolitical tensions, natural disasters, and logistical challenges. The Company works closely with key suppliers to understand capacity constraints and timelines for delivery in an effort to minimise risk. 8,427 9,357 9,329 10,562 12,294 14,552 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 Dec 2023 Jun 2024 Dec 2024 Jun 2025 Dec 2025 Jun 2026 ACV ($'000) Annual Contract Value (ACV)
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28 29 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Safety Safety is paramount to the Company’s operations to ensure the safety and wellbeing of all staff maintaining safety standards in accordance with the regulatory environment to minimise risk. The Company proactively identifies and addresses any potential hazards through detailed risk assessments and incident reporting mechanisms. By fostering a strong safety culture and promoting open communication, the Company aims to ensure that safety remains at the forefront of our organisational values. Environmental obligations The current activities of Aerometrex are not subject to significant environmental regulation under Australian Commonwealth or State law. The Board believes that the Group has adequate systems in place to manage its environmental obligations and is not aware of any breach during the period. Any significant environmental incidents are reported to the Board. Indemnities and insurance During the year, the Group paid a premium in respect of a contract to insure the directors and executives of the Company against liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. The Group has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor. Non-audit services There were no non-audit services provided during the financial year. Directors’ meetings The number of meetings of Directors (including meetings of committees of Directors) held during the year, and the number of meetings attended by each Director, were as follows: Held while Director or held while committee member represents the number of meetings held during the time the director held office or was a member of the relevant committee. Committee membership Throughout the year and as at the date of this report, the Company had an Audit and Risk Committee and a Remuneration and Nomination Committee. Members acting on the committees of the Board during the year were: Directors' Report Directors' Report Board Meetings Audit and Risk Committee Remuneration and Nomination Committee Number of meetings Number of meetings Number of meetings Name Held while Director Attended Held while committee member Attended Held while committee member Attended Mark Lindh 14 14 3 3 2 2 Matthew White 14 14 3 3 2 2 Peter Foster 14 14 3 3 2 2 Robert Veitch¹ 12 12 - - - - ¹ Appointed 21 August 2025 Audit & Risk Remuneration & Nomination Peter Foster (Chair) Mark Lindh (Chair) Mark Lindh Matthew White Matthew White Peter Foster Remuneration report (audited) The remuneration report details the key management remuneration arrangements for the Group, in accordance with the requirements of the Corporations Act 2001 and its Regulations. The remuneration report is set out on pages 30-40 and forms part of the Directors’ Report. Share options and performance rights As at the date of this report, there were no unissued ordinary shares under option. 2,163,109 performance rights (2025: 924,289) were outstanding. Subject to certain performance vesting conditions being met, 472,067 will vest on 30 June 2027 and 1,691,042 will vest on 4 December 2028. No shares were issued in the current period on conversion of performance rights (2025: nil). No shares were issued since the end of the financial year up to the date of this report as a result of exercise of options or conversion of rights. Proceedings on behalf of the Company No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings. Rounding of amounts The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183, issued by the Australian Securities and Investments Commission, relating to ‘rounding-off’. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, unless specifically stated otherwise. Forward-looking statements Aerometrex advises that this document contains forward-looking statements which may be subject to significant uncertainties outside of Aerometrex’s control. No representation is made as to the accuracy or reliability of forward- looking statements or the assumptions on which they are based. Actual future events may vary from these forward-looking statements, and it is cautioned that undue reliance not be placed on any forward-looking statements. Auditor’ s independence declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out after this Directors’ Report. This report is made in accordance with a resolution of Directors, pursuant to section 298(2)(a) of the Corporations Act 2001. On behalf of the Directors Mark Lindh Robert Veitch Chair of the Board Managing Director and Chief Executive Officer Adelaide 27 August 2026
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30 31 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report MetroMap Aerial Imagery South Bank Parklands Brisbane QLD Australia 30 31Aerometrex Limited | 2025 Annual Report Aerometrex Limited | 2026 Annual Report30 Aerometrex Limited | 2025 Annual Report REMUNERATION REPORT 30 Aerometrex Limited | 2026 Annual Report
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32 33 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report The remuneration report details the key management personnel (KMP) remuneration arrangements for the consolidated entity, in accordance with the requirements of the Corporations Act 2001 and its Regulations. The remuneration report is set out under the following main headings: A. Key management personnel B. Remuneration policy C. Employment contracts D. Details of remuneration E. Performance remuneration F. Short-term incentives G. Long-term incentives H. Additional information I. Equity instruments held by key management personnel J. Additional disclosures relating to key management personnel A. Key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including all directors. B. Remuneration policy The objectives of the Group’s executive reward framework is: to align rewards with business outcomes that deliver value to shareholders, to ensure remuneration is competitive in the employment market to attract and retain executive talent, to drive a high-performance culture by rewarding high performing individuals based on achieving outcomes, transparent and easily understood, and acceptable to shareholders. The Board has established a Remuneration and Nomination Committee which operates in accordance with its charter as approved by the Board. This committee is responsible for determining and reviewing the compensation arrangements for the directors and the executive team (collectively the key management personnel). The Group has structured a remuneration framework that is commensurate with the current operational requirements. The remuneration structure that has been adopted by the Group consists of the following components: fixed remuneration being annual salary, and short-term and long-term incentives being employee share or option schemes and bonuses. The committee reviews and assesses the appropriateness of the remuneration on a periodic basis by reference to employment market conditions with the overall objective to ensure shareholder value and benefit from the recruitment and retention of a high-quality board and executive team. The payment of any bonuses or other incentives is reviewed by the Remuneration and Nomination Committee with appropriate recommendations put to the Board for approval. In accordance with best practice corporate governance, the structure of non-executive director and executive director remuneration is separate. Non-Executive Directors’ remuneration Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Non-executive directors’ fees and payments are reviewed annually by the Remuneration and Nomination Committee. The Remuneration and Nomination Committee may, from time to time, receive advice from independent remuneration consultants to ensure non-executive directors’ fees and payments are appropriate and in line with the market. No remuneration consultant was engaged during the current financial year. The chairman’s fees are determined independently to the fees of other non- executive directors based on comparative roles in the external market. The chairman is not present at any discussions relating to the determination of his own remuneration. Aerometrex’s constitution provides that all non-executive directors may be paid remuneration for their services. The total amount of remuneration for non-executive directors may not exceed $500,000 as approved at the Annual General Meeting held on 29 November 2022. The current Non-Executive Director fees per annum, excluding statutory superannuation are: Remuneration Report Non-Executive Directors Position Period position was held during the year Mark Lindh Independent Non-Executive Director, Chair Full year Peter Foster Independent Non-Executive Director Full year Matthew White Non-Executive Director Full year Executive Directors Robert Veitch (1) Chief Executive Officer (Acting) (2) Managing Director and Chief Executive Officer KMP for full year (1) to 20 August 2025 (2) from 21 August 2026 Other KMP Chris Mahar Chief Financial Officer To 31 May 2026 David Di Blasio Chief Financial Officer From 1 June 2026 Matthew Simmons General Manager - Operations Full year Kobus Swart General Manager - Aviation Full year Stuart Wileman General Manager - Strategic Projects To 15 August 2025 Jeremy Pollard Strategic Projects To 8 September 2025 Board / Committee Chair fee Member fee Board base fee $89,500 $79,500 Audit & Risk Nil Nil Remuneration & Nomination Nil Nil
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34 35 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report REMUNERATION REPORT CONTINUEDRemuneration Report Remuneration Report C. Employment contracts There are no formal contracts between the Company and non-executive directors other than the initial letter of appointment that identifies the remuneration as at the initial appointment date. All executive directors and other KMP are employed under ongoing employment agreements and as such only have a commencement date with no fixed expiry date. Details of KMP contracts as at 30 June 2026 were as follows: The Company may terminate employment by providing appropriate written notice or provide payment in lieu of notice, in accordance with the employment agreement as outlined above. In the event of termination of employment occurring after a Change of Control event, for the Managing Director and Chief Executive Officer if within 1 month of the Change of Control Event, for the Chief Financial Officer if within 6 months of the Change of Control event, the relevant executive is entitled to a gross termination payment equal to 3 months of total fixed remuneration, in addition to any notice period requirement. The Company may terminate employment without notice, or payment in lieu of notice, in cases of serious misconduct. A non-exhaustive list of circumstances that may amount to serious misconduct is outlined in the KMP employment agreement. Where termination with cause has occurred, the employee is entitled to remuneration up to and including the date of termination. The remuneration is based on the fixed component only. Short-term benefits Post- employment Long term benefits Equity-settled Share based payments Salary & Fees (1) Cash bonus Super- annuation Employee entitlements (2) Termination benefits Rights (3) Shares Total Remuneration Notes $ $ $ $ $ $ $ $ Non-executive directors Mark Lindh Base fee 2026 89,500 - 10,740 - - - - 100,240 Base fee 2025 89,500 - 10,293 - - - - 99,793 Strategic projects 115,000 - 6,900 - - - - 121,900 Matthew White Base fee 2026 79,500 - 9,540 - - - - 89,040 Base fee 2025 79,500 - 9,143 - - - - 88,643 Strategic projects 10,000 - 1,150 - 11,150 Peter Foster 2026 79,500 - 9,540 - - - - 89,040 2025 79,500 - 9,143 - - - - 88,643 Executive directors Robert Veitch (4) 2026 334,422 56,875 30,000 1,984 - 70,402 56,875 550,558 2025 205,292 - 21,531 270 - 7,239 - 234,332 Steve Masters (5) 2026 - - - - - - - - 2025 318,042 - 19,654 (10,304) - (175,808) - 151,584 Other KMP David Di Blasio (6) 2026 18,888 - - 29 - - - 18,917 2025 - - - - - - - - Matthew Simmons 2026 192,558 - 24,217 9,120 - 15,940 - 241,835 2025 194,784 6,757 22,817 4,430 - 13,974 - 242,762 Kobus Swart 2026 195,963 - 22,789 3,909 - 9,017 - 231,678 2025 192,648 17,943 23,199 2,843 - 7,056 - 243,689 Chris Mahar (7) 2026 238,859 - 27,692 14,064 - (18,964) - 261,651 2025 254,113 8,879 29,163 11,187 - 18,538 - 321,880 Stuart Wileman (8) 2026 73,796 - 8,681 (31,935) 38,288 (7,088) - 81,742 2025 176,810 4,054 19,908 9,322 - 7,088 - 217,182 Jeremy Pollard (9) 2026 82,045 - 6,168 (50,419) 38,077 (4,972) - 70,899 2025 149,425 - 18,975 4,871 - 4,972 - 178,243 Kathrine Andersen (10) 2026 - - - - - - - - 2025 159,484 4,993 19,108 (305) - - - 183,280 Total 2026 1,385,031 56,875 149,367 (53,248) 76,365 64,335 56,875 1,735,600 2025 2,024,098 42,626 210,984 22,314 - (116,941) - 2,183,081 (1) Includes net movement in annual leave provision for the year. (2) Net movement in long service leave provision for the year. (3) Value of rights recognised in profit or loss. Refer financial statement note 19 Share Based Payments. (4) Appointed as Director 21 August 2025. (5) Resigned 18 February 2025. (6) Commenced as KMP 1 June 2026. (7) Ceased as KMP 31 May 2026. (8) Ceased as KMP 15 August 2025. (9) Ceased as KMP 8 September 2025. (10) Ceased as KMP 7 March 2025. D. Details of remuneration Notice period for termination Executive Officers Position By Company By Executive Robert Veitch Managing Director and Chief Executive Officer 6 months 6 months David Di Blasio Chief Financial Officer 3 months 3 months Matthew Simmons General Manager - Operations 3 months 3 months Kobus Swart General Manager - Aviation 3 months 3 months While there are no additional fees payable for being a member of a sub-committee of the Board, Directors may be paid additional fees where they participate in activities beyond their normal Director expectations. During the year, a Director or Directors may take on additional projects in support of Company activities around strategic initiatives which is remunerated based on expected additional time requirements. Should a Director or Directors be involved in a special project that will be remunerated, then they are excluded from any decision-making process in relation to the quantum of remuneration. The total remuneration payable to Directors for their normal sitting fee or for additional strategic projects cannot exceed the total remuneration threshold as approved by the shareholders. During the prior financial year, Mark Lindh took on additional responsibilities in relation to special projects focussed on potential strategic merger & acquisition opportunities and working closely with the Acting CEO in relation to strategic review opportunities. During the prior financial year, Matthew White took on additional responsibilities in relation to special projects focussed on potential strategic merger & acquisition opportunities. No key management personnel appointed during the period received a payment as part of their consideration for agreeing to hold the position.
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36 37 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report REMUNERATION REPORT CONTINUEDRemuneration Report Remuneration Report Fixed remuneration At risk - STI At risk - LTI Robert Veitch 66.5% 20.7% 12.8% David Di Blasio 100.0% 0.0% 0.0% Matthew Simmons 93.4% 0.0% 6.6% Kobus Swart 96.1% 0.0% 3.9% Chris Mahar 100.0% 0.0% 0.0% Stuart Wileman 100.0% 0.0% 0.0% Jeremy Pollard 100.0% 0.0% 0.0% E. Performance remuneration Percentage of remuneration that is performance related is as follows: There are no performance related remuneration components for the remainder of directors and other key management personnel. F . Short-term incentives Short-term incentives included in current year remuneration were as follows: G. Long-term incentives Performance rights Long-term incentives are granted in the form of performance rights to ordinary shares. Vesting is contingent on continued employment at the vesting date and achieving market share price targets. The valuation of the rights is determined using a Monte Carlo simulation. The number of rights is determined with reference to the volume weighted average share price for the 62 days preceding the grant. Details of performance rights affecting remuneration Terms and conditions for each grant of performance rights affecting remuneration of directors and other key management personnel during the current or a future period are as follows: Notes LTI FY24 LTI FY25 LTI FY26 Grant date 14 June 2024 18 September 2024 25 November 2025 Issue Date 14 June 2024 11 October 2024 4 December 2025 Vesting Date 30 June 2026 30 June 2027 4 December 2028 Expiry Date 30 June 2026 30 June 2027 4 December 2030 Share price at grant date $0.385 $0.295 $0.275 Share price target at vesting date (1) $0.527 to $0.599 $0.588 to $0.669 $0.358 Forecast volatility (2) 80% 74% 66% Time to expiration (years) 2.0 2.8 5.0 Number of units 134,904 1,141,695 1,691,042 Valuation (per right) $0.243 $0.161 $0.182 Total valuation $32,782 $183,814 $307,770 (1) Where a target price range is shown, 50% of the L TI rights will vest if lower target is met. 100% will vest if the higher target is met. Where the share price is between the targets on the vesting date, a pro-rata amount will vest on a straight line basis. (2) Forecast volatility is based on historical volatility for the 2 years to grant date. Short Term Incentives Robert Veitch Grant date 21 August 2025 Maximum available (% of total fixed remuneration) 50% Weighted performance target - financial 70% Weighted performance target - non-financial 30% Performance award - financial 80% Performance award - non-financial 30% Awarded (% of total fixed remuneration) 32.5% Nature of compensation - cash 50% Nature of compensation - shares (1) 50% Cash $56,875 Performance rights $56,875 Percentage paid or vested in the current year 65% Percentage forfeited 35% (1) Subject to shareholder approval.
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38 39 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report H. Additional information 5-year performance table The earnings of the consolidated entity for the five years to 30 June 2026 are summarised below: 2026 $’000 2025 $’000 2024 $’000 2023 $’000 2022 $’000 Annual Recurring Revenue (ARR)1 n/a n/a 9,055 7,606 6,842 Annual Contract Value (ACV)2 14,552 10,562 9,357 7,777 n/a Operating revenue 26,841 23,903 24,751 25,361 25,030 EBITDA3 7,681 3,456 2,885 3,827 7,702 EBITDA (normalised)3 7,681 3,456 2,885 3,827 5,103 EBIT (2,542) (6,597) (6,113) (5,354) (744) Profit / (loss) after income tax (2,903) (6,567) (4,669) (4,242) (599) Free cash flow 4,217 (1,000) (1,351) (4,778) 1,352 1 ARR is a non-IFRS term used by the Group to measure performance, and is calculated as the statutory subscription revenue in the reporting month x 12. The Group started to assess recurring subscription revenue using ACV instead of ARR from June 2023. 2 ACV is a non-IFRS term used by the Group to measure performance, and is calculated as undiscounted annual invoice value of subscription contracts active at the end of the reporting period. 3 EBITDA is reconciled to Statutory (loss) after income tax on page 26. EBITDA (normalised) has been adjusted to remove the effects of one-off expenses and share based payments relating to the IPO, and one-off gain on sale of property held by AMX Capital Trust at 51-53 Glynburn Road, Glynde, South Australia. The factors that are considered to affect total shareholders return (‘TSR’) are summarised below: 2026 2025 2024 2023 2022 Share price at financial year end ($) $0.25 $0.23 $0.46 $0.30 $0.30 Basic earnings per share (cents per share) (3.1) (6.9) (4.9) (4.5) (1.7) REMUNERATION REPORT CONTINUEDRemuneration Report Remuneration Report I. Equity instruments held by key management personnel Shares Notes Start of period (or commencement as KMP) Granted as compensation Received on exercise of option or right Any other changes (1) End of period (or cessation as KMP) Mark Lindh 192,556 - - - 192,556 Peter Foster 50,000 - - - 50,000 Matthew White 12,399,479 - - - 12,399,479 Robert Veitch - - - 350,000 350,000 Matthew Simmons 2,523 - - - 2,523 Chris Mahar (2) 99,574 - - - 99,574 Stuart Wileman (3) 2,523 - - - 2,523 Jeremy Pollard (4) 423,853 - - - 423,853 13,170,508 - - 350,000 13,520,508 (1) On market trades. (2) Ceased as KMP 31 May 2026. (3) Ceased as KMP 15 August 2025. (4) Ceased as KMP 8 September 2025. Notes LTI FY24 LTI FY25 LTI FY26 Robert Veitch n/a 0% 0% Matthew Simmons 0% 0% n/a Kobus Swart n/a 0% n/a Chris Mahar (1) 100% 100% n/a Stuart Wileman (1) n/a 100% n/a Jeremy Pollard (1) n/a 100% n/a (1) Rights forfeited on cessation. Notes LTI FY24 $ LTI FY25 $ LTI FY26 $ Current Year Remuneration $ Robert Veitch - 9,240 61,162 70,402 Matthew Simmons 6,887 9,053 - 15,940 Kobus Swart - 9,017 - 9,017 Chris Mahar (1) (9,553) (9,411) - (18,964) Stuart Wileman (1) - (7,088) - (7,088) Jeremy Pollard (1) - (4,972) - (4,972) Total (2,666) 5,839 61,162 64,335 (1) Rights forfeited on cessation. Notes LTI FY24 # LTI FY25 # LTI FY26 # Robert Veitch - 159,743 1,691,042 Chris Mahar 76,905 207,495 - Matthew Simmons 57,999 156,486 - Kobus Swart - 155,838 - Stuart Wileman - 156,486 - Jeremy Pollard - 109,823 - Katherine Anderson - 195,824 - Total granted to current period executives 134,904 1,141,695 1,691,042 LTI FY24 LTI FY25 LTI FY26 Robert Veitch n/a 0% 0% Matthew Simmons 0% 0% n/a Kobus Swart n/a 0% n/a Chris Mahar 0% 0% n/a Stuart Wileman n/a 0% n/a Jeremy Pollard n/a 0% n/a Number of rights granted Percentage of rights vested in the current year Percentage of rights forfeited in the current year Amounts included in current year remuneration
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40 41 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Remuneration Report J. Additional disclosures relating to key management personnel Transactions with director-related entities Matthew White During the reporting period, the Company used the accounting and taxation services of Matthew White and the accounting firm over which he exercises significant influence. The amounts billed in relation to the provision of services during the period totalled $13,638 (2025: $12,963). The amount outstanding at the end of the period was $481 (2025: $2,159). Mark Lindh Mark Lindh is a director of Adelaide Equity Partners. The Company has entered into individual mandate agreements to provide various corporate advisory services in relation to merger and acquisition (M&A) advice, assessment and support and investor relations. The amounts billed in relation to the provision of services during the period totalled $61,872 (2025: $52,177). The amount outstanding at the end of the period with respect to these services was $nil (2025: $45,638). Aerometrex commenced a lease during the year for an office space in Sydney, Australia, and entered into a license for use agreement with Adelaide Equity Partners Limited to share the office space. Total amount billed to Adelaide Equity Partners during the year was $56,986, including outgoings. Amounts billed that remained outstanding at the end of the period was $3,565 (2025: nil). At the end of the reporting period, $83,632 was recorded as a lease receivable, being the present value of contracted license fee payments (excluding outgoings) for the remainder of the agreement term, to be collected in a future period. AE Administrative Services Pty Ltd is a company controlled by a close family member of Mark Lindh. Mark Lindh is not involved in the day-to-day management of AE Administrative Services Pty Ltd. The entity provided company secretarial services during the reporting period. The total amount billed during the period was $37,000 (2025: $49,500). The amount outstanding at the end of the period was $nil (2025: $9,240). Mark Lindh is a director of AE Advisors Group Pty Ltd. From 1 April 2026, the corporate advisory and company secretarial services listed above were provided by AE Advisors Group Pty Ltd. The amounts billed in relation to the provision of services during the period totalled $12,000 (2025: $nil). The amount outstanding at the end of the period with respect to these services was $4,400 (2025: $nil). Transactions with other key management personnel Other than employment benefits, there were no transactions with other key management personnel or related entities during the reporting period. End of audited remuneration report. Notes Start of period (or commencement as KMP) Granted as compensation Exercised/ converted Any other changes End of period (or cessation as KMP) Robert Veitch 159,743 1,691,042 - - 1,850,785 Matthew Simmons (1) 214,485 - - (57,999) 156,486 Kobus Swart 155,838 - - - 155,838 Chris Mahar (2) 284,400 - - (284,400) - Stuart Wileman (3) 156,486 - - (156,486) - Jeremy Pollard (4) 109,823 - - (109,823) - 1,080,775 1,691,042 - (608,708) 2,163,109 (1) 57,999 rights expired unvested 30 June 2026. (2) Ceased as KMP 31 May 2026. Rights held on cessation date forfeited as they can no longer vest. (3) Ceased as KMP 15 August 2025. Rights held on cessation date forfeited as they can no longer vest. (4) Ceased as KMP 8 September 2025. Rights held on cessation date forfeited as they can no longer vest. Performance rights MetroMap Aerial Imagery Showgrounds Interchange, Brisbane QLD, Australia 41Aerometrex Limited | 2026 Annual Report
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42 43 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report DIRECTORS’ REPORT CONTINUED Classified Airborne LiDAR Point Cloud of Adelaide Airport, SA, Australia Auditor's Independence 43Aerometrex Limited | 2026 Annual Report Declaration Grant Thornton Audit Pty Ltd Grant Thornton House Level 3 170 Frome Street Adelaide SA 5000 GPO Box 1270 Adelaide SA 5001 T +61 8 8372 6666 grantthornton.com.au ACN-130 913 594 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation. Auditor’s Independence Declaration To the Directors of Aerometrex Limited In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of Aerometrex Limited for the year ended 30 June 2026, I declare that, to the best of my knowledge and belief, there have been: a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and b no contraventions of any applicable code of professional conduct in relation to the audit. GRANT THORNTON AUDIT PTY LTD Chartered Accountants B K Wundersitz Partner – Audit & Assurance Adelaide, 27 August 2026
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44 45 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Consolidated Statement of Profit or Loss and Other Comprehensive Income................................46 Consolidated Statement of Financial Position.............................................................................47 Consolidated Statement of Changes in Equity..............................................................................48 Consolidated Statement of Cash Flows.......................................................................................49 1. Reporting entity and general information.............................................................................50 2. Summary of significant accounting policies........................................................................50 3. Segment information.........................................................................................................53 4. Revenue and other income..................................................................................................54 5. Income tax........................................................................................................................56 6. Cash and cash equivalents.................................................................................................58 7. Trade and other receivables................................................................................................58 8. Contract assets.................................................................................................................59 9. Other assets......................................................................................................................59 10. Non-current assets held for sale..........................................................................................59 11. Property, plant and equipment............................................................................................60 12. Intangible assets...............................................................................................................62 13. Trade and other payables....................................................................................................64 14. Contract liabilities..............................................................................................................64 15. Other financial liabilities.....................................................................................................65 16. Leases..............................................................................................................................66 17. Employee benefits..............................................................................................................68 18. Issued capital....................................................................................................................69 19. Share based payments.......................................................................................................69 20. Finance costs and finance income......................................................................................71 21. Earnings per share.............................................................................................................71 22. Related party transactions..................................................................................................72 23. Dividends and distributions................................................................................................73 24. Auditor’s remuneration.......................................................................................................73 25. Commitments and contingencies........................................................................................73 26. Financial instrument risk ...................................................................................................74 27. Capital management..........................................................................................................76 28. Reconciliation of profit after income tax to net cash flow from operating activities.................77 29. Non-cash investing and financing activities.........................................................................78 30. Changes in liabilities arising from financing activities..........................................................78 31. Parent entity information....................................................................................................78 32. Subsidiary information........................................................................................................79 33. Subsequent events.............................................................................................................79 3D Model Philadelphia Sport Stadium Pennsylvania, USA Contents 44 Aerometrex Limited | 2026 Annual Report FINANCIAL STATEMENTS & NOTES
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46 47 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report CONSOLIDATED STATEMENT OF Profit or Loss and Other Comprehensive Income For the year ended 30 June 2026 To be read in conjunction with the accompanying notes. Financial Position CONSOLIDATED STATEMENT OF As at 30 June 2026 To be read in conjunction with the accompanying notes. Year 2026 2025 Value Notes $’000 $’000 Revenue 4 26,841 23,903 Other income 4 - 268 Revenue and other income 26,841 24,171 Aircraft and project processing costs (8,148) (8,308) Employee benefits expense (7,953) (8,952) Share based payments 19 (121) 117 Depreciation of property, plant and equipment 11 (3,430) (3,894) Impairment of property, plant and equipment 11 (422) (112) Amortisation of intangible assets 12 (6,371) (6,047) Advertising and marketing (285) (276) Consulting and professional services (493) (627) IT and telecommunications (687) (610) Occupancy (179) (259) Travel and accommodation (157) (207) Other expenses (1,137) (1,593) Finance costs 20.1 (1,532) (2,323) Finance income 20.2 84 181 (Loss) before income tax (3,990) (8,739) Income tax benefit 5 1,087 2,172 (Loss) for the year after income tax (2,903) (6,567) Other comprehensive income Items that may be reclassified subsequently to profit or loss: Foreign currency translation (20) 2 Other comprehensive income for the year, net of tax (20) 2 Total comprehensive income for the year (2,923) (6,565) Earnings per share attributable to ordinary equity holders of the parent: Title 2026 2025 Notes cents cents Basic loss per share 21 (3.1) (6.9) Diluted loss per share 21 (3.1) (6.9) Year - FY 2026 2025 Value Notes $’000 $’000 Assets Current Cash and cash equivalents 6 3,560 3,879 Trade and other receivables 7 4,159 3,482 Contract assets 8 492 753 Other assets 9 455 528 Lease receivables 84 - Non-current assets held for sale 10 2,053 250 Total current assets 10,803 8,892 Non-current Property, plant and equipment 11 14,919 39,211 Intangibles 12 8,727 8,671 Deferred tax assets 5 5,321 4,217 Total non-current assets 28,967 52,099 Total assets 39,770 60,991 Liabilities Current Trade and other payables 13 2,900 3,242 Contract liabilities 14 6,204 4,523 Current tax liabilities 5 17 2 Other financial liabilities 15 1,144 1,220 Lease liabilities 16 4,443 2,651 Employee benefits 17 1,937 1,456 Total current liabilities 16,645 13,094 Non-current Other financial liabilities 15 151 759 Lease liabilities 16 7,749 29,035 Employee benefits 17 139 265 Total non-current liabilities 8,039 30,059 Total liabilities 24,684 43,153 Net assets 15,086 17,838 Equity Equity attributable to owners of the parent: Issued capital, net of treasury shares 18 33,130 33,080 Share based payment reserve 19 181 82 Other reserves 15 35 Accumulated losses (18,240) (15,359) Total equity 15,086 17,838
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48 49 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Changes in Equity CONSOLIDATED STATEMENT OF For the year ended 30 June 2026 CONSOLIDATED STATEMENT OF Cash Flows For the year ended 30 June 2026 Notes Share capital $’000 Treasury shares $’000 Share based payment reserve $’000 Foreign currency translation reserve $’000 Accumulated losses $’000 Total equity $’000 Balance as at 1 July 2025 33,130 (50) 82 35 (15,359) 17,838 Profit/(loss) after income tax for the year - - - - (2,903) (2,903) Other comprehensive income for the year, net of tax - - - (20) - (20) Total comprehensive income for the year - - - (20) (2,903) (2,923) Transactions with owners in their capacity as owners Fair value of options and rights recognised during the year 19 - - 121 - - 121 Transfers to retained earnings for options exercised 19 - - (22) - 22 - Disposal of treasury shares 18 - 50 - - - 50 Balance as at 30 June 2026 33,130 - 181 15 (18,240) 15,086 Notes Share capital $’000 Treasury shares $’000 Share based payment reserve $’000 Foreign currency translation reserve $’000 Accumulated losses $’000 Total equity $’000 Balance as at 1 July 2024 33,130 (50) 199 33 (8,792) 24,520 Profit/(loss) after income tax for the year - - - - (6,567) (6,567) Other comprehensive income for the year, net of tax - - - 2 - 2 Total comprehensive income for the year - - - 2 (6,567) (6,565) Transactions with owners in their capacity as owners Fair value of options and rights recognised during the year 19 - - (117) - - (117) Balance as at 30 June 2025 33,130 (50) 82 35 (15,359) 17,838 Year 2026 2025 Value Notes $’000 $’000 Operating activities Receipts from customers 30,846 26,404 Payments to suppliers and employees (21,183) (21,977) Income taxes received / (paid) (2) (7) Interest received 84 181 Interest paid (1,532) (2,323) Net cash generated from operating activities 28 8,213 2,278 Investing activities Payments for property, plant and equipment (469) (768) Proceeds from disposal of property, plant and equipment 200 1,112 Payments for intangible assets (3,761) (3,622) Receipts from finance leases 34 - Net cash (used in) investing activities (3,996) (3,278) Financing activities Proceeds from other financial liabilities 750 2,821 Repayment of other financial liabilities (1,989) (3,971) Repayment of lease liabilities (3,347) (2,282) Disposal of treasury shares 50 - Net cash generated from / (used in) financing activities (4,536) (3,432) Net decrease in cash and cash equivalents (319) (4,432) Cash and cash equivalents at the beginning of the year 3,879 8,311 Cash and cash equivalents at the end of the year 6 3,560 3,879 To be read in conjunction with the accompanying notes. To be read in conjunction with the accompanying notes.
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50 51 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report For the year ended 30 June 2026 Notes to the Consolidated Financial Statements 1. Reporting entity and general information Aerometrex Limited (the Company) is a for-profit company incorporated in Australia and limited by shares which are publicly traded on the Australian Securities Exchange (ASX: AMX). The consolidated financial statements comprise the Company and its controlled entities (the Group). The accounting policies that are critical to understanding the financial statements are set out in this section. Where an accounting policy is specific to one note, the policy is described in the note to which it relates. The Company’s registered office and principal place of business is 51-53 Glynburn Road, Glynde, South Australia 5070. The Company is a leading aerial mapping business specialising in aerial photography, photogrammetry, LiDAR, 3D modelling and aerial imagery subscription services. These activities are grouped into the following service lines: Aerial LiDAR surveys: flying, processing and delivering full waveform LiDAR products on a project basis 3D modelling: flying, processing and delivering high resolution 3D models on either a project basis or via off-the- shelf dataset sales MetroMap: online aerial imagery delivery service (DaaS subscription service), off-the-shelf dataset sales, and aerial imagery on a project basis The consolidated financial statements for the period ended 30 June 2026 were approved and authorised for issue by the Board of Directors. 2. Summary of material accounting policies 2.1 Basis of preparation The financial statements are prepared in accordance with Australian Accounting Standards (AAS) and Interpretations issued by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001, as appropriate for for-profit orientated entities. These financial statements also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial statements are presented in Australian dollars with all values rounded to the nearest thousand unless otherwise stated, in accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183. Other than where stated below, or in the notes, the consolidated financial statements have been prepared using the historical cost convention. Going concern basis The consolidated financial report has been prepared on a going concern basis, which contemplates the continuity of normal business activities and realisation of assets and settlement of liabilities in the ordinary course of business. As at 30 June 2026, the Group had total net assets of $15.1m (2025: $17.8m), and a net current liability of $5.8m (2025: current liability of $4.2m). The net current liability position primarily reflects: Deferred revenue of $6.2m being contract liabilities relating to subscription and project income. This liability is not a cash liability of the Group. This will be recognised in profit or loss predominantly in the coming financial year as the subscription period progresses or project performance obligations are delivered. Short-term borrowings of $1.1m. Lease liabilities due within 12 months of $4.4m which has increased following the change to the accounting management estimate of the outsourced aviation arrangement and the procurement of an additional leased office space in Sydney, Australia. Trade and other payables of $2.9m; and Employee entitlements of $1.9m which are not expected to be paid out as a lump sum but will be paid out in line with normal salary and wage payments as employees take leave. Based on historical payment profile, only $0.9m of this is expected to be settled within the next 12 months. The Group’s cash position at 30 June 2026 was $3.6m (2025: $3.9m). The Group continues to transition to a recurring revenue SaaS model, generating subscription income under annual or multi- year contracts. At balance date: Annual Contract Value (ACV) was $14.6m (up 37.8% on the same time last year); Recurring revenue now represents 45% of total revenue. This revenue profile provides a level of forward revenue visibility and operating cash flow predictability. In addition to subscription income, the Group generates project-based services revenue, typically invoiced on milestone or progress payment terms. Cash flow timing differences between milestone billing and project delivery can impact the working capital position at reporting dates. As a growth-oriented SaaS and services business, the Group continues to invest in product development, sales capability and market expansion. If required, the Group has the ability to: Seek additional debt or working capital facilities; Dispose of surplus assets; Undertake an equity capital raising; or Adjust discretionary expenditure. Notwithstanding the net current liability position at the reporting date, the financial statements have been prepared on a going concern basis. The Directors have concluded that the going concern basis is appropriate having regard to: The Group’s recurring revenue base and contracted project work order book; Forecast positive operating cash flows over the assessment period; Existing cash reserves; and The Groups’ ability to access additional funding if required. Accordingly, the Directors believe the Group will be able to realise its assets and discharge its liabilities in the normal course of business. The financial report does not include adjustments that would be necessary if the Group were unable to continue as a going concern. 2.2 Basis of consolidation The Group’s financial statements consolidate those of the Parent Company and all of its subsidiaries as of 30 June 2026. The parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. All subsidiaries have a reporting date of 30 June. All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. Non-controlling interests, presented as part of equity, represent the portion of a subsidiary’s profit or loss and net assets that is not held by the Group. The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests. 2.3 Changes in accounting policies and disclosures The principal accounting policies adopted are consistent with those of the previous financial year. Certain comparative information has been reclassified to conform with the current period presentation. 2.4 Standards or interpretations issued but not yet effective or relevant to the Group There are no standards or amendments that have been issued but are not yet effective that are expected to have a significant impact on the Group. The Group has not adopted, and currently does not anticipate adopting, any standards prior to their effective dates.
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52 53 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements 2.5 Goods and Services Tax (GST)/Value Added Tax (VAT)/Sales Tax Revenues, expenses and assets are recognised net of the amount of GST/VAT/Sales Tax, except where the amount of GST/ VAT/Sales Tax incurred is not recoverable from the Tax Office. In these circumstances the GST/VAT/Sales Tax is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST/VAT/Sales Tax. Cash flows are presented in the statement of cash flows on a gross basis, except for the recoverable GST/VAT components of investing and financing activities, which are disclosed as operating cash flows. 2.6 Notes to the financial statements The notes include additional information required to understand the financial statements that is material and relevant to the operations, financial position, performance and cash flows of the Group. Information is considered material and relevant if the amount in question is significant because of its size, nature or incidence or it helps to explain the impact of significant changes in the business, for example, acquisitions and asset write downs. Accounting policies and critical judgements are included with the notes relevant to each financial statement area with the detailed notes below. Line items labelled ‘other’ on the face of the consolidated statements comprise miscellaneous income, expenses, assets, liabilities or cash flows which individually or in aggregate are not considered material to warrant additional disclosures. 2.7 Critical accounting estimates In preparing the financial statements, the Group is required to make estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses as reported in the financial statements. These estimates, judgements and assumptions are based on experience and other factors, including expectations of future events that may have an impact on the Group. All judgements, estimates, and assumptions made are believed to be reasonable based on the most current set of circumstances available to the Group. Actual results may differ from judgements, estimates, and assumptions. Where the Group has made significant judgements, estimates, and assumptions in the preparation of these financial statements, these are outlined with the financial statement notes to which they specifically relate. 3. Segment information Operating segments are presented using the management approach, where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Maker (‘CODM’), being the Board of Directors. The CODM is responsible for the allocation of resources to operating segments and assessing their performance. Aerometrex operates in two geographical regions being Australia and the USA. Aerometrex recognises revenue across three predominant product lines, being aerial LiDAR surveys, 3D modelling, and MetroMap. The tracking of revenue into product lines is used for the internal assessment of revenue performance and future planning, however the expenditure is not recorded into the same product lines, as a significant portion of the costs are shared. That is, the aviation and production resources are available as a whole-of-business resource and allocated to undertake work as required, and to allow for flexibility around external factors such as weather. The gross margin is therefore an accumulative result based on the mixed revenue stream nature of the business (on demand project revenue, off- the-shelf dataset revenue and subscription revenue). The gross margin determined from product line revenue and shared aviation and production costs is then combined with a whole-of-business operating expense analysis. EBITDA (earnings before interest, tax, depreciation and amortisation) is reviewed by the CODM at a whole-of-business level to assess performance and to determine the allocation of resources. The assets and liabilities (Statement of Financial Position) of the company are reported and reviewed by the CODM at a whole-of-business level. The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements. Region Australia USA Total Australia USA Total Year 2026 2026 2026 2025 2025 2025 Value Notes $’000 $’000 $’000 $’000 $’000 $’000 Revenue 4 25,956 885 26,841 23,767 136 23,903 Other income 4 - - - 268 - 268 Revenue and other income 25,956 885 26,841 24,035 136 24,171 Aircraft and project processing costs (7,931) (217) (8,148) (8,211) (97) (8,308) Employee benefits expense (7,954) 1 (7,953) (8,952) - (8,952) Share based payments 19 (121) - (121) 117 - 117 Depreciation of property, plant and equipment 11 (3,430) - (3,430) (3,893) (1) (3,894) Impairment of property, plant and equipment 11 (422) - (422) (112) - (112) Amortisation of intangible assets 12 (6,371) - (6,371) (5,992) (55) (6,047) Advertising and marketing (285) - (285) (275) (1) (276) Consulting and professional services (493) - (493) (593) (34) (627) IT and telecommunications (684) (3) (687) (607) (3) (610) Occupancy (179) - (179) (259) - (259) Travel and accommodation (157) - (157) (205) (2) (207) Other expenses (1,109) (28) (1,137) (1,526) (67) (1,593) Finance costs 20.1 (1,532) - (1,532) (2,323) - (2,323) Finance income 20.2 84 - 84 181 - 181 (Loss) before income tax (4,628) 638 (3,990) (8,615) (124) (8,739) Income tax benefit 5 1,104 (17) 1,087 2,174 (2) 2,172 (Loss) for the year after income tax (3,524) 621 (2,903) (6,441) (126) (6,567)
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54 55 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements 4. Revenue and other income Aerometrex generates revenue from three principle sources: 1. Subscription revenue from MetroMap aerial imagery subscription service or Data-as-a-Service (DaaS); 2. Off-the-shelf dataset sales of existing LiDAR surveys, 3D models, and aerial imagery and mapping datasets (off-the- shelf); and 3. Project based contracts to undertake LiDAR surveys, 3D modelling, and aerial imagery and mapping (on demand). Aerial photography and mapping Aerial LiDAR surveys 3D MetroMap Services The key products from this activity are aerial photographs, orthophotography (scale corrected 2D aerial imagery maps), Digital Terrain Models (DTMs), Digital Surface Models (DSMs) and digitised 3D feature data for Geographic Information Systems. Aerometrex provides an aerial LiDAR surveying service, an advanced aerial surveying technique which accurately maps the ground surface using airborne lasers. Aerometrex has developed a sophisticated 3D modelling and mapping system derived from oblique aerial photographs. It offers 3D models of the highest resolution (1cm-2cm pixel) and absolute accuracy (5cm in the XY & Z dimensions) derived from aerial platforms. Aerometrex provides an online imagery web- serving application, MetroMap, which offers Aerometrex’s high quality, accurate imagery to a subscriber base. MetroMap fulfils all the quality and accuracy requirements of sophisticated geospatial data users and provides easy to consume product for the corporate market, via a web browser interface. Revenue Recognition Project revenue on demand (transferred over time) Project revenue on demand (transferred over time) Project revenue on demand (transferred over time) Off-the-shelf revenue (transferred at a point in time) Subscription revenue from Data-as-a-Service (DaaS) (transferred over time) Project revenue on demand (transferred over time) Off-the-shelf revenue (transferred at a point in time) Accounting policy Operating revenue arises from the sale of goods and the rendering of services, and is measured with reference to the consideration to which the Group is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised. The Group often enters into sales transactions involving a range of the Group’s products and services (separate performance obligations). Revenue recognition criteria, including the timing of transfer of goods and services to the customer, are set out below for each major type of revenue. Subscription revenue: Revenue from subscription services is recognised over time, over the contract term beginning on the date the services are made available to the customer. The contract terms may vary in accordance with the individual terms of the subscription agreement. Revenue from the subscription service represents a single promise to provide continuous access to the Company’s digital aerial imagery. As each day of providing access to the data is substantially the same and the customer simultaneously receives and consumes the benefit as access is provided, the Group has determined that its subscription service arrangement include a single performance obligation comprised of a series of distinct services. Payment is generally received at the start of the contract period. Off-the-shelf dataset sales: Revenue from the sale of off-the-shelf datasets is recognised at the point in time when the customer obtains control of the dataset, which is generally at the time of delivery. Payment is generally received after delivery to the customer. Project based revenue (on demand): Revenue from projects is recognised over time as the project is being completed in accordance with the percentage of completion method. Costs incurred to date are compared with expected total costs for each performance obligation to determine a percentage of completion (an input method, sometimes referred to as the cost- to-cost method). Generally, for project work, the Group invoices a component up front as a deposit to mobilise the air crew, a further component upon acquisition and the balance upon delivery of the data set. Contract assets: Contract assets are recognised when the Group has transferred goods or services to the customer but where the consolidated entity is yet to establish an unconditional right to consideration. Contract assets are treated as financial assets for impairment purposes. Contract liabilities: Contract liabilities represent the Group’s obligation to transfer goods or services to a customer and are recognised when a customer pays consideration, or when the Group recognises a receivable to reflect its unconditional right to consideration (whichever is earlier) before the Group has transferred the goods or services to the customer. Disaggregation of revenue from contracts with customers Timing of revenue recognition 2026 $’000 2025 $’000 Subscriptions MetroMap 12,174 9,568 Transferred over time (subscription revenue) 12,174 9,568 Off-the-shelf dataset sales 3D 742 210 LiDAR 461 9 MetroMap off-the-shelf 261 680 MetroMap Insights - 456 Transferred at a point in time (off-the-shelf) 1,464 1,355 Projects 3D 1,144 1,321 LiDAR 11,351 10,914 MetroMap - on demand 708 745 Transferred over time (on demand revenue) 13,203 12,980 Total revenue from contracts with customers 26,841 23,903 Geographical regions 2026 $’000 2025 $’000 Australia 25,956 23,767 USA 885 136 Total revenue from contracts with customers 26,841 23,903 Other Income 2026 $’000 2025 $’000 Gain on disposal of non-current assets - 262 Other income - 6 Total other income - 268
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56 57 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements 5. Income tax Value 2026 $’000 2025 $’000 Income tax expense Current tax (17) (2) Deferred tax - origination and reversal of temporary differences 1,104 2,174 Adjustment recognised for current tax of prior periods - - Total income tax (expense) / benefit 1,087 2,172 The reconciliation of income tax expense at the Australian tax rate to total income tax expense is as follows: Value - tax rate rec 2026 $’000 2025 $’000 Profit / (Loss) from continuing operations before income tax expense (3,990) (8,739) Tax (expense) / benefit at the Australian tax rate of 25.0% (2025: 25.0%) 997 2,185 Income tax expense adjustments Effect of different tax rates in foreign jurisdictions 25 (3) Effect on non-assessable income and non-deductible expenses (9) (9) Shared based payments (16) 29 Adjustments for current and deferred tax 90 - Tax losses not recognised - (30) Income tax (expense) / benefit 1,087 2,172 Accounting policy The income tax expense or benefit for the period is the tax payable on that period’s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset if and only if there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities, and they relate to the same taxation authority on either the same taxable entity or different taxable entities which the Group intends to settle simultaneously. Aerometrex Limited (the ‘head entity’) and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under the tax consolidation regime. The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated group has applied the ‘separate taxpayer within group’ approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group. In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax consolidated group. Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that the intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting in neither a contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity. Deferred tax assets and liabilities Deferred taxes arising from temporary differences and unused tax losses can be summarised as follows: The Company has recognised deferred tax assets on current period losses for the Australian operation, as it is probable that there will be future taxable profits for the utilisation of these losses. No deferred tax balances have been recognised for the US operation for the current period, as the availability of taxable profits is not expected in the immediate future, given the startup phase of the operation. Deferred tax balances in relation to the US operation were not recognised in the statement of financial position for unused tax losses of $3,754,172 (2025: $4,272,236) and deductible temporary differences of $161,250 (2025: $449,273). Tax effect of these amounts at year-end tax rates was $996,065 (2025: $1,157,244) and $33,862 (2025: $120,110) respectively. There are no restrictions on utilising these balances to offset future taxable income in the jurisdictions where the tax losses were assessed. Some US taxing jurisdictions have expiry periods of 20 years from the time the losses were incurred. Critical accounting estimate – Income tax The consolidated entity is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required in determining the provision for income tax. There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The consolidated entity recognises liabilities for anticipated tax audit issues based on the consolidated entity’s current understanding of the tax law. Where the final tax outcome of these matters is different from the carrying amounts, such differences will impact the current and deferred tax provisions in the period in which such determination is made. Judgement is also required to determine the probability of future taxable profits against which to offset unused tax losses and credits. Deferred tax assets / (liabilities) 1 July 2025 $’000 Recognised in profit and loss $’000 30 June 2026 $’000 Current assets Other assets (162) 30 (132) Unused income tax losses and credits 3,425 (5) 3,420 Non-current assets Property, plant and equipment (8,813) 5,398 (3,415) Intangible assets (6) 4 (2) Current liabilities Trade and other payables 254 55 309 Contract liabilities 1,131 420 1,551 Employee obligations 400 106 506 Lease Liabilities 663 449 1,112 Non-current liabilities Employee obligations 66 (31) 35 Lease Liabilities 7,259 (5,322) 1,937 Total deferred tax assets 13,198 (4,328) 8,870 Total deferred tax liabilities (8,981) 5,432 (3,549) Net deferred tax asset / (liability) 4,217 1,104 5,321
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58 59 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements 6. Cash and cash equivalents Value 2026 $’000 2025 $’000 Cash at bank and in hand Cash at bank and on hand 2,307 1,376 Short term deposits at call 1,253 2,503 Cash and cash equivalents total 3,560 3,879 7. Trade and other receivables Value 2026 $’000 2025 $’000 Trade receivables (gross) 4,207 3,586 Less: allowance for credit losses (48) (104) Trade receivables (net) 4,159 3,482 Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30- 90 days depending on the nature of the transaction and are non-interest bearing and unsecured. The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. Critical accounting estimate Trade receivables are reviewed on a regular basis to assess whether there is any impairment risk of a balance not being recoverable that would give rise to an expected credit loss. The assessment assumptions include recent sales experience and historical collection rates. 2026 Current 30-60 Days 61-90 Days 90+ Days Total Expected loss rate 0.0% 0.0% 0.0% 59.3% 1.1% Gross carrying amount 3,665 437 24 81 4,207 Expected credit loss - - - 48 48 2025 Current 30-60 Days 61-90 Days 90+ Days Total Expected loss rate 0.0% 0.0% 0.0% 46.4% 2.9% Gross carrying amount 3,169 97 96 224 3,586 Expected credit loss - - - 104 104 8. Contract assets Value 2026 $’000 2025 $’000 Projects 208 486 Subscriptions 284 267 Contract assets 492 753 This should be read in conjunction with Note 4 Revenue and other income. Contract assets relate to work that has been undertaken in relation to: ongoing projects where the revenue is recognised over time but had not been billed as at the reporting date, subscriptions billed in arrears for partner accounts. Short term deposits at call represent deposits with a maturity date of less than three months. 9. Other assets Value 2026 $’000 2025 $’000 Prepayments 440 528 Deposits and bonds 15 - Total other assets 455 528 Prepayments relate to expenses that have either been paid or incurred (and therefore recognised in trade and other payables) but the goods or services will be provided in a future period. 10. Non-current assets held for sale Excess aviation assets were held for sale at 30 June 2026. They are presented as current assets in the consolidated statement of financial position, as the sale is expected to be settled within 12 months of the reporting date. Measurement of the assets is at fair value less costs to sell.
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60 61 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements 11. Property, plant and equipment Land and buildings - right-of-use $’000 Leasehold improvements $’000 Plant and equipment $’000 Plant and equipment - right-of-use $’000 Capital work in progress $’000 Total $’000 As at 30 June 2026 Cost 2,571 395 16,731 16,165 18 35,880 Less accumulated depreciation (1,823) (279) (11,934) (6,925) - (20,961) Carrying amount at the end of the year 748 116 4,797 9,240 18 14,919 Reconciliation of carrying amount at 30 June 2026 Carrying amount at the beginning of the year 1,050 192 8,981 28,988 - 39,211 Additions 152 - 190 237 344 923 Transfers between asset classes - - 326 - (326) - Transfer to non-current assets held for sale - - (2,053) - - (2,053) Remeasurement of lease liabilities - - - (16,654) - (16,654) Depreciation charged to profit or loss (454) (76) (2,182) (718) - (3,430) Depreciation included in the cost of an asset - - (53) (2,613) - (2,666) Impairment - - (372) - - (372) Disposals - - (40) - - (40) Carrying amount at the end of the year 748 116 4,797 9,240 18 14,919 Land and buildings - right-of-use $’000 Leasehold improvements $’000 Plant and equipment $’000 Plant and equipment - right-of-use $’000 Capital work in progress $’000 Total $’000 As at 30 June 2025 Cost 2,419 395 23,621 32,582 - 59,017 Less accumulated depreciation (1,369) (203) (14,640) (3,594) - (19,806) Carrying amount at the end of the year 1,050 192 8,981 28,988 - 39,211 Reconciliation of carrying amount at 30 June 2025 Carrying amount at the beginning of the year 1,425 261 12,091 15,861 261 29,899 Additions 29 7 399 16,450 388 17,273 Transfers between asset classes - - 364 - (364) - Transfer to non-current assets held for sale - - (114) - (136) (250) Depreciation charged to profit or loss (404) (76) (2,616) (798) - (3,894) Depreciation included in the cost of an asset - - (72) (2,525) - (2,597) Impairment - - (112) - - (112) Disposals - - (959) - (149) (1,108) Carrying amount at the end of the year 1,050 192 8,981 28,988 - 39,211 Accounting policy - leased assets Right-of-use assets The Company recognises right-of-use assets at the commencement date of a lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. Non-cash movements in right-of-use assets are included in Note 29 Non-cash investing and financing activities. Accounting policy - owned assets Each class of property, plant and equipment is carried at historical cost or fair value, less, where applicable, any accumulated depreciation and impairment losses. The historical cost includes any expenditure that is directly attributable to the acquisition of the item. Capital work in progress represents deposits or progress payments on the acquisition of plant and equipment. These assets are transferred from capital work in progress to the appropriate asset class once the asset has been deployed or available to be deployed into operational activities. Depreciation is recognised on a straight-line basis to write-off the cost off the item less any estimated residual value over its expected useful life. The following useful lives are applied: Land: As land does not have a finite life, related carrying amounts are not depreciated Buildings: 40 years IT equipment: 3-5 years Leasehold improvements 3-7 years (shorter of useful life or remaining lease term) Plant and equipment: 3-12 years Material residual value estimates and estimates of useful life are updated as required, but at least annually. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the Group. Gains or losses arising from the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in profit or loss within other income or other expenses. Any impairment charges are separately identified in the financial statements. Critical accounting estimate - Useful lives of depreciable assets Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected use of the assets. Uncertainties in these estimates relate to technical obsolescence that may change the effective life of technology related equipment - IT, sensors.
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62 63 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements 12. Intangible assets Datasets $’000 Computer software $’000 Other $’000 Goodwill $’000 Datasets in progress $’000 Total $’000 As at 30 June 2026 Cost 43,040 221 376 1,785 405 45,827 Less accumulated amortisation (36,522) (210) (368) - - (37,100) Carrying amount at the end of the year 6,518 11 8 1,785 405 8,727 Reconciliation of carrying amount at 30 June 2026 Carrying amount at the beginning of the year 6,062 39 10 1,785 775 8,671 Additions 3,504 2 - - 255 3,761 Depreciation included in the cost of an asset 2,516 - - - 150 2,666 Transfers between asset classes 775 - - - (775) - Amortisation (6,339) (30) (2) - - (6,371) Carrying amount at the end of the year 6,518 11 8 1,785 405 8,727 Datasets $’000 Computer software $’000 Other $’000 Goodwill $’000 Datasets in progress $’000 Total $’000 As at 30 June 2025 Cost 36,320 220 376 1,785 775 39,476 Less accumulated amortisation (30,258) (181) (366) - - (30,805) Carrying amount at the end of the year 6,062 39 10 1,785 775 8,671 Reconciliation of carrying amount at 30 June 2025 Carrying amount at the beginning of the year 5,686 92 12 1,785 924 8,499 Additions 3,122 6 - - 493 3,621 Depreciation included in the cost of an asset 2,315 - - - 282 2,597 Transfers between asset classes 924 - - - (924) - Amortisation (5,986) (59) (2) - - (6,047) Change in foreign exchange rates 1 - - - - 1 Carrying amount at the end of the year 6,062 39 10 1,785 775 8,671 Accounting policy Each class of intangible asset is carried at historical cost, less, where applicable, any accumulated amortisation and impairment losses. The historical cost includes any expenditure that is directly attributable to the acquisition of the item. Amortisation is recognised on a straight-line basis to write off the cost off the item less any estimated residual value over its expected useful life. The following useful lives are applied: Datasets: 2 years Software: 1-3 years An intangible item is derecognised upon disposal or when there is no future economic benefit to the Group. Gains or losses arising on the disposal of intangibles are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in profit or loss within other income or other expenses. Any impairment charges are separately identified in the financial statements. Datasets MetroMap and 3D datasets are capitalised to the statement of financial position and amortised on a straight line basis over an effective life of two years. The capitalisation and amortisation commences from the date that the dataset is made available to customers. The capitalised cost for the dataset includes the cost of capture being the aerial survey, an allocation of overhead costs and employment costs directly attributable to the transformation of the data into its final form. MetroMap and 3D datasets that are in the process of being completed but are not yet published are treated as capital work in progress until such time that they are made available to customers. The calculation of capital work in progress figure is consistent with the methodology used in the capitalisation of datasets. Capital work in progress is tested for impairment on the same time frames as the capitalised datasets. Critical accounting estimate – Datasets Management reviews its estimate of the useful lives of capitalised datasets at each reporting date. Uncertainties in these estimates relate to technical obsolescence that may change the use of datasets in future periods. Research and development Expenditure on research and development activities is expensed and recognised in the statement of profit or loss and other comprehensive income as incurred. Development costs are capitalised when it is probable that the project will be a success considering its commercial and technical feasibility, the consolidated entity is able to use or sell the asset, the consolidated entity has sufficient resources and intent to complete the development, and its costs can be measured reliably. Capitalised development costs are amortised on a straight-line basis over the period of their expected benefit. Impairment of non-financial assets other than goodwill and other indefinite life intangible assets The consolidated entity assesses impairment of non-financial assets other than goodwill and other indefinite life intangible assets at each reporting date by evaluating conditions specific to the consolidated entity and to the particular asset that may lead to impairment. If an impairment trigger exists, the recoverable amount of the asset is determined as the higher of fair value less costs of disposal or value-in-use. Goodwill Goodwill represents the excess of purchase consideration over the fair value of net assets acquired in a business combination and is measured at cost less, where applicable, any accumulated impairment losses. Goodwill and other indefinite life intangible assets are not subject to amortisation but are tested for impairment annually, or more frequently if events or changes in circumstances indicate there may be impairment. An impairment loss is recognised when the carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less disposal costs or value in use. For the purposes of goodwill impairment testing, the cash generating unit (CGU) to which goodwill has been allocated, generally the CGU(s) that is expected to benefit from synergies of the related business combination and represent the lowest level within the Group at which management monitors goodwill, is compared against the recoverable amount of the CGU to determine any impairment loss. An impairment loss is recognised for the amount by which the asset’s or cash-generating unit’s carrying amount exceeds its recoverable amount, which is the higher of fair value less costs to sell and value-in-use. To determine the value-in-use, management estimates expected future cash flows from each cash-generating unit and determines a discount rate in order to calculate the present value of those cash flows. Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash- generating unit. Any remaining impairment loss is charged pro rata to the other assets in the cash-generating unit. With the exception of goodwill, all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. A prior impairment charge is reversed if the cash-generating unit’s recoverable amount exceeds its carrying amount. Australia CGU The Group has assessed that the smallest group of assets that generate independent cash flows corresponds to the Australian business unit, which comprises the entities incorporated in Australia. These entities control the property, aviation and IT assets used in the generation of cashflows from project, off-the-shelf, and subscription customers. The goodwill arising from business combinations within the Australian CGU are allocated to the carrying value of the CGU. The Australia CGU includes the value of goodwill, datasets, and other intangible assets at 30 June 2026 totalling $8.7m (2025: $8.7m), property, plant and equipment of $14.9m (2025: $39.5m), and working capital of -$0.6m (2025: +$0.9m) giving rise to a total CGU value of $23.0m (2025: $49.0m).
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64 65 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements The recoverable amount of the Australia CGU is determined based on a value-in-use calculation using cash flow projections from financial budgets approved by senior management covering a four to five-year period along with scenarios representing a range of potential outcomes. The discount rate applied to the cash flow projections on a post-tax Weighted Average Cost of Capital (WACC) is 14.9% (2025: 9.0%). The growth rate used to extrapolate the cash flows of the unit beyond the five-year period is 3% (2025: 3%). These projections are based on company experience and external information sources of the available target market. In preparing financial projections, the Group has considered the macroeconomic uncertainty in the current economic environment and the likely impact on cash flows. As a result of the analysis, there is adequate headroom and management did not identify an impairment for this CGU. 13. Trade and other payables Due to their short term nature these liabilities are measured at amortised cost and not discounted. The amounts are unsecured and normally settled within 30 days of recognition. These amounts represent liabilities owing by the Group at the end of the reporting period where: The goods or services had been provided to the Group prior to the end of the reporting period and had not been paid. Goods or services that had not been provided to the Group by the end of the reporting period, but an obligation to pay an amount had been incurred, are recognised within prepayments (other current assets). Value 2026 $’000 2025 $’000 Current Trade payables 948 1,570 Other payables 1,952 1,672 Total trade and other payables 2,900 3,242 14. Contract liabilities This should be read in conjunction with Note 4 Revenue and other income. Contract liabilities relate to: Projects – billed in advance of completion of the performance obligations identified in the contract. Subscriptions – representing monies paid by subscribers to the MetroMap data service in advance of the service being provided. These amounts are subsequently recognised in revenue over the subscription term, generally 1-3 years. Value 2026 $’000 2025 $’000 Current Projects billed in advance 346 364 Subscriptions billed in advance 5,858 4,159 Total contract liabilities 6,204 4,523 15. Other financial liabilities Chattel mortgages and commercial hire purchases Under the terms of the current debt facility with Westpac, equipment that is financed is held under a commercial hire purchase agreement. The arrangements are classified as follows: Finance arrangements Aerometrex has the following debt facilities available with Westpac. These debt facilities are: 1. A business loan with a facility limit of $0.4m (2025: $1.5m) available for drawdown as required. This facility has a reducing credit limit in line with a principal and interest loan with a loan expiry date of 20 April 2027. At the end of the reporting period the outstanding liability was $0.4m (2025: $0.3m). 2. Corporate credit card facility of $300k. Balance as at the end of the reporting period was $62k (2025: $83k). This balance is cleared in full on a monthly basis. The security for the debt facilities includes a general security agreement from Aerometrex over fixed and floating assets and a guarantee and general security agreement from Atlass-Aerometrex Pty Ltd. There are no director guarantees associated with the facilities. The facilities do not have any financial covenants. Current Non-current Title 2026 $’000 2025 $’000 2026 $’000 2025 $’000 Carrying amount at amortised cost Other bank borrowings: Credit card facilities 62 83 - - Premium finance liabilities 57 - - - Chattel mortgage liabilities 609 836 151 759 Business loans 416 301 - - Total 1,144 1,220 151 759 Chattel mortgages 2026 $’000 2025 $’000 Minimum payments 790 1,699 Less future charges (30) (104) Present value of minimum payments 760 1,595 Current liability 609 836 Non-current liability 151 759 Total 760 1,595
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66 67 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements 16. Leases Leasing Activities The Group enters into leases for real property and equipment. Any short-term or low-value equipment leases are not included in the measurement of right-of-use assets and lease liabilities. Accounting Policy Lease receivables Leases are classified as finance leases where substantially all the risks and rewards of ownership are transferred to the lessee. The underlying asset is derecognised, and a lease receivable is recognised at the present value of the net investment of the lease. Lease payments included in the net investment in the lease are the fixed payments (including in-substance fixed payments), variable lease payments that depend on an index or a rate, residual value guarantees provided to the lessee, exercise price of any purchase option if the lessee is reasonably certain to exercise the option, and payments for penalties to terminate the lease if the lease term reflects the lessee exercising a termination option. The discount rate used in determining present value is the interest rate implicit in the lease. Where the Group enters into a head lease and sublease arrangement, and the sublease is classified as a finance lease, the right-of-use asset relating to the head lease is partially or fully derecognised, and a finance lease receivable is recognised for the sublease. The discount rate used to measure the present value of the net investment in the sublease is the same rate used in discounting the lease liability of the head lease. Finance income is recognised over the lease term, using a method that reflects a constant rate of return on the net investment in the lease. Right-of-use assets Details on right-of-use assets are included in Note 11 Property, plant and equipment - this includes accounting policy, additions, depreciation charges, and carrying amount at the end of the reporting period. Non-cash movements in right-of-use assets are included in Note 29 Non-cash investing and financing activities. Lease liabilities At the commencement date of a lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment occurs. Balance of lease liabilities 2026 $’000 2025 $’000 Current 4,443 2,651 Non-current 7,749 29,035 Total 12,192 31,686 2026 $’000 2025 $’000 Expense relating to short-term leases 30 94 Expense relating to variable lease payments (529) (605) Total cash outflow for leases1 4,275 3,924 Future cash outflows not included in the measurement of lease liabilities: Future cash outflows relating to extension options 2,098 2,009 1 This includes the gross repayments on capitalised lease liabilities, as well as other payments not included in the measurement of lease liabilities (e.g. short- term lease payments, low-value lease payments, and variable lease payments). In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. Interest expense on lease liabilities is included in Note 20 Finance costs and finance Income. Reconciliation of cash and non-cash movements in lease liabilities is included in Note 30 Changes in liabilities arising from financing activities. Note 26 Financial instrument risk splits out lease liabilities from other financial liabilities, to demonstrate the relevant information for each risk as it relates to lease liabilities. Short-term leases and leases of low-value assets The Company applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the low-value asset recognition exemption to leases that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. Change in accounting estimates Plant and equipment (right-of-use) and lease liabilities decreased by $16.65m during the period, reflecting the remeasurement of existing lease liabilities for plant and equipment. The Directors have reassessed that it is not reasonably certain to exercise the right to extend beyond the initial period of five years, as there is significant negotiation involved in agreeing the terms and conditions of any subsequent renewal period. There are a number of new entrants to the market that may drive different commercial outcomes.
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68 69 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements 17. Employee benefits Employee benefit liabilities The liabilities recognised for employee benefits consist of the following amounts: 2026 $’000 2025 $’000 Current Leave provisions 1,483 1,415 Provisions for bonuses and incentives 454 41 Total current provisions 1,937 1,456 Non-current Leave provisions 139 265 Total non-current provisions 139 265 Total employee provisions 2,076 1,721 2026 $’000 2025 $’000 Current leave provisions Expected to be settled within 12 months after the reporting period 469 596 Expected to be settled more than 12 months after the reporting period 1,014 819 Total current leave provisions 1,483 1,415 Short-term employee benefits Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. Examples of such benefits include wages and salaries, bonuses and incentives, non-monetary benefits and accumulating annual leave / vacation pay and long service leave. Short-term employee benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled. Bonuses and incentives provision is the amount expected to be paid out in relation to the sales team incentive program, based on sales during the year against sales targets. No Key Management Personnel (KMP) were entitled to bonuses or incentives under the sales incentive program. Other long-term employee benefits The Group’s liabilities for annual leave and long service leave are included in other long-term benefits where they are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are measured at the present value of the expected future payments to be made to employees. The expected future payments incorporate anticipated future wage and salary levels, experience of employee departures and periods of service, and are discounted at rates determined by reference to market yields at the end of the reporting period on high quality corporate bonds that have maturity dates that approximate the timing of the estimated future cash outflows. The Group presents other long-term employee benefit obligations as current liabilities in the statement of financial position if the Group does not have an unconditional right to defer settlement for at least 12 months after the reporting period, irrespective of when the actual settlement is expected to take place. Any re-measurements arising from experience adjustments and changes in assumptions are recognised in profit or loss in the periods in which the changes occur. 19. Share based payments Movements in the share based payments reserve are as follows: Shares No shares were issued in payment for goods or services in the current financial year (2025: nil). Options No options were granted during the current reporting period. No options were on issue as at the reporting date. 2026 $’000 2025 $’000 Opening balance 82 199 Current period reversal / (expense) 121 (117) Options exercised and transferred to retained earnings (22) - Balance at the end of period 181 82 18. Issued capital Share capital represents the fair value of shares that have been issued. The share capital of the Company consists only of fully paid ordinary shares. Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the company in proportion to the number of fully paid shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital. Any transaction costs associated with the issuing of shares are deducted from share capital, net of any related income tax benefits. Treasury shares are a separate category of issued capital representing holdings of the Group’s own shares in connection with share-based payment arrangements. Treasury shares are not considered to be outstanding issued capital, so the value is deducted from equity. The limited-recourse loan that gave rise to the acquisition of treasury shares, and included the in-substance option to purchase those shares by repaying the loan, was repaid in full with interest in accordance with the contractual terms. The repayment is treated as a disposal of treasury shares to the counter party on exercise of that in-substance option. Heading FY1 2026 Shares 2025 Shares 2026 $’000 2025 $’000 Shares issued and fully paid: Opening balance 1 July 94,990,639 94,990,639 33,130 33,130 Closing balance of share capital 94,990,639 94,990,639 33,130 33,130 2026 Shares 2025 Shares 2026 $’000 2025 $’000 Treasury shares: Beginning of the year 119,048 119,048 (50) (50) Disposal of treasury shares (119,048) - 50 - Closing balance of treasury shares - 119,048 - (50)
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70 71 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements Key details of the performance rights issued in the current period are as follows: Limited-recourse loans Loans advanced in a prior period were repaid in full with interest in the current period in accordance with the contractual terms. As the Company held security over the shares purchased with the loan funds, the arrangement is treated as an option for the loan holder to purchase shares in the company. $22,262 previously accumulated in the share based payment reserve was transferred directly to retained earnings on repayment of the limited-recourse loan. LTI FY26 Grant Date 25 Nov 25 Issue Date 04 Dec 25 Vesting Date 04 Dec 28 Expiry Date 04 Dec 30 Share price at grant date $0.275 Share price target at vesting date $0.358 Forecast volatility1 66% Time to expiration (years) 5.0 Number of units 1,691,042 Valuation (per right) $0.182 Total valuation $307,770 1 Forecast volatility is based on historical volatility for the 2 years to grant date. Performance Rights Key management personnel were granted performance rights as part of equity-settled share-based remuneration. Long term incentive (L TI) rights vest at a future date subject to continued employment and share price hurdles. The number of rights is determined with reference to the nominal amount of remuneration, and the volume weighted average share price for a specified reference period. 1,691,042 L TI rights were issued in the current period (2025: 1,141,695), valued at $307,770 (2025: $183,814). In the current period, a share based payment expense of $64,335 (2025: benefit $116,941) was recognised in profit or loss, reflecting expense of $95,359 (2025: $58,867) for key management personnel rights expected to vest, and reversal of $31,024 (2025: $175,808), being the cumulative expense related to 550,709 (2025: 1,394,791) key management personnel rights no longer expected to vest. The L TI rights are valued using a Monte Carlo simulation. The fair value of rights granted is recognised as an employee benefits expense with a corresponding increase in equity (share based payments reserve). The fair value is measured at the grant date and is recognised over the period in which employees become unconditionally entitled to the shares (vesting conditions are met). Where rights are converted to shares, grant date fair value is transferred from the share based payments reserve into issued capital. Where the rights are forfeited or lapse, the grant date fair value is transferred from the share based payments reserve into retained earnings. The valuation methodology considers the current share price at grant date, risk free rate, volatility, expected dividend yield, the risk free interest rate for the term, share price hurdles, and any restrictions that may apply. The fair valuation of the rights granted excludes the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of rights that are expected to vest. At each reporting date, the Company reviews and revises, if necessary, its estimate of the number of rights that are expected to vest. The employee benefit expense recognised in each period takes into account management’s latest estimate. The impact of a revision of the number of rights expected to vest is recognised in the profit or loss statement with a corresponding adjustment to equity (share based payments reserve). Once the vesting date has passed, the cumulative expense represents the grant date fair value of the options that vested, and no further adjustment is recognised in profit or loss on conversion, forfeiture, or expiry of the rights. 20. Finance costs and finance income 20.1 Finance costs 20.2 Finance income Finance income comprises interest income on cash and cash equivalents and short term deposits. Interest income is reported on an accrual basis using the effective interest method. 21. Earnings per share Basic earnings per share (EPS) is calculated by dividing the net profit or loss after income tax attributable to equity holders of the parent entity divided by the weighted average number of ordinary shares outstanding during the reporting period (not including treasury shares). Diluted EPS is calculated by dividing the net profit or loss after income tax attributable to equity holders of the parent entity divided by the weighted average number of ordinary shares outstanding (not including treasury shares) during the reporting period plus the weighted average number of ordinary shares that would be issued on conversion if all of the share options were exercised and converted into ordinary shares. Weighted average number of potential ordinary shares is not used in the calculation where the effect would be anti-dilutive. The following table reflects the data used in the calculation of the EPS computations: value 2026 $’000 2025 $’000 Interest expenses on chattel mortgage arrangements 75 122 Interest expenses on lease liabilities 1,427 2,153 Interest expenses on other facilities 30 48 Total finance costs 1,532 2,323 value 2 2026 $’000 2025 $’000 Interest income from cash and cash equivalents 81 181 Interest income from finance lease receivables 3 - Total finance income 84 181 Value 2026 $’000 2025 $’000 (Loss) attributable to equity holders of the parent (2,903) (6,567) 2026 # 2025 # Weighted average number of ordinary shares on issue used in the calculation of basic and diluted earnings per share 94,990,639 94,871,591 Year 2 2026 cents 2025 cents Basic earnings per share (3.1) (6.9) Diluted earnings per share1 (3.1) (6.9) 1 The effect of potential ordinary shares is not included in the calculation of diluted earnings per share, as the effect would be anti-dilutive.
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72 73 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements 22. Related party transactions The Group’s related parties include key management, post-employment benefit plans for the Group’s employees and others as described below. Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received. Outstanding balances are usually settled in cash, with the exception of share-based remuneration, which is typically equity-settled. Key management personnel remuneration Key management personnel (KMP) of the Group are the members of Aerometrex’s Board of Directors and members of the executive team. Key management personnel remuneration includes the following expenses (refer audited remuneration report for detailed disclosures): Equity instruments Robert Veitch – performance rights Subsequent to the Annual General Meeting, 1,691,042 performance rights were issued to Robert Veitch as part of Long-Term Incentive (L TI) remuneration (2025: 159,743). Other Executives – performance rights No performance rights were issued to Other Executives in the current year as part of Long-Term Incentive (L TI) remuneration (2025: 981,952). Several executives left the business during the year. 550,709 performance rights are no longer expected to vest (2025: 1,394,791). Refer note 19 Share based payments for further information. Loans receivable Steve Masters – shares loan Former Managing Director and CEO, Steve Masters was advanced a limited recourse loan pursuant to the terms of his employment agreement with Aerometrex for the purpose of facilitating on-market purchases of ordinary shares in Aerometrex. The loan principal plus interest was repaid during the reporting period. The loan was secured against 119,048 ordinary shares held by Steve Masters. Because the Group held security over these shares, they were treated as treasury shares (refer note 18 Issued capital). Transactions with director-related entities Matthew White During the reporting period, the Company used the accounting and taxation services of Matthew White and the accounting firm over which he exercises significant influence. The amounts billed in relation to the provision of services during the period totalled $13,638 (2025: $12,963). The amount outstanding at the end of the period was $481 (2025: $2,159). Mark Lindh Mark Lindh is a director of Adelaide Equity Partners. The Company has entered into individual mandate agreements to provide various corporate advisory services in relation to merger and acquisition (M&A) advice, assessment and support and investor relations. The amounts billed in relation to the provision of services during the period totalled $61,872 (2025: $52,177). The amount outstanding at the end of the period with respect to these services was $nil (2025: $45,638). Value 2026 $ 2025 $ Short term employee benefits: Salaries including bonuses and annual leave 1,441,906 2,066,724 Total short-term employee benefits 1,441,906 2,066,724 Long service leave (53,248) 22,314 Total other long-term benefits (53,248) 22,314 Superannuation and other pension contributions 149,367 210,984 Total post employment benefits 149,367 210,984 Termination benefits 76,365 - Share based payments 121,210 (116,941) Total remuneration 1,735,600 2,183,081 Aerometrex commenced a lease during the year for an office space in Sydney, Australia, and entered into a license for use agreement with Adelaide Equity Partners Limited to share the office space. Total amount billed to Adelaide Equity Partners during the year was $56,986, including outgoings. Amounts billed that remained outstanding at the end of the period was $3,565 (2025: nil). At the end of the reporting period, $83,632 was recorded as a lease receivable, being the present value of contracted license fee payments (excluding outgoings) for the remainder of the agreement term, to be collected in a future period. AE Administrative Services Pty Ltd is a company controlled by a close family member of Mark Lindh. Mark Lindh is not involved in the day-to-day management of AE Administrative Services Pty Ltd. The entity provided company secretarial services during the reporting period. The total amount billed during the period was $37,000 (2025: $49,500). The amount outstanding at the end of the period was $nil (2025: $9,240). Mark Lindh is a director of AE Advisors Group Pty Ltd. From 1 April 2026, the corporate advisory and company secretarial services listed above were provided by AE Advisors Group Pty Ltd. The amounts billed in relation to the provision of services during the period totalled $12,000 (2025: $nil). The amount outstanding at the end of the period with respect to these services was $4,400 (2025: $nil). Transactions with other key management personnel Other than employment benefits, there were no transactions with other key management personnel or related entities during the reporting period. 23. Dividends and distributions No dividends were paid or declared with respect to shareholders of the Group for the year ended 30 June 2026 (2025: $nil). Dividend franking account The above amount represents the balance of the franking account at the end of the reporting period, adjusted for: Franking credits that will arise from the payment of any income tax payable at the end of the period; Franking debits that are expected to arise from any refundable income tax amount where the initial payment had given rise to a franking credit; and Franking debits that will arise from the payment of any provided at the end of the period. Accounting policy Dividends represent a distribution of profits that holders of ordinary shares receive from time to time. Where a dividend has been determined by the Board it is recognised with a corresponding reduction to the retained earnings when the dividend is paid or declared. Value 3 2026 $’000 2025 $’000 Franking credits available for future financial periods (tax paid basis, 25.0% tax rate) 228 228 25. Commitments and contingencies Commitments for purchase of property, plant and equipment at the reporting date are as follows: Value 2026 $ 2025 $ Audit or review of financial statements - Grant Thornton Financial year 2025 - 106,330 Financial year 2026 109,725 Total auditor’s remuneration 109,725 106,330 24. Auditor’ s remuneration heading FY 2026 $’000 2025 $’000 Capital commitments Committed at the reporting date but not recognised as liabilities, payables: Property, plant and equipment 110 - Total commitments 110 -
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74 75 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements 26. Financial instrument risk 26.1 Financial risk management objectives The Group’s activities expose it to various financial risks in relation to financial instruments. The main types of risks are market risk, credit risk and liquidity risk. The Group’s Board of Directors monitors these risks on an on-going basis with the primary focus on actively securing the Group’s short to medium-term cash flows by minimising the exposure to financial markets. The Group’s financial assets include cash and cash equivalents, trade and other receivables. The Group’s financial liabilities include trade and other payables, lease liabilities, and other interest-bearing liabilities. The Group does not actively engage in the trading of financial assets for speculative purposes. 26.2 Market risk Market risk comprises foreign currency risk, price risk and interest rate risk. 26.2.1 Foreign currency risk The Group undertakes certain transactions in foreign currency and is exposed to foreign currency risk through foreign exchange rate fluctuations. Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities denominated in a currency that is not the entity’s functional currency. The carrying amount of the consolidated entity’s foreign currency denominated financial assets and financial liabilities at the reporting date were as follows: The Group has exposure to foreign currency risk upon consolidation of its foreign currency denominated entities (USD). The currency impacted is US dollar. The impact on the Group’s total comprehensive income is due to changes in the fair value of assets and liabilities. Movements in foreign currency exchange rates will result in gains or losses being recognised because of the revaluation of balances. The Group’s exposure of foreign currency is immaterial for the current reporting year. 26.2.2 Price risk The consolidated entity is not exposed to any significant price risk. 26.2.3 Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s main interest rate risk arises from cash and cash equivalent assets and interest-bearing liabilities. The Group’s profit before tax is affected through the sensitivity to a reasonably possible change in interest rates on cash and equivalents and that portion of interest-bearing liabilities affected. Assets Liabilities Value 2026 $’000 2025 $’000 2026 $’000 2025 $’000 USD 943 173 26 68 GBP - - 2 2 EUR 2 2 85 26 Total foreign currency 945 175 113 96 Progress payments made as at the reporting date have been included as ‘capital work in progress’ as outlined in Note 11 Property, plant and equipment. There are no contingent liabilities at the reporting date (2025: $38k relating to disputed amounts levied by taxation authorities in the United States). 2025 Notes Variable interest rate $’000 Fixed interest rate $’000 Non-interest bearing $’000 Total $’000 Financial assets Cash and cash equivalents 6 3,879 - - 3,879 Trade and other receivables 7 - - 3,482 3,482 Total financial assets 3,879 - 3,482 7,361 Financial liabilities Trade and other payables 13 - - 3,242 3,242 Other financial liabilities 15 384 1,595 - 1,979 Lease liabilities 16 - 31,686 - 31,686 Total financial liabilities 384 33,281 3,242 36,907 2026 Notes Variable interest rate $’000 Fixed interest rate $’000 Non-interest bearing $’000 Total $’000 Financial assets Cash and cash equivalents 6 3,560 - - 3,560 Trade and other receivables 7 - - 4,159 4,159 Total financial assets 3,560 - 4,159 7,719 Financial liabilities Trade and other payables 13 - - 2,901 2,901 Other financial liabilities 15 478 817 - 1,295 Lease liabilities 16 - 12,192 - 12,192 Total financial liabilities 478 13,009 2,901 16,388 26.3 Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group is exposed to credit risk from its operating activities primarily through trade receivables and deposits with banks. Cash and cash equivalents are all maintained by banks with high credit ratings. The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements. The consolidated entity does not hold any collateral. The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. Trade receivables are reviewed on a regular basis to assess whether there is any impairment risk of a balance not being recoverable that would give rise to an expected credit loss. The assessment assumptions include recent sales experience and historical collection rates. 2026 Current 30-60 Days 61-90 Days 90+ Days Total Expected loss rate 0.0% 0.0% 0.0% 59.3% 1.1% Gross carrying amount 3,665 437 24 81 4,207 Expected credit loss - - - 48 48 2025 Current 30-60 Days 61-90 Days 90+ Days Total Expected loss rate 0.0% 0.0% 0.0% 46.4% 2.9% Gross carrying amount 3,169 97 96 224 3,586 Expected credit loss - - - 104 104
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76 77 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements 26.4 Liquidity risk Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash equivalents) and available borrowing facilities to be able to pay debts as and when they become due and payable. The Group manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities. The following outlines the estimated and undiscounted contractual obligations of the respective financial liabilities at the reporting date, which may differ from the carrying values of the liabilities: Unused borrowing facilities Note 15 Other financial liabilities includes details of unused borrowing facilities available at the reporting date. Fair value measurement of financial instruments The Group has assessed that the carrying amounts of financial instruments approximate their fair value. 2026 On demand $’000 Less than 3 months $’000 3 to 12 months $’000 1 to 5 years $’000 Greater than 5 years $’000 Total $’000 Financial liabilities Trade and other payables 2,901 - - - - 2,901 Other financial liabilities 62 701 407 154 - 1,324 Lease liabilities - 1,265 3,794 8,161 - 13,220 Total financial liabilities 2,963 1,966 4,201 8,315 - 17,445 2025 On demand $’000 Less than 3 months $’000 3 to 12 months $’000 1 to 5 years $’000 Greater than 5 years $’000 Total $’000 Financial liabilities Trade and other payables 3,242 - - - - 3,242 Other financial liabilities 83 529 686 786 - 2,084 Lease liabilities - 1,156 3,507 18,574 18,862 42,099 Total financial liabilities 3,325 1,685 4,193 19,360 18,862 47,425 27. Capital management The Group’s objective when managing capital is to safeguard its ability to continue as a going concern, so that it can maximise shareholder value. Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents. The Group is not subject to any debt covenant requirements (2025: nil). The Group manages its capital structure and makes adjustments as required in light of changes in economic and market conditions. 27. Reconciliation of profit after income tax to net cash flow from operating activities Value 2026 $’000 2025 $’000 (Loss) for the year after income tax (2,903) (6,567) Depreciation of property, plant and equipment 3,430 3,894 Impairment of property, plant and equipment 422 112 Gain on disposal of property, plant and equipment - (262) Loss on disposal of property, plant and equipment 23 224 Amortisation of intangibles 6,371 6,047 Non-cash share based payments 121 (117) Other non-cash items (20) 2 Change in assets and liabilities attributable to investing and financing activities Increase / (decrease) in other current assets funded by other financial liabilities 555 312 (Increase) / decrease in trade and other payables - purchase of property, plant and equipment (48) 8 Change in operating assets and liabilities (Increase) / decrease in trade and other receivables (677) (674) (Increase) / decrease in contract assets 261 (85) (Increase) / decrease in prepayments and other current assets 73 291 (Increase) / decrease in deferred tax assets (1,104) (2,174) Increase / (decrease) in trade and other payables (342) 511 Increase / (decrease) in contract liabilities 1,681 984 Increase / (decrease) in employee entitlements 355 (223) Increase / (decrease) in current tax liabilities 15 (5) Net cash flows from operating activities 8,213 2,278 28. Reconciliation of profit after income tax to net cash flow from operating activities
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78 79 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements 29. Non-cash investing and financing activities 30. Changes in liabilities arising from financing activities 31. Parent entity information The accounting policies of the parent entity, which have been applied in determining the financial information shown below, are the same as those applied in the consolidated financial statements except as set out below. Information relating to Aerometrex Limited (the Parent Entity): Guarantees entered into by the parent entity in relation to debts of its subsidiaries As at 30 June 2026, Aerometrex Limited did not have any guarantees in relation to the debts of subsidiaries (2025: nil). Contingent liabilities of the parent entity There are no contingent liabilities relating to the parent entity. Contractual commitments for the acquisition of property, plant and equipment Contractual commitments detailed in Note 25 relate to the parent entity. Value 2026 $’000 2025 $’000 Additions to / (reductions in) right-of-use assets - financed through lease liabilities (16,265) 16,479 Additions to finance lease receivables 118 - Other financial liabilities $’000 Lease liabilities $’000 Total $’000 Balance at 1 July 2025 1,896 31,686 33,582 Net cash generated from / (used in) financing activities (1,239) (3,347) (4,586) Additions to leases - 507 507 Remeasurement of leases - (16,654) (16,654) New finance contracts 555 - 555 Other changes 21 - 21 Balance at 30 June 2026 1,233 12,192 13,425 Value 2026 $’000 2025 $’000 Statement of financial position Current assets 10,620 8,713 Total assets 34,365 56,707 Current liabilities 16,620 13,086 Total liabilities 19,279 38,869 Net assets 15,086 17,838 Issued capital 33,130 33,080 Share based payments reserve 181 82 Retained earnings (18,225) (15,324) Total equity 15,086 17,838 Statement of profit or loss and other comprehensive income Profit / (loss) for the year after tax (2,924) (6,561) Total comprehensive income (2,924) (6,561) Investments in subsidiaries Investments in subsidiaries are accounted for at cost. Dividends received from subsidiaries are recognised in the profit or loss when a right to receive the dividend is established, provided that it is probable that the economic benefits will flow to the Parent and the amount of income can be reliably measured. Tax consolidation legislation Aerometrex Limited and its wholly owned Australian controlled entities are members of a tax-consolidated group under Australian tax law. The Company is the head entity within the consolidated tax group. In addition to its own current and deferred tax amounts, the Company also recognises the current tax liabilities and assets and deferred tax assets and liabilities or tax credits of members of the consolidated tax group. The head entity, Aerometrex Limited, and the controlled entities in the consolidated Group account for their own current and deferred tax amounts. These amounts are measured as if each entity in the tax consolidated group continued to be a stand- alone taxpayer in its own right. The entities have entered into a tax funding agreement under which the wholly owned entities fully compensate Aerometrex Limited for any current tax payable assumed and are compensated by Aerometrex Limited for any current tax receivable and deferred tax assets relating to unused tax losses or unused tax credits that are transferred to Aerometrex Limited under the tax consolidation legislation. The funding amounts are determined by reference to the amounts recognised in the wholly owned entities’ financial statements. The amounts receivable/payable under the tax funding agreement are due upon receipt of the funding advice from the head entity, which is issued as soon as practicable after the end of each financial year. The head entity may also require payment of interim funding amounts to assist with its obligations to pay tax instalments. Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as current amounts receivable from or payable to other entities in the Group. Any difference between the amounts assumed and amounts receivable or payable under tax funding agreement are recognised as a contribution to (or distribution from) wholly owned tax consolidation entities. 32. Subsidiary information Composition of the consolidated entity at the end of the reporting period is as follows: Name of the entity Country of incorporation and principal place of business Proportion of ownership interests held by the Group 2026 2025 Atlass- Aerometrex Pty Ltd Australia 100% 100% Aerometrex Ltd USA 100% 100% MetroMap Pty Ltd Australia 100% 100% Spookfish Australia Pty Ltd Australia 100% 100% 33. Subsequent events To the best of the Directors’ knowledge, there are no matters or circumstances that have arisen since the end of the reporting period that have significantly affected either: The operations of the Group; The results of those operations; or The state of affairs of the Group in future financial years.
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80 81 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements Basis of Preparation This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 2001 and includes required information for each entity that was part of the consolidated entity as at the end of the financial year. Consolidated entity This CEDS includes only those entities consolidated as at the end of the financial year in accordance with AASB 10 Consolidated Financial Statements (AASB 10). Determination of Tax Residency Section 295 (3A) of the Corporations Act 2001 defines tax residency as having the meaning in the Income Tax Assessment Act 1997. The determination of tax residency involves judgment as there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency. In determining tax residency, the consolidated entity has applied the following interpretations: Australian tax residency The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax Commissioner’s public guidance. Foreign tax residency Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in its determination of tax residency to ensure applicable foreign tax legislation has been complied with. Consolidated Entity As at 30 June 2026 Name of the entity Type of entity Trustee, partner, or participant in joint venture Percentage of share capital held Country of incorporation Australian or foreign tax residency Foreign tax jurisdiction(s) of foreign residents Aerometrex Ltd Body corporate N/A n/a Australia Australia N/A Atlass- Aerometrex Pty Ltd Body corporate N/A 100% Australia Australia N/A Aerometrex Ltd Body corporate N/A 100% USA Foreign USA MetroMap Pty Ltd Body corporate N/A 100% Australia Australia N/A Spookfish Australia Pty Ltd Body corporate N/A 100% Australia Australia N/A Disclosure Statement Directors' Declaration In accordance with a resolution of the Directors of Aerometrex Limited, we declare that: 1. In the opinion of the Directors: a) the financial statements and notes of Aerometrex Limited for the financial year ended 30 June 2026 are in accordance with the Corporations Act 2001, including: i. giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its performance for the year ended on that date; and ii. complying with Australian Accounting Standards and the Corporations Regulations 2001; and b) the financial statements and notes also comply with International Financial Reporting Standards as disclosed in Note 2; and c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. d) The information contained in the consolidated entity disclosure statement is true and correct. 2. This declaration has been made after receiving the declarations required to be made to the Directors by the Chief Executive Officer and Chief Financial Officer in accordance with section 295A of the Corporations Act 2001 for the financial year ended 30 June 2026. This declaration is signed in accordance with a resolution of the Directors made pursuant to section 295(5)(a) of the Corporations Act 2001. On behalf of the Directors Mark Lindh Robert Veitch Chair of the Board Managing Director and Chief Executive Officer Adelaide 27 August 2026
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82 83 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Independent Auditor’ s Report Grant Thornton Audit Pty Ltd Grant Thornton House Level 3 170 Frome Street Adelaide SA 5000 GPO Box 1270 Adelaide SA 5001 T +61 8 8372 6666 grantthornton.com.au ACN-130 913 594 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation. Independent Auditor’s Report To the Members of Aerometrex Limited Report on the audit of the financial report Opinion We have audited the financial report of Aerometrex Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2026, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its performance for the year ended on that date; and b complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Grant Thornton Audit Pty Ltd 2 Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How our audit addressed the key audit matter Impairment of assets Note 12 As at 30 June 2026, the Group's held intangible assets of $8,727,000 which comprised primarily of goodwill and capitalised datasets. In accordance with AASB 136 Impairment of Assets, management is required to perform an annual impairment assessment of goodwill and other intangible assets with indefinite useful lives. Management determined the recoverable amount of the relevant cash-generating unit (CGU) using a value-in-use model. The determination of recoverable amount requires significant judgement and estimation, including assumptions relating to future cash flows, growth rates and discount rates. This is a key audit matter due to the significance of the balance to the financial position of the Group and the significant auditor judgement involved in assessing management’s assumptions used in determining the recoverable amount of the Group's CGU. Our procedures included: • obtaining an understanding of management's process for determining the recoverable amount of the relevant cash- generating unit; • assessing the appropriateness of management's identification of the cash-generating unit to which the goodwill and capitalised datasets were allocated; • evaluating the value-in-use model for compliance with the requirements of AASB 136; • testing the mathematical accuracy of the value-in-use model; • assessing management's forecasting accuracy by comparing historical forecasts to actual results achieved; • evaluating the reasonableness of the key assumptions underpinning management's value-in-use model by: − comparing discount rates to independently derived ranges and observable market data; − assessing long-term growth rates against external economic and industry forecasts; − evaluating the basis for the terminal value assumptions applied in the model; − testing forecast cash flows by reference to historical trading results, current year performance, approved budgets and expected future initiatives; − performing sensitivity analyses over key assumptions to assess whether reasonably possible changes would result in impairment; and • evaluating the disclosures against the requirements of the Australian Accounting Standards.
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84 85 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Independent Auditor's Report Independent Auditor's Report Grant Thornton Audit Pty Ltd 3 Information other than the financial report and auditor’s report thereon The Directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the year ended 30 June 2026, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Directors for the financial report The Directors of the Company are responsible for the preparation of: a he financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 (other than the consolidated entity disclosure statement); and b the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001, and for such internal control as the directors determine is necessary to enable the preparation of: i the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ii the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the Directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf. This description forms part of our auditor’s report. Report on the remuneration report Opinion on the remuneration report We have audited the Remuneration Report included in pages 30 to 40 of the Directors’ report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Aerometrex Limited, for the year ended 30 June 2026 complies with section 300A of the Corporations Act 2001. Grant Thornton Audit Pty Ltd 4 Responsibilities The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. GRANT THORNTON AUDIT PTY LTD Chartered Accountants B K Wundersitz Partner – Audit & Assurance Adelaide, 27 August 2026
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86 87 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report MetroMap Aerial Imagery Badgerys Creek Airport, NSW, Australia 87Aerometrex Limited | 2026 Annual Report86 Aerometrex Limited | 2026 Annual Report
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88 89 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Ordinary share capital 94,990,639 fully paid ordinary shares are held by 1,554 individual shareholders. All ordinary shares carry one vote per share. Range of Units as at 7 August 2026 Range Total holders Units % Units 1 - 1,000 356 206,890 0.22 1,001 - 5,000 652 1,741,268 1.83 5,001 - 10,000 211 1,676,348 1.76 10,001 - 100,000 261 8,399,054 8.84 100,001 Over 74 82,967,079 87.34 Rounding 0.01 Total 1,554 94,990,639 100.00 Unmarketable Parcels Minimum Parcel Size Holders Units Minimum $ 500.00 parcel at $ 0.2850 per unit 1,755 510 416,276 Performance rights Performance rights do not carry a right to vote. Shareholder Information Top 20 Shareholders as at 7 August 2026 The following table shows holdings of five percent or more of voting rights in Aerometrex Limited's shares as notified to Aerometrex Limited under the Australian Corporations Act 2001, Section 671B. Range 2026 Holders 2025 Holders 2026 Performance Rights 2025 Performance Rights Executive Directors 1 - 1,850,785 - Other Key Management Personnel 3 5 654,723 924,289 Total performance rights on issue 4 5 2,505,508 924,289 Rank Name Balance as at 7 August 2026 % Units 1 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 17,347,236 18.26 2 199 INVESTMENT PTY L TD <199 INVESTMENT A/C> 12,177,927 12.82 3 MR MARK JOHN DEUTER + MRS L YNETTE GWYNEDD DEUTER <DEUTER FAMILY A/C> 6,175,269 6.50 4 MR SCOTT TOMLINSON <THE TOMLINSON FAMILY A/C> 6,000,000 6.32 5 DAIJ PTY L TD <BYRNE FAMILY A/C> 5,770,724 6.08 6 MRS MARGARET CAROLYN DARLEY <W&M PROPERTY A/C> 4,935,566 5.20 7 MRS BEATA MARIA SERAFIN + MR WOJCIECH MISIARA <SERAFIN MISIARA FAMILY A/C> 4,000,000 4.21 8 STARA INVESTMENT MANAGEMENT LIMITED <VAIL LANE FUND A/C> 2,100,000 2.21 9 PUNTERO PTY L TD 1,630,000 1.72 10 ATATURK INVESTMENTS PTY L TD 1,550,000 1.63 11 SUPERDUNOW PTY L TD <SUPERDUNOW SUPERFUND A/C> 1,475,000 1.55 12 CITICORP NOMINEES PTY LIMITED 1,156,161 1.22 13 TOMO’S SUPER PTY L TD <TOMO’S SUPER FUND A/C> 1,100,000 1.16 14 MR WARREN DARLEY + MARGARET DARLEY <DARLEY SUPER FUND A/C> 1,083,427 1.14 15 D & J BYRNE CO PTY L TD <D & J BYRNE SUPER FUND A/C> 977,272 1.03 16 MR TODD ANTHONY DUNOW + MRS JANE REBECCA SWINTON DUNOW <THE DUNOW FAMILY A/C> 925,000 0.97 17 BNP PARIBAS NOMINEES PTY L TD <HUB24 CUSTODIAL SERV L TD> 857,075 0.90 18 BENTLEYS (QLD) ADVISORY PTY L TD <BLUE BOAT INVESTMENT A/C> 800,000 0.84 19 CERTANE CT PTY L TD <BC2> 737,576 0.78 20 NATHAN WILLIAM MICHAEL 649,388 0.68 Totals: Top 20 holders of ORDINARY FULL Y PAID SHARES (Total) 71,447,621 75.22 Total Remaining Holders Balance 23,543,018 24.78 Name Units held as at 07 August 2026 % Units Perennial Value Management Limited 16,694,352 17.57 Matthew White 12,399,479 13.05 Scott Tomlinson 7,102,523 7.48 David Byrne 6,750,519 7.11 Mark Deuter 6,175,269 6.50 Margaret Darley 6,018,993 6.34
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90 91 Aerometrex Limited | 2026 Annual Report Aerometrex Limited | 2026 Annual Report Corporate Information Company Aerometrex Limited Registered Office 51-53 Glynburn Road GLYNDE SA 5070 +61 8362 9911 ABN 94 153 103 925 ACN 153 103 925 Internet Address www.aerometrex.com.au ASX Code AMX Directors Mark Lindh Independent Non-Executive Director, Chair Robert Veitch Managing Director and Chief Executive Officer Peter Foster Independent Non-Executive Director Matthew White Non-Executive Director Company Secretary Kaitlin Smith Auditor Grant Thornton Audit Pty Ltd Share Registrar Computershare Investor Services Pty Ltd Level 5, 115 Grenfell Street Adelaide SA 5000 GPO Box 2975 Melbourne VIC 3001 Telephone: 1300 556 161 MetroMap Aerial Imagery Sydney West, NSW, Australia 91Aerometrex Limited | 2026 Annual Report
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92 Aerometrex Limited | 2026 Annual Report Aerometrex Limited ACN 153 103 925 51-53 Glynburn Road GLYNDE SA 5070 AUSTRALIA T: +61 8362 9911 www.aerometrex.com.au