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FY25 Investor Presentation 25 February 2026 For personal use only
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2 Important Information The forward-looking statements included in these materials involve subjective judgement and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, Appen Limited. In particular, they speak only as of the date of these materials, they are based on particular events, conditions or circumstances stated in the materials, they assume the success of Appen Limited’s business strategies, and they are subject to significant regulatory, business, competitive, currency and economic uncertainties and risks. Appen Limited disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in these materials to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statement is based. You should monitor any announcements by the company lodged with the ASX. Nothing in these materials shall under any circumstances create an implication that there has been no change in the affairs of Appen Limited since the date of these materials. Organisation structure is subject to change. No representation, warranty or assurance (express or implied) is given or made in relation to any forward-looking statement by any person (including Appen Limited). In particular, no representation, warranty or assurance (express or implied) is given in relation to any underlying assumption or that any forward-looking statement will be achieved. Actual future events and conditions may vary materially from the forward-looking statements and the assumptions on which the forward-looking statements are based. Given these uncertainties, readers are cautioned to not place undue reliance on such forward-looking statements. To the maximum extent permitted by law, Appen disclaims all liability and responsibility (including without limitation, any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use or reliance on anything contained in, or omitted from, this presentation. Appen Limited ACN 138 878 298 - 9 Help Street, Chatswood, NSW 2067, Australia All amounts are in US$M unless stated otherwise. Some amounts may not add due to rounding. Underlying results referenced in these materials are a non-IFRS measures used by management to assess the performance of the business and are calculated from statutory measures. Non-IFRS measures are not subject to audit. For personal use only
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$230.8 million revenue in FY25 $12.2 million underlying EBITDA1 (ex FX) in FY25 Appen Global turnaround continues 3 FY25 highlights Appen China growth acceleration & momentum Continued success in high-growth Generative AI related projects Strong cash balance remains • 5.3% EBITDA margin for the year, with a strong Q4 of 18.2% • Gross margin improvement driven by greater mix of generative AI projects • Operational efficiencies achieved via technology innovation and automation • $127.9m revenue for FY25, down 21%2 vs FY24 • $5.8m underlying EBITDA (before FX) for FY25, down 36.5% on FY24 • Strong Q4 driven by ongoing success in winning generative AI related projects • 20+ industry experts added in last 12 months • Up 4.5% on FY24, excluding the impact of Google • Strong end to the year, predominantly from new projects and expansions in generative AI related projects • Majority of revenue growth and margin expansion from new and expanding generative AI projects • 44.1% of Q4 FY25 revenue from GenAI, up from 34.8% in Q4 FY24 • Cash on hand as at 31 December 2025 of $59.8m (AUD 89.5 m 3) • $10.0m annualised cost efficiencies (net of talent upgrades) executed in FY25, achieved via tech innovation and automation • $102.9m FY25 revenue, up 75% on FY24 • $10.6m underlying EBITDA (before FX) for FY25, up 640% on FY24, reflecting 10.3% EBITDA margin for the full year • Growth predominantly driven by new and expanding LLM related projects 1. Underlying EBITDA excludes restructure costs, transaction costs, and acquisition-related and one-time share-based payment expense. 2. Excludes the FY24 impact of Google contract termination 3. Converted at 31 December 2025 exchange rate of 0.6681 For personal use only
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FY25 financial performance For personal use only
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5 FY25 profit and loss snapshot 1. Excludes the FY24 impact of Google contract termination 2. Gross margin refers to revenue less crowd expenses. 3. Underlying EBITDA excludes restructure costs, transaction costs, and acquisition-related and one-time share-based payment expense. Commentary • Revenue increased 4.5%1 to $230.8 million, reflecting accelerated growth for Appen China that was partially offset by timing and volumes of large LLM projects for the Appen Global division. • Gross margin % improvement driven by growth in high priority generative AI projects across both Appen Global and Appen China. • Underlying EBITDA positively impacted by $10 million annualised cost efficiencies (net of talent upgrades) achieved via technology and automation. Approximately 70% was executed by the end of Q3 FY25 with the remainder in Q4 FY25. FY25 FY24 Change Revenue adjusted1 230.8 220.9 4.5% Appen China revenue 102.9 58.9 74.8% Appen Global revenue1 127.9 162.0 (21.1%) Group operating revenue 230.8 234.3 (1.5%) Gross margin2% 40.3% 39.3% 100 bps Underlying EBITDA3 before FX 12.2 3.5 250.8% For personal use only
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6 Group financial performance Group revenue ($M)1 Group Gross Margin2 % • $230.8 million revenue for FY25, up 4.5% on FY241 • Q4 FY25 growth on prior quarter for both Appen Global and Appen China • 40.3% gross margin for FY25, up 100 bps on FY24 • Margin improvement driven by growth in high priority generative AI projects across both Appen Global and Appen China Group underlying EBITDA3 before FX ($M) • $12.2 million underlying EBITDA before FX for FY25, up 251% on FY24 • 5.3% EBITDA margin for the year, with a strong Q4 of 18.2% • Q4 FY25 highest EBITDA quarter since 2021, driven by strong project wins and ongoing efficiencies in the business 220.9 230.8 0 50 100 150 200 250 300 FY24 FY25 39.30% 40.30% 38.0% 39.0% 40.0% 41.0% FY24 FY25 3.5 12.2 0 5 10 15 20 FY24 FY25 1.Excludes the FY24 impact of Google contract termination. 2.Gross margin refers to revenue less crowd expenses. 3.Underlying EBITDA excludes restructure costs, transaction costs, and acquisition-related and one-time share-based payment expense. For personal use only
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7 Appen Global: strong momentum in Q4, 24.6% EBITDA margin Appen Global revenue ($M) Appen Global EBITDA ($M) • $41.4 million revenue for Q4 FY25, up 56% on Q3 FY25 • $127.9 million revenue for FY25, down 21%1 vs FY24 due to lower volumes than expected for Q1 FY25 to Q3 FY25 • Q4 FY25 growth driven by new project wins, including previously announced $10 million+ generative AI opportunity that has grown faster than expected and has continued into FY26 • $5.8 million underlying EBITDA (before FX) for FY25, down 36.5% on FY24 • Expanding gross margins from an increase in generative AI projects • $10 million annualised cost efficiencies achieved across Appen Global • Strong Q4 FY25 performance, delivering $10.2 million underlying EBITDA (before FX), reflecting a 24.6% EBITDA margin for the quarter 38.3 49.0 31.6 28.2 26.6 41.4 0 10 20 30 40 50 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 1. Excludes the FY24 impact of Google contract termination. 2.6 5.7 -1.1 -2.5 -0.8 10.2 -4.0 0.0 4.0 8.0 12.0 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 For personal use only
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8 Appen China: $102.9m revenue for FY25 - 75% year on year growth Appen China revenue ($M) Appen China EBITDA ($M) • $102.9 million revenue for FY25, up 75% on FY24 • Growth predominantly driven by new and expanding LLM related projects, including supporting international expansion for Chinese tech customers • Growth continued throughout Q4 FY25, with December annualised revenue exceeding $135 million • Strong market position continues, Appen China revenue significantly larger than an established local Chinese listed competitor1 • $10.6 million underlying EBITDA (before FX) for FY25, up 640% on FY24, reflecting 10.3% EBITDA margin for the full year • Record profit performance in Q4 FY25, delivering $4.3 million underlying EBITDA (before FX), reflecting a 13.5% EBITDA margin for the quarter • Improving gross margins from greater mix of higher-margin generative AI projects and increased revenue from high-margin prebuilt datasets • Capturing scaling efficiencies due to tight opex controls as revenue expands 0.9 0.5 0.8 2.1 3.3 4.3 -1 0 1 2 3 4 5 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 15.8 17.7 18.6 23.7 28.6 32.0 0 10 20 30 40 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 1. Data Ocean (688787.SS:SHH) For personal use only
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9 Profit and loss summary 1. Excludes the FY24 impact of Google contract termination 2. Gross margin refers to revenue less crowd expenses. 3. Employee expenses per management reporting. Excludes direct project workers included in gross margin calculation (i.e. crowd expenses). 4. Non-cash expense. Excludes acquisition-related and one-time share-based payment expense. 5. All other expenses included in underlying EBITDA before FX. 6. Underlying EBITDA excludes restructure costs, transaction costs, and acquisition-related and one-time share-based payment expense. 7. Underlying NPAT excludes after tax impact of restructure costs, transaction costs, acquisition-related and one-time share-based payment expense, and amortisation of acquisition related intangibles. FY25 FY24 Change Revenue adjusted1 230.8 220.9 4.5% Revenue 230.8 234.3 (1.5%) Gross Margin2% 40.3% 39.3% 100 bps Employee expenses 3 50.2 55.1 (8.8%) Share-based payments expense4 1.3 3.2 (59.3%) Other expenses5 29.3 30.3 (3.2%) Underlying EBITDA6 before FX 12.2 3.5 250.8% Underlying EBITDA6 12.6 7.8 60.8% Underlying NPAT7 (10.3) (10.5) nm% Statutory NPAT (21.8) (20.0) nm% Commentary • Revenue increased 4.5%1 to $230.8 million, reflecting accelerated growth for Appen China that was partially offset by timing and volumes of large LLM projects for the Appen Global division • Gross margin % improvement driven by growth in high priority generative AI projects across both Appen Global and Appen China • Decrease in employee and other expenses reflects the benefit of cost efficiencies achieved by the Appen Global division through technology innovation and automation • Decrease in expenses in Appen Global partially offset by additional expense from the Appen China division to enable the delivery of strong revenue growth • Underlying NPAT improvement was minimal despite the EBITDA improvement due to an increase in non-cash amortisation • Statutory NPAT impacted by a $5.0 million acceleration of non-cash amortisation in relation to acquired platforms For personal use only
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10 Cash flow summary Commentary • Cash balance of $59.8 million (AUD 89.5 million1), up $5 million from December 2024 • Cash flow from operations of $22.4 million, positively impacted by the receipt of a payment from a major customer in the first week of January 2025 versus December 2024 as scheduled • Adjusting for the above, still results ~100% conversion of underlying EBITDA to cash flow from operations • Cash used in investing activities $3.5 million higher compared to FY24, due to slightly higher investment in product development and new facilities for the Appen China division • Cash used in financing activities of $4.9 million reflects lease payments • Cash used to fund operations and capex FY25 FY24 Receipts 246.4 231.5 Payments and other (224.0) (232.5) Cash flow from operations before interest and tax 22.4 (1.0) Net interest 0.8 0.5 Taxes (0.2) (0.1) Net cash from operating activities 23.0 (0.6) Cash flows – investing activities (16.6) (13.1) Cash flows – financing activities (4.9) 37.7 Net cash flow for the period 1.5 24.0 Opening cash balance 54.8 32.1 FX impact 3.5 (1.3) Closing cash balance 59.8 54.8 Cash flow reconciliation Underlying EBITDA 12.6 7.8 Net working capital 9.8 (8.8) Cash flow from operations before interest and tax 22.4 (1.0) Underlying EBITDA cash conversion 178% nm% 1.Converted at 31 December 2025 exchange rate of 0.6681 For personal use only
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Market opportunity and strategy For personal use only
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12 AI megatrends driving demand for Appen’s services 1. Dentsu 2026 forecast spend on digital advertising 2. McKinsey: Economic potential of Generative AI 3. Morgan Stanley. Consumer AI globalisation KEY ECONOMIC DRIVER ~$740B global digital advertising market¹ IMPLICATIONS FOR HUMAN DATA Human data needed to align models with multi-country cultural nuance Enterprise AI adoption KEY ECONOMIC DRIVER $2.6T-$4.4T annual potential across enterprise use cases² IMPLICATIONS FOR HUMAN DATA Human data needed to incorporate domain and enterprise expertise into AI models New form factors and applications KEY ECONOMIC DRIVER Humanoid and industrial robotics could be $60-100B market by early 2030s³ IMPLICATIONS FOR HUMAN DATA Human data needed to provide examples and evaluate models interacting with real world Data demand scales with model deployments For personal use only
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Appen is winning in complex areas of Generative AI Productization into consumer apps Expert Video editors for multi-modal models Domain specific coding • Previously announced $10 million opportunity delivered strong growth in Q4 2025 • Project expanded quickly due to exceeding customer quality goals • Highly aligned with Appen’s deep experience in subjective human evals and global delivery capability • Currently ongoing, with potential for long-term project duration and expansion • Domain experts to provide video editing for multi-modal image training • Large scale project with tight turnarounds • Creation of text to SQL datasets across domains, linguistic variants, and SQL complexity • Domains covered areas including health, finance and sales • Highly complex workflow enabled through Appen’s ADAP platform • Created synthetic data for enterprise scenarios Robotic data simulation • Created step-by-step instructions in world- model simulator to train humanoid robotics • Won competitive process to support development of innovative AI voice model • Beat competitors on data quality in a complex multi- language workflow • Project revenue expected to exceed $4 million in H1 FY26 Multi-speaker AI voice model training Examples of Appen projects started in Q4 2025 or to commence in Q1 2026 New team in existing frontier lab customer First >$5 million project with cloud hyperscaler First coding project with existing frontier lab customer New data modality with existing frontier lab customer First project with frontier lab 13 For personal use only
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Building a world-class team 20+ industry experts added in last 12 months Profiles of recent senior hires / promotions Go to Market Operations Workforce management Brian Jenkins VP Sales • Industry experience at Scale AI and Snorkel • Tenured tech sale exec at Salesforce and Oracle 8 new hires; with 5 from competitors and 3 from industry leaders 17 new hires; with 14 from competitors and 3 from industry leaders Jeanine Sinanan- Singh Director, GenAI Research • Operations at Surge AI • PM at Microsoft • Harvard CS 4 new hires; all coming from competitors Francisco Rivera VP workforce operations • Uber operations for marketplace and drivers • Vice President Operations at Angi 14 For personal use only
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15 A global expert workforce built for Generative AI 1M+ Workforce 100+ Domains covered 24% Masters or PhD level education 200+ Countries and cultures 500+ Languages and dialects Domain expertise across industries Thousands of verified experts in each domain Computer Science Linguistics Math Statistics Biology Chemistry Psychology Economics Finance Law Health Science Nursing Engineering Accounting Music Business Consulting Graphic Design Marketing Data Science For personal use only
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16 Appen is well positioned to capture growth at a global scale 1. Data Ocean (688787.SS:SHH) Deep track record supporting the globalization of B2C based AI models Next wave of large AI data demand is in Appen's area of expertise. Newer competitors struggle with large scale global operation. Strong market position in China Appen China revenue significantly larger than established local competitor¹. Vendor of choice for top Chinese technology companies and model builders. Infusing 30-year expertise with new tech- forward capabilities Combining Appen's 30-year legacy and expertise with deep technical capabilities required for the next phase of AI. Scalable and robust technology platforms Products and processes built to scale and adapt with customer requirements. Technology key to continued operational efficiencies. For personal use only
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2026 focus and outlook statement For personal use only
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18 2026 focus: continued execution to capture growth in our core market 1. Data quality Relentless pursuit of high data quality, the north star for all areas of operations, technology and talent 2. Customer growth Hyper go-to-market focus on market segments with highest account potential, predominantly hyper- scalers and foundation model builders 3. New data segments Expand into data modalities and techniques through co-innovation with customers 4. Operational efficiency Continued technology-led efficiencies across operations For personal use only
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19 FY26 outlook & guidance The Company remains confident on the AI data market, and the potential for Appen to meaningfully contribute to the development of leading foundation models. The Company continues to see positive signals on LLM related growth including from Appen Global and Appen China customers. Tight cost controls remain in place, in keeping with the Company’s focus on managing costs in line with the revenue opportunity. As in previous years, Appen Global revenue continues to be mostly derived from project-based work and seasonality skews revenue to H2. Considering this, Appen provides the following FY26 group guidance: Revenue of $270 - $300 million; and Underlying EBITDA1 (before FX) margin of ~5-10% 1. Underlying EBITDA excludes restructure costs, transaction costs, and acquisition-related and one-time share-based payment expense. For personal use only
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Appendix For personal use only
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21 Appendix 1: Appen operating and reporting segments Appen ChinaAppen Global This segment represents all operations outside of the China Group. All project types and data modalities Corporate unallocated costs are not included in this segment (listing fees, directors fees etc. that are not applicable to operating the segment) This segment represents the China Group operations and includes China, Japan and Korea customers. All project types and data modalities Operating and reporting segments have been updated from FY25 to reflect how business performance is currently assessed and how decisions are made. For personal use only
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22 Appendix 2: Balance sheet Commentary • Cash balance of $59.8 million (AUD 89.5 million1), up $5 million from December 2024 due to strong cash flow from operating activities. • Receivables and contract assets combined decreased $12 million predominately due to timing of customer receipts. • Current liabilities $3.5 million higher mainly due to an increase in contract liabilities aligned to the growth of the Appen China segment and timing of trade & other payables. • Non-current liabilities $1.9 million lower due to a decrease in lease liabilities. Dec 2025 Dec 2024 Cash 59.8 54.8 Receivables 36.5 46.7 Contract assets 17.9 19.7 Other current assets 8.5 8.0 Non-current assets 29.8 41.4 Total assets 152.5 170.6 Current liabilities 47.4 43.9 Non-current liabilities 10.5 12.4 Total liabilities 57.9 56.3 Net Assets 94.6 114.3 Total equity 94.6 114.3 1.Converted at 31 December 2025 exchange rate of 0.6681 For personal use only
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23 Appendix 3: Investment in product development Commentary • $19.0 million investment in product development during FY25 • ~61% of spend capitalised, up on FY24 due to increased effort on development vs. maintenance during the period. 8.2% of revenue reinvested in product development • FY26 investment in product development expected to be contained within existing product and engineering spend • While the quantum of product development is now lower than historical levels, Appen remains committed to the development of industry-leading products and tools to deliver high quality data for our customers, including supporting generative AI Investment in product development¹ Product development (exc. amortisation) as a % of revenue FY23 FY24 FY25 1.Product development relates to investment in engineering to ensure our AI data platform and tools support our clients and their use cases, drive efficiencies and scale. These amounts exclude amortization expense. 16.8 8.3 7.5 17.8 11.3 11.5 34.6 19.6 19.0 61% capitalised 39% expensed 12.7% 8.4% 8.2% For personal use only
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24 Appendix 4: Reconciliation between statutory and underlying results 1. Underlying results are a non-IFRS measure used by management to assess the performance of the business and have been calculated from statutory measures. Non-IFRS measures have not been subject to audit. Underlying EBITDA excludes restructure costs, transaction costs, and acquisition- related and one-time share-based payments expense. 2. EBIT is defined as earnings before interest and tax. 3. EBITDA is EBIT before depreciation and amortisation. Year ended Year ended 31-Dec-25 31-Dec-24 $000 $000 Underlying net loss after tax (NPAT) 1 (10,328) (10,546) nm% Less underlying adjustments (net of tax) Amortisation of acquisition-related identifiable intangible assets (9,130) (6,140) Restructure costs (2,314) (2,273) Transaction costs (46) (166) Acquisition-related and one-time share-based payments - (884) Statutory NPAT (21,818) (20,009) nm% Add: tax benefit 38 16 Add/(less): net interest (income)/expense (74) 335 EBIT2 (21,854) (19,658) nm% Add: depreciation and amortisation 31,330 23,320 Statutory EBITDA3 9,476 3,662 159% Add: underlying adjustments Restructure costs 3,035 3,039 Transaction costs 66 234 Acquisition-related and one-time3 share-based payments - 884 Underlying EBITDA1 12,577 7,819 61% Net foreign exchange gain 416 4,345 Underlying EBITDA excluding FX 1 12,161 3,474 251% Statutory diluted earnings per share (cents) (8.25) (8.74) Underlying diluted earnings per share (cents) (3.91) (4.61) % Statutory EBITDA/sales revenue 4.1% 1.6% % Underlying EBITDA/sales revenue 5.4% 3.3% Change For personal use only
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25 Thank you For personal use only