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ASSET VISION Building a scalable SaaS platform for critical infrastructure 1H 26 – Results Presentation For personal use only
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1H 26 HIGHLIGHTS - GROWING ARR WITH FOCUS, DISCIPLINE AND MOMENTUM ARR: +38% vs pcp to $5.2M, driven by new council wins and enterprise contract extensions SaaS Quality: Rule of 40: 55, reflecting strong growth with positive cash EBITDA Cash: $2.2M cash at bank (+121% vs pcp), providing capacity to continue investing in growth Product: Major platform and AI releases strengthened market fit and customer outcomes Customers: Multiple councils and a water utility expanded our footprint across critical infrastructure Team: Key hires across marketing and delivery, with 100% staff retention For personal use only
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1H 26 : FINANCIAL SUMMARY 1H 26 1H 25 Change (%) ARR 5,217,496 3,781,359 38% Cash at Bank 2,153,466 973,872 121% Licensing Revenue 2,388,056 1,866,380 28% Services Revenue 673,967 542,746 24% R&D Grants 545,540 496,897 10% Total Revenue 3,607,562 2,907,023 24% FTE costs 2,031,766 1,506,401 35% Non-FTE Costs 617,031 400,954 54% Total Costs 2,648,797 1,907,355 39% EBITDA Pre - Corporate 958,765 999,668 (4%) Corporate Costs 336,150 282,295 19% EBITDA 622,615 717,373 (13%) Fair Value of Shares and Options 547,739 370,975 48% Depreciation and Amortisation 196,825 195,171 1% Other (15,613 ) 21,248 (173%) PBT (106,336 ) 129,979 (182%) Tax 52,284 (36,361) (244%) NPAT (54,052) 93,618 (158%) ARR increased 38% to $5.2m with positive cash EBITDA and $2.2m cash at bank (+121% vs pcp). FTE costs increased owing to new hires, market-aligned salary adjustments, and the recognition of full-period bonus accruals in 1H26 (nil accrual 1H25). For personal use only
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ASSET VISION : MARKET INFORMATION Share Price and Volume as at 12/02/2026Capital Structure Substantial Shareholders ASX Code Share Price Market Capitalisation Shares on Issue Unlisted Options Cash at Bank 31 Dec 25 Salter Brothers MA Financial Top 20 Shareholders Board and Management ASV $0.042 $31.6M 751M 35M $2.15M 5.3% 6.1% 66.5% 22.7% For personal use only
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• The board of Asset Vision brings a wealth of experience from across technology, asset management, and financial leadership. Luke Donnellan Chairman Luke is a former member of the Victorian Parliament. He was a Labor Party Member of the Victorian Legislative Assembly from 2002 to 2022, representing Narre Warren North. Luke served as the Minister for Roads and Road Safety and Minister for Ports from December 2014 to 2018 and the Minister for Child Protection and the Minister for Disability, Ageing and Carers from December 2018 until October 2021. Peter Borden Independent Director Peter began his career as a Chartered Accountant with KPMG in Melbourne. He joined Ventia in 2016 as Chief Commercial Officer, before moving to the role of Group Executive – Transport. Prior to this, Peter held several roles at Downer over more than 18 years including Executive General Manager – Commercial and Risk, Infrastructure Division and Chief Executive Officer, Rail Division. Damian Smith Co-CEO and Director Damian co-founded Asset Vision in 2012 and continues to play an essential role in growing the platform capabilities and its client base. His entrepreneurial and technical background has seen him spend the past 20 years in the asset management technology space, growing multiple businesses servicing Enterprise, State and Local Government clients across Australia and New Zealand. Lucas Murtagh Co-CEO and Director Lucas led the acquisition of Asset Vision in 2020 and has played an integral role in its vision, strategy and branding since that time. Lucas is a career entrepreneur, founding Method Group Consulting which was a BRW Fast Starter in 2013 and subsequently acquired by RXP Services Ltd (ASX:RXP). Lucas has strong experience in ASX listed companies and capital markets. Vesna Jelesic CFO and Company Secretary Vesna has extensive experience in finance, accounting, and corporate governance, having held senior roles at Bank Australia, National Australia Bank, and KPMG before joining ASV in 2016. As CFO and Company Secretary, she oversees financial strategy, compliance, and reporting for the ASX-listed company, playing a key role in driving efficiencies and supporting growth. ASSET VISION : BOARD The board of Asset Vision brings a wealth of experience from across technology, asset management, and financial leadership. For personal use only
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OUR VISION & PURPOSE To be a global SaaS leader in enterprise asset management by making critical infrastructure easier to manage. To make asset management easy and more collaborative by building a platform teams love to use every day. For personal use only
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ONE PLATFORM FOR THE ASSET LIFECYCLE ROLE Asset Manager Asset Inspector Maintenance Worker Asset Accountant Infrastructure PM Contract Manager Emergency Services ASSET VISION BENEFITS Better planning, capital allocation and risk visibility Faster, consistent condition capture with evidence Safer, simpler field work with fewer rework loops Audit-ready asset values, depreciation and reporting Clear progress, cost and risk control across capital works Stronger visibility, compliance and performance Real-time situational awareness for rapid response PLAN INSPECT MAINTAIN FUND DELIVER GOVERN RESPOND MARKET CONTEXT: The global EAM market represents a ~US$7.2b opportunity growing at ~10–12% per annum. Ageing infrastructure, constrained budgets and higher compliance standards are increasing pressure on asset owners to do more with less while continuing to deliver critical services. PROBLEM: Too often, asset owners are forced to make decisions without a clear, trusted view of asset condition, work and cost. Information sits across legacy systems, spreadsheets and contractors, reducing visibility, complicating audits and making confident planning harder. SOLUTION: Asset Vision unifies asset owners, delivery teams and contractors on one platform, creating a trusted source of truth across the full asset lifecycle to support defensible, data-led decisions and AI insights For personal use only
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Serving public and private asset owners and maintainers across critical infrastructure, utilities and community assets, with long-term, low-churn contracts that deliver stable, recurring revenue and strong lifetime value. OUR CUSTOMERS Electel RESOURCES For personal use only
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FY26 : KEY PRIORITIES Priority 1 - Continuously enhance and strengthen our platform through focused R&D investment Priority 2 - Deliver ARR growth across our chosen asset verticals Priority 3 - Strengthen our brand and demand generation through targeted marketing Priority 4 - Align financial performance with SaaS benchmarks to drive shareholder value Priority 5 - Work with our solution partners to take best-of-breed, integrated solutions to market Priority 6 – Attract and retain top talent through structured development, recognition, and rewards Priority 7 - Pursue strategic acquisitions that strengthen our offering or expand our market reach For personal use only
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PRIORITY 1 : R&D DRIVING PLATFORM ENHANCEMENT We continuously evolve our platform to meet the changing needs of our users and the markets we operate in. Through innovation and R&D, we explore emerging technologies to unlock advanced features and capabilities. Tech Stack Rolling with technology changes to ensure our frameworks remain well supported. Core Platform Continuing to evolve and grow the general day to day functionality of the platform. Innovation Research and development of industry first, groundbreaking new features and capabilities. Integration Ensuring that we provide our clients with the right tools to manage all things AV. For personal use only
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Our view on AI is simple: it should make everyday work easier and safer, not add complexity or change how teams operate. That’s why AI in Asset Vision is built directly into the workflows people already use. REWIND AutoPilot Rewind lets you compare historical imagery over time, draw an area, track changes, and support degradation and event claims. DRIVEN BY AI AutoPilot + AI improves inspection safety, supports incident investigations and disaster recovery, and strengthens future works planning and safety audits. TOP VIEW Utilising advanced AI techniques to enhance AutoPilot’s captured imagery by generating a top-down perspective. AUTOMATIC DEFECT DETECTION LiDAR is utilised to identify and approximate defect measurements, including potholes, bleeding, cracking, edge defects, and leaning guideposts. AI BUILT INTO EVERYDAY ASSET MANAGEMENT For personal use only
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PRIORITY 2: DELIVER ARR GROWTH Electel Resources Asset Vision delivered 38% ARR growth to $5.2M in 1H26, supported by strong customer acquisition, including multiple new councils. With a strong pipeline of qualified opportunities, AV has strong forward momentum across all its core asset verticals. For personal use only
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In FY26, we stepped up investment in marketing and sales, driving a material uplift in lead quality and improving deal conversion. We will continue to invest in line with industry benchmarks to build capacity, accelerate growth, and extend our reach across priority and emerging industry verticals. PRIORITY 3: STRENGTHENING OUR BRAND LEAD GENERATION The new site is faster, easier to navigate, and better reflects our EAM and AI capabilities. It’s now a central hub for customers, prospects, and partners. CHANNEL GROWTH Our LinkedIn presence expanded with stronger engagement, consistent storytelling, and a clear focus on councils, utilities, and infrastructure. We’re reaching the right people. ESTABLISHED BRAND We refreshed our messaging, visuals, and value proposition so our story is clearer and more aligned with where the company is heading. SALES TOOLS Case studies, brochures, videos, decks and capability documents have been updated to support the sales team with a unified and professional brand. For personal use only
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These benchmarks provide a clear framework to keep us honest as we scale, measuring growth, efficiency and durability against best-practice SaaS outcomes. PRIORITY 4 : BENCHMARK SaaS PERFORMANCE AV: 38% BM: 10-20% ARR growth REVENUE % Recurring revenue AV: 78% BM: 90% ARR growth new logos AV: 89% BM: 66% Overall GM AV: 72% BM: 80% Licensing GM AV: 77% BM: 90% Cash EBITDA margin AV: 17% BM: 20% MARGIN/COST Gross retention AV: 95% BM: >90% Net retention AV: 97% BM: >110% GM Payback period AV: 9 Months BM: 12 Months OPERATIONAL Contract length AV: 3-5yrs BM: 1-3yrs AV:Enterprise BM:Enterprise Cust. concentration AV Top 10<65% BM Top 10 <25% Magic number1 AV: 1.54 BM: >1 COMMERCIAL Customer base QUALITATIVE Strong and committed management team Significant management reinvest Proven buy and build strategy Modern tech platform Best-in-class product ARR scale AV: $5.2M BM: $20M Rule of 40 (cash EBITDA) AV: 55 BM: 40 LTV:CAC AV: 13:1 BM: 3:1 For personal use only
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Partnerships like Modelve are critical to delivering end-to-end customer value. They expand deal size and embed Asset Vision deeper into long-term planning workflows. We are actively building additional partnerships to expand distribution, enhance capability, and support sustainable ARR growth. PRIORITY 5 : STRATEGIC PARTNERSHIPS Modelve is the leading asset modeling platform for strategic asset management and asset investment planning. • Optimise renewal versus maintenance timing • Model different funding and service-level scenarios • Balance risk, cost, and community expectations • Build defensible AMPs and Long-Term Financial Plans For personal use only
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PRIORITY 6 : SUPPORTING OUR PEOPLE This year we strengthened our people framework through the introduction of new Short and Long-Term Incentive Plans, aligning salaries to market, and launching our Values Program and Awards to recognise outstanding contribution. For personal use only
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PRIORITY 7 : DISCIPLINED STRATEGIC ACQUISITIONS We have assessed multiple acquisition opportunities and will remain disciplined, pursuing only those that are strategically aligned and value accretive. 1. Does the business focus on critical infrastructure asset management and maintenance? 2. Does it materially strengthen our product, customers, geographic footprint, or market reach? 4. Is the revenue model of the business based on Annual Recurring Revenue (ARR)? 6. Can we extend due diligence to cover a comprehensive technical review? 3. Can we merge the businesses and transfer all customers within 2 years? 5. Do we see material synergies, and is the transaction earnings accretive at the expected value? For personal use only
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FY26 : LOOKING FORWARD For personal use only
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Horizon 1 – Core Horizon 2 – Emerging Verticals Horizon 3 – International Industry Focus • Australian transport and local government infrastructure • Utilities and community/social infrastructure • Transport International • Global critical infrastructure and defence-related assets Growth Logic • Repeatable direct sales in proven verticals • Larger, enterprise-scale deployments across new asset classes • Global scale through platform adoption and ecosystem partners Headcount • Targeted sales leadership and account capacity aligned to proven ARR expansion • Incremental enterprise sales and delivery capacity aligned to larger, multi-year deployments • Lean global sales and partner enablement to support platform- led expansion R&D (% Rev) 20% 20% 20% S&M (% Rev) 14% increasing to 20% 20% increasing to 25% 22% G&A (% Rev) 20% 18% 16% Operating Principle • Build sales & leadership capacity ahead of demand, not product • Proactively scale sales and delivery capacity to accelerate enterprise ARR growth • Expand margins as revenue scales faster than cost growth ASSET VISION : BUILT TO SCALE A clear pathway from repeatable domestic growth to global, platform-enabled expansion. NOW FY 27-FY28 FY 29 onwards For personal use only
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Proven EAM SaaS Platform ASSET VISION : SUMMARY Our Mission: Making asset management easy and more collaborative by building a platform teams love to use every day. Large Market Opportunity Excellent SaaS Economics Experienced Team • End-to-end EAM for field-to-office workflows • AI-enabled inspections and defect identification (AutoPilot) • Fast implementation, intuitive to adopt • Infrastructure owners need better lifecycle decisions • Strong demand across councils, roads, utilities, ports and facilities • Increasing focus on compliance, resilience and funding transparency • Recurring revenue model with high customer lifetime value • Operating leverage as scale increases • Disciplined investment aligned to SaaS benchmarks • Founder-led with long-term product vision • Deep asset management and technology expertise • Experienced board, teams and stable leadership For personal use only