Annual report
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ASSET VISION / ANNUAL REPORT 25–26 Annual report 2025-26 Connected asset intelligence Real-world impact ASSET VISION CO LIMITED ASX: ASV Enterprise Asset Management for essential infrastructure
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ASSET VISION / ANNUAL REPORT 25–26 Visibility across integrated transport infrastructure, roads, runways & ports Transport Helping councils manage assets with confidence, consistency & control Civic & Community
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ASSET VISION / ANNUAL REPORT 25–26 Enterprise Asset Management for essential infrastructure Supporting reliable performance across essential utility networks Utilities Oversight of the buildings & places our communities depend on Social Infrastructure
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ASSET VISION / ANNUAL REPORT 25–26 To make asset management easy and more collaborative by building a platform teams love to use every day. To be a global SaaS leader in enterprise asset management by making critical infrastructure easier to manage. OUR MISSION OUR VISION
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ASSET VISION / ANNUAL REPORT 25–26 Infrastructure intelligence, made practical. BUILT IN AUSTRALIA Ready for the world Built around the work. Growing with our customers. WHERE WE BEGAN Co-founded in 2011 by Damian Smith, Asset Vision began by digitising road inspections and working side by side with field crews to understand the realities of maintain - ing infrastructure. That practical beginning still shapes how we design, build and support the platform today. WHAT THE PLATFORM CONNECTS Asset Vision brings asset registers, inspections, defects, maintenance, capital works, contractors, compliance and reporting into one shared system. Cloud-native architecture, map-based workflows and mobile capa - bility keep field and office teams working from the same information. FROM DATA TO ACTION AutoPilot, AI-supported workflows, dashboards and integrations help organisations identify issues earlier, coordinate work faster and turn operational data into confident decisions. The result is clearer priorities, stron - ger governance and less administrative friction across the asset lifecycle. WHO WE SERVE TODAY Today, Asset Vision supports asset owners, operators and service providers across Transport, Civic and Com - munity, Utilities and Social Infrastructure. Our customers manage the roads, public places, networks and facilities that communities rely on every day. WHY CUSTOMERS CHOOSE US Customers want more than another software system. They value a responsive partner that understands the operating environment, works through complexity with them and keeps the product evolving. Renewals and deeper adoption reflect relationships designed for the long haul. WHERE WE ARE GOING Our ambition is global, but our approach remains grounded: make asset management easier, make collaboration more natural and build technology that works in real conditions. We are scaling the platform, our sector expertise and our customer partnerships with discipline. Asset Vision is an Australian publicly listed technology company building a connected enterprise asset management platform for the people who plan, operate and maintain essential infrastructure. OUR STORY / BUILT FROM THE FIELD UP ONE PLATFORM / FOUR ESSENTIAL INFRASTRUCTURE SECTORS 01 TRANSPORT Roads, runways and ports 02 CIVIC & COMMUNITY Councils and public assets 03 UTILITIES Essential networksassets 04 SOCIAL INFRASTRUCTURE Places people rely on FROM ONE FIELD CHALLENGE TO ONE CONNECTED PLATFORM Built alongside field crews. Evolved around the asset lifecycle. Road inspections digitised Enterprise Asset Management 2011 today
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ASSET VISION / ANNUAL REPORT 25–26 DEAR FELLOW SHAREHOLDERS FY26 was the year Asset Vision demonstrated that its plat - form could scale beyond its transport foundation. We closed with Annual Recurring Revenue of $6.45 million, up 46 percent, strengthened our contracted revenue profile, established a Social Infrastructure vertical and expanded across utilities, marine and local government infrastructure. OUR MARKET AND OUR POSITION Fortune Business Insights estimates the global enterprise asset management market at US$7.29 billion in 2026 and projects annual growth of 10.7 percent through 2034. Infra - structure is ageing, budgets are constrained and compliance standards are rising, yet asset owners must make consequen - tial decisions without a trusted view of asset condition, work and cost. Asset Vision brings owners, delivery teams and con - tractors together on one platform, creating a single source of truth across the asset lifecycle. EXPANSION BEYOND TRANSPORT The defining development of FY26 was the breadth of our customer wins. Homes NSW selected our platform to support the planning and management of 150,000 social housing dwellings under an initial three-year agreement, establishing a new Social Infrastructure vertical. Tasmania’s Department of State Growth and Marine and Safety Tasmania expand - ed our state government footprint into roads and marine assets. Ventia and Fulton Hogan selected Asset Vision for their newly awarded Victorian Road Maintenance Contracts, with four-year base terms from 1 July 2026. Westernport Water deepened our position in utilities, and we welcomed nine new councils across four states. These wins show that capabilities proven across complex transport networks can be applied to housing, water, ma - rine and community infrastructure. They also strengthen and lengthen our contracted revenue profile, with most agree- ments carrying three- to five-year terms. FINANCIAL PERFORMANCE Annual Recurring Revenue closed at $6.45 million, up 46 percent from $4.4 million at 30 June 2025. This reflects strong new customer acquisition and expansion within our existing customer base. EBITDA was $0.66 million, while cash at bank at 30 June 2026 was $2.35 million, 53.5 percent higher than a year earlier. Our balance sheet provides capacity to invest in growth while maintaining financial flexibility. Net revenue retention was 110.4 percent, meaning existing customers spent more with us than last year, even after churn. For a government and enterprise SaaS business, this is an important indicator of customer value and expansion. PRODUCT AND PARTNERSHIPS Our approach to AI is practical: it should make everyday work easier and safer without adding complexity. AutoPilot’s de- tection capability broadened materially, expanding the range of defects identified and classified automatically. Device enhancements also increased the types of data cap - tured in the field. Asset Vision also became an approved connector on ChatGPT and Claude. Customers can interrogate their asset data in plain language and surface insights without com - missioning a report. This puts answers in front of the people who need them and provides a foundation for increasingly automated workflows and actions within Asset Vision LEADERSHIP AND PEOPLE We restructured the organisation around our industry verticals. Each is led by an experienced, customer- and growth-focused leader responsible for growth, delivery and profitability. Finance and Operations and Marketing operate as shared services, while Product and Technology remains with our Co-Founder and Co-CEO. This places accountability close to customers while retaining organisational scale. We also strengthened our people framework through new Short- and Long-Term Incentive Plans, market-aligned sal - aries, and a Values Program and Awards recognising out - standing contribution. On behalf of the Board, we thank every member of the Asset Vision team for the standard they set. OUTLOOK Asset Vision enters FY27 from a materially stronger position. The Victorian Road Maintenance Contracts commenced on 1 July 2026, the Homes NSW deployment will scale through the year, and our qualified pipeline spans every core vertical. Horizon 1—Australian transport and infrastructure—remains our foundation. The sales motion is proven and repeatable. Our first FY27 objective is to deliver our FY26 wins to a stan - dard that turns new customers into reference customers and creates expansion revenue. Horizon 2 is our next phase of growth. Across FY27 and FY28, we will scale the Utilities and Social Infrastructure verticals into larger enterprise deployments and extend our geographic reach. This includes building on our footprint in Tasmania, New South Wales and Western Australia and taking our transport capability into international markets. Both horizons will be supported by disciplined investment in sales, product, and research & development. Our vision is to be a global SaaS leader in enterprise asset management by making essential infrastructure easier to manage. FY26 demonstrated that this strategy is working. We thank our shareholders for their trust, our customers for their partnership and our team for making this year possible. LUKE DONNELLAN Chairman DAMIAN SMITH Co-Founder and Co-CEO, Product and Technology LUCAS MURTAGH Co-CEO, Growth and Corporate Development A stronger foundation. A clearer path to scale. FY26 was a year of purposeful progress. We strengthened recurring revenue, broadened our customer base and sharpened our focus on the sectors where Asset Vision can create the greatest long-term value. CHAIRMAN AND CO-CEO REPORT / YEAR IN REVIEW
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ASSET VISION / ANNUAL REPORT 25–26 A stronger recurring base. More capacity to invest. Growth, liquidity and customer diversity all moved in the right direction during FY26. FY26 AT A GLANCE / GROWTH THAT COMPOUNDS New customers, renewals and wider platform adoption created a larger recurring revenue base for future growth. A stronger liquidity position provides greater capacity to invest for scale. Less reliance on the largest relationships. down from 50.1% Growth across both revenue streams. Revenue from ordinary activities grew as the recurring base and customer delivery both expanded. Positive cash generation supported continued investment in product, delivery and sector-focused growth. $4.42M FY25 $6.45M FY26 +46% year-on-year +53.5% year-on-year TOP-THREE CONCENTRATION LICENSING / +25.9% PROFESSIONAL SERVICES / +60.2% +32.7% year-on-year NET OPERATING CASH FLOW NET ASSETS IMPROVEMENT IN NET LOSS ANNUAL RECURRING REVENUE CASH AT 30 JUNE 2026 BROADER CUSTOMER BASESALES REVENUE MIXSALES REVENUE INVESTING FROM A STRONGER BASE $6.45M $2.35M 35.8%$5.07M $1.60M $6.67M $0.92M $5.55M 30.0% Investment ahead of scale builds the foundations for sustainable recurring revenue growth. Growth that strengthens the base. INVESTOR READ-THROUGH
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ASSET VISION / ANNUAL REPORT 25–26 The way we work matters. One way of working. How we work is part of what we deliver. Five principles shape how we design, deliver and grow. They guide the choices we make, the partnerships we build and the value we create together. OUR VALUES / HOW WE WORK PRINCIPLES 05 ASSET VISION / ANNUAL REPORT 25–26
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ASSET VISION / ANNUAL REPORT 25–26 Values made practical. Clear principles for the platform we build, the relationships we keep and the decisions we make. FIVE PRINCIPLES / ONE WAY OF WORKING 01 Intuitive by design We turn complexity into simplicity so infrastructure decisions are confident, fast and data-informed. 02 Always innovating We challenge the status quo with evolving technology. 03 Reliable and trustworthy Our customers rely on us because our platform and people deliver on what matters. 04 Here for the long haul We work side-by-side with clients, partners and teammates to create long-term value. 05 Built for the real world Built for real conditions and real constraints, across the whole asset lifecycle.
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ASSET VISION / ANNUAL REPORT 25–26 Financial report 2025-26 For the year ended 30 June 2026 ASSET VISION CO LIMITED ASX: ASV Enterprise Asset Management for essential infrastructure ASSET VISION / ANNUAL REPORT 25–26
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Asset Vision Co Limited Appendix 4E Preliminary final report 1. Company details Name of entity: Asset Vision Co Limited ABN: 50 164 718 361 Reporting period: For the year ended 30 June 2026 Previous period: For the year ended 30 June 2025 2. Results for announcement to the market $ Revenues from ordinary activities up 32.7% to 6,668,955 Loss from ordinary activities after tax attributable to the members of Asset Vision Co Limited down 30.0% to (269,886) Loss for the year attributable to the members of Asset Vision Co Limited down 30.0% to (269,886) 2026 2025 Cents Cents Basic earnings per share (0.036) (0.052) Diluted earnings per share (0.036) (0.052) Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The loss for the Group after providing for income tax amounted to $269,886 (30 June 2025: $385,797). The Group delivered another year of strong growth, with Annual Recurring Revenue (ARR) increasing 46.0% to a record $6.45 mil lion (2025: $4.42 million). The increase reflects continued customer acquisition, contract renewals and increased adoption of the Asset Vision platform by existing customers, providing a larger recurring revenue base to support future growth. Total revenue increased 30.7% to $7.22 million (2025: $5.52 million), driven by a 25.9% increase in licensing revenue to $5.07 million and a 60.2% increase in professional services revenue to $1.60 million as customer implementation activity increased. Operating expenses increased 39.1% to $5.93 million as the Group continued to invest in product development, customer deliver y capability and sales resources to support future growth. The increase also reflects higher employee incentive costs, with sho rt-term incentive bonuses accrued at 100% of target following the achievement of performance targets, compared with 50% in the prior year. Despite these investments and higher incentive costs, EBITDA remained stable, demonstrating the resilience of the Group's operating performance while continuing to invest for long-term growth. The Group reported a net loss after tax of $269,886 (2025: loss of $385,797), representing a 30.0% improvement on the prior y ear. The result includes significant non-cash expenses relating to share-based payments, depreciation and amortisation. Net cash generated from operating activities was $915,030 (2025: $1.33 million). The reduction from the prior year primarily reflects increased working capital associated with the Group's strong revenue growth, including higher trade receivables and contra ct assets arising from increased customer activity. Despite this, the Group strengthened its financial position during the year, with c ash and cash equivalents increasing 53.5% to $2.35 million at 30 June 2026 (2025: $1.53 million). The Directors remain focused on expanding the Group's recurring revenue base, further commercialising the AutoPilot product suite and delivering sustainable long-term growth while maintaining a disciplined approach to capital management. Please refer to the company's Results Presentation released via the ASX Market Announcements Platform on 26 August 2026 for further information.
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Asset Vision Co Limited Appendix 4E Preliminary final report 3. Net tangible assets Reporting period Previous period Cents Cents Net tangible assets per ordinary security 0.20 0.10 4. Control gained over entities Not applicable. 5. Dividends Current period There were no dividends paid, recommended or declared during the current financial period. Previous period There were no dividends paid, recommended or declared during the previous financial period. 6. Dividend reinvestment plans There was no dividend reinvestment plan in operation during the financial year. 7. Details of associates and joint venture entities Not applicable. 8. Foreign entities Details of origin of accounting standards used in compiling the report: Not applicable. 9. Audit / review status Details of audit/review dispute or qualification (if any): This Appendix 4E is based on the attached financial report. The financial report has been audited and contains an unmodified independent audit report. 10. Attachments Details of attachments (if any): All information requiring disclosure to comply with listing rule 4.3A is contained in this report and the Annual Report (attached) for Asset Vision Co Limited for the year ended 30 June 2026, including the signed Auditor's Report.
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Asset Vision Co Limited Appendix 4E Preliminary final report 11. Signed Signed ___________________________ Date: 26 August 2026 Lucas Murtagh Managing Director Melbourne
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Asset Vision Co Limited ABN 50 164 718 361 Annual Report - 30 June 2026
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Asset Vision Co Limited Corporate directory 30 June 2026 1 Directors Luke Donnellan (Non-Executive Chairman) Peter Borden (Non-Executive Director) Lucas Murtagh (Managing Director) Damian Smith (Managing Director) Company secretary Vesna Jelesic Notice of annual general meeting The details of the annual general meeting of Asset Vision Co Limited are: The Annual General Meeting will be held on 22 October 2026 at the following address: Suite 4 799 Springvale Road Mulgrave, Victoria 3170 Australia Registered office Suite 4, 799 Springvale Road, Mulgrave VIC 3170 Principal place of business Suite 4, 799 Springvale Road, Mulgrave VIC 3170 Share register Boardroom Pty Limited ABN 14 003 209 836 Ground Floor, 379 Collins Street Melbourne VIC 3000 Phone: 1300 737 760 Auditor HLB Mann Judd (VIC) Partnership Level 9, 550 Bourke Street Melbourne VIC 3000 Solicitors Aitken Partners Level 28 140 Williams Street Melbourne VIC 3000 Bankers Australia and New Zealand Banking Group Limited (ANZ) Stock exchange listing Asset Vision Co Limited shares are listed on the Australian Securities Exchange (ASX code: ASV) Website www.assetvision.com.au
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Asset Vision Co Limited Directors' report 30 June 2026 2 The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Asset Vision Co Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2026. This financial report has been prepared in accordance with Australian Acc ounting Standards. D irectors The following persons were Directors of Asset Vision Co Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Non-Executive Directors Executive Directors Mr Luke Donnellan Mr Lucas Murtagh Mr Peter Borden Mr Damian Smith P rincipal activities During the financial year the principal continuing activities of the Group consisted of the development and sale of the Asset Vision platform - an Australian-built, cloud-based asset and works management system with native GIS capabilities. The platform as sists asset owners and their service providers across sectors such as Transport, Local Government, Ports & Marine, Utilities, and Facilit ies Management to plan, inspect, maintain, and manage critical infrastructure more easily and collaboratively. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Review of operations The loss for the Group after providing for income tax amounted to $269,886 (2025: $385,797). This represents a loss for the period between 1 July 2025 to 30 June 2026 for the parent and operating entities. Please refer to the Company's Results Presentation released via the ASX Market Announcements Platform on 26 August 2026 for further information. S ignificant changes in the state of affairs There were no significant changes in the state of affairs of the Group during the financial year. M atters subsequent to the end of the financial year No matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years. L ikely developments and expected results of operations To further improve the consolidated group's business performance and maximise shareholder return, the following developments are intended for implementation in the near future: ● Continue to grow the Asset Vision platform organically by deepening engagement within our existing client base and expanding into new sectors across essential infrastructure. ● Enhance our product with new features that support broader use across verticals such as Transport, Civic and Community, Utilities and Social Infrastructure. ● Expand our go-to-market footprint through investment in sales, marketing, and customer delivery. ● Build strategic partnerships and technology integrations to accelerate adoption and deliver end -to-end value across the asset lifecycle. These developments are aligned with the Group’s mission to be a global SaaS leader in enterprise asset management and to make the management of critical infrastructure easier, smarter, and more collaborative. En vironmental regulation The Group is not subject to any significant environmental regulation under Australian Commonwealth or State law.
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Asset Vision Co Limited Directors' report 30 June 2026 3 Information on Directors Name: Mr Luke Donnellan Title: Chairman Date of appointment: 1 July 2023 (Non-executive Director); 26 October 2023 (Chairman) Qualifications: Bachelor of Commerce and Economics from University of Melbourne Experience and expertise: Luke is a former state member of parliament and served as the Minister for Roads, Ports and Road Safety in the first Andrews Government and was responsible for the commissioning of The West Gate Tunnel and Northeast Link Projects, along with the leasehold sale of the Port of Melbourne. In the second term of the Andrews Government, he served as the Minister for Child Protection Disability and Aged Care. Prior to entering Parliament, Luke worked in the finance & commercial real estate and strategic facility p lanning sectors. Today Luke sits on various social service provider boards and works in government relations. Other current directorships: None Former directorships (last 3 years): Traffic Technologies Ltd Special responsibilities: Chair of the Remuneration & Nomination Committee and a member of the Audit & Risk Management Committee. Interests in shares: 5,000,000 Interests in options: 10,000,000 Name: Mr Peter Borden Title: Non-Executive Director Date of appointment: 1 July 2024 Qualifications: Peter holds degrees in Economics, Law and Business Administration, is a Fellow Chartered Accountant, a member of the Australian Institute of Company Directors and has completed the Columbia Business School Senior Executive Program in New York Experience and expertise: Peter began his career as a Chartered Accountant with KPMG in Melbourne before spending more than 30 years in engineering, construction and operations and maintenance organisations. 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, Group Deputy Chief Operating Officer and Chief Executive Officer, Rail Division. Other current directorships: None Former directorships (last 3 years): None Special responsibilities: Chair of the Audit & Risk Management Committee and a member of the Remuneration & Nomination Committee. Interests in shares: 5,000,000 Interests in options: 10,000,000 Name: Mr Lucas Murtagh Title: Executive Director Date of appointment: 20 March 2023 Qualifications: Bachelor of Applied Science (Statistics and Operations Research) Experience and expertise: Lucas is a career entrepreneur, founding multiple businesses since commencing his career in actuarial at National Mutual. He co -founded Method Group Consulting which was a BRW Fast Starter and subsequently acquired by RXP Services Ltd (ASX:RXP) in 2013. In 2018 he acquired and relaunched Farmbuy.com, helping guide it to become a highly recognised brand in Australia, with over 1 million unique visitors every year. Lucas led the acquisition of Asset Vision in 2020 and has played an integral role in driving it s vision, strategy, and branding. Lucas has strong experience in ASX listed companies and capital markets and has consulted to many of Asset Vision’s clients including Victoria’s Department of Transport and Ventia. Other current directorships: None Former directorships (last 3 years): None Special responsibilities: Member of the Audit & Risk Management Committee and Remuneration & Nomination Committee. Interests in shares: 77,657,638 Interests in rights: 8,236,569
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Asset Vision Co Limited Directors' report 30 June 2026 4 Name: Mr Damian Smith Title: Executive Director Date of appointment: 20 March 2023 Experience and expertise: Damian co-founded Asset Vision in 2011 and continues to guide the platform’s growth, steering both its technical direction and expanding market presence. With 25 years in the asset management technology space, he has successfully built and scaled businesse s and brings a blend of entrepreneurial drive and real -world experience to the continuous evolution of the Asset Vision platform. Other current directorships: None Former directorships (last 3 years): None Special responsibilities: Member of the Remuneration & Nomination Committee. Interests in shares: 80,500,000 Interests in rights: 8,236,569 'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of a ll other types of entities, unless otherwise stated. 'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and ex cludes directorships of all other types of entities, unless otherwise stated. Company Secretary The following person held the position of Company Secretary at the end of the financial year: Mrs Vesna Jelesic Vesna holds a Bachelor of Commerce with majors in Accounting and Finance, Management and Commercial Law from Deakin University and is a Certified Practising Accountant. Vesna joined the Company in 2016 as General Manager – Finance and Administration, bringing over 25 years' experience in finance, corporate governance and business administration gained through senior roles with Bank Australia, National Australia Bank and KPMG. In 2020, she was appointed Chief Financial Officer and Company Secretary. In these roles, Vesna oversees the Group's finance function, corporate governance framework, statutory reporting, regulatory compliance and company secretarial responsibilities. Meetings of Directors The number of meetings of the Company's Board of Directors ('the Board') and of each Board committee held during the year end ed 30 June 2026, and the number of meetings attended by each Director were: Full Board Remuneration & Nomination Committee Audit & Risk Management Committee Attended Held Attended Held Attended Held Luke Donnellan 11 11 2 2 2 2 Peter Borden 11 11 2 2 2 2 Lucas Murtagh 11 11 2 2 2 2 Damian Smith 11 11 2 2 - - Held: represents the number of meetings held during the time the Director held office or was a member of the relevant committ ee. Remuneration report (audited) The Directors present the Group's 2026 audited remuneration report which details the remuneration information for Asset Visio n Co Limited's Executive Directors, Non-Executive Directors, and other key management personnel. The remuneration report details the key management personnel remuneration arrangements for the Group, in accordance with the requirements of the Corporations Act 2001 and its Regulations. 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.
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Asset Vision Co Limited Directors' report 30 June 2026 5 The remuneration report is set out under the following main headings: ● Principles used to determine the nature and amount of remuneration ● Details of remuneration ● Service agreements ● Share-based compensation ● Additional information ● Additional disclosures relating to key management personnel Principles used to determine the nature and amount of remuneration The objective of the Group's executive reward framework is to ensure reward for performance is competitive and appropriate fo r the results delivered. The framework aligns executive reward with the achievement of strategic objectives and the creation of val ue for shareholders, and it is considered to conform to the market best practice for the delivery of reward. The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward governance practices: ● competitiveness and reasonableness ● acceptability to shareholders ● performance linkage / alignment of executive compensation ● transparency The Remuneration and Nomination Committee is responsible for determining and reviewing remuneration arrangements for its Directors and executives. The performance of the Group depends on the quality of its Directors and executives. The remuneration philoso phy is to attract, motivate and retain high performance and high quality personnel. In consultation with external remuneration consultants (refer to the section 'Use of remuneration consultants' below), the Remuneration and Nomination Committee has structured an executive remuneration framework that is market competitive and complementary to the reward strategy of the Group. The reward framework is designed to align executive reward to shareholders' interests. The Board has considered that it shoul d seek to enhance shareholders' interests by: ● focusing on sustained growth in shareholder wealth, consisting of dividends and growth in share price, and delivering constan t or increasing return on assets as well as focusing the executive on key non -financial drivers of value ● attracting and retaining high calibre executives Additionally, the reward framework should seek to enhance executives' interests by: ● rewarding capability and experience ● reflecting competitive reward for contribution to growth in shareholder wealth ● providing a clear structure for earning rewards 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. 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. Non-executive Directors do not receive bonus payments or other incentives. Executive remuneration The Group aims to reward executives based on their position and responsibility, with a level and mix of remuneration which ha s both fixed and variable components. The executive remuneration and reward framework has four components: ● base pay and non-monetary benefits ● short-term performance incentives ● share-based payments ● other remuneration such as superannuation and long service leave
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Asset Vision Co Limited Directors' report 30 June 2026 6 The combination of these comprises the executive's total remuneration. Fixed remuneration, consisting of base salary, superannuation and non- monetary benefits, are reviewed annually by the Remuneration and Nomination Committee based on individual and business unit performance, the overall performance of the Group and comparable market remunerations. Executives may receive their fixed remuneration in the form of cash or other fringe benefits (for example motor vehicle benefits) where it does not create any additional costs to the Group and provides additional value to the executive. The short-term incentives ('STI') program is designed to align the targets of the Group with the performance hurdles of executives. STI payments are granted to executives based on specific annual targets and only become payable on achievement of pre -determined performance hurdles. Performance and incentive outcomes are based on the results of financial measures which reflect the Grou p's business strategy. The long-term incentives ('LTI') include long service leave and share- based payments. Performance Rights are awarded to executives over a three-year period based on an increase in Total Shareholder Return. The Remuneration and Nomination Committee undertoo k a review of the long -term equity -linked performance incentives for executives during FY25, with no changes made during the current reporting period. The Remuneration and Nomination Committee is of the opinion that the continued improved results can be attributed in part to the adoption of performance -based compensation and is satisfied that this improvement will continue to increase shareholder wealth if maintained over the coming years. Use of remuneration consultants The Group did not engage any remuneration consultants to provide remuneration recommendations during the financial year ended 30 June 2026. Voting and comments made at the Company's 2025 Annual General Meeting ('AGM') At the AGM held on 23 October 2025, 94% of the votes received supported the adoption of the remuneration report for the year ended 30 June 2025. The Company did not receive any specific feedback at the AGM regarding its remuneration practices. Details of remuneration Amounts of remuneration Details of the remuneration of key management personnel of the Group are set out in the following tables. The key management personnel of the Group consisted of the following Directors of Asset Vision Co Limited: ● Luke Donnellan ● Peter Borden ● Lucas Murtagh ● Damian Smith And the following person: ● Vesna Jelesic, Chief Financial Officer and Company Secretary
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Asset Vision Co Limited Directors' report 30 June 2026 7 Short-term benefits Post- employment benefits Long-term benefits Share-based payments Cash salary Non- Super- Long service Equity- and fees Bonus monetary annuation leave settled Total 2026 $ $ $ $ $ $ $ Non-Executive Directors: Luke Donnellan 53,812 - - 6,457 - 45,000 105,269 Peter Borden 53,812 - - 6,457 - 45,000 105,269 Executive Directors: Lucas Murtagh 237,556 159,638 - 28,507 2,942 158,854 587,497 Damian Smith 237,556 159,638 - 28,507 5,461 158,854 590,016 Other Key Management Personnel: Vesna Jelesic 252,000 84,672 - 30,240 6,244 46,017 419,173 834,736 403,948 - 100,168 14,647 453,725 1,807,224 Short-term benefits Post- employment benefits Long-term benefits Share-based payments Cash salary Non- Super- Long service Equity- and fees Bonus monetary annuation leave settled Total 2025 $ $ $ $ $ $ $ Non-Executive Directors: Luke Donnellan 53,812 - - 6,188 - 22,000 82,000 Peter Borden 53,812 - - 6,188 - 127,000 187,000 Executive Directors: Lucas Murtagh 227,144 75,949 - 26,018 1,861 26,241 357,213 Damian Smith 227,144 75,949 - 26,018 4,041 26,241 359,393 Other Key Management Personnel: Vesna Jelesic 254,746 26,760 - 29,192 11,170 23,284 345,152 816,658 178,658 - 93,604 17,072 224,766 1,330,758
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Asset Vision Co Limited Directors' report 30 June 2026 8 The proportion of remuneration linked to performance and the fixed proportion are as follows: Fixed remuneration At risk - STI At risk - LTI Name 2026 2025 2026 2025 2026 2025 Non-Executive Directors: Luke Donnellan 57% 73% - - 43% 27% Peter Borden 57% 32% - - 43% 68% Executive Directors: Lucas Murtagh 46% 72% 27% 21% 27% 7% Damian Smith 46% 72% 27% 21% 27% 7% Other Key Management Personnel: Vesna Jelesic 69% 85% 20% 8% 11% 7% The proportion of the cash bonus paid/payable or forfeited is as follows: Cash bonus paid/payable Cash bonus forfeited Name 2026 2025 2026 2025 Executive Directors: Lucas Murtagh 100% 50% - 50% Damian Smith 100% 50% - 50% Other Key Management Personnel: Vesna Jelesic 100% 50% - 50% Service agreements Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details of thes e agreements are as follows: Name: Damian Smith Title: Co-CEO Product and Technology Agreement commenced: 1 July 2026 Term of agreement: Ongoing Details: Base salary of $350,000 exclusive of superannuation Short term incentive (STI) of up to 60% of annual base salary paid in cash if annual targets approved by the Board are met. Long term incentive (LTI) of 40% of annual base salary paid in the form of performance rights if 3-year vesting conditions approved by the Board are met. If the Company terminates the agreement, it may give 6 months' pay or the balance of the agreement, whichever is the lesser. Name: Lucas Murtagh Title: Co-CEO Growth and Corporate Development Agreement commenced: 1 July 2026 Term of agreement: Ongoing Details: Base salary $350,000 exclusive of superannuation Short term incentive (STI) of up to 60% of annual base salary paid in cash if annual targets approved by the Board are met. Long term incentive (LTI) of 40% of annual base salary paid in the form of performance rights if 3-year vesting conditions approved by the Board are met. If the Company terminates the agreement, it may give six months' pay or the balance of the agreement, whichever is the lesser.
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Asset Vision Co Limited Directors' report 30 June 2026 9 Name: Vesna Jelesic Title: Chief Financial Officer and Company Secretary Agreement commenced: 1 July 2026 Term of agreement: Ongoing Details: Base salary of $300,000 exclusive of superannuation Short term incentive (STI) of up to 30% of annual base salary paid in cash if annual targets approved by the Board are met. Long term incentive (LTI) of 20% of annual base salary paid in the form of performance rights if 3-year vesting conditions approved by the Board are met. If the Company terminates the agreement, it may give six months' pay or the balance of the agreement, whichever is the lesser. Key management personnel have no entitlement to termination payments in the event of removal for misconduct. Share-based compensation Issue of shares Details of shares issued to Directors and other key management personnel as part of compensation during the year ended 30 June 2026 are set out below: Name Date Shares Issue price $ Luke Donnellan 28/10/2025 1,000,000 $0.045 45,000 Peter Borden 28/10/2025 1,000,000 $0.045 45,000 Lucas Murtagh 28/10/2025 250,000 $0.045 11,250 Damian Smith 28/10/2025 250,000 $0.045 11,250 Vesna Jelesic 01/09/2025 250,000 $0.045 11,250 Options No options over ordinary shares were granted to Directors or other key management personnel during the financial year. Values of options over ordinary shares granted, exercised and lapsed for Directors and other key management personnel as part of compensation during the year ended 30 June 2026 are set out below: Value of Value of Value of Remuneration options options options consisting of granted exercised lapsed options during the during the during the for the year year year year Name $ $ $ % Luke Donnellan - - 11,716 - Peter Borden - - 35,700 - Performance Rights
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Asset Vision Co Limited Directors' report 30 June 2026 10 The terms and conditions of performance rights granted to key management personnel as part of compensation during the year ended 30 June 2026 are set out below: Number of Fair value of Fair value of performance rights performance rights performance rights Name Grant date Vesting date granted granted expensed in FY26 $ $ Lucas Murtagh 23/10/2025 30/06/2028 2,981,102 118,946 30,407 Damian Smith 23/10/2025 30/06/2028 2,981,102 118,946 30,407 Vesna Jelesic 22/09/2025 30/06/2028 1,581,176 57,080 15,812 * The grant of performance rights to Lucas Murtagh and Damian Smith is subject to shareholder approval which was granted at the Company's AGM held on 23 October 2025. ** Participants are not required to pay a price upon exercise of the performance rights. *** Participants will have two years from the vesting date to exercise the performance rights. Awards will vest based on the Company’s absolute Total Shareholder Return (TSR) over a three -year performance period, measured as the Compound Annual Growth Rate (CAGR): Below threshold Less than 10% per annum 0% vesting At threshold 10% per annum 50% vesting Between threshold and stretch 10%-15% per annum Straight line pro-rata vesting Beyond stretch Greater than 15% per annum 100% of award Additional information The earnings of the Group for the five years to 30 June 2026 are summarised below: 2026 2025 2024 2023 2022 $ $ $ $ $ Sales revenue 6,669 5,025 4,089 3,754 3,419 EBITDA - continuing operations (24) (18) 450 (8,255) (10,852) NPAT (270) (386) (55) (8,627) (14,367) 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 ($) 0.039 0.038 0.020 0.015 0.028 Basic earnings per share (cents per share) (0.036) (0.052) (0.008) (1.250) (2.840)
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Asset Vision Co Limited Directors' report 30 June 2026 11 Additional disclosures relating to key management personnel Shareholding The number of ordinary shares held in the Company during the financial year by each Director and other members of key managem ent personnel of the Group, including their personally related parties, is set out below: Balance at Received Balance at the start of as part of Options Disposals/ the end of the year remuneration exercised other the year Ordinary shares Luke Donnellan 4,000,000 1,000,000 - - 5,000,000 Peter Borden 4,000,000 1,000,000 - - 5,000,000 Lucas Murtagh 75,500,000 250,000 - 1,907,638 77,657,638 Damian Smith 80,250,000 250,000 - - 80,500,000 Vesna Jelesic 4,100,000 250,000 - - 4,350,000 167,850,000 2,750,000 - 1,907,638 172,507,638 Option and rights holdings The number of options over ordinary shares and performance rights in the Company held during the financial year by each Direc tor and other members of key management personnel of the Group, including their personally related parties, is set out below: Balance at Expired/ Balance at the start of forfeited/ the end of the year Granted Exercised other the year Options over ordinary shares Luke Donnellan 18,000,000 - - (8,000,000) 10,000,000 Peter Borden 17,000,000 - - (7,000,000) 10,000,000 35,000,000 - - (15,000,000) 20,000,000 Balance at the Balance at beginning of the end of the year Granted the year Performance Rights Lucas Murtagh 5,255,467 2,981,102 8,236,569 Damian Smith 5,255,467 2,981,102 8,236,569 Vesna Jelesic 2,787,500 1,581,176 4,368,676 13,298,434 7,543,380 20,841,814 Other transactions with key management personnel and their related parties During the financial year, the Group paid $112,699 (excluding GST) to DKEL Investment Pty Ltd, a director-related entity of Damian Smith, for office rent and outgoings. As at 30 June 2026, there were no outstanding amounts payable in respect of these trans actions. All transactions were conducted on normal commercial terms and conditions and at market rates. This concludes the remuneration report, which has been audited.
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Asset Vision Co Limited Directors' report 30 June 2026 12 Shares under option Unissued ordinary shares of Asset Vision Co Limited under option at the date of this report are as follows: Exercise Number Grant date Expiry date price under option 26/10/2023 01/07/2026 $0.060 10,000,000 23/10/2024 01/07/2026 $0.060 10,000,000 19/06/2025 19/06/2028 $0.050 7,500,000 19/06/2025 19/06/2028 $0.075 7,500,000 35,000,000 No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the Company or of any other body corporate. Shares issued on the exercise of options There were no ordinary shares of Asset Vision Co Limited issued on the exercise of options during the year ended 30 June 2026 and up to the date of this report. Indemnity and insurance of officers The Group has indemnified the Directors and officers of the Group for costs incurred, in their capacity as a Director or offi cer, for which they may be held personally liable, except where there is a lack of good faith. During the financial year, the Group paid a premium in respect of a contract to insure the Directors and officers of the Group against a 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 is not aware of any liability that arose under these indemnities as at the date of this report. Indemnity and insurance of auditor The Group has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Group or any related entity against a liability incurred by the auditor. During the financial year, the Group has not paid a premium in respect of a contract to insure the auditor of the Group or any related entity. 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 behal f of the Company for all or part of those proceedings. The Company was not a party to any proceedings during the year. Non-audit services Non-audit services are approved by resolution of the Audit and Risk Management Committee and approval is provided in writing to t he Board of Directors. There were no non-audit services provided during the financial year or the previous financial year by the auditor. Officers of the Company who are former partners of HLB Mann Judd (VIC) Partnership There are no officers of the Company who are former partners of HLB Mann Judd (VIC) Partnership. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 in relation to the audit for the financial year is set out immediately after this Directors' report.
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Asset Vision Co Limited Directors' report 30 June 2026 13 Auditor HLB Mann Judd (VIC) Partnership continues in office in accordance with section 327 of the Corporations Act 2001. Rounding of amounts The Group is the kind referred to in Corporations 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 dollar. Signed in accordance with a resolution of Directors, pursuant to section 298(2)(a) of the Corporations Act 2001. On behalf of the Directors ___________________________ Lucas Murtagh Co-CEO and Managing Director 26 August 2026 Melbourne
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hlb.com.au HLB Mann Judd (VIC) Partnership ABN 20 696 861 713 Level 9, 550 Bourke Street, Melbourne VIC 3000 | GPO Box 2850, Melbourne VIC 3001 T: +61 (0) 3 9606 3888 F: +61 (0) 3 9606 3800 E: mailbox@hlbvic.com.au Liability limited by a scheme approved under Professional Standards Legislation. HLB Mann Judd (VIC) Partnership is a member of HLB International, the global advisory and accounting network AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the audit of the consolidated financial report of Asset Vision Co Limited for the year ended 30 June 2026, I declare that, to the best of my knowledge and belief, there have been no contraventions of: (a) the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and (b) any applicable code of professional conduct in relation to the audit. This declaration is in relation to Asset Vision Co Limited and the entity it controlled during the period. HLB Mann Judd Michael Gummery Chartered Accountants Partner Melbourne 26 August 2026
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Asset Vision Co Limited Contents 30 June 2026 15 Statement of profit or loss and other comprehensive income 16 Statement of financial position 17 Statement of changes in equity 18 Statement of cash flows 19 Notes to the financial statements 20 Consolidated entity disclosure statement 49 Directors' declaration 50 Independent auditor's report to the members of Asset Vision Co Limited 51 Shareholder information 55 General information The financial statements cover Asset Vision Co Limited as a Group consisting of Asset Vision Co Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Asset Vision Co Limited's functional and presentation currency. Asset Vision Co Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Suite 4, 799 Springvale Road, Mulgrave VIC 3170 Asset Vision Co Limited's Corporate Governance Statement is available on our website at www.assetvision.com.au. The financial statements were authorised for issue, in accordance with a resolution of Directors, on 26 August 2026. The Dire ctors have the power to amend and reissue the financial statements.
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Asset Vision Co Limited Statement of profit or loss and other comprehensive income For the year ended 30 June 2026 Consolidated Group Note 2026 2025 $ $ The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 16 Revenue 3 6,668,955 5,025,036 Other income 4 605,046 505,466 Expenses Third party materials and labour 5 (118,335) - Employee benefits expense 5 (5,547,078) (4,188,256) Depreciation and amortisation expense 5 (394,628) (390,062) Other expenses 5 (1,633,037) (1,360,551) Finance costs 5 (8,106) (38,214) Loss before income tax benefit (427,183) (446,581) Income tax benefit 6 157,297 60,784 Loss after income tax benefit for the year attributable to the members of Asset Vision Co Limited 22 (269,886) (385,797) Other comprehensive income for the year, net of tax - - Total comprehensive income for the year attributable to the members of Asset Vision Co Limited (269,886) (385,797) Cents Cents Basic earnings per share 33 (0.036) (0.052) Diluted earnings per share 33 (0.036) (0.052)
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Asset Vision Co Limited Statement of financial position As at 30 June 2026 Consolidated Group Note 2026 2025 $ $ The above statement of financial position should be read in conjunction with the accompanying notes 17 Assets Current assets Cash and cash equivalents 7 2,353,222 1,532,832 Trade and other receivables 8 1,033,771 572,227 Other assets 9 393,605 181,777 Total current assets 3,780,598 2,286,836 Non-current assets Property, plant and equipment 10 7,715 9,605 Right-of-use assets 11 273,181 96,783 Intangible assets 12 4,071,399 4,381,599 Deferred tax assets 13 511,807 369,510 Total non-current assets 4,864,102 4,857,497 Total assets 8,644,700 7,144,333 Liabilities Current liabilities Trade and other payables 14 369,583 319,632 Contract liabilities 15 741,631 532,865 Lease liabilities 16 71,287 83,294 Employee benefits 17 622,610 558,550 Other liabilities 18 937,715 409,032 Total current liabilities 2,742,826 1,903,373 Non-current liabilities Lease liabilities 16 202,024 28,512 Deferred tax liabilities 19 65,000 80,000 Employee benefits 17 71,263 42,610 Other liabilities 18 11,643 10,331 Total non-current liabilities 349,930 161,453 Total liabilities 3,092,756 2,064,826 Net assets 5,551,944 5,079,507 Equity Issued capital 20 96,379,886 96,076,136 Reserves 21 (352,803) (743,960) Accumulated losses 22 (90,475,139) (90,252,669) Total equity 5,551,944 5,079,507
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Asset Vision Co Limited Statement of changes in equity For the year ended 30 June 2026 The above statement of changes in equity should be read in conjunction with the accompanying notes 18 Issued Reserves Retained Total equity capital profits Consolidated Group $ $ $ $ Balance at 1 July 2024 95,641,932 (881,947) (90,135,472) 4,624,513 Loss after income tax benefit for the year - - (385,797) (385,797) Other comprehensive income for the year, net of tax - - - - Total comprehensive income for the year - - (385,797) (385,797) Transactions with members in their capacity as members: Issue of performance rights to employees/directors (note 34) - 38,566 - 38,566 Issue of shares to employees/directors (note 20) 265,975 - - 265,975 Issue of shares for exercise of options (note 20) 150,000 - - 150,000 Transfer of exercised options to issued capital (note 20) 18,229 (18,229) - - Transfer of expired/forfeited share options to retained earnings (note 22) - (268,600) 268,600 - Options granted (note 21) - 386,250 - 386,250 Balance at 30 June 2025 96,076,136 (743,960) (90,252,669) 5,079,507 Issued Reserves Retained Total equity capital profits Consolidated Group $ $ $ $ Balance at 1 July 2025 96,076,136 (743,960) (90,252,669) 5,079,507 Loss after income tax benefit for the year - - (269,886) (269,886) Other comprehensive income for the year, net of tax - - - - Total comprehensive income for the year - - (269,886) (269,886) Transactions with members in their capacity as members: Issue of performance rights to employees/directors (note 34) - 438,573 - 438,573 Issue of shares to employees/directors (note 20) 303,750 - - 303,750 Transfer of expired share options to retained earnings (note 22) - (47,416) 47,416 - Balance at 30 June 2026 96,379,886 (352,803) (90,475,139) 5,551,944
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Asset Vision Co Limited Statement of cash flows For the year ended 30 June 2026 Consolidated Group Note 2026 2025 $ $ The above statement of cash flows should be read in conjunction with the accompanying notes 19 Cash flows from operating activities Receipts from customers (inclusive of GST) 6,887,690 6,258,858 Payments to suppliers and employees (inclusive of GST) (6,562,166) (5,409,450) 325,524 849,408 Interest received 52,072 7,184 Interest and other finance costs paid (8,106) (24,460) R&D tax incentives received 545,540 496,897 Net cash from operating activities 24 915,030 1,329,029 Cash flows from investing activities Payments for prior period's business acquisition - (500,000) Payments for property, plant and equipment 10 (8,390) (10,424) Interest associated with prior period's business acquisition - (13,754) Proceeds from disposal of property, plant and equipment 10 - 1,385 Net cash used in investing activities (8,390) (522,793) Cash flows from financing activities Proceeds from the exercise of options 20 - 150,000 Repayment of leases 16 (86,250) (80,033) Net cash from/(used in) financing activities (86,250) 69,967 Net increase in cash and cash equivalents 820,390 876,203 Cash and cash equivalents at the beginning of the financial year 1,532,832 656,629 Cash and cash equivalents at the end of the financial year 7 2,353,222 1,532,832
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 20 Note 1. Material accounting policy information The accounting policies that are material to the Group are set out below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted and are not expected to have a material impact on the Group. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Group. Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for -profit o riented entities. These financial statements also comply with International Financial Reporting Standards as issued by the Internatio nal Accounting Standards Board ('IASB'). Historical cost convention The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluati on of financial assets at fair value through other comprehensive income and share based payments. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2. Parent entity information In accordance with the Corporations Act 2001, these financial statements present the results of the Group only. Supplementary information about the parent entity is disclosed in note 30. Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Asset Vision Co Limited ( 'Company' or 'parent entity') as at 30 June 2026 and the results of all subsidiaries for the year then ended. Asset Vision Co Limit ed and its subsidiaries together are referred to in these financial statements as the 'Group'. Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. The y are de - consolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are eliminated. Unreal ised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting po licies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent. Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and ot her comprehensive income, statement of financial position and statement of changes in equity of the Group. Losses incurred by t he Group are attributed to the non-controlling interest in full, even if that results in a deficit balance.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 21 Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non -controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The Group recognises the f air value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. Operating segments An operating segment is a component of an entity: (a) that engages in business activities from which it may earn revenues and incur expenses, (b) whose operating results are regularly reviewed by the entity’s chief operating decision maker to make decision s about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is avai lable. The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Dire ctors (chief operating decision maker) in assessing performance and determining the allocation of resources. At reporting date, the Directors have determined that there is only one reporting segment, being the business as a whole. Foreign currency translation The financial statements are presented in Australian dollars, which is Asset Vision Co Limited's functional and presentation currency. Foreign currency transactions Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at fina ncial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Revenue recognition Revenue from contracts with customers Revenue is recognised at an amount that reflects 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 cu stomer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates o f variable consideration and the time value of money; 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 servi ces promised. Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events. Such estimates are determ ined using either the 'expected value' or 'most likely amount' method. The measurement of variable consideration is subject to a constra ining principle whereby revenue will only be recognised to the extent that it is highly probable that a significant reve rsal in the amount of cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts received that are subject to the constraining princi ple are recognised as a refund liability. Revenues from ongoing operations arise mainly from software licence subscriptions and project consulting services. The Group recognises contract liabilities for consideration received or due in respect of unsatisfied performance obligations and reports these amounts as other liabilities in the statement of financial position. Similarly, if the Group satisfies a perform ance obligation before it receives the consideration, the Group recognises either a contract asset or a receivable in its statement of financial position, depending on whether something other than passage of time is required before the consideration is due . Software licences Revenue from the sale of software licence subscriptions consists of fees that give customers access to the Group's asset mana gement system, which also includes related customer support and maintenance. The software licence subscription revenue is recognise d over time as they are delivered and consumed concurrently over the service period, beginning on the date that the services are made available to the customer. Software licence subscriptions represent a single obligation to provide continuous access to the software, maintenance and support including upgrades on and when available basis.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 22 Project consulting services The Group provides project consulting services relating to the clients requirements for maintenance management systems. Reven ue from these services is recognised at a point in time following the delivery and completion of the agreed services with the Gr oup. Interest Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Other revenue Other revenue is recognised when it is received or when the right to receive payment is established. Government Grants Government grants including the Research and Development (R&D) tax incentive are recognised in the statement of profit or los s when they are received. Income tax The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable i ncome 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, based on those tax rates that are enacted or substantively enacted, except for: ● When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxabl e profits; or ● When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the tim ing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that fut ure 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 carr ying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are fut ure taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where 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 taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. Asset Vision Co 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. Discontinued operations A discontinued operation is a component of the Group that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co- ordinated plan to dispose of s uch a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately on the face of the statement of profit or loss and other comprehensive income.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 23 Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non- current classification. An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Group' s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when: it is either expected to be settled in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non -current. Deferred tax assets and liabilities are always classified as non-current. Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short -term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Financial Instruments Initial recognition and measurement Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. For financial assets, this is the equivalent to the date that the Group commits itself to either the purchase or sale of the asset (i.e. trade date accounting is adopted). Financial instruments are initially measured at fair value adjusted for transaction costs, except where the instrument is cla ssified as fair value through profit or loss, in which case the transaction costs are immediately recognised as expenses in profit or loss. Classification of financial assets Financial assets recognised by the Group are subsequently measured in their entirety at either amortised cost or fair value, subject to their classification and whether the Group irrevocably designates the financial asset on initial recognition at fair val ue through other comprehensive income in accordance with the relevant criteria in AASB 9. Financial assets not irrevocably designated on initial recognition at fair value through other comprehensive income are class ified as subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or los s on the basis of both: (a) the Group's business model for managing the financial assets; and (b) the contractual cash flow characteristics of the financial asset. Classification of financial liabilities Financial liabilities as held for trading and contingent consideration payable by the Group for the acquisition of a business and financial liabilities designated at fair value through the profit or loss, are subsequently measured at fair value. All other financial liabilities recognised by the Group are subsequently measured at amortised cost.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 24 Trade and other receivables Trade receivables are initially recognised at their transaction price and subsequently measured at amortised cost using the e ffective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days. The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowa nce. To measure the expected credit losses, trade receivables have been based on days overdue. Other receivables are recognised at amortised cost, less any allowance for expected credit losses. Property, plant and equipment Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight -line basis to write off the net cost of each item of property, plant and equipment over their expected useful lives as follows: Computer equipment 2 years Computer software 5 years The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the Gro up. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation surplus r eserve relating to the item disposed of is transferred directly to retained profits. Right-of-use assets A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencemen t date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. Right-of-use assets are depreciated on a straight -line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right -of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities. The Group has elected not to recognise a right -of-use asset and corresponding lease liability for short -term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred. Intangible assets Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost le ss amortisation and any impairment. The gains or losses recognised in profit or loss arising from the der ecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected patter n of consumption or useful life are accounted for prospectively by changing the amortisation method or period. Goodwill Goodwill arises on the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for impairm ent, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accum ulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 25 Research and development Research costs are expensed in the period in which they are incurred. Development costs are capitalised when it is probable t hat the project will be a success considering its commercial and technical feasibility; the Group is able to use or sell the asset; the group 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, being their finite life of 7 years. Customer contracts Customer contracts acquired in a business combination are amortised on a straight -line basis over the period of their expected benefit, being their finite life of 10 years. Software Significant costs associated with software are deferred and amortised on a straight -line basis over the period of their expected benefit, being their finite life of 10 years. Impairment of non-financial assets Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested annua lly for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other non- financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recovera ble. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount . Recoverable amount is the higher of an asset's fair value less costs of disposal and value -in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre- tax discount rate specific to the asset or cash -generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash- generating unit. Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and w hich are unpaid. Due to their short -term nature they are measured at amortised cost and are not discounted. The amounts are unsecur ed and are usually paid within 30 days of recognition. Contract liabilities Contract liabilities represent the Group's obligation to transfer goods or services to a customer and are recognised when a c ustomer pays consideration, or when the Group recognises a receivable to reflect its unconditional right to consideration (whicheve r is earlier) before the Group has transferred the goods or services to the customer. Lease liabilities A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the prese nt value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentiv es receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termi nation penalties. The variable lease payments that do not depend on an index or a rate are expensed in t he period in which they are incurred. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right- of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down. Finance costs Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are expensed in the period in which they are incurred.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 26 Employee benefits Short-term employee benefits Liabilities for wages and salaries, including non -monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are m easured as the present value of expected future payments to be made in respect of services provided by employees up to the reportin g date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Share-based payments Equity-settled and cash-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares, performance rights or options over shares, that are provided to employees in exchange for the rendering of services. Cash -settled transactions are awards of cash for the exchange of services, where the amou nt of cash is determined by reference to the share price. The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non -vesting conditions that do not determine whe ther the Group receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. The Monte Carlo Simulation model has been utilised to value the performance rights as the performance rights vest at variable proportions depending on the future price performance of ASV shares. It takes into account the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the performance period, together with the vesting conditions. The Monte Carlo Simulation model: • runs a random price path simulation of the ASV share price over a 3 -year trading period, assuming a random log -normal distribution and utilising a Geometric Brownian Motion simulation model; • based on the simulated price at the end of the period, the TSR is calculated and the % of performance rights that vest and the payoff (in present value terms) is calculated; • the simulation is repeated 100,000 times (with each simulation yielding different outcomes and creating a distribution curv e); • the Fair Value of the performance right is assessed as the average payout value of the 100,000 iterations of the model. The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate o f the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous peri ods. The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying either the Monte Carlo Simulation model, taking into consideration the terms and conditions on which the award was granted. The cumulative c harge to profit or loss until settlement of the liability is calculated as follows: ● During the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the expired portion of the vesting period. ● From the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at th e reporting date. All changes in the liability are recognised in profit or loss. The ultimate cost of cash -settled transactions is the cash paid to settle the liability.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 27 Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satis fied. If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the s hare-based compensation benefit as at the date of modification. If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the Group or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited. If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is tr eated as if they were a modification. Fair value measurement When an asset or liability, financial or non -financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non -financial assets, the fair value measurement is based on its highest and best u se. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are u sed, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers bet ween levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement. Issued capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to the members of Asset Vision Co Limited, excludi ng any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. Goods and Services Tax ('GST') and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense . Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable f rom, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 28 Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities wh ich are recoverable from, or payable to the tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority. New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2026. The Group has not yet assessed the impact of these new or amended Accounting Standards and Interpretations. Note 2. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to as sets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on hist orical experience and on other various factors, including expectations of future events, management believes to be reasonable unde r the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements , estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. Share-based payment transactions The Group measures the cost of equity -settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial, Black -Scholes or Monte Carlo Simulation model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity- settled share-based payments would have no impact on the carrying amounts of assets and lia bilities within the next annual reporting period but may impact profit or loss and equity. Goodwill and other indefinite life intangible assets The Group tests annually, or more frequently if events or changes in circumstances indicate impairment, whether goodwill and other indefinite life intangible assets have suffered any impairment, in accordance with the accounting policy stated in note 1. The recoverable amounts of cash -generating units have been determined based on value -in-use calculations. These calculations require the use of assumptions, including estimated discount rates based on the current cost of capital and growth rates of the estimated future cash flows. Further information is detailed in note 12. Recovery of deferred tax assets Deferred tax assets are recognised for deductible temporary differences only if the Group considers it is probable that futur e taxable amounts will be available to utilise those temporary differences and losses. The Group's determination that future taxabl e profits to utilise deferred tax assets is probable, is based on forecast financial information which is inherently uncertain. Note 3. Revenue Consolidated Group 2026 2025 $ $ Sale of services 6,668,955 5,025,036
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 3. Revenue (continued) 29 Disaggregation of revenue The disaggregation of revenue from contracts with customers is as follows: Consolidated Group 2026 2025 $ $ Major sales/service lines Licensing 5,070,914 4,027,424 Project consulting services 1,598,041 997,612 6,668,955 5,025,036 Geographical regions Australia 6,668,955 5,025,036 Timing of revenue recognition Services transferred over time 5,070,914 4,027,424 Services transferred at a point in time 1,598,041 997,612 6,668,955 5,025,036 Major Customers During the year ended 30 June 2026, $2,389,659 or 35.8% (2025: $2,517,155 or 50.1%) of the consolidated entity's external revenue was derived from sales to three major customers through the Asset Vision business: (1) Customer A - $852,177 (2) Customer B - $830,070 (3) Customer C - $707,412 Note 4. Other income Consolidated Group 2026 2025 $ $ Net gain on disposal of property, plant and equipment - 1,385 Interest income 52,072 7,184 R&D tax offsets 545,540 496,897 Lease remeasurement gain 7,434 - Other income 605,046 505,466 R&D tax offsets of $545,540 were received during the year in respect of the financial year ended 30 June 2025. The prior year represents R&D tax offsets in respect of the financial year ended 30 June 2024 of $496,897. Lease remeasurement gain of $7,434 arising from the remeasurement of the lease liability following the exercise of the three-year lease extension option.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 30 Note 5. Expenses Consolidated Group 2026 2025 $ $ Loss before income tax includes the following specific expenses: Depreciation Property, plant and equipment 10,280 7,275 Amortisation Right of use asset 74,148 72,587 Customer contracts 60,100 60,100 Software 250,100 250,100 Total amortisation 384,348 382,787 Total depreciation and amortisation 394,628 390,062 Finance costs Interest and finance charges paid/payable on insurance premium funding 2,151 7,631 Interest and finance charges paid/payable on lease liabilities 5,955 7,528 Interest paid on payroll tax liability - 9,300 Interest paid on deferred cash consideration - 13,755 Finance costs expensed 8,106 38,214 Third party materials and labour Third party subscriptions and professional services 118,335 - Other expenses Hosting and development 517,076 344,351 Compliance costs - Audit, ASX, ASIC, share registry and legal 270,999 203,265 Insurance 99,456 110,842 Accounting and taxation 151,444 106,721 Advertising and marketing 150,151 84,784 Consulting and HR fees 212,097 382,092 Travel, entertainment and general administration 173,390 72,915 Contract rebates 19,746 17,628 Occupancy 38,678 37,953 Total other expenses 1,633,037 1,360,551 Employee benefits expense Defined contribution superannuation expense 428,538 332,830 Share-based payments expense 742,323 409,541 Short-term bonus incentives 793,682 350,389 Other employee benefits expense 3,582,535 3,095,496 5,547,078 4,188,256
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 31 Note 6. Income tax benefit Consolidated Group 2026 2025 $ $ Income tax benefit Deferred tax - origination and reversal of temporary differences (157,297) (60,785) Aggregate income tax benefit (157,297) (60,785) Deferred tax included in income tax benefit comprises: Increase in deferred tax assets (note 13) (142,297) (45,785) Decrease in deferred tax liabilities (note 19) (15,000) (15,000) Deferred tax - origination and reversal of temporary differences (157,297) (60,785) Numerical reconciliation of income tax benefit and tax at the statutory rate Loss before income tax benefit (427,183) (446,581) Tax at the statutory tax rate of 25% (106,796) (111,645) Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Share-based payments 185,581 172,698 Non-assessable income - R&D tax incentive (136,385) (124,224) (57,600) (63,171) Prior year tax losses not recognised now recouped 165,773 149,671 Current year temporary differences not recognised (259,337) (16,709) Prior year temporary differences not recognised now recognised (6,133) (130,576) Income tax benefit (157,297) (60,785) Consolidated Group 2026 2025 $ $ Tax losses not recognised Unused tax losses for which no deferred tax asset has been recognised 4,811,795 5,474,886 Potential tax benefit @ 25% 1,202,949 1,368,722 The above potential tax benefit for tax losses has not been recognised in the statement of financial position. These tax loss es can only be utilised in the future if the continuity of ownership test is passed, or failing that, the same business test is pas sed. The unused tax losses for the comparative period have been restated to reflect the actual amount determined upon completion o f the 2025 Income Tax Return. The previously reported figure was an estimate based on information available at the time.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 6. Income tax benefit (continued) 32 Consolidated Group 2026 2025 $ $ Deferred tax assets not recognised Deferred tax assets not recognised comprises temporary differences attributable to: Software acquired on business acquisition, where future capital gains are uncertain 354,308 291,783 Total deferred tax assets not recognised 354,308 291,783 The above potential tax benefit, which excludes tax losses, for deductible temporary differences has not been recognised in t he statement of financial position as the recovery of this benefit is uncertain. Note 7. Cash and cash equivalents Consolidated Group 2026 2025 $ $ Current assets Cash at bank 2,353,222 1,532,832 Note 8. Trade and other receivables Consolidated Group 2026 2025 $ $ Current assets Trade receivables 1,029,409 571,019 Other receivables 4,362 1,208 1,033,771 572,227 Allowance for expected credit losses The Group has not recognised a charge in the profit or loss in respect of impairment of receivables for the year ended 30 June 2026 (2025: NIL). The ageing of the receivables and allowance for expected credit losses provided for above are as follows: Expected credit loss rate Carrying amount Allowance for expected credit losses 2026 2025 2026 2025 2026 2025 Consolidated Group % % $ $ $ $ Not overdue - - 979,582 539,488 - - 30 to 60 days overdue - - 26,840 31,531 - - 60 to 90 days overdue - - 22,987 - - - 1,029,409 571,019 - - Trade receivables are non -interest bearing ranging from 30 to 90 day terms. No allowance for expected credit loss is recognised based on the expected credit loss model indicating that such an allowance would be immaterial.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 33 Note 9. Other assets Consolidated Group 2026 2025 $ $ Current assets Contract assets 260,817 63,816 Prepayments 132,788 117,961 393,605 181,777 Note 10. Property, plant and equipment Consolidated Group 2026 2025 $ $ Non-current assets Computer equipment - at cost 46,277 42,080 Less: Accumulated depreciation (38,562) (32,475) 7,715 9,605 Office equipment - at cost 6,408 6,408 Less: Accumulated depreciation (6,408) (6,408) - - Computer software - at cost - 4,000 Less: Accumulated amortisation - (4,000) - - 7,715 9,605 Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out be low: Computer Computer Equipment Software Total Consolidated Group $ $ $ Balance at 1 July 2024 6,325 131 6,456 Additions 10,424 - 10,424 Depreciation expense (7,144) (131) (7,275) Balance at 30 June 2025 9,605 - 9,605 Additions 8,390 - 8,390 Depreciation expense (10,280) - (10,280) Balance at 30 June 2026 7,715 - 7,715
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 34 Note 11. Right-of-use assets Consolidated Group 2026 2025 $ $ Non-current assets Leases 686,069 435,522 Less: Accumulated amortisation (412,888) (338,739) 273,181 96,783 The Group leases its office premises under a lease agreement with an initial non-cancellable term of three years, together with an option to extend the lease for a further three years. The lease includes fixed annual rent escalation clauses. Upon renewal, the lease terms are subject to renegotiation. During the year, the Group exercised the three-year lease extension option. As a result, the lease liability and corresponding right-of-use asset were remeasured, resulting in an increase in the ROU asset of $250,546. Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out be low: Total Consolidated Group $ $ Balance at 1 July 2024 169,370 169,370 Amortisation expense (72,587) (72,587) Balance at 30 June 2025 96,783 96,783 Lease remeasurement 250,546 250,546 Amortisation expense (74,148) (74,148) Balance at 30 June 2026 273,181 273,181 Note 12. Intangible assets Consolidated Group 2026 2025 $ $ Non-current assets Goodwill - at cost 16,191,739 16,191,739 Less: Impairment (13,464,540) (13,464,540) 2,727,199 2,727,199 Customer contracts - at cost 601,000 601,000 Less: Accumulated amortisation (340,567) (280,467) 260,433 320,533 Software - at cost 3,547,000 3,547,000 Less: Accumulated amortisation (1,574,133) (1,324,033) Less: Impairment (889,100) (889,100) 1,083,767 1,333,867 4,071,399 4,381,599
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 12. Intangible assets (continued) 35 Reconciliations Reconciliations of the written down values at the beginning and end of the current financial period are set out below: Goodwill Software Customer Contracts Total Consolidated Group $ $ $ $ Balance at 1 July 2024 2,727,199 1,583,967 380,633 4,691,799 Amortisation expense - (250,100) (60,100) (310,200) Balance at 30 June 2025 2,727,199 1,333,867 320,533 4,381,599 Amortisation expense - (250,100) (60,100) (310,200) Balance at 30 June 2026 2,727,199 1,083,767 260,433 4,071,399 Impairment testing The Group conducts impairment testing of the relevant businesses as required. Impairment testing was carried out as of 30 Jun e 2026 to support the carrying value of goodwill and other non- financial assets of the Group. The recoverable amount of the Group's non- financial assets was calculated using a value in use approach, employing a discounted cash flow model based on a 5 -year projection period approved by Management, along with a terminal value. Management's estimates of cash flow projections and gross margins are derived from past performance and future expectations. Key assumptions are those to which the recoverable amount of an asset or cash generating unit are most sensitive. The key assumptions used in the value in use calculation for Asset Vision were as follows: Pre-tax discount rate 32.17% (June 2025: 28.17%) Terminal value growth rate 2.50% (June 2025: 2.50%) Revenue growth rate ranges from 10%-35% (June 2025: 10%-30%) There were no other key assumptions. The review indicates that the value in use is higher than the carrying amount of the Group's non-financial assets therefore no impairment charge is necessary. Impact of a Reasonably Possible Change in Key Assumptions: Management believes that the growth rates disclosed above over the 5 -year forecast period are realistic and achievable based on the organic growth prospects and significant existing investment in the Group's software platforms. A reasonable change in assumptions would not cause the carrying value of the Asset Vision CGU to exceed its carrying amount.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 36 Note 13. Deferred tax assets Consolidated Group 2026 2025 $ $ Non-current assets Deferred tax asset 511,807 369,510 Movements: Opening balance 369,510 323,725 Credited to profit or loss (note 6) 142,297 45,785 Closing balance 511,807 369,510 Note 14. Trade and other payables Consolidated Group 2026 2025 $ $ Current liabilities Trade payables 85,810 102,726 GST payable 147,745 87,033 Other payables 136,028 129,873 369,583 319,632 Refer to note 25 for further information on financial instruments. There is a corporate cross-deed of guarantee between the parent company and all subsidiaries ("General Security Agreement") which is secured by all present and after-acquired property. Note 15. Contract liabilities Consolidated Group 2026 2025 $ $ Current liabilities Contract liabilities 741,631 532,865 Reconciliation Reconciliation of the written down values at the beginning and end of the current and previous financial year are set out below: Opening balance 532,865 232,736 Payments received in advance 2,104,843 1,394,984 Transfer to revenue - included in the opening balance (519,478) (232,736) Transfer to revenue - other balances (1,376,599) (862,119) Closing balance 741,631 532,865
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 37 Note 16. Lease liabilities Consolidated Group 2026 2025 $ $ Current liabilities Lease liability 71,287 83,294 Non-current liabilities Lease liability 202,024 28,512 273,311 111,806 Refer to note 25 for further information on financial instruments. Note 17. Employee benefits Consolidated Group 2026 2025 $ $ Current liabilities Annual leave 388,052 398,291 Long service leave 234,558 160,259 622,610 558,550 Non-current liabilities Long service leave 71,263 42,610 693,873 601,160 Amounts not expected to be settled within the next 12 months The current provision for employee benefits includes all unconditional entitlements where employees have completed the requir ed period of service and also those where employees are entitled to pro -rata payments in certain circumstances. The entire amount o f the annual leave provision is presented as current, since the Group does not have an unconditional right to defer settlement. How ever, based on past experience, the Group does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months. The following amounts reflect leave that is not expected to be taken within the next 12 months: Consolidated Group 2026 2025 $ $ Employee benefits obligation expected to be settled after 12 months 187,323 173,694
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 38 Note 18. Other liabilities Consolidated Group 2026 2025 $ $ Current liabilities Accrued expenses 937,715 409,032 Non-current liabilities Other non-current liabilities 11,643 10,331 949,358 419,363 Note 19. Deferred tax liabilities Consolidated Group 2026 2025 $ $ Non-current liabilities Deferred tax liability comprises temporary differences attributable to: Amounts recognised in profit or loss: Customer Contracts 65,000 80,000 Deferred tax liability 65,000 80,000 Movements: Opening balance 80,000 95,000 Credited to profit or loss (note 6) (15,000) (15,000) Closing balance 65,000 80,000 Note 20. Issued capital Consolidated Group 2026 2025 2026 2025 Shares Shares $ $ Ordinary shares - fully paid 751,111,565 744,361,565 96,379,886 96,076,136
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 20. Issued capital (continued) 39 Movements in ordinary share capital Details Date Shares Issue price $ Balance 1 July 2024 725,836,565 95,641,932 Issue of shares to Asset Vision Employees 4 September 2024 10,525,000 $0.019 199,975 Issue of shares to Asset Vision Directors 23 October 2024 3,000,000 $0.022 66,000 Issue of shares to Asset Vision Directors - exercise of options 27 June 2025 5,000,000 $0.030 150,000 Exercise of Directors options - Fair Value transfer from Options Reserve 27 June 2025 - $0.000 18,229 Balance 30 June 2025 744,361,565 96,076,136 Issue of shares to Asset Vision Employees 1 September 2025 4,250,000 $0.045 191,250 Issue of shares to Asset Vision Directors 28 October 2025 2,500,000 $0.045 112,500 Balance 30 June 2026 751,111,565 96,379,886 The shares issued to employees and directors on 1 September 2025 and 28 October 2025 were issued for nil consideration. Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportio n to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. Note 21. Reserves Consolidated Group 2026 2025 $ $ Revaluation surplus reserve 1,500,000 1,500,000 Financial assets at fair value through other comprehensive income reserve (2,676,467) (2,676,467) Performance rights reserve 477,139 38,566 Share options reserve 346,525 393,941 (352,803) (743,960) Revaluation surplus reserve The reserve is used to recognise increments and decrements in the fair value of investments. Financial assets at fair value through other comprehensive income reserve The reserve is used to recognise increments and decrements in the fair value of financial assets at fair value through other comprehensive income. Performance rights reserve The reserve is used to recognise the value of performance rights provided to employees as part of their remuneration under the Group's Long Term Incentive Plan. Further information on the operation of this plan is outlined in the Directors' Report.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 21. Reserves (continued) 40 Share options reserve This reserve is used to recognise options granted to Directors as part of their remuneration and other parties as part of the ir compensation for services. Movements in reserves Movements in each class of reserve during the current and previous financial year are set out below: Share option Revaluation Other comprehensive Performance rights reserve reserve income reserve Total Consolidated Group $ $ $ $ $ Balance at 1 July 2024 294,520 1,500,000 (2,676,467) - (881,947) Options granted 386,250 - - - 386,250 Options expired (268,600) - - - (268,600) Options exercised (18,229) - - - (18,229) Performance rights granted - - - 38,566 38,566 Balance at 30 June 2025 393,941 1,500,000 (2,676,467) 38,566 (743,960) Options expired (47,416) - - - (47,416) Performance rights granted - - - 438,573 438,573 Balance at 30 June 2026 346,525 1,500,000 (2,676,467) 477,139 (352,803) Note 22. Accumulated losses Consolidated Group 2026 2025 $ $ Accumulated losses at the beginning of the financial year (90,252,669) (90,135,472) Loss after income tax benefit for the year (269,886) (385,797) Transfer from options reserve 47,416 268,600 Accumulated losses at the end of the financial year (90,475,139) (90,252,669) Note 23. Dividends Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Franking credits Consolidated Group 2026 2025 $ $ Franking credits available at the reporting date based on a tax rate of 25% 7,398,199 7,398,199 Franking credits available for subsequent financial years based on a tax rate of 25% (2025: 25%) 7,398,199 7,398,199
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 41 Note 24. Reconciliation of loss after income tax to net cash from operating activities Consolidated Group 2026 2025 $ $ Loss after income tax benefit for the year (269,886) (385,797) Adjustments for: Depreciation and amortisation 394,628 390,062 Share-based payments 742,323 690,791 Revaluation of right-of-use asset (7,434) - Change in operating assets and liabilities: Decrease/(increase) in trade and other receivables (461,544) 105,220 Increase in deferred tax assets (142,297) (45,785) Increase in accrued revenue (197,001) (16,250) Increase in prepayments (14,827) (15,564) Increase in trade and other payables 787,400 217,404 Decrease in deferred tax liabilities (15,000) (15,000) Increase in employee benefits 92,713 72,663 Increase in other operating liabilities 5,955 331,285 Net cash from operating activities 915,030 1,329,029 Note 25. Financial instruments Financial risk management objectives The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest rate risk), credit risk and liquidity risk. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Group. The Group uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the ca se of interest rate, foreign exchange and other price risks, ageing analysis for credit risk. Risk management is carried out by senior finance executives ('finance') under policies approved by the Board of Directors ('t he Board'). These policies include identification and analysis of the risk exposure of the Group and appropriate procedures, contro ls and risk limits. Finance identifies, evaluates and manages financial risks within the Group's operating units. Finance reports to the Board on a monthly basis. Market risk Foreign currency risk The Group undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through for eign 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 risk is measured using sensitivity analysis and cash flow forecasting. The Group is not currently exposed to any material fluctuations in foreign currency. Price risk Price risk is the risk that the value of a security or investment will decrease. The Group's main price risk arises from unlisted shares held at fair value through other comprehensive income. Factors that affect price risk include earnings volatility, poor business management, and price changes. Apart from the above, the Group is not exposed to any other significant price risk.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 25. Financial instruments (continued) 42 Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates. The table below outlines the variable interest rate on cash at bank: 2026 2025 Weighted average interest rate Balance Weighted average interest rate Balance Consolidated Group % $ % $ Cash at bank 3.01% 2,353,222 2.93% 1,532,832 Net exposure to cash flow interest rate risk 2,353,222 1,532,832 Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing t o discharge an obligation. The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date of recognised financial assets is the carrying amount of those assets, net of any provisions for impairment of those assets, as disclosed in consolidated statement of financial position and notes to the consolidated financial statements. The Group do es not hold any collateral. The Group has adopted a lifetime expected loss allowance in estimating expected credit losses to trade receivables through the use of a provisions matrix using fixed rates of credit loss provisioning. These provisions are considered representative across all customers of the Group based on recent sales experience, historical collection rates and forward -looking information that is available. The Group does not have any material credit risk exposure to any single debtor or Group of debtors under financial instruments entered into by the Group. The Group minimises concentrations of credit risk in relation to trade receivables by undertaking transactions with a large n umber of customers. Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include the failure of a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual payments for a period greater than 1 year. Credit risk arises from cash and cash equivalents, and deposits with banks and financial institutions, as well as credit expo sures to customers, including outstanding receivables and committed transactions. 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.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 25. Financial instruments (continued) 43 Maturity Analysis The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial l iabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and there fore these totals may differ from their carrying amount in the statement of financial position. Weighted average interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities Consolidated Group - 2026 % $ $ $ $ $ Non-derivatives Non-interest bearing Trade payables - 85,810 - - - 85,810 Other payables - 136,028 - - - 136,028 Accrued expenses - 937,715 - - - 937,715 Lease liability - 71,287 80,213 121,811 - 273,311 Total non-derivatives 1,230,840 80,213 121,811 - 1,432,864 Weighted average interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities Consolidated Group - 2025 % $ $ $ $ $ Non-derivatives Non-interest bearing Trade payables - 102,768 - - - 102,768 Other payables - 129,873 - - - 129,873 Accrued expenses - 409,032 - - - 409,032 Lease liability - 83,294 28,512 - - 111,806 Total non-derivatives 724,967 28,512 - - 753,479 The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed ab ove. Fair value of financial instruments The fair values of cash, receivables, trade and other payables and current tax payables approximate their carrying amounts as a result of their short-term maturity. Note 26. Key management personnel disclosures Compensation The aggregate compensation made to Directors and other members of key management personnel of the Group is set out below: Consolidated Group 2026 2025 $ $ Short-term employee benefits 1,238,683 995,315 Post-employment benefits 100,169 93,605 Long-term benefits 14,647 17,072 Share-based payments 453,725 224,766 1,807,224 1,330,758
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 26. Key management personnel disclosures (continued) 44 Further details of key management personnel compensation are contained within the Remuneration Report section of the Director s' Report. Note 27. Remuneration of auditors During the financial year the following fees were paid or payable for services provided by HLB Mann Judd (VIC) P artnership, the current auditor of the Company: Consolidated Group 2026 2025 $ $ Audit services Audit or review of the financial statements 98,800 98,800 Note 28. Commitments The Group has no capital or lease commitments as at 30 June 2026 (2025: None). Note 29. Related party transactions Parent entity Asset Vision Co Limited is the parent entity. Subsidiaries Interests in subsidiaries are set out in note 31. Key management personnel Disclosures relating to key management personnel are set out in note 26. Transactions with related parties The Group has a building lease agreement with DKEL Investment Pty Ltd, a company wholly owned by Damian Smith, the Co -CEO of the Group. The premises are used for the principal place of business for Asset Vision Co Limited and Asset Vision Pty Ltd. The le ase is for a period of three years. The following transactions occurred with related parties: Consolidated Group 2026 2025 $ $ Other transactions: Office rent and outgoings paid to key management personnel 112,699 112,032 Receivable from and payable to related parties There were no trade receivables from or trade payables to related parties at the current and previous reporting date. Loans to/from related parties There were no loans to or from related parties at the current and previous reporting date. Terms and conditions All transactions were made on normal commercial terms and conditions and at market rates.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 45 Note 30. Parent entity information Set out below is the supplementary information about the parent entity. Statement of profit or loss and other comprehensive income Parent 2026 2025 $ $ Loss after income tax (1,362,361) (1,438,546) Total comprehensive income (1,362,361) (1,438,546) Statement of financial position Parent 2026 2025 $ $ Total current assets 63,128 485,848 Total assets 5,738,148 6,154,136 Total current liabilities 397,344 193,295 Total liabilities 397,344 193,295 Equity Issued capital 96,379,886 96,076,136 Revaluation surplus reserve 1,500,000 1,500,000 Financial assets at fair value through other comprehensive income reserve (2,676,467) (2,676,467) Performance rights reserve 477,139 38,566 Share options reserve 346,525 393,941 Accumulated losses (90,686,279) (89,371,335) Total equity 5,340,804 5,960,841 Guarantees entered into by the parent entity in relation to the debts of its subsidiaries Please see note 32 in relation to the deed of cross guarantee in place. Contingent liabilities The parent entity had no contingent liabilities as at 30 June 2026. Capital commitments - Property, plant and equipment The parent entity had no capital commitments for property, plant and equipment as at 30 June 2026. Material accounting policy information The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 1, except for the f ollowing: ● Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 46 Note 31. Interests in subsidiaries The Group financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance wi th the accounting policy described in note 1: Ownership interest Principal place of business / 2026 2025 Name Country of incorporation % % Asset Vision Pty Ltd Australia 100.00% 100.00% Note 32. Deed of cross guarantee The following entities are party to a deed of cross guarantee under which each company guarantees the debts of the others: Asset Vision Pty Ltd Asset Vision Co Limited By entering into the deed, the wholly- owned entities have been relieved from the requirement to prepare financial statements and Directors' report under Corporations Instrument 2016/785 issued by the Australian Securities and Investments Commission. The above companies represent a 'Closed Group' for the purposes of the Corporations Instrument, and as there are no other par ties to the deed of cross guarantee that are controlled by Asset Vision Co Limited, they also represent the 'Extended Closed Group' . The statement of profit or loss and other comprehensive income and statement of financial position are the same as the Group and therefore have not been separately disclosed. Note 33. Earnings per share Consolidated Group 2026 2025 $ $ Loss after income tax attributable to the members of Asset Vision Co Limited (269,886) (385,797) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 749,556,086 736,554,305 Weighted average number of ordinary shares used in calculating diluted earnings per share 749,556,086 736,554,305 Cents Cents Basic earnings per share (0.036) (0.052) Diluted earnings per share (0.036) (0.052) Note 34. Share-based payments The Group operates a Long-Term Incentive Plan (LTIP) designed to align employee interests with the Group’s strategic goals. Under this plan, eligible senior executives and staff may receive Performance Rights as a form of incentive. The LTIP is available to current employees and includes a three -year vesting period for recipients of Performance Rights. These rights are issued over ordinary shares in the Company and are granted to members of the Executive Leadership, Business Leadership, and Technical Leader ship teams. They are provided at no cost to participants and are awarded based on performance criteria set by the Remuneration and Nomination Committee.
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 34. Share-based payments (continued) 47 The Group also offers Long -Term Incentives specifically for Non -Executive Directors and Corporate Advisers, including the provision of options. These incentives are intended to align the interests of Directors and Advisers with the Group’s strategic object ives and to serve as a form of motivation. They are available exclusively to current Directors and current and past Advisers and are not subjec t to vesting conditions. Options are granted over ordinary shares in the Company to newly appointed Non- Executive Directors and Corporate Advisers for services rendered and are issued at no cost. The grants are made in accordance with performance guidelines set b y the Remuneration and Nomination Committee. Set out below are summaries of options and rights granted under the plan: Number of options and rights Weighted average exercise price Number of options Weighted average exercise price 2026 2026 2025 2025 Outstanding at the beginning of the financial year 63,298,435 $0.051 34,000,000 $0.048 Options Granted - $0.000 35,000,000 $0.054 Options Exercised - $0.000 (5,000,000) $0.050 Options Expired (15,000,000) $0.030 (14,000,000) $0.050 Rights Granted 18,403,271 $0.000 13,298,435 $0.000 Outstanding at the end of the financial year 66,701,706 $0.061 63,298,435 $0.051 2026 Balance at Expired/ Balance at Exercise the start of forfeited/ the end of Grant date Expiry date price the year Granted Exercised other the year 26/10/2023 01/07/2025 $0.030 8,000,000 - - (8,000,000) - 26/10/2023 01/07/2026 $0.060 10,000,000 - - - 10,000,000 17/10/2024 01/07/2025 $0.030 7,000,000 - - (7,000,000) - 17/10/2024 01/07/2026 $0.060 10,000,000 - - - 10,000,000 19/06/2025 19/06/2028 $0.050 7,500,000 - - - 7,500,000 19/06/2025 19/06/2028 $0.075 7,500,000 - - - 7,500,000 23/01/2025 30/06/2029 $0.000 13,298,435 - - - 13,298,435 22/09/2025 30/06/2030 $0.000 - 12,441,067 - - 12,441,067 23/10/2025 30/06/2030 $0.000 - 5,962,204 - - 5,962,204 63,298,435 18,403,271 - (15,000,000) 66,701,706 2025 Balance at Expired/ Balance at Exercise the start of forfeited/ the end of Grant date Expiry date price the year Granted Exercised other the year 10/05/2022 10/05/2025 $0.050 4,000,000 - - (4,000,000) - 12/05/2022 12/05/2025 $0.050 10,000,000 - - (10,000,000) - 26/10/2023 01/07/2025 $0.030 10,000,000 - (2,000,000) - 8,000,000 26/10/2023 01/07/2026 $0.060 10,000,000 - - - 10,000,000 17/10/2024 01/07/2025 $0.030 - 10,000,000 (3,000,000) - 7,000,000 17/10/2024 01/07/2026 $0.060 - 10,000,000 - - 10,000,000 19/06/2025 19/06/2025 $0.050 - 7,500,000 - - 7,500,000 19/06/2025 19/06/2025 $0.075 - 7,500,000 - - 7,500,000 23/01/2025 30/06/2029 $0.000 - 13,298,435 - - 13,298,435 34,000,000 48,298,435 (5,000,000) (14,000,000) 63,298,435
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Asset Vision Co Limited Notes to the financial statements 30 June 2026 Note 34. Share-based payments (continued) 48 The fair value of the equity share settled options granted is estimated as at the grant date using the Binomial model taking into account the terms and conditions upon which the options were granted. The fair value of the equity share settled Performance Rights granted under the LTIP is estimated as at the grant date using the Monte Carlo Simulation model taking into account the terms and conditions upon which the Performance Rights were granted. Set out below are the options exercisable at the end of the financial year: 2026 2025 Grant date Expiry date Number Number 26/10/2023 01/07/2025 - 8,000,000 17/10/2024 01/07/2025 - 7,000,000 - 15,000,000 The weighted average remaining contractual life of options outstanding at the end of the financial year was 0.99 years (2025: 1.33 years). For the rights granted during the current financial year, the valuation model inputs used to determine the fair value at the grant date, are as follows: Share price Exercise Expected Dividend Risk-free Fair value Grant date Expiry date at grant date price volatility yield interest rate at grant date 22/09/2025 30/06/2030 $0.045 $0.000 - - - $449,122 23/10/2025 30/06/2030 $0.049 $0.000 - - - $237,892 Note 35. Events after the reporting period No matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
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Asset Vision Co Limited Consolidated entity disclosure statement As at 30 June 2026 49 Basis of preparation This consolidated entity disclosure statement has been prepared in accordance with the s295(3A)(a) of the Corporations Act 2001 and includes the required information for Asset Vision Co Limited and the entities it controls in accordance with AASB 10 Consolidated Financial Statements. Tax residency S295(3A)(vi) of the Corporations Act 2001 defines tax residency as having the meaning in the Income Tax Assessment Act 1987 . The determination of tax residency may involve judgement as there are different interpretations that could be adopted and which c ould give rise to different conclusions regarding residency. In determining tax residency, the consolidated entity has applied the following interpretations: Australian tax residency Current legislation and judicial precent has been applied, including having regard to the Tax Commissioner's public guidance. Foreign tax residency Where appropriate, independent tax advisers have been engaged to assist in the determination of tax residency to ensure appli cable foreign tax legislation has been complied with. Trusts and partnerships Australian tax law generally does not contain residency tests for trusts and partnerships and these entities are typically ta xed on a flow-through basis. Additional disclosures regarding the tax status of trusts and partnerships have been included where re levant. Place formed / Ownership interest Entity name Entity type Country of incorporation % Tax residency Asset Vision Co Limited Body Corporate Australia - Australian Asset Vision Pty Ltd Body Corporate Australia 100% Australian
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Asset Vision Co Limited Directors' declaration 30 June 2026 50 In the Directors' opinion: ● the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; ● the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 1 to the financial statements; ● the attached financial statements and notes give a true and fair view of the Group's financial position as at 30 June 2026 an d of its performance for the financial year ended on that date; ● there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; ● at the date of this declaration, there are reasonable grounds to believe that the members of the Extended Closed Group will b e able to meet any obligations or liabilities to which they are, or may become, subject by virtue of the deed of cross guarante e described in note 32 to the financial statements; and ● the attached consolidated entity disclosure statement required by section 295(3A) of the Corporations Act 2001 is true and correct. The Directors have been given the declarations required by section 295A of the Corporations Act 2001. Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001. On behalf of the Directors ___________________________ Lucas Murtagh Managing Director 26 August 2026 Melbourne
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hlb.com.au HLB Mann Judd (VIC) Partnership ABN 20 696 861 713 Level 9, 550 Bourke Street, Melbourne VIC 3000 | GPO Box 2850, Melbourne VIC 3001 T: +61 (0) 3 9606 3888 F: +61 (0) 3 9606 3800 E: mailbox@hlbvic.com.au Liability limited by a scheme approved under Professional Standards Legislation. HLB Mann Judd (VIC) Partnership is a member of HLB International, the global advisory and accounting network Independent Auditor’s Report to the Members of Asset Vision Co Limited REPORT ON THE AUDIT OF THE FINANCIAL REPORT Opinion We have audited the financial report of Asset Vision Co Limited (“the Company”) and its controlled entit y (“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, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the 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 financial performance for the year then ended; 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 audits of the financial report of public interest entities in Australia . We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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. We have determined the matters described below to be the key audit matters to be communicated in our report.
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Key Audit Matter How our audit addressed the key audit matter Valuation of intangible assets (refer to Note 12 Intangible assets) As at 30 June 2026, the Group had intangible assets with a carrying value of $4,071,399 relating to goodwill, customer contracts and software. These intangible assets are assessed for impairment by the Group using a value in use model prepared in accordance with the requirements of AASB 136 Impairment of Assets (“AASB 136”). The assessment of the carrying value of intangible assets is considered a key audit matter due to the following factors: • intangible assets represent a significant proportion of the Group’s total assets; • impairment testing involves complex modelling which requires the Group to exercise significant judgment including the use of forward-looking assumptions; • estimating future cash flows requires a significant degree of judgment; and • the assumptions used in the Group’s value in use calculations, including future cash flows, discount rates and growth rates, are subjective and prone to the risk of bias. Our procedures included, but were not limited to, the following: • Obtaining the Group’s impairment assessment and value in use model, and assessing appropriateness in conjunction with AASB 136; • Challenging the appropriateness of cash flow forecasts, discount rates, growth rates and other key assumptions adopted by management; • Assessing the historical accuracy of past forecasts prepared by management, by comparing against actual results achieved; • Performing sensitivity analysis over key assumptions adopted by management, including in respect of discount rates, growth rates and terminal values; and • Assessing financial statement disclosures for appropriateness against the requirements of AASB 136 and AASB 138 Intangible Assets. 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 accordingly 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 Group are responsible for the preparation of: a. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and b. the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001, and
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for such internal control as the directors determine is necessary to enable the preparation of: i. the financial report (other than the consolidated entity disclosure statement) 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 ability of the Group 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 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. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
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From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. REPORT ON THE REMUNERATION REPORT Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 4 to 11 of the directors’ report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Asset Vision Limited for the year ended 30 June 2026 complies with section 300A of the Corporations Act 2001. 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. HLB Mann Judd Michael Gummery Chartered Accountants Partner Melbourne 26 August 2026
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Asset Vision Co Limited Shareholder information 30 June 2026 55 The shareholder information set out below was applicable as at 28 July 2026. Distribution of equitable securities Analysis of number of equitable security holders by size of holding: Ordinary shares % of total Number shares Number of holders issued of shares 1 to 1,000 49 - 13,460 1,001 to 5,000 37 0.01 109,714 5,001 to 10,000 49 0.05 401,777 10,001 to 100,000 344 1.85 13,896,111 100,001 and over 288 98.09 736,690,503 767 100.00 751,111,565 Holding less than a marketable parcel 34 - 1,380 Equity security holders Twenty largest quoted equity security holders The names of the twenty largest security holders of quoted equity securities are listed below: Ordinary shares % of total shares Number held issued DKEL INVESTMENT PTY LTD 80,500,000 10.72 TOON CONSULTING PTY LTD, FALCONER FAMILY A/C 50,000,000 6.66 PEANO INVESTMENTS PTY LTD, PEANO INVESTMENTS A/C 50,000,000 6.66 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 45,626,035 6.07 BOND STREET CUSTODIANS LIMITED, SALTER - D79836 A/C 40,000,000 5.33 ANALYST RECRUITMENT PTY LTD, MURTAGH FAMILY A/C 37,000,000 4.93 BABAK BIGDELI 22,370,588 2.98 BFA SUPER PTY LTD, GDN SUPERANNUATION FUND A/C 19,870,588 2.65 FIP 2026 PTY LTD, THE FIP INVESTMENT A/C 18,300,000 2.44 R J & A INVESTMENTS PTY LTD, MULLER MORVAN FAMILY A/C 16,572,302 2.21 CHRIS MAHONEY 15,764,706 2.10 ONKAPARINGA RIVER PTY LTD, HAVEN HOLDINGS A/C 15,424,026 2.05 KIMOSABI PTY LTD, LONE RANGER A/C 14,000,000 1.86 GATTINO SUPER PTY LTD, GATTINO SUPER FUND A/C 13,750,000 1.83 FLASHLIGHT ADVISORY PTY LTD, FLASHLIGHT ADVISORY INV A/C 12,050,000 1.60 DMX CAPITAL PARTNERS LIMITED 11,618,437 1.55 CAFBRIDGE PTY LIMITED, AJ & JA OLIVER S/F A/C 9,000,000 1.20 LOQUELA PTY LTD 8,000,000 1.07 SWOOPER PTY LTD 7,735,619 1.03 MR MARK DAVID HOLDER 7,200,000 0.96 494,782,301 65.90
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Asset Vision Co Limited Shareholder information 30 June 2026 56 Unquoted equity securities Number Number on issue of holders Options over ordinary shares issued 15,000,000 1 Performance rights over ordinary shares issued 31,701,705 13 The following persons hold 20% or more of unquoted equity securities: Name Class Number held CG Nominees Australia Pty Ltd Options over ordinary shares 15,000,000 Damian Smith Performance rights over ordinary shares 8,236,569 Lucas Murtagh Performance rights over ordinary shares 8,236,569 Substantial holders Substantial holders in the Company are set out below: Ordinary shares % of total shares Number held issued Damian Smith 80,500,000 10.72 Lucas Murtagh 77,657,638 10.34 Keith Falconer 75,000,000 9.99 HSBC Custody Nominees (Australia) Limited 45,626,035 6.07 Bond Street Custodians Limited 40,000,000 5.33 Voting rights The voting rights attached to ordinary shares are set out below: Ordinary shares On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. There are no other classes of equity securities.
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ASSET VISION / ANNUAL REPORT 25–26 Trusted by asset teams. Every day. One connected platform for asset owners, service providers and the teams who keep essential services moving ASSET VISION CO LIMITED ASX: ASV Enterprise Asset Management for essential infrastructure ASSET VISION / ANNUAL REPORT 25–26 01 BUILT FOR INFRASTRUCTURE Purpose-built for complex assets, distributed networks and real operating conditions. 02 CONNECTS EVERYONE A shared platform for asset owners, service providers, contractors and field teams. 03 INSTILLS CONFIDENCE Better visibility, safer operations and evidence that stands up to scrutiny. 04 DELIVERS RESULTS Less duplication, clearer priorities and stronger performance across the asset lifecycle.
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ASSET VISION / ANNUAL REPORT 25–26 Essential infrastructure, made easier to manage. One connected platform for asset owners, service providers and the teams who keep essential services moving ASSET VISION CO LIMITED ASX: ASV Enterprise Asset Management for essential infrastructure ASSET VISION / ANNUAL REPORT 25–26