Slides
Page 1
FY26 H1 Results Presentation 25 February 2026 For personal use only
Page 2
Important notices & disclaimer USE OF THIS DOCUMENT You must read the following notices before reading or making any use of this document or any information contained in this document. By continuing to read, use or otherwise act on this document, you agree to be bound by the following terms and conditions, including any modifications to them, and make or give the acknowledgements, representations or warranties (as applicable). This presentation is provided for information purposes only. The information in this presentation is in a summary form, does not purport to be complete and is not intended to be relied upon as advice to investors or other persons. The information contained in this presentation was prepared by COSOL Limited (COSOL) and is current only as of its date of release. The information in this presentation and remains subject to change without notice, and COSOL is under no obligation to update or correct this presentation after the date of its release. This presentation has been provided to you solely for the purpose of giving you background information about COSOL. This presentation should be read in conjunction with COSOL's other periodic and continuous disclosure announcements lodged with ASX, including the full year financial report for the period ended 30 June 2025. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES This document is not to be distributed or released in the United States. FORWARD-LOOKING STATEMENTS This presentation may include forward-looking statements. Such statements can generally be identified by the use of words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe', 'continue', 'objectives', 'outlook', 'guidance‘, ‘forecast’ and similar expressions. Indications of plans, strategies, management objectives, sales and financial performance are also forward-looking statements. Such statements are not guarantees of future performance, and involve known and unknown risks, uncertainties, assumptions, contingencies and other factors, many of which are outside the control of COSOL. No representation is made or will be made that any forward-looking statements will be achieved or will prove to be correct. Actual results, performance, operations or achievements may vary materially from any forward-looking statements. Circumstances may change and the contents of this presentation may become outdated as a result. Readers are cautioned not to place undue reliance on forward looking statements and COSOL assumes no obligation to update such statements. No representation or warranty, expressed or implied, is made as to the accuracy, reliability, adequacy or completeness of the information contained in this presentation. NON-IFRS FINANCIAL INFORMATION This presentation uses non-IFRS financial information including EBITDA and EBIT which are used to measure both group and operational performance. Non-IFRS financial measures have not been subject to audit or review. PAST PERFORMANCE Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. NOT FINANCIAL PRODUCT ADVICE OR OFFER OF SECURITIES This presentation is not, and is not intended to constitute, financial advice, or an offer or an invitation, solicitation or recommendation to acquire or sell COSOL shares or any other financial products in any jurisdiction and is not a prospectus, product disclosure statement, disclosure document or other offering document under Australian law or any other law. This presentation also does not form the basis of any contract or commitment to sell or apply for securities in COSOL or any of its subsidiaries. It is for information purposes only. COSOL does not warrant or represent that the information in this presentation is free from errors, omissions or misrepresentations or is suitable for your intended use. The information contained in this presentation has been prepared without taking account of any person’s investment objectives, financial situation or particular needs and nothing contained in this presentation constitutes investment, legal, tax or other advice. The information provided in this presentation may not be suitable for your specific needs and should not be relied up on by you in substitution of you obtaining independent advice. Subject to any terms implied by law and which cannot be excluded, COSOL accepts no responsibility for any loss, damage, cost or expense (whether direct, or indirect, consequential, exceptional or special damages including but not limited to loss of revenue, profits, time, goodwill, data, anticipated savings, opportunity, business reputation, future reputation, production or profit, any delay costs, economic loss or damage) incurred by you as a result of any error, omission or misrepresentation in this presentation. PRESENTATION OF INFORMATION All currency amounts in this presentation are in Australian dollars unless otherwise stated. Amounts in this document have been rounded and any differences between this document and COSOL's financial statements are due to rounding. AUTHORISATION This presentation is dated 25 February 2026 and was authorised for release by the Board of COSOL. For more information, please contact: ir@cosol.global COSOL Limited ABN 66 635 371 363 490 Adelaide Street, Brisbane QLD 4000 2 For personal use only
Page 3
H1 FY26 overview Subdued operating performance, focus on resetting operations to rebound revenue, earnings growth Lower revenue driven by fall in activity in natural resources across both Asset Management Services and Australian consulting revenue, partially offset by an increase in public infrastructure (Transport) consulting revenue. 2 Restructured and simplified COSOL’s operating model during H1, enhanced focus on sales, reduced cost base driving~$1m annual cost reduction from H2 FY26. Revenue recovery late in H1 continuing into H2.3 OnPlan SaaS Platform reached $3.1 million in Annual Recurring Revenue (ARR) for H1 FY26, up ~100% since acquisition in September 2023.4 Signed two new US-based multi-year managed services contracts, with initial implementation of these contracts underpinning the majority of US consulting revenue for H2 FY26. 5 14% decline in revenue to $49.6m, reducing underlying EBITDA by 57.0% to $3.5m. Cash of $6m in line with 30 June 2025, strong cash conversion in H1.1 3 Accelerated integration of Toustone AI and data business acquired in December 2024 to maximise opportunities for further significant contracts in mass transportation following MTS Sydney success.6 For personal use only
Page 4
New segment reporting Improving clarity on the make-up of revenue and earnings 4 Managed services • Application managed support contracts • Infrastructure and cloud services • Transport information suite platform • Asset Management as a Service Asset management services • Operational and performance improvement • Maintenance scheduling and planning • Workforce training • ERP systems usage coaching Advisory and professional services • Systems advisory and assessments • Strategic asset planning • System implementations and enhancements • Asset maturity assessments Product and product-led Services • Data migrations and analysis (utilising RP Connect) • OnPlan SaaS platform • Master data services • AI enabled predictive analytics • Legacy data vault • License sales Asset management services Data and digital consulting Australian and Americas (Geographic segments) Revenue: $15.9m (32.0%) Gross Profit: $2.6m (18.5%) Revenue: $33.8m (68.0%) Gross Profit: $11.7m (81.5%) 4 For personal use only
Page 5
North American momentum 5 New client wins in North American driving longer term profitable and predictable growth 5 Two new multi-year multi- million dollar managed services contracts Large Canadian infrastructure fund 7 new clients across Infrastructure, Transportation & Mining • Client 1: Commenced three-year managed services contract in December 2025, for a diversified services business with over 30 individual subsidiaries. • Client 2: Appointed as preferred transformation partner to a major U.S. East Coast port authority includes multi-year managed services agreement for COSOL EAMaaS platform. The 18-month implementation project began in November 2025. • Initial engagement in September 2025 to assess the infrastructure operator's maintenance strategy and performance data. With recommendations to the opportunities for improvement in both strategies and data requirements. • Further engagements are now underway working through implementation planning and requirements around a single data reporting platform. • Recruited a supply chain expert and leveraging our IBM partnership and industry expertise commenced new service for inventory optimisation utilising Maximo. • This has provided opportunities with 7 new clients and increase in services for our existing clients. 2 2 7+ For personal use only
Page 6
Priorities and focus Key challenges we are addressing • CFO role expanded to include COO responsibility • Focus on utilisation, pricing and contracting terms 6 Recovery of gross margin1 • Expansion outside traditional customer base • Heightened focus on hot, high demand sectors such as gold and lithium • Longer term engagements, better revenue and volume certainty Asset Management Services revenue growth2 • Consulting revenue growth through ‘volume to value’ strategy • Heavy push of COSOL’s transport sector expertise to developers of major projects already underway • Rebuild of Australian sales capability Digital and data consulting services revenue growth3 • Continued cost discipline and focus on simplification of the integrated offer • Investment in growth opportunities and delivery efficiencies • Integration and restructuring costs of circa $500k to be incurred in H2 FY26 Cost management and integration 4 For personal use only
Page 7
F I N A N C I A L S For personal use only
Page 8
$57.8m $49.6m$5.7m H1FY25 Revenue AMS $3.1m Australian Consulting $0.6m Americas Consulting H1FY26 Revenue Overview of financial performance Revenue declined across AMS and Australian Consulting, while Americas Consulting delivered modest growth, Consulting margin impacted by under-utilisation 8 Revenue bridge Underlying EBITDA bridge Key Comments: • Asset Management Services (AMS) performance impacted by lower Australian demand, notably from coal sector on the east coast. Lower gross margins due to mix of projects partially offset by reduction in operating expenses. • Revenue also impacted by the ending of a managed services contract performance, the winding up of another major project and delays in new project starts (employee holding costs in H1 of ~$1 million). • Americas: Revenue increased slightly driven by professional services growth and new wins across infrastructure and transport. Offset by a reduction in Software sales during the half impacting margin. • Operating costs increased with an investment in US sales capacity during CY26 but immediate results with significant new contracts set to positively impact revenue in H2. • Australian operating costs remained flat with cost reductions offsetting CPI, Toustone overheads and a $290k bad debt expense. $8.2m $3.5m $1.6m $1.0m $1.4m $0.7m H1FY25 EBITDA AMS Consulting Revenue Consulting Margin Operating Costs H1FY26 EBITDA For personal use only
Page 9
FY26 key financial metrics Revenue and earnings where subdued in H1 FY26 with management prioritising operational reset and margin restoration to support earnings recovery in H2 FY26 9 1. EBITDA is a non-statutory measure and is defined on slide 31. 2. Includes acquisition costs, restructuring costs and the Toustone contingent consideration revaluation. 3. Amortisation of right-of-use assets. 4. EPS calculated using NPAT. 5. NPATA is a non-statutory measure and is defined on slide 31. Key Comments: • Group revenue was down 14.1% on the previous corresponding period and underlying EBITDA fell by 57.0%. Operating margins remained steady and in line with previous guidance (gross margin of 28.8% vs 31.5% previously). In light of the performance, COSOL management undertook a remedial program to restore revenue and earnings growth, notably building a healthy sales pipeline, driving better utilisation, and getting the right Asset Management Services in the right executive roles. • Cost out program undertaken during the half, targeting $1m in annual savings in operating costs. • Amortisation increase reflects the full-period impact of amortising intangible assets recognised on the acquisition of Toustone. • Significant items include restructuring costs in relation to the cost out program acquisition costs and the deferred consideration revaluation in relation to the Toustone acquisition. See slide 26 for more details. ($’000) FY26 H1 FY25 H1 YoY YoY % Revenue 49,628 57,780 (8,152) (14.1%) Gross Profit 14,299 18,202 (3,902) (21.4%) Gross Margin % 28.8% 31.5% (2.7%) (8.5%) Operating Costs 10,795 10,049 746 10.7% Underlying EBITDA1 3,504 8,153 (4,649) (57.0%) Underlying EBITDA Margin % 7.1% 14.1% (8.0%) (56.5%) Significant Items2 882 497 385 77.3% Depreciation & Amortisation3 586 501 85 16.9% Amortisation Intangibles 1,355 685 670 97.7% EBIT 682 6,469 (5,787) (89.5%) NPBT (246) 5,636 (5,882) (104.4%) Tax 45 1,582 (1,538) (97.2%) NPAT (291) 4,054 (4,345) (107.2%) EPS4 (0.16) 2.28 (2.44) (7.6%) Underlying NPATA5 1,275 4,894 (3,619) (73.9%) Underlying EPS NPATA 0.70 2.75 (2.05) (85.2%) For personal use only
Page 10
Cashflow and balance sheet highlights Demonstrated balance sheet resilience through strong cash conversion and disciplined capital management, maintaining ample headroom for deferred consideration commitments Key Comments: • Cash conversion increased due to 2 main factors: Recovery of high trade debtors balance at 30 June 2025 (main factor driving low cash conversion in FY25) and working capital management during the half particularly management of debtor collections. Cash conversion anticipated to revert to normal levels for the full year of around 90%. • $5.9m net debt reduction from June 2025 due to the $4.5m reduction in Toustone deferred consideration and repayments of Westpac facility. • $14.3m headroom in Westpac facility sufficient to cover vendor deferred consideration. • Leverage increased due to lower EBITDA performance. 10 Debt Summary ($'m) 31-Dec-25 30-Jun-25 Movement Total Borrowing Facility 38.9 38.9 0.0 Bank drawn 24.6 26.1 (1.5) Available borrowing capacity 14.3 12.8 1.5 Contingent Consideration 2.4 6.9 (4.5) Net debt (incl. Contingent Consideration) 20.7 26.6 (5.9) Net debt leverage 1.71 1.59 0.1 Proforma net debt leverage 1.71 1.38 0.3 31-Dec-25 30-Jun-25 Movement Current Ratio (x) 1.37 1.49 (0.12) Cash Conversion (%)* 294.0% 85.1% 208.9% Debt:Equity 70.8% 73.3% (2.5%) Gearing Ratio (%) 36.0% 43.0% (7.0%) * Cash conversion comparison for 30-Jun-25 is for the 12 months For personal use only
Page 11
Performance by revenue type Consulting and Asset Management Services margins compressed in H1 FY26, reflecting revenue mix and utilisation pressure Have this as a matrix and have the revenue composition ADVISORY, PROFESSIONAL SERVICES & Asset Management Services Revenue generated through licensing our unique and proprietary software, solutions and services – and where projects have been sourced via our proprietary IP. A combination of ARR SaaS-based revenue, subscription licensing and project services PRODUCT & PRODUCT- SERVICES Annuity based revenue from the provision of managed support, hosting and retainer-based services for the clients. Generally covered by multi-year contracts with minimum spend commitments MANAGED SERVICES Advisory and professional consulting revenue through client engagements secured on the basis of our industry expertise and knowledge ADVISORY & PROFESSIONAL SERVICES 3 PRODUCT & PRODUCT-LED SERVICES 1 MANAGED SERVICES % Gross Margin 28.5% (31.9% FY25 H1) 35.8% (40.0% FY25 H1) 38.5% (39.3% FY25 H1) 16.7% (19.0% FY25 H1) Key Comments • Revenue lower due to lower new project starts during the half as a result of soft pipeline. • Margin contraction due to lower utilisation levels. • Revenue impacted by wind down and completion of major project partially offset by new projects. • Margin impacted by mix of IP Sales with higher mix of 3rd party license sales (~18% margin) vs owned IP sales (~65%margin) in PCP. • Revenue lower due to loss of natural resources customer. • Margin predominantly due to the delay cost reduction after contract loss. • Asset Management Services (AMS) performance impacted by lower demand in East Coast Australia market, specifically coal activity. Gross margins negatively impacted by mix of projects. 2 11 FY26 H1 Revenue $13.6m ($14.0m FY25 H1) $11.6m ($12.9m FY25 H1) $8.6m ($9.3m FY25 H1) $15.9m ($21.6m FY25 H1) ASSET MANAGEMENT SERVICES 4 % Total Revenue 17.2% 27.5% 23.3% 32.0% TOTAL CONSULTING $33.7m ($36.2m FY25 H1) 34.5% (38.6% FY25 H1) % Consulting Revenue 25.4% 40.4% 34.2% 68.0%100% For personal use only
Page 12
Consulting revenue by industry and revenue type Consulting revenue has a relatively even mixture of industry sources with growth focused on both Transport & Infrastructure and Energy & Water where COSOL holds unique expertise 12 $3.2m $2.7m $4.2m $1.4m $5.4m $3.0m $2.3m $2.8m $1.8m $4.7m $1.3m $0.7m $10.5m $10.5m $7.9m $5.0m Managed Services Product & Product Lead Services Advisory & Professional Services • Transport & Infrastructure performance is underpinned by a combination of long-term managed services contracts and COSOL’s Transport information suite and implementation of new managed services contracts. • Natural Resources revenue was impacted by the loss of a managed services contract. • Energy & Water continues to grow with the strong position of both Maximo and Ellipse installations (where COSOL has deep expertise and capability) in the Australian market. Energy & Water Natural Resources Transport & Infrastructure Government & Defence Revenue by Industry NB: Intercompany and unallocated revenues have been excluded from the analysis above. Key Metrics: • Natural Resources remains the largest industry contributor to group revenue, with approximately 62% of segment revenue generated through Asset Management Services. • Transport and Infrastructure revenue is led by Advisory & Professional Services • Energy and Water Managed services dominated by Managed Services and Product and Product Lead Services • By capability, H1 FY26 revenue is led by Asset Management Services at 32.7%, with a relatively even contribution from the remaining three capabilities. • Talk about OnPlan ARR • Asset Management: the remainder is in Natural Resources 31.0% 31.0% 23.3% 14.7% Consulting Revenue Industry Share For personal use only
Page 13
C U S T O M E R S A N D G O T O M A R K E T For personal use only
Page 14
COSOL’s blue-chip customers Continue to build our +$1m customer base, underpinned by multi year contracted revenue NATURAL RESOURCES ENERGY & W ATER GOVERNM ENT & DEFENCE INFRASTRUCTURE & TRANSP ORT 0 – 2 2 – 4 5+ 14 80 110 160 181 186 5 7 22 27 29 0 5 10 15 20 25 30 0 50 100 150 200 FY22 FY23 FY24 FY25 LTMDec25 Observations • Expanding customer footprint across blue-chip asset owners • Deepening wallet share within existing customers, with the number of >$1m customers continuing to increase YoY • Transition towards multi-year, high value relationships Customer and Wallet Share Customers >$1m Customers (#) For personal use only
Page 15
Verticalized go-to-market Clear go-to-market strategy across mission critical industries GTM Org StructureOperational FocusKey Initiatives Target strategic capability and IP through acquisition to accelerate AMaaS Leveraging our professional services capability to establish a beach head and leverage AI to drive efficiency & scale Focus on developing existing customers to >$1m with high margin IP/Recurring business Co-innovation with strategic customers to develop the next generation of COSOL IP • Collaborate with government and defence agencies to maximise value of public sector assets • Support informed capital decision- making • Build out a stronger defence sector capability leveraging existing relationships • Develop and implement tailored solutions for large-scale infrastructure projects • Leverage digital asset management and modelling solutions to assess / reassess infrastructure plans • Leverage digital technologies and analytics to improve productivity • Assist in systems integrations into a cohesive ecosystem • Drive data heavy insights • Improve productivity by achieving timely and precise interventions • Reduce material use and inventory overhead • Identify planned and reactive maintenance works that will cause interruptions • Defence • Federal Government • State Government • Local Government • Transport • Logistics • Port Operations • Facilities and Public Infrastructure • Water utilities • Electricity utilities • Gas utilities • Mining • Mining Services • Oil and Gas • Agriculture and Agricultural Services Government & Defence Transport & Infrastructure Natural Resources Energy & water 15 For personal use only
Page 16
Customer journey: from volume to value Taking our valued customers on a pathway to greater understanding and exploitation of their asset base Acquire Improve Operate Increasing Margin & Tenure Recurring Revenue • OnPlan SaaS Platform • Multi-year Managed Support contracts • Transport Information Suite Platform • Asset Management as a Service Asset Management Services • Operational and performance improvement • Maintenance scheduling and planning • Workforce training • ERP Systems usage coaching • Equipment operations Readiness Consulting Projects • Systems advisory and assessments • Strategic asset planning • System implementations and enhancements • Data migrations and analysis (utilising RP Connect) • AI enabled predictive analytics 16 One-off projects converting to recurring services revenue For personal use only
Page 17
Lithium Operations COSOL engaged to provide maintenance planning support to a WA based lithium mine, concentrator and refinery. The scope expanded into a multi- disciplinary consulting engagement across maintenance strategies and system usage. The initial phase identified a roadmap for improvement in SAP usage, implemented over several stages with benefit assessment at each stage. Bulk Iron Ore Miner Progressed from heavy mobile fleet asset management optimisation through the value chain to cover all rail and port assets. COSOL has delivered material reductions in nominal operating costs, extensions of life of major assets, and improved visibility and forecasting of work. Gold Processing Plant On-site COSOL maintenance planning adviser identified gaps in Asset Management Maturity for processing plant. COSOL defined and valued a roadmap of improvement initiatives. COSOL's engagement scope expanded across four workstreams, focussing on asset criticality and maintenance strategy, parts and inventory leading practice and master data standards and quality uplift. Volume to value customer showcase Transitioning customers from volume-based service engagements to higher-value, IP-enabled and managed service partnerships that deepen integration, strengthen margins and embed long-term recurring revenue 17 For personal use only
Page 18
Projects flowing to recurring revenue Successfully converting blue-chip project engagements into embedded, long-term recurring revenue partnerships through managed services and platform-led delivery 18 Transport and Planning Victoria Initial engagement to deliver asset management services and establish a digital engineering capability for major infrastructure projects transitioned into a multi-year contract and follow-on Managed Services arrangement. IBM Maximo platform delivered under an EAMaaS model to support ongoing digital asset management. Port Authority in Georgia Appointed as preferred transformation partner to a major US east coast port authority. Initial engagement to modernise core systems through IBM Maximo and RPConnect-enabled data migration, with a follow-on Managed Services arrangement. IBM Maximo platform delivered under an EAMaaS model to support ongoing digital asset management. Sydney Metro Trains Engagement evolved from delivering a project-based Asset Management System (Hitachi) for Australia’s first fully accessible driverless rail network, into a long-term partnership where COSOL's proprietary digital and data platform is now underpinning the client's contract compliance and optimisation. For personal use only
Page 19
OnPlan customer showcase - driving Annual Recurring Revenue OnPlan is a SaaS platform that digitises maintenance from strategy to execution 19 Glencore Since 2020 Glencore has expanded to a multi-year OnPlan deployment across 5 sites and over 70 users. By digitising complex FMECA (Failure Mode, Effects, and Criticality Analysis) to predict equipment failure into mobile work instructions, Glencore ensures precision execution of its asset maintenance. This partnership closes the loop between strategy and field execution, securing high quality data for site wide maintenance optimisation. Bureau Veritas Since 2022 Bureau Veritas has utilised OnPlan to power a digital inspection platform serving over 2,000 customer sites and over 480 users. The platform digitises critical safety inspections to map defect data to 3D asset models for total visibility. By accelerating reporting and decision- making, OnPlan has supported regional performance and delivers a market leading position to Bureau Veritas. Elk Valley Resources For a multi-site mining operation in Canada, COSOL scaled its OnPlan SaaS subscription into a multi-year partnership covering over 600 users across 4 sites. By digitising complex maintenance for a massive global mining fleet, this engagement validates the quality of the OnPlan platform and offering. For personal use only
Page 20
S T R A T E G Y A N D B A C K G R O U N D For personal use only
Page 21
COSOL’s story at a glance Technology-enabled platform supporting full deployment of Asset Management as a Service Global Leader in Enterprise Asset Management One of the largest pure-play EAM providers globally, proven expertise across leading platforms including SAP, Hitachi Ellipse and IBM Maximo Global Delivery Platform Designed for Scalability Delivery presence in all major markets supported by well- established regional infrastructure, ensuring scalability whilst maintaining strict capital allocation discipline Strong Customer Profile A focus on servicing high-value clients, establishing predictable, recurring revenue streams through long-term managed services and consulting contracts Trusted Adviser to Attractive Enterprise Client Base Long-standing customer relationships have allowed COSOL to become a trusted adviser and collaboration partner with globally significant asset owners, helping them transform their businesses through digitisation Proven M&A Integration Capabilities Demonstrated success in integrating acquisitions, driving both geographic and capability expansion, while delivering seamless transitions that enhance overall business performance Proprietary Software and Solutions COSOL's primary proprietary solutions, OnPlan and RPConnect, streamline processes, enhance accuracy, and enable efficient service delivery. Demonstrated customer proof of value for AI-Enabled Maintenance Planning as a Service gives COSOL a distinct competitive edge and supports long customer relationships Accelerated Delivery with Deep Vertical Expertise COSOL leverages deep, sector-specific expertise with a proven track record of success across Natural Resources, Energy & Water, Infrastructure & Transportation, Government & Defence, and other key verticals. This targeted, verticalised approach allows the company to deliver customised solutions and serve as a trusted industry advisor Deep and Experienced Leadership Team Significant depth across major asset network sectors, long-standing customer relationships, well-positioned to maintain growth trajectory c.$109M LTM Revenue ~26% H1FY21 – H1FY26 Revenue CAGR 225+ Combined Years of Management Experience 10+ Proprietary Software Products and Solutions Developed 21 186 Clients served 29 Clients with $1m+ Spend 6 Acquisitions Successfully Integrated 4 Core Industries For personal use only
Page 22
COSOL’s corporate journey: from capability to longevity Building capability, acquiring customers – then leading along the services curve to reliable, predictable revenue Horizon 1 – Acquire Capability Horizon 2 – Acquire Customers Horizon 3 – Expand the Margin Horizon 4 – AMaaS • COSOL continues to increase wallet share with it’s blue-chip customer base, with a growing number of $1m+ customers year- on-year and a clear shift toward multi-year, higher-value strategic relationships. • Our foundations are built on delivering outsourced asset management services, advanced data and analytics capability and digital maintenance workflows. Horizon 1 – 2: Acquire & Integrate • We are building a stronger recurring revenue base by shifting professional services into longer- term service models, winning new enterprise asset management customers, and expanding specialist capability in AI-enabled data management. • Strengthening our offering by reducing overhead costs, refining pricing, sharpening customer management and expanding our digital platform capability. Horizon 3 – 4: Expand & Secure Sustainable growth via AMaaS multi-year contracts 22 Data to be rechecked For personal use only
Page 23
Our strategic vision – Asset Management as a Service Driving efficiency and reliability through the exploitation of data 23 Optimising performance of physical assets COSOL delivers digital solutions and services to asset centric organisations to enhance efficiency, reduce costs and maximise the value derived from their assets. Asset Management as a Service For personal use only
Page 24
A P P E N D I C E S For personal use only
Page 25
H1 FY26 financials Balance sheet 25 Balance Sheet ($’000) 31-Dec-25 30-Jun-25 31-Dec-24 Movement YoY Cash 6,044 6,090 3,646 2,398 Other Current assets 25,620 26,321 28,692 (3,072) Current Assets 31,664 32,411 32,337 (673) Goodwill 75,516 80,063 86,588 (11,072) Other non-current assets 19,730 20,799 18,453 1,277 Total Assets 126,910 133,273 137,378 (10,468) Trade payables, deferred revenue and other current liabilities 20,084 18,784 18,767 1,317 Bank Loans 2,950 2,950 2,950 0 Current liabilities 23,034 21,734 21,717 1,317 Bank Loans (NC) 21,462 22,937 23,666 (2,204) Other liabilities 8,103 11,706 16,990 (8,887) Total Liabilities 52,600 56,377 62,373 (9,773) Net Assets 74,310 76,897 75,005 (695) For personal use only
Page 26
H1 FY26 financials Significant items 26 Key Comments: • Acquisition costs of $497k were incurred in H1 FY25 in connection with the Toustone transaction, undertaken to accelerate the Group’s AI and advanced analytics capabilities and strengthen its position as a data-led asset management services provider. • Toustone’s original $6.5 million deferred consideration, linked to CY25 and CY26 earnings hurdles, was renegotiated to a fixed $2.0 million payment in February 2027 subject to performance conditions. This resulted in a $4.5 million gain on deferred consideration taken up in H1 FY26, offset by a corresponding goodwill impairment, with no net impact on profit or cash. • Restructuring costs of $882k were incurred in H1 FY26 as part of a targeted rightsizing of the cost base, including headcount reductions and the associated costs. ($’000) H1 FY26 H1 FY25 Acquisition Costs - 497 Gain on Deferred Consideration - Toustone 4,500 - Goodwill Impairment - Toustone (4,500) - Restructuring costs 882 - Total Significant Items 882 497 For personal use only
Page 27
H1 performance trend 27 Revenue ($m) Underlying EBITDA1 ($m) Underlying NPATA1 ($m) FY22 H1 FY23 H1 FY24 H1 FY25 H1 FY26 H1 22.6 34.7 49.1 57.8 49.6 Underlying EPS1 (cents) 1. These are non-statutory measures which are defined on slide 31. 27 FY22 H1 FY23 H1 FY24 H1 FY25 H1 FY26 H1 3.8 4.9 6.9 8.2 3.5 FY22 H1 FY23 H1 FY24 H1 FY25 H1 FY26 H1 2.6 3.2 4.3 4.9 1.3 1.93 2.16 2.57 2.75 0.18 FY22 H1 FY23 H1 FY24 H1 FY25 H1 FY26 H1 H1 performance was below expectations, with lower revenue and EBITDA due to softening demand from the resources sector and the loss of some key customers For personal use only
Page 28
Segment performance – Asset Management Services Market headwinds impacted revenue performance 28 H1 FY26 vs PCP Financial Summary $'M H1 FY26 H1 FY25 Variance YoY % Revenue 15.9 21.6 (5.7) (26.3%) COGS (13.2) (17.4) 4.1 (23.7%) Gross Profit 2.6 4.2 (1.6) (37.1%) Gross Margin 16.7% 19.5% (2.8%) (14.6%) Operating Costs (1.9) (1.9) 0.0 (0.3%) Underlying EBITDA 0.7 2.3 (1.6) (68.3%) Underlying EBITDA Margin 4.5% 10.5% (6.0%) (56.9%) Key Comments: • Revenue contracted 26.3% to $15.9m, predominantly driven by a $5.8m decline in the east coast coal operations, whilst west coast operations were resilient. • Gross Margin compressed due to a combination of project mix and impact of change in contract with a major customer which increased direct costs on that project. • Operating costs remained stable at $1.9 million for the period, reflecting disciplined cost control and a largely fixed, steady-state operating base. For personal use only
Page 29
Segment performance – Americas Delivering validated topline growth, with decreased earnings reflecting a deliberate investment in scale 29 H1 FY26 vs PCP Financial Summary Key Comments: • Revenue rose 10.3% to $6.1m, due to an increase in consulting revenue. • The Americas segment realigned its client portfolio, with scope expansion across existing customers and new contract wins offsetting the completion of several legacy engagements. • Gross Margin fell slightly due to a change in mix of software sales during the period. • Overheads increased with the investment in sales capability in the region during 2025 with contract wins during the period. $'M H1 FY26 H1 FY25 Variance YoY % Revenue 6.1 5.6 0.6 10.3% COGS (3.1) (2.7) (0.4) 15.9% Gross Profit 3.1 2.9 0.2 5.2% Gross Margin 49.9% 52.4% (2.4%) (4.6%) Operating Costs (2.1) (1.2) (0.9) 75.0% Underlying EBITDA 0.9 1.7 (0.8) (44.6%) Underlying EBITDA Margin 15.3% 30.6% (15.2%) (49.8%) For personal use only
Page 30
Segment performance – AUS Consulting Revenue mix transitioning toward Toustone IP amidst legacy project delivery 30 H1 FY26 vs PCP Financial Summary Key Comments: • Australia revenue performance impacted by the ending of a Managed Services contract and lower project revenue with the wind down of a major project. • Gross Margin contracted due to lower utilisation levels due to delays in new project starting resulting in employee holding costs of circa $1.2 million for the period. • Operating costs were lower than prior comparative periods with cost reductions offsetting inflation, Toustone overheads and a $290k bad-debt expense in relation to a historical matter. $'M H1 FY26 H1 FY25 Variance YoY % Revenue 27.6 30.7 (3.1) (10.0%) COGS (19.0) (19.6) 0.6 (2.8%) Gross Profit 8.6 11.1 (2.5) (22.5%) Gross Margin 31.1% 36.2% (5.0%) (13.9%) Operating Costs (6.7) (6.9) 0.2 (2.3%) Underlying EBITDA 1.8 4.2 (2.3) (55.9%) Underlying EBITDA Margin 6.7% 13.6% (7.0%) (51.1%) For personal use only
Page 31
Underlying to statutory reconciliation Definitions and calculations of presentation ($’000) H1 FY26 H1 FY25 YoY YoY % Underlying EBITDA1 3,504 8,153 (4,649) (57.0%) Acquisition Costs 0 497 (497) (100.0%) Restructuring Costs 882 0.0 882 100.0% Statutory EBITDA 2,622 7,655 (5,033) (65.7%) ($’000) H1 FY26 H1 FY25 YoY YoY % Underlying NPATA2 1,275 4,894 (3,619) (73.9%) Acquisition Costs (After tax) 0 353 (353) (100.0%) Restructuring Costs 359 0 359 100.0% Amortisation Intangibles (After tax) 948 487 462 94.9% Profit after income tax expense for the year attributable to the owners of COSOL Limited (32) 4,054 (4,086) (100.8%) 1. Underlying EBITDA is statutory earnings before interest, tax, depreciation and amortisation, as well as business acquisition and integration costs. 2. Underlying NPATA is statutory net profit after tax (NPAT) before amortisation of acquired intellectual property, business acquisition, integration and restructuring costs. ($ Cents) H1 FY26 H1 FY25 YoY YoY % Underlying EPS3 0.18 2.47 (2.30) (92.7%) Acquisition Costs (After tax) 0.00 0.21 (0.21) (100.0%) Restructuring Costs 0.20 0.00 0.20 (100.0%) Basic EPS (0.02) 2.26 (2.28) (100.8%) 3. Underlying NPAT is statutory net profit after tax (NPAT) before business acquisition costs and restructuring costs. 4. Underlying EPS is underlying NPAT divided by weighted average shares on issue. ($’000) H1 FY26 H1 FY25 YoY YoY % Underlying NPAT3 327 4,407 (4,080) (92.6%) Acquisition Costs (After tax) 0 353 (353) (100.0%) Restructuring Costs 359 0 359 100.0% Profit after income tax expense for the year attributable to the owners of COSOL Limited (32) 4,054 (4,086) (100.8%) 31 For personal use only
Page 32
END www.cosol.global For personal use only