Slides
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FY26 Presentation DXN Limited (ASX:DXN) 31 August 2026
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A leading provider of prefabricated modular data centre solutions DXN deployments DXN manufacturing facility Modular Division ~73% of FY26 revenue1 Projects-based business covering the design, engineering, manufacturing and deployment of prefabricated data centres globally — a lower- investment, flexible and scalable alternative to conventional builds. Established in 2010, prefabrication-focused since 2020 Data Centre as a Service (DCaaS) ~4% of FY26 revenue1 A capital-light, facility-as-a-service model including design, engineering and deployment of data centres and ground stations. Data Centre Operations ~23% of FY26 revenue1 Owns, operates and maintains critical data centre infrastructure in Darwin, comprising 75 racks. DXN is a vertically integrated manufacturer and operator of a modular data centre, designing, engineering, manufacturing, deploying, operating and maintaining high-quality modular data centres across three core markets. A decade-long track record as a trusted technical advisor for mission-critical infrastructure across the Asia-Pacific region. 1. Calculated on revenue including the now divested Hobart (TAS01) Data Centre
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3 Leveraged to growing critical infrastructure market segments EDGE Market Segments1 1.Refers to a technology approach that enables data to be processed at or near the location where it is generated 2. DXN StructCoreHAC – DXN’s innovative solution of a complete Data Hall Super Structure that supports HPC AI racks in Hyperscale Data Centres 30kw to 2MW Cable and Satellite Landing Stations1. 100 to 500kW Modules Mining Modules2. 50kw to 10MW multi module edge sites (AI HPC Modules, Edge Colo DC’s) Edge Data Centres3. Portable Data Centres Defence & Government4. Hyperscale Market Segments (DXN StructCoreHAC)2 100MW to 1GW Data Centres Hyperscale Data Hall Super-Structures5. Power Train Units (PTU’s), Chiller rooms, Pump Rooms Critical Support Infrastructure Rooms for Hyperscalers7. Inference AI sites HPC modules for AI inference 6.
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4 The industry is facing critical problems that DXN’s solution addresses Prefabrication of data centers is not a new phenomena however the supply challenges facing the industry are driving a dramatic shift towards prefabrication in order to meet demand Long lead times • Customers facing delays in site readiness, driven by skilled labour shortages, equipment shortages and permitting delays Complexity of hardware • Product driven innovation continues to accelerate. Chip hardware, cooling technology and power density all continue to advance Bespoke requirements • Hyperscalers and neocloud providers are increasingly requiring bespoke solutions. Lack of expertise in pre-fabrication • Prefabrication is not a new phenomena, however few have the expertise and track record to give customers confidence in execution Speed to market • DXN can deliver their modular solution to customers in a matter of months, not years Product agnostic • DXN has relationships and experience handling components from the major suppliers in industry • DXN keeps updating its module designs and innovating as new products come to market. I.e., the AI HPC modules to address changing market requirements Custom Build • Ability to work with the customer during the initial scoping and guide the customer to their desired solution Track Record • A strong reputation built over years: a new AI-native modular DC startup doesn't have that reputation. • DXN’s competitive edge is a combination of hardware and technical scoping expertise AI Industry Challenges DXN’s Solution
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5 What does this mean for DXN? The shift in both industry demand and the supply response has driven a step change in DXN’s business model Increased collaboration with customers • DXN is increasingly being engaged in early scoping works with customers • DXN is co-designing alongside customers increasing the likelihood of ultimate contract win and reducing the execution risk • DXN is increasingly working with senior C suite executives of customers, as securing AI compute becomes the number one strategic imperative for customers Increased contract value • Bespoke, increasingly complex and larger compute requirements is driving a step change in the size of works that DXN is scoping for potential customers • Scoping of bespoke works also increases strength of partnership alongside key customers – which could unlock future repeat work Benefits of scale • Customer led demand has given business confidence to execute on expansion plans into Malaysia. • Technical expertise gained through delivery of bespoke solutions drives scale benefits through the organisation • Higher volume and value contracts enabled operational efficiencies in production
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6 DXN’s AI HPC modules • Provides customers with a fully integrated, factory-built AI ready module • Replaces traditional bespoke construction with a fully productised, factory-built data centre • Enables customers to scale seamlessly as demand grows without prolonged build cycles • Supports up to 150kW per rack for GPU-intensive AI workloads, with 80–90% direct-to-chip liquid cooling delivering significant efficiency gains over air-only systems • Available in 1MW and 2MW all-in-one modules, with a scalable architecture that expands in 10–20MW clusters • Power, cooling, fire suppression, piping, and all mechanical systems are pre-installed and factory-tested, arriving on site QA- certified and ready for service • Vendor-agnostic design integrates advanced cooling, redundant power, and IT infrastructure within each module, providing hardware deployment flexibility across geographies and customer segments A next-generation modular approach to high-density, mission-critical AI infrastructure Measurable benefits Shorter build duration, lower site overheads and greater cost predictability vs. traditional construction Direct-to-chip liquid cooling enables ultra-high density AI workloads at scale 95% factory-built, reducing on-site labour, rework, and commissioning risk Phased cluster expansion reduces upfront capital commitment and demand risk for customers Parallel factory + site construction cuts delivery to 6 months (2MW) or 8 months (10MW cluster)
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FY26 Financials
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FY26 Income Statement 1. Includes administration, employee benefits, depreciation and amortisation, occupancy, and finance costs. 2. Relates to the divested Hobart (TAS01) data centre. 3. EBITDA and Underlying EBITDA are non-IFRS measures on a continuing-operations basis; Underlying EBITDA excludes restructuring costs, equity-settled employee costs, FX losses, and other non-cash/non-operating items ($0.7m in FY26, $0.8m in FY25). Not subject to audit. • Revenue decreased 33% to $10.1m, reflecting customer- side project deferrals in 1H FY26, partly recovered as deferred projects progressed through execution in 2H FY26. • Gross margin pressure stemmed from under utilised 1H FY26 capacity due to customer deferrals and elevated project costs for Globalstar. • Loss after tax of $6.6m includes a $0.55m loss from the discontinued Hobart (TAS01) data centre. • DXN's maiden AI HPC contract, signed June 2026, is not yet reflected in FY26 revenue. FY26 ($m) FY25 ($m) Sales to customers 10.1 15.1 Cost of goods sold (8.4) (10.3) Gross profit 1.8 4.9 Other income 0.5 0.5 Total operating expenses¹ (8.4) (7.5) Loss before income tax (continuing ops) (6.1) (2.2) Income tax expense - (0.2) Loss after tax from continuing operations (6.1) (2.4) EBITDA (continuing operations)³ (4.4) (0.4) Underlying EBITDA (continuing operations)³ (3.7) 0.5 (Loss)/profit from discontinued operations² (0.6) 0.1 Loss after tax attributable to owners (6.6) (2.3)
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Strengthened capital position 1. Includes bank guarantees, deposits and other assets • Cash increased to $11.0m, supported by a $7.0m institutional capital raise completed in June 2026. • Inventories/WIP nearly quadrupled to $2.0m on manufacturing progress for the Global Star and other in- progress modules. • Contract liabilities rose to $3.8m, reflecting customer deposits on new AI HPC and modular contracts. • Net assets improved to $5.4m, underpinned by the June 2026 capital raise. FY26 ($m) FY25 ($m) Cash and cash equivalents 11.0 3.1 Trade and other receivables 1.3 3.4 Inventories / work in progress 2.0 0.6 Other current assets¹ 0.6 1.0 Total current assets 14.8 8.1 Property, plant and equipment 3.5 3.8 Right-of-use assets 0.9 1.2 Intangibles 2.9 2.9 Other non-current assets¹ 0.2 0.2 Total non-current assets 7.4 8.1 Total assets 22.2 16.2 Total current liabilities (9.1) (5.0) Total non-current liabilities (7.7) (6.2) Total liabilities (16.9) (11.2) Net assets 5.4 4.9
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Outlook
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11 Growing backlog, strengthens DXN’s position • Backlog1 of $23.5million (as at 30 June 26): o The Company’s strongest Backlog position to date o Modular Backlog of $19.0 million o 45% of Backlog expected to be delivered in 1HFY27 o Subsequent to year-end the Company secured multiple contracts including a second AI HPC contract valued at 12.2 million, further growing the Company’s backlog position to $40.9 million • To support growing demand DXN established a Malaysian facility, which is currently expected to commence production in Q2 FY27 • Proposed east coast Australian facility, also targeted for Q2 FY27. • The Company’s current expansion plans will be led by DXN’s newly appointed Chief Operating Officer $11.4m $12.2m $23.5m FY24 FY25 FY26 1.Backlog includes contracted work, not yet delivered including initial $8.8m AI HPC contract 2. Includes Solomon Islands Submarine Cable Company Limited (SISCC), Melbourne Airport and AI Compute projects, all announced between 17 July to 31 August 2026.
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12 Future growth underpinned by robust identified pipeline • The current identified pipeline consists of 99 projects1,2 • Pipeline includes a diversified mix of projects, with 21% of projects related to global AI compute infrastructure customers. Current Identified Pipeline by Number of Projects1,2 16% 27% 9% 7% Identified Proposal or RfP submitted Final negotiations Verbal win / Contracting 41% Qualified 1. Identified pipeline as at 17 July 2026 2. Includes Solomon Islands Submarine Cable Company Limited (SISCC), Melbourne Airport and AI Compute projects, all announced between 17 July to 31 August 2026. 41 16 27 8 7
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13 FY27 Outlook DXN enters FY27 with a materially strengthened balance sheet and a foothold in the global AI HPC and neo-cloud market • Near-term priority: successful delivery and commissioning of the AI HPC pilot, the key catalyst for converting an indicative US$200m+ follow-on opportunity into contracted work. • Continuing to execute Asia-Pacific growth strategy: o Malaysian manufacturing expansion, with newly leased site to take on some of the backlog demand and prepare for expansion orders • Reinforced capital position supports DXN's ability to capitalise on accelerating global demand for high-density AI compute infrastructure • Enters FY27 with its strongest-ever backlog position of $23.5 million1 ,2 with ~45% expected to convert to revenue in 1HFY27, highlighting the increasing quality of DXN’s customer contracts • Continued momentum across core segments with early project wins in Q1FY27, including a second AI HPC contract increasing backlog position to $40.9 million (as at 30 August 2026) • Well positioned to deliver sustainable top-line growth over the medium term, increased investment in manufacturing capacity to support growth, with Malaysian facility and expected East-coast Domestic facility expected to be online in Q2 FY27 1.Backlog includes contracted work, not yet delivered including initial $8.8m AI HPC contract 2. As at 30 June 2026
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14 This presentation has been prepared by DXN Limited (ACN 620 888 548) (DXN or Company). NOT AN OFFER This presentation is for information purposes only. This presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law. This presentation also does not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities. In particular, this presentation does not constitute an offer to sell or a solicitation to buy, securities in the United States of America. NOT INVESTMENT ADVICE This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and are not intended to be used for the basis of making an investment decision. Recipients should obtain their own advice before making any investment decision. SUMMARY INFORMATION This presentation does not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company. This presentation contains summary information about the Company and its activities which is current as at the date of the presentation. The information in this presentation is of a general nature and does not purport to contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement or other offering document prepared in accordance with the requirements of Australian law or the laws of any other jurisdiction, including the United States of America. The Company does not undertake to provide any additional or updated information whether as a result of new information, future events or results or otherwise. FORWARD LOOKING STATEMENTS Certain statements contained in this presentation, including information as to the future financial or operating performance of the Company and its assets, are forward looking statements. Such forward looking statements: (a) are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; (b) involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward looking statements; and (c) may include, among other things, statements regarding estimates and assumptions in respect of prices, costs, results and capital expenditure, and are or may be based on assumptions and estimates related to future technical,economic, market, political, social and other conditions. The Company disclaims any intent or obligation to publicly update any forward looking statements, whether as a result of new information, future events or results or otherwise. The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward looking statements. All forward looking statements contained in this presentation are qualified by the foregoing cautionary statements. Recipients are cautioned that forward looking statements are not guarantees of future performance and accordingly recipients are cautioned not to put undue reliance on forward looking statements due to the inherent uncertainty therein. NO LIABILITY The Company has prepared this presentation based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, the Company, its related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth) (Corporations Act)) and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. Disclaimer
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