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Q1 FY27 Presentation DXN Limited (ASX:DXN) 30 October 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. A decade of delivering mission-critical modular data centres across Asia-Pacific 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. A vertically integrated manufacturer and operator of modular data centres. DXN designs, engineers, builds, deploys, operates and maintains high-quality facilities across three core markets. 1. Calculated on revenue including the now divested Hobart (TAS01) Data Centre
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3 The operator specifies the performance requirements and the integrator sources, co-ordinates, integrates, builds and delivers the module Where DXN sits in the modular data centre landscape Who chooses the equipment Who carries the risk Best suited to Operator The operator does it all itself The operator, which owns design and equipment The operator The very largest hyperscalers System-integrator Builds around the customer’s choice of equipment The operator keeps design and equipment choice (vendor- agnostic) Shared: the integrator carries build and delivery; the customer keeps equipment choice Mid-size operators, neoclouds, telco, defence and enterprise OEM Vendor sells its own packaged stack The OEM, using its own integrated product range The OEM sets price and slot allocation; long lead times (Vertiv modular >12 months) Large, repeatable projects DXN builds and tests factory-made modules, cherry-picking the best equipment for each customer (operator), working with OEMs rather than competing against them.
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4 Three focus product segments 01 STEADY FOUNDATION Cable Landing Stations (CLS) TYPICAL CONTRACT SIZE A$1m – A$10m • 30kW to 2MW modules for subsea and satellite landing sites • A dependable, repeatable revenue base with inbound leads • Recent awards: Solomon Islands (A$1.2m) and American Samoa (A$1.0m) 02 HIGH GROWTH Prefabricated AI Factories LATEST CONTRACT A$12.2m · 2MW • 1MW and 2MW all-in-one liquid- cooled modules, up to 150kW per rack • Scales in 5MW and 10MW clusters with the same engineering • Short cycles and large step-ups in deployment; demand can be lumpy 03 NEW MARKET Hyperscale StructCore HAC TARGET MARKET 100MW – 1GW halls • Factory-built data hall super- structure: hot aisle containment, cable trays and pipework in one frame • Liquid-cooling ready, repeatable and volume manufactured • A new volume channel into hyperscale indoor builds; no contracts announced to date Notes: StructCore HAC (hot aisle containment) – DXN's complete data hall super-structure supporting HPC AI racks in hyperscale data centres. Contract sizes shown are awarded contracts. CLS are the bedrock of DXN, AI modules drive growth and StructCore opens a new volume channel
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Q1 FY27 Update
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6 Q1 AI industry dynamics 1. Bloomberg, October 2026 Sources: Sightline Climate; SemiAnalysis; Datacentres.com (Sep 2026) Factory-built delivery, with resources working in a controlled environment rather than on site, gives customers a faster, more certain time to token, with DXN at the forefront of this ecosystem • Colocation vs. self- build by neo-clouds Capital markets want execution • Goodman’s $1.2bn Sydney and a $1.1bn WA project withdrawn after community opposition Social licence now gates approvals globally • Electricians are 30 – 40% of DC construction hours. Modular cuts build time ~36% and cost ~8% Construction capacity: factory- built is becoming the default Power is the gating item • Transformer lead times • Customers are now building where power is stranded (regional and remote sites), in smaller, modular increments rather than waiting on metro grid connections • All customers (neo-clouds, DC operators) need to show execution • >75% of DCs planned around Australia’s largest cities at risk1; national standards legislation due end-2026 • Neoclouds generally sit within an ecosystem of partnership chip manufacturers • 30 – 50% of capacity due online in 2026 delayed by power and equipment constraints ~36 months; modular is now the delivery model for a meaningful share of ~25GW under construction globally Capital keeps flowing into AI infrastructure, however the market now rewards execution. The binding constraints are power, people, approvals and construction capacity. Factory-built modular is the answer to three of the four. DXN OPPORTUNITY: Modules built in parallel with the grid connection; customers with power secured are DXN’s best prospects Everyone (operators and off-takers ) will need to build regionally, and in smaller DC clusters that avoid the power and water burden of large campuses Factory build takes labour off site, speeds up delivery and improves health and safety
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7 Maiden AI HPC contract update A strategic shift by the customer is expected to result in the cancellation of the contract and the follow- on campus. DXN keeps the design, the relationships and will receive reimbursement. A$8.8m Original contract, announced 3 June 2026 ~A$4.2m Payable on cancellation (48%), covering costs incurred and committed A$1.1m Remaining payment, expected Q2 FY27 ~A$0.2m Revenue recognised over Q4 FY26 and Q1 FY27 What has changed • After quarter end, the US-listed neo-cloud customer notified DXN of its intent to cancel, following a strategic shift in its business • Once finalised, DXN receives about 48% of contract value • Most of the associated revenue is expected to be recognised in Q2 FY27 • The customer is unlikely to pursue the larger follow-on campus opportunity • DXN will update investors once the outcome is finalised What DXN keeps • DXN’s first contracted design for high-density AI HPC modules: GPU racks up to 150kW with direct- to-chip liquid cooling • That design is now standardised for volume manufacturing and available to future customers • Credentials with US AI infrastructure operators, with multiple US AI HPC opportunities now being pursued • Massive learning curve for standardising design and engineering for AI HPC modules, using NVIDIA architecture • AI deals have risen to 28% of the pipeline, with benefits expected in FY27
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8 Second AI HPC contract: A$12.2m turnkey 2MW data centre Signed in August 2026 with an AI compute operator, and the first phase of a potentially larger deployment. A$12.2m contract value 2MW AI HPC modular data centre Early 2027 site expected operational Turnkey delivery Design, manufacture, delivery and commissioning of a 2MW AI HPC modular data centre for an AI compute operator Single high-density data hall Combines DXN AI modules with an upgrade of the customer’s existing infrastructure Under way Detailed design and long-lead procurement finalised during Q1; build commenced in Q2 (at Seven Hills facility). The site is expected to be operational in early calendar 2027 Room to grow First phase of a potentially larger deployment
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9 Expanding production footprint to meet rising demand ~6x Capacity1 Expected to be added, once new permanent sites ramp up Standardise & accelerate Standardisation, productisation and acceleration through tighter engineering engagement FY27 operational priorities • 3 additional permanent sites, to be operational by the end of Q2 FY272 • Capital-light approach being taken to additional manufacturing footprint • Permanent sites expected to be fully operational in Q3 FY27 • Manufacturing model will allow DXN to scale with demand Outsource non-core Outsource repeatable ancillary, non-core activities Customer intimacy Standardising project documentation, improving progress reports. Clearer communication, to support repeat business. Building out DXN’s manufacturing network. Q2 FY27 brings new production capacity online, complementing the existing WA facility. 1. Increase vs existing WA production capacity 2. Operational is lease and move completed. Fully operational is people, resources, tools, consumables, systems all in place and functional
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10 Scaling manufacturing across Australia and Southeast Asia A capital-light rollout of three new permanent manufacturing sites, designed to scale with customer demand. Welshpool, WA Perth OPERATIONAL • Established 4,200m² facility and home of DXN's engineering and manufacturing expertise • Delivering current backlog, including cable landing station modules Seven Hills, NSW Sydney OPERATIONAL OCT 26 TO DEC 26 • Temporary operational facility on the NSW east coast • Site will be operational for Q2 FY27 to cater to short-term demand Southern, NSW East coast SOURCING SITE • Site being sourced in Southern NSW Johor, Malaysia DXN Asia Sdn Bhd PRODUCTION TARGETED Q2 FY27 • Factory lease signed in September 2026 • Key hires appointed in late September • Licensing, fit-out, tooling and workforce training under way Jakarta, Indonesia SSDXN JV LEASE UNDER NEGOTIATION • JV entities established; board and CEO in place Together, the SNSW and Asian facilities will add to DXN’s permanent manufacturing footprint, with monthly production capacity targeted to lift in 2H FY27. 1. Production start dates are targets and subject to licensing, fit-out and hiring. EXPECTED TO BE FULLY OPERATIONAL IN Q3 FY27
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11 Q1 FY27 Financials • ~$3.4 million Q1 FY27 revenue, up ~380% on pcp, comprised of: o Modular revenue ~$2.9 million o Data Centre Operations revenue ~$0.4 million o DCaaS revenue ~$0.1 million • Cash balance of $6.4 million as at 30 September 26 (30 June 26: $11.0 million) o ~$11.1 million in cash as at 28 October 26, following receipt of delayed customer payments. o Cash position supports delivery of the projects already in backlog • Backlog – $30.8 million (30 June 26: $23.5 million) o Adjusted for the subsequent cancellation of the maiden AI HPC contract • Net operating cash flow for the quarter –$4.7 million (June quarter: $0.8 million inflow) • Over $19 million of new contracts and variations announced in the quarter $6.4 million Cash balance as at 30 September 26 $30.8 million Total Backlog $(4.7) million Q1 FY27 operating cash flow $3.4 million Q1 FY27 Revenue
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12 $1.8m $3.0m $0.9m $3.4m $2.8m $4.8m $1.7m $2.5m $2.5m $3.7m $3.8m $5.8m $4.3m $0.0m $2.0m $4.0m $6.0m $8.0m $10.0m $12.0m $14.0m $16.0m $18.0m FY24 FY25 FY26 FY27 Revenue by Quarter Q1 Q2 Q3 Q4 ~380% increase in Q1 revenue highlights customer demand • Q1 FY27 revenue of ~$3.4 million, up ~380% on the prior corresponding period ($0.7 million1), driven by: ▪ Previously deferred modular projects progressing through manufacturing and delivery • Total backlog of $30.8 million (30 June 26: $23.5 million): o Underpinned by over $19 million of new contract awards in the quarter o $11.0 million in revenue expected in 1H FY272 $10.9m $16.0m $10.7m $11.0m 1. Excludes the divested Hobart operations. Q1 FY26 as originally reported ($0.9m) includes the divested Hobart operations. 2. Including ~$4.2 million termination payment from maiden neo-cloud customer. 1H FY27 revenue
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13 Strengthened backlog underpins FY27 growth $23.5M $19.3M ($3.4M) ($8.6M) $30.8M Backlog 30 Jun 26 Orders & variations Revenue recognised Maiden neo-cloud contract removal Backlog 30 Sep 26 $0M $5M $10M $15M $20M $25M $30M $35M $40M $45M Cash position supports delivery of the projects secured in the backlog 1. Adjustment made in Q2, as customer notified their intention to cancel. $0.2 million of revenue recognised across Q4 FY26 and Q1 FY27. 1
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14 Cash position and customer receipts • Cash balance of ~$6.4 million at 30 September 2026 (30 June 2026: $11.0 million) o $11.1 million (as at 28 October 2026), following receipt of delayed customer payments • Net operating cash flow of –$4.7 million (June quarter: $0.8 million inflow) o $5.4 million product manufacturing & operating costs o $1.5 million staff costs • Had delayed customer receipts been received as scheduled, net operating cash flow for the quarter would have been $2.2 million • Milestone-based payments are invoiced at progress completion $0.0m $5.0m $10.0m $15.0m $20.0m $25.0m $30.0m $35.0m $40.0m $45.0m $50.0m Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Cumulative cash receipts vs. revenue Cash Receipts Revenue
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Outlook
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16 Future growth underpinned by robust identified pipeline • The current identified pipeline consists of 93 projects (Q4 FY26: 99), with 12 opportunities (13%) in final negotiations or verbal win/contracting, following the conversion of several opportunities into contracted backlog • Pipeline includes a diversified mix of projects, with ~28% of pipeline related to global AI compute infrastructure customers • 115% growth in pipeline value in Q1FY27 compared to the prior quarter (Q4 FY26) supported by growing AI opportunities Current Identified Pipeline by Number of Projects1 14% 19% 8% 5% Identified Proposal or RfP submitted Final negotiations Verbal win / Contracting 54% Qualified 1. Identified pipeline as at 14 October 2026 50 13 18 7 5
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17 FY27 Outlook Near term priorities • Disciplined delivery of projects, on time and on budget. Conversion of backlog into revenue and cash. • Continuing to execute Asia-Pacific growth strategy: o Domestic short-term demand met during Q2 FY27 via the Seven Hills NSW facility o Bring, three new permanent sites into production with standard fit-out and repeatable processes at every site. ▪ Malaysian factory: production targeted to commence in Q2 FY27 ▪ Establishing a permanent Southern, NSW site • Deliver scale and efficiency across manufacturing. Standardise engineering packs for each AI module platform • Productised, rapidly deployable modular platform, with integrated cooling, positions DXN for accelerating demand for high-density AI compute • Continued momentum in core segments, with strong repeat business from an established global customer base and a growing US AI opportunity set • Extend DCaaS, maintenance and monitoring across major deployments and lift Darwin data centre utilisation. DXN enters the remainder of FY27 with backlog of approximately $30.8 million which is expected to deliver $11.0 million in 1H FY27 revenue
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Appendix
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19 End-to-end business model - leveraged to high-growth infrastructure sectors Segment Core Offering Typical Customer Business Model Modular Division Custom prefabricated units (2–500 racks), designed for Tier III/IV Telcos, hyperscale operators, governments Turnkey build and sale Data Centre Operations Facility ownership and services (Darwin) Enterprises, telcos, cloud providers Subscription-based / usage fees Data Centre as a Service DCaaS Fully managed design, deployment and operator service Satellite operators, remote networks Subscription-based (recurring revenue) Operations & Maintenance Support, maintenance and upgrades All customers with DXN- built sites Ongoing
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20 Diverse, high-quality & growing customer base underpins long term growth Mining Energy & Gas Telco Cable Landing Station(CLS)/ Satellite Government and Defence Data centres Hyperscalers Global internet company 15 Industries represented
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21 The industry is facing critical problems that DXN’s solution addresses Prefabrication of data centres is not a new phenomenon 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 phenomenon, however few have the expertise and track record to give customers confidence in execution Speed to market • DXN can deliver its 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. E.g. 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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22 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 are 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, domestically &in Malaysia. • Technical expertise gained through delivery of bespoke solutions drives scale benefits through the organisation • Higher volume and value contracts are enabling operational efficiencies in production
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DCaaS segment drives future recurring revenue DCaaS– a capital light, facility as a service model • Includes design, engineering and deployment of data centres and ground stations: o development of bespoke data centres or cabinet solutions for each customer. o Designed and prefabricated by DXN, then acquires the site and deploys for the customer. • Other additional services include: o Civil Construction– both greenfield and brownfield facility construction, typically subcontracted to local partners in each location o Facility management - End-to-end management of data centre operations, security, and uptime o Facility maintenance -Comprehensive maintenance services covering preventative, corrective, and reactive support to ensure operational continuity. • Progress: first DCaaS site live in Darwin, with further sites scoped; NOC and maintenance (Care+) services being added to DXN deployments • Customers include Government, CLS operators, Satellite Ground Segment Operators
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24 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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25 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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